Stark Offshore Management

Stark Offshore Management as of Dec. 31, 2011

Portfolio Holdings for Stark Offshore Management

Stark Offshore Management holds 111 positions in its portfolio as reported in the December 2011 quarterly 13F filing

Company (Ticker) Portfolio Weight Valued At Change in Shares Share Count Share Price
iShares FTSE/Xinhua China 25 Index (FXI) 7.9 $83M 2.4M 34.87
iShares MSCI Brazil Index (EWZ) 7.5 $80M 1.4M 57.39
Consumer Staples Select Sect. SPDR (XLP) 7.3 $77M 2.4M 32.49
Financial Select Sector SPDR (XLF) 5.9 $63M 4.8M 13.00
Wesco Intl Inc dbcv 6.000% 9/1 4.3 $46M 23k 2021.87
Virgin Media Inc note 6.500%11/1 4.1 $44M 32k 1382.76
Spdr S&p 500 Etf (SPY) 4.1 $43M 344k 125.50
Peabody Energy Corporation 3.9 $42M 1.3M 33.11
Exxon Mobil Corporation (XOM) 3.6 $38M 450k 84.76
Notes 3.4 $36M 16k 2259.19
Six Flags Entertainment (SIX) 2.8 $30M 720k 41.24
E M C Corp Mass note 1.750%12/0 2.7 $29M 20k 1436.90
PowerShares QQQ Trust, Series 1 2.6 $28M 500k 55.83
Visteon Corporation (VC) 2.5 $27M 533k 49.94
SPDR Gold Trust (GLD) 2.2 $23M 153k 152.00
Alliance Data Systems Corporation (BFH) 2.0 $21M 200k 103.84
iShares MSCI Emerging Markets Indx (EEM) 1.6 $17M 440k 37.94
Citigroup (C) 1.5 $16M 610k 26.31
General Cable Corp Del New frnt 4.500% 11/1 1.5 $16M 17k 944.38
CUBIST PHARM CONVERTIBLE security 1.4 $15M 10k 1491.20
United Rentals Inc note 4.000%11/1 1.3 $14M 5.0k 2742.20
Industrial SPDR (XLI) 1.3 $14M 400k 33.75
Apple (AAPL) 1.2 $13M 32k 405.00
Trw Automotive 3.5% 12/01/15 conv 1.2 $13M 9.5k 1335.58
Industrial SPDR (XLI) 1.2 $13M 370k 33.75
Verisign Inc sdcv 3.250% 8/1 1.1 $12M 10k 1193.80
Health Care SPDR (XLV) 1.0 $10M 300k 34.69
DISH Network 0.8 $8.4M 295k 28.48
General Motors Company (GM) 0.8 $7.9M 390k 20.27
Dollar Thrifty Automotive 0.7 $7.6M 109k 70.26
Ford Motor Company (F) 0.7 $7.5M 695k 10.76
Semgroup Corp cl a 0.6 $6.7M 257k 26.06
Hess (HES) 0.6 $6.3M 112k 56.80
Utilities SPDR (XLU) 0.6 $6.3M 175k 35.98
Health Care SPDR (XLV) 0.6 $6.1M 175k 34.69
Equity Residential (EQR) 0.6 $6.0M 100k 59.71
Market Vectors Gold Miners ETF 0.6 $5.8M 113k 51.42
Bank of America Corporation (BAC) 0.5 $5.3M 950k 5.56
Leap Wireless International 0.5 $5.2M 560k 9.29
Market Vector Russia ETF Trust 0.4 $4.6M 172k 26.65
Yahoo! 0.4 $4.4M 275k 16.13
Utilities SPDR (XLU) 0.4 $4.5M 125k 35.98
General Electric Company 0.3 $3.6M 200k 17.91
TravelCenters of America 0.3 $3.5M 823k 4.25
iShares Russell 2000 Index (IWM) 0.3 $3.3M 45k 73.76
Virgin Media 0.3 $3.3M 155k 21.38
Globalstar (GSAT) 0.3 $3.3M 6.0M 0.54
Firstservice Corp sdcv 6.500%12/3 0.3 $3.3M 3.0k 1092.67
Echostar Corporation (SATS) 0.3 $3.2M 151k 20.94
Transglobe Energy Corp 0.3 $3.2M 400k 7.92
Trinity Industries (TRN) 0.3 $3.1M 103k 30.06
Suncor Energy (SU) 0.3 $2.8M 96k 28.83
Cisco Systems (CSCO) 0.2 $2.7M 149k 18.08
Consolidated Edison (ED) 0.2 $2.5M 40k 62.03
Southern Company (SO) 0.2 $2.5M 55k 46.29
Technology SPDR (XLK) 0.2 $2.5M 98k 25.46
Hartford Finl Svcs Wt Exp 0626 wt 0.2 $2.5M 274k 9.02
iShares MSCI Brazil Index (EWZ) 0.2 $2.3M 40k 57.40
iShares MSCI South Korea Index Fund (EWY) 0.2 $2.3M 45k 52.27
EMC Corporation 0.2 $2.2M 100k 21.54
Dominion Resources (D) 0.2 $2.0M 37k 53.08
Synovus Financial 0.2 $2.0M 1.4M 1.41
iShares MSCI Japan Index 0.2 $2.0M 221k 9.11
Cubist Pharmaceuticals 0.2 $2.0M 50k 39.62
Globalstar Inc note 5.750% 4/0 0.2 $1.9M 5.3k 355.75
Goldman Sachs (GS) 0.2 $1.9M 22k 90.42
Consumer Discretionary SPDR (XLY) 0.2 $1.9M 48k 39.02
First Financial Holdings 0.2 $1.8M 204k 8.93
Targacept 0.2 $1.8M 325k 5.57
Mead Johnson Nutrition 0.2 $1.7M 25k 68.75
Goldcorp 0.1 $1.5M 35k 44.26
iShares Silver Trust (SLV) 0.1 $1.6M 60k 26.95
Lennar Corporation (LEN) 0.1 $1.5M 75k 19.65
Wilshire Ban 0.1 $1.5M 418k 3.63
Eldorado Gold Corp 0.1 $1.4M 105k 13.71
Barclays Bk Plc ipth s^p vix 0.1 $1.5M 43k 35.53
Seacoast Banking Corporation of Florida 0.1 $1.3M 876k 1.52
Barrick Gold Corp (GOLD) 0.1 $1.4M 31k 45.26
iShares MSCI Japan Index 0.1 $1.4M 150k 9.11
Kinross Gold Corp (KGC) 0.1 $1.4M 120k 11.40
Yamana Gold 0.1 $1.4M 95k 14.69
Fairpoint Communications 0.1 $1.2M 285k 4.33
Moneygram International 0.1 $1.2M 70k 17.76
Bank Mutual Corporation 0.1 $1.1M 357k 3.18
iShares Barclays 20+ Yr Treas.Bond (TLT) 0.1 $1.2M 9.8k 121.22
Johnson & Johnson (JNJ) 0.1 $1.0M 16k 65.61
Eli Lilly & Co. (LLY) 0.1 $1.1M 25k 41.57
Pfizer (PFE) 0.1 $1.1M 49k 21.64
Bristol Myers Squibb (BMY) 0.1 $1.1M 30k 35.25
Merck & Co (MRK) 0.1 $1.1M 28k 37.70
Sanofi-Aventis SA (SNY) 0.1 $1.0M 28k 36.55
GlaxoSmithKline 0.1 $913k 20k 45.65
Activision Blizzard 0.1 $924k 75k 12.32
iShares MSCI Japan Index 0.1 $911k 100k 9.11
Consumer Staples Select Sect. SPDR (XLP) 0.1 $975k 30k 32.50
Zions Bancorporation (ZION) 0.1 $814k 50k 16.28
Energy Select Sector SPDR (XLE) 0.1 $691k 10k 69.10
JPMorgan Chase & Co. (JPM) 0.1 $676k 20k 33.24
Zions Bancorporation *w exp 05/22/202 0.1 $649k 227k 2.86
Genworth Financial (GNW) 0.1 $491k 75k 6.55
First Horizon National Corporation (FHN) 0.0 $400k 50k 8.00
Delphi Automotive 0.0 $431k 20k 21.55
Intel Corporation (INTC) 0.0 $291k 12k 24.25
Alpha Natural Resources 0.0 $278k 14k 20.42
Micron Technology (MU) 0.0 $340k 62k 5.49
BHP Billiton (BHP) 0.0 $283k 4.0k 70.75
Sprint Nextel Corporation 0.0 $234k 100k 2.34
Utilities SPDR (XLU) 0.0 $225k 6.3k 35.91
Green Bankshares 0.0 $12k 10k 1.20
Citigroup Inc *w exp 10/28/201 0.0 $6.6k 165k 0.04
Associated Banc Corp *w exp 11/21/201 0.0 $33k 31k 1.08