TOPS® Managed Risk Growth ETF Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 12.47 0.0 12.47
Stocks 47.56 0.0 47.56
Bonds 8.37 0.0 8.37
Other 0.47 0.0 0.47
Foreign Bonds 3.09 0.0 3.09
Foreign Stocks 27.67 0.0 27.67
Convertible 0.0 0.0 0.0
Preferred 0.38 0.0 0.38

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

% Net Assets
Vanguard FTSE All-World ex-US ETF 15.2
iShares S&P 500 Growth 11.63
iShares Core S&P Small-Cap 11.6
iShares Core S&P Mid-Cap 10.72
iShares S&P 500 Value 8.94
Vanguard Emerging Markets Stock Idx ETF 3.6
iShares iBoxx $ High Yield Corporate Bd 3.58
SPDR Dow Jones Intl Real Estate 2.7
WisdomTree Emerging Markets Local Debt 2.69
FlexShares iBoxx 3Yr Target Dur TIPS ETF 2.68

Bond Ratings (%)

Updated 12.31.2013

Sector
AAA 33.69
AA 3.76
A 10.93
BBB 11.48
BB 21.88
B 12.63
Below B 4.78
Other 0.84