问题如下图：
选项：
A. 
B. 
C. 
解释：
老师，infrastructure以前没大见过，它的流动性怎么样？
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
