TOPS® Growth ETF Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 2.73 0.0 2.73
Stocks 53.07 0.0 53.07
Bonds 9.29 0.0 9.29
Other 0.41 0.0 0.41
Foreign Bonds 3.4 0.0 3.4
Foreign Stocks 30.85 0.0 30.85
Convertible 0.0 0.0 0.0
Preferred 0.24 0.0 0.24

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

% Net Assets
Vanguard FTSE All-World ex-US ETF 16.89
iShares Core S&P Small-Cap 13.02
iShares S&P 500 Growth 12.93
iShares Core S&P Mid-Cap 11.99
iShares S&P 500 Value 9.96
Vanguard Emerging Markets Stock Idx ETF 4.95
iShares iBoxx $ High Yield Corporate Bd 3.97
FlexShares Mstar Gbl Upstrm Nat Res ETF 2.99
FlexShares iBoxx 3Yr Target Dur TIPS ETF 2.98
PIMCO 1-5 Year US TIPS Index ETF 2.98

Bond Ratings (%)

Updated 03.31.2014

Sector
AAA 33.88
AA 3.74
A 10.93
BBB 11.1
BB 22.35
B 12.09
Below B 4.55
Other 1.35