NPORT-EX 2 topsnport.htm TOPS NQ 9.30.22

 

TOPS AGGRESSIVE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.0%      
    EQUITY - 98.0%      
80,776   FlexShares Global Upstream Natural Resources Index Fund       $ 3,036,370
270,351   SPDR Portfolio S&P 400 Mid Cap ETF         10,424,735
58,487   SPDR Portfolio S&P 500 Growth ETF         2,930,199
86,242   SPDR Portfolio S&P 500 Value ETF         2,974,487
262,775   SPDR Portfolio S&P 600 Small Cap ETF         8,950,117
372,256   Vanguard FTSE Developed Markets ETF         13,535,228
184,792   Vanguard FTSE Emerging Markets ETF         6,743,060
40,093   Vanguard Global ex-U.S. Real Estate ETF         1,529,949
18,767   Vanguard Real Estate ETF         1,504,550
56,191   Vanguard S&P 500 ETF         18,447,504
120,913   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         2,976,878
             

73,053,077

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $81,342,231)    

  73,053,077

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 2.6%      
    MONEY MARKET FUNDS - 2.6%      
1,956,377   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $1,956,377)(a)         1,956,377
             
 
    TOTAL INVESTMENTS - 100.6% (Cost $83,298,608)     $ 75,009,454
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.6)%    

(454,430)

    NET ASSETS - 100.0%        

$ 74,555,024

           
               
 

 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
 

 

 

 

(a) Rate disclosed is the seven day effective yield as of September 30, 2022.

 

 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.0%      
    EQUITY - 49.6%      
53,713   FlexShares Global Upstream Natural Resources Index Fund       $ 2,019,072
85,621   SPDR Portfolio S&P 400 Mid Cap ETF         3,301,546
25,944   SPDR Portfolio S&P 500 Growth ETF         1,299,794
133,805   SPDR Portfolio S&P 500 Value ETF         4,614,934
77,681   SPDR Portfolio S&P 600 Small Cap ETF         2,645,815
146,682   Vanguard FTSE Developed Markets ETF         5,333,358
72,852   Vanguard FTSE Emerging Markets ETF         2,658,369
53,333   Vanguard Global ex-U.S. Real Estate ETF         2,035,187
25,020   Vanguard Real Estate ETF         2,005,853
18,024   Vanguard S&P 500 ETF         5,917,280
53,639   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         1,320,592
             

33,151,800

    FIXED INCOME - 48.4%      
52,425   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         5,370,941
89,436   SPDR Bloomberg Investment Grade Floating Rate ETF         2,709,911
115,638   SPDR Portfolio Short Term Corporate Bond ETF         3,378,942
87,790   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         2,001,612
34,693   Vanguard Intermediate-Term Treasury ETF         2,022,949
29,782   Vanguard Mortgage-Backed Securities ETF         1,342,870
167,474   Vanguard Short-Term Inflation-Protected Securities ETF         8,057,174
70,286   Vanguard Short-Term Treasury ETF         4,061,828
14,172   Vanguard Total International Bond ETF         676,430
81,875   Xtrackers USD High Yield Corporate Bond ETF         2,680,588
             

32,303,245

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $72,057,924)    

  65,455,045

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 10.7%      
    COLLATERAL FOR SECURITIES LOANED - 8.3%      
5,504,664   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $5,504,664)(b)         5,504,664
             

 

 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 10.7% (Continued)      
    MONEY MARKET FUNDS - 2.4%      
1,623,111   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $1,623,111)(b)       $ 1,623,111
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $7,127,775)  

7,127,775

         
    TOTAL INVESTMENTS - 108.7% (Cost $79,185,699)     $ 72,582,820
    LIABILITIES IN EXCESS OF OTHER ASSETS - (8.7)%    

(5,790,164)

    NET ASSETS - 100.0%        

$ 66,792,656

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $5,384,572 at September 30, 2022. The loaned securities were secured with cash collateral of $5,504,664. The Portfolio cannot pledge or resell the collateral.
(b) Rate disclosed is the seven day effective yield as of September 30, 2022.

 

 

 

 

 

 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.1%      
    EQUITY - 29.8%      
13,548   FlexShares Global Upstream Natural Resources Index Fund       $ 509,269
25,912   SPDR Portfolio S&P 400 Mid Cap ETF         999,167
9,816   SPDR Portfolio S&P 500 Growth ETF         491,782
28,932   SPDR Portfolio S&P 500 Value ETF         997,865
14,702   SPDR Portfolio S&P 600 Small Cap ETF         500,750
34,683   Vanguard FTSE Developed Markets ETF         1,261,073
6,891   Vanguard FTSE Emerging Markets ETF         251,453
13,454   Vanguard Global ex-U.S. Real Estate ETF         513,405
6,293   Vanguard Real Estate ETF         504,510
4,523   Vanguard S&P 500 ETF         1,484,900
             

7,514,174

    FIXED INCOME - 68.3%      
17,302   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         1,772,590
20,282   JP Morgan Ultra-Short Income ETF         1,017,345
50,236   SPDR Bloomberg Investment Grade Floating Rate ETF         1,522,151
78,051   SPDR Portfolio Short Term Corporate Bond ETF         2,280,650
22,198   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         506,114
21,737   Vanguard Intermediate-Term Treasury ETF         1,267,484
11,184   Vanguard Mortgage-Backed Securities ETF         504,287
84,073   Vanguard Short-Term Inflation-Protected Securities ETF         4,044,752
39,478   Vanguard Short-Term Treasury ETF         2,281,434
21,448   Vanguard Total International Bond ETF         1,023,713
30,982   Xtrackers USD High Yield Corporate Bond ETF         1,014,351
             

17,234,871

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $27,238,713)    

  24,749,045

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 9.0%      
    COLLATERAL FOR SECURITIES LOANED - 7.2%      
1,815,031   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $1,815,031)(b)         1,815,031
             
 

 

 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 9.0% (Continued)      
    MONEY MARKET FUNDS - 1.8%      
466,691   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $466,691)(b)       $ 466,691
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $2,281,722)  

2,281,722

         
    TOTAL INVESTMENTS - 107.1% (Cost $29,520,435)     $ 27,030,767
    LIABILITIES IN EXCESS OF OTHER ASSETS - (7.1)%    

(1,780,968)

    NET ASSETS - 100.0%        

$ 25,249,799

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $1,775,445 at September 30, 2022. The loaned securities were secured with cash collateral of $1,815,031. The Portfolio cannot pledge or resell the collateral.
(b) Rate disclosed is the seven day effective yield as of September 30, 2022.

 

 

 

 

 

 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 97.9%      
    EQUITY - 84.8%      
94,493   FlexShares Global Upstream Natural Resources Index Fund       $ 3,551,992
249,332   SPDR Portfolio S&P 400 Mid Cap ETF         9,614,242
68,745   SPDR Portfolio S&P 500 Growth ETF(a)         3,444,125
126,128   SPDR Portfolio S&P 500 Value ETF         4,350,155
205,517   SPDR Portfolio S&P 600 Small Cap ETF         6,999,909
411,255   Vanguard FTSE Developed Markets ETF         14,953,232
168,331   Vanguard FTSE Emerging Markets ETF         6,142,398
70,358   Vanguard Global ex-U.S. Real Estate ETF         2,684,861
21,960   Vanguard Real Estate ETF         1,760,533
55,494   Vanguard S&P 500 ETF         18,218,680
106,112   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         2,612,477
             

74,332,604

    FIXED INCOME - 13.1%      
17,294   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         1,771,770
77,402   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         1,764,766
19,648   Vanguard Mortgage-Backed Securities ETF         885,928
55,247   Vanguard Short-Term Inflation-Protected Securities ETF         2,657,934
30,919   Vanguard Short-Term Treasury ETF         1,786,809
81,026   Xtrackers USD High Yield Corporate Bond ETF         2,652,791
             

11,519,998

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $93,718,741)    

  85,852,602

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 5.7%      
    COLLATERAL FOR SECURITIES LOANED - 2.9%      
2,538,808   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $2,538,808)(b)         2,538,808
             
 
    MONEY MARKET FUNDS - 2.8%      
2,413,515   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $2,413,515)(b)         2,413,515
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $4,952,323)  

4,952,323

 

 

 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    TOTAL INVESTMENTS - 103.6% (Cost $98,671,064)     $ 90,804,925
    LIABILITIES IN EXCESS OF OTHER ASSETS - (3.6)%    

(3,193,311)

    NET ASSETS - 100.0%        

$ 87,611,614

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $2,484,889 at September 30, 2022. The loaned securities were secured with cash collateral of $2,538,808. The Portfolio cannot pledge or resell the collateral.
(b) Rate disclosed is the seven day effective yield as of September 30, 2022.

 

 

 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.0%      
    EQUITY - 64.8%      
105,332   FlexShares Global Upstream Natural Resources Index Fund       $ 3,959,430
203,686   SPDR Portfolio S&P 400 Mid Cap ETF         7,854,132
38,680   SPDR Portfolio S&P 500 Growth ETF         1,937,868
84,369   SPDR Portfolio S&P 500 Value ETF         2,909,887
173,247   SPDR Portfolio S&P 600 Small Cap ETF         5,900,793
324,704   Vanguard FTSE Developed Markets ETF         11,806,237
135,183   Vanguard FTSE Emerging Markets ETF         4,932,828
78,433   Vanguard Global ex-U.S. Real Estate ETF         2,993,003
24,865   Vanguard Real Estate ETF         1,993,427
53,396   Vanguard S&P 500 ETF         17,529,907
78,885   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         1,942,149
             

63,759,661

    FIXED INCOME - 33.2%      
48,203   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         4,938,397
306,204   SPDR Portfolio Short Term Corporate Bond ETF         8,947,281
86,294   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         1,967,503
17,012   Vanguard Intermediate-Term Treasury ETF         991,970
43,811   Vanguard Mortgage-Backed Securities ETF         1,975,438
123,192   Vanguard Short-Term Inflation-Protected Securities ETF         5,926,767
34,466   Vanguard Short-Term Treasury ETF         1,991,790
20,847   Vanguard Total International Bond ETF         995,027
150,548   Xtrackers USD High Yield Corporate Bond ETF         4,928,942
             

32,663,115

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $103,935,405)    

  96,422,776

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 8.0%      
    COLLATERAL FOR SECURITIES LOANED - 5.1%      
5,061,322   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $5,061,322)(b)         5,061,322
             
 

 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 8.0% (Continued)      
    MONEY MARKET FUNDS - 2.9%      
2,818,051   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $2,818,051)(b)       $ 2,818,051
             
             
    TOTAL SHORT-TERM INVESTMENTS (Cost $7,879,373)  

7,879,373

         
  TOTAL INVESTMENTS - 106.0% (Cost $111,814,778)     $ 104,302,149
    LIABILITIES IN EXCESS OF OTHER ASSETS - (6.0)%    

(5,920,008)

    NET ASSETS - 100.0%        

$ 98,382,141

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $4,950,930 at September 30, 2022. The loaned securities were secured with cash collateral of $5,061,322. The Portfolio cannot pledge or resell the collateral.
(b) Rate disclosed is the seven day effective yield as of September 30, 2022.  

 

 

 

 

 

 

 

TOPS MANAGED RISK BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 87.4%      
    EQUITY - 44.2%      
258,331   FlexShares Global Upstream Natural Resources Index Fund       $ 9,710,662
411,893   SPDR Portfolio S&P 400 Mid Cap ETF         15,882,594
124,742   SPDR Portfolio S&P 500 Growth ETF         6,249,574
643,568   SPDR Portfolio S&P 500 Value ETF         22,196,660
373,771   SPDR Portfolio S&P 600 Small Cap ETF         12,730,640
705,602   Vanguard FTSE Developed Markets ETF         25,655,689
350,361   Vanguard FTSE Emerging Markets ETF         12,784,673
256,430   Vanguard Global ex-U.S. Real Estate ETF         9,785,369
120,068   Vanguard Real Estate ETF         9,625,852
86,274   Vanguard S&P 500 ETF         28,323,755
257,891   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         6,349,276
             

159,294,744

    FIXED INCOME - 43.2%      
252,111   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         25,828,772
430,028   SPDR Bloomberg Investment Grade Floating Rate ETF         13,029,848
555,997   SPDR Portfolio Short Term Corporate Bond ETF         16,246,232
423,082   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         9,646,270
166,810   Vanguard Intermediate-Term Treasury ETF         9,726,691
143,763   Vanguard Mortgage-Backed Securities ETF         6,482,274
805,308   Vanguard Short-Term Inflation-Protected Securities ETF         38,743,368
337,953   Vanguard Short-Term Treasury ETF         19,530,304
68,139   Vanguard Total International Bond ETF         3,252,274
393,666   Xtrackers USD High Yield Corporate Bond ETF(a)         12,888,625
             

155,374,658

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $317,277,543)    

  314,669,402

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 12.7%      
    COLLATERAL FOR SECURITIES LOANED - 0.5%      
1,975,578   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $1,975,578)(b)         1,975,578
             
 

 

 

 

TOPS MANAGED RISK BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 12.7% (Continued)      
    MONEY MARKET FUNDS - 12.2%      
43,567,447   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $43,567,447)(b)       $ 43,567,447
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $45,543,025)  

45,543,025

         
    TOTAL INVESTMENTS - 100.1% (Cost $362,820,568)     $ 360,212,427
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.1)%    

(454,016)

    NET ASSETS - 100.0%        

$ 359,758,411

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Depreciation
188   CBOT 5 Year US Treasury Note Bank of America Merrill Lynch 12/30/2022 $ 20,211,504 $ (694,621)
    TOTAL FUTURES CONTRACTS  
 
         
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Appreciation
107   CME E-Mini Russell 2000 Index Future Bank of America Merrill Lynch 12/16/2022 $ 8,933,430 $ 652,300
240   CME E-Mini Standard & Poor's 500 Index Future Bank of America Merrill Lynch 12/16/2022   43,218,000   3,531,778
68   CME E-Mini Standard & Poor's MidCap 400 Index Future Bank of America Merrill Lynch 12/16/2022   15,015,760   1,162,130
270   ICE US Mini MSCI EAFE Index Future Bank of America Merrill Lynch 12/16/2022   22,418,100   1,675,515
471   ICE US MSCI Emerging Markets EM Index Future Bank of America Merrill Lynch 12/16/2022   20,523,825   1,660,765
    TOTAL FUTURES CONTRACTS  

$ 8,682,488

         
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

 

 

TOPS MANAGED RISK BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $1,933,121 at September 30, 2022. The loaned securities were secured with cash collateral of $1,975,578. The Portfolio cannot pledge or resell the collateral.
(b) Rate disclosed is the seven day effective yield as of September 30, 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)  
September 30, 2022  
   
Shares             Fair Value  
    EXCHANGE-TRADED FUNDS — 86.8%        
    EQUITY - 75.1%        
593,548   FlexShares Global Upstream Natural Resources Index Fund       $ 22,311,469  
1,561,494   SPDR Portfolio S&P 400 Mid Cap ETF         60,211,209  
429,906   SPDR Portfolio S&P 500 Growth ETF         21,538,291  
792,020   SPDR Portfolio S&P 500 Value ETF         27,316,770  
1,288,154   SPDR Portfolio S&P 600 Small Cap ETF         43,874,525  
2,583,634   Vanguard FTSE Developed Markets ETF         93,940,932  
1,056,539   Vanguard FTSE Emerging Markets ETF         38,553,108  
441,876   Vanguard Global ex-U.S. Real Estate ETF         16,861,988  
137,933   Vanguard Real Estate ETF         11,058,089  
346,802   Vanguard S&P 500 ETF         113,855,096  
666,707   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         16,414,326  
             

465,935,803

 
    FIXED INCOME - 11.7%        
108,607   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         11,126,787  
486,038   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         11,081,666  
123,379   Vanguard Mortgage-Backed Securities ETF         5,563,159  
346,928   Vanguard Short-Term Inflation-Protected Securities ETF         16,690,707  
194,121   Vanguard Short-Term Treasury ETF         11,218,253  
508,764   Xtrackers USD High Yield Corporate Bond ETF(a)         16,656,933  
             

72,337,505

 
                 
    TOTAL EXCHANGE-TRADED FUNDS (Cost $497,201,342)    

  538,273,308

 
                 
                 
                               

 

 

 

TOPS MANAGED RISK GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 13.9%      
    COLLATERAL FOR SECURITIES LOANED - 0.5%      
2,918,121   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $2,918,121)(b)       $ 2,918,121
             
 
    MONEY MARKET FUNDS - 13.4%      
83,066,606   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $83,066,606)(b)         83,066,606
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $85,984,727)  

85,984,727

         
    TOTAL INVESTMENTS - 100.7% (Cost $583,186,069)     $ 624,258,035
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%    

(4,596,017)

    NET ASSETS - 100.0%        

$ 619,662,018

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Depreciation
144   CBOT 5 Year US Treasury Note Bank of America Merrill Lynch 12/30/2022 $ 15,481,152 $ (529,848)
    TOTAL FUTURES CONTRACTS  
 
         
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Appreciation
353   CME E-Mini Russell 2000 Index Future Bank of America Merrill Lynch 12/16/2022 $ 29,471,970 $ 2,718,515
623   CME E-Mini Standard & Poor's 500 Index Future Bank of America Merrill Lynch 12/16/2022   112,186,725   11,294,595
208   CME E-Mini Standard & Poor's MidCap 400 Index Future Bank of America Merrill Lynch 12/16/2022   45,930,560   4,460,220
853   ICE US Mini MSCI EAFE Index Future Bank of America Merrill Lynch 12/16/2022   70,824,590   6,590,870
1,162   ICE US MSCI Emerging Markets EM Index Future Bank of America Merrill Lynch 12/16/2022   50,634,150   4,941,795
    TOTAL FUTURES CONTRACTS  

$ 30,005,995

         
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR -Standard & Poor’s Depositary Receipt

 

 

   
TOPS MANAGED RISK GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $6,159,590 at September 30, 2022. The loaned securities were secured with cash collateral of $2,918,121 and non-cash collateral of $3,376,019. 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 September 30, 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)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 87.2%      
    EQUITY - 57.5%      
579,136   FlexShares Global Upstream Natural Resources Index Fund       $ 21,769,722
1,108,051   SPDR Portfolio S&P 400 Mid Cap ETF         42,726,447
209,733   SPDR Portfolio S&P 500 Growth ETF         10,507,623
463,674   SPDR Portfolio S&P 500 Value ETF         15,992,116
942,654   SPDR Portfolio S&P 600 Small Cap ETF         32,106,795
1,779,439   Vanguard FTSE Developed Markets ETF         64,700,402
736,347   Vanguard FTSE Emerging Markets ETF         26,869,302
431,146   Vanguard Global ex-U.S. Real Estate ETF         16,452,531
134,583   Vanguard Real Estate ETF         10,789,519
290,035   Vanguard S&P 500 ETF         95,218,492
433,660   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         10,676,709
             

347,809,658

    FIXED INCOME - 29.7%      
264,927   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         27,141,771
1,682,747   SPDR Portfolio Short Term Corporate Bond ETF         49,169,868
474,238   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         10,812,626
93,490   Vanguard Intermediate-Term Treasury ETF         5,451,402
240,766   Vanguard Mortgage-Backed Securities ETF(a)         10,856,139
677,011   Vanguard Short-Term Inflation-Protected Securities ETF(a)         32,570,999
189,409   Vanguard Short-Term Treasury ETF         10,945,946
114,566   Vanguard Total International Bond ETF(a)         5,468,235
827,355   Xtrackers USD High Yield Corporate Bond ETF(a)         27,087,603
             

179,504,589

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $509,804,581)    

  527,314,247

               

 

 

 

TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 13.3%      
    COLLATERAL FOR SECURITIES LOANED - 0.7%      
4,320,557   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $4,320,557)(b)       $ 4,320,557
             
 
    MONEY MARKET FUNDS - 12.6%      
75,802,936   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $75,802,936)(b)         75,802,936
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $80,123,493)  

80,123,493

         
    TOTAL INVESTMENTS - 100.5% (Cost $589,928,074)     $ 607,437,740
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.5)%    

(2,833,830)

    NET ASSETS - 100.0%        

$ 604,603,910

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Depreciation
242   CBOT 5 Year US Treasury Note Bank of America Merrill Lynch 12/30/2022 $ 26,016,936 $ (885,720)
    TOTAL FUTURES CONTRACTS  
 
         
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Appreciation
256   CME E-Mini Russell 2000 Index Future Bank of America Merrill Lynch 12/16/2022 $ 21,373,440 $ 1,731,433
467   CME E-Mini Standard & Poor's 500 Index Future Bank of America Merrill Lynch 12/16/2022   84,095,025   7,576,919
153   CME E-Mini Standard & Poor's MidCap 400 Index Future Bank of America Merrill Lynch 12/16/2022   33,785,460   2,904,455
609   ICE US Mini MSCI EAFE Index Future Bank of America Merrill Lynch 12/16/2022   50,565,270   4,235,590
880   ICE US MSCI Emerging Markets EM Index Future Bank of America Merrill Lynch 12/16/2022   38,346,000   3,425,505
    TOTAL FUTURES CONTRACTS  

$ 19,873,902

         
 

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR -Standard & Poor’s Depositary Receipt

 

 

   
TOPS MANAGED RISK MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $6,431,246 at September 30, 2022. The loaned securities were secured with cash collateral of $4,320,557 and non-cash collateral of $2,251,261. 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 September 30, 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.

 

 

 

r

 

TOPS MANAGED RISK FLEX ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 87.5%      
    EQUITY - 48.8%      
100,842   FlexShares Global Upstream Natural Resources Index Fund       $ 3,790,651
192,992   SPDR Portfolio S&P 400 Mid Cap ETF         7,441,772
48,711   SPDR Portfolio S&P 500 Growth ETF         2,440,421
215,342   SPDR Portfolio S&P 500 Value ETF         7,427,146
182,432   SPDR Portfolio S&P 600 Small Cap ETF         6,213,634
309,879   Vanguard FTSE Developed Markets ETF         11,267,200
136,789   Vanguard FTSE Emerging Markets ETF         4,991,431
100,122   Vanguard Global ex-U.S. Real Estate ETF         3,820,656
46,896   Vanguard Real Estate ETF         3,759,652
44,895   Vanguard S&P 500 ETF         14,739,028
100,744   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         2,480,317
             

68,371,908

    FIXED INCOME - 38.7%      
86,120   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         8,822,994
125,903   SPDR Blbg Investment Grade Floating Rate ETF         3,814,861
260,463   SPDR Portfolio Short Term Corporate Bond ETF         7,610,729
165,488   VanEck J. P. Morgan EM Local Currency Bond ETF         3,773,126
43,593   Vanguard Intermediate-Term Treasury ETF         2,541,908
55,895   Vanguard Mortgage-Backed Securities ETF         2,520,306
261,986   Vanguard Short-Term Inflation-Protected Securities ETF         12,604,145
109,939   Vanguard Short-Term Treasury ETF         6,353,375
26,686   Vanguard Total International Bond ETF(a)         1,273,723
154,097   Xtrackers USD High Yield Corporate Bond ETF(a)         5,045,136
             

54,360,303

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $122,878,645)    

  122,732,211

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 19.7%      
    COLLATERAL FOR SECURITIES LOANED - 7.5%      
10,470,955   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $10,470,955)(b)         10,470,955
             
 

 

 

 

TOPS MANAGED RISK FLEX ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 19.7% (Continued)      
    MONEY MARKET FUNDS - 12.2%      
17,249,215   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $17,249,215)(b)       $ 17,249,215
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $27,720,170)  

27,720,170

         
    TOTAL INVESTMENTS - 107.2% (Cost $150,598,815)     $ 150,452,381
    LIABILITIES IN EXCESS OF OTHER ASSETS - (7.2)%    

(10,053,619)

    NET ASSETS - 100.0%        

$ 140,398,762

           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Long Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Depreciation
64   CBOT 5 Year US Treasury Note Bank of America Merrill Lynch 12/30/2022 $ 6,880,512 $ (235,629)
    TOTAL FUTURES CONTRACTS  
         
           
OPEN FUTURES CONTRACTS        
Number of Contracts   Open Short Futures Contracts   Broker Expiration Notional Amount(c) Value and Unrealized Appreciation
53   CME E-Mini Russell 2000 Index Future Bank of America Merrill Lynch 12/16/2022 $ 4,424,970 $ 343,835
104   CME E-Mini Standard & Poor's 500 Index Future Bank of America Merrill Lynch 12/16/2022   18,727,800   1,655,108
31   CME E-Mini Standard & Poor's MidCap 400 Index Future Bank of America Merrill Lynch 12/16/2022   6,845,420   548,375
117   ICE US Mini MSCI EAFE Index Future Bank of America Merrill Lynch 12/16/2022   9,714,510   783,695
186   ICE US MSCI Emerging Markets EM Index Future Bank of America Merrill Lynch 12/16/2022   8,104,950   693,105
    TOTAL FUTURES CONTRACTS  

$ 4,024,118

 

 

 

 

TOPS MANAGED RISK FLEX ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022

 

 

 

ETF  - Exchange-Traded Fund
S&P  - Standard & Poor's
SPDR  - Standard & Poor's Depositary Receipt

 

 

 

(a) All or a portion of this security is on loan. Total loaned securities had a value of $13,632,392 at September 30, 2022. The loaned securities were secured with cash collateral of $10,470,955 and non-cash collateral of $3,453,741. 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 September 30, 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)
September 30, 2022
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 67.9%      
    FIXED INCOME - 67.9%      
29,230   Goldman Sachs Access Treasury 0-1 Year ETF       $ 2,918,616
38,871   iShares 0-3 Month Treasury Bond ETF(a)         3,897,595
31,901   SPDR Bloomberg 1-3 Month T-Bill ETF         2,922,132
49,634   Vanguard Short-Term Treasury ETF(a)         2,868,349
             

12,606,692

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $12,665,983)    

  12,606,692

               
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 30.4%      
    MONEY MARKET FUNDS - 30.4%      
5,648,610   STIT - Government & Agency Portfolio, Institutional Class, 2.88% (Cost $5,648,610)(b)         5,648,610
             
 
Contracts(c)              
    FLEX OPTIONS PURCHASED - 1.7% Broker/Counterparty Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS PURCHASED - 1.7%      
562   iShares MSCI EAFE ETF SOC 01/20/2023 $ 67 $ 3,147,762 $ 9,548
442   iShares MSCI Emerging Markets ETF SOC 01/20/2023   42   1,541,696   4,593
213   iShares Russell 2000 ETF SOC 01/20/2023   180   3,512,796   111,081
242   SPDR S&P 500 ETF Trust SOC 01/20/2023   390   8,643,756   187,186
    TOTAL CALL OPTIONS PURCHASED (Cost - $2,042,932)  

312,408

         
    TOTAL FLEX OPTIONS PURCHASED (Cost - $2,042,932)     312,408     
           
    TOTAL INVESTMENTS - 100.0% (Cost $20,357,525)     $ 18,567,710
    CALL OPTIONS WRITTEN - 0.0%(d) (Proceeds - $87,881)     (2,337)
    LIABILITIES IN EXCESS OF OTHER ASSETS - 0.0%(d)    

(6,351)

    NET ASSETS - 100.0%        

$ 18,563,696

           
Contracts(c)              
    WRITTEN FLEX OPTIONS - 0.0% (d) Counterparty Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS WRITTEN- 0.0%(d)      
562   iShares MSCI EAFE ETF SOC 01/20/2023 $ 90 $ 3,147,762 $ 42
442   iShares MSCI Emerging Markets ETF SOC 01/20/2023   57   1,541,696   0
213   iShares Russell 2000 ETF SOC 01/20/2023   240   3,512,796   1,811
242   SPDR S&P 500 ETF Trust SOC 01/20/2023   525   8,643,756   484
    TOTAL CALL OPTIONS WRITTEN (Proceeds - $87,881)  

2,337

 

 

 

TOPS TARGET RANGE PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
September 30, 2022
 
Contracts(b) (continued)              
    WRITTEN FLEX OPTIONS - 0.0% (c) Counterparty Expiration Date Exercise Price Notional Value Fair Value
    CALL OPTIONS WRITTEN- 0.0%(c) (Continued)      
         
    TOTAL FLEX OPTIONS WRITTEN (Proceeds - $87,881)    

$ 2,337

           
               
 
ETF  - Exchange-Traded Fund  
S&P  - Standard & Poor's  
SOC  - Societe Generale  
SPDR  - Standard & Poor's Depositary Receipt  
                   

 

 

 

 

(a)

All or part of these securities were held as collateral for call options written as of September 30, 2022. Total collateral for call options written is $338,024. 

(b) Rate disclosed is the seven day effective yield as of September 30, 2022.
(c) Each option contract allows the holder of the option to purchase or sell 100 shares of the underlying security.
(d) Percentage rounds to greater than (0.1%).