K2 Principal Fund

K2 Principal Fund as of Dec. 31, 2016

Portfolio Holdings for K2 Principal Fund

K2 Principal Fund holds 216 positions in its portfolio as reported in the December 2016 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
PowerShares QQQ Trust, Series 1 12.1 $129M 1.1M 118.48
Alphabet Inc Class A cs (GOOGL) 4.7 $49M 62k 792.46
St. Jude Medical 3.0 $31M 392k 80.19
American Capital 2.4 $25M 1.4M 17.92
Dominion Diamond Corp foreign 2.3 $24M 2.5M 9.69
iShares Russell 2000 Index (IWM) 2.3 $24M 180k 134.85
iShares Barclays 20+ Yr Treas.Bond (TLT) 2.2 $24M 200k 119.13
Nxp Semiconductors N V (NXPI) 2.0 $21M 214k 98.00
Financial Select Sector SPDR (XLF) 1.9 $21M 888k 23.25
Mylan Nv 1.8 $19M 503k 38.15
Wells Fargo & Company (WFC) 1.8 $19M 345k 55.11
Yahoo! 1.7 $18M 477k 38.67
Citigroup (C) 1.7 $18M 305k 59.43
Transcanada Corp 1.4 $15M 336k 45.15
InterOil Corporation 1.4 $15M 306k 47.58
Waste Connections (WCN) 1.4 $15M 185k 78.60
Cypress Semiconductor Corporation 1.4 $14M 1.3M 11.44
Vaneck Vectors Semiconductor Etf semiconductor (SMH) 1.3 $14M 190k 71.64
Texas Instruments Incorporated (TXN) 1.2 $13M 180k 72.97
Louisiana-Pacific Corporation (LPX) 1.2 $13M 663k 18.94
General Motors Company (GM) 1.2 $13M 360k 34.84
Bristol Myers Squibb (BMY) 1.2 $12M 210k 58.44
Basic Energy Services 1.2 $12M 348k 35.40
ShoreTel 1.1 $12M 1.7M 7.15
Whitewave Foods 1.1 $12M 213k 55.60
B2gold Corp conv 1.1 $12M 12k 1015.04
Pulte (PHM) 1.1 $11M 610k 18.38
Brocade Communications conv 1.0 $11M 11k 1006.46
NCR Corporation (VYX) 0.9 $9.9M 245k 40.56
Spdr S&p 500 Etf (SPY) 0.9 $9.4M 42k 223.52
Time Warner 0.9 $9.2M 95k 96.53
Maxim Integrated Products 0.9 $9.1M 235k 38.56
Harmony Merger 0.9 $9.1M 900k 10.12
Netflix (NFLX) 0.8 $8.7M 70k 123.80
Direxion Daily Gold Miners Bull 3x Shares etf 0.8 $8.5M 1.1M 7.63
Centennial Resource Developmen cs 0.8 $8.5M 430k 19.72
Potash Corp. Of Saskatchewan I 0.8 $8.4M 464k 18.09
SL Green Realty 0.8 $8.2M 76k 107.59
Microsoft Corporation (MSFT) 0.8 $8.0M 128k 62.22
Palo Alto Networks (PANW) 0.7 $7.6M 61k 125.00
At&t (T) 0.7 $7.0M 165k 42.53
Rio Tinto (RIO) 0.7 $7.0M 183k 38.47
KLA-Tencor Corporation (KLAC) 0.6 $6.8M 87k 78.68
Utilities SPDR (XLU) 0.6 $6.8M 140k 48.57
Alliance Data Systems Corporation (BFH) 0.6 $6.6M 29k 228.60
New York Reit 0.6 $6.5M 646k 10.12
Nielsen Hldgs Plc Shs Eur 0.6 $6.5M 155k 41.95
Republic Services (RSG) 0.6 $6.1M 108k 57.05
Harmony Merger Corp unit 99/99/9999 0.6 $6.2M 600k 10.30
Rite Aid Corporation 0.6 $6.0M 728k 8.24
Cardinal Health (CAH) 0.6 $6.0M 83k 71.98
Klr Energy Acquisition Corp cl a 0.6 $6.0M 1.0M 5.92
Etf Managers Tr purefunds ise cy 0.6 $5.9M 225k 26.44
Allied World Assurance 0.6 $5.8M 108k 53.71
American Axle & Manufact. Holdings (AXL) 0.5 $5.5M 286k 19.30
iShares FTSE/Xinhua China 25 Index (FXI) 0.5 $5.4M 155k 34.71
Agrium 0.5 $5.0M 50k 100.54
Tesla Motors (TSLA) 0.5 $5.0M 24k 213.70
BorgWarner (BWA) 0.5 $4.9M 125k 39.42
Saban Cap Acquisition Corp unit 99/99/9999 0.4 $4.7M 450k 10.40
Facebook Inc cl a (META) 0.4 $4.3M 38k 115.05
Aegerion Pharmaceuticals 2% Du cvbond 0.4 $4.4M 6.0k 725.00
Waste Management (WM) 0.4 $4.1M 58k 70.86
Vanguard Emerging Markets ETF (VWO) 0.4 $4.0M 112k 35.78
M I Acquisitions Inc unit 99/99/9999 0.4 $4.1M 400k 10.16
Gas Nat 0.4 $3.9M 312k 12.55
Cf Corp shs cl a 0.4 $4.0M 400k 9.92
Gty Technology Holdings Inc. unit 99/99/9999 0.4 $4.0M 377k 10.50
CenturyLink 0.4 $3.8M 161k 23.77
CF Industries Holdings (CF) 0.3 $3.7M 118k 31.48
Silver Wheaton Corp 0.3 $3.7M 193k 19.32
Team Health Holdings 0.3 $3.7M 85k 43.45
Diebold Incorporated 0.3 $3.6M 145k 25.15
Dollar Tree (DLTR) 0.3 $3.6M 467k 7.72
Dell Technologies Inc Class V equity 0.3 $3.6M 66k 54.97
Perrigo Company (PRGO) 0.3 $3.5M 42k 83.22
Avista Healthcare Pub Acq Co unit 99/99/9999 0.3 $3.5M 350k 10.13
Dick's Sporting Goods (DKS) 0.3 $3.4M 65k 53.09
Ford Motor Company (F) 0.3 $3.4M 281k 12.13
Electrum Spl Acquisition Cor 0.3 $3.4M 343k 9.90
Direxion Daily Small Cp Bull 3X (TNA) 0.3 $3.3M 33k 101.15
Red Robin Gourmet Burgers (RRGB) 0.3 $3.1M 54k 56.39
iShares Silver Trust (SLV) 0.3 $3.0M 201k 15.11
Double Eagle Acquisition Cor 0.3 $3.0M 306k 9.90
Neustar 0.3 $2.9M 88k 33.41
SPDR S&P Biotech (XBI) 0.3 $3.0M 50k 59.20
Gp Invts Acquisition Cor 0.3 $3.0M 299k 9.90
Sears Holdings Corporation 0.3 $2.8M 305k 9.29
Ihs Markit 0.3 $2.8M 80k 35.40
BlackRock (BLK) 0.3 $2.7M 7.2k 380.49
NVIDIA Corporation (NVDA) 0.2 $2.6M 25k 106.73
Landcadia Hldgs Inc cl a 0.2 $2.6M 500k 5.23
Valspar Corporation 0.2 $2.5M 24k 103.61
Stillwater Mng Co note 1.750%10/1 0.2 $2.5M 2.0k 1270.50
Metaldyne Performance Group, I 0.2 $2.4M 107k 22.95
Fairmount Santrol Holdings 0.2 $2.5M 211k 11.79
Clarcor 0.2 $2.2M 27k 82.46
Noveliontherapeuti.. 0.2 $2.3M 270k 8.42
CHECK POINT SOFTWARE Technolog Com Stk (CHKP) 0.2 $2.1M 25k 84.48
Quinpario Acquisition Corp 2 0.2 $2.1M 407k 5.16
Allergan 0.2 $2.1M 10k 210.00
Direxion Shs Etf Tr Daily Gold Miner 0.2 $2.1M 43k 48.40
Coeur d'Alene Mines Corporation (CDE) 0.2 $2.0M 219k 9.09
Range Resources (RRC) 0.2 $1.9M 55k 34.36
Magnachip Semiconductor Corp (MX) 0.2 $1.9M 308k 6.20
Pattern Energy 0.2 $1.9M 100k 18.96
Horizon Pharma Plc convertible security 0.2 $1.9M 2.0k 953.00
iShares MSCI Mexico Inv. Mt. Idx. (EWW) 0.2 $1.8M 42k 43.98
Proshares Tr ultrapro qqq (TQQQ) 0.2 $1.8M 14k 127.21
Oi Sa - (OIBZQ) 0.2 $1.8M 462k 3.97
M Iii Acquisition Corp equities 0.2 $1.8M 359k 4.99
Isle of Capri Casinos 0.2 $1.7M 70k 24.69
General Mills (GIS) 0.1 $1.6M 25k 61.80
Visa (V) 0.1 $1.6M 21k 78.02
D.R. Horton (DHI) 0.1 $1.6M 57k 27.33
Potlatch Corporation (PCH) 0.1 $1.6M 38k 41.64
Conyers Pk Acquisition cl a 0.1 $1.6M 200k 8.18
Eli Lilly & Co. (LLY) 0.1 $1.5M 20k 73.55
Southwestern Energy Company (SWN) 0.1 $1.5M 140k 10.82
Ares Capital Corporation (ARCC) 0.1 $1.5M 90k 16.48
VMware 0.1 $1.5M 20k 78.73
Express Scripts Holding 0.1 $1.4M 21k 68.82
Hormel Foods Corporation (HRL) 0.1 $1.4M 40k 34.80
BGC Partners 0.1 $1.3M 127k 10.21
Western Asset Emerging Mrkts Dbt Fnd (EMD) 0.1 $1.3M 90k 14.71
Pangaea Logistics Solution L (PANL) 0.1 $1.2M 363k 3.40
Delphi Automotive 0.1 $1.1M 17k 67.31
International Game Technology (IGT) 0.1 $1.1M 44k 25.51
Hennessy Cap Acquisition Cor 0.1 $1.1M 113k 10.07
CSX Corporation (CSX) 0.1 $1.1M 30k 35.93
Nike (NKE) 0.1 $1.0M 20k 50.85
Syngenta 0.1 $1.1M 14k 79.04
Morningstar (MORN) 0.1 $1.0M 14k 73.53
Ball Corporation (BALL) 0.1 $1.1M 15k 75.04
Gastar Exploration 0.1 $1.1M 700k 1.55
Arbutus Biopharma (ABUS) 0.1 $1.1M 444k 2.45
Pace Hldgs Corp cl a 0.1 $1.0M 102k 10.12
Pacific Spl Acquisition Corp 0.1 $1.1M 103k 10.25
TD Ameritrade Holding 0.1 $916k 21k 43.62
Cabela's Incorporated 0.1 $993k 17k 58.56
Celgene Corporation 0.1 $903k 7.8k 115.77
CBOE Holdings (CBOE) 0.1 $946k 13k 73.88
Motorola Solutions (MSI) 0.1 $995k 12k 82.92
Horizon Pharma 0.1 $1.0M 62k 16.18
JPMorgan Chase & Co. (JPM) 0.1 $877k 10k 86.26
Yrc Worldwide Inc Com par $.01 0.1 $876k 66k 13.27
Restaurant Brands Intl Inc Com equity / large cap (QSR) 0.1 $858k 18k 47.67
Axalta Coating Sys (AXTA) 0.1 $873k 32k 27.19
Berkshire Hathaway (BRK.B) 0.1 $772k 4.7k 162.94
Pfizer (PFE) 0.1 $787k 24k 32.50
Merck & Co (MRK) 0.1 $706k 12k 58.83
Rpx Corp 0.1 $747k 69k 10.80
Level 3 Communications 0.1 $753k 13k 56.37
Wci Cmntys Inc Com Par $0.01 0.1 $715k 31k 23.44
Hilton Worldwide Holdings (HLT) 0.1 $783k 29k 27.19
LKQ Corporation (LKQ) 0.1 $588k 19k 30.62
Biogen Idec (BIIB) 0.1 $681k 2.4k 283.75
Staples 0.1 $597k 66k 9.05
FelCor Lodging Trust Incorporated 0.1 $626k 78k 8.01
Cheesecake Factory Incorporated (CAKE) 0.1 $629k 11k 59.90
VeriFone Systems 0.1 $679k 38k 17.73
Phillips 66 (PSX) 0.1 $605k 7.0k 86.43
Media Gen 0.1 $648k 34k 18.84
Paypal Holdings (PYPL) 0.1 $592k 15k 39.47
Sotheby's 0.1 $558k 14k 39.86
Aaron's 0.1 $576k 18k 32.00
Ecopetrol (EC) 0.1 $480k 53k 9.06
Market Vectors Etf Tr Oil Svcs 0.1 $500k 15k 33.33
Knight Transportation 0.0 $430k 13k 33.08
Western Refining 0.0 $379k 10k 37.90
Forestar 0.0 $415k 31k 13.31
Abraxas Petroleum 0.0 $386k 150k 2.57
Tripadvisor (TRIP) 0.0 $464k 10k 46.40
Aurinia Pharmaceuticals (AUPH) 0.0 $423k 202k 2.10
Xenon Pharmaceuticals (XENE) 0.0 $441k 57k 7.71
Andina Acquisition Corp Ii 0.0 $416k 42k 9.93
Aralez Pharmaceuticals 0.0 $435k 99k 4.41
Keycorp New pfd 7.75% sr a 0.0 $368k 2.7k 135.00
Boyd Gaming Corporation (BYD) 0.0 $329k 16k 20.18
Monsanto Company 0.0 $358k 3.4k 105.29
Apollo 0.0 $316k 32k 9.91
Barclays (BCS) 0.0 $275k 25k 11.00
Blue Nile 0.0 $328k 8.1k 40.67
Enbridge (ENB) 0.0 $356k 8.4k 42.14
Iamgold Corp (IAG) 0.0 $349k 90k 3.86
Quad/Graphics (QUAD) 0.0 $277k 10k 26.89
Turkish Investment Fund 0.0 $285k 42k 6.78
Gannett 0.0 $283k 29k 9.70
Kraft Heinz (KHC) 0.0 $289k 3.3k 87.42
Harmony Merger Corp w exp 01/01/202 0.0 $312k 890k 0.35
Real Estate Select Sect Spdr (XLRE) 0.0 $333k 11k 30.76
Hostess Brands 0.0 $315k 180k 1.75
Stellar Acquisition Iii 0.0 $320k 32k 10.00
G&K Services 0.0 $246k 2.6k 96.32
DepoMed 0.0 $261k 15k 18.00
Hecla Mining Company (HL) 0.0 $170k 32k 5.25
Guess? (GES) 0.0 $198k 16k 12.07
iShares S&P Latin America 40 Index (ILF) 0.0 $207k 7.5k 27.60
Ringcentral (RNG) 0.0 $229k 11k 20.63
Cf Corporation 0.0 $220k 21k 10.48
Nexeo Solutions 0.0 $174k 249k 0.70
Cf Corp *w exp 05/25/202 0.0 $248k 200k 1.24
Celestica (CLS) 0.0 $119k 10k 11.90
Office Depot 0.0 $83k 18k 4.50
Lionbridge Technologies 0.0 $121k 21k 5.82
Westport Innovations 0.0 $53k 47k 1.14
Vonage Holdings 0.0 $90k 13k 6.87
Sandstorm Gold (SAND) 0.0 $129k 33k 3.91
Earthlink Holdings 0.0 $102k 18k 5.67
Trillium Therapeutics, Inc. Cmn 0.0 $92k 16k 5.67
Hrg 0.0 $156k 10k 15.60
Electrum Spl Acquisition Cor *w exp 99/99/999 0.0 $88k 315k 0.28
Gp Invts Acquisition Cor *w exp 99/99/999 0.0 $54k 120k 0.45
Double Eagle Acquisition Cor *w exp 09/16/202 0.0 $139k 295k 0.47
Pace Hldgs Corp *w exp 99/99/999 0.0 $80k 134k 0.60
Stellar Acquisition Iii Inc w exp 03/22/202 0.0 $6.1k 32k 0.19