2007_L3_examcfa考题和答案.pdf

Level III The Morning Session of the 2007 Level III CFA Examination has 10 questions. For grading purposes, the maximum point value for each question is equal to the number of minutes allocated to that question. Question Topic Minutes 1 Portfolio Management – Individual 33 2 Portfolio Management – Individual 20 3 Portfolio Management – Institutional/Behavioral 12 4 Portfolio Management – Individual 14 5 Portfolio Management – Institutional 23 6 Portfolio Management – Institutional 23 7 Portfolio Management – Institutional 13 8 Portfolio Management – Institutional/Equity 14 9 Portfolio Management – Performance Evaluation 9 10 Portfolio Management – Economic Analysis 19 Total: 180 Level III Questions 1 and 2 relate to Jack and Ruth Ingram. A total of 53 minutes is allocated to these questions. Candidates should answer these questions in the order presented. QUESTION 1 HAS FOUR PARTS (A, B, C, D) FOR A TOTAL OF 33 MINUTES. Jack and Ruth Ingram, each 50 years old, live in Canada and have recently retired. Jack worked for much of his career at Pitt Manufacturing, a publicly traded, small-capitalization (small-cap) Canadian firm. Jack has agreed to join Pitt’s board of directors without compensation. The Ingrams are in good health and have adequate medical insurance coverage. Jack has accumulated Pitt common stock currently valued at C$1,000,000 through the company’s employee stock ownership pr