Instuitional Investor - Cairn Investment Group, Inc.

13F Holdings

Filing Period:

No.	Security	Ticker	Shares	Value	% Port
1.	Vanguard Total International S		311,629	$26,641	11.75%
2.	Vanguard Intl Equity Index Funds	VWO	217,342	$12,973	5.72%
3.	Spdr Ser Tr		137,640	$12,613	5.56%
4.	Ishares Inc	EWZ	284,345	$9,810	4.33%
5.	Sector Spdr Trust	XLE	60,400	$9,583	4.23%