Collective Investment Funds

The TOPS® Portfolios are collective investment funds offered for 401k participants. TD Ameritrade Trust Company serves as the trustee of the TOPS® SAPs. One of the country’s first ETF 401k solutions, the SAPs can be accessed through over 15 different retirement platforms.

TOPS® Conservative Portfolio

TOPS® Conservative Portfolio

ABOUT

The TOPS Conservative Portfolio seeks to preserve capital and provide moderate income and capital appreciation by investing primarily in exchange-traded funds (ETFs), and other index-based vehicles, that invest in corporate and government fixed income securities, common and preferred stocks, real estate, and natural resources securities. The TOPS Conservative Portfolio places a greater emphasis on fixed income investments than equity and real estate investments. The TOPS Conservative Portfolio may be appropriate for investors with intermediate-term investment time horizons who are seeking capital preservation as well as the opportunity for income and growth. Although the Fund is constructed in a manner intended to reduce volatility, the investment holdings are still subject to investment risk and loss of investment value.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Conservative Portfolio I
TOPS Conservative Portfolio II

TOPS® Income & Growth Portfolio

TOPS® INCOME & GROWTH PORTFOLIO

ABOUT

The TOPS Income & Growth Portfolio seeks to provide income and capital appreciation by investing primarily in ETFs and other index-based vehicles, that invest in corporate and government fixed income securities, common and preferred stocks, real estate and natural resources securities. The TOPS Income & Growth Portfolio places a greater emphasis on fixed income investments than equity, real estate, and natural resource investments, but less emphasis on fixed income investments than the Conservative Portfolio. The TOPS Income & Growth Portfolio may be appropriate for investors with intermediate-to long-term investment time horizons who seek to earn income but still benefit from stock market growth and are willing to accept a limited ability to benefit from stock market growth in exchange for reduced volatility.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Income & Growth Portfolio I
TOPS Income & Growth Portfolio II

TOPS® Balanced Portfolio

TOPS® Balanced Portfolio

ABOUT

The TOPS Balanced Portfolio seeks to provide capital appreciation and income by investing primarily in ETFs and other index-based vehicles that invest in corporate and government fixed income securities, common and preferred stocks, real estate, and natural resources securities. The TOPS Balanced Portfolio places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments. The TOPS Balanced Portfolio may be appropriate for investors with intermediate to long- term investment time horizons who seek to balance income with a moderate level of volatility in exchange for potentially higher returns.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Balanced Portfolio I
TOPS Balanced Portfolio II

TOPS® Moderate Growth Portfolio

TOPS®  MODERATE GROWTH PORTFOLIO

ABOUT

The TOPS Moderate Growth Portfolio seeks to provide capital appreciation by investing primarily in ETFs and other index-based vehicles that invest in corporate and government fixed income securities, common and preferred stocks, real estate, and natural resources securities. The TOPS Moderate Growth Portfolio places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments, and places less emphasis on fixed income investments than the Balanced Portfolio. The TOPS Moderate Growth Portfolio may be appropriate for investors with long-term investment time horizons who are willing to accept somewhat higher volatility in exchange for potentially higher returns.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Moderate Growth Portfolio I 
TOPS Moderate Growth Portfolio II

TOPS® Growth Portfolio

TOPS®  GROWTH PORTFOLIO

ABOUT

The TOPS Growth Portfolio seeks to provide capital appreciation by investing primarily in ETFs and other index-based vehicles that invest in corporate and government fixed income securities, common and preferred stocks, real estate, and natural resources securities. The TOPS Growth Portfolio places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments, and has less emphasis on fixed income investments than the Moderate Growth Portfolio. The TOPS Growth Portfolio may be appropriate for investors with long-term investment time horizons who are willing to accept relatively high volatility in exchange for potentially higher returns.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Growth Portfolio I
TOPS Growth Portfolio II

TOPS® Aggressive Growth Portfolios

TOPS® Aggressive Growth Portfolios

ABOUT

The TOPS Aggressive Growth Portfolio seeks to provide capital appreciation by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, real estate, and natural resources securities. The TOPS Aggressive Growth Portfolio does not invest in corporate and government bonds. The TOPS Aggressive Growth Portfolio is appropriate for investors with long term investment horizons who are willing to accept a high degree of volatility in exchange for potentially higher returns than those historically provided by more diversified asset allocations.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Aggressive Growth Portfolio I
TOPS Aggressive Growth Portfolio II

TOPS® Target Retirement Income

TOPS® Target Retirement Income

ABOUT

The TOPS Target Retirement Income seeks to provide current income and capital appreciation by investing primarily in ETFs and other index-based vehicles that invest in U.S. and foreign stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Retirement Income’s asset allocation seeks current income and, as a secondary objective, capital appreciation. The TOPS Target Retirement Income places a greater emphasis on fixed income investments than equity, REIT, or natural resource investments. The TOPS Target Retirement Income may be appropriate for investors who seek current income with limited potential for capital appreciation.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Retirement Income Portfolio I
TOPS Retirement Income Portfolio II

Portfolio Target 2020

TOPS® PORTFOLIO TARGET 2020

ABOUT

The TOPS Target Portfolio 2020 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2020 places a greater emphasis on fixed income investments than equity, REIT, or natural resource investments. The TOPS Target Portfolio 2020 may be appropriate for investors with short-term investment horizons who are willing to accept a moderate amount of volatility in exchange for the potential to earn greater returns than historically available with more conservative asset allocations. As the stated target date approaches, the TOPS Target Portfolio 2020 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary

Portfolio Target 2025

TOPS® PORTFOLIO TARGET 2025

ABOUT

The TOPS Target Portfolio 2025 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2025 places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments. The TOPS Target Portfolio 2025 may be appropriate for investors with an intermediate-to-long-term investment horizons who are willing to accept a moderate amount of volatility in exchange for the potential to earn greater returns than historically available with more conservative asset allocations. As the stated target date approaches, the TOPS Target Portfolio 2025 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Target Portfolio 2025 I
TOPS Target Portfolio 2025 II

Portfolio Target 2030

TOPS® PORTFOLIO TARGET 2030

ABOUT

The TOPS Target Portfolio 2030 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2030 places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments. The TOPS Target Portfolio 2030 may be appropriate for investors with long-term investment horizons who are willing to accept relatively high volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2030 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary

Portfolio Target 2035

TOPS® PORTFOLIO TARGET 2035

ABOUT

The TOPS Target Portfolio 2035 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2035 places a greater emphasis on equity, real estate, and natural resource investments than fixed income investments. The TOPS Target Portfolio 2035 may be appropriate for investors with long-term investment horizons who are willing to accept a relatively high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2035 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Target Portfolio 2035 I
TOPS Target Portfolio 2035 II

Portfolio Target 2040

TOPS® PORTFOLIO TARGET 2040

ABOUT

The TOPS Target Portfolio 2040 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2040 places a greater emphasis on equity, real estate, and natural resource investments than on fixed income investments. The TOPS Target Portfolio 2040 may be appropriate for investors with long-term investment horizons who are willing to accept a high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2040 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary

Portfolio Target 2045

TOPS® PORTFOLIO TARGET 2045

ABOUT

The TOPS Target Portfolio 2045 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2045 places a greater emphasis on equity, real estate, and natural resource investments than on fixed income investments. The TOPS Target Portfolio 2045 may be appropriate for investors with long-term investment horizons who are willing to accept a high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2045 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary
TOPS Target Portfolio 2045 I
TOPS Target Portfolio 2045 II

Portfolio Target 2050

TOPS® PORTFOLIO TARGET 2050

ABOUT

The TOPS Target Portfolio 2050 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2050 places a greater emphasis on equity, real estate, and natural resource investments than on fixed income investments. The TOPS Target Portfolio 2050 may be appropriate for investors with long-term investment horizons who are willing to accept a high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2050 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary

Portfolio Target 2055

TOPS® PORTFOLIO TARGET 2055

ABOUT

The TOPS Target Portfolio 2055 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2055 places a greater emphasis on equity, real estate, and natural resource investments than on fixed income investments. The TOPS Target Portfolio 2055 may be appropriate for investors with long-term investment horizons who are willing to accept a high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2055 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary

Portfolio Target 2060

TOPS® PORTFOLIO TARGET 2060

ABOUT

The TOPS Target Portfolio 2060 seeks to provide growth of capital by investing primarily in ETFs and other index-based vehicles that invest in common and preferred stocks, corporate and government bonds, real estate, and natural resources securities. The TOPS Target Portfolio 2060 places a greater emphasis on equity, real estate, and natural resource investments than on fixed income investments. The TOPS Target Portfolio 2060 may be appropriate for investors with long-term investment horizons who are willing to accept a high level of volatility in exchange for potentially higher investment returns. As the stated target date approaches, the TOPS Target Portfolio 2060 will place a greater emphasis on fixed income investments than equity investments.

PORTFOLIO DOCUMENTS

Fund Summary