NPORT-EX 2 tops_nport.htm TOPS NQ 3.31.22
TOPS AGGRESSIVE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.0%     
     EQUITY - 98.0%     
 73,347   FlexShares Global Upstream Natural Resources Index Fund(a)  $3,434,840 
 246,598   SPDR Portfolio S&P 400 Mid Cap ETF   11,629,562 
 50,263   SPDR Portfolio S&P 500 Growth ETF   3,327,913 
 80,617   SPDR Portfolio S&P 500 Value ETF   3,365,760 
 237,114   SPDR Portfolio S&P 600 Small Cap ETF   9,975,386 
 314,298   Vanguard FTSE Developed Markets ETF   15,095,733 
 163,866   Vanguard FTSE Emerging Markets ETF   7,559,139 
 32,480   Vanguard Global ex-U.S. Real Estate ETF   1,687,336 
 15,471   Vanguard Real Estate ETF   1,676,592 
 50,366   Vanguard S&P 500 ETF   20,910,451 
 102,589   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   3,350,557 
         82,013,269 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $71,174,962)   82,013,269 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 4.7%     
     COLLATERAL FOR SECURITIES LOANED – 2.4%     
 2,008,218   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $2,008,218)(b)   2,008,218 
          
           
     SHORT-TERM INVESTMENTS — 2.3%     
     MONEY MARKET FUNDS - 2.3%     
 1,923,995   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $1,923,995)(b)   1,923,995 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $3,932,213)   3,932,213 
           
     TOTAL INVESTMENTS – 102.7% (Cost $75,107,175)  $85,945,482 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (2.7)%   (2,254,351)
     NET ASSETS - 100.0%  $83,691,131 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $1,967,055 at March 31, 2022. The loaned securities were secured with cash collateral of $2,008,218. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.0%     
     EQUITY - 49.6%     
 44,950   FlexShares Global Upstream Natural Resources Index Fund  $2,105,009 
 73,261   SPDR Portfolio S&P 400 Mid Cap ETF   3,454,989 
 20,917   SPDR Portfolio S&P 500 Growth ETF   1,384,915 
 117,438   SPDR Portfolio S&P 500 Value ETF   4,903,036 
 65,687   SPDR Portfolio S&P 600 Small Cap ETF   2,763,452 
 116,289   Vanguard FTSE Developed Markets ETF   5,585,360 
 60,638   Vanguard FTSE Emerging Markets ETF   2,797,231 
 40,563   Vanguard Global ex-U.S. Real Estate ETF   2,107,248 
 19,316   Vanguard Real Estate ETF   2,093,275 
 15,095   Vanguard S&P 500 ETF   6,266,990 
 42,711   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   1,394,941 
         34,856,446 
     FIXED INCOME - 48.4%     
 46,749   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   5,653,824 
 93,374   SPDR Bloomberg Investment Grade Floating Rate ETF   2,846,973 
 117,579   SPDR Portfolio Short Term Corporate Bond ETF   3,542,655 
 78,616   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   2,121,846 
 33,836   Vanguard Intermediate-Term Treasury ETF   2,128,623 
 28,529   Vanguard Mortgage-Backed Securities ETF   1,429,303 
 165,382   Vanguard Short-Term Inflation-Protected Securities ETF   8,469,212 
 71,718   Vanguard Short-Term Treasury ETF   4,250,009 
 13,656   Vanguard Total International Bond ETF   716,121 
 75,082   Xtrackers USD High Yield Corporate Bond ETF(a)   2,832,093 
         33,990,659 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $64,223,906)   68,847,105 

 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 13.2%     
     COLLATERAL FOR SECURITIES LOANED – 11.2%     
 7,875,596   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $7,875,596)(b)  $7,875,596 
           
     MONEY MARKET FUNDS - 2.0%     
 1,414,292   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $1,414,292)(b)   1,414,292 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $9,289,888)   9,289,888 
           
     TOTAL INVESTMENTS – 111.2% (Cost $73,513,794)  $78,136,993 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (11.2)%   (7,898,748)
     NET ASSETS - 100.0%  $70,238,245 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $8,297,038 at March 31, 2022. The loaned securities were secured with cash collateral of $7,875,596 and non-cash collateral of $598,817. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.0%     
     EQUITY - 29.7%     
 12,948   FlexShares Global Upstream Natural Resources Index Fund  $606,355 
 25,353   SPDR Portfolio S&P 400 Mid Cap ETF   1,195,647 
 9,049   SPDR Portfolio S&P 500 Growth ETF   599,134 
 29,034   SPDR Portfolio S&P 500 Value ETF   1,212,170 
 14,209   SPDR Portfolio S&P 600 Small Cap ETF   597,773 
 31,443   Vanguard FTSE Developed Markets ETF   1,510,207 
 6,592   Vanguard FTSE Emerging Markets ETF   304,089 
 11,728   Vanguard Global ex-U.S. Real Estate ETF   609,270 
 5,571   Vanguard Real Estate ETF   603,729 
 4,354   Vanguard S&P 500 ETF   1,807,650 
         9,046,024 
     FIXED INCOME - 68.3%     
 17,686   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   2,138,945 
 12,228   PIMCO Enhanced Short Maturity Active ETF(a)   1,224,756 
 60,309   SPDR Bloomberg Investment Grade Floating Rate ETF   1,838,821 
 91,483   SPDR Portfolio Short Term Corporate Bond ETF   2,756,383 
 22,859   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   616,964 
 24,365   Vanguard Intermediate-Term Treasury ETF   1,532,802 
 12,343   Vanguard Mortgage-Backed Securities ETF   618,384 
 95,352   Vanguard Short-Term Inflation-Protected Securities ETF   4,882,977 
 46,506   Vanguard Short-Term Treasury ETF   2,755,946 
 23,515   Vanguard Total International Bond ETF   1,233,127 
 32,484   Xtrackers USD High Yield Corporate Bond ETF(a)   1,225,296 
         20,824,401 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $28,805,539)   29,870,425 

 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 12.5%     
     COLLATERAL FOR SECURITIES LOANED – 11.1%     
 3,391,643   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $3,391,643)(b)  $3,391,643 
           
     MONEY MARKET FUNDS - 1.4%     
 423,803   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $423,803)(b)   423,803 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $3,815,446)   3,815,446 
           
     TOTAL INVESTMENTS – 110.5% (Cost $32,620,985)  $33,685,871 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (10.5)%   (3,215,062)
     NET ASSETS - 100.0%  $30,470,809 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $3,996,924 at March 31, 2022. The loaned securities were secured with cash collateral of $3,391,643 and non-cash collateral of $693,503. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.0%     
     EQUITY - 84.8%     
 80,672   FlexShares Global Upstream Natural Resources Index Fund(a)  $3,777,870 
 213,917   SPDR Portfolio S&P 400 Mid Cap ETF   10,088,326 
 55,326   SPDR Portfolio S&P 500 Growth ETF   3,663,134 
 110,931   SPDR Portfolio S&P 500 Value ETF   4,631,369 
 174,292   SPDR Portfolio S&P 600 Small Cap ETF   7,332,464 
 326,775   Vanguard FTSE Developed Markets ETF   15,695,003 
 140,314   Vanguard FTSE Emerging Markets ETF   6,472,685 
 53,635   Vanguard Global ex-U.S. Real Estate ETF   2,786,338 
 17,031   Vanguard Real Estate ETF   1,845,649 
 46,578   Vanguard S&P 500 ETF   19,337,789 
 84,709   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   2,766,596 
         78,397,223 
     FIXED INCOME - 13.2%     
 15,562   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   1,882,068 
 69,857   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   1,885,440 
 18,861   Vanguard Mortgage-Backed Securities ETF(a)   944,936 
 55,051   Vanguard Short-Term Inflation-Protected Securities ETF   2,819,163 
 31,793   Vanguard Short-Term Treasury ETF   1,884,053 
 74,457   Xtrackers USD High Yield Corporate Bond ETF(a)   2,808,518 
         12,224,178 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $78,307,650)   90,621,401 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 8.7%     
     COLLATERAL FOR SECURITIES LOANED – 6.4%     
 5,883,031   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $5,883,031)(b)   5,883,031 

 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 8.7% (Continued)     
     MONEY MARKET FUNDS - 2.3%     
 2,142,128   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $2,142,128)(b)  $2,142,128 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $8,025,159)   8,025,159 
           
     TOTAL INVESTMENTS – 106.7% (Cost $86,332,809)  $98,646,560 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (6.7)%   (6,173,080)
     NET ASSETS - 100.0%  $92,473,480 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $6,423,167 at March 31, 2022. The loaned securities were secured with cash collateral of $5,883,031 and non-cash collateral of $682,921. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 98.0%     
     EQUITY - 64.6%     
 91,009   FlexShares Global Upstream Natural Resources Index Fund  $4,261,951 
 175,278   SPDR Portfolio S&P 400 Mid Cap ETF   8,266,110 
 31,169   SPDR Portfolio S&P 500 Growth ETF   2,063,699 
 74,989   SPDR Portfolio S&P 500 Value ETF   3,130,791 
 147,245   SPDR Portfolio S&P 600 Small Cap ETF   6,194,597 
 259,849   Vanguard FTSE Developed Markets ETF   12,480,548 
 112,914   Vanguard FTSE Emerging Markets ETF   5,208,723 
 60,429   Vanguard Global ex-U.S. Real Estate ETF   3,139,287 
 19,187   Vanguard Real Estate ETF   2,079,295 
 44,976   Vanguard S&P 500 ETF   18,672,687 
 63,751   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   2,082,108 
         67,579,796 
     FIXED INCOME - 33.4%     
 43,835   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   5,301,405 
 316,722   SPDR Portfolio Short Term Corporate Bond ETF   9,542,834 
 78,693   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   2,123,924 
 16,908   Vanguard Intermediate-Term Treasury ETF   1,063,682 
 42,499   Vanguard Mortgage-Backed Securities ETF   2,129,200 
 124,051   Vanguard Short-Term Inflation-Protected Securities ETF   6,352,652 
 35,819   Vanguard Short-Term Treasury ETF   2,122,634 
 20,344   Vanguard Total International Bond ETF   1,066,839 
 139,820   Xtrackers USD High Yield Corporate Bond ETF(a)   5,274,010 
         34,977,180 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $90,839,676)   102,556,976 

 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 12.2%     
     COLLATERAL FOR SECURITIES LOANED – 9.9%     
 10,404,927   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $10,404,927)(b)  $10,404,927 
           
     MONEY MARKET FUNDS – 2.3%     
 2,401,671   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $2,401,671)(b)   2,401,671 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $12,806,598)   12,806,598 
           
     TOTAL INVESTMENTS – 110.2% (Cost $103,646,274)  $115,363,574 
     LIABILITIES IN EXCESS OF OTHER ASSETS - (10.2)%   (10,730,566)
     NET ASSETS - 100.0%  $104,633,008 

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $10,250,760 at March 31, 2022. The loaned securities were secured with cash collateral of $10,404,927 and non-cash collateral of $78,619. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

 

TOPS MANAGED RISK BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 88.0%     
     EQUITY - 44.4%     
 250,089   FlexShares Global Upstream Natural Resources Index Fund(a)  $11,711,668 
 399,457   SPDR Portfolio S&P 400 Mid Cap ETF   18,838,392 
 114,066   SPDR Portfolio S&P 500 Growth ETF(a)   7,552,310 
 640,659   SPDR Portfolio S&P 500 Value ETF   26,747,513 
 358,138   SPDR Portfolio S&P 600 Small Cap ETF   15,066,866 
 634,441   Vanguard FTSE Developed Markets ETF   30,472,201 
 330,852   Vanguard FTSE Emerging Markets ETF   15,262,203 
 221,298   Vanguard Global ex-U.S. Real Estate ETF   11,496,431 
 105,352   Vanguard Real Estate ETF   11,416,996 
 82,350   Vanguard S&P 500 ETF   34,189,249 
 233,046   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   7,611,282 
         190,365,111 
     FIXED INCOME - 43.6%     
 256,867   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   31,065,495 
 509,438   SPDR Bloomberg Investment Grade Floating Rate ETF   15,532,765 
 643,886   SPDR Portfolio Short Term Corporate Bond ETF   19,400,285 
 432,320   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   11,668,317 
 185,793   Vanguard Intermediate-Term Treasury ETF   11,688,238 
 155,664   Vanguard Mortgage-Backed Securities ETF   7,798,766 
 908,699   Vanguard Short-Term Inflation-Protected Securities ETF   46,534,475 
 393,568   Vanguard Short-Term Treasury ETF(a)   23,322,840 
 74,506   Vanguard Total International Bond ETF(a)   3,907,095 
 409,771   Xtrackers USD High Yield Corporate Bond ETF(a)   15,456,562 
         186,374,838 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $319,993,184)   376,739,949 

 

 

TOPS MANAGED RISK BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 24.5%     
     COLLATERAL FOR SECURITIES LOANED – 14.1%     
 60,218,899   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $60,218,899)(b)  $60,218,899 
           
     MONEY MARKET FUNDS - 10.4%     
 44,423,661   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $44,423,661)(b)   44,423,661 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $104,642,560)   104,642,560 
           
     TOTAL INVESTMENTS – 112.5% (Cost $364,416,845)  $481,382,509 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (12.5)%   (53,484,424)
     NET ASSETS - 100.0%  $427,898,085 

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Long Futures Contracts  Broker  Expiration   Amount(c)  Depreciation 
 197   CBOT 5 Year US Treasury Note  Bank of America
Merrill Lynch		  06/30/2022  $22,593,536   $(494,903)
     TOTAL FUTURES CONTRACTS                

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Short Futures Contracts  Broker  Expiration   Amount(c)  Depreciation 
 16   CME E-mini Russell 2000 Index Futures  Bank of America
Merrill Lynch		  06/17/2022  $1,653,120   $(41,903)
 35   CME E-Mini Standard & Poor’s 500 Index Future  Bank of America
Merrill Lynch		  06/17/2022   7,928,813    (458,310)
 11   CME E-Mini Standard & Poor’s MidCap 400 Index  Bank of America
Merrill Lynch		  06/17/2022   2,958,120    (100,375)
 38   ICE US mini MSCI EAFE Index Futures  Bank of America
Merrill Lynch		  06/17/2022   4,074,360    (210,910)
 66   ICE US MSCI Emerging Markets EM Index Futures  Bank of America
Merrill Lynch		  06/17/2022   3,714,150    (140,955)
     TOTAL FUTURES CONTRACTS             $(952,453)

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $58,934,405 at March 31, 2022. The loaned securities were secured with cash collateral of $60,218,899 and non-cash collateral of $4. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

(c)The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 

TOPS MANAGED RISK GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 87.6%     
     EQUITY - 75.8%     
 575,055   FlexShares Global Upstream Natural Resources Index Fund(a)  $26,929,826 
 1,515,516   SPDR Portfolio S&P 400 Mid Cap ETF(a)   71,471,735 
 393,407   SPDR Portfolio S&P 500 Growth ETF(a)   26,047,477 
 789,047   SPDR Portfolio S&P 500 Value ETF   32,942,712 
 1,235,307   SPDR Portfolio S&P 600 Small Cap ETF   51,969,365 
 2,324,788   Vanguard FTSE Developed Markets ETF   111,659,568 
 998,381   Vanguard FTSE Emerging Markets ETF   46,055,316 
 381,594   Vanguard Global ex-U.S. Real Estate ETF   19,823,808 
 121,114   Vanguard Real Estate ETF   13,125,124 
 331,302   Vanguard S&P 500 ETF   137,546,651 
 602,785   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   19,686,958 
         557,258,540 
     FIXED INCOME - 11.8%     
 110,730   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   13,391,686 
 496,959   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   13,412,923 
 134,204   Vanguard Mortgage- Backed Securities ETF   6,723,620 
 391,732   Vanguard Short-Term Inflation-Protected Securities ETF   20,060,597 
 226,211   Vanguard Short-Term Treasury ETF   13,405,264 
 529,750   Xtrackers USD High Yield Corporate Bond ETF(a)   19,982,170 
         86,976,260 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $464,185,965)   644,234,800 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 15.5%     
     COLLATERAL FOR SECURITIES LOANED – 6.9%     
 50,527,072   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $50,527,072)(b)  $50,527,072 
           
     MONEY MARKET FUNDS - 2.1%     
 62,999,340   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $62,999,340)(b)   62,999,340 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $113,526,412)   113,526,412 
           
    TOTAL INVESTMENTS – 103.1% (Cost $577,712,377)  $757,761,212 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (3.1)%   (22,439,889)
     NET ASSETS - 100.0%  $735,321,323 

 

 

TOPS MANAGED RISK GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Long Futures Contracts  Broker  Expiration   Amount(c)  Depreciation 
 162   CBOT 5 Year US Treasury Note  Bank of America
Merrill Lynch		  06/30/2022  $18,579,456   $(408,726)
     TOTAL FUTURES CONTRACTS                

 

OPEN FUTURES CONTRACTS

Number of             Notional   Value and
Unrealized		 
Contracts   Open Short Futures Contracts  Broker  Expiration   Amount(c)   Depreciation 
 139   CME E-mini Russell 2000 Index Futures  Bank of America
Merrill Lynch		   06/17/2022   $14,361,480   $(400,873)
 245   CME E-Mini Standard & Poor’s 500 Index Future  Bank of America
Merrill Lynch		   06/17/2022    55,501,688    (3,461,830)
 84   CME E-Mini Standard & Poor’s MidCap 400 Index  Bank of America
Merrill Lynch		   06/17/2022    22,589,280    (883,285)
 319   ICE US mini MSCI EAFE Index Futures  Bank of America
Merrill Lynch		   06/17/2022    34,203,180    (1,996,310)
 441   ICE US MSCI Emerging Markets EM Index Futures  Bank of America
Merrill Lynch		   06/17/2022    24,817,275    (1,111,795)
     TOTAL FUTURES CONTRACTS               $(7,854,093)

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $53,171,932 at March 31, 2022. The loaned securities were secured with cash collateral of $50,527,072 and non-cash collateral of $3,823,220. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

(c)The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 

TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 87.9%     
     EQUITY - 57.9%     
 571,462   FlexShares Global Upstream Natural Resources Index Fund(a)  $26,761,565 
 1,095,287   SPDR Portfolio S&P 400 Mid Cap ETF   51,653,735 
 195,474   SPDR Portfolio S&P 500 Growth ETF   12,942,334 
 470,481   SPDR Portfolio S&P 500 Value ETF   19,642,582 
 920,658   SPDR Portfolio S&P 600 Small Cap ETF   38,732,082 
 1,630,807   Vanguard FTSE Developed Markets ETF   78,327,660 
 708,700   Vanguard FTSE Emerging Markets ETF   32,692,331 
 379,223   Vanguard Global ex-U.S. Real Estate ETF   19,700,635 
 120,358   Vanguard Real Estate ETF   13,043,196 
 282,212   Vanguard S&P 500 ETF   117,165,955 
 399,362   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   13,043,163 
         423,705,238 
     FIXED INCOME - 30.0%     
 275,108   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   33,271,562 
 1,987,698   SPDR Portfolio Short Term Corporate Bond ETF(a)   59,889,341 
 493,883   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   13,329,902 
 106,125   Vanguard Intermediate-Term Treasury ETF   6,676,324 
 266,749   Vanguard Mortgage-Backed Securities ETF   13,364,125 
 778,607   Vanguard Short-Term Inflation-Protected Securities ETF   39,872,464 
 224,808   Vanguard Short-Term Treasury ETF(a)   13,322,122 
 127,675   Vanguard Total International Bond ETF(a)   6,695,277 
 877,429   Xtrackers USD High Yield Corporate Bond ETF(a)   33,096,622 
         219,517,739 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $508,333,618)   643,222,977 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 18.7%     
     COLLATERAL FOR SECURITIES LOANED – 9.1%     
 66,596,162   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $66,596,162)(b)   66,596,162 

 

 

TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 18.7% (Continued)     
     MONEY MARKET FUNDS - 2.1%     
 70,158,155   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $70,158,155)(b)  $70,158,155 
           
     TOTAL SHORT-TERM INVESTMENTS (Cost $136,754,317)   136,754,317 
           
     TOTAL INVESTMENTS – 106.6% (Cost $645,087,935)  $779,977,294 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (6.6)%   (48,264,828)
     NET ASSETS - 100.0%  $731,712,466 

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Long Futures Contracts  Broker  Expiration   Amount(c)  Depreciation 
 264   CBOT 5 Year US Treasury Note  Bank of America
Merrill Lynch		  06/30/2022  $30,277,632   $(229,368)
     TOTAL FUTURES CONTRACTS                

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Short Futures Contracts  Broker  Expiration  Amount(c)   Depreciation 
 57   CME E-mini Russell 2000 Index Futures  Bank of America
Merrill Lynch		  06/17/2022  $5,889,240   $(158,815)
 103   CME E-Mini Standard & Poor’s 500 Index Future  Bank of America
Merrill Lynch		  06/17/2022   23,333,363    (1,383,395)
 35   CME E-Mini Standard & Poor’s MidCap 400 Index  Bank of America
Merrill Lynch		  06/17/2022   9,412,200    (346,655)
 129   ICE US mini MSCI EAFE Index Futures  Bank of America
Merrill Lynch		  06/17/2022   13,831,380    (778,205)
 188   ICE US MSCI Emerging Markets EM Index Futures  Bank of America
Merrill Lynch		  06/17/2022   10,579,700    (436,030)
     TOTAL FUTURES CONTRACTS             $(3,103,100)

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $74,030,486 at March 31, 2022. The loaned securities were secured with cash collateral of $66,596,162 and non-cash collateral of $9,063,580. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

(c)The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 

TOPS MANAGED RISK FLEX ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares      Fair Value 
     EXCHANGE-TRADED FUNDS — 88.0%     
     EQUITY - 49.0%     
 90,405   FlexShares Global Upstream Natural Resources Index Fund(a)  $4,233,666 
 173,288   SPDR Portfolio S&P 400 Mid Cap ETF   8,172,262 
 41,229   SPDR Portfolio S&P 500 Growth ETF(a)   2,729,772 
 198,476   SPDR Portfolio S&P 500 Value ETF   8,286,373 
 161,840   SPDR Portfolio S&P 600 Small Cap ETF   6,808,609 
 257,956   Vanguard FTSE Developed Markets ETF   12,389,627 
 119,582   Vanguard FTSE Emerging Markets ETF   5,516,318 
 80,859   Vanguard Global ex-U.S. Real Estate ETF   4,200,625 
 38,078   Vanguard Real Estate ETF   4,126,513 
 39,680   Vanguard S&P 500 ETF   16,473,945 
 84,234   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund   2,751,082 
         75,688,792 
     FIXED INCOME - 39.0%     
 81,235   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)   9,824,561 
 137,978   SPDR Bloomberg Investment Grade Floating Rate ETF   4,206,949 
 279,494   SPDR Portfolio Short Term Corporate Bond ETF   8,421,154 
 156,255   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF   4,217,322 
 44,766   Vanguard Intermediate-Term Treasury ETF   2,816,229 
 56,259   Vanguard Mortgage-Backed Securities ETF   2,818,576 
 273,689   Vanguard Short-Term Inflation-Protected Securities ETF   14,015,615 
 118,539   Vanguard Short-Term Treasury ETF(a)   7,024,621 
 26,686   Vanguard Total International Bond ETF(a)   1,399,414 
 148,056   Xtrackers USD High Yield Corporate Bond ETF(a)   5,584,672 
         60,329,113 
           
     TOTAL EXCHANGE-TRADED FUNDS (Cost $113,625,376)   136,017,905 
           
Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 24.8%     
     COLLATERAL FOR SECURITIES LOANED – 14.7%     
 22,770,254   STIT - Government & Agency Portfolio, Institutional Class, 0.03% (Cost $22,770,254)(b)   22,770,254 

 

 

TOPS MANAGED RISK FLEX ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2022

 

Shares      Fair Value 
     SHORT-TERM INVESTMENTS — 24.8% (Continued)     
     MONEY MARKET FUNDS - 10.1%     
 15,610,775   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $15,610,775)(b)  $15,610,775 
     TOTAL SHORT-TERM INVESTMENTS (Cost $38,381,029)   38,381,029 
           
     TOTAL INVESTMENTS – 112.8% (Cost $152,006,405)  $174,398,934 
     LIABILITIES IN EXCESS OF OTHER ASSETS – (12.8)%   (19,770,246)
     NET ASSETS - 100.0%  $154,628,688 

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Long Futures Contracts  Broker  Expiration  Amount(c)   Depreciation 
 67   CBOT 5 Year US Treasury Note  Bank of America
Merrill Lynch		  06/30/2022  $7,684,096   $(130,437)
     TOTAL FUTURES CONTRACTS                

 

OPEN FUTURES CONTRACTS

Number of            Notional   Value and
Unrealized		 
Contracts   Open Short Futures Contracts  Broker  Expiration  Amount(c)   Depreciation 
 13   CME E-mini Russell 2000 Index Futures  Bank of America
Merrill Lynch		  06/17/2022  $1,343,160   $(36,020)
 25   CME E-Mini Standard & Poor’s 500 Index Future  Bank of America
Merrill Lynch		  06/17/2022   5,663,438    (343,078)
 8   CME E-Mini Standard & Poor’s MidCap 400 Index  Bank of America
Merrill Lynch		  06/17/2022   2,151,360    (86,375)
 26   ICE US mini MSCI EAFE Index Futures  Bank of America
Merrill Lynch		  06/17/2022   2,787,720    (161,280)
 42   ICE US MSCI Emerging Markets EM Index Futures  Bank of America
Merrill Lynch		  06/17/2022   2,363,550    (102,795)
     TOTAL FUTURES CONTRACTS             $(729,548)

 

ETF- Exchange-Traded Fund

 

SPDR- Standard & Poor’s Depositary Receipt

 

(a)All or a portion of this security is on loan. Total loaned securities had a value of $22,351,541 at March 31, 2022. The loaned securities were secured with cash collateral of $22,770,254 and non-cash collateral of $68,885. The non-cash collateral consists of short-term investments and long-term bonds and is held for benefit of the Portfolio at the Portfolio’s custodian. The Portfolio cannot pledge or resell the collateral.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

(c)The amounts shown are the underlying reference notional amounts to stock exchange indices and equities upon which the fair value of the futures contracts held by the Fund are based. Notional values do not represent the current fair value of and are not necessarily indicative of the future cash flows of the Fund’s futures contracts. Further, the underlying price changes in relation to the variables specified by the notional values affects the fair value of these derivative financial instruments. The notional values as set forth within this schedule do not purport to represent economic value at risk to the Fund.

 

 

TOPS TARGET RANGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2022

 

Shares                 Fair Value 
     EXCHANGE-TRADED FUNDS — 60.5%       
     FIXED INCOME - 60.5%       
 20,311   iShares 0-3 Month Treasury Bond ETF(a)    $2,032,115 
 24,503   SPDR Portfolio Short Term Treasury ETF(a)     726,514 
 12,262   Vanguard Short-Term Treasury ETF(a)    726,646 
                      3,485,275 
                        
     TOTAL EXCHANGE-TRADED FUNDS (Cost $3,504,088)    3,485,275 
                        
Shares                   Fair Value 
     SHORT-TERM INVESTMENTS — 25.6%      
     MONEY MARKET FUNDS - 25.6%      
 1,473,876   STIT - Government & Agency Portfolio, Institutional Class, 0.21% (Cost $1,473,876)(b)    1,473,876 
                       
Contracts(c)     Expiration
Date		  Exercise
Price		   Notional
Value		   Fair Value 
     FLEX OPTIONS PURCHASED - 15.1%      
     CALL OPTIONS PURCHASED - 15.1%      
 145   iShares MSCI EAFE ETF  01/20/2023  $67   $1,067,200   $125,227 
 114   iShares MSCI Emerging Markets ETF  01/20/2023   42    514,710    62,481 
 55   iShares Russell 2000 ETF  01/20/2023   180    1,128,985    191,261 
 62   SPDR S&P 500 ETF Trust  01/20/2023   390    2,800,168    487,632 
     TOTAL CALL OPTIONS PURCHASED (Cost - $777,273)    866,601 
                        
     TOTAL FLEX OPTIONS PURCHASED (Cost - $777,273)    866,601 
                        
     TOTAL INVESTMENTS - 101.2% (Cost $5,755,237)   $5,825,752 
     CALL OPTIONS WRITTEN - (1.1)% (Proceeds - $55,160)    (63,203)
     LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    (129,903)
     NET ASSETS - 100.0%   $5,759,052 
            
Contracts(c)      Expiration
Date		  Exercise
Price		   Notional
Value		   Fair Value 
     WRITTEN FLEX OPTIONS - (1.1)%      
     CALL OPTIONS WRITTEN - (1.1)%      
 145   iShares MSCI EAFE ETF  01/20/2023  $90   $1,067,200   $2,507 
 114   iShares MSCI Emerging Markets ETF  01/20/2023   57    514,710    3,171 
 55   iShares Russell 2000 ETF  01/20/2023   240    1,128,985    26,428 
 62   SPDR S&P 500 ETF Trust  01/20/2023   525    2,800,168    31,097 
     TOTAL CALL OPTIONS WRITTEN (Proceeds - $55,160)   $63,203 
                        
     TOTAL FLEX OPTIONS WRITTEN (Proceeds - $55,160)   $63,203 

 

(a)All or part of these securities were held as collateral for call options written as of March 31, 2022. Total collateral for call options written is $411,754.

 

(b)Rate disclosed is the seven day effective yield as of March 31, 2022.

 

(c)Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.