Silvercrest MTS 2218 User Manual

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% Financial -

Fresh Market, Inc.* 141 4,925 On Assignment, Inc.* 183 4,914 Medicines Co.* 220 4,910 Neogen Corp.* 123 4,859 ABM Industries, In

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Diamond Foods, Inc.* 74 2,117 Emergent Biosolutions, Inc.* 99 2,110 ICF International, Inc.* 67 2,063 Capital Senior Living Corp.*

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Cerus Corp.* 245 982 Chefs' Warehouse, Inc.* 60 976 Cross Country Healthcare, Inc.* 105 975 LHC Group, Inc.* 42 974 Pacific

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Cenveo, Inc.* 186 459 Oncothyreon, Inc.* 239 459 Versartis, Inc.* 24 456 Zafgen, Inc.* 23 452 NeoStem, Inc.* 79 437 Nationa

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Hub Group, Inc. — Class A* 124 5,026 MSA Safety, Inc. 99 4,891 Scorpio Tankers, Inc. 581 4,829 TAL International Group, Inc. 115

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Government Properties Income Trust 230 5,039 PS Business Parks, Inc. 66 5,025 Old National Bancorp 386 5,006 Chesapeake Lodging Trust

Argan, Inc. 42 1,402 Celadon Group, Inc. 70 1,362 Powell Industries, Inc. 33 1,348 FreightCar America, Inc. 40 1,332 Insteel Ind

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Cheesecake Factory, Inc. 169 7,690 Men's Wearhouse, Inc. 162 7,649 Watsco, Inc. 87 7,498 Five Below, Inc.* 184 7,288 Skeche

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Modine Manufacturing Co.* 161 1,911 Zumiez, Inc.* 68 1,911 Callaway Golf Co. 262 1,897 Steiner Leisure Ltd.* 50 1,880 Republic A

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continue

Installed Building Products, Inc.* 27 379 Gaiam, Inc. — Class A* 51 374 Famous Dave's of America, Inc.* 13 350 Empire Resorts, I

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Kofax Ltd.* 249 1,927 Callidus Software, Inc.* 155 1,863 Epiq Systems, Inc. 105 1,844 Applied Micro Circuits Corp.* 263 1,841 Qu

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Infinera Corp.* 412 4,395 comScore, Inc.* 116 4,224 Nexstar Broadcasting Group, Inc. — Class A 104 4,203 ADTRAN, Inc. 191 3,921

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Tessco Technologies, Inc. 19 551 RealNetworks, Inc.* 77 535 Central European Media Enterprises Ltd. — Class A* 237 533 Numerex Corp.

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

North Atlantic Drilling Ltd. 239 1,592 FuelCell Energy, Inc.* 744 1,555 Arch Coal, Inc. 717 1,520 Geospace Technologies Corp.* 41

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Dynegy, Inc.* 339 9,784 IDACORP, Inc. 169 9,059 Piedmont Natural Gas Company, Inc. 262 8,786 Portland General Electric Co. 264 8

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continu

Other Assets & Liabilities, net - 2.2% 191,163 Total Net Assets - 100.0% $8,721,843 Contracts Unrealized Loss EQUITY FUTURES CON

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 * Non-income producing security. † Value determin

Gramercy Property Trust, Inc. 395 2,275 United Financial Bancorp, Inc. 178 2,259 Alexander's, Inc. 6 2,243 City Holding Co. 53

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Ares Commercial Real Estate Corp. 93 1,087 Banc of California, Inc. 92 1,070 Whitestone REIT — Class B 76 1,059 First Bancorp 66

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued

Heritage Commerce Corp. 70 575 Marlin Business Services Corp. 30 550 American National Bankshares, Inc. 24 546 Atlas Financial Holdin

Russell 2000® 1.5x Strategy Fund SCHEDULE OF INVESTMENTS (Unaudited) September 30, 2014 Shares Value COMMON STOCKS† - 62.2% (continued