TOPS® Moderate Growth ETF Portfolio

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 5.74 0.0 5.74
Stocks 39.61 0.0 39.61
Bonds 22.8 0.0 22.8
Other 0.81 0.0 0.8
Foreign Bonds 8.64 0.0 8.64
Foreign Stocks 22.11 0.0 22.11
Convertible 0.0 0.0 0.0
Preferred 0.29 0.0 0.29

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 11.53
iShares Core S&P Mid-Cap 9.71
iShares S&P 500 Growth 9.6
iShares Core S&P Small-Cap 7.87
iShares S&P 500 Value 7.6
iShares iBoxx $ Invst Grade Crp Bond 6.9
FlexShares iBoxx 3Yr Target Dur TIPS ETF 5.89
PIMCO 1-5 Year US TIPS Index ETF 4.91
iShares iBoxx $ High Yield Corporate Bd 4.87
SPDR Barclays Capital Short Term Corp Bd 2.95

Bond Ratings (%)

Updated 09.30.2013

Sector
AAA 25.69
AA 10.57
A 20.33
BBB 18.83
BB 9.97
B 10.18
Below B 2.47
Other 1.95