TOPS AGGRESSIVE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.1%      
    EQUITY - 98.1%      
222,257   FlexShares Global Upstream Natural Resources Index Fund       $ 12,259,696
486,845   iShares Global REIT ETF         12,244,152
197,539   iShares MSCI Emerging Markets ex China ETF(a)         15,538,418
122,417   iShares MSCI USA Small-Cap Multifactor ETF         9,241,259
728,676   State Street SPDR Portfolio S&P 400 Mid Cap ETF         43,152,193
126,868   State Street SPDR Portfolio S&P 500 Growth ETF         12,421,646
216,337   State Street SPDR Portfolio S&P 500 Value ETF(a)         12,240,347
572,620   State Street SPDR Portfolio S&P 600 Small Cap ETF         27,668,998
872,185   Vanguard FTSE Developed Markets ETF         55,889,615
343,681   Vanguard FTSE Emerging Markets ETF         18,575,958
128,938   Vanguard S&P 500 ETF         77,046,902
154,098   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         6,179,330
             

302,458,514

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $242,651,660)    

  302,458,514

               
    SHORT-TERM INVESTMENTS — 6.1%      
    COLLATERAL FOR SECURITIES LOANED - 4.1%      
12,602,874   Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $12,602,874)(b)         12,602,874
             
 
    MONEY MARKET FUNDS - 2.0%      
6,305,642   Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $6,305,642)(b)         6,305,642
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $18,908,516)  

18,908,516

         
    TOTAL INVESTMENTS - 104.2% (Cost $261,560,176)     $ 321,367,030
    LIABILITIES IN EXCESS OF OTHER ASSETS - (4.2)%    

(12,980,920)

    NET ASSETS - 100.0%        

$ 308,386,110

 

 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
 
 
 

 

 

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $15,495,413 at March 31, 2026. The loaned securities

were secured with cash collateral of $12,602,874 and non-cash collateral of $3,235,406. 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, 2026.

 

 

 

 

 
 

 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.1%      
    EQUITY - 50.6%      
85,491   FlexShares Global Upstream Natural Resources Index Fund(a)       $ 4,715,684
249,661   iShares Global REIT ETF         6,278,974
40,347   iShares MSCI Emerging Markets ex China ETF(a)         3,173,695
20,933   iShares MSCI USA Small-Cap Multifactor ETF         1,580,232
134,269   State Street SPDR Portfolio S&P 400 Mid Cap ETF         7,951,410
32,535   State Street SPDR Portfolio S&P 500 Growth ETF         3,185,502
194,161   State Street SPDR Portfolio S&P 500 Value ETF         10,985,629
131,414   State Street SPDR Portfolio S&P 600 Small Cap ETF         6,349,924
223,655   Vanguard FTSE Developed Markets ETF         14,331,812
88,134   Vanguard FTSE Emerging Markets ETF         4,763,643
23,924   Vanguard S&P 500 ETF         14,295,786
39,535   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         1,585,354
             

79,197,645

    FIXED INCOME - 47.5%      
67,047   iShares BB Rated Corporate Bond ETF, USD Class         3,117,015
114,634   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         12,493,960
100,406   State Street SPDR Bloomberg Investment Grade Floating Rate ETF(a)         3,090,497
360,062   State Street SPDR Portfolio Short Term Corporate Bond ETF(a)         10,827,064
185,864   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         4,667,045
130,319   Vanguard Intermediate-Term Treasury ETF         7,760,496
66,249   Vanguard Mortgage-Backed Securities ETF         3,110,391
371,592   Vanguard Short-Term Inflation-Protected Securities ETF         18,561,020
105,605   Vanguard Short-Term Treasury ETF(a)         6,182,117
32,357   Vanguard Total International Bond ETF(a)         1,554,754
85,670   Xtrackers USD High Yield Corporate Bond ETF(a)         3,097,827
             

74,462,186

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $137,414,173)    

  153,659,831

               
    SHORT-TERM INVESTMENTS — 12.4%      
    COLLATERAL FOR SECURITIES LOANED - 10.3%      
16,154,911   Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $16,154,911)(b)         16,154,911
             
 
 
 

 

TOPS BALANCED ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 12.4% (Continued)      
    MONEY MARKET FUNDS - 2.1%      
3,330,230   Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $3,330,230)(b)       $ 3,330,230
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $19,485,141)  

19,485,141

         
    TOTAL INVESTMENTS - 110.5% (Cost $156,899,314)     $ 173,144,972
    LIABILITIES IN EXCESS OF OTHER ASSETS - (10.5)%    

(16,396,635)

    NET ASSETS - 100.0%        

$ 156,748,337

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $33,835,659 at March 31, 2026. The loaned securities

were secured with cash collateral of $16,154,911 and non-cash collateral of $18,538,741. 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 March 31, 2026.

 

 

 

 

 
 

 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.0%      
    EQUITY - 30.5%      
18,144   FlexShares Global Upstream Natural Resources Index Fund(a)       $ 1,000,823
19,723   iShares Global REIT ETF         496,033
6,372   iShares MSCI Emerging Markets ex China ETF(a)         501,222
6,615   iShares MSCI USA Small-Cap Multifactor ETF         499,366
33,958   State Street SPDR Portfolio S&P 400 Mid Cap ETF(a)         2,010,993
10,280   State Street SPDR Portfolio S&P 500 Growth ETF         1,006,515
35,060   State Street SPDR Portfolio S&P 500 Value ETF         1,983,695
10,290   State Street SPDR Portfolio S&P 600 Small Cap ETF         497,213
47,116   Vanguard FTSE Developed Markets ETF         3,019,193
9,283   Vanguard FTSE Emerging Markets ETF         501,746
5,042   Vanguard S&P 500 ETF         3,012,847
12,490   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         500,849
             

15,030,495

    FIXED INCOME - 67.5%      
21,184   iShares BB Rated Corporate Bond ETF, USD Class         984,844
31,615   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         3,445,719
38,573   JP Morgan Ultra-Short Income ETF(a)         1,952,180
47,593   State Street SPDR Bloomberg Investment Grade Floating Rate ETF         1,464,913
195,041   State Street SPDR Portfolio Short Term Corporate Bond ETF(a)         5,864,883
38,813   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         974,594
49,540   Vanguard Intermediate-Term Treasury ETF         2,950,107
20,929   Vanguard Mortgage-Backed Securities ETF         982,617
156,557   Vanguard Short-Term Inflation-Protected Securities ETF         7,820,022
66,739   Vanguard Short-Term Treasury ETF         3,906,901
40,841   Vanguard Total International Bond ETF(a)         1,962,410
26,795   Xtrackers USD High Yield Corporate Bond ETF         968,907
             

33,278,097

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $45,684,106)    

  48,308,592

               
 
 

 

TOPS CONSERVATIVE ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 11.1%      
    COLLATERAL FOR SECURITIES LOANED - 9.0%      
4,420,608   Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $4,420,608)(b)       $ 4,420,608
             
 
    MONEY MARKET FUNDS - 2.1%      
1,054,199   Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $1,054,199)(b)         1,054,199
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $5,474,807)  

5,474,807

         
    TOTAL INVESTMENTS - 109.1% (Cost $51,158,913)     $ 53,783,399
    LIABILITIES IN EXCESS OF OTHER ASSETS - (9.1)%    

(4,467,217)

    NET ASSETS - 100.0%        

$ 49,316,182

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $9,955,242 at March 31, 2026. The loaned securities

were secured with cash collateral of $4,420,608 and non-cash collateral of $5,790,006. 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, 2026.

 

 

 

 

 
 

 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.1%      
    EQUITY - 85.3%      
239,862   FlexShares Global Upstream Natural Resources Index Fund       $ 13,230,788
525,410   iShares Global REIT ETF         13,214,062
171,180   iShares MSCI Emerging Markets ex China ETF(a)         13,465,019
88,084   iShares MSCI USA Small-Cap Multifactor ETF         6,649,461
619,551   State Street SPDR Portfolio S&P 400 Mid Cap ETF         36,689,810
171,933   State Street SPDR Portfolio S&P 500 Growth ETF         16,833,960
291,838   State Street SPDR Portfolio S&P 500 Value ETF         16,512,194
413,113   State Street SPDR Portfolio S&P 600 Small Cap ETF         19,961,620
888,932   Vanguard FTSE Developed Markets ETF         56,962,763
247,259   Vanguard FTSE Emerging Markets ETF         13,364,349
117,135   Vanguard S&P 500 ETF         69,994,018
166,328   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         6,669,753
             

283,547,797

    FIXED INCOME - 12.8%      
70,541   iShares BB Rated Corporate Bond ETF, USD Class         3,279,451
60,310   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         6,573,187
260,853   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         6,550,019
109,691   Vanguard Intermediate-Term Treasury ETF         6,532,099
69,706   Vanguard Mortgage-Backed Securities ETF         3,272,697
195,476   Vanguard Short-Term Inflation-Protected Securities ETF         9,764,026
180,262   Xtrackers USD High Yield Corporate Bond ETF         6,518,274
             

42,489,753

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $266,588,476)    

  326,037,550

               
    SHORT-TERM INVESTMENTS — 2.6%      
    COLLATERAL FOR SECURITIES LOANED - 0.5%      
1,634,025   Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $1,634,025)(b)         1,634,025
             
 
    MONEY MARKET FUNDS - 2.1%      
7,154,662   Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $7,154,662)(b)         7,154,662
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $8,788,687)  

8,788,687

 
 

 

TOPS GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
 
    TOTAL INVESTMENTS - 100.7% (Cost $275,377,163)     $ 334,826,237
    LIABILITIES IN EXCESS OF OTHER ASSETS - (0.7)%    

(2,393,027)

    NET ASSETS - 100.0%        

$ 332,433,210

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $18,924,740 at March 31, 2026. The loaned securities

were secured with cash collateral of $1,634,025 and non-cash collateral of $17,702,551. 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, 2026.

 

 

 

 

 
 

 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2026
 
Shares             Fair Value
    EXCHANGE-TRADED FUNDS — 98.0%      
    EQUITY - 65.4%      
181,545   FlexShares Global Upstream Natural Resources Index Fund       $ 10,014,022
397,621   iShares Global REIT ETF         10,000,168
64,246   iShares MSCI Emerging Markets ex China ETF(a)         5,053,590
66,676   iShares MSCI USA Small-Cap Multifactor ETF         5,033,371
340,376   State Street SPDR Portfolio S&P 400 Mid Cap ETF         20,157,067
51,816   State Street SPDR Portfolio S&P 500 Growth ETF         5,073,305
132,531   State Street SPDR Portfolio S&P 500 Value ETF         7,498,604
207,434   State Street SPDR Portfolio S&P 600 Small Cap ETF         10,023,211
514,519   Vanguard FTSE Developed Markets ETF         32,970,378
187,155   Vanguard FTSE Emerging Markets ETF         10,115,728
75,942   Vanguard S&P 500 ETF         45,379,141
62,961   Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund         2,524,736
             

163,843,321

    FIXED INCOME - 32.6%      
106,784   iShares BB Rated Corporate Bond ETF, USD Class         4,964,388
114,116   iShares iBoxx $ Investment Grade Corporate Bond ETF(a)         12,437,503
737,296   State Street SPDR Portfolio Short Term Corporate Bond ETF(a)         22,170,491
197,343   VanEck Vectors J.P. Morgan EM Local Currency Bond ETF         4,955,283
124,535   Vanguard Intermediate-Term Treasury ETF         7,416,059
105,516   Vanguard Mortgage-Backed Securities ETF         4,953,976
295,919   Vanguard Short-Term Inflation-Protected Securities ETF         14,781,154
51,534   Vanguard Total International Bond ETF         2,476,209
204,663   Xtrackers USD High Yield Corporate Bond ETF(a)         7,400,614
             

81,555,677

               
    TOTAL EXCHANGE-TRADED FUNDS (Cost $209,632,948)    

  245,398,998

               
    SHORT-TERM INVESTMENTS — 11.2%      
    COLLATERAL FOR SECURITIES LOANED - 9.2%      
22,856,176   Federated Hermes Government Obligations Fund, Institutional Class, 3.52% (Cost $22,856,176)(b)         22,856,176
             
 
 
 

 

TOPS MODERATE GROWTH ETF PORTFOLIO
SCHEDULE OF INVESTMENTS (Unaudited) (Continued)
March 31, 2026
 
Shares             Fair Value
    SHORT-TERM INVESTMENTS — 11.2% (Continued)      
    MONEY MARKET FUNDS - 2.0%      
5,061,770   Invesco Government & Agency Portfolio, Institutional Class, 3.56% (Cost $5,061,770)(b)       $ 5,061,770
             
 
    TOTAL SHORT-TERM INVESTMENTS (Cost $27,917,946)  

27,917,946

         
    TOTAL INVESTMENTS - 109.2% (Cost $237,550,894)     $ 273,316,944
    LIABILITIES IN EXCESS OF OTHER ASSETS - (9.2)%    

(23,077,211)

    NET ASSETS - 100.0%        

$ 250,239,733

           
               
 

 

 

 

ETF  - Exchange-Traded Fund
MSCI  - Morgan Stanley Capital International
REIT  - Real Estate Investment Trust
SPDR  - Standard & Poor's Depositary Receipt
   
 

 

 

 

(a)

All or a portion of this security is on loan. Total loaned securities had a value of $46,175,581 at March 31, 2026. The loaned securities

were secured with cash collateral of $22,856,176 and non-cash collateral of $24,551,074. 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, 2026.