Kaplan考试和QBank二级（考友版）：V1阶段考试2 AM（题目+解析）.docx

CFALevel11Questions#1-6of60UsethefollowinginformationtoanswerQuestions1through&CharlesConnor;CFA,isaportfoliomanageratAppleInvestments,LLCAppleisaU.S.-basedfirmofferingawidespectrumofinvestmentPradUCtSandservices.ConnormanagestheBiogeneFund,adomesticequityfundspecializinginsmallcapitalizationgrowthstocks.TheBiogeneFundgenerallytakessignificantpositionsinstocks,commonlyowning4.5-5%oftheoutstandingshares.Thefuncsprospectuslimitspositionstoamaximumof5%ofthesharesoutstanding.TheperformanceoftheBiogeneFundhasbeensuperioroverthelastfewyears,butforthelasttwoquartersthefundhasunderperformeditsbenchmarkbyaWidemargin.ConnorisdeterminedtoimprovehisperfoiniancenumbersgoingfcrwardTheBiogeneprospectusallowsConnortousederivativeinstrumentsinhisinvestmentstrategy.ConnorfrequentlyusesoptionstohedgehisfundsexposureashebuildsorliquidatespositionsinhisportfoliosinceBiogeneslargepositionsoftentakeseveralweekstoacquire.Forexample,whenheidentifiesastocktobuy,heoftenbuyscalloptionstogainexposuretothestock.AShebuysthestock,hesellsofftheoptionsorallowsthemtoexpireConnorhasnoticedthattheincreasedvolumeinthecalloptionsoftendrivesthestockpricehigherfarafewdays.Hehasseenasimilarnegativeeffectonstockpriceswhenhebuyslargeamountsofputoptions.Theendofthequarterisjustafewdaysaway,andConnorisconsideringthreetransactions:TransactionA:BuyingPutOptionsonStockATheBiogeneFundowns49%oftheoutstandingstockofCompanyA,butConnorbelievesthestockisfulvaluedandplanstosellIheentirepositionlieanticipatesthatitwilltakeapproximately45tradingdaystoliquidatetheentireBiogenepositioninStockA.TransactionB:BuyingCallOptionsonStockBTheBiogeneFundowns5%oftheOUtstcindingstockofCompanyB.ConnorbelievesthereissignificantappreciationpotentialforStockB,butthestockpricehasdroppedinrecentweeks.Connorishopingthatbytakinganoptionposition,thereurillbeacarryovereffectonthestockpricebeforequarterend.TransactionC:SellingtheBiogeneFund*SEntirePositioninStockCConnorbelievesthatStockCisstillattractive,butheissellingthestockwiththeideathathewillrepurchasethepositionnextmonthThemotivationf*thetransactionistocaptureacapitallossthatwillreducetheBiogeneFuncfstaxexpensefcrtheyearApplehasaninvestmentbankingdepalmentthatisactiveininitialpublicdferingsQPOS).GeorgeArnold,CFA,istheseniormanageroftheIPOdepartmentArnoldapproachedConnoraboutStockHanewIPObeingofferedbyApple.StockDwillopentradingintwodays.ApplehadofferedtheIPOtoallrfitsdients>butapproximately20%ofthedealremainedunsoldHavingreadthepr*ospectus,ConnorthinksStockDwouldbeagoodfitfar*hisfund,andheexpectsStockDtoimprovehisperformanceinboththeshortandlongterm.ConnorisnotawareofanyinformatirelatedtoStockDbeyondthatprovidedintheprospectus.Connoraskedtopurchase5%oftheIPO,butArnoldlimitedBiogeneSshareto2%,explaining:"WithBiogenesreputation,anyparticipationWiiImaketheunsoldshareshighlymarketableFurther;wemayneedBiogenetoacquiremoreStockDsharesatalaterdateifthepricedoesnotholdUp"Connorisdisappointedinbeinglimitedto2%oftheofferingandsuggeststoArnoldinanemailthat,giventhe2%Iinutation,BiogenewillnotparticipateintheIPO.ArnoldrespondedafewhoursJaterwiththefollowingmessage:*1havejustspokenWithMs.D,theCFOofStockD.Akhoughitistoolatetoaltertheprospectus,managementbelievestheywillreceivealargecontractfr,omaforeigngovernmentthatwillboostnextyecirssalesby20%ormor1LttXeyoutoacceptthe2%youwontbesorry!*AfterreviewingArnoldsemailConnoragreestothe2%offerQuestion#1of60ByexecutingTransactionA,Connoris:A)dolatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffectthepriceofStockA.B)ViQIatingtheStandardsbecausetheoptionpositioncreatesaprotopportunityinconflictWithBiogendsdientsC)notviolatingtheStandards.Question#2of60ByexecutingTransactionB1Connoris:A)ViQIatingtheStandardsbecausehisoptiontradingcanbereasonablyexpectedtoaffecthisquarterlyperformance.B)notviolatingtheStandai'dsbecausetheoptionpositioncreatesaprofitopportunityconsistentWithBiogenSCijentWinterests.C)notviolatingtheStandardsbecausehebelievesthereissignificantappreciationpotentialinStockRQuestion#3of60ByexecutingTransactionC,Connoris:A)violatingtheStandardsbyexecutingatransactionfortaxreasonsolyB)riolatingtheStandardsbyexecutingatransactionthatprovidestaxbenefitstntheQuestionID: 1212784Question ID: 1212785Question ID: 1212786BiogeneFund.C)notviolatingtheStandards.Question#4of60QuestionID:1212787ByofferingBiogenetheopportunitytoparticipateintheIPOofStockD,AppleInvestmentshasviolatedCFAInstituteStandaidsrelatingto:A)priorityoftransactionsbutnotindependenceandobjectivity;B)independenceandobjectivitybutnotpiority出、transactions.C)neitherprioityoftransactionsnorindependenceandObjeetivityQuestion#5of60QuestionID:1212788ArnolcfSargumentsforlimitingBiogeneSshaeto2%suggestthatApple:A)mayengageinaliquiditypumpingstrategythatwouldbeacceptablegiventhatBiogeneisarelatedentityB)mayengageintransaction-basedmanipulationofStockDinthefuture,inolationofStandardsrelatingtomarketmanipulatioC)isViOIat