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CISI Investment Funds in Canada (IFC) Exam Sample Questions (Q128-Q133):

NEW QUESTION # 128
Which investor's needs would be BEST met with an income trust?

A. Tina wants a product that guarantees the return of at least 75% of her capital upon maturity of the contract or upon her death.
B. Phil wants to invest in a product where the performance is linked to that of an underlying asset and the issuer is obligated to repay his principal at maturity.
C. Gary wants to invest in a product which provides a consistent cash flow of interest, royalties, and lease payments passed along to unitholders.
D. Leanne wants a product that employs alternative strategies such as leverage and short selling to amplify returns.

Answer: C

Explanation:
An income trust is an investment trust that holds income-producing assets, such as debt instruments, royalty interests, or real properties. It can be structured as either a personal investment fund or a commercial trust with publicly traded closed-end fund shares. The main attraction of income trusts, in addition to certain tax preferences for some investors, is their stated goal of paying out consistent cash flows for investors, which is especially attractive when cash yields on bonds are low12 References = Canadian Investment Funds Course (CIFC) - Module 2: Investment Products - Section 2.3:
Income Trusts3 and web search results from search_web(query="income trust")12
3: https://www.ifse.ca/wp-content/uploads/2021/08/CIFC-Module-2.pdf

NEW QUESTION # 129
Last year at age 70, Gregory opened a registered retirement income fund (RRIF). Recently, Gregory unexpectedly received a large cash gift and presently does not need to depend on any payments from his RRIF. He contacts his financial advisor Eric for guidance.
Which of the following statements by his financial advisor would be CORRECT?

A. Gregory must have attained the minimum age of 71 to open a RRIF.
B. Withdrawals become mandatory within the first year of the plan being started.
C. Periodic contributions to a RRIF are permitted until Gregory reaches the age of 71.
D. Gregory's account will be subjected to no maximum withdrawal limit but to an annual minimum withdrawal.

Answer: D

Explanation:
According to the Canadian Investment Funds Course, a registered retirement income fund (RRIF) is a type of registered plan that provides a stream of income in retirement. A RRIF can be opened at any age, but it must be established by the end of the year the annuitant turns 71. A RRIF cannot accept any contributions, but it can receive transfers from other registered plans, such as RRSPs, PRPPs, RPPs, or other RRIFs. A RRIF has no maximum withdrawal limit, meaning that the annuitant can withdraw any amount from the plan at any time. However, a RRIF has a minimum withdrawal requirement, which is calculated based on the annuitant's age or the age of their spouse or common-law partner. The minimum withdrawal must be paid out in the year following the year the RRIF is opened and every year thereafter. The minimum withdrawal is taxable as income in the year of receipt.
Therefore, the correct answer is C. Gregory's account will be subjected to no maximum withdrawal limit but to an annual minimum withdrawal.
1: Canadian Investment Funds Course - IFSE Institute 2 (Unit 9: Retirement)

NEW QUESTION # 130
Sean purchases 500 units of Penn Canadian Equity Fund when the net asset value per unit (NAVPU) is
$16.70. On December 15, the mutual fund's NAVPU is $21. On December 16, the mutual fund declares a distribution of $1.25 per unit. Sean's distribution is immediately reinvested and he purchases additional units of the mutual fund.
Which of the following statements about the effect of the distribution is correct?

A. After the distribution. Sean will have J&625 in cash and JB8.350 worth of the Penn Canadian Equity Fund.
B. Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
C. The total value of Sean's mutual fund holdings after the distribution and reinvestment is §9,875.
D. The NAVPU of the mutual fund does not change after the distribution since Sean reinvests his distribution and purchases additional units.

Answer: B

Explanation:
Sean's distribution is reinvested at a NAVPU of $19.75 and he receives approximately 31.65 additional units.
When a mutual fund declares a distribution, it reduces its NAVPU by the amount of the distribution per unit.
In this case, the NAVPU drops from $21 to $19.75 after the distribution of $1.25 per unit. Sean's distribution is $625 ($1.25 x 500 units), which he reinvests in the mutual fund at the new NAVPU of $19.75. He receives

additional units. The total value of Sean's mutual fund holdings after the distribution and reinvestment is (500+31.65)×19.75=$10,500
, not $9,875. The NAVPU of the mutual fund does change after the distribution, regardless of whether Sean reinvests his distribution or not. References: [Unit 7: Mutual Funds Administration]

NEW QUESTION # 131
If the Consumer Price Index (CPI) was 140.6 last year and 146.9 this year, what was the inflation rate over the year?

A. 4.12%
B. 4.48%
C. 5.20%
D. 6.04%

Answer: B

Explanation:
Comprehensive and Detailed Explanation From Exact Extract:
The inflation rate is calculated by subtracting the previous year's CPI from the current year's CPI, dividing by the previous year's CPI, and multiplying by 100. In this case:
(146.9 - 140.6) / 140.6 = 6.3 / 140.6 # 0.0448 or 4.48%.
The feedback from the document confirms:
"To calculate the rate of inflation over a period of time one must subtract the CPI at the beginning of the period from the CPI at the end of the period and then divide the result by the CPI at the beginning of the period. In this example, the solution can be derived as follows: (146.9 - 140.6) / 140.6." Reference:Chapter 3 - Economic PrinciplesLearning Domain:An Introduction to the Mutual Funds Marketplace

NEW QUESTION # 132
Carol contributed $500 to her TFSA. $350 was invested in ABC Bank Canadian equity fund and $150 in the ZYX Global growth fund. The expected return for the funds is 8% and 9.8%, respectively. What is the expected return on her TFSA?

A. 8.5%
B. 9.3%
C. 8.9%
D. 17.8%

Answer: A

Explanation:
The expected portfolio return is the weighted average of each fund's return.
Investment in ABC Bank Canadian Equity = $350 ÷ $500 = 70%
Investment in ZYX Global Growth Fund = $150 ÷ $500 = 30%
Expected Return = (0.70 × 8%) + (0.30 × 9.8%)
= 5.6% + 2.94% = 8.54% # 8.5%
Correct answer = 8.5%.

NEW QUESTION # 133
......

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