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1、TheMorningSessionofthe2011LevelIIICFAuExaminationhas9questions.Forgradingpurposes,themaximumpointvalueforeachquestionisequaltothenumberofminutesallocatedtothatquestion.QuestionTopicMinutes1PortfolioManagementIndividual/Behavioral152PortfolioManagementIndividual233PortfolioManagement一Institutional264
2、PortfolioManagement一Economics235PortfolioManagement-AssetAllocation206PortfolioManagement一FixedIncome197PortfolioManagement一EquityInvestments228PortfolioManagementRiskManagement169PortfolioManagement-PerformanceEvaluation16Total:180THISPAGEINTENTIONALLYLEFTBLANKANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDQ
3、uestions1and2relatetotheBeckerfamily*Atotalof38minutesisallocatedtothesequestions.Candidatesshouldanswerthesequestionsintheorderpresented.QUESTION1HASTWOPARTS(A,B)FORATOTALOF15MINUTES.RobertBecker,age75,retired5yearsagofromthebuildingproductsbusinessthathefounded.Afterhisbusiness,Buildco,wentpublici
4、nthe1990,s,heremainedasCEOandcontinuedtoholdsharesinthecompany.Afterhiswif,sdeath,BeckerhiresEmilyFrost,aportfoliomanagerandtrustspecialist,tohelpwithhisestateplanning.Beckerestablishesarevocabletrustandanirrevocabletrust.Income,realizedcapitalgains,andestateassets(atdeath)arealltaxedataflat20%rate.
5、Fortherevocabletrust,thecostbasisofinvestmentsincreasestothemarketvalueonthedateofBeckersdeath,andtheassetsaresubjecttoestatetaxes.Fortheirrevocabletrust,thecostbasisofinvestmentsdoesnotchange,andtheassetsarenotsubjecttoestatetaxes.Currently,thetwotrustseachhave2.0millionU.S.dollars(USD)oftheirasset
6、sinBuildcoshares,withacostbasisofUSD200,000each.AllBuildcoshareshaveunrealizedcapitalgains.Beckerhasthefollowingtwoimmediateobjectivesaspartofhisestateplanning:Objective1:SellUSD1.0millionofBuildcoshareswhileminimizingtotaltaxes.Objective2:Putadditionalassetsintoatrusttoprotectthoseassetsfrompotenti
7、alfuturelegalclaimsagainstBecker.A.Determinewhichtrust(irrevocable,revocable,orbothequally)ismoreappropriateforeachobjective:i.Objective1ii.Objective2Justifyyourresponsewithonereasonforeachobjective.Note:Considereachobjectiveindependently.AnswerQuestionI-AintheTemplateprovidedonpage5.FrostmeetswithB
8、eckertocomparetheirviewsoninvesting.FourdiscussionsfromthatmeetingareshowninExhibit1.Exhibit1SelectedDiscussionsfromBecker-FrostMeetingDiscussionNumberSpeakerDiscussion1Becker:Frost:ThefirstthingyoumightnoticeaboutmyinvestmentstyleisthatIfavorgrowthinvestmentsoverincome-producingassets.Idon,tthinkth
9、atistherightapproach.Equitiesmightdeliverhigherlong-termreturns.However,foratrustportfolio,Ipreferthattheclientknowsthesizeandtimingofthecashflowshewillbereceiving.That,swhataninvestorgetswithbonds.2Frost:Becker:InoticeyouholdasignificantpositioninRollingMixCementshares.RollingMixCement*sCEOusedtoru
10、nthewesternoperationsforBuildco.Hedidawonderfuljobforus,soIthinkRollingMixsharesaregreattoown.3Frost:Becker:Iwaslookingatthemutualfundsinyourportfolioandcanseethatyoupurchasedanequalamountacrossfourmutualfunds.Ithinkthatmutualfundfamilyoffersfburgreatproducts.SoIboughtallofthem:anEAFElarge-capfund,a
11、U.S.growthfund,aU.S.smallcapfund,andaU.S.corporatebondfund.4Frost:Becker:Inoticeyouhavemanyportfoliopositionswherethecurrentvalueshavebeenbelowcostforawhile.Investingrequirespatience.Youhavetogivethingstimetoworkout.B.Identifythediscussioninwhichoneoftheparticipantsbestillustrateseachofthefollowingb
12、ehavioralbiases:i.representativenessii.framedependenceiii.aversiontoambiguityJustifyeachresponsewithonereason.Note:Considereachbiasindependently.Useeachdiscussiononlyonce.AnswerQuestionI-BintheTemplateprovidedonpage6.AnswerQuestionLonThisPageTemplateforQuestionI-ANote:COnSidereachobjectiveindependen
13、tly.ObjectiveDeterminewhichtrust(irrevocable,revocable,orbothequally)ismoreappropriateforeachobjective.(circleone)Justifyyourresponsewithonereasonforeachobjective.LScllUSD1.0millionOfBuildcoshareswhileminimizingtotaltaxes.irrevocablerevocablebothequally2.Putadditionalassetsintoatrusttoprotectthoseas
14、setsfrompotentialfuturelegalclaimsagainstBecker.irrevocablerevocablebothequallyAnswerQuestiononThisPageTemplateforQuestionI-BNote:Considereachbiasindependently.Useeachdiscussiononlyonce.BehavioralbiasIdentifythediscussioninwhichoneoftheparticipantsbestillustrateseachofthefollowingbehavioralbiases(ci
15、rclethediscussionnumberfromExhibit1).Justifyeachresponsewithonereason.I2i.representativeness341ii.frame2dependence34iii.aversionto12ambiguity34THISPAGEINTENTIONALLYLEFTBLANKANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDQuestions1and2relatetotheBeckerfamily*Atotalof38minutesisallocatedtothesequestions.Candidatesshouldanswerthesequestionsintheorderpresented.QUESTION2HASFOURPARTS(A,B,C,D)FORATOTALOF23MINUTES.Fiveyearshavepassed.RobertBeckerrecentlydiedandlefthisestatetohisonlychild,Michael.Michaelandhiswifeare
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