Fund Evaluation Group

Fund Evaluation as of Sept. 30, 2012

Portfolio Holdings for Fund Evaluation

Fund Evaluation holds 19 positions in its portfolio as reported in the September 2012 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares Russell Midcap Index Fund (IWR) 43.8 $73M 656k 110.77
PowerShares DB Com Indx Trckng Fund 20.8 $34M 1.2M 28.68
Jp Morgan Alerian Mlp Index 19.9 $33M 816k 40.44
iShares S&P 500 Index (IVV) 2.3 $3.9M 27k 144.41
iShares Russell 2000 Value Index (IWN) 2.2 $3.6M 49k 73.95
iShares S&P 100 Index (OEF) 1.9 $3.1M 47k 66.47
iShares Russell 1000 Growth Index (IWF) 1.9 $3.1M 46k 66.69
iShares MSCI Emerging Markets Indx (EEM) 1.5 $2.5M 61k 41.33
ISHARES TR MSCI Small Cap msci small cap (SCZ) 1.4 $2.3M 59k 38.70
Ishares Tr msci emerging markets value 1.1 $1.8M 37k 48.78
SPDR Gold Trust (GLD) 1.1 $1.7M 10k 171.92
SPDR DJ Wilshire REIT (RWR) 0.5 $766k 11k 71.99
iShares Russell 2000 Index (IWM) 0.4 $692k 8.3k 83.42
Vanguard Pacific ETF (VPL) 0.3 $583k 12k 50.41
iShares MSCI ACWI ex US Index Fund (ACWX) 0.3 $450k 11k 39.40
Vanguard Emerging Markets ETF (VWO) 0.3 $439k 11k 41.69
SPDR S&P Metals and Mining (XME) 0.3 $439k 10k 43.51
PowerShares FTSE RAFI US 1000 0.1 $252k 4.1k 61.61
iShares MSCI EAFE Growth Index (EFG) 0.1 $224k 4.0k 56.47