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1、Thefollowingarerepresentativeofquestionsonthe2008Level111exam,MorningSession.Thesequestionsandguidelineanswersillustratehoweachtopicareawastestedonthe2008LevelIIIexam.Forgradingpurposes,themaximumpointvalueforeachquestionisequaltothenumberofminutesallocatedtothatquestion.QuestionTopicMinutes1Portfol
2、ioManagement-Individual362PortfolioManagement-IndividualZBehavioral93PortfolioManagement-Institutional364PortfolioManagement-AssetAllocation175PortfolioManagement-FixedIncomeInvestments136PortfolioManagementAlternativeInvestments117PortfolioManagementRiskManagement178PortfolioManagement-ExecutionofP
3、ortfolioDecisions149PortfolioManagement-MonitoringandRebalancing910PortfolioManagement-PerformanceEvaluation911PortfolioManagement-GlobalContext9Total:180THISPAGEINTENTIONALLYLEFTBLANKANYMARKSMADEONTHISPAGEWILLNOTBEGRADEDQUESTION1HASFOURPARTS(A,B,C,D)FORATOTALOF36MINUTES.RobertoandMarianaCarvalholiv
4、einalargecityinBrazilwiththeirtwochildren,agesfourandtwo.Robcrtois30yearsoldandMarianawillbe30yearsoldlaterthismonth.RobcrtoisamanagerinamanufacturingfacilityandMarianaisamusicianinthelocalsymphonyorchestra.RobertoandMariana,sannualsalariestotal120,000Brazilianreais(BRL)aftertax.Theirsalariesjustcov
5、ertheirlivingexpenses.Theaverageannualinflationrateisfourpercentandtheirsalariesandexpensesareexpectedtoincreaseatthisrate.Theyarehealthyandbelievetheirjobsandearningpotentialaresecure.TheCarvalhos,salaries,dividends,andinterestaretaxedat20percent,andcapitalgainsat15percent.Mariana,sparentshavesigni
6、ficantwealthandfundedanirrevocablepersonaltrustforher.Brazilhasawealthtransfertaxthatappliestotransfersintotrustsandtoinheritances.BrazilhasadoptedthePrudentInvestorRulefortheadministrationoftrusts.ThecurrentvalueofthetrustisBRL1,500,000.ThetermsofthetruststatethatwhenMarianareachestheageof30,shewil
7、lreceiveatax-freedistributionofhalfthevalueofthetrust.Thebalanceofthetrustwillremaininvestedandwilldistributeintotaltoherwhenshereachesage40.Sinceshedoesnothaveaccesstotheremainingbalancefortenyears,thisbalanceisnotconsideredapartoftheCarvalhos,investableassets,butispartoftheirtotalnetworth.Inadditi
8、on,Marianaexpectstoinheritasubstantialsumofmoneyuponthedeathofbothparents.TheCarvalhoshaveBRL500,000ininvestableassets,currentlyallinshort-termbankdeposits.Itistheirintentiontomaintainatleastthisamountininvestableassets,onaninflation-adjustedbasis,inthefuture.TheCarvalhoscurrentlylivewithMarianaspar
9、ents,butarenowpurchasingahome.ThepurchasepriceofthehomeisBRL850,000.Thedownpaymentis30percentofthecostofthehomeandwillbefundedfromthetrustdistribution.TheCarvalhoswilltakeoutafixedratemortgageforthebalanceofthepurchaseprice.Theafter-taxmortgagecostwillbefixedatBRL55,000(principalandinterest)annually
10、for30years,withthefirstannualpaymentdueoneyearfromnow.TheCarvalhos5immediateinvestmentgoalistohavetheirinvestmentportfoliocoverthecostofthemortgage,whilemaintainingtheportfoliosination-adjustedvalue.Theyplantoretireattheageof60andtheirlong-tengoalistohaveaninvestmentportfoliothatwillprovideanannuali
11、ncomecomparabletotheircurrentsalariesadjustedbyinflation.TheirfamilyhealthinsuranceisprovidedbyRoberto,semployer,bothnowandinretirement.Theyarehopefilltheirtwochildrenwillattendthelocaluniversityatnocost.Theuniversitydoesnotchargetuitionfeesforqualifiedstudentswhopassitsentranceexam.Thosewhodonotpas
12、stheexamarerequiredtopayfulltuition,whichishighrelativetotheCarvalhos,livingexpenses.Inordertomeettheirinvestmentgoals,theCarvalhosrealizetheyneedtoconsiderinvestmentsotherthanshort-tebankdeposits.TheCarvalhoshireLuizOliveira,CFA,tomanageaninvestmentportfoliothattheywillfundwiththeirBRL500,000inbank
13、depositsandthenetproceedsofMariana,strustdistributionatage30.A.i.PreparethereturnobjectivesportionoftheCarvalhos,investmentpolicystatement(IPS).ii.Calculatetheafter-taxnominalrateofreturnthatisrequiredforthenextyear.Showyourcalculations.(12minutes)B.i.IdentifyhvofactorsintheCarvalhos,situationthatin
14、creasetheirabilitytotakerisk.ii.IdentifytwofactorsintheCarvalhos,situationthatdecreasetheirabilitytotakerisk.iii.DeterminewhethertheCarvalhoshavebelow-average,average,oraboveaverageabilitytotakerisk.AnswerQuestion1BintheTemplateprovidedonpage7.(10minutes)C.PreparethefollowingconstraintsoftheCarvalho
15、s5IPS:i.Liquidityii.TimehorizonAnswerQuestionI-CintheTemplateprovidedonpage8(6minutes)Twenty-fiveyearshavepassed*TheCarvalhosarenow55yearsoldandtheirtwochildrenaregrownandfinanciallyindependent.Mariana,sparentspassedawayearlierthisyearandleftheraninheritanceofBRL8,000,000after-tax.TheCarvalhoshavefi
16、veyearsremainingontheirmortgageandtheBRL55,000annualmortgagepaymentwillcontinuetobefundedfromtheirinvestmentportfolio.Theyintendtoworkanotherfiveyearsandthenretireatage60.Thcirsalariesareexpectedtocontinuetocovertheirlivingexpensesuntilretirement.Theirinvestmentportfolio,includingtheinheritance,nowtotalsBRL10,200,000.TheCarvalhosexplaintoOliveirathatinreti
