问题如下：
1.The change in the annual spending rate, in conjunction with the board’s expectations regarding future enrollment and the need for endowment support, could justify that KUE’s target weight for:
选项：
A.infrastructure be increased.
B.investment- grade bonds be increased.
C.private real estate equity be decreased.
解释：
A is correct.
A lower annual spending rate, in addition to the board’s expectations of rising enrollment and minimal need for endowment support over the next five years, indicates a decreased need for liquidity. Therefore, KUE could justify an increase in the strategic allocation to less liquid asset classes (such as private real estate equity and infrastructure) and a decrease in the strategic allocation to liquid assets (such as investment- grade bonds).
B为什么不对呢，bond的流动性也没有equity高呢，而且对收益的要求也降低了，可以多投些bond啊。
