Stark Offshore Management

Stark Offshore Management as of June 30, 2011

Portfolio Holdings for Stark Offshore Management

Stark Offshore Management holds 99 positions in its portfolio as reported in the June 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 22.9 $469M 3.6M 131.97
iShares MSCI Brazil Index (EWZ) 8.4 $172M 2.3M 73.35
iShares FTSE/Xinhua China 25 Index (FXI) 6.0 $124M 2.9M 42.95
Financial Select Sector SPDR (XLF) 4.4 $90M 5.9M 15.35
iShares Russell 2000 Index (IWM) 3.4 $71M 851k 82.80
Wesco Intl Inc dbcv 6.000% 9/1 3.1 $65M 31k 2080.01
Semiconductor HOLDRs 3.0 $63M 1.8M 34.08
Consumer Staples Select Sect. SPDR (XLP) 3.0 $62M 2.0M 31.23
Virgin Media Inc note 6.500%11/1 2.2 $46M 26k 1787.50
Industrial SPDR (XLI) 1.9 $38M 1.0M 37.24
Notes 1.8 $37M 18k 2075.00
Citigroup (C) 1.8 $36M 870k 41.64
Six Flags Entertainment (SIX) 1.7 $35M 941k 37.45
PowerShares QQQ Trust, Series 1 1.5 $31M 540k 57.05
E M C Corp Mass note 1.750%12/0 1.5 $31M 18k 1751.43
iShares MSCI EAFE Index Fund (EFA) 1.5 $30M 500k 60.14
General Cable Corp Del New frnt 4.500% 11/1 1.5 $30M 22k 1382.01
Exterran Hldgs Inc note 4.250% 6/1 1.2 $25M 23k 1112.55
Dollar Thrifty Automotive 1.2 $25M 338k 73.74
iShares MSCI Emerging Markets Indx (EEM) 1.2 $24M 508k 47.60
United Rentals Inc note 4.000%11/1 1.2 $24M 10k 2395.00
iShares Russell 2000 Growth Index (IWO) 1.2 $24M 250k 94.85
United States Steel Corporation (X) 1.1 $23M 500k 46.04
Sba Communications Corp note 4.000%10/0 1.0 $21M 15k 1407.49
Leap Wireless International 0.9 $20M 1.2M 16.23
iShares MSCI EAFE Index Fund (EFA) 0.9 $18M 299k 60.14
General Motors Company (GM) 0.9 $18M 582k 30.36
Cisco Systems (CSCO) 0.8 $17M 1.1M 15.61
Apple (AAPL) 0.7 $15M 44k 335.67
Ford Motor Company (F) 0.7 $14M 1.0M 13.79
Microsoft Corporation (MSFT) 0.7 $13M 512k 26.00
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.7 $13M 141k 94.10
Hess (HES) 0.6 $13M 167k 74.76
iShares Silver Trust (SLV) 0.6 $12M 365k 33.84
iShares MSCI Emerging Markets Indx (EEM) 0.6 $12M 246k 47.60
SPDR Gold Trust (GLD) 0.6 $12M 80k 146.00
Verisign Inc sdcv 3.250% 8/1 0.6 $12M 10k 1153.70
Globalstar (GSAT) 0.6 $12M 9.4M 1.23
Covanta Holding Conv conv bnd 0.6 $11M 10k 1133.80
Peabody Energy Corporation 0.5 $11M 185k 58.91
Ens 0.5 $11M 200k 53.30
Temple-Inland 0.5 $10M 336k 29.74
Consumer Discretionary SPDR (XLY) 0.5 $10M 250k 40.21
Terex Corp New note 4.000% 6/0 0.5 $9.6M 5.1k 1885.15
Utilities SPDR (XLU) 0.5 $9.5M 283k 33.48
American International (AIG) 0.5 $9.2M 314k 29.32
MetroPCS Communications 0.4 $8.8M 514k 17.21
Technology SPDR (XLK) 0.4 $8.6M 334k 25.70
iShares Russell 2000 Index (IWM) 0.4 $8.3M 100k 82.80
Technology SPDR (XLK) 0.4 $8.0M 311k 25.70
SPDR S&P Retail (XRT) 0.4 $8.0M 150k 53.39
Bank of America Corporation (BAC) 0.4 $7.8M 711k 10.96
iShares MSCI Taiwan Index 0.4 $7.6M 500k 15.18
Xerox Corporation 0.4 $7.3M 700k 10.41
Transocean (RIG) 0.3 $7.1M 110k 64.56
ViaSat (VSAT) 0.3 $7.0M 162k 43.27
Hartford Finl Svcs Wt Exp 0626 wt 0.3 $6.5M 365k 17.84
DISH Network 0.3 $6.1M 200k 30.67
Trinity Industries (TRN) 0.3 $5.6M 161k 34.88
Kohl's Corporation (KSS) 0.2 $5.2M 104k 50.01
Health Care SPDR (XLV) 0.2 $4.4M 125k 35.53
Us Natural Gas Fd Etf 0.2 $4.1M 370k 11.02
TravelCenters of America 0.2 $3.8M 702k 5.45
MGIC Investment (MTG) 0.2 $3.7M 617k 5.95
WebMD Health 0.2 $3.6M 80k 45.58
iShares MSCI All Peru Capped Index Fund (EPU) 0.2 $3.8M 100k 37.62
Health Care SPDR (XLV) 0.2 $3.6M 100k 35.53
Ford Motor Company (F) 0.2 $3.4M 250k 13.79
Intel Corporation (INTC) 0.2 $3.3M 147k 22.16
Canadian Natural Resources (CNQ) 0.1 $3.1M 75k 41.89
D R Horton Inc note 2.000% 5/1 0.1 $2.8M 2.5k 1112.00
A123 Systems 0.1 $2.9M 540k 5.32
Chemtura Corporation 0.1 $2.7M 148k 18.20
Fairpoint Communications 0.1 $2.6M 285k 9.21
Archer Daniels Midland Company (ADM) 0.1 $2.0M 68k 30.15
Suncor Energy (SU) 0.1 $2.0M 50k 39.16
Consumer Staples Select Sect. SPDR (XLP) 0.1 $2.0M 63k 31.23
Pulte (PHM) 0.1 $1.9M 250k 7.66
Allied Nevada Gold 0.1 $1.8M 50k 35.24
Republic Airways Holdings 0.1 $1.7M 307k 5.46
Financial Select Sector SPDR (XLF) 0.1 $1.7M 113k 15.35
Zions Bancorporation *w exp 05/22/202 0.1 $1.7M 245k 6.85
Regions Financial Corporation (RF) 0.1 $1.4M 219k 6.20
Bank Mutual Corporation 0.1 $1.4M 372k 3.67
Virgin Media 0.1 $1.5M 50k 29.94
Ford Mtr Co Del *w exp 01/01/201 0.1 $1.5M 290k 5.22
HudBay Minerals (HBM) 0.1 $1.5M 100k 14.92
Seacoast Banking Corporation of Florida 0.1 $924k 616k 1.50
Eastman Kodak Company 0.1 $1.1M 300k 3.58
EMC Corporation 0.0 $876k 32k 27.55
Wilshire Ban 0.0 $783k 266k 2.94
Sun Bancorp 0.0 $797k 218k 3.65
First Horizon National Corporation (FHN) 0.0 $716k 75k 9.55
Ocwen Financial Corporation 0.0 $366k 29k 12.76
UQM Technologies 0.0 $457k 203k 2.25
Mitel Networks Corp 0.0 $441k 101k 4.38
Heckmann Corp *w exp 11/09/201 0.0 $63k 143k 0.44
EnteroMedics 0.0 $83k 31k 2.71
Citigroup Inc *w exp 10/28/201 0.0 $23k 190k 0.12