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| TOPS MANAGED RISK FLEX ETF PORTFOLIO | ||||
| SCHEDULE OF INVESTMENTS (Unaudited) | ||||
| September 30, 2024 | ||||
| Shares | Fair Value | |||
| EXCHANGE-TRADED FUNDS — 88.2% | ||||
| EQUITY - 49.7% | ||||
| 94,455 | FlexShares Global Upstream Natural Resources Index Fund(a) | $ 3,896,269 | ||
| 190,818 | iShares Global REIT ETF | 5,092,932 | ||
| 41,231 | iShares MSCI Emerging Markets ex China ETF | 2,519,626 | ||
| 38,833 | iShares MSCI USA Small-Cap Multifactor ETF | 2,576,570 | ||
| 141,285 | SPDR Portfolio S&P 400 Mid Cap ETF | 7,725,464 | ||
| 30,795 | SPDR Portfolio S&P 500 Growth ETF | 2,554,137 | ||
| 146,346 | SPDR Portfolio S&P 500 Value ETF | 7,735,850 | ||
| 113,899 | SPDR Portfolio S&P 600 Small Cap ETF | 5,183,543 | ||
| 243,730 | Vanguard FTSE Developed Markets ETF | 12,871,381 | ||
| 81,466 | Vanguard FTSE Emerging Markets ETF | 3,898,148 | ||
| 29,080 | Vanguard S&P 500 ETF | 15,344,644 | ||
| 39,473 | Wisdomtree Emerging Markets EX-State-Owned Enterprises Fund | 1,303,793 | ||
70,702,357 | ||||
| FIXED INCOME - 38.5% | ||||
| 79,035 | iShares iBoxx $ Investment Grade Corporate Bond ETF(a) | 8,929,374 | ||
| 41,468 | SPDR Blbg Investment Grade Floating Rate ETF | 1,279,288 | ||
| 336,514 | SPDR Portfolio Short Term Corporate Bond ETF | 10,189,644 | ||
| 150,984 | VanEck J. P. Morgan EM Local Currency Bond ETF | 3,834,994 | ||
| 42,057 | Vanguard Intermediate-Term Treasury ETF | 2,541,084 | ||
| 53,776 | Vanguard Mortgage-Backed Securities ETF | 2,538,765 | ||
| 258,096 | Vanguard Short-Term Inflation-Protected Securities ETF | 12,726,713 | ||
| 107,796 | Vanguard Short-Term Treasury ETF | 6,362,120 | ||
| 25,413 | Vanguard Total International Bond ETF | 1,277,766 | ||
| 138,485 | Xtrackers USD High Yield Corporate Bond ETF | 5,112,866 | ||
54,792,614 | ||||
| TOTAL EXCHANGE-TRADED FUNDS (Cost $106,995,770) | 125,494,971 | |||
| TOPS MANAGED RISK FLEX ETF PORTFOLIO | |||||
| SCHEDULE OF INVESTMENTS (Unaudited) (Continued) | |||||
| September 30, 2024 | |||||
| Shares | Fair Value | ||||
| SHORT-TERM INVESTMENTS — 12.6% | |||||
| COLLATERAL FOR SECURITIES LOANED – 1.1% | |||||
| 1,166,100 | Federated Hermes Government Obligations Fund, Institutional Class, 4.77% (Cost $1,166,100)(b) | $ 1,166,100 | |||
| MONEY MARKET FUNDS – 11.5% | |||||
| 16,344,519 | Invesco Government & Agency Portfolio, Institutional Class, 4.85% (Cost $16,344,519)(b) | 16,344,519 | |||
| TOTAL SHORT-TERM INVESTMENTS (Cost $17,510,619) | 17,510,619 | ||||
| TOTAL INVESTMENTS - 100.8% (Cost $124,506,389) | $ 143,005,590 | ||||
| LIABILITIES IN EXCESS OF OTHER ASSETS – (0.8)% | (728,148) | ||||
| NET ASSETS - 100.0% | $ 142,277,442 | ||||
| OPEN FUTURES CONTRACTS | |||||
| Number of Contracts | Open Long Futures Contracts | Expiration | Notional Amount(c) | Value and Unrealized Appreciation | |
| 65 | CBOT 5 Year US Treasury Note | 01/01/2025 | $ 7,142,383 | $ 12,695 | |
| 5 | CME E-mini Russell 2000 Index Futures | 12/23/2024 | 562,300 | 10,722 | |
| 10 | CME E-Mini Standard & Poor's 500 Index Future | 12/23/2024 | 2,907,125 | 61,921 | |
| 4 | CME E-Mini Standard & Poor's MidCap 400 Index | 12/23/2024 | 1,259,440 | 33,225 | |
| 13 | ICE US mini MSCI EAFE Index Futures | 12/23/2024 | 1,617,070 | 31,860 | |
| 19 | ICE US MSCI Emerging Markets EM Index Futures | 12/23/2024 | 1,114,065 | 71,035 | |
| TOTAL FUTURES CONTRACTS | $ 221,458 | ||||
| CBOT | - Chicago Board of Trade |
| CME | - Chicago Mercantile Exchange |
| ETF | - Exchange-Traded Fund |
| ICE | - Intercontinental Exchange |
| MSCI | - Morgan Stanley Capital International |
| REIT | - Real Estate Investment Trust |
| 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 $10,047,985 at September 30, 2024. The loaned securities were secured with cash collateral of $1,166,100 and non-cash collateral of $9,090,486. 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, 2024. |
| (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. |
