问题如下：
Azarov’s second meeting is with John Spintop, chief investment officer of the Wolf University Endowment Fund (the Fund). Spintop hired Westcome to assist in developing a new investment policy to present to the Fund’s board of directors. The Fund, which has assets under management of $200 million, has an overall objective of maintaining long-term purchasing power while providing needed financial support to Wolf University. During the meeting, Spintop states that the Fund has an annual spending policy of paying out 4% of the Fund’s three-year rolling asset value to Wolf University, and the Fund’s risk tolerance should consider the following three liability characteristics:
Characteristic 1 The Fund has easy access to debt markets.
Characteristic 2 The Fund supports 10% of Wolf University’s annual budget.
Characteristic 3 The Fund receives significant annual inflows from gifts and donations.
The risk tolerance of the Wolf University Endowment Fund can be best characterized as:
选项：
A.below average.
average.
above average.
解释：
C is correct.
The risk tolerance of the Wolf University Endowment Fund is above average since endowments that support a small percentage of the university’s operating budget (10% in this case) should be able to tolerate more market, credit, and liquidity risk. In addition, the Fund’s ability to access debt markets, especially during periods of market stress, increases the level of risk the endowment can accept in its investments. Finally, because of the significant inflows from gifts and donations, the effective spending rate will be lower than the annual spending policy of paying out 4% of the Fund’s three-year rolling asset value. Thus, the Fund can rely less on investment returns to generate the income stream needed to support the university and can accept higher-risk investments.
Fund has an annual spending policy of paying out 4% of the Fund’s three-year rolling asset value to Wolf University.
请问这句话具体是怎么理解呢？
Fund’s three-year rolling asset value是指什么？
