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Madison Investor manages an equity portfolio with a market value of $8,000,000. The portfolio beta is 2.4. Madison finds this somewhat overly aggressive for the

Madison Investor manages an equity portfolio with a market value of $8,000,000. The portfolio beta is 2.4. Madison finds this somewhat overly aggressive for the client's risk profile. The S&P500 futures contract is defined as $250 times index and is currently trading at 1144. To reduce the portfolio beta to 0.6 Madison should:

buy/sell (circle one) ...... S&P contracts (fill in the blank)

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