Kaplan考试和QBank二级（考友版）：V1阶段考试1 AM（题目+解析）.docx

CFALevel11Questions#1-6of60UsethefbllovinginformationtoanswerQuestions1through6.Forthepast15years,SusanLuna,CFA,KyleLawson,CFA,andMattMiller,CFA.haveworkedtogetherasequityanalystsandIhenequityportfoliomanagersintheJivestmentmanagementdivision(BIMCO)ofBroadwayLifeInsuranceCompany.Forthepastfi,eyears,theIhreeassociateshaveworkedtogethermanagingtheBIMC0AggressiveGrowthFund(BAGF).DuringIheirmanagementtenure,theBAGFhadexcellentperformanceandwaswellrecognizediefinancialpress.Justoveroneyearago,BroadwayLifewasacquiredbyalargercompany,GobbleInsurance,andaspartoftheconsolidationprocess,BlMCOwasclosed.TheclosurealbwcdLuna,Lawson,andMillcrlostartIheirowninvestmentmanagementfilm,TrioInvestmentManagementLLC(TIM).TIMfocusesonthesmallcapitalizationgrowthequitiesarea.ThisisthesameinvestmentfocusastheBGF,butTTMwi11haveindividuallymanagedaccounts.SeveralcaseshavearisencallhgforIiterpretationastoconsistencywithCFAInstituteStandardsofProfessionalConduct.Case1TIMmarketsitshvestmentmanagementservicesbycontractingwithsmall,bcalbanktrustdepartments.OneofthenewestbanktrustclientsfcrTIMisShadowMountainBankandTrustJudySampson,CFA,thetstofficerforShadowMountain,hasscheduledameetingwithapotentialclient.WhenLawsonarrivesfortieclientmeeting,hefdsthatalltheTIMmarketingmaterial,TicludingbiographiesofTIMportfoliomanagers,hasbeenrelabeledbySampsonastheShadowMountainWealthManagementTeam.SampsonhasalsoaddedtheperfonanccofBAGFintothecuontTIMEqUityCompositeIndexportfolioandrelabeledtheresultantcombinedgraph,theShadowMountainEquityCompositeIndex.SampsonstatesthatmakingsuchchangeswouldprobablypleaseclientsandimprovethechancesofacquiringadditionaltrustmanagementaccountsforShadowMountainandTIM.LawsongoesalongandmakesthepresentatbntothepotentialclientusingtheShadowMountainmarketingmate*ialandtherelabeledBAGFT1MequityperformancerecordCase2SusanLunaofTIMismeetingwithSolWurtzel,anInstititionalsalesmanforTurnByer>ahrgenationalbrokeragefn.LunacomplainsthatTIM,stechnologycostsaretoohigh,especiallyIheiroutsidesoftwareservicescosts.TIMcurrentlysubscribesIdtwoinvestment-relatedsoftwareservices*ThefirstsoftwarevendorisStockCalSoftwareServices(StockCal),whichprovidesvaluationandstock-chartingcapabilitiesthatTIMusesinitsequityresearchandselectionprocess.TheothervendorisAdd-InvestSoftware(Add-Invest),asoftwareprogramprovidingaccountmanagementandperfoimanceevaluationreporting,whichTIMusesindevelopingmonthlyreportsforallclients.InresponsetoLunalWurtzelsuggestsIhatTurnByerhasanexcellentsoftdoUartradingdeskandwouldbewilligtooffertocoverTIM*SStockCalandAdd-Investexpensesthroughsoftdollarcommissions.LunathenreviewsT1M,SprojectedcommissiondollarsforIheyearanddecidestherearemorethanenoughsoftdollarstopaytheStockCal,AGF,andAdd-InvestSoftwarebillscombined.LunabelievesshecanbeassuredofexcellentIradCexecutionfromTurnByerandimprovedprofitabilityforTIMbecauseoftheincreaseduseofsoftdollarsLunathendirectsthattheStockCalandAdd-Investsoftwareservicesbepaidforwithsoftdollarorclientbrokeragedollars.Case3SolWUrtZeLtheequitysalesmanforTurnByer,hasreferredseveralclientstoTIMoverthepastyear.Jiifeet,Wurtzelreferralscurrentlyaccountft>ralmost20%oftheassetsmanagedbyTIM.TheprincipalsofTTMdecidetorewardWurtzel,eitherbydoublingthecommissionspaidontradesexecutedthroughTurnByeronWurtzesreferralaccounts,orbypayingWurtzelacashrfcrralfeeforeachadditionalTlMaccountopenedbyaWurtzelrcfurml.Theprincipalsagree(hatanycashreferralfeewouldneedtobedisclosedtoclientsradvance.Case41.unanotesthatherclientshavebecomeincreasinglyawareofthedirectedclientbrokerage/softdollarcommissionsissue.tarecentmeetingwithoneofherhrgepensionclients.ServiceWorkersUnionLocalNo.1418,thesubjectofdirectedcommissionscameup.Uponlearningofthecommissiondollarsavailableto1hei*account,theUniontusteesdirectedLunatouseIheirclientbrokerageofapproximately$25,000todonatetoaIhinkIankcalledtheHooverStudyCenterofUnionsatSamfordUniversi.ServiceWorkerstrusteesbelievetheHooverstudywillicreasethepublicawarenessofthebenefit;unionsoffertoIheirmembersandincreaseunionmembership.LUnaconcurswithIhetrusteeSjudgmentonincreasingunionenrolentasagreatgoal,andfollowstheclient'sXstructionsandmakesthe$25,000contributiontotheHooverStudyCenter.Anotherclient,RosaLutz,hasaskedLunatocreditesoftdollarclientbrokerageproceedsfiomherpersonalretirementaccountstoRoswelIAcademy,toupdatetheircomputerhb.LunaagreesthatanewcomputerlabforRoswellAcademyisgreatlyneeded,andsheaUocates$10,000OfLUtZScommissiondollarstoRoswellAcademy.Question#1of60Question:1212644DidSampsonand/orLawsonviolatetheCFAInstituteStandardsOfProfessionalConductwithrcspecttopresentingtheTIMbiographiestotheclient?A)Yes,bothSampsonandLawsonviolatedtheStandards.B)Yes,SampsonviolatedtheStandards,whileLawsondidnotC)NeitherSampsonnorLawsonviolatedtheStandards,becausesuchoutsourcingispermitted*Question I): 1212645Question#2of60Sampson*SuseofIherelabeledBGFinvestmentperfbimancerecordviolatesCFInstituteStandards:A)onlyifSampsonfailstoincludewrit