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).
请问一下老师，Infrastructure的expected excess return 是小于零的，为什么投资的比例还要上升呢？谢谢老师
