Consider the case of the GHI Pension Fund, a large defined benefit pension plan managing assets of $10 billion. Recently, the fund has faced increasing scrutiny due to a significant decline in funded status, which now stands at 85%. The board of trustees is concerned about potential regulatory implications and the fund's ability to meet future liabilities.

The pension fund has traditionally maintained a conservative investment approach, predominantly allocating 60% to fixed income and 40% to equities. However, in light of current economic conditions, rising interest rates, and increasing longevity risk among retirees, the board has called for a comprehensive review of the investment strategy.

As an investment consultant brought in to advise the GHI Pension Fund, you are tasked with presenting a revised investment strategy that addresses the following key issues:

• Improving the funded status over the next 5 years
• Mitigating the risks associated with longevity and interest rates
• Aligning the investment strategy with the fund's liability profile
• Considering the potential impact of alternative investments

Your response should be well-structured, providing a thorough analysis of these issues and your recommended strategic changes, including any recommended changes to asset allocation, investment vehicles, and risk management practices.