VANTAGEPOINT INVESTMENT ADVISERS LLC Concentrated Active

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SCHG	SCHWAB STRATEGIC TR	17,067,494 (+6.5%)	$556,742 (+8.8%)	4.5%	$31.95	—	SCHWAB U.S. LARGE-CAP GROWTH ETF ETP USD	808524300
IEFA	ISHARES INC	4,460,584 (+6.6%)	$399,044 (+9.2%)	3.2%	$87.44	—	ISHARES CORE MSCI EAFE ETF ETP USD	46432F842
MGK	VANGUARD	875,123 (+4.9%)	$361,225 (+7.6%)	2.9%	$402.91	—	VANGUARD MEGA CAP GROWTH ETF ETP USD	921910816
FELG	FIDELITY COVINGTON TR	8,634,000 (+4.9%)	$360,038 (+6.4%)	2.9%	$41.15	—	FIDELITY ENHANCED LARGE CAP GROWTH ETF ETP USD	31609A305
VGT	VANGUARD	553,542 (+4.2%)	$417,249 (+5.2%)	3.4%	$746.92	—	VANGUARD INFORMATION TECHNOLOGY ETF ETP USD	92204A702
IEMG	ISHARES INC	4,047,517 (+4.2%)	$272,074 (+6.3%)	2.2%	$65.97	—	ISHARES CORE MSCI EMERGING MARKETS ETF ETP USD	46434G103
VYM	VANGUARD	2,314,911 (+3.0%)	$332,236 (+4.9%)	2.7%	$141.03	—	VANGUARD HIGH DIVIDEND YIELD ETF ETP USD	921946406
VUG	VANGUARD	1,087,893 (+1.2%)	$530,739 (+3.0%)	4.3%	$477.63	—	VANGUARD GROWTH ETF ETP USD	922908736
AVEM	AMERICAN CENTY ETF TR	2,345,197 (+3.5%)	$180,627 (+6.1%)	1.5%	$75.17	—	AVANTIS EMERGING MARKETS EQUITY ETF ETP USD	025072604
VOE	VANGUARD	623,341 (+3.8%)	$110,562 (+5.5%)	0.9%	$174.68	—	VANGUARD MID-CAP VALUE ETF ETP USD	922908512
IVOV	VANGUARD	1,089,894 (+4.8%)	$110,090 (+5.1%)	0.9%	$100.78	—	VANGUARD S&P MID-CAP 400 VALUE ETF ETP USD	921932844
IWS	ISHARES INC	782,258 (+3.8%)	$110,337 (+4.9%)	0.9%	$139.72	—	ISHARES RUSSELL MID-CAP VALUE ETF ETP USD	464287473
VFVA	VANGUARD	519,849 (+2.6%)	$69,026 (+6.8%)	0.6%	$127.67	—	VANGUARD U.S. VALUE FACTOR ETP	921935805
IMCV	ISHARES INC	1,008,321 (+3.0%)	$83,023 (+5.6%)	0.7%	$80.41	—	ISHARES MORNINGSTAR MID-CAP VALUE ETF ETP USD	464288406
RWK	INVESCO EXCH TRADED FD TR II	540,584 (+4.5%)	$68,362 (+5.7%)	0.6%	$125.07	—	INVESCO S&P MIDCAP 400 REVENUE ETF ETP USD	46138G672
SCHA	SCHWAB STRATEGIC TR	2,161,373 (+3.3%)	$61,556 (+5.4%)	0.5%	$27.92	—	SCHWAB US SMALL-CAP ETF ETP USD	808524607
IWP	ISHARES INC	1,993,095 (+5.2%)	$272,934 (+1.1%)	2.2%	$142.14	—	ISHARES RUSSELL MID-CAP GROWTH ETF ETP USD	464287481
VOT	VANGUARD	984,312 (+5.1%)	$274,761 (-0.1%)	2.2%	$293.08	—	VANGUARD MID-CAP GROWTH ETF ETP USD	922908538

Decreased Positions (21)

SPYD SPDR SERIES TRUST 1.2%

Value ($000) $147,199 (-21.4%) Shares 3,403,453 (-20.0%) Est. Cost $44.00 Unrealized —

SPMO INVESCO EXCH TRADED FD TR II 2.4%

Value ($000) $292,964 (-7.6%) Shares 2,455,282 (-6.3%) Est. Cost $121.06 Unrealized —

XMHQ INVESCO EXCHANGE TRADED FD T 1.2%

Value ($000) $143,444 (-9.3%) Shares 1,400,550 (-7.0%) Est. Cost $104.96 Unrealized —

IMCG ISHARES INC 2.0%

Value ($000) $245,982 (-4.6%) Shares 3,080,936 (-1.2%) Est. Cost $82.73 Unrealized —

XMMO INVESCO EXCHANGE TRADED FD T 1.2%

Value ($000) $150,664 (-7.0%) Shares 1,088,140 (-9.2%) Est. Cost $135.23 Unrealized —

VTV VANGUARD 1.7%

Value ($000) $213,353 (-4.9%) Shares 1,117,089 (-7.1%) Est. Cost $185.58 Unrealized —

MGV VANGUARD 0.9%

Value ($000) $107,369 (-7.1%) Shares 760,620 (-9.3%) Est. Cost $137.74 Unrealized —

VEA VANGUARD 2.3%

Value ($000) $284,988 (+2.6%) Shares 4,562,001 (-1.6%) Est. Cost $59.92 Unrealized —

AVDE AMERICAN CENTY ETF TR 1.9%

Value ($000) $239,539 (+3.0%) Shares 2,909,857 (-1.3%) Est. Cost $78.90 Unrealized —

VWO VANGUARD 1.0%

Value ($000) $121,502 (-5.0%) Shares 2,260,091 (-4.3%) Est. Cost $54.18 Unrealized —

SPHY SPDR SERIES TRUST 1.4%

Value ($000) $175,505 (-3.1%) Shares 7,414,670 (-2.0%) Est. Cost $23.43 Unrealized —

SPEM SPDR SERIES TRUST 1.0%

Value ($000) $122,872 (-4.2%) Shares 2,624,918 (-4.2%) Est. Cost $46.81 Unrealized —

SPYG SPDR SERIES TRUST 3.8%

Value ($000) $473,752 (+1.0%) Shares 4,440,041 (-1.1%) Est. Cost $104.51 Unrealized —

SPSM SPDR SERIES TRUST 0.5%

Value ($000) $61,332 (-6.3%) Shares 1,308,832 (-7.4%) Est. Cost $46.32 Unrealized —

VIGI VANGUARD 1.8%

Value ($000) $227,587 (-1.4%) Shares 2,488,653 (-3.5%) Est. Cost $89.57 Unrealized —

GSIE GOLDMAN SACHS ETF TR 1.9%

Value ($000) $233,148 (+1.3%) Shares 5,429,627 (-3.0%) Est. Cost $41.11 Unrealized —

IVOG VANGUARD 1.5%

Value ($000) $187,836 (-1.6%) Shares 1,562,689 (-2.2%) Est. Cost $119.48 Unrealized —

QQQM INVESCO EXCH TRADED FD TR II 4.4%

Value ($000) $540,433 (+0.4%) Shares 2,136,773 (-1.9%) Est. Cost $247.12 Unrealized —

VB VANGUARD 0.4%

Value ($000) $55,175 (-3.8%) Shares 213,898 (-5.2%) Est. Cost $254.28 Unrealized —

SPDW SPDR SERIES TRUST 2.3%

Value ($000) $280,938 (+0.7%) Shares 6,326,017 (-3.0%) Est. Cost $42.79 Unrealized —

DGRO ISHARES INC 1.8%

Value ($000) $221,110 (-0.3%) Shares 3,185,104 (-2.3%) Est. Cost $68.08 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
SPYD	SPDR SERIES TRUST	3,403,453 (-20.0%)	$147,199 (-21.4%)	1.2%	$44.00	—	SPDR PORTFOLIO S&P 500 HIGH DIVIDEND ETF ETP USD	78468R788
SPMO	INVESCO EXCH TRADED FD TR II	2,455,282 (-6.3%)	$292,964 (-7.6%)	2.4%	$121.06	—	INVESCO S&P 500 MOMENTUM ETF ETP USD	46138E339
XMHQ	INVESCO EXCHANGE TRADED FD T	1,400,550 (-7.0%)	$143,444 (-9.3%)	1.2%	$104.96	—	INVESCO S&P MIDCAP QUALITY ETF ETP USD	46137V472
IMCG	ISHARES INC	3,080,936 (-1.2%)	$245,982 (-4.6%)	2.0%	$82.73	—	ISHARES MORNINGSTAR MID-CAP GROWTH ETF ETP USD	464288307
XMMO	INVESCO EXCHANGE TRADED FD T	1,088,140 (-9.2%)	$150,664 (-7.0%)	1.2%	$135.23	—	INVESCO S&P MIDCAP MOMENTUM ET ETP USD	46137V464
VTV	VANGUARD	1,117,089 (-7.1%)	$213,353 (-4.9%)	1.7%	$185.58	—	VANGUARD VALUE ETF ETP USD	922908744
MGV	VANGUARD	760,620 (-9.3%)	$107,369 (-7.1%)	0.9%	$137.74	—	VANGUARD MEGA CAP VALUE ETF ETP USD	921910840
VEA	VANGUARD	4,562,001 (-1.6%)	$284,988 (+2.6%)	2.3%	$59.92	—	VANGUARD FTSE DEVELOPED MARKETS ETF ETP USD 0	921943858
AVDE	AMERICAN CENTY ETF TR	2,909,857 (-1.3%)	$239,539 (+3.0%)	1.9%	$78.90	—	AVANTIS INTERNATIONAL EQUITY ETF ETP USD	025072703
VWO	VANGUARD	2,260,091 (-4.3%)	$121,502 (-5.0%)	1.0%	$54.18	—	VANGUARD FTSE EMERGING MARKETS ETF ETP USD	922042858
SPHY	SPDR SERIES TRUST	7,414,670 (-2.0%)	$175,505 (-3.1%)	1.4%	$23.43	—	SPDR PORTFOLIO HIGH YIELD BOND ETF ETP USD	78468R606
SPEM	SPDR SERIES TRUST	2,624,918 (-4.2%)	$122,872 (-4.2%)	1.0%	$46.81	—	SPDR PORTFOLIO EMERGING MARKETS ETF ETP USD	78463X509
SPYG	SPDR SERIES TRUST	4,440,041 (-1.1%)	$473,752 (+1.0%)	3.8%	$104.51	—	SPDR PORTFOLIO S&P 500 GROWTH ETF ETP USD	78464A409
SPSM	SPDR SERIES TRUST	1,308,832 (-7.4%)	$61,332 (-6.3%)	0.5%	$46.32	—	SPDR PORTFOLIO S&P 600 SMALL CAP ETF ETP USD	78468R853
VIGI	VANGUARD	2,488,653 (-3.5%)	$227,587 (-1.4%)	1.8%	$89.57	—	VANGUARD INTERNATIONAL DIVIDEND APPRECIATION ETF	921946810
GSIE	GOLDMAN SACHS ETF TR	5,429,627 (-3.0%)	$233,148 (+1.3%)	1.9%	$41.11	—	GOLDMAN SACHS ACTIVEBETA INTERNATIONAL EQUITY ETF	381430107
IVOG	VANGUARD	1,562,689 (-2.2%)	$187,836 (-1.6%)	1.5%	$119.48	—	VANGUARD S&P MID-CAP 400 GROWTH ETF ETP USD	921932869
QQQM	INVESCO EXCH TRADED FD TR II	2,136,773 (-1.9%)	$540,433 (+0.4%)	4.4%	$247.12	—	INVESCO NASDAQ 100 ETF ETP USD	46138G649
VB	VANGUARD	213,898 (-5.2%)	$55,175 (-3.8%)	0.4%	$254.28	—	VANGUARD SMALL-CAP ETF ETP USD	922908751
SPDW	SPDR SERIES TRUST	6,326,017 (-3.0%)	$280,938 (+0.7%)	2.3%	$42.79	—	SPDR PORTFOLIO DEVELOPED WORLD EX-US ETF ETP USD	78463X889
DGRO	ISHARES INC	3,185,104 (-2.3%)	$221,110 (-0.3%)	1.8%	$68.08	—	ISHARES CORE DIVIDEND GROWTH ETF ETP USD	46434V621

Unchanged Positions (16)

INTF ISHARES INC 1.9%

Value ($000) $240,610 Shares 6,373,770 Est. Cost $35.91 Unrealized —

RWL INVESCO EXCH TRADED FD TR II 2.1%

Value ($000) $260,042 Shares 2,271,112 Est. Cost $110.66 Unrealized —

SPYM SPDR SERIES TRUST 2.6%

Value ($000) $328,234 Shares 4,091,668 Est. Cost $78.34 Unrealized —

SPYV SPDR SERIES TRUST 2.0%

Value ($000) $253,569 Shares 4,463,460 Est. Cost $55.33 Unrealized —

SCHV SCHWAB STRATEGIC TR 2.0%

Value ($000) $252,183 Shares 8,516,803 Est. Cost $29.11 Unrealized —

SPHQ INVESCO EXCHANGE TRADED FD T 2.0%

Value ($000) $251,203 Shares 3,347,138 Est. Cost $73.29 Unrealized —

TLT ISHARES INC 1.4%

Value ($000) $179,075 Shares 2,054,556 Est. Cost $90.35 Unrealized —

MGC VANGUARD 1.3%

Value ($000) $165,865 Shares 660,369 Est. Cost $244.09 Unrealized —

VV VANGUARD 1.7%

Value ($000) $205,188 Shares 651,803 Est. Cost $307.86 Unrealized —

SCHX SCHWAB STRATEGIC TR 1.6%

Value ($000) $204,315 Shares 7,592,541 Est. Cost $26.34 Unrealized —

EMGF ISHARES INC 1.4%

Value ($000) $174,400 Shares 3,014,701 Est. Cost $56.58 Unrealized —

IVV ISHARES INC 1.6%

Value ($000) $198,596 Shares 289,946 Est. Cost $567.77 Unrealized —

FESM FIDELITY COVINGTON TR 0.4%

Value ($000) $53,072 Shares 1,404,752 Est. Cost $36.56 Unrealized —

AGG ISHARES INC 3.7%

Value ($000) $458,723 Shares 4,592,741 Est. Cost $99.77 Unrealized —

FNDA SCHWAB STRATEGIC TR 0.4%

Value ($000) $49,352 Shares 1,566,243 Est. Cost $31.16 Unrealized —

SMLF ISHARES INC 0.4%

Value ($000) $49,954 Shares 667,125 Est. Cost $74.35 Unrealized —

Ticker	Issuer	Shares	Value ($000)	%	Est. Cost	Unrealized	Class	CUSIP
INTF	ISHARES INC	6,373,770	$240,610	1.9%	$35.91	—	ISHARES INTERNATIONAL EQUITY FACTOR ETF ETP USD	46434V274
RWL	INVESCO EXCH TRADED FD TR II	2,271,112	$260,042	2.1%	$110.66	—	INVESCO S&P 500 REVENUE ETF ETP USD	46138G698
SPYM	SPDR SERIES TRUST	4,091,668	$328,234	2.6%	$78.34	—	SPDR PORTFOLIO S&P 500 ETF ETP USD	78464A854
SPYV	SPDR SERIES TRUST	4,463,460	$253,569	2.0%	$55.33	—	SPDR PORTFOLIO S&P 500 VALUE ETF ETP USD	78464A508
SCHV	SCHWAB STRATEGIC TR	8,516,803	$252,183	2.0%	$29.11	—	SCHWAB U.S. LARGE-CAP VALUE ETF ETP USD	808524409
SPHQ	INVESCO EXCHANGE TRADED FD T	3,347,138	$251,203	2.0%	$73.29	—	INVESCO EXCHANGE-TRADED FUND TRUST - INVESCO S&P	46137V241
TLT	ISHARES INC	2,054,556	$179,075	1.4%	$90.35	—	ISHARES 20+ YEAR TREASURY BOND ETF ETP USD	464287432
MGC	VANGUARD	660,369	$165,865	1.3%	$244.09	—	VANGUARD MEGA CAP ETF ETP USD	921910873
VV	VANGUARD	651,803	$205,188	1.7%	$307.86	—	VANGUARD LARGE-CAP ETF ETP USD	922908637
SCHX	SCHWAB STRATEGIC TR	7,592,541	$204,315	1.6%	$26.34	—	SCHWAB US LARGE-CAP ETF ETP USD	808524201
EMGF	ISHARES INC	3,014,701	$174,400	1.4%	$56.58	—	ISHARES EMERGING MARKETS EQUITY FACTOR ETF ETP USD	46434G889
IVV	ISHARES INC	289,946	$198,596	1.6%	$567.77	—	ISHARES CORE S&P 500 ETF ETP USD	464287200
FESM	FIDELITY COVINGTON TR	1,404,752	$53,072	0.4%	$36.56	—	FIDELITY ENHANCED SMALL CAP ETF ETP USD	31609A206
AGG	ISHARES INC	4,592,741	$458,723	3.7%	$99.77	—	ISHARES CORE U.S. AGGREGATE BOND ETF ETP USD	464287226
FNDA	SCHWAB STRATEGIC TR	1,566,243	$49,352	0.4%	$31.16	—	SCHWAB FUNDAMENTAL U.S. SMALL COMPANY ETF ETP USD	808524763
SMLF	ISHARES INC	667,125	$49,954	0.4%	$74.35	—	ISHARES US SMALLCAP EQUITY FAC	46434V290