问题如下图：
选项：
A. 
B. 
C. 
解释：
为什么不是B呢，spending rate下降，required rerurn rate下降，所以增加风险收益都较小的bond class资产
NO.PZ201805280100000101 问题如下 1.The change in the annuspenng rate, in conjunction with the boars expectations regarng future enrollment anthe neefor enwment support, couljustify thKUE’s target weight for: A.infrastructure increase B.investment- gra bon increase C.private reestate equity crease A is correct. A lower annuspenng rate, in aition to the boars expectations of rising enrollment anminimneefor enwment support over the next five years, incates a creaseneefor liquity. Therefore, KUE couljustify increase in the strategic allocation to less liquiasset classes (suprivate reestate equity aninfrastructure) ana crease in the strategic allocation to liquiassets (suinvestment- gra bon).考点revisiting the SAA解析每年支出比率减少，学费预期增加，因此KUE的流动性需求下降，因此可以增加投资期长、流动性比较差的资产。A中的infrastructure以及C中的private reestate是illiquiasset，投资权重应当增加，B中的investment- gra bon流动性较强，投资权重应当减少。所以权重增减的判断正确的是 每年支出比率减少，学费预期增加，那不是之后可以投更稳定的资产以降低风险吗？比如投investment- gra bon。private reestate属于alternative风险更高。学校每年支出在减少，投资收益能超过支出就可以，所以之后可以投的更稳。这个角度理解为何不对？
NO.PZ201805280100000101 问题如下 1.The change in the annuspenng rate, in conjunction with the boars expectations regarng future enrollment anthe neefor enwment support, couljustify thKUE’s target weight for: A.infrastructure increase B.investment- gra bon increase C.private reestate equity crease A is correct. A lower annuspenng rate, in aition to the boars expectations of rising enrollment anminimneefor enwment support over the next five years, incates a creaseneefor liquity. Therefore, KUE couljustify increase in the strategic allocation to less liquiasset classes (suprivate reestate equity aninfrastructure) ana crease in the strategic allocation to liquiassets (suinvestment- gra bon).考点revisiting the SAA解析每年支出比率减少，学费预期增加，因此KUE的流动性需求下降，因此可以增加投资期长、流动性比较差的资产。A中的infrastructure以及C中的private reestate是illiquiasset，投资权重应当增加，B中的investment- gra bon流动性较强，投资权重应当减少。所以权重增减的判断正确的是 老师请问，这里的投资infrastructure是指学校的基础建设吗？这种会有投资收益的吗？
NO.PZ201805280100000101 问题如下 1.The change in the annuspenng rate, in conjunction with the boars expectations regarng future enrollment anthe neefor enwment support, couljustify thKUE’s target weight for: A.infrastructure increase B.investment- gra bon increase C.private reestate equity crease A is correct. A lower annuspenng rate, in aition to the boars expectations of rising enrollment anminimneefor enwment support over the next five years, incates a creaseneefor liquity. Therefore, KUE couljustify increase in the strategic allocation to less liquiasset classes (suprivate reestate equity aninfrastructure) ana crease in the strategic allocation to liquiassets (suinvestment- gra bon).考点revisiting the SAA解析每年支出比率减少，学费预期增加，因此KUE的流动性需求下降，因此可以增加投资期长、流动性比较差的资产。A中的infrastructure以及C中的private reestate是illiquiasset，投资权重应当增加，B中的investment- gra bon流动性较强，投资权重应当减少。所以权重增减的判断正确的是 他不是不要那么多流动性吗，那就Bonequity都可以呀？
NO.PZ201805280100000101 根据Ehxibit 1， investment gra bon比例由现在的%增加到了target的20%，难道不是增加了bon？
请问一下老师，Infrastructure的expecteexcess return 是小于零的，为什么投资的比例还要上升呢？谢谢老师
