NO.PZ201805280100000101
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).
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选项中的infrastructure以及C选项中的private real estate是illiquid asset，投资权重应当增加，B选项中的investment- grade bonds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A。
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- grade bonds。private real estate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？
