TOPS® Balanced ETF Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 5.57 0.0 5.57
Stocks 30.55 0.0 30.55
Bonds 36.81 0.0 36.81
Other 0.56 0.0 0.56
Foreign Bonds 8.54 0.0 8.54
Foreign Stocks 17.69 0.0 17.69
Convertible 0.0 0.0 0.0
Preferred 0.28 0.0 0.28

Updated 12.31.2013

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 12.31.2013

% Net Assets
iShares S&P 500 Value 8.81
FlexShares iBoxx 3Yr Target Dur TIPS ETF 8.81
PIMCO 1-5 Year US TIPS Index ETF 7.83
Vanguard FTSE All-World ex-US ETF 7.82
iShares S&P 500 Growth 6.85
iShares 3-7 Year Treasury Bond 6.85
iShares iBoxx $ Invst Grade Crp Bond 6.84
iShares Core S&P Mid-Cap 5.86
iShares iBoxx $ High Yield Corporate Bd 4.89
SPDR Barclays Capital Short Term Corp Bd 3.92

Bond Ratings (%)

Updated 12.31.2013

Sector
AAA 25.85
AA 26.22
A 17.81
BBB 12.96
BB 8.08
B 5.81
Below B 1.8
Other 1.47

Conservative Allocations

Highest Returns (10-year)

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