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CISI IFC Valid Vce, IFC Pass4sure Study Materials

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CISI IFC Exam Syllabus Topics:

Topic
Details

Topic 1

Evaluating and Selecting Mutual Funds: This domain covers the systematic process of choosing appropriate mutual funds based on client needs, including selection criteria, cost considerations, performance history, and ongoing portfolio monitoring and rebalancing.

Topic 2

Introduction to the Mutual Funds Marketplace: This domain covers the structure of Canada's mutual fund industry, including key participants like manufacturers, distributors, and regulators, along with distribution channels and the regulatory framework governing the industry.

Topic 3

Understanding Alternative Managed Products: This domain introduces investment products beyond traditional mutual funds, including ETFs, segregated funds, and hedge funds, examining their features, structures, benefits, risks, and regulatory treatment.

Topic 4

The Know Your Client Communication Process: This domain focuses on gathering and documenting client information to ensure suitable recommendations, including understanding financial situations, investment objectives, risk tolerance, and maintaining ongoing communication with clients.

Topic 5

The Modern Mutual Fund: This domain examines mutual fund structures, types, and operations, covering equity, fixed income, balanced, and specialty funds, their legal structures, pricing mechanisms, purchase processes, and associated fees.

CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q117-Q122):

NEW QUESTION # 117
Zofia has held units of the ABC Monthly Income fund for many years and has reinvested all distributions by purchasing additional units. During this period, she received $2,500 in reinvested dividends. She originally purchased $10,000 of fund units, and after several years, the portfolio value rose to $15,000. What is the tax consequence if Zofia decides to sell her units?

A. The NAVPS will be increased by the amount of the cumulative distributions.
B. The cumulative distributions will be taxed separately as an investment dividend when she sells her units.
C. The adjusted cost base would be $12,500.
D. The capital gain will be $5,000.

Answer: C

Explanation:
When distributions from a mutual fund are reinvested (rather than taken in cash), they are not taxed again at the time of reinvestment. Instead, they increase the adjusted cost base (ACB) of the investment. This is important because when the investor eventually sells the mutual fund units, the capital gain (or loss) is calculated as:
Capital Gain = Proceeds of Disposition - Adjusted Cost Base - Expenses Incurred to Sell In Zofia's case:
* Original investment = $10,000
* Reinvested distributions = $2,500 (which increases the ACB)
* Therefore, ACB = $10,000 + $2,500 = $12,500
* Proceeds of sale = $15,000
* Capital gain = $15,000 - $12,500 = $2,500
Thus, the correct answer is D, because $12,500 is the adjusted cost base and the capital gain on sale would be $2,500, not $5,000.
This is clearly stated in the Investment Funds in Canada material where it explains that reinvested distributions increase the investor's ACB and are not separately taxed at the time of disposition.

NEW QUESTION # 118
Grant is a Dealing Representative with WealthPlus Securities Inc. Grant becomes a volunteer member of his local arena's Hockey Association and is appointed as the Association's new Treasurer. Which of the following statements about Grant's appointment as Treasurer is CORRECT?

A. Grant must disclose the Treasurer position to his firm once he has accepted the position.
B. If Grant is not compensated for the Treasurer position, his firm's approval is not required.
C. Grant must obtain the firm's approval before he starts the Treasurer position.
D. Since Grant holds the Treasurer position on a voluntary basis, it is not an outside activity.

Answer: C

Explanation:
Grant's appointment as Treasurer is considered an outside activity, regardless of whether he is compensated or not. According to the CIFC, Dealing Representatives must obtain their firm's written approval before engaging in any outside activity that could interfere with their ability to perform their duties or create a conflict of interest with their clients or employer. Grant must disclose the nature and extent of his involvement with the Hockey Association and how it may affect his availability, reputation, or potential for conflicts of interest. The firm may approve, reject, or impose conditions on Grant's outside activity.
1: Canadian Investment Funds Course, Chapter 8: Suitability and Know Your Client1

NEW QUESTION # 119
A sales representative is comparing the performance of a mutual fund with other funds of similar investment mandates. What is this method of relative performance evaluation called?

A. T-bills plus benchmark performance
B. Risk-adjusted rate of return
C. Total rate of return
D. Peer group

Answer: D

NEW QUESTION # 120
Zara buys a future contract with an underlying value of $100,000 worth of stocks. She is required to deposit
$1,750 of margin. Two weeks later, the underlying value of the stocks is $101,900. What is Zara's total return?

A. $150 gain
B. $950 gain
C. $1,900 gain
D. $3,650 gain

Answer: D

Explanation:

NEW QUESTION # 121
Louis is the portfolio manager for Quattro Fund. The mandate of the mutual fund is to invest in a combination of cash, fixed income, and equity securities; however, Louis has the ability to adjust the portfolio according to market conditions. If Louis feels that interest rates will fall, he could invest the whole portfolio in equities. If he feels the market is too high, he could take profits and sit totally in cash.What type of mutual fund is Quattro Fund?

A. asset allocation fund
B. balanced fund
C. commodity pool
D. Canadian equity fund

Answer: A

Explanation:
An asset allocation fund is a type of mutual fund that invests in a combination of cash, fixed income, and equity securities, but has the flexibility to adjust the portfolio according to market conditions and the fund manager's outlook. The fund manager can change the asset mix to take advantage of opportunities or reduce risks in different asset classes and markets. The fund's objective is to achieve a balanced risk-return profile by diversifying across different assets and investment styles. Quattro Fund is an example of an asset allocation fund, as it can invest in cash, fixed income, and equity securities, and Louis can adjust the portfolio according to his views on interest rates and the market.
Canadian Investment Funds Course, Unit 6, Section 6.2; 4; 5; 6

NEW QUESTION # 122
......

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