(b) 基金的盈余/亏损状况；
(b) Surplus/deficit position of the fund;
(c) 任何会计限制；
(c) Any accounting constraints;
(d) 缴款和费用流动情况；
(d) Contribution and expense flows;
(e) 任何税收考虑。
(e) Any tax considerations.
基金的目标通常是：(a) 取得计及风险的最大回报、(b) 资本安全和(c) 流动性，及其各自对风险的态度。
The fund's objectives, typically, are those of (a) maximizing risk-adjusted returns, (b) security of capital and (c) liquidity, and their respective attitudes to risk.
150. 战略的执行需要：
Implementation of the strategy requires:
(a) 确立适当的基准指数、比例和业绩指标；
(a) Establishing appropriate benchmark indices, proportions and performance targets;
(b) 确定可在何种限度上允许实际资产分配因市场的相对波动或主动的战术决定而偏离长期战略；
(b) Establishing limits to the permitted deviation of actual asset allocation from the long-term strategy due to relative market movements or active tactical decisions;
(c) 确定如何高效率、有计划地过渡到新结构，包括任命管理人员或改变任务规定；
(c) Setting an efficient and planned transition to the new structure, including managerial appointments or changes of mandate;
(d) 履行遵守规定和会计方面的要求，诸如重新拟订投资政策说明。
(d) Fulfilling compliance and accounting requirements, such as redrafting a statement of investment policy.
151. 资产分配通常需要使用一个资产和负债模型：实际上就是根据不同的时间范围和假设经济状况，对今后进行多次精算估值，以探讨采用不同资产分配战略在预期回报和风险方面的影响。
Asset allocation normally requires the use of an asset and liability model: effectively, multiple actuarial valuations into the future over a variety of time horizons and economic scenarios which explore the impact of following different asset allocation strategies in terms of expected returns and risk.
152. 一旦得到批准，这项研究将由专门的咨询公司负责开展，并与下一次精算估值同时进行。
Once accepted, the study would be conducted by a specialized consulting firm and carried out concurrently with the next actuarial valuation.
对基金的投资交易和业务往来的详细分析（500 000美元）
Detailed analysis of the Fund's investment and operational transactions ($500,000)
153. 在日益复杂的当今世界中，不断需要对基金的投资交易和业务往来进行详细分析。
In today's increasingly complex world, there will be a continuing need for detailed analysis of the Fund's investment and operational transactions.
例如，内部监督事务厅建议投资管理处详细审查与房地产投资有关的业务步骤。
For example, the Office of Internal Oversight Services suggested that the Investment Management Service review in detail the operational steps related to real estate investments, which will require the opinion of specialists.
这将需要专家的意见。
For example, the Office of Internal Oversight Services suggested that the Investment Management Service review in detail the operational steps related to real estate investments, which will require the opinion of specialists.
由于对社会责任型投资的认识日益提高以及联合国对这些问题所采取的立场，投资管理处有必要仔细分析这些问题并制订具体处理这些问题的投资政策。
Growing awareness of socially responsible investments and the stance of the United Nations towards such issues have made it necessary for the Investment Management Service to carefully analyse the issues and develop an investment policy that particularly addresses them.
由于这将需要进行业界调查和听取专家意见，预期将有顾问的参与。
As this will require an industry survey and specialist opinions, the involvement of consultants is expected.
为管理另类资产类型雇用外部管理人员的工作，也将需要咨询公司的参与。
Hiring outside managers for alternative asset classes will also require the involvement of consulting companies, as is done by many plan sponsors in order to receive industry data and technical advice that are not publicly available.
许多计划的主办人便是采取这种做法，以便获取不能公开取得的业界数据和技术咨询。
Hiring outside managers for alternative asset classes will also require the involvement of consulting companies, as is done by many plan sponsors in order to receive industry data and technical advice that are not publicly available.
154. 所需经费估计数为1 127 400美元，共计增加64 500美元，主要是由于工作人员的增加。
The estimated requirement of $1,127,400, involving a total growth of $64,500 mainly as a result of the increase in staff, relates to: (a) staff travel ($430,000), increased by $64,500, for visits to companies and investment institutions to obtain the up-to-date, reliable information needed to make sound investment decisions, participation in investment-related conferences and seminars, custody-related activities, and meetings of the Pension Board and Investments Committee; and (b) travel of representatives to meetings of the Investments Committee ($697,400), at the same level as 2004-2005.
这一估计数用于：(a) 工作人员差旅费（430 000美元），增加64 500美元，用于访问各公司和投资机构，以获取作出稳健投资决定所需的最新可靠信息，并参加与投资有关的会议和研讨会、与保管有关的活动以及养恤金联委会和投资委员会的会议；(b) 代表参加投资委员会会议的差旅费（697 400美元），与2004-2005年的水平相同。
The estimated requirement of $1,127,400, involving a total growth of $64,500 mainly as a result of the increase in staff, relates to: (a) staff travel ($430,000), increased by $64,500, for visits to companies and investment institutions to obtain the up-to-date, reliable information needed to make sound investment decisions, participation in investment-related conferences and seminars, custody-related activities, and meetings of the Pension Board and Investments Committee; and (b) travel of representatives to meetings of the Investments Committee ($697,400), at the same level as 2004-2005.
155. 所需招待费估计数16 800美元用于投资委员会的午餐费，与现两年期相比没有增长。
The estimated requirement of $16,800 for hospitality relates to Investments Committee lunches and reflects no increase from the current biennium.
156. 2005年4月，作为基金迁址的一部分，投资管理处搬到达格·哈马舍尔德广场一号4层的新址。
In April 2005, as part of the relocation of the Fund, the Investment Management Service was relocated to its new premises on the 4th floor of One Dag Hammarskjöld Plaza.