This paper provides an overview of a portfolio-based teacher evaluation system at Auburn University (Alabama) designed to promote self-assessment, reflection, and professional growth of preservice teachers. This system was developed and implemented in response to a state mandate that all preservice teachers, prior to recommendation for state certification, pass a comprehensive, exit examination. This portfolio system has been introduced, revised, and expanded gradually over the past two years. Feedback gathered from participants (i.e., interns and university intern supervisors) has helped in the refinement of both the portfolio process and product. A discussion of the phases of development and evolution of the portfolio evaluation system and feedback gathered from participants is provided. As the portfolio system has evolved, so have a number of issues regarding definition and purpose, portfolio components and their selection, evaluation, faculty and administrator support and involvement, and curriculum revision. The college has dealt with many of these issues in developing the portfolio and is still dealing with others as portfolio implementation and revision continue to raise new questions. An overview of efforts toward these issues is provided. (Contains 36 references.) (Author/SLD)