QUESTION 14

1. Lightning Fund invests primarily in firms with above average expected changes in revenue, earnings, and operating cash flow. Lightning is most likely characterized as a(n):

   		a. Growth fund.
   		b. Balanced fund.
   		c. Income fund.
   		d. Money market fund.

QUESTION 20

1. Actively managed portfolios that are successful most likely show the combination of:

   		a. Positive alphas with low r-squared.
   		b. Positive alphas with high r-squared.
   		c. Zero betas with high r-squared.
   		d. High betas with low r-squared.