Stark Offshore Management

Stark Offshore Management as of Sept. 30, 2011

Portfolio Holdings for Stark Offshore Management

Stark Offshore Management holds 96 positions in its portfolio as reported in the September 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
Spdr S&p 500 Etf (SPY) 10.1 $116M 1.0M 113.15
iShares MSCI Brazil Index (EWZ) 7.8 $89M 1.4M 63.86
Virgin Media Inc note 6.500%11/1 5.3 $61M 41k 1501.26
iShares FTSE/Xinhua China 25 Index (FXI) 5.1 $58M 1.9M 30.83
Financial Select Sector SPDR (XLF) 5.0 $57M 4.9M 11.81
Consumer Staples Select Sect. SPDR (XLP) 4.9 $56M 1.9M 29.66
Wesco Intl Inc dbcv 6.000% 9/1 3.8 $44M 31k 1404.31
Kinetic Concepts 3.4 $38M 583k 65.89
Notes 3.2 $37M 18k 2045.00
iShares MSCI Emerging Markets Indx (EEM) 3.1 $35M 1.0M 35.10
Harbin Electric 3.0 $35M 2.0M 17.44
E M C Corp Mass note 1.750%12/0 2.8 $32M 23k 1408.53
Six Flags Entertainment (SIX) 2.5 $28M 1.0M 27.72
Nalco Holding Company 2.4 $28M 788k 34.98
Apple (AAPL) 2.3 $27M 70k 381.32
Visteon Corporation (VC) 2.2 $26M 596k 43.00
SPDR Gold Trust (GLD) 2.1 $24M 149k 158.08
Blackboard 2.0 $23M 504k 44.66
CUBIST PHARM CONVERTIBLE security 1.9 $22M 16k 1362.52
Peabody Energy Corporation 1.6 $18M 522k 33.88
iShares MSCI Emerging Markets Indx (EEM) 1.5 $18M 500k 35.10
General Cable Corp Del New frnt 4.500% 11/1 1.5 $17M 19k 897.16
Dollar Thrifty Automotive 1.5 $17M 299k 56.30
United Rentals Inc note 4.000%11/1 1.5 $17M 10k 1675.00
NetLogic Microsystems 1.4 $16M 325k 48.12
Trw Automotive 3.5% 12/01/15 conv 1.3 $15M 11k 1350.00
Hess (HES) 1.1 $12M 228k 52.46
Schlumberger (SLB) 1.0 $12M 200k 59.73
S1 Corporation 1.0 $11M 1.2M 9.17
Verisign Inc sdcv 3.250% 8/1 0.9 $10M 10k 1018.80
Temple-Inland 0.8 $9.6M 307k 31.37
Citigroup (C) 0.8 $9.2M 344k 26.76
General Motors Company (GM) 0.7 $8.1M 400k 20.18
Citigroup (C) 0.6 $6.6M 241k 27.24
EMC Corporation 0.6 $6.3M 300k 20.99
Cisco Systems (CSCO) 0.5 $6.2M 399k 15.50
News Corporation 0.5 $5.8M 375k 15.60
American International (AIG) 0.5 $5.6M 256k 21.95
Omnicare Inc note 3.750%12/1 0.5 $5.6M 5.0k 1114.80
iShares MSCI EAFE Index Fund (EFA) 0.4 $4.8M 100k 47.78
Ford Motor Company (F) 0.4 $4.8M 500k 9.67
Leap Wireless International 0.4 $4.8M 693k 6.91
China Fire & Security (CFSG) 0.3 $4.0M 455k 8.77
Globalstar (GSAT) 0.3 $3.8M 9.4M 0.41
Microsoft Corporation (MSFT) 0.3 $3.1M 124k 24.89
DISH Network 0.3 $3.1M 125k 25.05
Freeport-McMoRan Copper & Gold (FCX) 0.3 $3.0M 100k 30.46
ViaSat (VSAT) 0.3 $3.0M 90k 33.31
Trinity Industries (TRN) 0.3 $3.0M 141k 21.41
Archer Daniels Midland Company (ADM) 0.2 $2.8M 113k 24.80
Virgin Media 0.2 $2.7M 113k 24.35
Technology SPDR (XLK) 0.2 $2.8M 118k 23.60
Suncor Energy (SU) 0.2 $2.8M 110k 25.44
TravelCenters of America 0.2 $2.7M 752k 3.53
Kohl's Corporation (KSS) 0.2 $2.5M 50k 49.10
FedEx Corporation (FDX) 0.2 $2.0M 30k 67.67
MetroPCS Communications 0.2 $2.0M 230k 8.70
El Paso Corporation 0.2 $1.9M 100k 18.63
iShares MSCI Japan Index 0.1 $1.6M 170k 9.50
MGIC Investment (MTG) 0.1 $1.3M 718k 1.87
Fairpoint Communications 0.1 $1.2M 285k 4.30
Coinstar 0.1 $1.1M 25k 45.24
Technology SPDR (XLK) 0.1 $1.2M 50k 23.60
Seacoast Banking Corporation of Florida 0.1 $1.0M 692k 1.47
Devon Energy Corporation (DVN) 0.1 $1.1M 19k 55.44
Exxon Mobil Corporation (XOM) 0.1 $1.1M 15k 72.62
At&t (T) 0.1 $1.1M 37k 28.51
Chesapeake Energy Corporation 0.1 $1.0M 40k 25.55
Whiting Petroleum Corporation 0.1 $984k 28k 35.08
AboveNet 0.1 $1.0M 19k 53.60
Hertz Global Holdings 0.1 $890k 100k 8.90
Bank Mutual Corporation 0.1 $971k 372k 2.61
Synovus Financial 0.1 $799k 747k 1.07
Lennar Corporation (LEN) 0.1 $678k 50k 13.56
Verisign (VRSN) 0.1 $638k 22k 28.61
Zions Bancorporation (ZION) 0.1 $704k 50k 14.08
BHP Billiton (BHP) 0.1 $664k 10k 66.40
Wilshire Ban 0.1 $730k 266k 2.74
Utilities SPDR (XLU) 0.1 $672k 20k 33.60
Ford Mtr Co Del *w exp 01/01/201 0.1 $657k 300k 2.19
Exterran Holdings 0.1 $552k 50k 11.04
Southern Company (SO) 0.1 $551k 13k 42.38
Healthsouth 0.1 $599k 40k 14.94
Utilities SPDR (XLU) 0.1 $524k 16k 33.59
Zions Bancorporation *w exp 05/22/202 0.1 $534k 227k 2.35
Genworth Financial (GNW) 0.0 $402k 70k 5.74
Republic Airways Holdings 0.0 $390k 139k 2.81
Consumer Staples Select Sect. SPDR (XLP) 0.0 $371k 13k 29.68
UQM Technologies 0.0 $339k 203k 1.67
First Financial Holdings 0.0 $172k 43k 4.01
iShares Russell 2000 Index (IWM) 0.0 $278k 4.3k 64.20
Wausau Paper 0.0 $278k 44k 6.40
Financial Select Sector SPDR (XLF) 0.0 $136k 12k 11.83
Heckmann Corp *w exp 11/09/201 0.0 $13k 143k 0.09
EnteroMedics 0.0 $52k 31k 1.70
Citigroup Inc *w exp 10/28/201 0.0 $12k 165k 0.07