The Glover Scholastic Aid Foundation has received a $20$ million global government bond portfolio from a Greek donor. This bond portfolio will be held in euros and managed separately from Glover$$s existing U$.$S$.$ dollar$-$denominated assets. Although the bond portfolio is currently unhedged, the portfolio manager, Raine Sofia, is investigating various alternatives to hedge the currency risk of the portfolio. The bond portfolio$$s current allocation and the relevant country performance data are given in Exhibits $1$ and $2.$ Historical correlations for the currencies being considered by Sofia are given in Exhibit $3.$ Sofia expects that future returns and correlations will be approximately equal to those given in Exhibits $2$ and $3.$