Betterment LLC Diversified Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
VEA	VANGUARD TAX MANAGED INTL FD	40,450,205	$1,513,242	25.4%	$37.31	—	Common	921943858
VTI	VANGUARD INDEX FDS	6,362,117	$708,294	11.9%	$106.50	—	Common	922908769
VTV	VANGUARD INDEX FDS	7,747,527	$674,035	11.3%	$83.49	—	Common	922908744
MUB	ISHARES TR	3,903,433	$440,112	7.4%	$111.06	—	Common	464288414
VWO	VANGUARD INTL EQUITY INDEX F	11,560,147	$435,008	7.3%	$36.81	—	Common	922042858
SCHF	SCHWAB STRATEGIC TR	11,633,517	$334,929	5.6%	$28.05	—	Common	808524805
BNDX	VANGUARD CHARLOTTE FDS	5,752,320	$322,360	5.4%	$54.12	—	Common	92203J407
VOE	VANGUARD INDEX FDS	2,380,904	$222,781	3.7%	$89.33	—	Common	922908512
VBR	VANGUARD INDEX FDS	1,789,755	$198,054	3.3%	$105.20	—	Common	922908611
VWOB	VANGUARD WHITEHALL FDS INC	1,827,528	$149,181	2.5%	$77.93	—	Common	921946885
BND	VANGUARD BD INDEX FD INC	1,739,654	$146,374	2.5%	$82.91	—	Common	921937835
IVE	ISHARES TR	1,512,858	$143,661	2.4%	$92.21	—	Common	464287408
SHV	ISHARES TR	1,164,972	$128,648	2.2%	$110.34	—	Common	464288679
LQD	ISHARES TR	924,249	$113,849	1.9%	$119.75	—	Common	464287242
SCHB	SCHWAB STRATEGIC TR	2,168,363	$113,449	1.9%	$49.00	—	Common	808524102
IEMG	ISHARES INC	1,422,661	$64,888	1.1%	$42.90	—	Common	46434G103
VTIP	VANGUARD MALVERN FDS	1,034,331	$51,355	0.9%	$48.89	—	Common	922020805
IWS	ISHARES TR	550,799	$42,285	0.7%	$72.03	—	Common	464287473
IWN	ISHARES TR	338,877	$35,497	0.6%	$97.85	—	Common	464287630
IEFA	ISHARES TR	612,697	$33,784	0.6%	$53.64	—	Common	46432F842
TFI	SPDR SERIES TRUST	321,771	$16,114	0.3%	$49.42	—	Common	78468R721
EMB	ISHARES TR	92,911	$10,890	0.2%	$107.85	—	Common	464288281
ITOT	ISHARES TR	204,340	$10,121	0.2%	$66.18	—	Common	464287150
SCHV	SCHWAB STRATEGIC TR	215,582	$9,822	0.2%	$43.70	—	Common	808524409
EEM	ISHARES TR	219,495	$8,220	0.1%	$34.52	—	Common	464287234
VCIT	VANGUARD SCOTTSDALE FDS	50,987	$4,567	0.1%	$85.65	—	Common	92206C870
CMF	ISHARES TR	35,091	$4,235	0.1%	$117.37	—	Common	464288356
EMLP	FIRST TR EXCHANGE TRADED FD	149,751	$3,792	0.1%	$22.94	—	Common	33738D101
IVV	ISHARES TR	12,041	$2,620	0.0%	$203.35	—	Common	464287200
IJJ	ISHARES TR	18,319	$2,436	0.0%	$123.98	—	Common	464287705
IJS	ISHARES TR	18,088	$2,258	0.0%	$113.11	—	Common	464287879
GMOM	CAMBRIA ETF TR	51,868	$1,221	0.0%	$23.54	—	Common	132061508
SPIB	SPDR SERIES TRUST	26,006	$908	0.0%	$34.18	—	Common	78464A375
—	POWERSHARES GLOBAL ETF TRUST	23,019	$705	0.0%	$28.31	—	Common	73936T573
IEF	ISHARES TR	5,670	$634	0.0%	$112.89	—	Common	464287440
PFF	ISHARES TR	15,090	$596	0.0%	$39.88	—	Common	464288687
VYM	VANGUARD WHITEHALL FDS INC	8,255	$596	0.0%	$71.50	—	Common	921946406
VNQ	VANGUARD INDEX FDS	5,419	$470	0.0%	$82.79	—	Common	922908553
VUG	VANGUARD INDEX FDS	4,001	$449	0.0%	$106.43	—	Common	922908736
MBB	ISHARES TR	3,888	$428	0.0%	$110.07	—	Common	464288588
—	MARKET VECTORS ETF TR	12,171	$393	0.0%	$32.33	—	Common	92189F361
VXUS	VANGUARD STAR FD	7,543	$356	0.0%	$44.86	—	Common	921909768
WTMF	WISDOMTREE TR	8,166	$344	0.0%	$42.13	—	Common	97717W125
TLH	ISHARES TR	1,919	$278	0.0%	$146.38	—	Common	464288653
NYF	ISHARES TR	2,440	$278	0.0%	$112.21	—	Common	464288323
TLT	ISHARES TR	1,850	$254	0.0%	$138.77	—	Common	464287432
GVAL	CAMBRIA ETF TR	12,141	$237	0.0%	$19.52	—	Common	132061409
VAMO	CAMBRIA ETF TR	10,184	$237	0.0%	$23.27	—	Common	132061888
QAI	INDEXIQ ETF TR	7,505	$220	0.0%	$29.31	—	Common	45409B107
VOO	VANGUARD INDEX FDS	1,021	$203	0.0%	$198.82	—	Common	922908363
—	POWERSHARES ETF TRUST	18,157	$197	0.0%	$10.43	—	Common	73935X195