Windham Capital Management

Windham Capital Management, LLC_____________ as of June 30, 2011

Portfolio Holdings for Windham Capital Management, LLC_____________

Windham Capital Management, LLC_____________ holds 36 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Vanguard Total Stock Market ETF (VTI) 16.1 $33M 479k 68.40
Vanguard Europe Pacific ETF (VEA) 13.6 $28M 730k 38.08
Ipath Dow Jones-aig Commodity (DJP) 6.1 $13M 265k 47.23
Vanguard Emerging Markets ETF (VWO) 5.2 $11M 217k 48.62
SPDR Barclays Capital Intl Tresy Bd ETF (BWX) 4.9 $9.9M 161k 61.77
iShares S&P Natl AMTFr Mncpl Bd (MUB) 4.7 $9.6M 93k 103.51
Vanguard Total Bond Market ETF (BND) 4.2 $8.5M 105k 81.16
iShares Barclays TIPS Bond Fund (TIP) 3.7 $7.6M 69k 110.64
Vanguard REIT ETF (VNQ) 3.7 $7.6M 126k 60.10
SPDR Nvn Barclys Cptl Shrt Trm Mncpl Bnd 3.5 $7.1M 292k 24.24
Vanguard Small-Cap ETF (VB) 3.4 $6.9M 88k 78.05
Vanguard FTSE All Wld Ex USSml Cap (VSS) 3.3 $6.8M 66k 102.73
SPDR Nuveen Barclays Capital Municpl Bnd 3.3 $6.7M 297k 22.64
PowerShares Emerging Markets Sovere 3.0 $6.1M 224k 27.09
Jp Morgan Alerian Mlp Index 2.3 $4.6M 125k 37.13
SPDR DB Int'l Govt Infl Pro Bond (WIP) 2.2 $4.6M 74k 61.92
Vanguard Mid-Cap ETF (VO) 1.9 $3.8M 47k 80.42
Vanguard Value ETF (VTV) 1.8 $3.7M 66k 56.05
Vanguard Intl Equity Index F glb ex us etf (VNQI) 1.7 $3.6M 68k 51.95
SPDR DJ International Real Estate ETF (RWX) 1.5 $3.1M 77k 40.38
iShares IBoxx $ Invest Grade Corp Bd (LQD) 1.5 $3.1M 28k 110.13
iShares Barclays 1-3 Year Cred Bd Fd ETF (IGSB) 1.5 $3.1M 29k 104.95
iShares MSCI EAFE Value Index (EFV) 1.3 $2.7M 51k 52.35
Vanguard Short-Term Bond ETF (BSV) 1.1 $2.3M 28k 81.03
PIMCO 1-5 Year US TIPS Index Fund (STPZ) 1.0 $2.0M 38k 53.31
SPDR Barclays Capital High Yield B 1.0 $2.0M 50k 40.22
Vanguard Growth ETF (VUG) 0.6 $1.3M 20k 64.69
iShares MSCI EAFE Growth Index (EFG) 0.4 $901k 14k 63.06
iShares JPMorgan USD Emer Mkt Bnd Fd ETF (EMB) 0.3 $613k 5.6k 109.32
PowerShares DB Com Indx Trckng Fund 0.2 $512k 18k 28.96
iShares iBoxx $ High Yid Corp Bond (HYG) 0.2 $409k 4.5k 91.31
iShares S&P/Citi Intl Treasury Bond (IGOV) 0.2 $401k 3.8k 106.54
iShares S&P 500 Index (IVV) 0.2 $395k 3.0k 132.42
Vanguard FTSE All-World ex-US ETF (VEU) 0.1 $259k 5.2k 49.81
iShares S&P/Citigroup 1-3 Year Int Trsry (ISHG) 0.1 $245k 2.2k 109.23
iShares MSCI EAFE Index Fund (EFA) 0.1 $210k 3.5k 60.14