TOPS® Managed Risk Growth ETF Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 12.29 0.0 12.29
Stocks 47.68 0.0 47.68
Bonds 8.11 0.0 8.11
Other 0.49 0.0 0.49
Foreign Bonds 3.06 0.0 3.06
Foreign Stocks 28.03 0.06 27.97
Convertible 0.0 0.0 0.0
Preferred 0.39 0.0 0.39

Updated 09.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 09.30.2013

% Net Assets
Vanguard FTSE All-World ex-US ETF 15.56
iShares Core S&P Small-Cap 11.79
iShares S&P 500 Growth 11.58
iShares Core S&P Mid-Cap 10.73
iShares S&P 500 Value 8.77
Vanguard FTSE Emerging Markets ETF 3.7
iShares iBoxx $ High Yield Corporate Bd 3.48
SPDR Dow Jones Intl Real Estate 2.8
WisdomTree Emerging Markets Local Debt 2.68
FlexShares Mstar Gbl Upstrm Nat Res ETF 2.67

Bond Ratings (%)

Updated 09.30.2013

Sector
AAA 33.41
AA 3.83
A 11.15
BBB 9.05
BB 18.57
B 17.97
Below B 4.59
Other 1.44