K2 Principal Fund

K2 Principal Fund as of Dec. 31, 2015

Portfolio Holdings for K2 Principal Fund

K2 Principal Fund holds 166 positions in its portfolio as reported in the December 2015 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
PowerShares QQQ Trust, Series 1 13.8 $102M 908k 111.86
Proshares Tr Ii ul djubsnatg 6.6 $48M 347k 139.66
Alphabet Inc Class A cs (GOOGL) 4.6 $34M 43k 778.00
Direxion Shs Etf Tr dly gld min br 2.9 $22M 1.3M 16.52
Direxion Shs Etf Tr oil gas bear3x 2.8 $21M 247k 83.55
New York Reit 2.3 $17M 1.5M 11.50
Youku 2.3 $17M 620k 27.13
Paypal Holdings (PYPL) 2.0 $15M 404k 36.20
Direxion Daily Gold Miners Bull 3x Shares etf 2.0 $15M 601k 24.25
Uti Worldwide 1.9 $14M 14M 1.00
United States Oil Fund 1.8 $13M 1.2M 11.00
Sirona Dental Systems 1.8 $13M 121k 109.57
Financial Select Sector SPDR (XLF) 1.7 $13M 525k 23.84
iShares Russell 1000 Growth Index (IWF) 1.6 $12M 120k 99.50
Central Gold-Trust 1.6 $12M 304k 37.70
Partner Re 1.5 $11M 80k 139.74
iShares iBoxx $ High Yid Corp Bond (HYG) 1.5 $11M 139k 80.50
Time Warner Cable 1.5 $11M 59k 185.59
BGC Partners 1.2 $9.2M 938k 9.81
Microsoft Corporation (MSFT) 1.2 $9.1M 164k 55.49
ShoreTel 1.2 $9.0M 1.0M 8.85
Media Gen 1.2 $8.9M 553k 16.15
Harmony Merger 1.2 $8.8M 900k 9.82
Diamond Foods 1.1 $8.0M 207k 38.55
Apple (AAPL) 1.1 $7.9M 75k 105.26
Valero Energy Corporation (VLO) 1.0 $7.6M 108k 70.71
Alcatel-Lucent 1.0 $7.6M 2.0M 3.83
Pinnacle Entertainment 1.0 $7.2M 231k 31.12
BioMed Realty Trust 0.9 $6.6M 281k 23.69
Mylan Nv 0.9 $6.6M 123k 54.08
Nxp Semiconductors N V (NXPI) 0.9 $6.4M 76k 84.27
Macy's (M) 0.8 $6.1M 175k 34.97
Harmony Merger Corp unit 99/99/9999 0.8 $6.0M 600k 10.06
Cameron International Corporation 0.8 $5.6M 89k 63.20
SolarWinds 0.8 $5.6M 95k 58.90
TJX Companies (TJX) 0.8 $5.5M 78k 70.92
Cypress Semiconductor Corporation 0.7 $5.3M 540k 9.80
Pepco Holdings 0.7 $5.3M 202k 26.01
Utilities SPDR (XLU) 0.7 $5.2M 120k 43.28
Sears Holdings Corporation 0.7 $5.2M 251k 20.56
Netflix (NFLX) 0.7 $5.1M 45k 114.40
SanDisk Corporation 0.7 $5.0M 66k 75.98
Yahoo! 0.7 $4.9M 149k 33.26
Market Vectors Semiconductor E 0.7 $4.8M 90k 53.30
Keurig Green Mtn 0.6 $4.6M 51k 89.97
Amer (UHAL) 0.6 $4.3M 11k 389.54
Spdr S&p 500 Etf (SPY) 0.6 $4.1M 20k 203.90
SPDR Barclays Capital High Yield B 0.6 $4.1M 122k 33.91
PMC-Sierra 0.6 $4.0M 347k 11.62
Maxim Integrated Products 0.5 $3.8M 100k 38.00
Constant Contact 0.5 $3.7M 127k 29.24
Phoenix Cos 0.5 $3.7M 99k 37.04
Cablevision Systems Corporation 0.5 $3.6M 113k 31.90
Baker Hughes Incorporated 0.5 $3.5M 77k 46.15
Cleco Corporation 0.5 $3.4M 66k 52.21
Allergan 0.5 $3.4M 11k 312.49
Starwood Hotels & Resorts Worldwide 0.5 $3.4M 48k 69.28
Dow Chemical Company 0.4 $3.2M 63k 51.49
Blackstone 0.4 $3.1M 107k 29.31
C1 Financial 0.4 $3.2M 131k 24.21
Electrum Spl Acquisition Cor unit 99/99/9999 0.4 $3.1M 315k 9.95
Tesla Motors (TSLA) 0.4 $3.0M 13k 240.00
Double Eagle Acquisition Cor unit 99/99/9999 0.4 $3.0M 295k 10.00
Precision Castparts 0.4 $2.8M 12k 232.00
Hca Holdings (HCA) 0.4 $2.7M 40k 67.62
Gp Invts Acquisition Cor unit 99/99/9999 0.4 $2.6M 265k 9.95
Uti Worldwide 0.3 $2.6M 368k 7.03
Eagle Materials (EXP) 0.3 $2.5M 42k 60.40
Pentair cs (PNR) 0.3 $2.5M 50k 49.54
Berkshire Hathaway (BRK.B) 0.3 $2.4M 18k 132.06
Broadcom Corporation 0.3 $2.4M 41k 57.82
Qihoo 360 Technologies Co Lt 0.3 $2.3M 32k 72.81
BlackRock (BLK) 0.3 $2.1M 6.3k 340.67
Shire 0.3 $2.1M 10k 205.00
Western Digital (WDC) 0.3 $2.0M 34k 60.00
Dyax 0.3 $2.0M 52k 37.61
Terrapin 3 Acquisition 0.3 $2.0M 201k 9.86
Quinpario Acquisition Corp 2 0.3 $1.9M 200k 9.70
Chubb Corporation 0.2 $1.9M 14k 132.64
Market Vectors Gold Miners ETF 0.2 $1.8M 134k 13.71
Palo Alto Networks (PANW) 0.2 $1.8M 11k 176.10
Louisiana-Pacific Corporation (LPX) 0.2 $1.6M 90k 18.01
Rbc Cad (RY) 0.2 $1.6M 30k 53.57
Gas Nat 0.2 $1.6M 220k 7.45
Ezchip Semiconductor Lt 0.2 $1.5M 59k 24.72
Synchrony Financial (SYF) 0.2 $1.4M 47k 30.41
Ocata Therapeutics Inccom Isin cs 0.2 $1.4M 164k 8.42
Fairchild Semiconductor International 0.2 $1.3M 65k 20.71
First Niagara Financial 0.2 $1.3M 121k 10.85
Valeant Pharmaceuticals Int 0.2 $1.3M 13k 101.75
Wl Ross Hldg 0.2 $1.1M 114k 9.96
Keycorp New pfd 7.75% sr a 0.1 $1.1M 8.5k 131.54
OmniVision Technologies 0.1 $1.1M 38k 29.01
Ishares Trust Msci China msci china idx (MCHI) 0.1 $1.1M 24k 44.64
Home Depot (HD) 0.1 $1.0M 7.7k 132.50
Staples 0.1 $1.1M 111k 9.46
EMC Corporation 0.1 $1.0M 40k 25.68
Tenet Healthcare Corporation (THC) 0.1 $1.1M 35k 30.33
Pangaea Logistics Solution L (PANL) 0.1 $1.0M 459k 2.24
Atlantic Alliance Partner 0.1 $1.0M 99k 10.11
Pace Holdings Corp. equities 0.1 $1.0M 99k 10.20
Csra 0.1 $1.1M 35k 30.00
Tyco International 0.1 $957k 30k 31.90
R.R. Donnelley & Sons Company 0.1 $886k 60k 14.71
Micron Technology (MU) 0.1 $910k 64k 14.15
Campus Crest Communities 0.1 $873k 128k 6.80
Ntelos Holdings 0.1 $914k 100k 9.14
Devon Energy Corporation (DVN) 0.1 $800k 25k 32.00
International Business Machines (IBM) 0.1 $826k 6.0k 137.67
Heartland Payment Systems 0.1 $778k 8.2k 94.88
Brookdale Senior Living (BKD) 0.1 $831k 45k 18.47
Symetra Finl Corp 0.1 $794k 25k 31.77
Gaming & Leisure Pptys (GLPI) 0.1 $787k 28k 27.79
Technology SPDR (XLK) 0.1 $750k 18k 42.86
Computer Sciences Corporation 0.1 $667k 20k 32.70
SL Green Realty 0.1 $678k 6.0k 113.00
KLA-Tencor Corporation (KLAC) 0.1 $694k 10k 69.40
Stamps 0.1 $648k 5.9k 109.63
Barrick Gold Corp (GOLD) 0.1 $604k 82k 7.36
Franklin Resources (BEN) 0.1 $578k 16k 36.83
Westport Innovations 0.1 $617k 307k 2.01
Quad/Graphics (QUAD) 0.1 $555k 60k 9.31
Yrc Worldwide Inc Com par $.01 0.1 $581k 41k 14.17
Smart Balance 0.1 $558k 51k 10.99
Fireeye 0.1 $581k 28k 20.75
Ringcentral (RNG) 0.1 $587k 25k 23.57
International Game Technology (IGT) 0.1 $623k 39k 16.18
Zillow Group Inc Cl C Cap Stk (Z) 0.1 $564k 24k 23.50
TeleCommunication Systems 0.1 $505k 102k 4.97
Jazz Pharmaceuticals (JAZZ) 0.1 $501k 3.6k 140.69
Johnson & Johnson (JNJ) 0.1 $431k 4.2k 102.62
Solera Holdings 0.1 $466k 8.5k 54.88
Royal Dutch Shell 0.1 $458k 10k 45.80
SPDR Gold Trust (GLD) 0.1 $406k 4.0k 101.50
Southwestern Energy Company (SWN) 0.1 $390k 55k 7.11
Cheesecake Factory Incorporated (CAKE) 0.1 $369k 8.0k 46.12
Furmanite Corporation 0.1 $333k 50k 6.66
Endurance Intl Group Hldgs I 0.1 $368k 34k 10.94
Core Laboratories 0.0 $317k 2.9k 108.79
Ultra Petroleum 0.0 $258k 103k 2.50
Thor Industries (THO) 0.0 $281k 5.0k 56.20
Mack-Cali Realty (VRE) 0.0 $267k 11k 23.33
Poly 0.0 $301k 24k 12.59
iShares S&P Latin America 40 Index (ILF) 0.0 $318k 15k 21.20
CECO Environmental (CECO) 0.0 $314k 41k 7.66
Eagle Pharmaceuticals (EGRX) 0.0 $266k 3.0k 88.67
Harmony Merger Corp w exp 01/01/202 0.0 $315k 900k 0.35
Hasbro (HAS) 0.0 $202k 3.0k 67.33
Pfizer (PFE) 0.0 $226k 7.0k 32.29
TECO Energy 0.0 $205k 7.7k 26.62
Tidewater 0.0 $237k 34k 6.97
Dollar Tree (DLTR) 0.0 $247k 3.2k 77.19
Basic Energy Services 0.0 $201k 75k 2.68
Just Energy Group 0.0 $184k 26k 7.08
Brookfield Ppty Partners L P unit ltd partn 0.0 $232k 10k 23.20
King Digital Entertainment 0.0 $232k 13k 17.85
Encana Corp 0.0 $158k 31k 5.10
Kinross Gold Corp (KGC) 0.0 $178k 98k 1.82
Pozen 0.0 $122k 18k 6.85
Amaya 0.0 $138k 11k 12.55
Novagold Resources Inc Cad (NG) 0.0 $69k 16k 4.21
Mitel Networks Corp 0.0 $78k 10k 7.72
Primero Mining Corporation 0.0 $76k 33k 2.29
Wl Ross Holding Corp wrt 0.0 $84k 255k 0.33
Terrapin 3 Acquisition Corp *w exp 06/27/201 0.0 $51k 205k 0.25
Quinpario Acquisition Corp 2 *w exp 01/01/202 0.0 $40k 200k 0.20