CFA三级十年真题 (2008-2017)：level_III_guideline_answers_2010.docx

Question:1Topic:IndividualPortfolioManagementMinutes:35QUESTION1HASFIVEPARTS(A,B,CD,E)FORATOTALOF35MINUTES.ElisaLimaisa34-year-oldwidowresidinginacountrythatusesU.S.dollars(USD)asitscurrency.Shehastwochildren:age10andage6.LimaworksasthedirectorofmarketingatRelexCorporation.Exhibit1presentsdetailsofthefinancialenvironmentinLima,shomecountry.Exhibit1SelectedDatafromLima'sHOmeCountryTaxesFlatincometaxrateof25%.Wages,realizedcapitalgains,andinterestaretaxedasincome.Dividendsarenottaxed.Realizedlossesmaybeoffsetagainstincomeandmaybecarriedforwardtooffsetincomeinfutureyears.HealthinsuranceGovernmentprovidesatnodirectcosttocitizens.Tax-deferredaccounts(TDAs)ContributionsarepretaxandannualmaximumisUSD40,000.Incomeandgainsgrowtax-dcfbrrcdandportfolioreallocationsarenotsubjecttotax.Incometaxesarepaidonfullamountofwithdrawals.Nopenaltiesonwithdrawalsforhousingoreducation.1.ima'scurrentpretaxannualcompensationisUSD140,000andhercurrentannuallivingexpensesareUSD96,000.Herfuturesalaryincreasesareexpectedtomatchanyincreasesinlivingexpensesonapretaxbasis.Limaisingoodhealth,ownsherhome,andhasnodebt.1.imaisadisciplinedinvestor,butarecentequitymarketdeclinecausedhergreatanxiety.Sheisworriedaboutherabilitytofundherchildren'seducationandherretirement.Limameetswithherfinancialadvisor,MarkDuBord,toreviewherfinancialplan.DuBordnotesthefollowingfactors:1.imainvestsUSD12,000(pretax)inaTDAattheendofeveryyearandintendstocontinuedoingsountilsheretires.ThecurrentvalueoftheTDAisUSD250,000.1.imamakesannualcontributionstocharityofUSD6,000.Thesecontributionsarcincludedinherannuallivingexpenses.Shewillprepayherchildren'sfutureeducationcostsattheendofthisyear.LimaparticipatesinRelex,sexecutiveretirementprogram.Atthemandatoryretirementageof60,shewillreceiveapretaxpaymentofUSD1,000,000.Question:Topic:Minutes:#1IndividualPortfolioManagement35DuBorddeterminesthattheprepaideducationcostsforbothchildrenwillrequireatotalofUSD50,000,includingalltaxes.HerecommendsthatLimapurchasealifeannuitytofundherretirement.DuBordcalculatesshewillneedUSD3,000,000(pretax)topurchasetheannuityatage60.LimaagreeswithDuBord,srecommendation.Question:1Topic:IndividualPortfolioManagementMinutes:35A.FormulateeachofthefollowingconstraintsofLima,sinvestmentpolicystatement(ips)：i.liquidityii.timehorizon(4minutes)Oneyearlater,afterprepayingherchildren,seducationcostsandaftermakingherannualTDAcontribution,LimahasUSD225,000investedinherTDA.Lima'sotherfinancialinformationremainsthesame.B.i.StatethereturnobjectiveportionofLima'sIPS.ii.CalculateLima,srequiredaverageannualpretaxnominalrateofreturnuntilherretirementin25years.Showyourcalculations.(12minutes)DuBordalsoadvisesAbellaRual,Lima,ssister,a37-year-oldsinglewomanwithnochildren.Rualworksasabankruptcylawyerandispresidentofherownfirm.RuasannualincomeisUSD450,000andherannuallivingexpensesareUSD180,000.Sheisingoodhealth,ownsherhome,andhasnodebt.RuasinvestmentportfolioiscurrentlyvaluedatUSD1,500,000.Rualisconfidentthatlongtermequitymarketreturnswillmorethanoffsetlossesinmarketdownturns.Shecontinuestoinvestregularly.Rualplanstoretireatage52,sellherbusiness,anddonatetheproceedstocharity.Herinvestmentportfoliowillfundherretirementexpenses.C.i.IdentifytwofactorsthatincreaseLia,sabilitytotakerisk,ii.IdentifyfwofactorsthatincreaseRuasabilitytotakerisk.(8minutes)D.DeterminewhetherLimaorRualhasagreaterwillingnesstotakerisk.Justifyyourresponsewithonereason.(3minutes)DuringarecentreviewwithRual,DuBordnotesthattaxlawchanges,effectivenextyear,willlowerthetaxoncapitalgainsto15%buteliminatetheabilitytooffetincomewithrealizedlosses.TominimizeRuastaxliability,DuBordisconsideringtheoptimallocation(tax-Question:1Topic:IndividualPortfolioManagementMinutes:35deferredortaxable)forherassetspriortothetaxlawchanges.DuBordandRualagreetomaintainRuascurrentassetallocation.RuasinvestmentportfolioandassetlocationareshowninExhibit2.Exhibit2RuasInvestmentPortfolioAssetClassTax-deferredAccountTaxableAccountCurrentValue(USD)CurrentVralue(USD)CostBasis(USD)Bonds250,000500,000550,000Equities500,000250,000150,000Total750,000750,000700,000DuBordrecommendsthetransactionsnecessarytoachievethemosttaxefficientassetallocationofbondsandequitiesineachaccount.E.i.Determinethe"sell"amountofbondsandthe4tsclamountofequitiestoachievethemosttax-efficientallocationineachaccount(tax-deferredandtaxable).ii.Determinethe“buy"amountofbondsandthe“buy"amountofequitiestoachievethemosttax-efficientallocationineachaccount(tax-deferredandtaxable).iii.Justify,withtworeasons,whythisisthemosttax-efficientallocation.Note:Assumenotransactioncostsorliquidityneeds.ANSWERQUESTIONI-EINTHETEMPLATEPROVIDEDONPAGE5.(8minutes)Question:1Topic:IndividualPortfolioManagementMinutes:35TemplateforQuestionI-ENote:Assumenotransactioncostsorliquidityneeds.AssetCIaSSi.Determinethe"sell"amountofbondsandthe“sei】"amount