Sparinvest SICAV Semi Annual Report 2010 R.C.S. Luxembourg B ...

Sparinvest SICAV
Semi Annual Report 2010
R.C.S. Luxembourg B 83.976
10

Page
Sparinvest SICAV
Table of contents
Management and Administration 5
Consolidated Statement of Net Assets 6
Consolidated Statement of Changes in Net Assets 7
SPARINVEST - EQUITAS 8
2
Statement of Net Assets 8
Statement of Changes in Net Assets 9
Changes in number of shares 10
Statement of Investments 11
Geographical and Economic Portfolio Breakdown 31
SPARINVEST - ETHICAL GLOBAL VALUE 33
Statement of Net Assets 33
Statement of Changes in Net Assets 34
Changes in number of shares 35
Statement of Investments 36
Geographical and Economic Portfolio Breakdown 39
SPARINVEST - EUROPEAN VALUE 41
Statement of Net Assets 41
Statement of Changes in Net Assets 42
Changes in number of shares 43
Statement of Investments 44
Geographical and Economic Portfolio Breakdown 46
SPARINVEST - GLOBAL SMALL CAP VALUE 47
Statement of Net Assets 47
Statement of Changes in Net Assets 48
Changes in number of shares 49
Statement of Investments 50
Geographical and Economic Portfolio Breakdown 53

Sparinvest SICAV
Table of contents
SPARINVEST - GLOBAL VALUE 55
Statement of Net Assets 55
Statement of Changes in Net Assets 56
Changes in number of shares 57
Statement of Investments 58
Geographical and Economic Portfolio Breakdown 61
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS 63
Statement of Net Assets 63
Statement of Changes in Net Assets 64
Changes in number of shares 65
Statement of Investments 66
Geographical and Economic Portfolio Breakdown 69
SPARINVEST - HIGH YIELD VALUE BONDS 71
Statement of Net Assets 71
Statement of Changes in Net Assets 72
Changes in number of shares 73
Statement of Investments 74
Geographical and Economic Portfolio Breakdown 77
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS 79
Statement of Net Assets 79
Statement of Changes in Net Assets 80
Changes in number of shares 81
Statement of Investments 82
Geographical and Economic Portfolio Breakdown 85
SPARINVEST - INVESTMENT GRADE VALUE BONDS 86
Statement of Net Assets 86
Statement of Changes in Net Assets 87
Changes in number of shares 88
Statement of Investments 89
Geographical and Economic Portfolio Breakdown 91
Page
3

Page
Sparinvest SICAV
Table of contents
SPARINVEST - LONG DANISH BONDS 92
No subscription can be received solely on the basis of financial reports. Subscriptions are only valid if
made on the basis of the current prospectus accompanied by the latest annual and the most recent
semi-annual report if published thereafter.
4
Statement of Net Assets 92
Statement of Changes in Net Assets 93
Changes in number of shares 94
Statement of Investments 95
Geographical and Economic Portfolio Breakdown 97
SPARINVEST - PROCEDO 98
Statement of Net Assets 98
Statement of Changes in Net Assets 99
Changes in number of shares 100
Statement of Investments 101
Geographical and Economic Portfolio Breakdown 125
SPARINVEST - SECURUS 128
Statement of Net Assets 128
Statement of Changes in Net Assets 129
Changes in number of shares 130
Statement of Investments 131
Geographical and Economic Portfolio Breakdown 155
Notes to the Financial Statements 158

Sparinvest SICAV
Management and Administration
SICAV Registered Office
69, route d'Esch
L-1470 Luxembourg
Grand-Duchy of Luxembourg
Management Company
Sparinvest S.A.
28, Boulevard Royal
L-2449 Luxembourg
Grand-Duchy of Luxembourg
Directors of the SICAV
Chairman of the Board of Directors
Mr Per Noesgaard
Managing Director, CEO of Sparinvest Holding A/S
Kingosvej 1
DK-2630 Taastrup
Denmark
Mr Jan Stig Rasmussen
Managing Director, CEO of Sparinvest S.A.
28, Boulevard Royal
L-2449 Luxembourg
Grand-Duchy of Luxembourg
Mr Michael Albrechtslund
Managing Director of Sparinvest
Fondsmaeglerselskab A/S
Kingosvej 1
DK-2630 Taastrup
Denmark
Managers of the Management
Company
Mr Jan Stig Rasmussen
Managing Director and CEO
Mr Henrik Lind-Groenbaek
Managing Director
Auditor
Ernst & Young S.A.
Parc d’Activité Sydrall
L-5365 Munsbach
Grand-Duchy of Luxembourg
Investment Advisor and Manager
Sparinvest S.A.
28, Boulevard Royal
L-2449 Luxembourg
Grand-Duchy of Luxembourg
Sparinvest Fondsmaeglerselskab A/S
Kingosvej 1
DK-2630 Taastrup
Denmark
Nominee for Denmark
Nykredit
Kalvebod Brygge 1-3
DK-1780 København V
Denmark
Distributor
Sparinvest S.A.
28, Boulevard Royal
L-2449 Luxembourg
Grand-Duchy of Luxembourg
Depositary Bank / Paying Agent / Central
Administration
RBC Dexia Investor Services Bank S.A.
14, Porte de France
L-4360 Esch-sur-Alzette
Grand-Duchy of Luxembourg
Page I 5

Page
Sparinvest SICAV
Consolidated Statement of Net Assets as at June 30, 2010
Note
6
ASSETS
Investment portfolio at market value 1,629,633,711.26
Cash at bank 68,971,996.60
Amounts receivable on sale of investments 1,141,013.45
Amounts receivable on subscriptions 8,376,522.36
Interest and dividends receivable, net 18,649,735.12
(7) Unrealised gain on forward foreign exchange contracts
41,420.76
Other assets 983,473.82
TOTAL ASSETS 1,727,797,873.37
LIABILITIES
Bank overdraft 422,798.06
Amounts payable on purchase of investments 6,327,145.50
Amounts payable on redemptions 7,098,757.41
Interest payable 4,428.89
(7) Net unrealised loss on forward foreign exchange contracts
18,184,615.09
(4) Management and advisory fees payable
1,593,082.14
Taxes and expenses payable 735,203.68
Other liabilities 679,846.24
TOTAL LIABILITIES 35,045,877.01
TOTAL NET ASSETS 1,692,751,996.36
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
Consolidated Statement of Changes in Net Assets for the period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 1,556,971,002.84
INCOME
Dividends, net 13,923,563.25
Interest on bonds, net 23,047,993.07
Bank interest 79,326.20
(11) Securities lending fees
545,664.80
Other income 107,109.85
TOTAL INCOME 37,703,657.17
EXPENSES
(4) Management and advisory fees
9,233,227.94
(6) Custodian fees
236,928.37
(6) Domiciliation, administration and transfer agent fees
2,681,221.11
Audit, printing and publication expenses 63,919.52
(3) Taxe d'abonnement
306,040.21
Bank charges 144,670.17
Interest paid 17,210.48
Other charges 56,916.61
TOTAL EXPENSES 12,740,134.41
NET INCOME / (LOSS) FROM INVESTMENTS 24,963,522.76
Net realised gain / (loss) on sales of investments 55,826,087.81
Net realised gain / (loss) on forward foreign exchange contracts -27,734,330.30
Net realised gain / (loss) on foreign exchange 1,103,174.38
NET REALISED PROFIT / (LOSS) 54,158,454.65
Change in net unrealised appreciation / (depreciation) on investments 77,331,676.27
Change in net unrealised appreciation / (depreciation) on forward foreign exchange contracts -8,520,045.98
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 122,970,084.94
EVOLUTION OF THE CAPITAL
Subscriptions of shares 373,122,599.93
Redemptions of shares -360,224,867.01
(9) Dividends distributed
-49,448.82
Currency translation -37,375.52
NET ASSETS AT THE END OF THE PERIOD 1,692,751,996.36
The accompanying notes form an integral part of these financial statements.
Page
7
EUR

Page
Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Net Assets as at June 30, 2010
Note
8
ASSETS
Investment portfolio at market value 1,372,399.36
Cash at bank 9,778.93
Amounts receivable on sale of investments 11,654.15
Interest and dividends receivable, net 3,370.87
Other assets 14.98
TOTAL ASSETS 1,397,218.29
LIABILITIES
Bank overdraft 7.54
Amounts payable on purchase of investments 13,010.57
(4) Management and advisory fees payable
1,733.53
Taxes and expenses payable 759.28
Other liabilities 428.43
TOTAL LIABILITIES 15,939.35
TOTAL NET ASSETS 1,381,278.94
Net asset value per share
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
EUR
EUR
EUR
EUR
GBP
The accompanying notes form an integral part of these financial statements.
EUR
86.27
85.10
87.62
87.63
70.61
14,916.31
100.00
782.32
100.00
100.00

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 1,270,885.39
INCOME
Dividends, net 17,139.46
Bank interest 7.58
(11) Securities lending fees
751.42
TOTAL INCOME 17,898.46
EXPENSES
(4) Management and advisory fees
10,039.11
(6) Custodian fees
191.23
(6) Domiciliation, administration and transfer agent fees
3,812.89
Audit, printing and publication expenses 57.91
(3) Taxe d'abonnement
333.83
Bank charges 664.72
Interest paid 0.02
Other charges 68.10
TOTAL EXPENSES 15,167.81
NET INCOME / (LOSS) FROM INVESTMENTS 2,730.65
Net realised gain / (loss) on sales of investments 52,617.19
Net realised gain / (loss) on foreign exchange -451.60
NET REALISED PROFIT / (LOSS) 54,896.24
Change in net unrealised appreciation / (depreciation) on investments 38,708.10
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 93,604.34
EVOLUTION OF THE CAPITAL
Subscriptions of shares 24,779.48
Redemptions of shares -7,990.27
NET ASSETS AT THE END OF THE PERIOD 1,381,278.94
The accompanying notes form an integral part of these financial statements.
EUR
Page
9

Sparinvest SICAV
SPARINVEST - EQUITAS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Page
10
14,726.60
285.59
-95.88
14,916.31
100.00
-
-
100.00
782.32
-
-
782.32
100.00
-
-
100.00
100.00
-
-
100.00

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
Quantity
Currency
Cost Market Value % net assets
AUD
AMCOR LTD 410.94 AUD 1,883.08 1,810.55 0.13
ANZ BANKING GROUP 102.15 AUD 1,648.33 1,524.39 0.11
BHP BILLITON LTD 119.76 AUD 2,786.31 3,113.78 0.23
CWTHBK OF AUSTRALIA 117.41 AUD 4,213.46 3,943.81 0.29
FAIRFAX MEDIA LTD 1,408.94 AUD 1,665.62 1,279.47 0.09
GOODMAN GROUP 2,935.30 AUD 1,173.14 1,287.17 0.09
MACQUARIE GROUP LTD 39.92 AUD 1,780.41 1,023.32 0.07
MAP GROUP 1,408.94 AUD 2,794.32 2,617.32 0.19
MIRVAC GROUP 1,720.91 AUD 1,099.69 1,562.76 0.11
NATIONAL AUSTRALIA BANK LTD 75.14 AUD 1,758.55 1,208.05 0.09
ONESTEEL LTD 939.30 AUD 2,287.67 1,932.99 0.14
OZ MINERALS LTD 2,348.24 AUD 1,739.38 1,556.77 0.11
SUNCORP METWAY LTD 153.57 AUD 1,468.19
852.68 0.06
WESFARMERS LTD 218.05 AUD 4,286.83 4,314.02 0.32
WESTPAC BANKING CORP 270.05 AUD 4,127.01 3,959.14 0.29
34,711.99 31,986.22 2.32
CHF
AUSTRIAMICROSYSTEMS AG 52.84 CHF 1,196.50 1,481.72 0.11
BALOISE HOLDING/NAMEM 58.71 CHF 3,763.18 3,341.38 0.24
BANK SARASIN & CO LTD B 12.92 CHF 389.02
420.62 0.03
CHARLES VOEGELE HOLDING AG 29.35 CHF 960.32
979.18 0.07
CIE FINANCIERE RICHEMONT SA 199.60 CHF 4,690.27 5,686.37 0.41
CIE SUISSE DE REASSURANCE/NOM 220.30 CHF 8,633.48 7,441.95 0.54
CLARIANT/NAMEN AKT 117.41 CHF 1,107.76 1,225.91 0.09
DUFRY AG BASEL 17.61 CHF 838.01 1,078.76 0.08
EMS CHEMIE HOLDING AG 9.39 CHF 995.45
997.72 0.07
FISCHER GEORG AG/NAM 4.11 CHF 1,062.96 1,092.03 0.08
FORBO HOLDING AG /NAM 2.94 CHF 795.95 1,018.46 0.07
GIVAUDAN SA/REG. 3.52 CHF 2,356.33 2,458.90 0.18
HELVETIA HOLDING SA /NOM 7.63 CHF 1,774.98 1,639.71 0.12
HOLCIM LTD/NAM. 70.45 CHF 3,613.82 3,890.17 0.28
KUDELSKI SA 76.32 CHF 595.41 1,688.62 0.12
LINDT & SPRUENGLI/PARTIZ 1.41 CHF 2,397.53 2,473.77 0.18
MICRONAS SEMICONDUCTOR/REG 117.41 CHF 421.31
442.57 0.03
MOBIMO HOLDING AG 5.87 CHF 652.23
827.16 0.06
NESTLE SA 70.45 CHF 2,494.07 2,774.90 0.20
NOVARTIS AG BASEL/NAM 82.19 CHF 3,288.32 3,265.26 0.24
ORASCOM DEVELOPMENT HOLDING AG 7.04 CHF 389.52
321.30 0.02
PARGESA HOLDING SA 23.48 CHF 1,314.11 1,259.55 0.09
RIETER HOLDING AG/NAM 5.87 CHF 1,094.51 1,230.34 0.09
SCHMOLZ + BICKENBACH/NAM 11.74 CHF 196.02
258.02 0.02
SIKA SA. BAAR 2.94 CHF 3,769.57 4,197.75 0.30
SULZER AG/NAMENSAKTIEN 15.26 CHF 1,048.11 1,186.35 0.09
SWISS LIFE HOLDING/NAM 129.15 CHF 11,119.38 10,164.89 0.75
The accompanying notes form an integral part of these financial statements.
Page
11

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
THE SWATCH GROUP AG 24.66 CHF 3,935.83 5,691.59 0.41
THE SWATCH GROUP AG/NAM 117.41 CHF 4,079.17 4,890.37 0.35
VERWALTUNGS-UND PRIVAT-BANK AG 4.70 CHF 380.78
450.00 0.03
ZEHNDER GROUP AG 0.23 CHF 265.47
283.24 0.02
Page
12
Quantity
Currency
69,619.37
Cost Market Value % net assets
74,158.56 5.37
DKK
DANSKE BANK AS 70.45 DKK 1,179.10 1,122.80 0.08
FLSMIDTH & CO A/S -B- 11.74 DKK 668.33
627.30 0.05
GN GREAT NORDIC LTD 176.12 DKK 508.19 1,007.40 0.07
TK DEVELOPMENT 93.93 DKK 321.60
292.60 0.02
2,677.22
3,050.10 0.22
EUR
AALBERTS INDUSTRIES NV 76.32 EUR 811.28
815.46 0.06
AAREAL BANK AG 182.18 EUR 2,791.62 2,512.21 0.18
ACANTHE DEVELOPPEMENT SA 93.93 EUR 225.22
137.14 0.01
AFFINE 7.04 EUR 233.12
120.54 0.01
AGFA-GEVAERT NV MORTSEL 293.53 EUR 1,565.98 1,394.27 0.10
AIR FRANCE - KLM 410.94 EUR 4,609.36 4,043.26 0.29
ALLIANZ SE/NAM.VINKULIERT 105.67 EUR 8,836.33 8,641.76 0.63
ALSTRIA OFFICE REIT AG 199.60 EUR 986.58 1,572.65 0.11
ANDRITZ AG GRAZ 9.39 EUR 207.42
433.25 0.03
ANHEUSER-BUSH INBEV SA 187.86 EUR 5,995.30 7,439.23 0.54
ARCELORMITTAL SA REG SHS 84.23 EUR 3,246.04 1,905.31 0.14
ASIAN BAMBOO AG 23.48 EUR 450.72
762.36 0.06
ASSICURAZIONI/MILANO 234.82 EUR 562.08
328.52 0.02
ATRIA GROUP PLC A 82.19 EUR 1,002.30
912.29 0.07
ATRIUM EURO RE 317.01 EUR 1,509.74 1,116.20 0.08
AUTOSTRADA TORINO-MILANO SPA 117.41 EUR 1,193.92 1,187.04 0.09
AXA 365.47 EUR 5,776.35 4,626.83 0.33
BANCO ESPIRITO SANTO SA/REG 1,056.71 EUR 4,749.26 3,440.64 0.25
BANCO POPOLARE SOC. COOP 528.35 EUR 4,848.22 2,410.62 0.17
BCA POP.DELL ETRURIA DEL LAZIO 152.64 EUR 1,100.72
498.36 0.04
BENETTON GROUP SPA PONZANO 70.45 EUR 443.72
387.46 0.03
BENI STABILI SPA 2,329.46 EUR 1,097.95 1,455.91 0.11
BERTRANDT AG 35.22 EUR 943.63 1,036.46 0.08
BGP HOLDINGS 2,719.26 EUR -
- -
BILFINGER BERGER AG 10.57 EUR 556.22
483.97 0.04
BNP PARIBAS 46.96 EUR 2,601.69 2,106.61 0.15
BRUNEL INTERNATIONAL 23.48 EUR 374.94
556.06 0.04
BULGARI SPA 164.38 EUR 1,018.14
971.47 0.07
BUONGIORNO SPA/AZ 234.82 EUR 330.76
211.34 0.02
BUZZI UNICEM/AZ RISP/NON-CV 199.60 EUR 1,419.38
988.02 0.07
CAJA MEDIT/PFD 58.71 EUR 335.48
376.31 0.03
CAMFIN 349.88 EUR 506.89
93.77 0.01
CAMPARI AZ/POST FRAZIONAMENTO 270.05 EUR 902.42 1,084.92 0.08
CAT OIL AG 46.96 EUR 310.00
332.18 0.02
C.I.R.CIE INDUSTRIALI RIUNITE 963.92 EUR 2,026.25 1,336.95 0.10
CITYCON OYJ 498.32 EUR 899.14 1,195.97 0.09
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
Cost Market Value % net assets
CNP ASSURANCES 16.37 EUR 1,353.06
913.29 0.07
CNP SA 164.38 EUR 7,265.70 5,767.99 0.42
COFIDE CIA FIN.DE BENEDETTI 1,197.88 EUR 1,113.26
749.88 0.05
CONWERT IMMOBILIEN INV SE 117.41 EUR 551.00 1,003.29 0.07
CORIO NV 184.52 EUR 8,110.85 7,392.06 0.54
CORP FIN ALBA/SPLIT ISSUE 55.18 EUR 2,019.30 1,675.38 0.12
CREDIT AGRICOLE SA PARIS 645.77 EUR 7,521.35 5,582.00 0.40
CRITERIA CAIXACORP SA 2,348.24 EUR 8,042.96 7,913.57 0.57
CSM NV 35.22 EUR 891.64
861.04 0.06
D IETEREN SA 2.35 EUR 745.92
818.32 0.06
DAIMLER AG/NAMEN AKT 29.35 EUR 1,186.84 1,227.54 0.09
DCC 23.48 EUR 427.41
438.65 0.03
DE LONGHI SPA 87.78 EUR 397.73
307.22 0.02
DEA CAPITAL SPA 305.27 EUR 514.09
359.61 0.03
DEUTSCHE BANK AG/NAM 164.38 EUR 8,404.60 7,721.60 0.56
DEUTSCHE BETEILIGUNGS AG 79.75 EUR 1,749.39 1,481.69 0.11
DIC ASSET AG 112.50 EUR 672.89
708.66 0.05
DINAMIA CAPITAL PRIVADO SCR SA 39.74 EUR 734.19
381.54 0.03
DIOR SA.CHRISTIAN 52.84 EUR 4,122.34 4,187.21 0.30
DOUGLAS HOLDING AG 29.35 EUR 1,014.45 1,004.46 0.07
ECO BUSINESS-IMMOBILIEN AG 31.70 EUR 228.04
205.27 0.01
ELRINGKLINGER AG/NAM 64.58 EUR 946.50 1,129.12 0.08
ERG SPA MILANO 105.67 EUR 995.12 1,018.67 0.07
ERGYCAPITAL SPA 5.12 EUR -
3.40 -
ERSTE GROUP BANK AG 176.12 EUR 4,889.62 4,601.09 0.33
ESSILOR INTERNATIONAL 129.15 EUR 5,043.92 6,311.72 0.46
ESSO S.A. FRANCAISE 17.61 EUR 1,597.98 1,799.75 0.13
ETAM DEVELOPPEMENT SA 4.74 EUR 95.43
173.66 0.01
EURAZEO 51.78 EUR 2,510.77 2,436.71 0.18
EUTELSAT COMMUNICATIONS PARIS 187.86 EUR 3,458.11 5,172.71 0.37
EVOTEC AG 211.34 EUR 393.83
422.47 0.03
FUGRO NV 35.22 EUR 1,769.31 1,355.05 0.10
GBL 117.41 EUR 9,574.02 6,699.53 0.49
GECINA/ACT NOM 105.28 EUR 9,999.58 7,753.07 0.56
GERRESHEIMER AG 35.22 EUR 897.99
930.96 0.07
GERRY WEBER INTL AG 17.61 EUR 291.63
422.68 0.03
GIMV SA 11.74 EUR 450.52
436.42 0.03
GRAFTON GROUP PLC/UNITS 117.41 EUR 378.08
337.56 0.02
GROUPE EUROTUNNEL REGROUPEMT 64.58 EUR 488.78
360.98 0.03
GRUPPO COIN SPA 55.49 EUR 185.56
296.31 0.02
HEIDELBERGER DRUCKMASCHINEN AG 117.41 EUR 775.50
878.95 0.06
HEINEKEN HOLDING 117.41 EUR 3,558.82 3,515.90 0.25
HELLENIC PETROLEUM SA 293.53 EUR 2,470.03 1,717.15 0.12
HENKEL/VORZUG 152.64 EUR 5,680.69 6,108.48 0.44
HI-MEDIA. PARIS 58.71 EUR 273.19
253.61 0.02
HOCHTIEF AG 17.61 EUR 931.43
866.32 0.06
H&R WASAG AG 23.48 EUR 288.31
431.14 0.03
IGD IMMOB.GRANDE DISTR. SPA 1,056.71 EUR 1,315.21 1,177.17 0.09
IMMOFINANZ AG 264.18 EUR 327.17
564.02 0.04
IMMSI SPA TORINO 1,153.71 EUR 972.50
832.98 0.06
INFINEON TECHNOLOGIES/NAM 1,056.71 EUR 4,687.72 5,077.48 0.37
The accompanying notes form an integral part of these financial statements.
Page
13

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INTESA SANPAOLO SPA 2,554.66 EUR 6,749.81 5,575.55 0.40
INTESA SANPAOLO/RISP-NON CONV 1,931.57 EUR 7,161.00 3,200.61 0.23
ITALMOBILIARE SPA 39.03 EUR 1,957.56
862.90 0.06
ITALMOBILIARE SPA/RISP./N-CV 37.57 EUR 954.64
589.50 0.04
KBC GROUPE SA 29.35 EUR 994.31
929.32 0.07
KIZOO AG/NAMENAKTIE 29.75 EUR 340.69
228.82 0.02
KME GRP/POST REGRP 1,649.42 EUR 1,130.39
482.45 0.03
KONINKLIJKE DSM NV 61.22 EUR 1,764.88 2,017.15 0.15
KONINKLIJKE VOPAK 187.86 EUR 4,416.96 5,647.05 0.41
LAGARDERE SCA/NOM 129.15 EUR 3,558.59 3,320.53 0.24
LAMDA DEVELOPMENT STOCK 91.99 EUR 743.62
340.37 0.02
LVMH MOET HENNESSY 17.61 EUR 1,697.97 1,579.07 0.11
MAISONS FRANCE CONFORT 9.39 EUR 244.31
272.40 0.02
MEDIOBANCA BCA CREDITO FINANZ 73.97 EUR 687.44
455.28 0.03
MONTE DEI PASCHI DI SIENA 821.88 EUR 1,058.56
767.64 0.06
M-REAL OYJ -B- 234.82 EUR 468.12
678.64 0.05
MTU AERO ENGINES HLDS/NAMEN 23.48 EUR 544.51 1,076.90 0.08
MUENCHENER RUECKVERS/NAMENSAKT 46.96 EUR 4,957.88 4,842.07 0.35
MYTILINEOS HOLDINGS/REG 164.38 EUR 874.33
632.85 0.05
NATIXIS 645.77 EUR 2,334.73 2,322.82 0.17
NEXANS PARIS 9.39 EUR 472.43
455.32 0.03
NEXITY/A 70.45 EUR 777.33 1,651.28 0.12
NOKIAN TYRES PLC 211.34 EUR 4,089.14 4,254.31 0.31
OBRASCON HUARTE LAIN SA 52.84 EUR 988.60
977.19 0.07
OUTOKUMPU OYJ A 234.82 EUR 3,034.51 2,907.12 0.21
PARROT SA 35.22 EUR 355.89
461.78 0.03
PATRIZIA IMMOBILIEN AG/REG 117.41 EUR 305.41
349.77 0.03
PEUGEOT SA 283.22 EUR 10,857.01 5,946.23 0.43
PIAGGIO AND C SPA 124.68 EUR 159.54
242.00 0.02
PIRELLI & CIE SPA 3,122.88 EUR 2,556.05 1,422.47 0.10
PRAKTIKER BAU & HEIMWERKERM. HLD 223.08 EUR 1,450.26 1,262.65 0.09
PUBLIC POWER CORP/REG 293.53 EUR 4,126.91 3,457.79 0.25
PUBLICIS GROUPE SA 152.64 EUR 3,079.57 5,017.14 0.36
RALLYE SA 66.10 EUR 2,218.04 1,649.93 0.12
RAMIRENT OYJ 58.71 EUR 444.38
408.59 0.03
RANDSTAD HOLDING 46.96 EUR 1,625.67 1,527.53 0.11
REPSOL YPF SA MADRID 82.19 EUR 1,350.51 1,368.03 0.10
RHEINMETALL AG DUESSELDORF 21.13 EUR 986.62
993.31 0.07
RHJ INTERNATIONAL SA 71.62 EUR 219.17
424.71 0.03
SACYR VALLEHERMOSO SA 176.12 EUR 1,628.31
734.41 0.05
SAFILO 79.25 EUR 872.63
597.17 0.04
SAFRAN SA 117.41 EUR 2,177.34 2,678.76 0.19
SALZGITTER AG 35.22 EUR 1,909.19 1,728.60 0.13
SCOR SE 446.17 EUR 7,110.02 7,009.27 0.51
SEDA BARCELONA 304.72 EUR 612.49
103.60 0.01
SEQUANA /NOM. 58.71 EUR 603.73
595.87 0.04
SIXT/VORZ -O.STIMMR./EM97 109.19 EUR 1,085.41 1,729.62 0.13
SNS REAAL NV 258.72 EUR 3,466.91
928.54 0.07
SOC.DE INVESTIMENTO E GESTAO 187.86 EUR 1,449.29 1,392.04 0.10
SOFTWARE AG 11.74 EUR 590.03
994.36 0.07
SOITEC. BERNIN 105.67 EUR 584.24
778.16 0.06
Page
14
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
SONAE CAPITAL SGPS SA 645.77 EUR 397.06
309.97 0.02
SONAECOM SGPS SA 998.00 EUR 1,801.04 1,367.26 0.10
SORIN SPA 787.00 EUR 921.24 1,131.71 0.08
SPARKASSEN IMMOBOBILIEN AG 52.84 EUR 259.85
256.73 0.02
SPONDA OYJ HELSINKI 29.35 EUR 234.88
73.09 0.01
STADA ARZNEIMITTEL AG 11.74 EUR 358.03
319.77 0.02
STE FONCIERE FIN.ET PART/NOM 26.39 EUR 2,017.49
973.95 0.07
STE GEN.PARIS A 18.06 EUR 1,789.91
625.26 0.05
STO AG/VORZUEGE 5.87 EUR 270.14
455.44 0.03
STORA ENSO AB/R 931.54 EUR 5,031.24 5,565.93 0.40
TELECOM ITALIA SPA 5,870.60 EUR 6,048.76 5,374.54 0.39
TELECOM ITALIA SPA/RISP. N-CV 10,567.09 EUR 9,201.53 7,967.58 0.58
TOD S SPA 10.57 EUR 497.01
548.85 0.04
TOUR EIFFEL 23.39 EUR 1,544.20 1,138.32 0.08
UNICREDIT SPA 775.12 EUR 3,570.54 1,430.87 0.10
UNIONE DI BANCHE ITALIANE SCPA 352.24 EUR 4,705.37 2,509.68 0.18
UNIPOL GRUPPO FINANZIARIO SPA 1,761.18 EUR 2,891.29
963.37 0.07
UPM-KYMMENE CORP 821.88 EUR 6,181.76 8,966.76 0.66
VASTNED OFFICES/INDUSTRIAL 116.18 EUR 1,561.33 1,155.98 0.08
VASTNED RETAIL NV 40.68 EUR 1,837.11 1,681.64 0.12
VISCOFAN SA / SPLIT ISSUE 48.14 EUR 1,024.51 1,071.09 0.08
VOLKSWAGEN AG/VORZUG 98.07 EUR 5,498.28 7,142.75 0.52
VTG AG 17.61 EUR 212.03
206.85 0.01
WACKER NEUSON SE/NAMEN 140.89 EUR 691.76 1,373.44 0.10
WERELDHAVE (BELEG.MIJ) 23.48 EUR 1,473.23 1,432.19 0.10
WIEN ST VERSICH 58.71 EUR 2,155.16 2,020.66 0.15
352,784.18
Cost Market Value % net assets
316,633.82 22.92
GBP
AERO INVENTORY PLC 117.41 GBP 650.40
7.17 -
ANTOFAGASTA PLC 234.82 GBP 2,174.05 2,264.09 0.16
ARM HOLDINGS PLC 587.06 GBP 650.91 1,990.77 0.14
ASHTEAD GROUP PLC 704.47 GBP 361.88
778.23 0.06
ASS.BRITISH FOODS PLC 211.34 GBP 2,380.19 2,507.72 0.18
BARRATT DEVEL.PLC 587.06 GBP 408.23
683.68 0.05
BHP BILLITON PLC 84.99 GBP 1,780.51 1,830.61 0.13
BP PLC 176.12 GBP 1,147.35
683.75 0.05
BRIT INSURANCE 44.03 GBP 390.30
484.24 0.04
CATLIN GROUP LTD 199.60 GBP 736.42
853.21 0.06
COLLINS STEWART PLC 410.94 GBP 355.81
366.59 0.03
COMPASS GROUP PLC 352.24 GBP 1,662.23 2,203.83 0.16
DIMENSION DATA HOLDING LTD 587.06 GBP 404.83
689.06 0.05
F&C ASSET MANAGEMENT PLC 164.38 GBP 173.85
103.95 0.01
GALLIFORD TRY PLC 89.03 GBP 387.10
341.36 0.02
HIGHLAND GOLD MINING LTD 469.65 GBP 216.38
720.26 0.05
HIKMA PHARMACEUTICALS PLC 46.96 GBP 284.70
409.49 0.03
HOME RETAIL GROUP PLC 1,467.65 GBP 4,133.15 3,848.81 0.28
JJB SPORTS PLC 1,711.87 GBP 859.38
251.03 0.02
KAZAKHMYS LIMITED 82.19 GBP 1,219.52 1,005.35 0.07
LAIRD PLC 352.24 GBP 512.25
452.82 0.03
LLOYDS BANKING GROUP PLC 173.68 GBP 1,841.62
115.12 0.01
The accompanying notes form an integral part of these financial statements.
Page
15

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
MARSTON S PLC 352.24 GBP 384.54
399.44 0.03
MILLENNIUM & COPTHORNE HOTELS 293.53 GBP 1,334.47 1,462.41 0.11
MOTHERCARE PLC 70.45 GBP 308.33
490.70 0.04
NOVAE GROUP PLC 72.95 GBP 246.13
274.34 0.02
OLD MUTUAL PLC 6,302.68 GBP 6,391.15 7,994.60 0.58
PARAGON GROUP OF COMPANIES PLC 598.80 GBP 242.33
882.48 0.06
PREMIER FOODS PLC 1,174.12 GBP 440.46
274.62 0.02
PUNCH TAVERNS LTD 587.06 GBP 734.25
414.65 0.03
PZ CUSSONS PLC 176.12 GBP 301.21
738.20 0.05
RECKITT BENCKISER GROUP PLC 65.97 GBP 2,371.98 2,520.20 0.18
ROYAL BK OF SCOTLAND PLC 582.87 GBP 3,374.37
298.73 0.02
ROYAL DUTCH SHELL PLC/A 117.41 GBP 3,201.97 2,445.59 0.18
ROYAL DUTCH SHELL/B 117.41 GBP 2,515.28 2,344.44 0.17
SABMILLER PLC 293.53 GBP 4,365.79 6,745.29 0.49
SALAMANDER ENERGY PLC 58.71 GBP 250.80
165.93 0.01
SEGRO PLC/REIT 202.89 GBP 5,118.67
631.48 0.05
SSL INTERNATIONAL PLC 66.55 GBP 469.22
655.47 0.05
STHREE PLC 152.64 GBP 226.25
479.36 0.03
TAYLOR WIMPEY PLC 2,348.24 GBP 753.80
761.30 0.06
TT ELECTRONICS PLC 503.39 GBP 489.22
581.32 0.04
UNILEVER PLC 94.54 GBP 2,325.64 2,074.90 0.15
VEDANTA RESOURCES PLC 23.48 GBP 685.78
615.52 0.04
VODAFONE GROUP PLC 8,218.84 GBP 13,362.91 13,975.53 1.01
WHITBREAD PLC 105.67 GBP 1,694.28 1,815.58 0.13
YELL GROUP PLC 1,761.18 GBP 591.97
529.61 0.04
Page
16
Quantity
Currency
74,911.86
Cost Market Value % net assets
72,162.83 5.22
HKD
BEIJING ENTERPRISES HLD LTD 610.54 HKD 1,746.18 3,263.83 0.24
BK OF EAST ASIA LTD 1,123.87 HKD 3,744.42 3,336.45 0.24
BOC HONG KONG HOLDINGS LTD 1,526.36 HKD 2,508.02 2,854.65 0.21
CATHAY PACIFIC AIRWAYS 1,408.94 HKD 2,406.18 2,286.87 0.17
CHAODA MODERN AGRICULTURE HOLDING 2,348.24 HKD 2,001.96 1,893.43 0.14
CHINA EVERBRIGHT LTD 469.65 HKD 893.84
883.27 0.06
CHINA SHIPPING CONTAINER -H- 9,392.97 HKD 2,495.59 2,754.08 0.20
CITIC PACIFIC LTD 457.91 HKD 1,612.24
699.12 0.05
CNOOC LTD 821.88 HKD 949.19 1,151.55 0.08
COSCO PACIFIC LTD 1,056.71 HKD 1,835.92 1,030.20 0.07
FOSUN INTERNATIONAL LTD 2,700.48 HKD 1,328.34 1,555.32 0.11
GEELY AUTOMOBILE HLD LTD 3,522.36 HKD 1,345.58
885.24 0.06
HENDERSON LAND DEV 234.82 HKD 1,531.78 1,131.14 0.08
HUTCHISON WHAMP LTD 234.82 HKD 1,760.55 1,187.70 0.09
JIANGXI COPPER CO LTD H 528.35 HKD 749.35
813.31 0.06
KINGBOARD CHEMICALS HOLDINGS 1,174.12 HKD 3,449.02 4,155.71 0.31
MASS TRANSIT RAILWAY CORP 1,056.71 HKD 2,895.46 2,948.95 0.21
NEW WORLD DEVELOPMENT CO LTD 880.07 HKD 2,001.12 1,177.78 0.09
ORIENT OVERSEAS (INTERNATIONAL) 410.94 HKD 1,436.91 2,396.91 0.17
SUN HUNG KAI PROPERTIES LTD 176.12 HKD 1,734.00 1,980.72 0.14
SWIRE PACIFIC LTD A 205.47 HKD 1,741.58 1,914.95 0.14
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
YANZHOU COAL MINING CO -H- 1,056.71 HKD 1,720.65 1,688.59 0.12
41,887.88
Cost Market Value % net assets
41,989.77 3.04
JPY
ACCORDIA GOLF CO LTD 0.47 JPY 393.78
380.34 0.03
ADEKA CORP 52.84 JPY 369.54
407.95 0.03
ADVANCE RESIDENCE INVESTMENT 0.59 JPY 801.64
621.30 0.04
AICHI BANK LTD 18.79 JPY 1,010.74 1,045.94 0.08
AICHI MACHINE IND 129.15 JPY 294.01
285.26 0.02
AIFUL CORP 105.67 JPY 1,102.27
104.05 0.01
AISIN SEIKI CO LTD 129.15 JPY 2,268.71 2,869.22 0.21
AKITA BANK LTD 152.64 JPY 385.06
434.05 0.03
ALPINE ELECTRONICS INC 58.71 JPY 372.11
586.72 0.04
ALPS ELECTRIC CO 41.09 JPY 305.24
290.82 0.02
AMADA CO LTD 810.14 JPY 3,817.76 4,398.80 0.32
ANRITSU CORP 164.38 JPY 475.07
600.55 0.04
AOC HOLDINGS INC 46.96 JPY 281.35
195.79 0.01
AOYAMA TRADING CO LTD 59.88 JPY 1,024.95
878.40 0.06
AOZORA BANK LTD 1,761.18 JPY 2,157.72 1,880.11 0.14
ASAHI BREWERIES 253.61 JPY 3,528.89 3,517.23 0.25
ASAHI GLASS CO LTD 234.82 JPY 2,075.11 1,821.76 0.13
ATSUGI CO LTD 587.06 JPY 529.52
572.68 0.04
BANK OF KYOTO 293.53 JPY 1,946.44 1,982.76 0.14
BANK OF SAGA LTD 340.50 JPY 725.61
855.45 0.06
BANK OF THE RYUKYUS LTD 35.22 JPY 223.37
336.47 0.02
BELLUNA CO LTD 109.19 JPY 438.62
423.06 0.03
BEST DENKI 117.41 JPY 630.31
262.57 0.02
BML INC TOKYO 19.96 JPY 244.44
369.95 0.03
CALSONIC CORP 105.67 JPY 294.90
255.76 0.02
CANON ELECTRONICS CO 17.61 JPY 345.67
327.07 0.02
CANON INC 35.22 JPY 1,072.51 1,079.44 0.08
CANON MARKETING JAPAN INC 93.93 JPY 1,128.14 1,084.84 0.08
CAWACHI LTD 58.71 JPY 850.87
901.70 0.07
CENTRAL JAPAN RAILWAY CO 0.41 JPY 2,755.23 2,775.86 0.20
CHUDENKO CORP 56.36 JPY 720.44
536.28 0.04
CKD CORP 93.93 JPY 464.76
578.30 0.04
COCOKARA FINE HOLDING INC 46.96 JPY 613.86
694.56 0.05
COSEL CO LTD 29.35 JPY 236.78
369.27 0.03
COSMO OIL CO LTD 1,056.71 JPY 2,351.10 2,081.08 0.15
CREDIT SAISON CO LTD 129.15 JPY 1,085.59 1,116.07 0.08
DAIEI INC. THE 176.12 JPY 581.12
593.21 0.04
DAINIPPON SCREEN MANUFACTURING 117.41 JPY 440.92
441.93 0.03
DENSO CORP 93.93 JPY 1,960.56 2,140.30 0.15
DENTSU INC TOKYO 117.41 JPY 2,460.13 2,569.48 0.19
DON QUIJOTE CO LTD 19.96 JPY 411.97
438.28 0.03
EAGLE INDUSTRY CO LTD 58.71 JPY 353.27
331.72 0.02
EBARA CORP 129.15 JPY 322.64
454.04 0.03
EIGHTEENTH BANK LTD 340.50 JPY 800.02
777.11 0.06
EXEDY CORP 35.22 JPY 515.78
743.61 0.05
EZAKI GLICO CO LTD 35.22 JPY 279.86
348.79 0.03
FANCL CORP YOKOHAMA 23.48 JPY 342.19
272.08 0.02
The accompanying notes form an integral part of these financial statements.
Page
17

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
FCC CO LTD 35.22 JPY 448.34
541.02 0.04
FRONTIER REAL ESTATE INV CORP 0.08 JPY 451.28
461.38 0.03
FUJI MEDIA HOLDINGS INC 2.82 JPY 2,603.19 3,321.95 0.24
FUJI SEAL INTERNATIONAL INC 31.70 JPY 469.11
567.44 0.04
FUJIKURA LTD 93.93 JPY 345.50
337.99 0.02
FUKUOKA FINANCIAL GROUP 1,361.98 JPY 4,150.83 4,662.67 0.35
FUTABA CORP 64.58 JPY 773.08
886.68 0.06
FUTABA INDUSTRIAL CO LTD 50.49 JPY 325.09
312.69 0.02
GUNMA BANK LTD 293.53 JPY 1,145.82 1,277.72 0.09
GUNZE LTD 328.75 JPY 873.15
847.13 0.06
HACHIJUNI BANK LTD 504.87 JPY 2,162.42 2,327.77 0.17
HAKUTO CO 96.28 JPY 786.26
703.51 0.05
HAMAMATSU PHOTONICS 18.79 JPY 426.05
429.62 0.03
HIGO BANK LTD 93.93 JPY 376.16
425.29 0.03
HINO MOTORS LTD 422.68 JPY 1,831.43 1,723.22 0.12
HITACHI CAPITAL CORP 52.84 JPY 356.34
577.65 0.04
HITACHI CONSTR. MACHIN 152.64 JPY 2,765.45 2,326.15 0.17
HITACHI MEDICAL 46.96 JPY 296.98
300.82 0.02
HOKUHOKU FINANCIAL GROUP 1,244.57 JPY 1,860.82 1,878.38 0.14
HONDA MOTOR CO LTD 246.57 JPY 5,718.33 5,892.84 0.44
HORIBA LTD 29.35 JPY 490.87
645.07 0.05
HOSHIZAKI EL 46.96 JPY 472.51
671.22 0.05
IDEMITSU KOSAN 64.58 JPY 4,054.63 3,993.61 0.29
INABATA + CO LTD OSAKA 232.48 JPY 611.79
862.19 0.06
INES CORP 164.38 JPY 923.27
907.64 0.07
ISUZU MOTORS LTD 469.65 JPY 1,257.82 1,166.96 0.08
IWATANI CORP 234.82 JPY 459.20
531.62 0.04
IZUMIYA CO LTD 140.89 JPY 618.54
497.90 0.04
J. FRONT RETAILING CO LTD 587.06 JPY 1,876.12 2,333.93 0.17
JACCS CO LTD 469.65 JPY 733.09
635.35 0.05
JAPAN DIGITAL LABORATORY CO 82.19 JPY 681.46
744.26 0.05
JAPAN PETROLEUM EXPLORATION CO 72.80 JPY 3,261.52 2,448.57 0.18
JAPAN SECURITIES FIN 230.13 JPY 1,185.44 1,071.62 0.08
JOSHIN DENKI CO LTD 46.96 JPY 346.98
388.12 0.03
JSR CORP TOKYO 82.19 JPY 1,215.23 1,139.09 0.08
JX HOLDINGS 1,027.36 JPY 3,582.37 4,131.64 0.30
K S HOLDINGS CORP 31.00 JPY 430.60
519.45 0.04
KAGOSHIMA BANK LTD 46.96 JPY 246.33
248.09 0.02
KAMIGUMI CO LTD 598.80 JPY 3,545.36 3,769.29 0.27
KANEKA CORP 704.47 JPY 3,488.44 3,364.74 0.24
KANTO TSUKUBA BANK LTD 129.15 JPY 351.11
287.63 0.02
KATO SANGYO CO LTD 23.48 JPY 285.39
298.66 0.02
KEIHIN CORPORATION 27.00 JPY 410.40
384.96 0.03
KIKKOMAN CORP 152.64 JPY 1,336.33 1,311.97 0.09
KINDEN CORP 469.65 JPY 2,864.95 3,271.82 0.24
KITZ CORP 93.93 JPY 409.04
364.78 0.03
KOHNAN SHOJI CO LTD 42.27 JPY 356.05
354.37 0.03
KOITO MANUFACTURING CO LTD 176.12 JPY 1,944.63 2,147.54 0.16
KOJIMA CO LTD 110.37 JPY 367.89
549.49 0.04
KOKUYO CO LTD 117.41 JPY 717.35
792.02 0.06
KOMERI CO LTD 23.48 JPY 464.87
431.99 0.03
Page
18
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
Cost Market Value % net assets
KURA CORP 27.00 JPY 362.38
360.11 0.03
KURABO INDUSTRIES LTD 704.47 JPY 1,132.59
888.19 0.06
KYOCERA CORP 35.22 JPY 1,862.61 2,353.38 0.17
KYODO PRINTING CO LTD 281.79 JPY 503.87
560.14 0.04
KYOWA HAKKO KIRIN CO LTD 140.89 JPY 1,078.33 1,096.95 0.08
LINTEC CORP 31.70 JPY 358.87
470.58 0.03
MACNICA INC YOKOHAMA 23.48 JPY 208.95
366.73 0.03
MAEDA CORP 105.67 JPY 214.27
226.59 0.02
MAEDA ROAD CONSTR. 58.71 JPY 362.32
391.69 0.03
MAKINO MILLING MACHINE CO LTD 82.19 JPY 411.09
431.13 0.03
MAKITA CORP 104.50 JPY 2,494.30 2,303.19 0.17
MANDOM CORP 23.48 JPY 482.50
522.76 0.04
MARUDAI FOOD CO LTD 176.12 JPY 303.72
424.64 0.03
MARUI GROUP CO LTD 528.35 JPY 2,357.29 2,931.99 0.21
MARUZEN SHOWA UNYU CO LTD 117.41 JPY 227.05
305.79 0.02
MAZDA MOTOR CORP 1,526.36 JPY 2,861.17 2,949.82 0.21
MELCO HOLDINGS INC 23.48 JPY 411.81
609.41 0.04
MERCIAN CORP 352.24 JPY 493.90
482.99 0.03
MITSUBISHI ELECTRIC CORP 246.57 JPY 1,514.61 1,588.37 0.11
MITSUBISHI UFJ FINANCIAL GROUP 410.94 JPY 1,593.69 1,531.64 0.11
MITSUBISHI UFJ LEASE & FINANCE 117.41 JPY 2,585.24 3,257.77 0.24
MITSUI CHEMICALS INC 645.77 JPY 1,488.41 1,491.66 0.11
MIYAZAKI BANK LTD 129.15 JPY 283.80
299.52 0.02
MIZUHO SECURITIES CO LTD 880.59 JPY 2,057.45 1,620.78 0.12
MSIG HOLDINGS 93.93 JPY 1,876.76 1,658.82 0.12
MURATA MANUFACTURING CO LTD 70.45 JPY 2,947.15 2,771.54 0.20
NABTESCO CORP 35.22 JPY 333.97
447.01 0.03
NAGASE + CO LTD 46.96 JPY 391.79
400.23 0.03
NAKAYAMA STEEL WORKS 469.65 JPY 739.73
639.67 0.05
NHK SPRING CO 434.42 JPY 2,318.83 3,270.31 0.24
NICE HOLDINGS INC 422.68 JPY 749.01
676.84 0.05
NICHIAS CORP 117.41 JPY 386.36
386.83 0.03
NIDEC COPAL CORP 39.92 JPY 424.57
469.14 0.03
NIDEC CORP 17.61 JPY 1,306.44 1,215.59 0.09
NIFCO INC 35.22 JPY 492.12
599.04 0.04
NIHON YAMAMURA GLASS CO LTD 328.75 JPY 636.94
723.08 0.05
NIKON CORP 82.19 JPY 1,347.45 1,173.12 0.08
NIPPO CORP 187.86 JPY 1,148.86 1,146.22 0.08
NIPPON CHEMI-CON CORP 117.41 JPY 304.26
421.40 0.03
NIPPON ELECTRIC GLASS 234.82 JPY 2,430.31 2,221.55 0.16
NIPPON PAINT CO LTD 105.67 JPY 309.68
524.16 0.04
NIPPON PAPER GROUP INC 117.41 JPY 2,098.36 2,661.32 0.19
NIPPON ROAD 129.15 JPY 236.12
223.45 0.02
NIPPON SYNTH. CHEM. 93.93 JPY 485.74
446.04 0.03
NIPPON TEL & TEL 176.12 JPY 5,095.75 5,899.65 0.44
NISHI NIPPON CITY BK 998.00 JPY 1,776.59 2,351.21 0.17
NISHIMATSU CONSTRUCTION CO 410.94 JPY 349.52
400.87 0.03
NISSAN MOTOR CO LTD 524.83 JPY 2,564.71 3,023.54 0.22
NISSAN SHATAI CO LTD 58.71 JPY 337.00
316.59 0.02
NISSIN KOGYO CO LTD 35.22 JPY 384.00
422.70 0.03
NITTO DENKO CORP 117.41 JPY 3,021.46 3,175.65 0.23
The accompanying notes form an integral part of these financial statements.
Page
19

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
NOMURA REAL ESTATE OFFICE FD 0.76 JPY 3,238.46 3,111.36 0.23
NORITSU KOKI CO LTD 58.71 JPY 852.27
364.68 0.03
NSK LTD 399.20 JPY 1,828.28 2,296.11 0.17
OHARA INC 24.66 JPY 301.57
321.76 0.02
OKUMURA CORP 117.41 JPY 325.60
352.25 0.03
OMRON CORP 152.64 JPY 2,502.90 2,744.74 0.20
ONOKEN CO LTD 85.71 JPY 648.71
616.04 0.04
ORIX CORP 44.62 JPY 2,529.36 2,668.89 0.19
OSAKA STEEL CO LTD 41.09 JPY 494.04
463.27 0.03
OSG CORP 46.96 JPY 347.92
412.33 0.03
OTSUKA CORP 29.35 JPY 1,335.82 1,537.04 0.11
OYO CORP 38.75 JPY 299.99
261.01 0.02
PANASONIC ELECTR.WORKS CO LTD 281.79 JPY 2,358.92 2,284.65 0.17
PROMISE CO LTD 35.22 JPY 638.32
195.47 0.01
RESORTTRUST INC. NAGOYA CITY 35.22 JPY 277.24
408.11 0.03
RINNAI CORP 70.45 JPY 1,997.71 2,959.55 0.21
RYOYO ELECTRO 117.41 JPY 949.59
987.60 0.07
SAIZERIYA CO LTD YOSHIKAWA 21.13 JPY 341.54
343.67 0.02
SAKAI CHEMICAL INDUSTRY CO LTD 176.12 JPY 320.21
546.20 0.04
SAN A I OIL CO LTD 117.41 JPY 363.98
363.06 0.03
SAN-IN GODO BANK LTD 140.89 JPY 724.74
888.19 0.06
SANSIN ELECTRONICS 82.19 JPY 725.85
568.03 0.04
SAPPORO HOKUYO HOLDINGS INC 528.35 JPY 1,872.41 1,910.90 0.14
SBI HOLDINGS INC 19.96 JPY 2,505.62 2,059.15 0.15
SEINO HOLDINGS CO LTD 187.86 JPY 765.02 1,061.50 0.08
SEIREN CO LTD 82.19 JPY 378.96
355.49 0.03
SEKISUI HOUSE LTD 293.53 JPY 1,961.23 2,063.80 0.15
SEVENTY-SEVEN (77) BANK 469.65 JPY 1,864.57 2,070.28 0.15
SFCG CO LTD 9.98 JPY 668.72
- -
SHIMAMURA CORP 35.22 JPY 2,350.09 2,606.22 0.19
SHINKAWA LTD 23.48 JPY 187.61
272.29 0.02
SHINKO SHOJI 117.41 JPY 867.68
822.28 0.06
SHINMAYWA INDUSTRIES 223.08 JPY 521.13
671.33 0.05
SHINSEI BANK LTD 270.05 JPY 603.68
188.88 0.01
SOHGO SECURITY SERVICES CO 39.92 JPY 316.03
331.37 0.02
SOJITZ CORP 2,209.70 JPY 3,902.80 2,846.96 0.21
SONY CORP 70.45 JPY 1,776.88 1,544.93 0.11
SUMITOMO ELECTRIC INDUSTRIES 93.93 JPY 866.91
905.04 0.07
TAIYO YUDEN CO LTD 58.71 JPY 498.14
653.72 0.05
TAKATA CORP TOKYO 23.48 JPY 311.02
391.80 0.03
TAKEFUJI CORP 140.89 JPY 1,509.08
338.42 0.02
TAKIRON CO LTD 140.89 JPY 284.57
341.01 0.02
TDK CORP 29.35 JPY 1,336.25 1,327.69 0.10
THK CO LTD 70.45 JPY 762.58 1,206.51 0.09
TOA CORP 692.73 JPY 682.12
554.63 0.04
TOCHIGI BANK LTD 70.45 JPY 272.20
250.25 0.02
TODA CORP 140.89 JPY 304.81
373.43 0.03
TOHO BK LTD 117.41 JPY 373.77
314.43 0.02
TOHO HOLDINGS CO LTD 25.83 JPY 326.99
335.18 0.02
TOKYO GAS CO LTD 469.65 JPY 1,771.22 1,750.44 0.13
TOKYO STEEL MFG 446.17 JPY 3,585.44 4,253.80 0.31
Page
20
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
TOKYO STYLE CO LTD 46.96 JPY 285.70
308.16 0.02
TOKYO TATEMONO CO LTD 469.65 JPY 1,223.99 1,197.22 0.09
TOPPAN PRINTING CO LTD 704.47 JPY 4,586.97 4,596.54 0.34
TOPY INDUSTRIES LTD 352.24 JPY 389.01
596.45 0.04
TORII PHARMACEUTICAL CO LTD 24.66 JPY 309.84
316.08 0.02
TOYO SECURITIES CO LTD 164.38 JPY 288.37
223.88 0.02
TOYO SEIKAN KAISHA LTD 352.24 JPY 4,133.20 4,243.21 0.31
TOYODA GOSEI CO LTD 70.45 JPY 1,447.14 1,439.90 0.10
TOYOTA INDUSTRIES CORP 187.86 JPY 4,763.47 3,926.18 0.28
TOYOTA MOTOR CORP 123.28 JPY 3,951.31 3,494.41 0.25
TS TECH CO LTD 41.09 JPY 466.18
530.21 0.04
TSUTSUMI JEWELRY CO LTD 31.70 JPY 427.21
553.14 0.04
TV ASAHI CORP 0.35 JPY 426.57
417.51 0.03
U N Y CO LTD 352.24 JPY 2,363.54 2,204.26 0.16
UCHIDA YOKO CO LTD 58.71 JPY 168.58
151.27 0.01
UNIDEN CORP 105.67 JPY 418.87
262.57 0.02
YACHINO BANK LTD 11.74 JPY 261.41
194.60 0.01
YAMADA DENKI CO LTD 35.22 JPY 1,953.72 1,889.83 0.14
YAMAGUCHI FINANCIAL GROUP INC 457.91 JPY 3,569.69 3,594.57 0.26
YAMANASHI CHUO BANK 176.12 JPY 591.96
589.96 0.04
YODOGAWA STEEL WORKS LTD 293.53 JPY 963.46
988.68 0.07
YOKOHAMA REITO CO LTD 82.19 JPY 436.10
475.75 0.03
YOROZU CORP 27.00 JPY 339.32
322.58 0.02
YURTEC CORP 82.19 JPY 311.46
285.91 0.02
ZEON CORP 105.67 JPY 529.53
508.60 0.04
264,526.63
271,038.12 19.62
MYR
GENTING MALAYSIA BHD 2,395.21 MYR 1,836.88 1,646.26 0.12
MISC BHD/LOCAL 854.76 MYR 1,741.68 1,850.69 0.13
SIME DARBY BHD 704.47 MYR 1,593.22 1,418.88 0.10
TENAGA NASIONAL 704.47 MYR 903.72 1,491.60 0.11
6,075.50
6,407.43 0.46
NOK
ATEA ASA 70.45 NOK 360.05
338.43 0.02
DOCKWISE LTD 82.19 NOK 1,457.96 1,622.73 0.12
HURTIGRUTEN AS 410.94 NOK 227.61
185.53 0.01
NORSKE SKOGINDUSTRIER AS 786.66 NOK 1,853.14
741.97 0.05
NORTHERN OFFSHORE LTD 234.82 NOK 364.33
361.75 0.03
NORWEGIAN AIR SHUTTLE ASA 29.35 NOK 416.82
393.13 0.03
PETROLEUM GEO-SERVICES ASA 93.93 NOK 842.29
650.86 0.05
SCHIBSTED 35.22 NOK 584.39
553.71 0.04
SEADRILL LTD 258.31 NOK 4,400.20 3,878.60 0.28
SPAREBANK 1 SMN/PRIM.CAP CERT 180.34 NOK 822.53
963.89 0.07
STOLT-NIELSEN SA 161.44 NOK 1,529.52 1,548.07 0.11
TGS NOPEC GEOPHYSICAL CO 88.06 NOK 582.01
841.08 0.06
13,440.85
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
12,079.75 0.87
Page
21

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
PHP
METROPOLITAN BANK & TRUST 2,986.96 PHP 2,543.84 3,304.29 0.24
Page
22
Quantity
Currency
2,543.84
3,304.29 0.24
SEK
ALFA LAVAL AB 469.65 SEK 4,071.15 4,999.55 0.36
ASSA ABLOY AB/B 317.01 SEK 2,539.12 5,221.79 0.38
BE GROUP AB 176.12 SEK 645.43
813.54 0.06
BOLIDEN AB 64.58 SEK 556.47
590.83 0.04
BURE EQUITY AB 176.12 SEK 489.36
477.03 0.03
EAST CAPITAL EXPLORER AB 152.64 SEK 1,195.73 1,141.72 0.08
ELECTROLUX AB B 293.53 SEK 2,832.25 5,475.96 0.40
FABEGE AB 413.29 SEK 1,951.21 2,035.79 0.15
GETINGE AB B 211.34 SEK 2,854.66 3,323.66 0.24
GUNNEBO AB 117.41 SEK 377.77
345.14 0.02
HENNES & MAURITZ AB 0.23 SEK 5.07
5.28 -
INDUSTRIAL + FINANCIAL SYST-B 41.09 SEK 260.55
342.98 0.02
J.M.AB 93.93 SEK 878.61 1,037.87 0.08
KINNEVIK INVESTMENTS AB B 798.40 SEK 10,212.83 10,485.74 0.76
KUNGSLEDEN 176.12 SEK 830.45
870.85 0.06
LUNDBERGFOERETAGEN -B- 35.22 SEK 1,340.36 1,288.72 0.09
MODERN TIMES GROUP AB B 31.70 SEK 946.33 1,429.75 0.10
MUNTERS AB 58.71 SEK 323.56
291.52 0.02
Q-MED AB 176.12 SEK 755.39 1,192.57 0.09
RATOS B 58.71 SEK 1,387.98 1,212.91 0.09
SKANDINAV.ENSK.BANKEN A 704.47 SEK 2,986.78 3,072.95 0.22
SKF AB B 234.82 SEK 2,504.15 3,453.83 0.25
SVENSKA CELLUL. B 821.88 SEK 8,149.04 7,985.60 0.58
SWEDBANK AB -A- 1,056.71 SEK 7,789.83 7,965.26 0.58
TELE2 AB/B 176.12 SEK 2,256.97 2,157.72 0.16
VOSTOK GAS LTD/SWED. DEP. REC 22.90 SEK 39.69
0.53 -
VOSTOK NAFTA INV/SDR 305.27 SEK 950.67
788.39 0.06
WALLENSTAM AB 110.37 SEK 1,168.48 1,512.07 0.11
60,299.89
69,519.55 5.03
SGD
CITY DEVELOPMENTS LTD 293.53 SGD 1,278.64 1,901.74 0.14
DBS GROUP HOLDINGS LTD 317.01 SGD 2,756.77 2,531.27 0.18
FRASER AND NEAVE LTD 1,174.12 SGD 3,012.07 3,529.36 0.26
GOLDEN AGRI-RESOURCES LTD 9,392.97 SGD 2,157.43 2,905.72 0.21
JARDINE CYCLE & CARRIAGE LTD 223.08 SGD 2,949.81 3,906.28 0.29
KEPPEL CORP LTD 176.12 SGD 1,004.67
874.80 0.06
OVERSEA-CHINESE BANKING CORP 352.24 SGD 1,611.48 1,823.62 0.13
SINGAPORE AIRLINES LTD 176.12 SGD 1,482.07 1,500.83 0.11
UOL GROUP LTD 939.30 SGD 1,981.62 2,083.35 0.15
UTD OVERSEAS BK/LOCAL 317.01 SGD 3,054.19 3,630.37 0.26
21,288.75
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
24,687.34 1.79

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
Cost Market Value % net assets
USD
ACE LTD 46.96 USD 1,843.13 1,977.71 0.14
ADVANCED SEMICOND.ENGIN./SADR 573.84 USD 1,962.21 1,857.74 0.13
AGILYSYS INC 76.67 USD 707.51
438.90 0.03
ALLEGHANY CORP 5.99 USD 1,039.69 1,433.31 0.10
ALLERGAN INC 49.31 USD 1,572.98 2,327.52 0.17
ALLIED WORLD ASSURANCE HLD LTD 32.55 USD 957.01 1,221.66 0.09
ALLSTATE CORP 41.60 USD 1,405.28
983.07 0.07
ALTERRA CAP HLDGS 36.10 USD 700.43
550.56 0.04
AMCOL INTERNATIONAL 12.92 USD 238.79
254.45 0.02
AMEREN CORP 164.38 USD 3,329.65 3,221.05 0.23
AMERICAN ELECTRIC POWER CO INC 70.45 USD 1,786.76 1,877.37 0.14
AMERICAN EQUITY INV LIFE HOLD 153.81 USD 798.56 1,345.82 0.10
AMERICAN EXPRESS CO 31.70 USD 877.23 1,043.09 0.08
AMERICAN WATER WORKS CO INC 129.15 USD 2,092.40 2,188.54 0.16
AMERISOURCEBERGEN CORP 112.72 USD 2,460.37 2,893.49 0.21
AMER.NATL INSURANCE 18.79 USD 779.50 1,268.74 0.09
ANNALY CAPITAL MANAGEMENT INC 152.64 USD 1,965.30 2,159.53 0.16
ANSYS INC 11.74 USD 420.34
395.52 0.03
AOL 15.69 USD 233.04
265.04 0.02
APOLLO INVESTMENT CORP 61.24 USD 725.41
479.43 0.03
ARCH CAPITAL GROUP LTD BERMUDA 76.32 USD 3,103.16 4,671.30 0.34
ARES CAPITAL CORPORATION 71.83 USD 715.33
743.93 0.05
ARGO GROUP INTL HLD LTD 44.62 USD 994.76 1,126.78 0.08
ARROW ELECTRONICS INC 55.18 USD 1,012.35 1,033.20 0.07
ASHLAND INC 23.48 USD 686.69
926.24 0.07
ASPEN INSURANCE HOLDINGS 35.22 USD 556.95
719.24 0.05
ASSISTED LIVING CONCEPT INC -A- 17.61 USD 475.10
431.14 0.03
ATHEROS COMMUNICATIONS 35.22 USD 638.02
811.44 0.06
AU OPTRONICS CORP/ADR 151.10 USD 1,772.53 1,115.09 0.08
AVATAR HOLDINGS INC 42.27 USD 848.66
680.40 0.05
AXIS CAPITAL HOLDINGS LTD 164.38 USD 3,902.14 4,021.29 0.29
BALDWIN + LYONS INC B 17.61 USD 250.73
311.15 0.02
BALL CORP 46.96 USD 1,594.40 2,035.92 0.15
BANK OF AMERICA CORP 390.48 USD 11,451.99 4,668.02 0.34
BIO-RAD LABORATORIES A 8.22 USD 550.27
584.76 0.04
BJ S RESTAURANTS INC 46.96 USD 510.08
921.83 0.07
BLACK BOX CORP 35.22 USD 605.51
822.64 0.06
BLACK HILLS CORP 35.22 USD 566.91
830.68 0.06
BLACKROCK INC 22.31 USD 3,058.05 2,653.24 0.19
BOSTON SCIENTIFIC CORP 587.06 USD 4,263.45 2,790.97 0.20
BROADCOM CORP -A- 58.71 USD 1,179.56 1,597.50 0.12
BUCYRUS INTERNATION. INC 12.92 USD 445.51
513.01 0.04
BUNGE LTD 57.53 USD 2,400.22 2,334.02 0.17
CAMERON INTERNATIONAL CORP 32.88 USD 994.92
889.24 0.06
CAPITAL SOUTHWEST CORP 15.65 USD 1,257.84 1,130.53 0.08
CARBO CERAMICS 5.87 USD 279.02
351.24 0.03
CARDINAL HEALTH INC 89.98 USD 2,594.01 2,479.47 0.18
CARMAX/WHEN ISSUED 176.12 USD 2,560.58 2,905.38 0.21
CATHAY GENERAL BANCORP 82.19 USD 692.22
690.32 0.05
The accompanying notes form an integral part of these financial statements.
Page
23

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
CBS CORP B/WHEN ISSUED 105.75 USD 1,904.54 1,140.06 0.08
CENTURYTEL 152.64 USD 3,461.26 4,183.39 0.30
CERNER CORP 64.58 USD 2,711.29 4,052.17 0.29
CHEESECAKE FATURY INC 23.48 USD 279.37
430.09 0.03
CHEMED CORP 9.39 USD 387.23
419.59 0.03
CHICOS FAS INC 46.96 USD 324.45
378.00 0.03
CHUNGHWA TELECOM /SADR 49.50 USD 660.33
796.42 0.06
CINCINNATI FINANCIAL CORP 176.12 USD 3,356.38 3,762.78 0.27
CISCO SYSTEMS INC 74.39 USD 1,425.71 1,308.52 0.09
CITIGROUP INC 144.26 USD 3,042.63
451.74 0.03
CITRIX SYSTEMS INC 41.09 USD 1,455.51 1,437.28 0.10
CLAYTON WILLIAMS ENERGY INC 11.74 USD 485.91
416.11 0.03
CNA SURETY CORP 35.22 USD 358.64
463.02 0.03
COGNIZANT TECHNOLOGY SOL. CORP 37.57 USD 1,586.76 1,551.22 0.11
COINSTAR INC 11.74 USD 458.26
415.53 0.03
COMMUNITY HEALTH SYSTEMS INC 32.88 USD 694.04
909.62 0.07
COMPUTER SCIENCES CORP 84.54 USD 3,434.24 3,135.92 0.23
CONCUR TECHNOLOGIES INC 14.09 USD 456.61
496.69 0.04
CONN S INC 58.71 USD 442.27
289.63 0.02
CONSOLIDATED EDISON INC 170.25 USD 4,372.52 6,030.78 0.44
CONSTELLATION ENERGY GROUP INC 58.71 USD 1,634.96 1,588.89 0.12
COOPER COMPANIES INC 11.74 USD 352.41
385.57 0.03
CORELOGIC 86.88 USD 832.23 1,263.99 0.09
CORE-MARK HOLDING COMPANY INC 17.61 USD 324.51
399.26 0.03
CORNING INC 100.97 USD 1,036.31 1,342.98 0.10
COVENTRY HEALTH CARE INC 70.45 USD 1,248.87 1,030.60 0.07
CREDIT ACCEPTANCE CORP 10.57 USD 306.35
420.68 0.03
CREE INC 17.61 USD 382.48
875.92 0.06
CROWN CASTLE INTL CORP 35.22 USD 992.79 1,078.57 0.08
CSS INDUSTRIES INC 23.48 USD 330.83
313.66 0.02
CUMMINS INC 23.48 USD 1,321.01 1,280.49 0.09
DANAHER CORP 39.92 USD 1,056.08 1,225.96 0.09
DAVITA INC 35.22 USD 1,717.06 1,799.24 0.13
DECKERS OUTDOOR CORP 7.04 USD 822.81
830.51 0.06
DG FASTCHANNEL INC 14.09 USD 461.07
377.43 0.03
DICK S SPORTING GOODS INC 23.48 USD 296.12
481.60 0.03
DILLARDS INC A 93.93 USD 824.98 1,650.64 0.12
DIRECTV 155.95 USD 2,417.71 4,354.25 0.32
DISCOVERY COM INC/A 105.67 USD 1,630.53 3,069.39 0.22
DOLLAR THRIFTY AUTOMOTIVE GROUP 14.09 USD 451.14
495.08 0.04
DOMTAR 14.09 USD 371.97
572.75 0.04
DR PEPPER SNAPPLE GROUP INC 64.58 USD 1,157.83 1,987.38 0.14
DRIL-QUIP INC. HOUSTON TEXAS 17.61 USD 636.94
645.56 0.05
DTE ENERGY COMPANY 206.75 USD 6,398.37 7,699.84 0.57
DUKE ENERGY HOLDING CORP 445.64 USD 5,257.48 5,861.64 0.42
EDISON INTERNATIONAL 76.32 USD 1,950.56 1,995.85 0.14
EDWARDS LIFESCIENCES 82.19 USD 1,924.02 3,652.00 0.26
EMC CORP 96.28 USD 1,093.03 1,462.66 0.11
ENBRIDGE ENERG MNGT UNITS 568.27 USD -
- -
ENDURANCE SPECIALTY HOLDINGS 53.29 USD 1,402.31 1,635.35 0.12
EQUINIX INC 8.22 USD 302.01
541.73 0.04
Page
24
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
Cost Market Value % net assets
ESTERLINE TECHNOLOGIES CORP 30.53 USD 950.47 1,215.06 0.09
EVERCORE PARTNERS INC 23.48 USD 520.74
461.68 0.03
EVEREST REINSURANCE GROUP LTD 86.88 USD 4,966.10 5,010.60 0.36
FIDELITY NATIONAL INFORM SERV 117.41 USD 1,895.11 2,610.01 0.19
FIFTH THIRD BANCORP 89.75 USD 1,680.00
939.00 0.07
FIRST CITIZENS BANC.NTH CAR. A 3.52 USD 570.01
561.26 0.04
FIRST MERCHANTS CORP 35.22 USD 306.00
246.73 0.02
FLOWSERVE CORP 39.92 USD 2,753.22 2,782.98 0.20
FOOT LOCKER INC 70.45 USD 324.11
743.36 0.05
FRANKLIN RESOURCES INC 56.36 USD 4,220.07 3,969.36 0.29
F5 NETWORKS INC 14.09 USD 228.98
799.78 0.06
GAP INC 93.93 USD 1,382.48 1,521.96 0.11
GARDNER DENVER INC 8.22 USD 302.78
305.48 0.02
GENCO SHIPPING & TRADING LTD 15.26 USD 624.37
194.05 0.01
GENERAL MILLS INC 70.45 USD 1,862.51 2,031.33 0.15
GENWAORTH FINANCIAL -A- 117.41 USD 1,358.26 1,274.37 0.09
GIBRALTAR INDUSTRIES INC 140.89 USD 1,251.21 1,191.45 0.09
GOODRICH CORP 78.67 USD 2,962.03 4,326.86 0.31
GRAINGER INC. WW 54.01 USD 2,611.77 4,425.85 0.32
GREIF INC 5.87 USD 222.14
266.70 0.02
GROUP I AUTOMOTIVE 62.23 USD 788.85 1,230.56 0.09
GSI COMMERCE INC 23.48 USD 225.94
559.15 0.04
GYMBOREE CORP 9.39 USD 374.88
331.35 0.02
HANOVER INSURANCE GROUP INC 17.61 USD 496.00
627.32 0.05
HARMAN INTL INDUSTRIES INC 29.35 USD 1,039.96
733.65 0.05
HARRIS CORP 35.22 USD 1,335.59 1,221.90 0.09
HARTFORD FIN. SERV. GROUP 92.23 USD 4,852.94 1,669.61 0.12
HASBRO INC 41.09 USD 1,411.52 1,400.75 0.10
HEALTHSPRING INC 29.35 USD 381.88
378.91 0.03
HEICO CORP 9.39 USD 395.15
277.81 0.02
HEWLETT-PACKARD CO 89.86 USD 2,546.49 3,198.39 0.23
HORACE MANN EDUCATORS CORP 52.32 USD 693.90
657.88 0.05
HOSPIRA INC 25.83 USD 979.78 1,209.70 0.09
HOSPITALITY PROPERTIES TRUST 29.35 USD 280.16
507.69 0.04
HUNTINGTON BANCSHARES INC 211.34 USD 1,163.64
985.79 0.07
IAC/INTERACTIVECORP/W. ISSUED 58.71 USD 670.98 1,062.77 0.08
IBERIABANK CORP 7.04 USD 313.15
298.95 0.02
IBM CORP 30.25 USD 2,106.63 3,065.23 0.22
IDACORP INC 52.84 USD 866.57 1,445.08 0.10
IMATION CORP 45.79 USD 415.33
354.74 0.03
INTEGRA LIFESCIENCES HLGS CORP 14.09 USD 483.60
430.62 0.03
INTEGRYS ENERGY GROUP INC 140.89 USD 2,752.88 5,079.46 0.37
INTEVAC 35.22 USD 287.93
313.09 0.02
JONES LANG LASALLE 16.44 USD 849.77
898.22 0.07
JOS A BANK CLOTHIERS INC 14.09 USD 682.40
635.13 0.05
JPMORGAN CHASE & CO 333.20 USD 8,988.72 10,102.35 0.74
KAISER ALUMINUM CORP 35.22 USD 946.12 1,012.50 0.07
KANSAS CITY LIFE INSURANCE CO 14.09 USD 249.50
348.24 0.03
KANSAS CITY SOUTHERN 11.74 USD 384.95
356.75 0.03
KELLY SERVICES INC 98.63 USD 873.80 1,242.58 0.09
KIMBALL INT. INC 41.09 USD 266.72
187.33 0.01
The accompanying notes form an integral part of these financial statements.
Page
25

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
KINDRED HEALTHCARE INC 70.45 USD 516.89
749.11 0.05
KINETIC CONCEPTS INC 16.44 USD 374.11
496.63 0.04
KOHL S CORP 36.40 USD 1,268.93 1,426.76 0.10
KOOKMIN BANK SADR 86.88 USD 3,945.02 2,726.36 0.20
KOREA ELECTRIC/SADR R.1/2 SH 57.53 USD 788.88
613.65 0.04
KT CORPORATION/SADR 97.45 USD 1,744.22 1,511.49 0.11
LG DISPLAY CO LTD/SADR 97.45 USD 1,825.32 1,312.02 0.09
LIFE TECHNOLOGIES CORP 30.53 USD 1,071.81 1,211.58 0.09
LIFEPOINT HOSPIT/WHEN ISSUED 25.83 USD 558.57
668.78 0.05
LIMITED BRANDS INC 82.19 USD 1,528.70 1,501.95 0.11
LINCOLN NATIONAL CORP 135.02 USD 2,606.56 2,732.85 0.20
LOEWS CORP 35.22 USD 1,012.01
956.21 0.07
LUBRIZOL CORP 37.57 USD 2,633.22 2,518.17 0.18
LUFKIN INDUSTRIES INC 14.09 USD 333.09
463.60 0.03
M & F WORLDWIDE CORP 10.57 USD 267.87
240.76 0.02
MARATHON OIL CORP 97.45 USD 2,080.60 2,511.99 0.18
MARVELL TECHNOLOGY GROUP 281.79 USD 4,035.62 3,688.10 0.27
MAXIMUS 11.74 USD 594.74
559.63 0.04
MEDCOHEALTH SOLUTIONS 23.48 USD 762.96 1,049.75 0.08
MEDICAL PROPERTIES TRUST INC 92.63 USD 700.06
716.05 0.05
MEDTRONIC INC. 43.44 USD 1,431.71 1,279.57 0.09
METLIFE INC 109.60 USD 4,350.17 3,408.87 0.25
MICROSOFT CORP 90.84 USD 2,092.10 1,734.16 0.13
MINERALS TECHNOLOGIES INC 17.61 USD 676.39
697.84 0.05
MOLSON COORS BREW-B-NON-VOT 65.75 USD 2,163.22 2,286.77 0.17
MORGAN STANLEY 245.84 USD 3,451.99 4,755.17 0.34
MWI VETERINARY SUPPLY INC 11.74 USD 321.51
481.69 0.03
MYLAN INC 70.45 USD 684.54
995.27 0.07
NATIONAL PRESTO INDUSTR.INC 15.26 USD 716.48 1,200.37 0.09
NATL WESTERN LIFE INSURANCE A 7.04 USD 951.88
900.83 0.07
NEWMARKET CORP 11.74 USD 643.81
875.49 0.06
NGP CAPITAL RESOURCES COMPANY 70.45 USD 443.91
416.49 0.03
NII HOLDINGS INC -B- 62.23 USD 1,847.81 1,692.85 0.12
NISOURCE INC 246.57 USD 2,745.19 2,949.62 0.21
NORDSON CORP 14.09 USD 557.69
656.85 0.05
NORTHSTAR REALTY FINANCE CORP 49.07 USD 256.40
106.83 0.01
OMNICARE INC 129.15 USD 2,471.29 2,527.67 0.18
OSHKOSH CORP 17.61 USD 511.07
464.75 0.03
OYO GEOSPACE CORP 11.74 USD 327.20
460.53 0.03
PARTNERRE LTD BERMUDA 104.86 USD 5,451.88 5,998.52 0.43
PEETS COFFEE AND TEA INC 12.92 USD 301.29
415.91 0.03
PEPCO HOLDINGS INC 211.34 USD 3,422.92 2,716.09 0.20
PETROLEUM DEVELOPMENT CORP 11.98 USD 413.22
259.97 0.02
PETSMART 46.96 USD 1,207.20 1,163.49 0.08
P.F.CHANG S CHINA BISTRO 17.61 USD 393.66
579.78 0.04
PHH CORP/W.I. 58.71 USD 633.30
924.42 0.07
PHILLIPS -VAN HEUSEN CORP 15.26 USD 661.00
579.53 0.04
PINNACLE WEST CAP. CORP 140.89 USD 2,793.83 4,206.27 0.30
PIONEER NATURAL RESOURC 70.45 USD 2,398.30 3,473.24 0.25
PLANTRONICS INC 17.61 USD 462.60
420.94 0.03
PLATINUM UNDERWRITERS HOLDINGS 52.55 USD 1,263.78 1,572.80 0.11
Page
26
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
Cost Market Value % net assets
PMA CAPITAL CORP A 41.09 USD 245.72
222.51 0.02
PNM RESOURCES INC 129.15 USD 844.61 1,189.06 0.09
POLO RALPH LAUREN A 58.71 USD 2,290.23 3,521.50 0.25
PORTFOLIO RECOVERY ASSOCIATES 22.31 USD 573.17 1,228.84 0.09
POSCO/SADR 22.31 USD 2,182.71 1,737.29 0.13
PRECISION CASTPARTS 39.92 USD 3,146.15 3,387.50 0.25
PROGRESS ENERGY INC 164.38 USD 4,200.56 5,290.68 0.38
PROVIDENT FINANCIAL SERVICES 117.41 USD 932.91 1,143.20 0.08
RAIT INVESTMENT TRUST - SBI 46.96 USD 241.79
73.53 0.01
REGAL BELOIT CORP 23.48 USD 555.25 1,068.51 0.08
REGIONS FINANCIAL CORP 528.35 USD 3,263.08 2,942.72 0.21
RENAISSANCERE HLD LTD 30.53 USD 1,215.57 1,402.01 0.10
RESMED INC 9.39 USD 448.83
468.15 0.03
ROWAN COMPANIES INC 234.82 USD 2,330.88 4,266.40 0.31
ROYAL CARIBBEAN CRUISES LTD 187.86 USD 3,424.36 3,554.05 0.26
SAFETY INS GROUP INC 17.61 USD 388.24
540.00 0.04
SANDISK CORP 41.09 USD 1,551.89 1,460.40 0.11
SCHWEITZER-MAUDUIT INTL INC 11.74 USD 519.59
497.30 0.04
SEABRIGHT INSURANCE HOLDINGS 105.96 USD 1,015.54
834.72 0.06
SEACOR HOLDINGS INC 22.18 USD 1,217.92 1,300.04 0.09
SEAGATE TECHNOLOGY 211.34 USD 3,095.26 2,319.71 0.17
SFN GROUP 70.45 USD 240.45
333.19 0.02
SHINHAN FIN.GROUP/ADR 41.09 USD 2,796.45 2,458.01 0.18
SIRONA DENTAL SYSTEMS INC 17.61 USD 526.92
512.57 0.04
SKYWEST INC 72.98 USD 802.98
730.85 0.05
SL GREEN REALTY CORPORATION 17.61 USD 618.77
806.84 0.06
SPRINT NEXTEL CORP/FON SER.1 704.47 USD 3,493.18 2,498.94 0.18
STEINER LEISURE LTD 12.92 USD 260.20
410.96 0.03
STEVEN MADDEN LTD 15.85 USD 304.70
411.55 0.03
STUDENT LOAN CORP 9.39 USD 312.01
194.09 0.01
SUNTRUST BANKS INC 184.48 USD 4,846.55 3,559.28 0.26
SUPERIOR INDUSTRIES INTL 93.33 USD 1,178.16 1,046.48 0.08
SUSQUEHANNA BANCSHARES INC 58.71 USD 576.45
406.44 0.03
SVB FINANCIAL GROUP 17.61 USD 578.14
591.99 0.04
SWIFT ENERGY CORP 14.09 USD 402.45
318.37 0.02
SYNOVUS FINANCIAL CORP 234.82 USD 1,214.37
495.96 0.04
TAIWAN SEMICONDUCT.MANUF/SADR 144.03 USD 864.36 1,168.63 0.08
TARGET CORP 46.96 USD 1,292.23 1,913.37 0.14
TECH DATA CORP 59.88 USD 1,309.21 1,770.09 0.13
TECUMSEH PRODUCTS CO A 70.45 USD 1,182.36
653.17 0.05
TIDEWATER INC 17.61 USD 526.53
568.15 0.04
TIFFANY & CO 32.88 USD 975.27 1,040.17 0.08
TIME WARNER 172.58 USD 3,328.43 4,144.66 0.30
TRACTOR SUPPLY CO 14.09 USD 769.81
705.56 0.05
TRAVELERS COMPANIES INC 160.78 USD 5,219.33 6,490.10 0.48
TRINITY IND. INC 69.27 USD 813.14 1,026.98 0.07
TRW AUTOMOTIVE HOLDINGS CORP 16.44 USD 430.09
382.69 0.03
UMPQUA HOLDINGS CORP 95.53 USD 838.78
921.53 0.07
UNITED AMERICAN INDEMNITY LTD 98.68 USD 380.66
601.94 0.04
UNITED COMMUNITY BANKS INC 48.05 USD 348.99
157.11 0.01
UNITED MICROELECTR./SADR 1,132.47 USD 2,584.85 2,696.59 0.20
The accompanying notes form an integral part of these financial statements.
Page
27

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
UNITRIN INC 22.93 USD 696.00
486.55 0.04
UNIVERSAL AMERICAN CORP 35.22 USD 425.58
432.00 0.03
UNUM GROUP 176.12 USD 2,476.79 3,150.97 0.23
URS CORP 32.88 USD 1,037.18 1,063.50 0.08
VAIL RESORTS INC 11.74 USD 400.41
344.39 0.02
VALERO ENER. CORP 32.66 USD 1,435.20
480.52 0.03
VALIDUS HOLDINGS 52.84 USD 838.91 1,039.22 0.08
VIASAT INC CARLSBAD. CALIF 35.22 USD 578.74
950.75 0.07
VIRGIN MEDIA INC 93.93 USD 1,046.66 1,282.22 0.09
VISA INC A 27.00 USD 1,185.73 1,574.09 0.11
VOLT INFORMATION SCIENCES INC 29.35 USD 253.51
208.25 0.02
WALTER INV MGMT/WHEN ISSUED 41.09 USD 382.08
558.62 0.04
WARNACO GROUP INC 8.22 USD 286.59
242.82 0.02
WARNER CHILCOTT PLC SHS 46.96 USD 910.53
891.96 0.06
WATSON PHARMACEUTICALS INC 46.96 USD 1,165.54 1,572.13 0.11
WEBSTER FINANCIAL (CONN) 66.92 USD 676.95 1,015.63 0.07
WELLCARE HEALTH PLANS INC 15.26 USD 412.99
289.51 0.02
WELLPOINT INC 137.37 USD 4,474.72 5,534.99 0.40
WEST PHARMACEUTICAL SERVICES 15.26 USD 484.25
451.82 0.03
WESTERN DIGITAL CORP 48.14 USD 1,179.25 1,198.86 0.09
WHITE MOUNTAINS INSURANCE GRP 12.92 USD 2,541.91 3,469.01 0.25
WHITING PETROLEUM CORP 8.22 USD 494.58
535.50 0.04
WINDTRUST FINANCIAL CORP 56.01 USD 1,283.63 1,580.19 0.11
WOORI FINANCIAL HLDGS/ADR 41.09 USD 1,281.08 1,192.31 0.09
XL CAPITAL LTD -A- 99.80 USD 1,256.16 1,302.95 0.09
ZIMMER HOLDINGS INC 23.48 USD 1,003.93 1,042.47 0.08
ZIONS BANCORP 82.19 USD 1,563.68 1,486.54 0.11
Page
28
392,356.54
420,762.08 30.47
Total - Shares 1,337,124.50 1,347,779.86 97.57
Investment funds
Quantity
Currency
Cost Market Value % net assets
AUD
STOCKLAND/UNITS 336.97 AUD 1,740.80
865.66 0.06
1,740.80
865.66 0.06
EUR
COFINIMMO SICAFI 4.70 EUR 610.17
434.66 0.03
610.17
434.66 0.03
JPY
DA OFFICE INVESTMENT CORP 0.21 JPY 407.47
384.32 0.03
FUKUOKA REIT CORP 0.08 JPY 332.80
388.02 0.03
JAPAN LOGISTICS FUND INC 0.08 JPY 441.76
522.65 0.04
JAPAN PRIME REALTY INVESTMENT 0.82 JPY 1,518.01 1,419.70 0.10
JAPAN RETAIL FUND INVESTMENT 4.11 JPY 4,133.49 4,099.50 0.30
KENEDIX REALTY INVESTMENT CORP 0.14 JPY 541.71
321.69 0.02
MID REIT INC 0.23 JPY 303.98
372.78 0.03
NIPPON COMMERCIAL INVESTMENT 0.18 JPY 295.18
138.25 0.01
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
NOMURA REAL ESTATE RESIDENTIAL FUND
INC
0.16 JPY 521.32
499.20 0.04
8,495.72
8,146.11 0.60
SGD
K-GREEN TRUST SHS 35.22 SGD 31.90
21.59 -
31.90
21.59 -
USD
MVC CAPITAL 119.11 USD 1,336.90 1,251.08 0.09
1,336.90 1,251.08 0.09
Total - Investment funds 12,215.49 10,719.10 0.78
Options, Warrants, Rights
EUR
MEDIOBANCA 18.03.11 CW/MB 70.45 EUR -
2.35 -
RIGHT IMMOEAST 2010 176.12 EUR -
- -
RIGHTS KME GROUP 09.07.10 1,649.42 EUR -
0.49 -
RIGHTS UNIPOL GRUP 10-09.07.10 1,761.18 EUR -
74.15 0.01
UBI BANCA 30.06.11 CW/UBIW 352.24 EUR -
5.39 -
-
82.38 0.01
HKD
HLDVF 10-01.06.11 CW/HLDVF 46.96 HKD -
6.79 -
-
6.79 -
Total - Options, Warrants, Rights -
89.17 0.01
Total - Transferable securities admitted to an official stock exchange listing 1,349,339.99 1,358,588.13 98.36
Transferable securities dealt in on another regulated market
Shares
Quantity
Currency
Cost Market Value % net assets
EUR
DANIELI + C.OFF.MECC. SPA 23.48 EUR 431.68
353.65 0.03
431.68
353.65 0.03
JPY
FUJIMI INC 25.83 JPY 232.32
305.23 0.02
MICRONICS JAPAN CO LTD TOKYO 23.48 JPY 286.11
248.95 0.02
OSAKA SECURITIES EXCHANGE CO 0.12 JPY 461.76
407.90 0.03
RISO KAGAKU CORP 29.35 JPY 275.99
245.28 0.02
1,256.18 1,207.36 0.09
USD
ACER INC/SPGDR 140.89 USD 1,429.60 1,384.47 0.10
ASUSTEK COMPUTER INC/GDR 168.18 USD 1,385.08 1,302.88 0.09
CHINA STEEL/GDS 50.45 USD 862.76
761.12 0.06
FIRST AMERICAN FINANCIAL CORP 86.88 USD 1,001.85
921.07 0.07
The accompanying notes form an integral part of these financial statements.
Page
29

Sparinvest SICAV
SPARINVEST - EQUITAS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
HON HAI PRECISION IND/GDR 243.78 USD 1,531.13 1,449.22 0.10
SAMSUNG EL./SP. GDR (1/2VOT144A) 22.31 USD 4,902.20 5,766.72 0.41
SM ENERGY CO 19.96 USD 728.48
664.74 0.05
Page
30
Quantity
Currency
11,841.10
Cost Market Value % net assets
12,250.22 0.88
Total - Shares 13,528.96 13,811.23 1.00
Total - Transferable securities dealt in on another regulated market 13,528.96 13,811.23 1.00
TOTAL INVESTMENT PORTFOLIO 1,362,868.95 1,372,399.36 99.36
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - EQUITAS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
United States 25.71
Japan 20.31
France 5.95
Switzerland 5.37
Great Britain 5.12
Sweden 4.97
Germany 4.80
Italy 3.64
Bermuda Islands 3.57
Australia 2.38
Netherlands 2.13
Hong Kong 2.05
Finland 1.83
Belgium 1.77
Singapore 1.58
South Korea 1.25
Spain 1.06
Taiwan 0.90
Austria 0.78
Cayman Islands 0.67
Portugal 0.47
Malaysia 0.46
Greece 0.44
China 0.38
Norway 0.33
Liberia 0.26
Luxembourg 0.25
Philippines 0.24
Denmark 0.22
Mauritius Islands 0.21
Ireland 0.11
Jersey 0.08
Liechtenstein 0.03
Bahamas 0.03
Marshall Islands 0.01
99.36
Economic breakdown %
Holding and finance companies 12.38
Banks and financial institutions 11.09
Insurance 8.55
Page
31

Sparinvest SICAV
SPARINVEST - EQUITAS
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Electronics and electrical equipment 6.22
News transmission 4.87
Automobile industry 4.48
Real estate 4.22
Public services 3.75
Mechanics, machinery 3.46
Energy 3.37
Transport 3.03
Pharmaceuticals and cosmetics 2.96
Retail trade, department stores 2.59
Coal mines, heavy industries 2.32
Chemicals 2.14
Forest products and paper industry 2.07
Construction, building materials 1.96
Tobacco and spirits 1.84
Food and distilleries 1.80
Graphic art and publishing 1.67
Other services 1.60
Consumer goods 1.55
Internet Software 1.45
Office equipment and computers 1.28
Gastronomy 1.18
Textile 1.11
Healthcare, education and social services 0.99
Investment funds 0.98
Clock and watch-making industry 0.81
Package and container industry 0.70
Non-ferrous metals 0.56
Aerospace technology 0.53
Other business houses 0.36
Agriculture and fishing 0.35
States, provinces and municipalities 0.32
Tires and rubber 0.31
Photography and optics 0.20
Options on Indexes 0.18
Precious metals 0.13
Page
32
99.36

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 79,698,122.71
Cash at bank 5,306,754.79
Amounts receivable on subscriptions 207,883.30
Interest and dividends receivable, net 176,008.33
Other assets 32,218.59
TOTAL ASSETS 85,420,987.72
LIABILITIES
Bank overdraft 0.01
Amounts payable on purchase of investments 226,190.88
(4) Management and advisory fees payable
61,542.33
Taxes and expenses payable 37,109.90
Other liabilities 540,424.51
TOTAL LIABILITIES 865,267.63
TOTAL NET ASSETS 84,555,720.09
Net asset value per share
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
EUR
EUR
EUR
EUR
GBP
The accompanying notes form an integral part of these financial statements.
EUR
87.52
86.33
88.89
88.92
71.60
80,602.78
100.00
851,175.73
100.00
20,821.76
Page
33

Page
Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
34
NET ASSETS AT THE BEGINNING OF THE PERIOD 74,489,042.06
INCOME
Dividends, net 1,034,899.07
Bank interest 3,572.09
(11) Securities lending fees
43,219.72
Other income 643.52
TOTAL INCOME 1,082,334.40
EXPENSES
(4) Management and advisory fees
345,278.53
(6) Custodian fees
10,225.59
(6) Domiciliation, administration and transfer agent fees
164,668.68
Audit, printing and publication expenses 4,651.41
(3) Taxe d'abonnement
5,389.39
Bank charges 5,873.76
Interest paid 3.91
Other charges 2,152.98
TOTAL EXPENSES 538,244.25
NET INCOME / (LOSS) FROM INVESTMENTS 544,090.15
Net realised gain / (loss) on sales of investments 354,322.72
Net realised gain / (loss) on foreign exchange 22,539.71
NET REALISED PROFIT / (LOSS) 920,952.58
Change in net unrealised appreciation / (depreciation) on investments 5,693,698.60
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 6,614,651.18
EVOLUTION OF THE CAPITAL
Subscriptions of shares 7,235,439.42
Redemptions of shares -3,783,394.04
(9) Dividends distributed
-18.53
NET ASSETS AT THE END OF THE PERIOD 84,555,720.09
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
30,172.84
59,227.77
-8,797.83
80,602.78
100.00
-
-
100.00
885,130.31
441.20
-34,395.78
851,175.73
100.00
-
-
100.00
629.02
20,192.74
-
20,821.76
Page
35

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
AUD
CALTEX AUSTRALIA LTD 32,811.77 AUD 198,877.83 213,900.33 0.25
198,877.83 213,900.33 0.25
CAD
CANADIAN T.CORP A N-VOT. 5,358.36 CAD 198,256.48 219,375.02 0.26
198,256.48 219,375.02 0.26
CHF
BQE.CANTONALE VAUDOISE/NOM 7,439.02 CHF 1,597,704.01 2,498,387.69 2.95
CONZZETA HOLDING ZUERICH 246.72 CHF 397,897.63 333,865.71 0.39
DAETWYLER HOLDING AG 6,977.11 CHF 308,016.34 345,044.98 0.41
KUONI REISEN HOLDING/NAM B 3,367.97 CHF 1,160,119.89 766,782.52 0.91
MICRONAS SEMICONDUCTOR/REG 44,159.10 CHF 239,944.92 166,451.15 0.20
RIETER HOLDING AG/NAM 6,576.72 CHF 1,482,863.07 1,378,322.29 1.63
5,186,545.86 5,488,854.34 6.49
DKK
A.P. MOELLER - MAERSK A/S B 540.55 DKK 3,939,250.24 3,504,919.84 4.15
DANSKE BANK AS 84,951.16 DKK 1,547,898.75 1,353,969.17 1.60
5,487,148.99 4,858,889.01 5.75
EUR
BENETTON GROUP SPA PONZANO 45,924.82 EUR 331,627.85 252,586.49 0.30
BIC 6,447.18 EUR 244,429.57 375,161.15 0.44
BONGRAIN 11,275.09 EUR 703,678.09 640,424.86 0.76
BUZZI UNICEM 68,346.58 EUR 1,194,470.77 568,301.77 0.67
CEWE COLOR HOLDING AG 8,735.81 EUR 198,302.90 224,379.30 0.27
DEUTSCHE POSTBANK AG/NAMEN AKT 87,825.58 EUR 5,098,282.32 2,096,835.80 2.48
DOUGLAS HOLDING AG 69,126.94 EUR 2,383,496.87 2,365,523.86 2.80
ENI SPA ROMA 23,866.86 EUR 418,738.44 361,582.86 0.43
EURAZEO 6,634.54 EUR 446,523.07 312,221.32 0.37
FINNAIR OYJ 125,531.74 EUR 671,594.80 497,105.69 0.59
FRANKFURT AIRPORT SERV. WORLDW 62,726.24 EUR 2,662,729.03 2,196,045.78 2.60
FROMAG. BEL VACHE Q. RIT 665.97 EUR 116,544.46 94,567.51 0.11
FYFFES PLC 537,709.37 EUR 403,282.03 177,444.09 0.21
HOCHTIEF AG 48,009.91 EUR 3,078,638.41 2,361,607.42 2.79
KOENIG + BAUER AG 20,486.72 EUR 400,310.52 283,741.08 0.34
KONINKLIJKE DSM NV 76,822.06 EUR 2,352,809.66 2,531,286.83 2.99
KONINKLIJKE WESSANEN NV 138,902.95 EUR 1,186,231.15 402,679.64 0.48
MAN SE 43,555.49 EUR 3,633,400.50 2,956,981.91 3.50
MEDION AG ESSEN 56,374.09 EUR 748,084.15 553,762.67 0.65
OMV AG 31,797.98 EUR 746,860.26 784,456.16 0.93
PEUGEOT SA 84,648.17 EUR 3,134,584.59 1,777,188.24 2.10
ROYAL DUTCH SHELL PLC/A 49,318.25 EUR 960,719.20 1,026,312.68 1.21
ROYAL PHILIPS ELECTRONICS 138,059.51 EUR 3,213,631.94 3,407,998.98 4.04
The accompanying notes form an integral part of these financial statements.
Page
36
Quantity
Currency
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
SALZGITTER AG 16,105.16 EUR 1,378,189.44 790,360.72 0.93
TESSENDERLO CHEMIE 42,526.34 EUR 1,587,082.88 899,857.28 1.06
TOTAL PRODUCE PLC 434,720.18 EUR 269,526.51 147,804.86 0.17
UPM-KYMMENE CORP 115,141.73 EUR 1,068,047.28 1,256,196.23 1.49
VILLEROY + BOCH AG/VORZ 11,081.85 EUR 105,831.66 46,565.93 0.06
38,737,648.35
29,388,981.11 34.77
GBP
BERKELEY GROUP HLD PLC/UNITS 35,646.72 GBP 359,289.74 332,367.52 0.39
BOVIS HOMES GROUP PLC 16,253.87 GBP 82,055.61 68,902.60 0.08
D S SMITH PLC 673,449.23 GBP 1,121,465.20 987,553.22 1.17
MILLENNIUM & COPTHORNE HOTELS 348,170.26 GBP 1,460,449.91 1,734,629.75 2.05
3,023,260.46
3,123,453.09 3.69
HKD
HUTCHISON WHAMP LTD 486,748.47 HKD 3,309,442.30 2,461,882.77 2.91
3,309,442.30
2,461,882.77 2.91
JPY
AIDA ENGINEERING LTD 99,008.95 JPY 353,638.29 336,218.35 0.40
AMADA CO LTD 48,808.82 JPY 285,060.36 265,015.31 0.31
CANON MARKETING JAPAN INC 58,877.70 JPY 714,019.48 680,009.86 0.80
CITIZEN HOLDINGS CO LTD 167,790.64 JPY 895,930.10 847,736.11 1.00
CLEANUP CORP 59,712.48 JPY 255,431.53 269,815.72 0.32
DAI NIPPON PRINTING CO LTD 67,606.82 JPY 649,784.57 642,704.62 0.76
FUJIFILM HOLDINGS CORP 42,357.32 JPY 1,027,348.18 1,008,819.24 1.19
FUNAI ELECTRIC CO LTD 32,680.06 JPY 735,452.88 965,402.76 1.14
GUNMA BANK LTD 260,327.26 JPY 1,193,703.24 1,133,186.53 1.34
MAEZAWA KASEI INDUSTRIES CO 15,077.56 JPY 107,798.44 117,248.77 0.14
MANDOM CORP 5,132.35 JPY 85,155.33 114,254.28 0.14
MSIG HOLDINGS 241,560.50 JPY 5,528,650.69 4,266,006.37 5.05
NICHICON CORP 132,359.62 JPY 781,810.18 1,326,490.03 1.57
NIPPON TEL & TEL 54,909.93 JPY 1,699,539.88 1,839,385.93 2.18
NISSHINBO IND 16,592.53 JPY 141,855.28 131,167.52 0.16
NKSJ HOLDINGS INC 220,706.37 JPY 1,559,466.68 1,074,462.22 1.27
PANASONIC CORP 79,438.01 JPY 945,844.85 820,241.66 0.97
SANGETSU CO 33,298.42 JPY 383,725.01 565,993.07 0.67
SEKISUI HOUSE LTD 45,861.33 JPY 302,433.54 322,448.70 0.38
SHOWA CORP 123,073.26 JPY 637,852.13 566,310.13 0.67
SONY CORP 48,984.02 JPY 880,365.43 1,074,234.55 1.27
TACHI-S 14,779.20 JPY 100,761.01 119,008.95 0.14
TAKEDA PHARMACEUTICAL CO LTD 25,599.90 JPY 910,898.29 899,957.94 1.06
TENMA CORP 44,686.46 JPY 412,775.81 399,315.13 0.47
TOKIO MARINE HOLDINGS INC 19,671.73 JPY 528,160.19 425,794.90 0.50
TOKYO STEEL MFG 23,600.55 JPY 226,733.23 225,010.35 0.27
TOKYO STYLE CO LTD 139,593.65 JPY 909,604.38 915,958.51 1.08
TOYO SEIKAN KAISHA LTD 51,019.03 JPY 606,711.13 614,599.87 0.73
TOYOTA INDUSTRIES CORP 76,892.45 JPY 1,725,797.20 1,607,020.57 1.90
YAMAHA MOTOR CO LTD 22,477.21 JPY 277,772.04 245,121.43 0.29
24,864,079.35
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
23,818,939.38 28.17
Page
37

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
SEK
ERICSSON TEL. B 224,812.04 SEK 1,800,030.44 2,058,051.33 2.43
Page
38
1,800,030.44
2,058,051.33 2.43
SGD
SINGAPORE AIRLINES LTD 109,964.14 SGD 583,138.77 937,086.05 1.11
583,138.77
937,086.05 1.11
USD
AMER.NATL INSURANCE 2,030.16 USD 143,268.30 137,110.06 0.16
COLUMBIA SPORTSWEAR 9,697.87 USD 257,842.48 375,008.48 0.44
DILLARDS INC A 104,069.15 USD 1,020,259.78 1,828,826.73 2.17
FREDS INC A 18,427.70 USD 152,702.78 171,008.11 0.20
INTERNATIONAL SPEEDWAY CORP 9,946.45 USD 229,838.95 210,965.57 0.25
NATL WESTERN LIFE INSURANCE A 553.02 USD 85,987.43 70,715.46 0.08
NATUZZI SPA/SADR 31,615.77 USD 70,333.40 76,055.23 0.09
PATTERSON UTI ENERGY INC 18,560.96 USD 191,973.18 197,672.75 0.23
SCHOLASTIC CORP 58,980.76 USD 1,163,223.38 1,196,641.45 1.42
TRAVELERS COMPANIES INC 14,953.89 USD 447,151.80 603,618.48 0.71
VALERO ENER. CORP 65,597.16 USD 1,134,066.07 964,994.55 1.14
VISHAY INTERTECHNOLOGY INC 33,704.16 USD 218,912.49 217,127.03 0.26
WERNER ENTERPRISES INC 38,904.84 USD 485,581.38 706,207.03 0.84
5,601,141.42
6,755,950.93 7.99
Total - Shares 88,989,570.25 79,325,363.36 93.82
Total - Transferable securities admitted to an official stock exchange listing 88,989,570.25 79,325,363.36 93.82
Transferable securities dealt in on another regulated market
Shares
Quantity
Currency
Cost Market Value % net assets
JPY
FUKUDA DENSHI CO LTD 19,758.50 JPY 327,830.91 372,759.35 0.44
327,830.91 372,759.35 0.44
Total - Shares 327,830.91 372,759.35 0.44
Total - Transferable securities dealt in on another regulated market 327,830.91 372,759.35 0.44
TOTAL INVESTMENT PORTFOLIO 89,317,401.16 79,698,122.71 94.26
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Japan 28.61
Germany 16.42
United States 7.90
Netherlands 7.51
Switzerland 6.49
Denmark 5.75
Great Britain 4.90
France 3.78
Hong Kong 2.91
Sweden 2.43
Finland 2.08
Italy 1.49
Singapore 1.11
Belgium 1.06
Austria 0.93
Ireland 0.38
Canada 0.26
Australia 0.25
94.26
Economic breakdown %
Holding and finance companies 12.86
Electronics and electrical equipment 10.90
Transport 10.20
Banks and financial institutions 8.37
Mechanics, machinery 6.57
Automobile industry 5.36
Retail trade, department stores 5.17
News transmission 4.61
Construction, building materials 4.51
Energy 4.19
Chemicals 2.99
Gastronomy 2.30
Graphic art and publishing 2.18
Package and container industry 1.90
Textile 1.82
Pharmaceuticals and cosmetics 1.64
Food and distilleries 1.56
Other services 1.50
Forest products and paper industry 1.49
Consumer goods 1.32
Page
39

Sparinvest SICAV
SPARINVEST - ETHICAL GLOBAL VALUE
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Coal mines, heavy industries 1.20
Insurance 0.95
Appliance and furnitures 0.67
Page
40
94.26

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 72,654,246.76
Cash at bank 5,153,768.42
Amounts receivable on subscriptions 791,710.64
Interest and dividends receivable, net 99,811.17
Other assets 7,908.39
TOTAL ASSETS 78,707,445.38
LIABILITIES
Amounts payable on redemptions 34,603.80
(4) Management and advisory fees payable
79,758.22
Taxes and expenses payable 37,374.23
TOTAL LIABILITIES 151,736.25
TOTAL NET ASSETS 78,555,709.13
Net asset value per share
Class EUR R
Class EUR UKR
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR UKR
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
EUR
EUR
EUR
EUR
EUR
GBP
The accompanying notes form an integral part of these financial statements.
EUR
70.35
57.86
70.82
72.39
71.09
57.27
693,308.63
66.92
1.00
411,325.82
1.00
1.00
Page
41

Page
Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
42
NET ASSETS AT THE BEGINNING OF THE PERIOD 70,636,663.56
INCOME
Dividends, net 1,133,158.50
Bank interest 5,505.45
(11) Securities lending fees
49,798.00
TOTAL INCOME 1,188,461.95
EXPENSES
(4) Management and advisory fees
471,829.89
(6) Custodian fees
9,005.17
(6) Domiciliation, administration and transfer agent fees
154,980.57
Audit, printing and publication expenses 5,340.80
(3) Taxe d'abonnement
13,897.52
Bank charges 7,866.56
Other charges 1,972.72
TOTAL EXPENSES 664,893.23
NET INCOME / (LOSS) FROM INVESTMENTS 523,568.72
Net realised gain / (loss) on sales of investments -163,827.35
Net realised gain / (loss) on foreign exchange -203.89
NET REALISED PROFIT / (LOSS) 359,537.48
Change in net unrealised appreciation / (depreciation) on investments 4,005,082.62
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 4,364,620.10
EVOLUTION OF THE CAPITAL
Subscriptions of shares 15,672,413.36
Redemptions of shares -12,117,987.89
NET ASSETS AT THE END OF THE PERIOD 78,555,709.13
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
642,788.85
203,444.01
-152,924.23
693,308.63
1.00
65.92
-
66.92
1.00
-
-
1.00
406,369.82
21,215.82
-16,259.82
411,325.82
1.00
-
-
1.00
1.00
-
-
1.00
Page
43

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
CHF
BQE.CANTONALE VAUDOISE/NOM 5,253.00 CHF 1,436,101.59 1,764,215.66 2.24
CONZZETA HOLDING ZUERICH 395.00 CHF 610,023.01 534,512.80 0.68
DAETWYLER HOLDING AG 20,895.00 CHF 807,128.42 1,033,338.90 1.32
KUONI REISEN HOLDING/NAM B 5,340.00 CHF 1,355,455.36 1,215,751.36 1.54
LOEB HLD/B.PART 4,730.00 CHF 830,996.23 691,766.35 0.88
MICRONAS SEMICONDUCTOR/REG 30,646.00 CHF 434,733.92 115,515.53 0.15
RIETER HOLDING AG/NAM 3,973.00 CHF 1,254,484.29 832,645.09 1.06
ZEHNDER GROUP AG 904.00 CHF 757,700.12 1,090,397.83 1.39
7,486,622.94 7,278,143.52 9.26
DKK
A.P. MOELLER - MAERSK A/S B 503.00 DKK 3,190,418.00 3,261,474.11 4.15
DANSKE BANK AS 114,836.00 DKK 1,694,105.88 1,830,279.94 2.33
4,884,523.88 5,091,754.05 6.48
EUR
ABBEY PLC 150,759.00 EUR 1,480,791.02 663,339.60 0.84
AXEL SPRINGER AG/NAM VINK 8,064.00 EUR 1,018,565.70 687,375.36 0.88
BENETTON GROUP SPA PONZANO 256,571.00 EUR 1,587,638.08 1,411,140.50 1.80
BIC 30,937.00 EUR 1,248,412.94 1,800,224.03 2.29
BONGRAIN 9,012.00 EUR 744,050.11 511,881.60 0.65
BUZZI UNICEM 198,875.00 EUR 2,455,573.16 1,653,645.63 2.11
CEWE COLOR HOLDING AG 5,754.00 EUR 175,341.94 147,791.49 0.19
CROWN VAN GELDER/CERT OF SHS 44,201.00 EUR 788,644.13 298,356.75 0.38
DE LONGHI SPA 64,539.00 EUR 194,967.81 225,886.50 0.29
DEUTSCHE POSTBANK AG/NAMEN AKT 71,453.00 EUR 1,922,627.33 1,705,940.38 2.17
DEVERNOIS SA 3,895.00 EUR 694,453.76 419,881.00 0.53
DOUGLAS HOLDING AG 17,631.00 EUR 793,492.28 603,332.82 0.77
ENI SPA ROMA 103,412.00 EUR 1,745,016.08 1,566,691.80 1.99
EURAZEO 42,498.00 EUR 1,927,588.28 1,999,955.88 2.55
EXACOMPTA CLAIREFONTAINE/NOM 4,110.00 EUR 664,663.80 349,350.00 0.44
FINNAIR OYJ 129,081.00 EUR 1,192,356.81 511,160.76 0.65
FRANKFURT AIRPORT SERV. WORLDW 57,437.00 EUR 2,296,477.17 2,010,869.37 2.56
FROMAG. BEL VACHE Q. RIT 1,587.00 EUR 330,754.64 225,354.00 0.29
FYFFES PLC 765,770.00 EUR 690,070.98 252,704.10 0.32
GRAMMER AG 72,112.00 EUR 1,308,996.76 733,018.48 0.93
GUYENNE & GASCOGNE SA 12,257.00 EUR 1,194,296.29 956,046.00 1.22
HAULOTTE GROUP 161,235.00 EUR 847,423.22 1,257,633.00 1.60
HOCHTIEF AG 42,520.00 EUR 1,739,935.42 2,091,558.80 2.66
JUNGHEINRICH AG/VORZ O. ST 100,720.00 EUR 1,812,727.69 1,906,126.00 2.43
KOENIG + BAUER AG 43,503.00 EUR 1,061,911.07 602,516.55 0.77
KONINKLIJKE DSM NV 70,803.00 EUR 2,182,118.53 2,332,958.85 2.97
KONINKLIJKE WESSANEN NV 59,949.00 EUR 704,842.17 173,792.15 0.22
LISI 12,801.00 EUR 844,033.05 537,642.00 0.68
MAN SE 38,247.00 EUR 2,066,986.58 2,596,588.83 3.31
Page
44
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
MIBA AG -PRIV B 5,643.00 EUR 695,762.22 609,444.00 0.78
NSC GROUPE 8,933.00 EUR 753,972.64 267,990.00 0.34
OMV AG 64,283.00 EUR 1,629,977.00 1,585,861.61 2.02
PEUGEOT SA 86,102.00 EUR 2,740,372.09 1,807,711.49 2.30
RENAULT SA 54,917.00 EUR 2,403,814.37 1,688,697.75 2.15
ROTO SMEETS 29,771.00 EUR 1,241,260.83 339,389.40 0.43
ROYAL DUTCH SHELL PLC/A 109,459.00 EUR 2,087,898.49 2,277,841.79 2.90
ROYAL PHILIPS ELECTRONICS 118,858.00 EUR 2,574,948.60 2,934,009.73 3.73
SALZGITTER AG 33,951.00 EUR 2,338,745.32 1,666,145.33 2.12
STE L D C SA 14,359.00 EUR 1,236,302.64 1,162,648.23 1.48
TESSENDERLO CHEMIE 25,624.00 EUR 953,973.48 542,203.84 0.69
TOTAL PRODUCE PLC 675,011.00 EUR 501,297.97 229,503.74 0.29
UPM-KYMMENE CORP 232,638.00 EUR 1,748,391.59 2,538,080.58 3.23
VILLEROY + BOCH AG/VORZ 72,013.00 EUR 1,050,868.83 302,598.63 0.39
57,672,342.87
48,184,888.35 61.34
GBP
ALUMASC PLC 271,458.00 GBP 655,531.36 343,666.19 0.44
AVON RUBBER PLC 421,756.00 GBP 848,775.73 526,985.89 0.67
BERKELEY GROUP HLD PLC/UNITS 153,711.00 GBP 1,829,367.50 1,433,190.40 1.82
BOVIS HOMES GROUP PLC 282,552.00 GBP 1,263,419.26 1,197,780.09 1.52
D S SMITH PLC 161,905.00 GBP 546,852.83 237,419.24 0.30
HEADLAM GROUP PLC 143,274.00 GBP 412,389.49 402,688.87 0.51
J.SAINSBURY PLC 589,118.00 GBP 2,900,593.33 2,305,143.81 2.94
MILLENNIUM & COPTHORNE HOTELS 444,482.00 GBP 2,006,491.41 2,214,467.41 2.83
TT ELECTRONICS PLC 662,608.00 GBP 932,648.18 765,178.73 0.97
11,396,069.09
9,426,520.63 12.00
SEK
ERICSSON TEL. B 274,321.00 SEK 1,990,619.92 2,511,283.19 3.20
1,990,619.92
2,511,283.19 3.20
USD
NATUZZI SPA/SADR 67,200.00 USD 343,813.18 161,657.02 0.21
343,813.18
Cost Market Value % net assets
161,657.02 0.21
Total - Shares 83,773,991.88 72,654,246.76 92.49
Total - Transferable securities admitted to an official stock exchange listing 83,773,991.88 72,654,246.76 92.49
TOTAL INVESTMENT PORTFOLIO 83,773,991.88 72,654,246.76 92.49
The accompanying notes form an integral part of these financial statements.
Page
45

Sparinvest SICAV
SPARINVEST - EUROPEAN VALUE
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Germany 19.18
France 16.52
Great Britain 14.90
Switzerland 9.26
Netherlands 7.73
Denmark 6.48
Italy 6.40
Finland 3.88
Sweden 3.20
Austria 2.80
Ireland 1.45
Belgium 0.69
Page
46
92.49
Economic breakdown %
Mechanics, machinery 12.02
Construction, building materials 9.34
Transport 8.90
Energy 6.91
Automobile industry 6.83
Banks and financial institutions 6.74
Retail trade, department stores 5.81
Electronics and electrical equipment 4.85
Forest products and paper industry 4.05
Holding and finance companies 3.87
Consumer goods 3.30
News transmission 3.20
Chemicals 2.97
Food and distilleries 2.96
Gastronomy 2.83
Textile 2.33
Coal mines, heavy industries 2.12
Graphic art and publishing 1.31
Other services 1.17
Aerospace technology 0.68
Package and container industry 0.30
92.49

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 12,983,883.06
Cash at bank 299,410.07
Amounts receivable on subscriptions 568.24
Interest and dividends receivable, net 39,061.45
Other assets 5,093.75
TOTAL ASSETS 13,328,016.57
LIABILITIES
Amounts payable on redemptions 80,774.52
(4) Management and advisory fees payable
16,371.28
Taxes and expenses payable 6,442.77
Other liabilities 477.05
TOTAL LIABILITIES 104,065.62
TOTAL NET ASSETS 13,223,950.95
Net asset value per share
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
EUR
EUR
EUR
EUR
GBP
The accompanying notes form an integral part of these financial statements.
EUR
77.23
77.44
79.85
77.31
62.54
88,585.12
1.00
78,171.41
1.00
1,831.00
Page
47

Page
Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
48
NET ASSETS AT THE BEGINNING OF THE PERIOD 11,450,917.49
INCOME
Dividends, net 163,872.90
Bank interest 658.40
(11) Securities lending fees
997.67
Other income 95.56
TOTAL INCOME 165,624.53
EXPENSES
(4) Management and advisory fees
95,321.60
(6) Custodian fees
1,645.84
(6) Domiciliation, administration and transfer agent fees
26,869.64
Audit, printing and publication expenses 993.63
(3) Taxe d'abonnement
2,099.18
Bank charges 3,184.25
Interest paid 30.78
Other charges 290.71
TOTAL EXPENSES 130,435.63
NET INCOME / (LOSS) FROM INVESTMENTS 35,188.90
Net realised gain / (loss) on sales of investments -444,958.64
Net realised gain / (loss) on foreign exchange 1,473.08
NET REALISED PROFIT / (LOSS) -408,296.66
Change in net unrealised appreciation / (depreciation) on investments 2,019,802.43
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,611,505.77
EVOLUTION OF THE CAPITAL
Subscriptions of shares 1,479,294.16
Redemptions of shares -1,317,766.47
NET ASSETS AT THE END OF THE PERIOD 13,223,950.95
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
97,998.67
7,911.41
-17,324.96
88,585.12
1.00
-
-
1.00
68,516.41
9,655.00
-
78,171.41
1.00
-
-
1.00
1.00
1,830.00
-
1,831.00
Page
49

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
CAD
CANAM GROUP INC 24,424.00 CAD 109,694.76 131,818.38 1.00
INTL FOREST PRODUCTS A/SV 49,600.00 CAD 245,674.14 152,968.78 1.15
355,368.90 284,787.16 2.15
CHF
LOEB HLD/B.PART 1,240.00 CHF 218,335.84 181,351.01 1.37
MICRONAS SEMICONDUCTOR/REG 13,499.00 CHF 223,979.60 50,882.47 0.38
ZEHNDER GROUP AG 330.00 CHF 251,909.31 398,043.45 3.02
694,224.75 630,276.93 4.77
DKK
HARBOES BRYGGERI A/S 8,172.00 DKK 117,171.55 126,187.10 0.95
117,171.55 126,187.10 0.95
EUR
ABBEY PLC 33,728.00 EUR 346,335.61 148,403.20 1.12
A.S. CREATION TAPETEN 1,121.00 EUR 36,288.72 33,826.18 0.26
BARON DE LEY SA 4,914.00 EUR 143,807.52 182,014.56 1.38
CEWE COLOR HOLDING AG 9,867.00 EUR 336,213.51 253,433.90 1.92
CROWN VAN GELDER/CERT OF SHS 15,494.00 EUR 274,216.63 104,584.50 0.79
DE LONGHI SPA 32,540.00 EUR 101,148.72 113,890.00 0.86
EINHELL GERMANY AG/VORZ AKT 8,120.00 EUR 127,420.80 263,494.00 1.99
EXACOMPTA CLAIREFONTAINE/NOM 2,262.00 EUR 308,323.92 192,270.00 1.45
FINNAIR OYJ 26,995.00 EUR 277,619.59 106,900.20 0.81
FLEURY MICHON POUZAUGES 3,791.00 EUR 109,937.37 134,618.41 1.02
FNM SPA 137,100.00 EUR 69,662.08 67,864.50 0.51
FYFFES PLC 154,210.00 EUR 166,976.22 50,889.30 0.38
GEWISS SPA. CENATE 30,767.00 EUR 90,640.89 129,144.48 0.98
GRAMMER AG 27,040.00 EUR 387,946.65 274,861.60 2.09
GRANDI VIAGGI SPA 114,733.00 EUR 101,430.27 99,932.44 0.76
GRANITIFIANDRE SPA 19,774.00 EUR 51,833.78 58,135.56 0.44
GUYENNE & GASCOGNE SA 2,697.00 EUR 304,901.08 210,366.00 1.59
HAULOTTE GROUP 35,182.00 EUR 178,235.88 274,419.60 2.08
HUNTER DOUGLAS 1,815.00 EUR 55,988.51 54,304.80 0.41
JUNGHEINRICH AG/VORZ O. ST 15,351.00 EUR 329,221.64 290,517.68 2.21
KAS BANK NV/CERT.VAN AAND. 12,153.00 EUR 120,300.34 144,742.23 1.09
KOENIG + BAUER AG 16,364.00 EUR 344,618.13 226,641.40 1.71
KONINKLIJKE WESSANEN NV 26,923.00 EUR 288,114.94 78,049.78 0.59
LISI 5,929.00 EUR 289,745.82 249,018.00 1.88
MIBA AG -PRIV B 1,495.00 EUR 165,298.83 161,460.00 1.22
NSC GROUPE 3,825.00 EUR 294,702.53 114,750.00 0.87
ROTO SMEETS 6,831.00 EUR 290,639.28 77,873.40 0.59
SEMPERIT AG HOLDING 8,730.00 EUR 150,049.98 245,924.10 1.86
STE L D C SA 2,484.00 EUR 200,513.64 201,129.48 1.52
TESSENDERLO CHEMIE 6,218.00 EUR 209,955.40 131,572.88 0.99
Page
50
Quantity
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
TOTAL PRODUCE PLC 144,056.00 EUR 108,201.12 48,979.04 0.37
VILLEROY + BOCH AG/VORZ 21,224.00 EUR 287,777.84 89,183.25 0.67
6,548,067.24
4,813,194.47 36.41
GBP
AVON RUBBER PLC 239,314.00 GBP 355,716.94 299,023.85 2.26
BOVIS HOMES GROUP PLC 29,754.00 GBP 140,895.62 126,131.65 0.95
HEADLAM GROUP PLC 24,774.00 GBP 71,308.40 69,630.32 0.53
HENRY BOOT PLC 70,283.00 GBP 55,456.63 80,089.13 0.61
TT ELECTRONICS PLC 294,755.00 GBP 334,607.81 340,382.64 2.57
957,985.40
915,257.59 6.92
JPY
AIDA ENGINEERING LTD 52,750.00 JPY 246,393.12 179,130.46 1.35
AS ONE CORP 4,700.00 JPY 68,393.01 65,831.41 0.50
CHARLE CO LTD 80,150.00 JPY 350,823.75 201,366.30 1.52
CLEANUP CORP 43,530.00 JPY 254,441.87 196,693.85 1.49
DENKYOSHA CO LTD 37,193.00 JPY 222,418.86 136,912.09 1.04
FURUNO ELECTRIC CO LTD 14,900.00 JPY 71,706.67 60,059.40 0.45
MAEZAWA KASEI INDUSTRIES CO 24,350.00 JPY 264,867.19 189,354.79 1.43
MINISTOP CO 12,400.00 JPY 154,647.60 140,361.31 1.06
NICHICON CORP 27,661.00 JPY 251,529.33 277,214.77 2.10
NISSEI CORP 25,850.00 JPY 221,039.80 147,493.49 1.12
PAL CO LTD 8,800.00 JPY 126,601.60 255,101.99 1.93
SANEI-INTERNATIONAL CO LTD 16,400.00 JPY 169,259.15 155,604.85 1.18
SHIN-ETSU POLYMER CO LTD 32,700.00 JPY 128,562.10 159,193.03 1.20
SHOWA CORP 33,130.00 JPY 325,800.44 152,444.60 1.15
SONTON FOOD INDUSTRY 38,250.00 JPY 283,579.02 232,325.02 1.76
TENMA CORP 11,160.00 JPY 147,849.70 99,725.00 0.75
TOKYO STYLE CO LTD 23,180.00 JPY 183,740.10 152,098.03 1.15
TOPPAN FORMS CO LTD TOKYO 16,400.00 JPY 114,370.49 129,192.77 0.98
TSUTSUMI JEWELRY CO LTD 12,900.00 JPY 173,644.32 225,086.09 1.70
YONEX CO LTD 38,175.00 JPY 227,872.01 221,329.96 1.67
3,987,540.13
3,376,519.21 25.53
NZD
TOURISM HOLDINGS LIMITED 338,185.00 NZD 310,971.55 140,342.22 1.06
310,971.55
140,342.22 1.06
SGD
HI-P INTERNATLIONAL LTD 98,000.00 SGD 36,366.19 36,894.48 0.28
VENTURE CORPORATION LTD 43,000.00 SGD 133,316.99 224,127.66 1.69
169,683.18
Cost Market Value % net assets
261,022.14 1.97
USD
APOGEE ENTERPRISES INC. 11,100.00 USD 129,302.61 99,567.81 0.75
ARCTIC CAT INC 51,900.00 USD 402,053.16 396,984.42 3.00
CASCADE CORP 5,073.00 USD 115,999.70 144,747.84 1.09
COLUMBIA SPORTSWEAR 6,800.00 USD 169,033.62 262,950.34 1.99
FREDS INC A 23,412.00 USD 175,202.02 217,262.14 1.64
The accompanying notes form an integral part of these financial statements.
Page
51

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
FRISCHS RESTAURANT INC 9,200.00 USD 136,754.30 150,645.03 1.14
INTERNATIONAL SPEEDWAY CORP 4,777.00 USD 110,385.33 101,320.86 0.77
NATUZZI SPA/SADR 44,145.00 USD 272,536.93 106,195.67 0.80
SCHOLASTIC CORP 11,000.00 USD 265,985.40 223,175.41 1.69
WEIS MARKETS INC 2,400.00 USD 59,823.43 64,486.67 0.49
WERNER ENTERPRISES INC 16,300.00 USD 199,487.46 295,880.29 2.24
Page
52
2,036,563.96
2,063,216.48 15.60
Total - Shares 15,177,576.66 12,610,803.30 95.36
Total - Transferable securities admitted to an official stock exchange listing 15,177,576.66 12,610,803.30 95.36
Transferable securities dealt in on another regulated market
Shares
Quantity
Currency
Cost Market Value % net assets
JPY
FUKUDA DENSHI CO LTD 10,075.00 JPY 247,378.71 190,072.61 1.44
MATSUMOTO YUSHI-SEIYAKU CO LTD 12,200.00 JPY 228,310.93 183,007.15 1.38
475,689.64 373,079.76 2.82
Total - Shares 475,689.64 373,079.76 2.82
Total - Transferable securities dealt in on another regulated market 475,689.64 373,079.76 2.82
TOTAL INVESTMENT PORTFOLIO 15,653,266.30 12,983,883.06 98.18
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Japan 28.35
United States 14.80
Germany 10.85
France 10.41
Great Britain 6.92
Switzerland 4.77
Italy 4.35
Austria 3.08
Netherlands 3.06
Canada 2.15
Singapore 1.97
Ireland 1.87
Spain 1.38
New Zealand 1.06
Belgium 0.99
Denmark 0.95
Finland 0.81
Netherlands Antilles 0.41
98.18
Economic breakdown %
Mechanics, machinery 13.05
Automobile industry 10.81
Retail trade, department stores 9.78
Electronics and electrical equipment 9.21
Consumer goods 8.35
Construction, building materials 5.97
Transport 4.62
Textile 4.32
Food and distilleries 4.25
Gastronomy 3.69
Forest products and paper industry 3.39
Other services 3.28
Graphic art and publishing 3.26
Chemicals 2.58
Tobacco and spirits 2.33
Aerospace technology 1.88
Tires and rubber 1.86
Holding and finance companies 1.52
Pharmaceuticals and cosmetics 1.44
Banks and financial institutions 1.09
Page
53

Sparinvest SICAV
SPARINVEST - GLOBAL SMALL CAP VALUE
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Coal mines, heavy industries 1.00
Other business houses 0.50
Page
54
98.18

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 732,058,846.28
Cash at bank 47,638,215.65
Amounts receivable on subscriptions 278,494.81
Interest and dividends receivable, net 2,256,128.01
Other assets 819,187.47
TOTAL ASSETS 783,050,872.22
LIABILITIES
Amounts payable on purchase of investments 1,968,576.25
Amounts payable on redemptions 3,794,043.91
Interest payable 0.02
(4) Management and advisory fees payable
792,286.19
Taxes and expenses payable 380,660.61
Other liabilities 14,272.30
TOTAL LIABILITIES 6,949,839.28
TOTAL NET ASSETS 776,101,032.94
Net asset value per share
Class EUR R
Class EUR UKR
Class EUR E
Class EUR I
Class EUR UKI
Class USD R
Class USD I
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR UKR
Class EUR E
Class EUR I
Class EUR UKI
Class USD R
Class USD I
Class GBP UKR
EUR
EUR
EUR
EUR
EUR
USD
USD
GBP
The accompanying notes form an integral part of these financial statements.
EUR
144.90
142.57
144.39
149.29
141.35
178.14
183.09
116.85
2,674,707.73
459.21
1.00
1,178,622.69
1.00
24,552.18
1,393,098.07
6,720.31
Page
55

Page
Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
56
NET ASSETS AT THE BEGINNING OF THE PERIOD 756,717,359.88
INCOME
Dividends, net 10,125,671.56
Bank interest 33,317.52
(11) Securities lending fees
382,856.66
Other income 5,592.60
TOTAL INCOME 10,547,438.34
EXPENSES
(4) Management and advisory fees
4,546,786.12
(6) Custodian fees
128,309.01
(6) Domiciliation, administration and transfer agent fees
1,553,358.81
Audit, printing and publication expenses 21,443.02
(3) Taxe d'abonnement
121,077.80
Bank charges 50,795.72
Interest paid 227.93
Other charges 20,354.73
TOTAL EXPENSES 6,442,353.14
NET INCOME / (LOSS) FROM INVESTMENTS 4,105,085.20
Net realised gain / (loss) on sales of investments -4,563,582.77
Net realised gain / (loss) on foreign exchange 453,593.61
NET REALISED PROFIT / (LOSS) -4,903.96
Change in net unrealised appreciation / (depreciation) on investments 62,879,982.54
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 62,875,078.58
EVOLUTION OF THE CAPITAL
Subscriptions of shares 77,618,596.56
Redemptions of shares -121,109,802.11
(9) Dividends distributed
-199.97
NET ASSETS AT THE END OF THE PERIOD 776,101,032.94
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
USD
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class USD R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class USD I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
3,115,886.09
261,790.57
-702,968.93
2,674,707.73
283.40
423.15
-247.34
459.21
1.00
-
-
1.00
1,129,253.63
183,751.29
-134,382.23
1,178,622.69
1.00
-
-
1.00
9,598.46
15,962.94
-1,009.22
24,552.18
1,335,411.35
57,686.72
-
1,393,098.07
5,831.56
983.00
-94.25
6,720.31
Page
57

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
AUD
CALTEX AUSTRALIA LTD 285,566.23 AUD 1,730,866.24 1,861,609.56 0.24
1,730,866.24 1,861,609.56 0.24
CAD
CANADIAN T.CORP A N-VOT. 46,634.64 CAD 1,725,458.59 1,909,256.69 0.25
1,725,458.59 1,909,256.69 0.25
CHF
BQE.CANTONALE VAUDOISE/NOM 64,742.98 CHF 13,905,079.38 21,743,876.71 2.80
CONZZETA HOLDING ZUERICH 2,147.28 CHF 3,462,968.19 2,905,687.84 0.37
DAETWYLER HOLDING AG 60,722.89 CHF 2,680,716.64 3,002,982.95 0.39
KUONI REISEN HOLDING/NAM B 29,312.03 CHF 10,096,713.15 6,673,433.67 0.86
MICRONAS SEMICONDUCTOR/REG 384,323.90 CHF 2,088,279.91 1,448,651.63 0.19
RIETER HOLDING AG/NAM 57,238.28 CHF 12,905,599.88 11,995,764.38 1.55
45,139,357.15 47,770,397.18 6.16
DKK
A.P. MOELLER - MAERSK A/S B 4,704.45 DKK 34,283,939.18 30,503,890.74 3.93
DANSKE BANK AS 739,343.84 DKK 13,471,616.05 11,783,815.21 1.52
47,755,555.23 42,287,705.95 5.45
EUR
BENETTON GROUP SPA PONZANO 399,691.18 EUR 2,886,211.46 2,198,301.51 0.28
BIC 56,110.82 EUR 2,127,310.52 3,265,088.87 0.42
BONGRAIN 98,128.91 EUR 6,124,225.55 5,573,722.34 0.72
BUZZI UNICEM 594,831.42 EUR 10,395,674.50 4,946,023.30 0.64
CEWE COLOR HOLDING AG 76,029.19 EUR 1,725,862.60 1,952,809.73 0.25
DEUTSCHE POSTBANK AG/NAMEN AKT 764,360.42 EUR 44,371,185.03 18,249,104.95 2.35
DOUGLAS HOLDING AG 601,623.06 EUR 20,743,963.13 20,587,541.14 2.65
ENI SPA ROMA 207,717.14 EUR 3,644,349.11 3,146,914.74 0.41
EURAZEO 57,741.46 EUR 3,886,163.33 2,717,313.24 0.35
FINNAIR OYJ 1,092,523.26 EUR 5,844,999.45 4,326,392.11 0.56
FRANKFURT AIRPORT SERV. WORLDW 545,916.76 EUR 23,174,166.32 19,112,545.65 2.46
FROMAG. BEL VACHE Q. RIT 5,796.03 EUR 1,014,305.54 823,036.49 0.11
FYFFES PLC 4,679,772.63 EUR 3,509,829.47 1,544,324.97 0.20
GUYENNE & GASCOGNE SA 24,236.00 EUR 2,870,406.95 1,890,408.00 0.24
HOCHTIEF AG 417,838.09 EUR 26,793,893.66 20,553,455.70 2.65
KOENIG + BAUER AG 178,299.28 EUR 3,483,967.92 2,469,445.02 0.32
KONINKLIJKE DSM NV 668,594.94 EUR 20,476,887.33 22,030,203.32 2.84
KONINKLIJKE WESSANEN NV 1,208,895.05 EUR 10,323,963.77 3,504,586.76 0.45
MAN SE 379,070.51 EUR 31,622,078.94 25,735,097.23 3.31
MEDION AG ESSEN 490,632.91 EUR 6,510,698.74 4,819,487.09 0.62
OMV AG 276,743.02 EUR 6,500,047.02 6,827,250.31 0.88
PEUGEOT SA 736,706.83 EUR 27,280,802.45 15,467,159.99 1.99
RENAULT SA 449,224.00 EUR 44,700,102.27 13,813,638.00 1.78
The accompanying notes form an integral part of these financial statements.
Page
58
Quantity
Currency
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity
Currency
ROYAL DUTCH SHELL PLC/A 429,224.75 EUR 8,361,296.36 8,932,167.15 1.15
ROYAL PHILIPS ELECTRONICS 1,201,554.49 EUR 27,968,764.42 29,660,372.61 3.81
SALZGITTER AG 140,165.84 EUR 11,994,608.16 6,878,638.61 0.89
TESSENDERLO CHEMIE 370,113.66 EUR 13,812,641.92 7,831,605.12 1.01
TOTAL PRODUCE PLC 3,783,440.82 EUR 2,345,733.31 1,286,369.88 0.17
UPM-KYMMENE CORP 1,002,097.27 EUR 9,295,390.16 10,932,881.26 1.41
VILLEROY + BOCH AG/VORZ 96,447.15 EUR 921,070.29 405,270.93 0.05
384,710,599.68
271,481,156.02 34.97
GBP
BERKELEY GROUP HLD PLC/UNITS 310,239.28 GBP 3,126,957.38 2,892,648.87 0.37
BOVIS HOMES GROUP PLC 141,460.13 GBP 714,143.42 599,670.59 0.08
D S SMITH PLC 5,861,138.77 GBP 9,760,295.11 8,594,837.20 1.11
J.SAINSBURY PLC 5,808,776.00 GBP 35,090,100.69 22,729,001.71 2.92
MILLENNIUM & COPTHORNE HOTELS 3,030,182.74 GBP 12,710,534.50 15,096,766.42 1.95
61,402,031.10
49,912,924.79 6.43
HKD
HUTCHISON WHAMP LTD 4,236,251.53 HKD 28,802,617.64 21,426,168.48 2.76
28,802,617.64
Cost Market Value % net assets
21,426,168.48 2.76
JPY
AIDA ENGINEERING LTD 861,691.05 JPY 3,077,771.84 2,926,163.33 0.38
AMADA CO LTD 424,791.18 JPY 2,480,926.95 2,306,471.61 0.30
CANON MARKETING JAPAN INC 512,422.30 JPY 6,214,228.33 5,918,237.05 0.76
CITIZEN HOLDINGS CO LTD 1,460,309.36 JPY 7,797,426.18 7,377,986.01 0.95
CLEANUP CORP 519,687.52 JPY 2,223,062.39 2,348,250.31 0.30
DAI NIPPON PRINTING CO LTD 588,393.18 JPY 5,655,181.40 5,593,563.43 0.72
FUJIFILM HOLDINGS CORP 368,642.68 JPY 8,941,179.22 8,779,918.82 1.13
FUNAI ELECTRIC CO LTD 284,419.94 JPY 6,400,766.72 8,402,058.11 1.08
GUNMA BANK LTD 2,265,670.74 JPY 10,388,994.60 9,862,307.74 1.27
MAEZAWA KASEI INDUSTRIES CO 131,222.44 JPY 938,187.41 1,020,435.23 0.13
MANDOM CORP 44,667.65 JPY 741,120.73 994,373.67 0.13
MSIG HOLDINGS 2,102,340.50 JPY 48,116,751.28 37,127,751.26 4.79
NICHICON CORP 1,151,947.38 JPY 6,804,221.87 11,544,659.71 1.49
NIPPON TEL & TEL 477,890.07 JPY 14,791,373.61 16,008,476.64 2.07
NISSHINBO IND 144,407.47 JPY 1,234,589.71 1,141,572.36 0.15
NKSJ HOLDINGS INC 1,920,843.63 JPY 13,572,293.58 9,351,220.50 1.20
PANASONIC CORP 691,361.99 JPY 8,231,842.43 7,138,697.34 0.92
SANGETSU CO 289,801.58 JPY 3,339,621.52 4,925,930.28 0.63
SEKISUI HOUSE LTD 399,138.67 JPY 2,632,128.56 2,806,323.78 0.36
SHOWA CORP 1,071,126.74 JPY 5,551,331.42 4,928,689.72 0.64
SONY CORP 426,315.98 JPY 7,661,964.34 9,349,239.03 1.20
TACHI-S 128,625.80 JPY 876,939.55 1,035,754.32 0.13
TAKEDA PHARMACEUTICAL CO LTD 222,800.10 JPY 7,927,696.82 7,832,481.21 1.01
TENMA CORP 388,913.54 JPY 3,592,455.44 3,475,304.88 0.45
TOKIO MARINE HOLDINGS INC 171,206.27 JPY 4,596,664.56 3,705,762.65 0.48
TOKYO STEEL MFG 205,399.45 JPY 1,973,296.36 1,958,301.90 0.25
TOKYO STYLE CO LTD 1,214,906.35 JPY 7,916,435.73 7,971,736.70 1.03
TOYO SEIKAN KAISHA LTD 444,026.97 JPY 5,280,306.17 5,348,963.19 0.69
The accompanying notes form an integral part of these financial statements.
Page
59

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
TOYOTA INDUSTRIES CORP 669,207.55 JPY 15,019,895.30 13,986,162.86 1.80
YAMAHA MOTOR CO LTD 195,622.79 JPY 2,417,495.49 2,133,331.87 0.27
Page
60
216,396,149.51
207,300,125.51 26.71
SEK
ERICSSON TEL. B 1,956,575.96 SEK 15,665,959.37 17,911,557.35 2.31
15,665,959.37
17,911,557.35 2.31
SGD
SINGAPORE AIRLINES LTD 957,035.86 SGD 5,075,152.13 8,155,613.17 1.05
5,075,152.13
8,155,613.17 1.05
USD
AMER.NATL INSURANCE 17,668.84 USD 1,246,887.42 1,193,291.29 0.15
COLUMBIA SPORTSWEAR 84,402.13 USD 2,244,045.25 3,263,760.17 0.42
DILLARDS INC A 905,730.85 USD 8,879,487.80 15,916,578.15 2.06
FREDS INC A 160,379.30 USD 1,328,997.24 1,488,311.52 0.19
INTERNATIONAL SPEEDWAY CORP 86,565.55 USD 2,000,325.95 1,836,067.88 0.24
NATL WESTERN LIFE INSURANCE A 4,812.98 USD 748,362.63 615,448.17 0.08
NATUZZI SPA/SADR 275,157.23 USD 612,123.11 661,921.08 0.09
PATTERSON UTI ENERGY INC 161,539.04 USD 1,670,773.98 1,720,378.30 0.22
SCHOLASTIC CORP 513,319.24 USD 10,123,723.33 10,414,566.25 1.34
TRAVELERS COMPANIES INC 130,146.11 USD 3,891,635.23 5,253,390.41 0.68
VALERO ENER. CORP 570,902.84 USD 9,869,962.56 8,398,505.41 1.08
VISHAY INTERTECHNOLOGY INC 293,332.84 USD 1,905,231.24 1,889,692.10 0.24
WERNER ENTERPRISES INC 338,595.16 USD 4,226,094.22 6,146,235.28 0.79
48,747,649.96
58,798,146.01 7.58
Total - Shares 857,151,396.60 728,814,660.71 93.91
Total - Transferable securities admitted to an official stock exchange listing 857,151,396.60 728,814,660.71 93.91
Transferable securities dealt in on another regulated market
Shares
Quantity
Currency
Cost Market Value % net assets
JPY
FUKUDA DENSHI CO LTD 171,961.50 JPY 2,853,165.99 3,244,185.57 0.42
2,853,165.99 3,244,185.57 0.42
Total - Shares 2,853,165.99 3,244,185.57 0.42
Total - Transferable securities dealt in on another regulated market 2,853,165.99 3,244,185.57 0.42
TOTAL INVESTMENT PORTFOLIO 860,004,562.59 732,058,846.28 94.33
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Japan 27.13
Germany 15.55
Great Britain 7.58
United States 7.49
Netherlands 7.10
Switzerland 6.16
France 5.61
Denmark 5.45
Hong Kong 2.76
Sweden 2.31
Finland 1.97
Italy 1.42
Singapore 1.05
Belgium 1.01
Austria 0.88
Ireland 0.37
Canada 0.25
Australia 0.24
94.33
Economic breakdown %
Holding and finance companies 12.20
Electronics and electrical equipment 10.31
Transport 9.65
Retail trade, department stores 8.06
Banks and financial institutions 7.94
Automobile industry 6.86
Mechanics, machinery 6.23
News transmission 4.38
Construction, building materials 4.28
Energy 3.98
Chemicals 2.84
Gastronomy 2.19
Graphic art and publishing 2.06
Package and container industry 1.80
Textile 1.73
Pharmaceuticals and cosmetics 1.56
Food and distilleries 1.48
Other services 1.43
Forest products and paper industry 1.41
Consumer goods 1.26
Page
61

Sparinvest SICAV
SPARINVEST - GLOBAL VALUE
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Coal mines, heavy industries 1.14
Insurance 0.91
Appliance and furnitures 0.63
Page
62
94.33

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS*
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 37,861,174.05
Cash at bank 384,098.38
Amounts receivable on sale of investments 14,628.13
Amounts receivable on subscriptions 41.98
Interest and dividends receivable, net 1,100,415.44
Other assets 83,939.77
TOTAL ASSETS 39,444,297.75
LIABILITIES
Bank overdraft 41,604.86
Amounts payable on purchase of investments 188,937.94
Interest payable 269.30
(7) Net unrealised loss on forward foreign exchange contracts
1,674,768.45
(4) Management and advisory fees payable
20,302.95
Taxes and expenses payable 8,028.69
TOTAL LIABILITIES 1,933,912.19
TOTAL NET ASSETS 37,510,385.56
Net asset value per share
Class EUR R
Class EUR I
Number of shares outstanding
Class EUR R
Class EUR I
* This Sub-Fund was launched on February 1, 2010
EUR
EUR
The accompanying notes form an integral part of these financial statements.
EUR
104.48
104.76
291.00
357,761.00
Page
63

Page
Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS*
Statement of Changes in Net Assets for the period from February 1, 2010 until June
30, 2010
Note
64
NET ASSETS AT THE BEGINNING OF THE PERIOD 0.00
INCOME
Interest on bonds, net 1,476,442.10
Bank interest 2,605.72
(11) Securities lending fees
405.74
Other income 6,420.57
TOTAL INCOME 1,485,874.13
EXPENSES
(4) Management and advisory fees
101,056.89
(6) Custodian fees
2,274.68
(6) Domiciliation, administration and transfer agent fees
19,329.00
Audit, printing and publication expenses 2,879.87
(3) Taxe d'abonnement
1,885.11
Bank charges 2,929.33
Interest paid 528.65
Other charges 325.77
TOTAL EXPENSES 131,209.30
NET INCOME / (LOSS) FROM INVESTMENTS 1,354,664.83
Net realised gain / (loss) on sales of investments 866,011.16
Net realised gain / (loss) on forward foreign exchange contracts -927,915.01
Net realised gain / (loss) on foreign exchange -2,784.51
NET REALISED PROFIT / (LOSS) 1,289,976.47
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
2,088,320.70
exchange contracts -1,674,768.45
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,703,528.72
EVOLUTION OF THE CAPITAL
Subscriptions of shares 35,852,735.63
Redemptions of shares -45,878.79
NET ASSETS AT THE END OF THE PERIOD 37,510,385.56
* This Sub-Fund was launched on February 1, 2010
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS*
Changes in the Number of Shares for the period from February 1, 2010 until June 30, 2010
EUR
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
* This Sub-Fund was launched on February 1, 2010
-
370.25
-79.25
291.00
-
358,139.00
-378.00
357,761.00
Page
65

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
EUR
AMERIC INTL 8% (TV) 08-22.05.38 REGS 591,319.52 EUR 249,191.90 439,173.29 1.17
BCM IRELAND FRN 06-15.02.17/PIK 451,425.30 EUR 338,384.25 93,217.19 0.25
BOATS INV.11% 07-31.03.17/PIK 1,576,852.05 EUR 1,601,815.22 1,707,255.04 4.55
EDCON HLDGS FRN 07-15.06.15 REGS 1,857,728.82 EUR 1,166,359.70 1,177,335.64 3.14
EDCON PROP.TV 07-15.06.14 REGS 295,659.76 EUR 257,723.85 210,288.00 0.56
EUREKO BV 6% 06-PERP 1,281,192.29 EUR 1,089,752.60 975,538.25 2.60
GROUPAMA SA 6.298% 07-PERP 1,355,107.23 EUR 1,104,535.59 870,656.40 2.32
HVB FDG TR 7.055% 02-PERP 886,979.28 EUR 736,492.90 721,779.39 1.92
HYBRID RAISING 6.625% 04-PERP 379,430.03 EUR 220,069.41 53,120.20 0.14
INTESA FRN 09-PERP 571,608.87 EUR 536,326.80 525,022.75 1.40
LBG CAP2 15% 09-21.12.19 1,378,760.01 EUR 1,713,956.87 1,594,191.27 4.25
NORSKE SKOGIND 7% 07-26.06.17 1,148,145.40 EUR 708,261.88 750,417.18 2.00
ROY.BK SCOT. 7.0916% (TV) 07-PERP 886,979.28 EUR 496,954.78 484,235.25 1.29
SL MACS 5.314% 04-PERP 675,089.79 EUR 519,375.64 505,034.67 1.35
SNS 11.25% 09-PERP 853,963.94 EUR 862,391.47 767,500.09 2.05
THOMSON 5.75% (TV) 05-PERP 1,411,775.35 EUR 684,373.28 63,529.89 0.17
12,285,966.14 10,938,294.50 29.16
GBP
AVIVA 5.9021% (TV) 04-PERP 49,276.63 GBP 42,675.35 44,620.41 0.12
LBG CAP2 15% 09-21.12.19/SUB 788,426.03 GBP 1,059,625.77 1,114,053.08 2.97
1,102,301.12 1,158,673.49 3.09
NOK
DDI HOLDING 10% 06-15.03.12 591,319.52 NOK 70,732.30 71,388.62 0.19
NORECO 12.9% 09-20.11.14 12,713,369.68 NOK 1,520,338.45 1,618,792.67 4.31
ROCKSOURCE ASA FRN 07-04.05.12 1,823,235.19 NOK 228,200.27 198,332.70 0.53
SEVAN MARINE FRN 07-24.10.12 8,278,473.28 NOK 759,193.07 1,037,179.94 2.77
2,578,464.09 2,925,693.93 7.80
SEK
SAS 13.5% 10-14.05.12 4,139,236.64 SEK 427,647.68 451,328.65 1.20
427,647.68 451,328.65 1.20
USD
ALLIS CHALMERS 8.5% 07-01.03.17 714,511.09 USD 347,611.45 502,810.01 1.34
ALLIS-CHALMERS EN. 9% 06-15.01.14 172,073.98 USD 101,292.89 130,048.73 0.35
BERTIN 10.25% 06-05.10.16 REGS 12,319.16 USD 8,794.32 10,694.21 0.03
DDI HOLDING AS 9.3% 06-19.01.12 1,811,349.86 USD 934,569.65 1,418,002.01 3.79
DDI HOLDING 9.3% 06-26.04.12 32,246.13 USD 18,757.05 25,638.08 0.07
DIDON TUNISIA FRN 07-13.03.12 502,621.59 USD 319,871.13 370,930.89 0.99
DNO INTL 6.445% 08-12.10.12 985,532.53 USD 578,788.62 739,370.41 1.97
DYCOM INVESTMENTS 8.125% 05-15.10.15 49,276.63 USD 35,209.26 39,580.43 0.11
FUERST CAP FRN 09-PERP 1,231,915.67 USD 874,747.31 809,690.96 2.16
HERO 10.5% 09-15.10.17 295,659.76 USD 222,448.94 213,975.40 0.57
The accompanying notes form an integral part of these financial statements.
Page
66
Face value
Currency
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INDALEX HLD 11.5% 06-01.02.14 B 336,066.59 USD 213,681.97 7,536.35 0.02
ING CAP FDING III 8.439% PERP 1,330,468.92 USD 767,486.58 949,327.49 2.53
INTL COAL 9.125% 10-01.04.18 192,178.84 USD 145,950.30 157,222.45 0.42
KELLWOOD 7.625% 97-15.10.17 497,693.93 USD 320,809.01 222,608.76 0.59
LIBERTY M 7.8% 07-15.03.37 144A 943,647.40 USD 583,426.84 646,386.54 1.72
MCMORAN EXP 11.875% 07-15.11.14 418,851.33 USD 268,383.66 349,541.22 0.93
NORSKE SKOG.7.625% 01-11-144A 369,574.70 USD 232,441.87 289,321.87 0.77
OCEAN GRD 9.25% 05-10/DEFAULT 335,081.06 USD 18,695.48 13,361.67 0.04
OXFORD IND 11.375% 09-15.07.15 48,783.86 USD 35,636.75 43,858.93 0.12
PA RESOURCES 10% 06-20.06.11 1,507,864.78 USD 1,061,100.10 1,223,457.10 3.26
PETRO DEV 12% 08-15.02.18 640,596.15 USD 430,989.66 538,052.70 1.43
PETROL VENEZ 5.25% 07-12.04.17 295,659.76 USD 132,820.83 130,929.32 0.35
PETROPLUS FIN 9.375% 9-15.09.19 689,872.77 USD 442,372.81 483,805.42 1.29
PETROQUEST 10.375% 05-15.05.12 295,659.76 USD 202,377.26 244,414.16 0.65
P2021 RIG 13.5% 09-15.12.13 591,319.52 USD 450,329.36 487,020.07 1.30
P2021 13.5% 09-15.12.13 REGS 197,106.51 USD 133,231.11 166,358.34 0.44
SEVAN MARINE AS TV 07-14.05.13 620,885.50 USD 390,715.17 417,704.10 1.11
SEVAN 9.25% 06-20.12.11 1,330,468.92 USD 815,010.15 1,068,671.52 2.85
SKDP 1 LTD 12% 10-19.05.17 837,702.65 USD 657,976.40 686,529.53 1.83
STORA ENSO 7.25% 06-15.04.36 413,923.66 USD 246,151.62 270,030.93 0.72
STORA ENSO 7.25% 06-15.04.36 144A 840,166.48 USD 515,397.41 549,811.31 1.47
TEPPCO 7% (TV) 07-01.06.67 88,697.93 USD 55,922.12 63,650.15 0.17
TRISTAN OIL 10.5% 06-01.01.12 197,106.51 USD 102,816.70 98,722.87 0.26
ULTRAPETROL 9% 05-24.11.14 246,383.13 USD 159,502.64 194,898.44 0.52
UNIFI 11.5% 07-15.05.14 1,478,298.80 USD 962,098.66 1,230,310.52 3.28
UPM-KYMMENE 7.45% 97-27 144A 1,330,468.92 USD 874,612.01 922,203.85 2.46
13,662,027.09
15,716,476.74 41.91
Total - Bonds 30,056,406.12 31,190,467.31 83.16
Total - Transferable securities admitted to an official stock exchange listing 30,056,406.12 31,190,467.31 83.16
Transferable securities dealt in on another regulated market
Bonds
Face value
Currency
Cost Market Value % net assets
USD
BASIC ENER SERV 11.625% ...-01.08.14 665,234.46 USD 478,580.46 583,158.32 1.55
CEMEX 9.25% 10-12.05.20 2,247,014.18 USD 1,376,668.72 1,616,838.75 4.32
FAIRFAX FIN. 7.75% 97-15.07.37 662,770.63 USD 421,410.92 506,446.91 1.35
FAIRFAX FIN. 8.25% 95-01.10.15 531,990.46 USD 368,751.59 462,666.42 1.23
FAIRFAX FINANC. 8.3% 96-15.04.26 98,553.25 USD 65,021.63 79,562.68 0.21
H&E EQUIPMEN 8.375% 06-15.07.16 136,003.49 USD 99,690.01 104,251.23 0.28
LIBERTY MUT GP 10.75% (FRN) 08-15.06.58 394,213.01 USD 289,158.43 350,397.28 0.93
O CHARLEYS 9% 04-01.11.13 689,872.77 USD 444,358.96 565,043.28 1.51
OVS SHIPHOLD 7.5% 04-15.02.24 1,305,830.61 USD 792,384.53 903,794.93 2.41
RRI ENERGY 7.875% 07-15.6.17 197,106.51 USD 144,246.09 151,198.84 0.40
TESORO CORP 9.75% 09-01.06.19 147,829.88 USD 114,731.69 124,515.24 0.33
4,595,003.03 5,447,873.88 14.52
Total - Bonds 4,595,003.03 5,447,873.88 14.52
Total - Transferable securities dealt in on another regulated market 4,595,003.03 5,447,873.88 14.52
The accompanying notes form an integral part of these financial statements.
Page
67

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Other transferable securities
Bonds
EUR
CL.CAP.TRUST 7.047% 02-PERP 197,106.51 EUR 180,352.45 165,679.85 0.44
180,352.45 165,679.85 0.44
USD
WESTERN REF 11.25% 15.06.17 144A 1,432,471.54 USD 941,091.75 1,057,153.01 2.82
941,091.75 1,057,153.01 2.82
Total - Bonds 1,121,444.20 1,222,832.86 3.26
Total - Other transferable securities 1,121,444.20 1,222,832.86 3.26
TOTAL INVESTMENT PORTFOLIO 35,772,853.35 37,861,174.05 100.94
Page
68
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
United States 28.52
Norway 20.35
Great Britain 9.98
Netherlands 9.20
Finland 4.65
Sweden 4.46
Spain 4.32
South Africa 3.70
Canada 2.79
France 2.49
Luxembourg 2.16
Cyprus 1.83
Cayman Islands 1.74
Italy 1.40
Bermuda Islands 1.33
Australia 0.99
Venezuela 0.35
Virgin Islands 0.26
Ireland 0.25
Germany 0.14
Brazil 0.03
100.94
Economic breakdown %
Other services 28.37
Holding and finance companies 22.96
Energy 19.09
Forest products and paper industry 7.42
Insurance 6.26
Banks and financial institutions 4.74
Transport 3.61
Textile 3.40
Mechanics, machinery 1.69
Gastronomy 1.51
Precious metals 0.53
Coal mines, heavy industries 0.44
Public services 0.40
Construction, building materials 0.28
Electronics and electrical equipment 0.17
Non-ferrous metals 0.04
Page
69

Sparinvest SICAV
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Food and distilleries 0.03
Page
70
100.94

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 336,274,855.53
Cash at bank 3,416,183.58
Amounts receivable on sale of investments 129,923.90
Amounts receivable on subscriptions 3,750,522.85
Interest and dividends receivable, net 9,775,044.45
TOTAL ASSETS 353,346,530.31
LIABILITIES
Bank overdraft 369,525.49
Amounts payable on purchase of investments 1,678,106.37
Amounts payable on redemptions 2,896,667.01
Interest payable 2,391.83
(7) Net unrealised loss on forward foreign exchange contracts
14,873,346.25
(4) Management and advisory fees payable
345,729.77
Taxes and expenses payable 120,697.78
Other liabilities 108,172.91
TOTAL LIABILITIES 20,394,637.41
TOTAL NET ASSETS 332,951,892.90
Net asset value per share
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class DKK R
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class DKK R
Class GBP UKR
EUR
EUR
EUR
EUR
DKK
GBP
The accompanying notes form an integral part of these financial statements.
EUR
129.05
127.04
132.53
35.81
960.95
101.01
1,275,692.18
1.00
139,592.11
1.00
1,160,301.43
827.68
Page
71

Page
Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
72
NET ASSETS AT THE BEGINNING OF THE PERIOD 355,724,423.25
INCOME
Interest on bonds, net 16,263,858.60
Bank interest 23,472.16
(11) Securities lending fees
3,729.02
Other income 88,856.54
TOTAL INCOME 16,379,916.32
EXPENSES
(4) Management and advisory fees
2,067,554.38
(6) Custodian fees
42,513.52
(6) Domiciliation, administration and transfer agent fees
337,232.84
Audit, printing and publication expenses 13,209.28
(3) Taxe d'abonnement
80,282.00
Bank charges 28,719.12
Interest paid 8,887.51
Other charges 23,628.48
TOTAL EXPENSES 2,602,027.13
NET INCOME / (LOSS) FROM INVESTMENTS 13,777,889.19
Net realised gain / (loss) on sales of investments 52,331,369.24
Net realised gain / (loss) on forward foreign exchange contracts -24,912,481.09
Net realised gain / (loss) on foreign exchange 260,719.90
NET REALISED PROFIT / (LOSS) 41,457,497.24
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
-9,493,250.79
exchange contracts -5,740,879.00
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 26,223,367.45
EVOLUTION OF THE CAPITAL
Subscriptions of shares 143,100,150.00
Redemptions of shares -192,094,329.69
(9) Dividends distributed
-1,718.11
NET ASSETS AT THE END OF THE PERIOD 332,951,892.90
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
DKK
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class DKK R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
1,321,090.08
876,937.77
-922,335.67
1,275,692.18
1.00
106.47
-106.47
1.00
19,724.75
171,809.71
-51,942.35
139,592.11
1.00
-
-
1.00
1,654,194.00
32,342.43
-526,235.00
1,160,301.43
223.97
741.90
-138.19
827.68
Page
73

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
EUR
AMERIC INTL 8% (TV) 08-22.05.38 REGS 5,251,973.59 EUR 2,213,269.20 3,900,643.31 1.17
BCM IRELAND FRN 06-15.02.17/PIK 4,009,463.07 EUR 3,005,456.59 827,935.16 0.25
BOATS INV.11% 07-31.03.17/PIK 14,005,262.90 EUR 14,226,980.43 15,163,474.34 4.56
EDCON HLDGS FRN 07-15.06.15 REGS 16,499,950.36 EUR 10,359,357.55 10,456,843.54 3.14
EDCON PROP.TV 07-15.06.14 REGS 2,625,986.79 EUR 2,289,048.13 1,867,733.11 0.56
EUREKO BV 6% 06-PERP 11,379,276.11 EUR 9,678,949.66 8,664,522.21 2.60
GROUPAMA SA 6.298% 07-PERP 12,035,772.81 EUR 9,810,249.00 7,732,984.03 2.32
HVB FDG TR 7.055% 02-PERP 7,877,960.38 EUR 6,541,372.50 6,410,690.26 1.93
HYBRID RAISING 6.625% 04-PERP 3,370,016.39 EUR 1,954,609.50 471,802.29 0.14
INTESA FRN 09-PERP 5,076,907.80 EUR 4,763,540.04 4,663,139.82 1.40
LBG CAP2 15% 09-21.12.19 12,245,851.75 EUR 15,222,998.63 14,159,266.09 4.25
NORSKE SKOGIND 7% 07-26.06.17 10,197,582.05 EUR 6,290,630.60 6,665,045.00 2.00
ROY.BK SCOT. 7.0916% (TV) 07-PERP 7,877,960.38 EUR 4,413,846.14 4,300,874.00 1.29
SL MACS 5.314% 04-PERP 5,996,003.18 EUR 4,612,983.47 4,485,609.98 1.35
SNS 11.25% 09-PERP 7,584,725.19 EUR 7,659,576.76 6,816,771.77 2.05
THOMSON 5.75% (TV) 05-PERP 12,539,086.94 EUR 6,078,457.24 564,258.91 0.17
109,121,325.44 97,151,593.82 29.18
GBP
AVIVA 5.9021% (TV) 04-PERP 437,664.47 GBP 379,033.33 396,308.96 0.12
LBG CAP2 15% 09-21.12.19/SUB 7,002,631.45 GBP 9,411,369.63 9,894,781.31 2.97
9,790,402.96 10,291,090.27 3.09
NOK
DDI HOLDING 10% 06-15.03.12 5,251,973.59 NOK 628,229.18 634,058.44 0.19
NORECO 12.9% 09-20.11.14 112,917,432.16 NOK 13,503,321.16 14,377,770.51 4.31
ROCKSOURCE ASA FRN 07-04.05.12 16,193,585.23 NOK 2,026,826.06 1,761,548.64 0.53
SEVAN MARINE FRN 07-24.10.12 73,527,630.24 NOK 6,742,990.61 9,212,010.53 2.77
22,901,367.01 25,985,388.12 7.80
SEK
SAS 13.5% 10-14.05.12 36,763,815.12 SEK 3,798,275.29 4,008,604.63 1.20
3,798,275.29 4,008,604.63 1.20
USD
ALLIS CHALMERS 8.5% 07-01.03.17 6,346,134.75 USD 3,087,410.62 4,465,851.05 1.34
ALLIS-CHALMERS EN. 9% 06-15.01.14 1,528,324.31 USD 899,661.82 1,155,065.03 0.35
BERTIN 10.25% 06-05.10.16 REGS 109,416.12 USD 78,109.28 94,983.70 0.03
DDI HOLDING AS 9.3% 06-19.01.12 16,088,022.31 USD 8,300,647.84 12,594,390.79 3.79
DDI HOLDING 9.3% 06-26.04.12 286,403.25 USD 166,596.13 227,711.95 0.07
DIDON TUNISIA FRN 07-13.03.12 4,464,177.55 USD 2,841,027.00 3,294,528.81 0.99
DNO INTL 6.445% 08-12.10.12 8,753,289.31 USD 5,140,676.80 6,566,929.93 1.97
DYCOM INVESTMENTS 8.125% 05-15.10.15 437,664.47 USD 312,721.10 351,544.89 0.11
FUERST CAP FRN 09-PERP 10,941,611.64 USD 7,769,318.61 7,191,502.07 2.16
HERO 10.5% 09-15.10.17 2,625,986.79 USD 1,975,743.98 1,900,483.79 0.57
The accompanying notes form an integral part of these financial statements.
Page
74
Face value
Currency
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INDALEX HLD 11.5% 06-01.02.14 B 2,984,871.66 USD 1,897,877.58 66,936.29 0.02
ING CAP FDING III 8.439% PERP 11,816,940.57 USD 6,816,651.80 8,431,723.89 2.53
INTL COAL 9.125% 10-01.04.18 1,706,891.42 USD 1,296,299.35 1,396,416.17 0.42
KELLWOOD 7.625% 97-15.10.17 4,420,411.10 USD 2,849,357.04 1,977,163.41 0.59
LIBERTY M 7.8% 07-15.03.37 144A 8,381,274.52 USD 5,181,872.45 5,741,067.11 1.72
MCMORAN EXP 11.875% 07-15.11.14 3,720,147.96 USD 2,383,726.31 3,104,550.38 0.93
NORSKE SKOG.7.625% 01-11-144A 3,282,483.49 USD 2,064,499.05 2,569,695.00 0.77
OCEAN GRD 9.25% 05-10/DEFAULT 2,976,118.37 USD 166,049.23 118,675.51 0.04
OXFORD IND 11.375% 09-15.07.15 433,287.82 USD 316,518.03 389,545.65 0.12
PA RESOURCES 10% 06-20.06.11 13,392,532.65 USD 9,424,464.32 10,866,484.53 3.27
PETRO DEV 12% 08-15.02.18 5,689,638.05 USD 3,827,958.00 4,778,869.11 1.44
PETROL VENEZ 5.25% 07-12.04.17 2,625,986.79 USD 1,179,686.19 1,162,886.22 0.35
PETROPLUS FIN 9.375% 9-15.09.19 6,127,302.52 USD 3,929,060.77 4,297,056.32 1.29
PETROQUEST 10.375% 05-15.05.12 2,625,986.79 USD 1,797,471.59 2,170,834.31 0.65
P2021 RIG 13.5% 09-15.12.13 5,251,973.59 USD 3,999,729.09 4,325,608.19 1.30
P2021 13.5% 09-15.12.13 REGS 1,750,657.86 USD 1,183,330.28 1,477,559.24 0.44
SEVAN MARINE AS TV 07-14.05.13 5,514,572.27 USD 3,470,248.64 3,709,958.51 1.11
SEVAN 9.25% 06-20.12.11 11,816,940.57 USD 7,238,745.94 9,491,712.03 2.85
SKDP 1 LTD 12% 10-19.05.17 7,440,295.92 USD 5,844,005.75 6,097,608.58 1.83
STORA ENSO 7.25% 06-15.04.36 3,676,381.51 USD 2,186,266.05 2,398,357.02 0.72
STORA ENSO 7.25% 06-15.04.36 144A 7,462,179.14 USD 4,577,649.62 4,883,306.50 1.47
TEPPCO 7% (TV) 07-01.06.67 787,796.04 USD 496,688.34 565,327.02 0.17
TRISTAN OIL 10.5% 06-01.01.12 1,750,657.86 USD 913,195.94 876,835.43 0.26
ULTRAPETROL 9% 05-24.11.14 2,188,322.33 USD 1,416,668.34 1,731,046.30 0.52
UNIFI 11.5% 07-15.05.14 13,129,933.97 USD 8,545,154.70 10,927,355.06 3.29
UPM-KYMMENE 7.45% 97-27 144A 11,816,940.57 USD 7,768,116.90 8,190,817.49 2.46
121,343,204.48
139,590,387.28 41.94
Total - Bonds 266,954,575.18 277,027,064.12 83.21
Total - Transferable securities admitted to an official stock exchange listing 266,954,575.18 277,027,064.12 83.21
Transferable securities dealt in on another regulated market
Bonds
Face value
Currency
Cost Market Value % net assets
USD
BASIC ENER SERV 11.625% ...-01.08.14 5,908,470.29 USD 4,250,649.40 5,179,487.53 1.56
CEMEX 9.25% 10-12.05.20 19,957,499.64 USD 12,227,277.34 14,360,416.18 4.32
FAIRFAX FIN. 7.75% 97-15.07.37 5,886,587.06 USD 3,742,881.74 4,498,153.21 1.35
FAIRFAX FIN. 8.25% 95-01.10.15 4,725,025.57 USD 3,275,172.80 4,109,304.22 1.23
FAIRFAX FINANC. 8.3% 96-15.04.26 875,328.93 USD 577,508.23 706,658.76 0.21
H&E EQUIPMEN 8.375% 06-15.07.16 1,207,953.93 USD 885,425.37 925,937.12 0.28
LIBERTY MUT GP 10.75% (FRN) 08-15.06.58 3,501,315.73 USD 2,568,243.33 3,112,153.74 0.93
O CHARLEYS 9% 04-01.11.13 6,127,302.52 USD 3,946,701.29 5,018,593.63 1.51
OVS SHIPHOLD 7.5% 04-15.02.24 11,598,108.34 USD 7,037,790.03 8,027,313.43 2.41
RRI ENERGY 7.875% 07-15.6.17 1,750,657.86 USD 1,281,162.95 1,342,915.76 0.40
TESORO CORP 9.75% 09-01.06.19 1,312,993.40 USD 1,019,022.35 1,105,917.75 0.33
40,811,834.83 48,386,851.33 14.53
Total - Bonds 40,811,834.83 48,386,851.33 14.53
Total - Transferable securities dealt in on another regulated market 40,811,834.83 48,386,851.33 14.53
The accompanying notes form an integral part of these financial statements.
Page
75

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Other transferable securities
Bonds
EUR
CL.CAP.TRUST 7.047% 02-PERP 1,750,657.86 EUR 1,601,851.94 1,471,532.97 0.44
1,601,851.94 1,471,532.97 0.44
USD
WESTERN REF 11.25% 15.06.17 144A 12,722,906.02 USD 8,358,575.81 9,389,407.11 2.82
8,358,575.81 9,389,407.11 2.82
Total - Bonds 9,960,427.75 10,860,940.08 3.26
Total - Other transferable securities 9,960,427.75 10,860,940.08 3.26
TOTAL INVESTMENT PORTFOLIO 317,726,837.76 336,274,855.53 101.00
Page
76
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
United States 28.57
Norway 20.36
Great Britain 9.98
Netherlands 9.21
Finland 4.65
Sweden 4.46
Spain 4.31
South Africa 3.70
Canada 2.79
France 2.49
Luxembourg 2.16
Cyprus 1.83
Cayman Islands 1.74
Italy 1.40
Bermuda Islands 1.33
Australia 0.99
Venezuela 0.35
Virgin Islands 0.26
Ireland 0.25
Germany 0.14
Brazil 0.03
101.00
Economic breakdown %
Other services 28.39
Holding and finance companies 22.98
Energy 19.10
Forest products and paper industry 7.42
Insurance 6.26
Banks and financial institutions 4.74
Transport 3.61
Textile 3.41
Mechanics, machinery 1.69
Gastronomy 1.51
Precious metals 0.53
Coal mines, heavy industries 0.44
Public services 0.40
Construction, building materials 0.28
Electronics and electrical equipment 0.17
Non-ferrous metals 0.04
Page
77

Sparinvest SICAV
SPARINVEST - HIGH YIELD VALUE BONDS
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Food and distilleries 0.03
Page
78
101.00

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Statement of Net Assets as at June 30, 2010
Note
ASSETS
Investment portfolio at market value 32,107,037.82
Cash at bank 1,936,243.26
Interest and dividends receivable, net 584,639.41
TOTAL ASSETS 34,627,920.49
LIABILITIES
Amounts payable on purchase of investments 250,868.98
(7) Net unrealised loss on forward foreign exchange contracts
677,121.17
(4) Management and advisory fees payable
19,625.88
Taxes and expenses payable 8,766.82
Other liabilities 1,693.01
TOTAL LIABILITIES 958,075.86
TOTAL NET ASSETS 33,669,844.63
Net asset value per share
Class EUR I
Number of shares outstanding
Class EUR I
EUR
The accompanying notes form an integral part of these financial statements.
EUR
116.25
289,644.00
Page
79

Page
Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
80
NET ASSETS AT THE BEGINNING OF THE PERIOD 32,322,251.91
INCOME
Interest on bonds, net 840,276.86
Bank interest 1,177.10
TOTAL INCOME 841,453.96
EXPENSES
(4) Management and advisory fees
116,488.43
(6) Custodian fees
4,253.28
(6) Domiciliation, administration and transfer agent fees
34,345.81
Audit, printing and publication expenses 1,405.74
(3) Taxe d'abonnement
1,665.65
Bank charges 2,880.11
Interest paid 40.38
Other charges 403.69
TOTAL EXPENSES 161,483.09
NET INCOME / (LOSS) FROM INVESTMENTS 679,970.87
Net realised gain / (loss) on sales of investments 238,141.43
Net realised gain / (loss) on forward foreign exchange contracts -454,226.61
Net realised gain / (loss) on foreign exchange 169,732.78
NET REALISED PROFIT / (LOSS) 633,618.47
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
1,391,095.42
exchange contracts -677,121.17
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 1,347,592.72
EVOLUTION OF THE CAPITAL
NET ASSETS AT THE END OF THE PERIOD 33,669,844.63
The accompanying notes form an integral part of these financial statements.
EUR

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
289,644.00
-
-
289,644.00
Page
81

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
EUR
ADECCO INTL FIN. 4.5% 06-25.04.13 300,000.00 EUR 270,375.00 309,498.00 0.92
ALLIANDER FIN 4% 09-20.04.12 500,000.00 EUR 504,230.00 520,855.00 1.55
AMERICAN INT.GRP FRN 06-26.04.11 400,000.00 EUR 320,000.00 341,000.00 1.01
ANGLO AMER 4.25% 09-30.09.13 200,000.00 EUR 199,524.00 209,230.00 0.62
BASF 3.75% 09-08.10.12 500,000.00 EUR 498,320.00 521,720.00 1.55
BHP BILLITON 4.75% 09-04.04.12 250,000.00 EUR 249,387.50 262,515.00 0.78
BMW FIN NV 6.125% 09-02.04.12 850,000.00 EUR 834,572.50 909,610.50 2.70
BOMBARDIER FRN 06-15.11.13 REGS 215,000.00 EUR 139,750.00 211,445.84 0.63
CARNIVAL PLC 4.25% 06-27.11.13 GTD 850,000.00 EUR 716,000.00 876,426.50 2.60
DANAHER EUR.FIN 4.5% 06-22.07.13 725,000.00 EUR 693,100.00 766,274.25 2.28
DANSK NATURGAS A/S 3.5% 05-29.06.12 830,000.00 EUR 800,115.00 855,995.60 2.54
DOW CHEMICAL 4.625% 04-27.05.11 770,000.00 EUR 736,890.00 785,969.80 2.33
ERICSSON LM 5% 09-24.06.13 200,000.00 EUR 199,332.00 214,526.00 0.64
FCE BANK 7.125% 07-16.01.12 200,000.00 EUR 193,000.00 202,805.60 0.60
LLOYDS FRN 10-25.03.13 500,000.00 EUR 498,525.00 492,045.00 1.46
MANPOWER 4.5% 05-01.06.12 REGS 825,000.00 EUR 664,125.00 833,373.75 2.48
METSO OYJ 5.125% 04-21.11.11 700,000.00 EUR 693,875.00 727,965.00 2.16
MICHELIN FIN. LUX. 6.5% 02-16.04.12 300,000.00 EUR 306,246.00 323,049.00 0.96
PACCAR FIN. 5.125% 08-19.05.11 800,000.00 EUR 724,000.00 820,376.00 2.44
PFIZER 3.625% 09-03.06.13 500,000.00 EUR 497,880.00 523,900.00 1.56
POLO RALPH LAUREN 4.5% 06-04.10.13 1,231,000.00 EUR 1,066,312.50 1,267,055.99 3.77
PSA FIN 3.625% 09-14.10.11 1,000,000.00 EUR 998,900.00 1,006,660.00 2.99
RCI BANQUE FRN 07-24.01.12 500,000.00 EUR 420,000.00 488,000.00 1.45
RCI BK 8.125% 09-15.05.12 200,000.00 EUR 199,358.00 215,926.00 0.64
ROBERT BOSCH 3.75% 09-12.06.13 100,000.00 EUR 99,810.00 105,706.00 0.31
SCA FINANS 3.875% 06-07.03.11 600,000.00 EUR 591,600.00 608,490.00 1.81
SKAND ENSK 4.375% 09-29.05.12 300,000.00 EUR 297,300.00 312,339.00 0.93
SKF AB 4.25% 06-13.12.13 212,000.00 EUR 197,796.00 224,683.96 0.67
SWISS RE TREAS 6% 09-18.05.12 300,000.00 EUR 299,616.00 317,856.00 0.94
TESCO PLC 5.625% 08-12.09.12 775,000.00 EUR 802,388.50 837,806.00 2.49
UBS LN 4.625% 09-06.07.12 800,000.00 EUR 810,736.50 832,512.00 2.47
VERIZON 7.625% 08-19.12.11 REGS 750,000.00 EUR 817,500.00 812,280.00 2.41
VIVENDI FRN 06-03.10.11 550,000.00 EUR 519,282.50 547,041.00 1.62
VOLVO TR 7.875% 09-01.10.12 375,000.00 EUR 383,406.25 413,613.75 1.23
VW INTL FIN 5.25% 09-01.04.11 250,000.00 EUR 249,040.00 256,240.00 0.76
XSTRATA FIN. 4.875% 07-14.06.12 1,100,000.00 EUR 943,981.60 1,142,570.00 3.39
18,436,274.85 20,097,360.54 59.69
NOK
NORECO FRN 09-20.11.12 2,000,000.00 NOK 236,328.98 249,000.78 0.74
PA RES NO FRN 09-09.03.11 1,000,000.00 NOK 118,588.30 124,814.79 0.37
354,917.28 373,815.57 1.11
Page
82
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
SEK
SAS 13.5% 10-14.05.12 2,000,000.00 SEK 206,631.18 218,073.38 0.65
206,631.18
218,073.38 0.65
USD
ALCOA INC. 6% 01-15.01.12 SR GL 880,000.00 USD 567,274.33 751,489.00 2.23
ALLEGHENY TECHN. 8.375% 01-15.12.11 750,000.00 USD 570,596.49 639,154.98 1.90
BIOGEN IDEC INC 6% 08-01.03.13 750,000.00 USD 549,444.83 673,226.37 2.00
CARDINAL HEALTH 5.65% 07-15.06.12 500,000.00 USD 365,016.06 437,234.36 1.30
DAIMLERCHRYSL. NA 7.3% 02-15.01.12 1,100,000.00 USD 779,308.96 967,031.23 2.87
DILLARD DS 9.125% 91-01.08.11 500,000.00 USD 310,605.24 408,725.43 1.21
FAIRFAX FIN.7.75% 04-26.04.12 872,000.00 USD 652,963.90 742,329.91 2.20
FOSTERS FIN. 6.875% 01-15.06.11 144A 300,000.00 USD 232,317.00 255,324.15 0.76
NORSKE SKOG.7.625% 01-11-144A 300,000.00 USD 181,061.39 234,855.26 0.70
PETROQUEST 10.375% 05-15.05.12 300,000.00 USD 246,981.34 247,696.32 0.74
PHI INC 7.125% 06-15.04.13 315,000.00 USD 211,294.78 242,742.40 0.72
SEVAN 9.25% 06-20.12.11 600,000.00 USD 271,374.38 481,937.54 1.43
TYCO ELECTRO GRP 6% 08-01.10.12 184,000.00 USD 128,956.28 161,095.35 0.48
WELLPOINT INC 6.375% 02-15.01.12 575,000.00 USD 434,396.34 500,036.66 1.49
5,501,591.32
6,742,878.96 20.03
Total - Bonds 24,499,414.63 27,432,128.45 81.48
Total - Transferable securities admitted to an official stock exchange listing 24,499,414.63 27,432,128.45 81.48
Transferable securities dealt in on another regulated market
Bonds
CAD
SHERRITT 7.875% 05-26.11.12 S.A 400,000.00 CAD 249,863.72 322,101.98 0.96
249,863.72 322,101.98 0.96
USD
AETNA 7.875% 01-01.03.11 800,000.00 USD 609,439.46 679,479.41 2.02
BUNGE LTD FIN. 5.875% 03-15.05.13 500,000.00 USD 357,348.70 437,086.36 1.30
HUSKY ENERGY 6.25% 02-15.06.12 500,000.00 USD 380,977.50 440,023.65 1.31
PALL 6% 02-01.08.12 1,000,000.00 USD 747,100.80 885,256.46 2.62
VALERO ENERGY 6.875% 02-15.04.12 500,000.00 USD 371,138.63 438,228.82 1.30
2,466,005.09 2,880,074.70 8.55
Total - Bonds 2,715,868.81 3,202,176.68 9.51
Total - Transferable securities dealt in on another regulated market 2,715,868.81 3,202,176.68 9.51
Other transferable securities
Bonds
Face value
Currency
Cost Market Value % net assets
EUR
ANGLO IRISH BK 3.625% 08-9.09.10 500,000.00 EUR 503,585.00 498,875.00 1.48
CENTRICA 7.125% 08-09.12.13 200,000.00 EUR 215,034.00 231,806.00 0.69
The accompanying notes form an integral part of these financial statements.
Page
83

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
MAN 5.375% 09-20.05.13 500,000.00 EUR 499,070.00 540,805.00 1.60
Page
84
Face value
Currency
1,217,689.00
1,271,486.00 3.77
USD
STONERIDGE 11.5% 02-01.05.12 250,000.00 USD 132,846.23 201,246.69 0.60
132,846.23
Cost Market Value % net assets
201,246.69 0.60
Total - Bonds 1,350,535.23 1,472,732.69 4.37
Total - Other transferable securities 1,350,535.23 1,472,732.69 4.37
TOTAL INVESTMENT PORTFOLIO 28,565,818.67 32,107,037.82 95.36
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
United States 37.56
Great Britain 10.93
Canada 8.49
Netherlands 8.37
France 6.70
Sweden 5.93
Germany 3.46
Norway 3.24
Denmark 2.54
Iceland 2.28
Finland 2.16
Ireland 1.48
Luxembourg 1.44
Australia 0.78
95.36
Economic breakdown %
Holding and finance companies 30.60
Banks and financial institutions 8.17
Mechanics, machinery 7.68
Energy 7.35
Other services 4.97
Gastronomy 4.22
Chemicals 3.88
Textile 3.77
Retail trade, department stores 3.70
Healthcare, education and social services 3.51
Pharmaceuticals and cosmetics 2.86
Coal mines, heavy industries 2.86
Consumer goods 2.48
Non-ferrous metals 2.23
Options on Indexes 2.00
Insurance 1.01
Electronics and electrical equipment 0.79
Forest products and paper industry 0.70
Public services 0.69
Transport 0.65
News transmission 0.64
Automobile industry 0.60
95.36
Page
85

Page
Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Statement of Net Assets as at June 30, 2010
Note
86
ASSETS
Investment portfolio at market value 12,233,851.42
Cash at bank 220,014.90
Amounts receivable on subscriptions 4,880.72
Interest and dividends receivable, net 414,076.97
(7) Unrealised gain on forward foreign exchange contracts
41,112.93
Other assets 16,099.93
TOTAL ASSETS 12,930,036.87
LIABILITIES
Amounts payable on redemptions 35,899.72
Interest payable 914.23
(4) Management and advisory fees payable
8,735.53
Taxes and expenses payable 4,179.74
TOTAL LIABILITIES 49,729.22
TOTAL NET ASSETS 12,880,307.65
Net asset value per share
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class EUR E
Class EUR I
Class EUR UKI
Class GBP UKR
EUR
EUR
EUR
EUR
GBP
The accompanying notes form an integral part of these financial statements.
EUR
96.45
97.15
97.57
80.98
46.28
76,793.96
1.00
35,830.66
1.00
34,957.52

Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 11,366,320.05
INCOME
Interest on bonds, net 494,506.88
Bank interest 1,118.86
(11) Securities lending fees
3.11
Other income 154.36
TOTAL INCOME 495,783.21
EXPENSES
(4) Management and advisory fees
54,785.75
(6) Custodian fees
1,941.15
(6) Domiciliation, administration and transfer agent fees
10,257.73
Audit, printing and publication expenses 636.04
(3) Taxe d'abonnement
2,596.50
Bank charges 1,883.09
Interest paid 3,636.68
Other charges 263.50
TOTAL EXPENSES 76,000.44
NET INCOME / (LOSS) FROM INVESTMENTS 419,782.77
Net realised gain / (loss) on sales of investments -26,385.56
Net realised gain / (loss) on forward foreign exchange contracts 3,986.94
Net realised gain / (loss) on foreign exchange 113,448.89
NET REALISED PROFIT / (LOSS) 510,833.04
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
34,052.59
exchange contracts 41,112.93
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 585,998.56
EVOLUTION OF THE CAPITAL
Subscriptions of shares 24,748,146.85
Redemptions of shares -23,772,681.76
(9) Dividends distributed
-47,476.05
NET ASSETS AT THE END OF THE PERIOD 12,880,307.65
The accompanying notes form an integral part of these financial statements.
EUR
Page
87

Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Page
88
105,800.54
43,646.98
-72,653.56
76,793.96
1.00
-
-
1.00
1,971.55
196,560.47
-162,701.36
35,830.66
1.00
-
-
1.00
33,341.13
6,255.20
-4,638.81
34,957.52

Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
Face value
Currency
Cost Market Value % net assets
EUR
ALLIANZ FIN. 4.375% (TV) 05-PERP 107,782.98 EUR 96,592.41 93,327.13 0.72
AMER.INTL GRP 4.375% 06-26.04.16 323,348.95 EUR 184,308.90 275,250.79 2.14
AXA SA 5.777% (FRN) 06-PERP 538,914.91 EUR 509,627.10 413,617.19 3.21
BAYER AG 5% (TV) 05-PERP 134,728.73 EUR 125,872.60 129,311.29 1.00
C GERAL DEPOSITOS FRN 02-PERP 134,728.73 EUR 138,196.11 106,435.69 0.83
CCBP 9.25% 09-PERP 269,457.45 EUR 246,553.57 250,595.43 1.95
CLERICAL MEDICAL 4.25% 05-PERP 215,565.96 EUR 191,588.56 152,189.57 1.18
CLERI.MED. 6.45% 01-05.07.23 EMTN 948,490.24 EUR 787,139.12 833,881.01 6.46
COMMZBK CAP. 5.012% (TV) 06-PERP 242,511.71 EUR 214,424.00 128,910.13 1.00
ELM BV 5.252% (FRN) 06-PERP 377,240.44 EUR 330,953.74 309,242.85 2.40
EUREKO BV 6% 06-PERP 614,363.00 EUR 565,240.90 467,794.42 3.63
EUROHYPO CAP 6.445% 03-23.05.33 53,891.49 EUR 54,432.83 21,455.55 0.17
FORTIS BK 6.5% 01-PERP 377,240.44 EUR 342,803.77 358,950.30 2.79
FURSTENB.CAP II 5.625% 05-PERP 107,782.98 EUR 92,334.45 62,460.24 0.48
GENERALI F. 5.317% (TV) 06-PERP 107,782.98 EUR 103,281.96 90,968.84 0.71
GROUPAMA SA 7.875% 09-27.10.39 538,914.91 EUR 571,249.80 511,295.52 3.97
HT1 FDG 6.352% (TV) 06-PERP 363,767.56 EUR 333,571.62 214,717.44 1.67
HVB FDG TR 7.055% 02-PERP 808,372.36 EUR 698,473.06 657,813.01 5.11
HYBRID RAISING 6.625% 04-PERP 355,683.84 EUR 206,296.63 49,795.74 0.39
IF SKADEFORS. 4.943% (TV) 05-PERP 107,782.98 EUR 100,911.82 88,920.96 0.69
INTESA FRN 09-PERP 269,457.45 EUR 287,151.83 247,496.67 1.92
KOMM.LDSPENS. 5.25% (TV) 06-PERP 237,122.56 EUR 225,384.99 219,819.73 1.71
LBG CAP2 15% 09-21.12.19 269,457.45 EUR 180,805.95 311,560.18 2.42
LINDE FIN. 7.375% (TV) 06-14.07.66 215,565.96 EUR 223,677.88 231,744.19 1.80
MAIN CAPITAL FD 5.5% 05-PERP 188,620.22 EUR 154,668.58 117,675.44 0.91
MOL HU O&G 5.875% 10-20.04.17 404,186.18 EUR 400,940.57 365,788.50 2.84
SL MACS 5.314% 04-PERP 1,077,829.82 EUR 934,790.04 806,324.49 6.25
SOCGEN 9.375% (TV) 09-PERP/SUB 134,728.73 EUR 148,201.60 136,278.11 1.06
ST.GENERALE 6.999% 07-PERP 134,728.73 EUR 123,950.43 113,060.31 0.88
STOREBRD LIV. 9.404% (TV) 08-PERP 538,914.91 EUR 524,856.26 559,124.22 4.34
UBS AG JER 7.152% (TV) 07-PERP 161,674.47 EUR 166,621.71 145,507.03 1.13
VINCI 6.25% 06-PERP 107,782.98 EUR 104,158.24 105,094.87 0.82
9,369,061.03 8,576,406.84 66.58
GBP
AVIVA 5.9021% (TV) 04-PERP 538,914.91 GBP 503,878.64 487,992.12 3.79
FRIENDS PROV.6.875% 03-PERP 538,914.91 GBP 466,648.83 466,259.68 3.62
970,527.47 954,251.80 7.41
USD
AMER INTL 5.6% 06-18.10.16 TR27 MTN 431,131.93 USD 189,818.06 323,357.74 2.51
BNPP 7.195% 07-PERP 1,077,829.82 USD 781,396.70 767,743.90 5.96
FUERST CAP FRN 09-PERP 808,372.36 USD 572,840.44 531,312.18 4.12
The accompanying notes form an integral part of these financial statements.
Page
89

Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
IKON OFF.SOL. 6.75% 05-01.12.25 1,212,558.55 USD 874,855.56 1,080,778.96 8.40
Page
90
Face value
Currency
2,418,910.76
Cost Market Value % net assets
2,703,192.78 20.99
Total - Bonds 12,758,499.26 12,233,851.42 94.98
Total - Transferable securities admitted to an official stock exchange listing 12,758,499.26 12,233,851.42 94.98
TOTAL INVESTMENT PORTFOLIO 12,758,499.26 12,233,851.42 94.98
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - INVESTMENT GRADE VALUE BONDS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Great Britain 23.72
France 18.68
United States 10.93
Netherlands 9.26
Japan 8.40
Norway 6.05
Luxembourg 4.12
Germany 3.54
Hungary 2.84
Belgium 2.79
Jersey 2.04
Italy 1.92
Sweden 0.69
94.98
Economic breakdown %
Holding and finance companies 29.19
Insurance 20.68
Banks and financial institutions 18.19
Other services 12.15
Electronics and electrical equipment 8.40
Energy 2.84
States, provinces and municipalities 1.71
Chemicals 1.00
Construction, building materials 0.82
94.98
Page
91

Page
Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Statement of Net Assets as at June 30, 2010
Note
92
ASSETS
Investment portfolio at market value 796,058,030.54
Cash at bank 17,894,248.97
Amounts receivable on subscriptions 24,349,279.57
Interest and dividends receivable, net 12,782,736.07
(7) Unrealised gain on forward foreign exchange contracts
2,292.58
TOTAL ASSETS 851,086,587.73
LIABILITIES
Amounts payable on purchase of investments 6,377,178.08
Amounts payable on redemptions 1,066,100.00
(4) Management and advisory fees payable
285,584.18
Taxes and expenses payable 271,018.00
Other liabilities 15,509.26
TOTAL LIABILITIES 8,015,389.52
TOTAL NET ASSETS 843,071,198.21
Net asset value per share
Class EUR R
Class DKK R
Class DKK E
Class DKK I
Class DKK UKI
Class GBP UKR
Number of shares outstanding
Class EUR R
Class DKK R
Class DKK E
Class DKK I
Class DKK UKI
Class GBP UKR
EUR
DKK
DKK
DKK
DKK
GBP
The accompanying notes form an integral part of these financial statements.
DKK
20.67
152.75
152.91
154.25
140.59
14.71
614,998.07
4,567,335.50
1.00
500.00
359,206.70
996.43

Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 406,255,614.86
INCOME
Interest on bonds, net 13,104,376.31
Bank interest 32,842.74
Other income 27,227.73
TOTAL INCOME 13,164,446.78
EXPENSES
(4) Management and advisory fees
1,547,738.60
(6) Custodian fees
79,771.97
(6) Domiciliation, administration and transfer agent fees
421,433.17
Audit, printing and publication expenses 50,610.88
(3) Taxe d'abonnement
181,991.32
Bank charges 32,327.97
Other charges 15,640.43
TOTAL EXPENSES 2,329,514.34
NET INCOME / (LOSS) FROM INVESTMENTS 10,834,932.44
Net realised gain / (loss) on sales of investments 5,193,551.41
Net realised gain / (loss) on foreign exchange -32,037.13
NET REALISED PROFIT / (LOSS) 15,996,446.72
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
31,023,247.57
exchange contracts 2,292.58
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 47,021,986.87
EVOLUTION OF THE CAPITAL
Subscriptions of shares 413,869,467.49
Redemptions of shares -24,075,601.69
(9) Dividends distributed
-269.32
NET ASSETS AT THE END OF THE PERIOD 843,071,198.21
The accompanying notes form an integral part of these financial statements.
DKK
Page
93

Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
DKK
GBP
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class DKK R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class DKK E
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class DKK I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class DKK UKI
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class GBP UKR
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Page
94
1.02
615,770.88
-773.83
614,998.07
2,857,662.10
1,864,030.40
-154,357.00
4,567,335.50
1.00
-
-
1.00
578.95
500.00
-578.95
500.00
81.91
367,489.95
-8,365.16
359,206.70
985.21
86.08
-74.86
996.43

Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Statement of Investments as at June 30, 2010
(expressed in DKK)
Description
Transferable securities admitted to an official stock exchange listing
Bonds
Face value
Currency
Cost Market Value % net assets
DKK
BRFKREDIT 4% 07-01.01.18 SER.RTL 16,500,000.00 DKK 15,639,250.00 17,448,750.00 2.07
BRFKREDIT 4% 08-01.10.41/RBT 6,927,289.96 DKK 6,397,244.79 6,650,198.36 0.79
BRFKREDIT 4% 08-01.10.41/RBT 28,916.72 DKK 26,704.14 28,919.30 -
BRFKREDIT 5% 05-01.10.38 OA 12,843,600.91 DKK 11,848,221.84 13,068,363.93 1.55
BRFKREDIT 5% 05-01.10.38 /RBT 1,206,322.71 DKK 1,112,832.70 1,206,463.26 0.14
BRFKREDIT 5% 07-01.10.41 39,015,222.06 DKK 38,859,161.18 40,361,247.22 4.79
BRFKREDIT 5% 07-01.10.41/RBT 813,323.88 DKK 810,070.58 813,396.36 0.10
BRFKREDIT 6% 07-01.10.38 IOH/RBT 3,997.73 DKK 3,892.29 4,184.62 -
BRFKREDIT 6% 07-01.10.38 IOH/RBT 1,631.51 DKK 1,588.48 1,631.74 -
DENMARK 4% 03-15.11.15 500,000.00 DKK 547,000.00 554,735.00 0.07
DENMARK 4% 05-15.11.17 52,100,000.00 DKK 52,741,246.20 57,962,813.00 6.88
DENMARK 4% 08-15.11.19 99,000,000.00 DKK 103,420,599.58 109,580,130.00 12.99
DENMARK 4.5% 07-15.11.39 60,000,000.00 DKK 70,311,553.85 73,957,800.00 8.77
DENMARK 5% 02-15.11.13 100,000.00 DKK 107,357.00 112,473.00 0.01
DENMARK 7% 93-10.11.24 100,000.00 DKK 144,000.00 146,839.00 0.02
DLR KREDIT 5% 08-01.10.41 24,900,256.62 DKK 24,587,758.40 25,435,612.14 3.02
KOMMUNEKREDIT 4% 06-01.07.34/RBT 11,966,321.83 DKK 10,025,384.44 11,517,584.76 1.37
KOMMUNEKREDIT 4% 06-34 /RBT 173,513.91 DKK 145,369.95 173,528.35 0.02
NORDEA BANK 5% 05-01.10.38 OA 9,620,994.65 DKK 8,860,936.08 9,904,813.99 1.17
NORDEA BANK 5% 05-01.10.38 /RBT 703,096.74 DKK 647,552.10 703,178.66 0.08
NORDEA KRED 4% 10-01.10.41 9,981,233.59 DKK 9,332,453.41 9,681,796.58 1.15
NORDEA KRED 4% 10-01.10.41/RBT 18,766.41 DKK 17,546.59 18,768.08 -
NORDEA KREDIT 4% 05-01.01.17 33,000,000.00 DKK 30,558,000.00 35,508,000.00 4.21
NORDEA KREDIT 5% 05-01.04.38/RBT 32,007,071.75 DKK 29,878,601.47 33,063,305.12 3.92
NORDEA KREDIT 5% 05-38/RBT 1,894,640.26 DKK 1,768,646.68 1,894,861.00 0.22
NYKREDIT REALK. 4% 05-01.01.16 34,500,000.00 DKK 32,775,000.00 37,025,400.00 4.39
NYKREDIT 4% 05-01.10.38 SERIES 3D 14,581,104.87 DKK 13,312,548.71 14,413,422.16 1.71
NYKREDIT 4% 05-38 S.3D/RBT 88,523.46 DKK 80,821.92 88,531.35 0.01
NYKREDIT 4% 09-01.01.20 35,000,000.00 DKK 35,035,000.00 36,802,500.00 4.37
NYKREDIT 4% 09-01.10.41 11,960,120.49 DKK 11,362,114.47 11,607,296.94 1.38
NYKREDIT 4% 09-01.10.41/RBT 39,879.51 DKK 37,885.53 39,883.06 -
NYKREDIT 4% 10-01.10.41 55,000,000.00 DKK 52,309,000.00 52,415,000.00 6.22
NYKREDIT 5% 07-01.10.41/RBT 12,544,303.57 DKK 12,268,328.89 12,958,265.59 1.54
NYKREDIT 5% 07-01.10.41/RBT 252,706.38 DKK 247,146.84 252,728.90 0.03
NYKREDIT 5% 09-01.10.41/RBT 16,798,291.12 DKK 16,613,509.91 17,319,038.14 2.05
NYKREDIT 5% 09-01.10.41/RBT 471,805.82 DKK 466,615.96 471,847.86 0.06
REALKR.DANMARK 5% 04-01.10.38/RBT 25,838,640.54 DKK 23,765,089.63 26,587,961.12 3.15
REALKR.DANMARK 5% 04-38/RBT 2,200,690.27 DKK 2,024,084.88 2,200,946.67 0.26
REALKRDT 4% 07-01.01.19 5,000,000.00 DKK 5,039,000.00 5,275,000.00 0.63
REALKRDT 4% 09-01.04.20 9,000,000.00 DKK 9,365,400.00 9,485,100.00 1.13
REALKRDT 4% 09-01.10.41 23S 9,000,000.00 DKK 8,750,250.00 8,762,625.00 1.04
REALKRDT 4% 10-01.10.41 25,000,000.00 DKK 23,906,250.00 24,012,500.00 2.85
REALKREDIT DAN 5% 04-01.10.38 D 20,015,793.32 DKK 18,684,743.06 20,676,314.50 2.45
REALKREDIT 4% 05-01.10.38 S.2038 23,662,063.72 DKK 22,297,300.88 23,389,949.99 2.77
REALKREDIT 4% 05-38/RBT 138,611.92 DKK 130,617.17 138,624.27 0.02
REALKREDIT 5% 04-01.10.38D/RBT 1,281,410.87 DKK 1,196,197.05 1,281,560.17 0.15
The accompanying notes form an integral part of these financial statements.
Page
95

Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Statement of Investments (continued) as at June 30, 2010
(expressed in DKK)
Description
UNIKREDIT 5% 07-01.10.41 IOH 39,468,294.33 DKK 39,221,617.49 40,466,842.18 4.80
UNIKREDIT 5% 07-01.10.41 IOH/RBT 487,504.05 DKK 484,457.15 487,547.49 0.06
Page
96
747,165,951.29
795,958,278.86 94.41
Total - Bonds 747,165,951.29 795,958,278.86 94.41
Total - Transferable securities admitted to an official stock exchange listing 747,165,951.29 795,958,278.86 94.41
Other transferable securities
Bonds
Face value
Currency
Cost Market Value % net assets
DKK
DLR KREDIT 5% 08-01.10.41/RBT 99,743.38 DKK 98,491.60 99,751.68 0.01
98,491.60 99,751.68 0.01
Total - Bonds 98,491.60 99,751.68 0.01
Total - Other transferable securities 98,491.60 99,751.68 0.01
TOTAL INVESTMENT PORTFOLIO 747,264,442.89 796,058,030.54 94.42
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - LONG DANISH BONDS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Denmark 94.42
94.42
Economic breakdown %
Banks and financial institutions 64.29
States, provinces and municipalities 30.13
94.42
Page
97

Page
Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Net Assets as at June 30, 2010
Note
98
ASSETS
Investment portfolio at market value 148,372,922.08
Cash at bank 1,389,356.13
Amounts receivable on sale of investments 860,367.41
Amounts receivable on subscriptions 60,000.00
Interest and dividends receivable, net 1,520,520.67
Other assets 18,852.62
TOTAL ASSETS 152,222,018.91
LIABILITIES
Bank overdraft 7,896.99
Amounts payable on purchase of investments 990,966.32
Amounts payable on redemptions 113,620.00
Interest payable 641.42
(7) Net unrealised loss on forward foreign exchange contracts
600,005.13
(4) Management and advisory fees payable
159,678.84
Taxes and expenses payable 73,774.12
Other liabilities 2,742.69
TOTAL LIABILITIES 1,949,325.51
TOTAL NET ASSETS 150,272,693.40
Net asset value per share
Class EUR R
Class EUR I
Number of shares outstanding
Class EUR R
Class EUR I
EUR
EUR
The accompanying notes form an integral part of these financial statements.
EUR
111.83
113.06
1,343,612.89
175.61

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 134,285,979.04
INCOME
Dividends, net 1,264,785.69
Interest on bonds, net 1,287,376.15
Bank interest 2,212.48
(11) Securities lending fees
55,790.20
Other income 1,126.74
TOTAL INCOME 2,611,291.26
EXPENSES
(4) Management and advisory fees
929,815.43
(6) Custodian fees
18,666.17
(6) Domiciliation, administration and transfer agent fees
261,419.69
Audit, printing and publication expenses 4,851.50
(3) Taxe d'abonnement
37,816.01
Bank charges 27,229.69
Interest paid 2,729.09
Other charges 3,831.57
TOTAL EXPENSES 1,286,359.15
NET INCOME / (LOSS) FROM INVESTMENTS 1,324,932.11
Net realised gain / (loss) on sales of investments 5,204,297.41
Net realised gain / (loss) on forward foreign exchange contracts -907,333.84
Net realised gain / (loss) on foreign exchange 46,808.31
NET REALISED PROFIT / (LOSS) 5,668,703.99
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
3,744,010.01
exchange contracts -292,550.01
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 9,120,163.99
EVOLUTION OF THE CAPITAL
Subscriptions of shares 9,076,549.47
Redemptions of shares -2,209,999.10
NET ASSETS AT THE END OF THE PERIOD 150,272,693.40
The accompanying notes form an integral part of these financial statements.
EUR
Page
99

Sparinvest SICAV
SPARINVEST - PROCEDO
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Page
100
1,280,394.76
82,826.84
-19,608.71
1,343,612.89
100.00
75.61
-
175.61

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
Quantity /
Face value
Currency
Cost Market Value % net assets
AUD
AMCOR LTD 30,246.79 AUD 138,601.22 133,263.06 0.09
ANZ BANKING GROUP 7,518.49 AUD 121,322.68 112,200.57 0.07
BHP BILLITON LTD 8,814.78 AUD 205,082.50 229,185.00 0.15
CWTHBK OF AUSTRALIA 8,641.94 AUD 310,125.18 290,278.33 0.19
FAIRFAX MEDIA LTD 103,703.29 AUD 122,595.31 94,173.35 0.06
GOODMAN GROUP 216,048.52 AUD 86,347.03 94,740.31 0.06
MACQUARIE GROUP LTD 2,938.26 AUD 131,044.63 75,319.59 0.05
MAP GROUP 103,703.29 AUD 205,671.82 192,643.59 0.13
MIRVAC GROUP 126,664.93 AUD 80,940.82 115,024.91 0.08
NATIONAL AUSTRALIA BANK LTD 5,530.84 AUD 129,435.25 88,916.83 0.06
ONESTEEL LTD 69,135.53 AUD 168,380.34 142,274.58 0.09
OZ MINERALS LTD 172,838.81 AUD 128,024.42 114,583.55 0.08
SUNCORP METWAY LTD 11,303.66 AUD 108,064.01 62,760.27 0.04
WESFARMERS LTD 16,048.95 AUD 315,525.53 317,527.22 0.22
WESTPAC BANKING CORP 19,876.46 AUD 303,762.43 291,406.26 0.20
2,554,923.17 2,354,297.42 1.57
CHF
AUSTRIAMICROSYSTEMS AG 3,888.87 CHF 88,066.71 109,059.45 0.07
BALOISE HOLDING/NAMEM 4,320.97 CHF 276,983.32 245,937.53 0.16
BANK SARASIN & CO LTD B 950.61 CHF 28,633.20 30,958.81 0.02
CHARLES VOEGELE HOLDING AG 2,160.49 CHF 70,682.83 72,071.10 0.05
CIE FINANCIERE RICHEMONT SA 14,691.30 CHF 345,220.46 418,536.81 0.28
CIE SUISSE DE REASSURANCE/NOM 16,214.87 CHF 635,454.46 547,753.38 0.36
CLARIANT/NAMEN AKT 8,641.94 CHF 81,534.87 90,231.38 0.06
DUFRY AG BASEL 1,296.29 CHF 61,680.47 79,400.36 0.05
EMS CHEMIE HOLDING AG 691.36 CHF 73,268.68 73,435.97 0.05
FISCHER GEORG AG/NAM 302.47 CHF 78,237.92 80,377.59 0.05
FORBO HOLDING AG /NAM 216.05 CHF 58,584.61 74,962.09 0.05
GIVAUDAN SA/REG. 259.26 CHF 173,434.19 180,983.96 0.12
HELVETIA HOLDING SA /NOM 561.73 CHF 130,644.99 120,688.55 0.08
HOLCIM LTD/NAM. 5,185.16 CHF 265,989.87 286,329.91 0.19
KUDELSKI SA 5,617.26 CHF 43,823.95 124,288.03 0.08
LINDT & SPRUENGLI/PARTIZ 103.70 CHF 176,467.00 182,078.47 0.12
MICRONAS SEMICONDUCTOR/REG 8,641.94 CHF 31,010.20 32,574.51 0.02
MOBIMO HOLDING AG 432.10 CHF 48,006.61 60,881.76 0.04
NESTLE SA 5,185.16 CHF 183,572.60 204,242.16 0.14
NOVARTIS AG BASEL/NAM 6,049.36 CHF 242,032.17 240,334.71 0.16
ORASCOM DEVELOPMENT HOLDING AG 518.52 CHF 28,670.11 23,649.09 0.02
PARGESA HOLDING SA 1,728.39 CHF 96,723.18 92,707.05 0.06
RIETER HOLDING AG/NAM 432.10 CHF 80,560.10 90,557.13 0.06
SCHMOLZ + BICKENBACH/NAM 864.19 CHF 14,428.10 18,990.94 0.01
SIKA SA. BAAR 216.05 CHF 277,453.50 308,969.20 0.21
SULZER AG/NAMENSAKTIEN 1,123.45 CHF 77,144.38 87,319.22 0.06
SWISS LIFE HOLDING/NAM 9,506.13 CHF 818,425.72 748,171.27 0.51
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
THE SWATCH GROUP AG 1,814.81 CHF 289,691.08 418,921.19 0.28
THE SWATCH GROUP AG/NAM 8,641.94 CHF 300,241.18 359,948.30 0.24
VERWALTUNGS-UND PRIVAT-BANK AG 345.68 CHF 28,026.57 33,121.76 0.02
ZEHNDER GROUP AG 17.28 CHF 19,539.27 20,847.69 0.01
Page
102
Quantity /
Face value
Currency
5,124,232.30
5,458,329.37 3.63
DKK
DANSKE BANK AS 5,185.16 DKK 86,785.83 82,642.22 0.06
FLSMIDTH & CO A/S -B- 864.19 DKK 49,191.37 46,171.50 0.03
GN GREAT NORDIC LTD 12,962.91 DKK 37,404.93 74,148.25 0.05
TK DEVELOPMENT 6,913.55 DKK 23,670.82 21,536.64 0.01
197,052.95
Cost Market Value % net assets
224,498.61 0.15
EUR
AALBERTS INDUSTRIES NV 5,617.26 EUR 59,713.29 60,020.44 0.04
AAREAL BANK AG 13,408.84 EUR 205,472.83 184,907.84 0.12
ACANTHE DEVELOPPEMENT SA 6,913.55 EUR 16,577.20 10,093.79 0.01
AFFINE 518.52 EUR 17,158.09 8,871.82 0.01
AGFA-GEVAERT NV MORTSEL 21,604.85 EUR 115,261.35 102,623.05 0.07
AIR FRANCE - KLM 30,246.79 EUR 339,265.40 297,598.19 0.20
ALLIANZ SE/NAM.VINKULIERT 7,777.75 EUR 650,384.73 636,064.12 0.41
ALSTRIA OFFICE REIT AG 14,691.30 EUR 72,616.10 115,752.75 0.08
ANDRITZ AG GRAZ 691.36 EUR 15,267.03 31,888.76 0.02
ANHEUSER-BUSH INBEV SA 13,827.11 EUR 441,275.06 547,553.36 0.36
ARCELORMITTAL SA REG SHS 6,199.73 EUR 238,920.11 140,237.85 0.09
ASIAN BAMBOO AG 1,728.39 EUR 33,174.54 56,112.12 0.04
ASSICURAZIONI/MILANO 17,283.88 EUR 41,371.35 24,180.15 0.02
ATRIA GROUP PLC A 6,049.36 EUR 73,773.08 67,147.88 0.04
ATRIUM EURO RE 23,333.24 EUR 111,121.82 82,156.34 0.05
AUTOSTRADA TORINO-MILANO SPA 8,641.94 EUR 87,876.54 87,370.02 0.06
AXA 26,899.77 EUR 425,159.68 340,551.07 0.23
BANCO ESPIRITO SANTO SA/REG 77,777.47 EUR 349,562.51 253,243.43 0.17
BANCO POPOLARE SOC. COOP 38,888.73 EUR 356,846.10 177,429.85 0.12
BCA POP.DELL ETRURIA DEL LAZIO 11,234.52 EUR 81,016.73 36,680.72 0.02
BENETTON GROUP SPA PONZANO 5,185.16 EUR 32,659.60 28,518.40 0.02
BENI STABILI SPA 171,456.10 EUR 80,812.78 107,160.06 0.07
BERTRANDT AG 2,592.58 EUR 69,454.40 76,286.73 0.05
BGP HOLDINGS 200,147.35 EUR -
- -
BILFINGER BERGER AG 777.77 EUR 40,940.11 35,622.08 0.02
BNP PARIBAS 3,456.78 EUR 191,493.53 155,053.70 0.10
BRUNEL INTERNATIONAL 1,728.39 EUR 27,596.63 40,928.23 0.03
BULGARI SPA 12,098.72 EUR 74,938.51 71,503.42 0.05
BUONGIORNO SPA/AZ 17,283.88 EUR 24,345.45 15,555.49 0.01
BUZZI UNICEM/AZ RISP/NON-CV 14,691.30 EUR 104,471.37 72,721.93 0.05
CAJA MEDIT/PFD 4,320.97 EUR 24,692.19 27,697.42 0.02
CAMFIN 25,752.12 EUR 37,308.87 6,901.57 -
CAMPARI AZ/POST FRAZIONAMENTO 19,876.46 EUR 66,421.51 79,853.69 0.05
CAT OIL AG 3,456.78 EUR 22,817.40 24,449.78 0.02
C.I.R.CIE INDUSTRIALI RIUNITE 70,947.74 EUR 149,138.97 98,404.52 0.07
CITYCON OYJ 36,678.12 EUR 66,180.15 88,027.50 0.06
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
CNP ASSURANCES 1,204.69 EUR 99,590.18 67,221.51 0.04
CNP SA 12,098.72 EUR 534,781.36 424,543.98 0.28
COFIDE CIA FIN.DE BENEDETTI 88,168.54 EUR 81,939.81 55,193.50 0.04
CONWERT IMMOBILIEN INV SE 8,641.94 EUR 40,555.56 73,845.38 0.05
CORIO NV 13,581.67 EUR 596,986.73 544,081.86 0.36
CORP FIN ALBA/SPLIT ISSUE 4,061.71 EUR 148,627.56 123,313.58 0.08
CREDIT AGRICOLE SA PARIS 47,530.67 EUR 553,597.86 410,855.15 0.27
CRITERIA CAIXACORP SA 172,838.81 EUR 591,989.91 582,466.80 0.39
CSM NV 2,592.58 EUR 65,627.56 63,375.67 0.04
D IETEREN SA 172.84 EUR 54,902.00 60,230.87 0.04
DAIMLER AG/NAMEN AKT 2,160.49 EUR 87,355.28 90,351.49 0.06
DCC 1,728.39 EUR 31,459.01 32,286.29 0.02
DE LONGHI SPA 6,460.71 EUR 29,274.25 22,612.50 0.02
DEA CAPITAL SPA 22,469.05 EUR 37,838.74 26,468.54 0.02
DEUTSCHE BANK AG/NAM 12,098.72 EUR 618,607.79 568,337.23 0.38
DEUTSCHE BETEILIGUNGS AG 5,869.61 EUR 128,760.93 109,057.28 0.07
DIC ASSET AG 8,280.71 EUR 49,527.29 52,160.18 0.03
DINAMIA CAPITAL PRIVADO SCR SA 2,925.30 EUR 54,038.95 28,082.85 0.02
DIOR SA.CHRISTIAN 3,888.87 EUR 303,418.76 308,193.21 0.21
DOUGLAS HOLDING AG 2,160.49 EUR 74,667.14 73,931.80 0.05
ECO BUSINESS-IMMOBILIEN AG 2,333.32 EUR 16,784.89 15,108.27 0.01
ELRINGKLINGER AG/NAM 4,753.07 EUR 69,665.96 83,107.38 0.06
ERG SPA MILANO 7,777.75 EUR 73,244.05 74,977.48 0.05
ERGYCAPITAL SPA 376.79 EUR -
250.56 -
ERSTE GROUP BANK AG 12,962.91 EUR 359,892.99 338,656.05 0.23
ESSILOR INTERNATIONAL 9,506.13 EUR 371,250.58 464,564.81 0.31
ESSO S.A. FRANCAISE 1,296.29 EUR 117,617.22 132,467.99 0.09
ETAM DEVELOPPEMENT SA 349.13 EUR 7,023.73 12,781.81 0.01
EURAZEO 3,811.10 EUR 184,801.77 179,350.17 0.12
EUTELSAT COMMUNICATIONS PARIS 13,827.11 EUR 254,529.21 380,729.34 0.25
EVOTEC AG 15,555.49 EUR 28,987.29 31,095.43 0.02
FUGRO NV 2,592.58 EUR 130,227.56 99,736.64 0.07
GBL 8,641.94 EUR 704,681.71 493,109.14 0.33
GECINA/ACT NOM 7,749.23 EUR 736,004.48 570,653.17 0.38
GERRESHEIMER AG 2,592.58 EUR 66,094.86 68,521.95 0.05
GERRY WEBER INTL AG 1,296.29 EUR 21,465.32 31,110.99 0.02
GIMV SA 864.19 EUR 33,159.97 32,122.09 0.02
GRAFTON GROUP PLC/UNITS 8,641.94 EUR 27,827.79 24,845.58 0.02
GROUPE EUROTUNNEL REGROUPEMT 4,753.07 EUR 35,975.97 26,569.65 0.02
GRUPPO COIN SPA 4,084.18 EUR 13,657.79 21,809.53 0.01
HEIDELBERGER DRUCKMASCHINEN AG 8,641.94 EUR 57,079.25 64,693.57 0.04
HEINEKEN HOLDING 8,641.94 EUR 261,941.64 258,782.91 0.17
HELLENIC PETROLEUM SA 21,604.85 EUR 181,802.67 126,388.38 0.08
HENKEL/VORZUG 11,234.52 EUR 418,118.60 449,605.61 0.30
HI-MEDIA. PARIS 4,320.97 EUR 20,107.63 18,666.59 0.01
HOCHTIEF AG 1,296.29 EUR 68,556.46 63,764.56 0.04
H&R WASAG AG 1,728.39 EUR 21,220.39 31,733.21 0.02
IGD IMMOB.GRANDE DISTR. SPA 77,777.47 EUR 96,804.02 86,644.10 0.06
IMMOFINANZ AG 19,444.37 EUR 24,080.62 41,513.72 0.03
IMMSI SPA TORINO 84,917.44 EUR 71,579.43 61,310.39 0.04
INFINEON TECHNOLOGIES/NAM 77,777.47 EUR 345,032.53 373,720.73 0.25
The accompanying notes form an integral part of these financial statements.
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Sparinvest SICAV
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INTESA SANPAOLO SPA 188,032.21 EUR 496,809.81 410,380.30 0.27
INTESA SANPAOLO/RISP-NON CONV 142,170.30 EUR 527,074.59 235,576.18 0.16
ITALMOBILIARE SPA 2,872.58 EUR 144,083.43 63,512.77 0.04
ITALMOBILIARE SPA/RISP./N-CV 2,765.42 EUR 70,264.94 43,389.46 0.03
KBC GROUPE SA 2,160.49 EUR 73,184.49 68,400.96 0.05
KIZOO AG/NAMENAKTIE 2,189.87 EUR 25,076.31 16,842.27 0.01
KME GRP/POST REGRP 121,402.85 EUR 83,200.31 35,510.33 0.02
KONINKLIJKE DSM NV 4,505.91 EUR 129,901.03 148,469.67 0.10
KONINKLIJKE VOPAK 13,827.11 EUR 325,103.99 415,642.78 0.28
LAGARDERE SCA/NOM 9,506.13 EUR 261,924.96 244,402.73 0.16
LAMDA DEVELOPMENT STOCK 6,770.96 EUR 54,733.01 25,052.55 0.02
LVMH MOET HENNESSY 1,296.29 EUR 124,976.39 116,225.46 0.08
MAISONS FRANCE CONFORT 691.36 EUR 17,981.98 20,049.30 0.01
MEDIOBANCA BCA CREDITO FINANZ 5,444.42 EUR 50,597.81 33,510.42 0.02
MONTE DEI PASCHI DI SIENA 60,493.59 EUR 77,914.04 56,501.01 0.04
M-REAL OYJ -B- 17,283.88 EUR 34,455.35 49,950.42 0.03
MTU AERO ENGINES HLDS/NAMEN 1,728.39 EUR 40,077.61 79,263.88 0.05
MUENCHENER RUECKVERS/NAMENSAKT 3,456.78 EUR 364,917.67 356,393.64 0.24
MYTILINEOS HOLDINGS/REG 12,098.72 EUR 64,353.77 46,580.06 0.03
NATIXIS 47,530.67 EUR 171,844.62 170,967.83 0.11
NEXANS PARIS 691.36 EUR 34,772.16 33,513.45 0.02
NEXITY/A 5,185.16 EUR 57,214.48 121,540.25 0.08
NOKIAN TYRES PLC 15,555.49 EUR 300,974.72 313,132.08 0.21
OBRASCON HUARTE LAIN SA 3,888.87 EUR 72,764.30 71,924.71 0.05
OUTOKUMPU OYJ A 17,283.88 EUR 223,350.96 213,974.45 0.14
PARROT SA 2,592.58 EUR 26,194.90 33,988.75 0.02
PATRIZIA IMMOBILIEN AG/REG 8,641.94 EUR 22,479.24 25,744.34 0.02
PEUGEOT SA 20,846.09 EUR 799,114.41 437,663.65 0.29
PIAGGIO AND C SPA 9,176.88 EUR 11,742.64 17,812.32 0.01
PIRELLI & CIE SPA 229,854.88 EUR 188,134.11 104,698.90 0.07
PRAKTIKER BAU & HEIMWERKERM. HLD 16,419.69 EUR 106,744.53 92,935.43 0.06
PUBLIC POWER CORP/REG 21,604.85 EUR 303,754.78 254,505.15 0.17
PUBLICIS GROUPE SA 11,234.52 EUR 226,667.51 369,278.77 0.25
RALLYE SA 4,865.41 EUR 163,255.64 121,440.70 0.08
RAMIRENT OYJ 4,320.97 EUR 32,707.61 30,073.95 0.02
RANDSTAD HOLDING 3,456.78 EUR 119,655.19 112,431.65 0.07
REPSOL YPF SA MADRID 6,049.36 EUR 99,402.40 100,691.57 0.07
RHEINMETALL AG DUESSELDORF 1,555.55 EUR 72,618.44 73,110.82 0.05
RHJ INTERNATIONAL SA 5,271.58 EUR 16,131.40 31,260.49 0.02
SACYR VALLEHERMOSO SA 12,962.91 EUR 119,849.36 54,055.34 0.04
SAFILO 5,833.31 EUR 64,228.75 43,953.99 0.03
SAFRAN SA 8,641.94 EUR 160,260.05 197,165.88 0.13
SALZGITTER AG 2,592.58 EUR 140,522.79 127,230.97 0.08
SCOR SE 32,839.37 EUR 523,322.52 515,906.58 0.34
SEDA BARCELONA 22,428.43 EUR 45,081.14 7,625.67 0.01
SEQUANA /NOM. 4,320.97 EUR 44,436.67 43,857.85 0.03
SIXT/VORZ -O.STIMMR./EM97 8,037.00 EUR 79,889.70 127,306.16 0.08
SNS REAAL NV 19,042.52 EUR 255,177.01 68,343.60 0.05
SOC.DE INVESTIMENTO E GESTAO 13,827.11 EUR 106,672.90 102,458.85 0.07
SOFTWARE AG 864.19 EUR 43,428.54 73,188.60 0.05
SOITEC. BERNIN 7,777.75 EUR 43,002.10 57,275.33 0.04
Page
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
SONAE CAPITAL SGPS SA 47,530.67 EUR 29,225.14 22,814.72 0.02
SONAECOM SGPS SA 73,456.50 EUR 132,563.12 100,635.40 0.07
SORIN SPA 57,926.06 EUR 67,806.76 83,297.68 0.06
SPARKASSEN IMMOBOBILIEN AG 3,888.87 EUR 19,125.66 18,896.04 0.01
SPONDA OYJ HELSINKI 2,160.49 EUR 17,288.20 5,379.61 -
STADA ARZNEIMITTEL AG 864.19 EUR 26,352.33 23,536.33 0.02
STE FONCIERE FIN.ET PART/NOM 1,942.71 EUR 148,494.57 71,685.94 0.05
STE GEN.PARIS A 1,329.13 EUR 131,743.41 46,021.14 0.03
STO AG/VORZUEGE 432.10 EUR 19,882.95 33,522.09 0.02
STORA ENSO AB/R 68,564.29 EUR 370,317.14 409,671.66 0.27
TELECOM ITALIA SPA 432,097.04 EUR 445,210.27 395,584.84 0.26
TELECOM ITALIA SPA/RISP. N-CV 777,774.67 EUR 677,265.07 586,442.10 0.39
TOD S SPA 777.77 EUR 36,581.97 40,397.62 0.03
TOUR EIFFEL 1,721.47 EUR 113,658.25 83,784.17 0.06
UNICREDIT SPA 57,051.50 EUR 262,803.93 105,317.07 0.07
UNIONE DI BANCHE ITALIANE SCPA 25,925.82 EUR 346,331.89 184,721.48 0.12
UNIPOL GRUPPO FINANZIARIO SPA 129,629.11 EUR 212,809.20 70,907.12 0.05
UPM-KYMMENE CORP 60,493.59 EUR 454,999.03 659,985.01 0.43
VASTNED OFFICES/INDUSTRIAL 8,551.20 EUR 114,919.11 85,084.44 0.06
VASTNED RETAIL NV 2,994.43 EUR 135,217.62 123,774.87 0.08
VISCOFAN SA / SPLIT ISSUE 3,543.20 EUR 75,407.72 78,836.10 0.05
VOLKSWAGEN AG/VORZUG 7,218.61 EUR 404,692.66 525,731.59 0.35
VTG AG 1,296.29 EUR 15,606.45 15,224.94 0.01
WACKER NEUSON SE/NAMEN 10,370.33 EUR 50,915.66 101,089.97 0.07
WERELDHAVE (BELEG.MIJ) 1,728.39 EUR 108,434.56 105,414.39 0.07
WIEN ST VERSICH 4,320.97 EUR 158,627.19 148,727.80 0.10
25,966,154.98
Cost Market Value % net assets
23,305,365.93 15.51
GBP
AERO INVENTORY PLC 8,641.94 GBP 47,871.51
528.02 -
ANTOFAGASTA PLC 17,283.88 GBP 160,017.74 166,645.15 0.11
ARM HOLDINGS PLC 43,209.70 GBP 47,909.19 146,527.35 0.10
ASHTEAD GROUP PLC 51,851.64 GBP 26,635.27 57,280.31 0.04
ASS.BRITISH FOODS PLC 15,555.49 GBP 175,190.37 184,576.93 0.12
BARRATT DEVEL.PLC 43,209.70 GBP 30,047.32 50,320.92 0.03
BHP BILLITON PLC 6,255.90 GBP 131,051.44 134,739.03 0.09
BP PLC 12,962.91 GBP 84,448.66 50,326.20 0.03
BRIT INSURANCE 3,240.73 GBP 28,727.50 35,641.78 0.02
CATLIN GROUP LTD 14,691.30 GBP 54,203.19 62,799.25 0.04
COLLINS STEWART PLC 30,246.79 GBP 26,188.93 26,982.15 0.02
COMPASS GROUP PLC 25,925.82 GBP 122,346.16 162,209.73 0.11
DIMENSION DATA HOLDING LTD 43,209.70 GBP 29,797.00 50,716.94 0.03
F&C ASSET MANAGEMENT PLC 12,098.72 GBP 12,796.09 7,651.11 0.01
GALLIFORD TRY PLC 6,553.18 GBP 28,491.65 25,125.25 0.02
HIGHLAND GOLD MINING LTD 34,567.76 GBP 15,926.34 53,013.86 0.04
HIKMA PHARMACEUTICALS PLC 3,456.78 GBP 20,954.71 30,139.75 0.02
HOME RETAIL GROUP PLC 108,024.26 GBP 304,214.41 283,286.20 0.19
JJB SPORTS PLC 125,999.50 GBP 63,253.70 18,476.70 0.01
KAZAKHMYS LIMITED 6,049.36 GBP 89,761.17 73,997.63 0.05
LAIRD PLC 25,925.82 GBP 37,703.39 33,329.03 0.02
LLOYDS BANKING GROUP PLC 12,783.16 GBP 135,549.89 8,472.90 0.01
The accompanying notes form an integral part of these financial statements.
Page
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Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
MARSTON S PLC 25,925.82 GBP 28,303.29 29,400.51 0.02
MILLENNIUM & COPTHORNE HOTELS 21,604.85 GBP 98,221.52 107,638.20 0.07
MOTHERCARE PLC 5,185.16 GBP 22,694.05 36,117.01 0.02
NOVAE GROUP PLC 5,369.24 GBP 18,115.95 20,192.27 0.01
OLD MUTUAL PLC 463,899.38 GBP 470,410.78 588,431.01 0.40
PARAGON GROUP OF COMPANIES PLC 44,073.90 GBP 17,836.06 64,953.60 0.04
PREMIER FOODS PLC 86,419.41 GBP 32,419.11 20,212.85 0.01
PUNCH TAVERNS LTD 43,209.70 GBP 54,043.60 30,519.93 0.02
PZ CUSSONS PLC 12,962.91 GBP 22,170.22 54,333.92 0.04
RECKITT BENCKISER GROUP PLC 4,855.91 GBP 174,586.29 185,495.64 0.12
ROYAL BK OF SCOTLAND PLC 42,901.19 GBP 248,365.85 21,987.31 0.01
ROYAL DUTCH SHELL PLC/A 8,641.94 GBP 235,676.01 180,004.22 0.12
ROYAL DUTCH SHELL/B 8,641.94 GBP 185,133.79 172,559.05 0.11
SABMILLER PLC 21,604.85 GBP 321,337.43 496,476.88 0.33
SALAMANDER ENERGY PLC 4,320.97 GBP 18,460.06 12,213.25 0.01
SEGRO PLC/REIT 14,933.27 GBP 376,752.41 46,479.17 0.03
SSL INTERNATIONAL PLC 4,898.25 GBP 34,536.19 48,244.81 0.03
STHREE PLC 11,234.52 GBP 16,652.50 35,282.73 0.02
TAYLOR WIMPEY PLC 172,838.81 GBP 55,482.69 56,034.17 0.04
TT ELECTRONICS PLC 37,051.46 GBP 36,008.13 42,786.97 0.03
UNILEVER PLC 6,958.49 GBP 171,175.44 152,719.95 0.10
VEDANTA RESOURCES PLC 1,728.39 GBP 50,475.80 45,304.67 0.03
VODAFONE GROUP PLC 604,935.85 GBP 983,557.15 1,028,648.36 0.69
WHITBREAD PLC 7,777.75 GBP 124,704.98 133,632.94 0.09
YELL GROUP PLC 129,629.11 GBP 43,571.08 38,981.03 0.03
Page
106
Quantity /
Face value
Currency
5,513,776.01
Cost Market Value % net assets
5,311,436.64 3.53
HKD
BEIJING ENTERPRISES HLD LTD 44,938.09 HKD 128,524.91 240,229.33 0.16
BK OF EAST ASIA LTD 82,720.66 HKD 275,602.19 245,574.17 0.17
BOC HONG KONG HOLDINGS LTD 112,345.23 HKD 184,599.01 210,112.43 0.14
CATHAY PACIFIC AIRWAYS 103,703.29 HKD 177,103.65 168,321.61 0.11
CHAODA MODERN AGRICULTURE HOLDING 172,838.81 HKD 147,351.20 139,363.06 0.09
CHINA EVERBRIGHT LTD 34,567.76 HKD 65,790.02 65,011.96 0.04
CHINA SHIPPING CONTAINER -H- 691,355.26 HKD 183,684.01 202,709.90 0.13
CITIC PACIFIC LTD 33,703.57 HKD 118,666.45 51,457.55 0.03
CNOOC LTD 60,493.59 HKD 69,863.95 84,758.07 0.06
COSCO PACIFIC LTD 77,777.47 HKD 135,130.19 75,826.17 0.05
FOSUN INTERNATIONAL LTD 198,764.64 HKD 97,770.45 114,476.79 0.08
GEELY AUTOMOBILE HLD LTD 259,258.22 HKD 99,039.11 65,156.75 0.04
HENDERSON LAND DEV 17,283.88 HKD 112,744.56 83,255.85 0.06
HUTCHISON WHAMP LTD 17,283.88 HKD 129,582.69 87,418.64 0.06
JIANGXI COPPER CO LTD H 38,888.73 HKD 55,154.49 59,862.77 0.04
KINGBOARD CHEMICALS HOLDINGS 86,419.41 HKD 253,860.00 305,874.75 0.21
MASS TRANSIT RAILWAY CORP 77,777.47 HKD 213,115.81 217,053.43 0.14
NEW WORLD DEVELOPMENT CO LTD 64,776.53 HKD 147,289.44 86,689.04 0.06
ORIENT OVERSEAS (INTERNATIONAL) 30,246.79 HKD 105,761.46 176,420.95 0.12
SUN HUNG KAI PROPERTIES LTD 12,962.91 HKD 127,628.42 145,788.24 0.10
SWIRE PACIFIC LTD A 15,123.40 HKD 128,186.64 140,946.73 0.09
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
YANZHOU COAL MINING CO -H- 77,777.47 HKD 126,645.71 124,286.51 0.08
3,083,094.36
Cost Market Value % net assets
3,090,594.70 2.06
JPY
ACCORDIA GOLF CO LTD 34.57 JPY 28,983.37 27,994.62 0.02
ADEKA CORP 3,888.87 JPY 27,199.56 30,026.61 0.02
ADVANCE RESIDENCE INVESTMENT 43.21 JPY 59,003.32 45,729.85 0.03
AICHI BANK LTD 1,382.71 JPY 74,394.08 76,985.20 0.05
AICHI MACHINE IND 9,506.13 JPY 21,640.28 20,995.97 0.01
AIFUL CORP 7,777.75 JPY 81,131.18 7,658.76 0.01
AISIN SEIKI CO LTD 9,506.13 JPY 166,985.05 211,184.41 0.14
AKITA BANK LTD 11,234.52 JPY 28,341.84 31,947.27 0.02
ALPINE ELECTRONICS INC 4,320.97 JPY 27,388.45 43,184.88 0.03
ALPS ELECTRIC CO 3,024.68 JPY 22,466.84 21,405.54 0.01
AMADA CO LTD 59,629.39 JPY 281,000.72 323,767.31 0.22
ANRITSU CORP 12,098.72 JPY 34,966.96 44,202.87 0.03
AOC HOLDINGS INC 3,456.78 JPY 20,708.22 14,410.87 0.01
AOYAMA TRADING CO LTD 4,407.39 JPY 75,439.93 64,653.25 0.04
AOZORA BANK LTD 129,629.11 JPY 158,815.50 138,382.49 0.09
ASAHI BREWERIES 18,666.59 JPY 259,738.79 258,880.24 0.17
ASAHI GLASS CO LTD 17,283.88 JPY 152,735.24 134,087.86 0.09
ATSUGI CO LTD 43,209.70 JPY 38,974.49 42,150.99 0.03
BANK OF KYOTO 21,604.85 JPY 143,264.93 145,937.85 0.10
BANK OF SAGA LTD 25,061.63 JPY 53,407.36 62,964.03 0.04
BANK OF THE RYUKYUS LTD 2,592.58 JPY 16,440.52 24,765.69 0.02
BELLUNA CO LTD 8,037.00 JPY 32,283.66 31,138.45 0.02
BEST DENKI 8,641.94 JPY 46,393.08 19,325.83 0.01
BML INC TOKYO 1,469.13 JPY 17,991.92 27,229.54 0.02
CALSONIC CORP 7,777.75 JPY 21,705.58 18,824.79 0.01
CANON ELECTRONICS CO 1,296.29 JPY 25,442.22 24,073.79 0.02
CANON INC 2,592.58 JPY 78,940.65 79,450.64 0.05
CANON MARKETING JAPAN INC 6,913.55 JPY 83,034.91 79,848.29 0.05
CAWACHI LTD 4,320.97 JPY 62,626.69 66,367.93 0.04
CENTRAL JAPAN RAILWAY CO 30.25 JPY 202,794.34 204,313.00 0.14
CHUDENKO CORP 4,148.13 JPY 53,026.81 39,472.41 0.03
CKD CORP 6,913.55 JPY 34,208.28 42,564.55 0.03
COCOKARA FINE HOLDING INC 3,456.78 JPY 45,182.12 51,121.99 0.03
COSEL CO LTD 2,160.49 JPY 17,427.67 27,179.43 0.02
COSMO OIL CO LTD 77,777.47 JPY 173,049.00 153,175.10 0.10
CREDIT SAISON CO LTD 9,506.13 JPY 79,902.97 82,146.71 0.05
DAIEI INC. THE 12,962.91 JPY 42,772.64 43,662.07 0.03
DAINIPPON SCREEN MANUFACTURING 8,641.94 JPY 32,453.44 32,527.84 0.02
DENSO CORP 6,913.55 JPY 144,304.39 157,533.36 0.10
DENTSU INC TOKYO 8,641.94 JPY 181,073.87 189,122.74 0.13
DON QUIJOTE CO LTD 1,469.13 JPY 30,322.13 32,259.03 0.02
EAGLE INDUSTRY CO LTD 4,320.97 JPY 26,001.91 24,415.76 0.02
EBARA CORP 9,506.13 JPY 23,747.75 33,418.57 0.02
EIGHTEENTH BANK LTD 25,061.63 JPY 58,884.53 57,198.09 0.04
EXEDY CORP 2,592.58 JPY 37,963.19 54,732.66 0.04
EZAKI GLICO CO LTD 2,592.58 JPY 20,598.91 25,672.34 0.02
FANCL CORP YOKOHAMA 1,728.39 JPY 25,186.47 20,025.69 0.01
The accompanying notes form an integral part of these financial statements.
Page
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
FCC CO LTD 2,592.58 JPY 32,999.67 39,820.76 0.03
FRONTIER REAL ESTATE INV CORP 6.05 JPY 33,215.73 33,959.38 0.02
FUJI MEDIA HOLDINGS INC 207.41 JPY 191,604.18 244,507.54 0.16
FUJI SEAL INTERNATIONAL INC 2,333.32 JPY 34,528.51 41,765.26 0.03
FUJIKURA LTD 6,913.55 JPY 25,429.96 24,877.04 0.02
FUKUOKA FINANCIAL GROUP 100,246.51 JPY 305,515.60 343,188.58 0.23
FUTABA CORP 4,753.07 JPY 56,901.29 65,262.46 0.04
FUTABA INDUSTRIAL CO LTD 3,716.03 JPY 23,928.03 23,015.23 0.02
GUNMA BANK LTD 21,604.85 JPY 84,336.55 94,044.42 0.06
GUNZE LTD 24,197.43 JPY 64,266.86 62,351.65 0.04
HACHIJUNI BANK LTD 37,160.35 JPY 159,161.39 171,331.84 0.11
HAKUTO CO 7,086.39 JPY 57,871.35 51,780.50 0.03
HAMAMATSU PHOTONICS 1,382.71 JPY 31,358.79 31,621.20 0.02
HIGO BANK LTD 6,913.55 JPY 27,686.37 31,303.07 0.02
HINO MOTORS LTD 31,110.99 JPY 134,799.98 126,834.71 0.08
HITACHI CAPITAL CORP 3,888.87 JPY 26,227.73 42,516.83 0.03
HITACHI CONSTR. MACHIN 11,234.52 JPY 203,546.54 171,212.55 0.11
HITACHI MEDICAL 3,456.78 JPY 21,858.94 22,141.20 0.01
HOKUHOKU FINANCIAL GROUP 91,604.57 JPY 136,963.03 138,255.25 0.09
HONDA MOTOR CO LTD 18,148.08 JPY 420,889.28 433,733.67 0.29
HORIBA LTD 2,160.49 JPY 36,129.75 47,479.51 0.03
HOSHIZAKI EL 3,456.78 JPY 34,778.26 49,404.14 0.03
IDEMITSU KOSAN 4,753.07 JPY 298,434.68 293,943.50 0.20
INABATA + CO LTD OSAKA 17,111.04 JPY 45,029.91 63,460.30 0.04
INES CORP 12,098.72 JPY 67,956.18 66,805.34 0.04
ISUZU MOTORS LTD 34,567.76 JPY 92,580.02 85,892.58 0.06
IWATANI CORP 17,283.88 JPY 33,798.37 39,128.84 0.03
IZUMIYA CO LTD 10,370.33 JPY 45,526.44 36,647.50 0.02
J. FRONT RETAILING CO LTD 43,209.70 JPY 138,089.31 171,785.16 0.11
JACCS CO LTD 34,567.76 JPY 53,958.12 46,763.74 0.03
JAPAN DIGITAL LABORATORY CO 6,049.36 JPY 50,157.70 54,780.38 0.04
JAPAN PETROLEUM EXPLORATION CO 5,358.00 JPY 240,059.22 180,223.31 0.12
JAPAN SECURITIES FIN 16,938.20 JPY 87,252.26 78,874.84 0.05
JOSHIN DENKI CO LTD 3,456.78 JPY 25,538.82 28,567.24 0.02
JSR CORP TOKYO 6,049.36 JPY 89,445.06 83,840.70 0.06
JX HOLDINGS 75,616.98 JPY 263,674.86 304,103.48 0.20
K S HOLDINGS CORP 2,281.47 JPY 31,693.51 38,233.65 0.03
KAGOSHIMA BANK LTD 3,456.78 JPY 18,130.75 18,260.13 0.01
KAMIGUMI CO LTD 44,073.90 JPY 260,951.17 277,433.04 0.18
KANEKA CORP 51,851.64 JPY 256,761.43 247,656.94 0.16
KANTO TSUKUBA BANK LTD 9,506.13 JPY 25,843.23 21,170.93 0.01
KATO SANGYO CO LTD 1,728.39 JPY 21,005.47 21,982.14 0.01
KEIHIN CORPORATION 1,987.65 JPY 30,206.77 28,334.21 0.02
KIKKOMAN CORP 11,234.52 JPY 98,358.47 96,565.53 0.06
KINDEN CORP 34,567.76 JPY 210,870.53 240,817.35 0.16
KITZ CORP 6,913.55 JPY 30,106.42 26,849.39 0.02
KOHNAN SHOJI CO LTD 3,111.10 JPY 26,206.60 26,082.72 0.02
KOITO MANUFACTURING CO LTD 12,962.91 JPY 143,131.94 158,066.21 0.11
KOJIMA CO LTD 8,123.42 JPY 27,078.34 40,444.27 0.03
KOKUYO CO LTD 8,641.94 JPY 52,799.16 58,295.61 0.04
KOMERI CO LTD 1,728.39 JPY 34,215.70 31,796.16 0.02
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
KURA CORP 1,987.65 JPY 26,672.25 26,505.02 0.02
KURABO INDUSTRIES LTD 51,851.64 JPY 83,362.41 65,373.80 0.04
KYOCERA CORP 2,592.58 JPY 137,094.75 173,216.70 0.12
KYODO PRINTING CO LTD 20,740.66 JPY 37,086.97 41,228.44 0.03
KYOWA HAKKO KIRIN CO LTD 10,370.33 JPY 79,368.56 80,739.03 0.05
LINTEC CORP 2,333.32 JPY 26,413.76 34,636.18 0.02
MACNICA INC YOKOHAMA 1,728.39 JPY 15,379.10 26,992.54 0.02
MAEDA CORP 7,777.75 JPY 15,771.29 16,677.48 0.01
MAEDA ROAD CONSTR. 4,320.97 JPY 26,667.80 28,829.69 0.02
MAKINO MILLING MACHINE CO LTD 6,049.36 JPY 30,257.93 31,732.54 0.02
MAKITA CORP 7,691.33 JPY 183,589.26 169,522.53 0.11
MANDOM CORP 1,728.39 JPY 35,513.74 38,476.69 0.03
MARUDAI FOOD CO LTD 12,962.91 JPY 22,355.22 31,255.36 0.02
MARUI GROUP CO LTD 38,888.73 JPY 173,504.81 215,805.11 0.14
MARUZEN SHOWA UNYU CO LTD 8,641.94 JPY 16,711.87 22,507.04 0.01
MAZDA MOTOR CORP 112,345.23 JPY 210,591.95 217,117.35 0.14
MELCO HOLDINGS INC 1,728.39 JPY 30,310.35 44,855.02 0.03
MERCIAN CORP 25,925.82 JPY 36,352.84 35,549.99 0.02
MITSUBISHI ELECTRIC CORP 18,148.08 JPY 111,480.73 116,909.35 0.08
MITSUBISHI UFJ FINANCIAL GROUP 30,246.79 JPY 117,301.05 112,734.01 0.08
MITSUBISHI UFJ LEASE & FINANCE 8,641.94 JPY 190,282.80 239,783.45 0.16
MITSUI CHEMICALS INC 47,530.67 JPY 109,551.95 109,791.40 0.07
MIYAZAKI BANK LTD 9,506.13 JPY 20,888.41 22,045.76 0.01
MIZUHO SECURITIES CO LTD 64,814.56 JPY 151,435.42 119,295.25 0.08
MSIG HOLDINGS 6,913.55 JPY 138,136.15 122,094.71 0.08
MURATA MANUFACTURING CO LTD 5,185.16 JPY 216,920.90 203,994.88 0.14
NABTESCO CORP 2,592.58 JPY 24,581.39 32,901.63 0.02
NAGASE + CO LTD 3,456.78 JPY 28,836.94 29,457.97 0.02
NAKAYAMA STEEL WORKS 34,567.76 JPY 54,446.59 47,081.86 0.03
NHK SPRING CO 31,975.18 JPY 170,674.28 240,706.01 0.16
NICE HOLDINGS INC 31,110.99 JPY 55,130.02 49,817.69 0.03
NICHIAS CORP 8,641.94 JPY 28,437.29 28,471.80 0.02
NIDEC COPAL CORP 2,938.26 JPY 31,249.87 34,530.41 0.02
NIDEC CORP 1,296.29 JPY 96,158.58 89,471.44 0.06
NIFCO INC 2,592.58 JPY 36,221.89 44,091.53 0.03
NIHON YAMAMURA GLASS CO LTD 24,197.43 JPY 46,880.80 53,221.59 0.04
NIKON CORP 6,049.36 JPY 99,177.23 86,345.90 0.06
NIPPO CORP 13,827.11 JPY 84,560.33 84,365.60 0.06
NIPPON CHEMI-CON CORP 8,641.94 JPY 22,394.69 31,016.76 0.02
NIPPON ELECTRIC GLASS 17,283.88 JPY 178,879.41 163,514.02 0.11
NIPPON PAINT CO LTD 7,777.75 JPY 22,793.89 38,580.09 0.03
NIPPON PAPER GROUP INC 8,641.94 JPY 154,446.41 195,882.80 0.13
NIPPON ROAD 9,506.13 JPY 17,379.44 16,446.84 0.01
NIPPON SYNTH. CHEM. 6,913.55 JPY 35,752.08 32,830.05 0.02
NIPPON TEL & TEL 12,962.91 JPY 375,065.10 434,234.72 0.28
NISHI NIPPON CITY BK 73,456.50 JPY 130,763.24 173,057.65 0.12
NISHIMATSU CONSTRUCTION CO 30,246.79 JPY 25,725.55 29,505.69 0.02
NISSAN MOTOR CO LTD 38,629.48 JPY 188,771.62 222,542.90 0.15
NISSAN SHATAI CO LTD 4,320.97 JPY 24,804.06 23,302.34 0.02
NISSIN KOGYO CO LTD 2,592.58 JPY 28,263.67 31,112.21 0.02
NITTO DENKO CORP 8,641.94 JPY 222,389.97 233,739.16 0.16
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
NOMURA REAL ESTATE OFFICE FD 56.17 JPY 238,362.31 229,007.12 0.15
NORITSU KOKI CO LTD 4,320.97 JPY 62,730.12 26,841.44 0.02
NSK LTD 29,382.60 JPY 134,567.84 169,001.60 0.11
OHARA INC 1,814.81 JPY 22,196.77 23,682.50 0.02
OKUMURA CORP 8,641.94 JPY 23,965.21 25,926.83 0.02
OMRON CORP 11,234.52 JPY 184,221.93 202,022.53 0.13
ONOKEN CO LTD 6,308.62 JPY 47,747.47 45,342.53 0.03
ORIX CORP 3,283.94 JPY 186,169.71 196,439.51 0.13
OSAKA STEEL CO LTD 3,024.68 JPY 36,363.09 34,098.56 0.02
OSG CORP 3,456.78 JPY 25,608.06 30,348.72 0.02
OTSUKA CORP 2,160.49 JPY 98,320.78 113,131.66 0.08
OYO CORP 2,851.84 JPY 22,080.37 19,211.31 0.01
PANASONIC ELECTR.WORKS CO LTD 20,740.66 JPY 173,624.78 168,158.59 0.11
PROMISE CO LTD 2,592.58 JPY 46,982.82 14,387.01 0.01
RESORTTRUST INC. NAGOYA CITY 2,592.58 JPY 20,406.05 30,038.55 0.02
RINNAI CORP 5,185.16 JPY 147,038.26 217,833.13 0.14
RYOYO ELECTRO 8,641.94 JPY 69,893.44 72,690.57 0.05
SAIZERIYA CO LTD YOSHIKAWA 1,555.55 JPY 25,138.20 25,295.37 0.02
SAKAI CHEMICAL INDUSTRY CO LTD 12,962.91 JPY 23,568.61 40,202.50 0.03
SAN A I OIL CO LTD 8,641.94 JPY 26,790.25 26,722.13 0.02
SAN-IN GODO BANK LTD 10,370.33 JPY 53,343.69 65,373.80 0.04
SANSIN ELECTRONICS 6,049.36 JPY 53,425.16 41,809.01 0.03
SAPPORO HOKUYO HOLDINGS INC 38,888.73 JPY 137,816.11 140,649.10 0.09
SBI HOLDINGS INC 1,469.13 JPY 184,422.13 151,560.64 0.10
SEINO HOLDINGS CO LTD 13,827.11 JPY 56,308.28 78,130.44 0.05
SEIREN CO LTD 6,049.36 JPY 27,892.60 26,165.43 0.02
SEKISUI HOUSE LTD 21,604.85 JPY 144,353.66 151,902.62 0.10
SEVENTY-SEVEN (77) BANK 34,567.76 JPY 137,238.91 152,379.80 0.10
SFCG CO LTD 734.56 JPY 49,220.19
- -
SHIMAMURA CORP 2,592.58 JPY 172,974.64 191,826.77 0.13
SHINKAWA LTD 1,728.39 JPY 13,809.10 20,041.60 0.01
SHINKO SHOJI 8,641.94 JPY 63,864.41 60,522.46 0.04
SHINMAYWA INDUSTRIES 16,419.69 JPY 38,356.98 49,412.09 0.03
SHINSEI BANK LTD 19,876.46 JPY 44,432.77 13,901.88 0.01
SOHGO SECURITY SERVICES CO 2,938.26 JPY 23,260.98 24,390.31 0.02
SOJITZ CORP 162,641.32 JPY 287,260.11 209,546.09 0.14
SONY CORP 5,185.16 JPY 130,784.75 113,712.24 0.08
SUMITOMO ELECTRIC INDUSTRIES 6,913.55 JPY 63,807.63 66,614.46 0.04
TAIYO YUDEN CO LTD 4,320.97 JPY 36,665.18 48,115.75 0.03
TAKATA CORP TOKYO 1,728.39 JPY 22,892.49 28,837.64 0.02
TAKEFUJI CORP 10,370.33 JPY 111,073.59 24,908.85 0.02
TAKIRON CO LTD 10,370.33 JPY 20,945.57 25,099.72 0.02
TDK CORP 2,160.49 JPY 98,352.55 97,722.69 0.07
THK CO LTD 5,185.16 JPY 56,128.31 88,803.38 0.06
TOA CORP 50,987.45 JPY 50,206.06 40,822.83 0.03
TOCHIGI BANK LTD 5,185.16 JPY 20,034.52 18,419.19 0.01
TODA CORP 10,370.33 JPY 22,435.23 27,485.62 0.02
TOHO BK LTD 8,641.94 JPY 27,510.63 23,143.28 0.02
TOHO HOLDINGS CO LTD 1,901.23 JPY 24,067.58 24,670.26 0.02
TOKYO GAS CO LTD 34,567.76 JPY 130,367.79 128,838.87 0.09
TOKYO STEEL MFG 32,839.37 JPY 263,901.34 313,094.37 0.21
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
TOKYO STYLE CO LTD 3,456.78 JPY 21,028.38 22,682.00 0.02
TOKYO TATEMONO CO LTD 34,567.76 JPY 90,090.29 88,119.42 0.06
TOPPAN PRINTING CO LTD 51,851.64 JPY 337,616.97 338,321.33 0.23
TOPY INDUSTRIES LTD 25,925.82 JPY 28,632.72 43,900.65 0.03
TORII PHARMACEUTICAL CO LTD 1,814.81 JPY 22,805.64 23,264.96 0.02
TOYO SECURITIES CO LTD 12,098.72 JPY 21,224.99 16,478.65 0.01
TOYO SEIKAN KAISHA LTD 25,925.82 JPY 304,218.32 312,314.97 0.21
TOYODA GOSEI CO LTD 5,185.16 JPY 106,514.26 105,981.90 0.07
TOYOTA INDUSTRIES CORP 13,827.11 JPY 350,608.37 288,980.82 0.19
TOYOTA MOTOR CORP 9,074.04 JPY 290,830.37 257,200.56 0.17
TS TECH CO LTD 3,024.68 JPY 34,312.25 39,025.46 0.03
TSUTSUMI JEWELRY CO LTD 2,333.32 JPY 31,444.09 40,713.08 0.03
TV ASAHI CORP 25.93 JPY 31,397.28 30,730.46 0.02
U N Y CO LTD 25,925.82 JPY 173,964.76 162,241.54 0.11
UCHIDA YOKO CO LTD 4,320.97 JPY 12,407.97 11,134.22 0.01
UNIDEN CORP 7,777.75 JPY 30,830.43 19,325.83 0.01
YACHINO BANK LTD 864.19 JPY 19,240.97 14,323.39 0.01
YAMADA DENKI CO LTD 2,592.58 JPY 143,800.52 139,098.27 0.09
YAMAGUCHI FINANCIAL GROUP INC 33,703.57 JPY 262,741.92 264,573.01 0.18
YAMANASHI CHUO BANK 12,962.91 JPY 43,570.66 43,423.47 0.03
YODOGAWA STEEL WORKS LTD 21,604.85 JPY 70,914.37 72,770.10 0.05
YOKOHAMA REITO CO LTD 6,049.36 JPY 32,098.86 35,017.14 0.02
YOROZU CORP 1,987.65 JPY 24,975.04 23,742.94 0.02
YURTEC CORP 6,049.36 JPY 22,924.70 21,043.68 0.01
ZEON CORP 7,777.75 JPY 38,975.34 37,434.85 0.02
19,470,089.08
19,949,353.17 13.28
MYR
GENTING MALAYSIA BHD 176,295.59 MYR 135,200.96 121,170.27 0.08
MISC BHD/LOCAL 62,913.33 MYR 128,193.65 136,217.55 0.09
SIME DARBY BHD 51,851.64 MYR 117,266.28 104,434.61 0.07
TENAGA NASIONAL 51,851.64 MYR 66,517.27 109,786.89 0.07
447,178.16
471,609.32 0.31
NOK
ATEA ASA 5,185.16 NOK 26,500.81 24,909.30 0.02
DOCKWISE LTD 6,049.36 NOK 107,310.62 119,438.54 0.07
HURTIGRUTEN AS 30,246.79 NOK 16,752.78 13,655.55 0.01
NORSKE SKOGINDUSTRIER AS 57,901.00 NOK 136,397.38 54,611.34 0.04
NORTHERN OFFSHORE LTD 17,283.88 NOK 26,816.05 26,626.42 0.02
NORWEGIAN AIR SHUTTLE ASA 2,160.49 NOK 30,679.08 28,935.86 0.02
PETROLEUM GEO-SERVICES ASA 6,913.55 NOK 61,995.36 47,905.83 0.03
SCHIBSTED 2,592.58 NOK 43,012.96 40,754.74 0.03
SEADRILL LTD 19,012.27 NOK 323,870.50 285,478.77 0.18
SPAREBANK 1 SMN/PRIM.CAP CERT 13,274.02 NOK 60,540.74 70,945.84 0.05
STOLT-NIELSEN SA 11,882.67 NOK 112,578.11 113,943.44 0.08
TGS NOPEC GEOPHYSICAL CO 6,481.46 NOK 42,837.88 61,906.44 0.04
989,292.27
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
889,112.07 0.59
Page
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(expressed in EUR)
Description
PHP
METROPOLITAN BANK & TRUST 219,850.97 PHP 187,235.22 243,207.38 0.16
Page
112
Quantity /
Face value
Currency
187,235.22
243,207.38 0.16
SEK
ALFA LAVAL AB 34,567.76 SEK 299,650.90 367,984.38 0.24
ASSA ABLOY AB/B 23,333.24 SEK 186,888.13 384,342.26 0.26
BE GROUP AB 12,962.91 SEK 47,505.86 59,879.12 0.04
BOLIDEN AB 4,753.07 SEK 40,958.38 43,487.20 0.03
BURE EQUITY AB 12,962.91 SEK 36,018.67 35,110.93 0.02
EAST CAPITAL EXPLORER AB 11,234.52 SEK 88,009.64 84,034.90 0.06
ELECTROLUX AB B 21,604.85 SEK 208,463.28 403,049.94 0.27
FABEGE AB 30,419.63 SEK 143,616.24 149,841.50 0.10
GETINGE AB B 15,555.49 SEK 210,112.99 244,633.40 0.16
GUNNEBO AB 8,641.94 SEK 27,805.55 25,403.26 0.02
HENNES & MAURITZ AB 17.28 SEK 373.26
388.67 -
INDUSTRIAL + FINANCIAL SYST-B 3,024.68 SEK 19,177.08 25,244.49 0.02
J.M.AB 6,913.55 SEK 64,668.78 76,391.23 0.05
KINNEVIK INVESTMENTS AB B 58,765.20 SEK 751,699.90 771,787.35 0.52
KUNGSLEDEN 12,962.91 SEK 61,123.86 64,097.87 0.04
LUNDBERGFOERETAGEN -B- 2,592.58 SEK 98,655.16 94,853.96 0.06
MODERN TIMES GROUP AB B 2,333.32 SEK 69,652.97 105,234.82 0.07
MUNTERS AB 4,320.97 SEK 23,815.35 21,456.69 0.01
Q-MED AB 12,962.91 SEK 55,599.33 87,777.34 0.06
RATOS B 4,320.97 SEK 102,160.32 89,274.32 0.06
SKANDINAV.ENSK.BANKEN A 51,851.64 SEK 219,837.34 226,179.74 0.15
SKF AB B 17,283.88 SEK 184,314.59 254,214.06 0.17
SVENSKA CELLUL. B 60,493.59 SEK 599,798.10 587,767.94 0.39
SWEDBANK AB -A- 77,777.47 SEK 573,358.87 586,270.97 0.39
TELE2 AB/B 12,962.91 SEK 166,121.06 158,815.74 0.11
VOSTOK GAS LTD/SWED. DEP. REC 1,685.18 SEK 2,921.42
38.92 -
VOSTOK NAFTA INV/SDR 22,469.05 SEK 69,972.90 58,028.31 0.04
WALLENSTAM AB 8,123.42 SEK 86,004.07 111,293.50 0.07
4,438,284.00
5,116,882.81 3.41
SGD
CITY DEVELOPMENTS LTD 21,604.85 SGD 94,112.61 139,974.79 0.09
DBS GROUP HOLDINGS LTD 23,333.24 SGD 202,908.19 186,310.23 0.12
FRASER AND NEAVE LTD 86,419.41 SGD 221,698.71 259,773.03 0.17
GOLDEN AGRI-RESOURCES LTD 691,355.26 SGD 158,794.69 213,871.39 0.14
JARDINE CYCLE & CARRIAGE LTD 16,419.69 SGD 217,116.69 287,515.79 0.20
KEPPEL CORP LTD 12,962.91 SGD 73,946.99 64,388.40 0.04
OVERSEA-CHINESE BANKING CORP 25,925.82 SGD 118,610.94 134,224.47 0.09
SINGAPORE AIRLINES LTD 12,962.91 SGD 109,085.20 110,466.59 0.07
UOL GROUP LTD 69,135.53 SGD 145,854.48 153,341.75 0.10
UTD OVERSEAS BK/LOCAL 23,333.24 SGD 224,798.85 267,208.09 0.19
1,566,927.35
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
1,817,074.53 1.21

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
USD
ACE LTD 3,456.78 USD 135,660.73 145,566.28 0.10
ADVANCED SEMICOND.ENGIN./SADR 42,236.62 USD 144,425.78 136,736.03 0.09
AGILYSYS INC 5,643.19 USD 52,074.92 32,304.64 0.02
ALLEGHANY CORP 440.74 USD 76,524.74 105,496.30 0.07
ALLERGAN INC 3,629.62 USD 115,777.03 171,313.81 0.11
ALLIED WORLD ASSURANCE HLD LTD 2,395.55 USD 70,439.29 89,918.44 0.06
ALLSTATE CORP 3,061.84 USD 103,433.82 72,357.59 0.05
ALTERRA CAP HLDGS 2,657.40 USD 51,553.96 40,522.97 0.03
AMCOL INTERNATIONAL 950.61 USD 17,575.57 18,728.55 0.01
AMEREN CORP 12,098.72 USD 245,073.74 237,080.79 0.16
AMERICAN ELECTRIC POWER CO INC 5,185.16 USD 131,511.52 138,180.85 0.09
AMERICAN EQUITY INV LIFE HOLD 11,320.94 USD 58,776.51 99,057.09 0.07
AMERICAN EXPRESS CO 2,333.32 USD 64,567.40 76,775.36 0.05
AMERICAN WATER WORKS CO INC 9,506.13 USD 154,007.76 161,084.14 0.11
AMERISOURCEBERGEN CORP 8,296.26 USD 181,091.72 212,971.02 0.14
AMER.NATL INSURANCE 1,382.71 USD 57,374.29 93,383.42 0.06
ANNALY CAPITAL MANAGEMENT INC 11,234.52 USD 144,653.20 158,948.85 0.11
ANSYS INC 864.19 USD 30,938.16 29,111.85 0.02
AOL 1,154.56 USD 17,152.33 19,507.91 0.01
APOLLO INVESTMENT CORP 4,507.64 USD 53,392.85 35,287.71 0.02
ARCH CAPITAL GROUP LTD BERMUDA 5,617.26 USD 228,403.70 343,824.23 0.23
ARES CAPITAL CORPORATION 5,287.14 USD 52,650.95 54,755.50 0.04
ARGO GROUP INTL HLD LTD 3,283.94 USD 73,218.06 82,935.29 0.06
ARROW ELECTRONICS INC 4,061.71 USD 74,512.52 76,047.38 0.05
ASHLAND INC 1,728.39 USD 50,542.76 68,174.29 0.05
ASPEN INSURANCE HOLDINGS 2,592.58 USD 40,993.81 52,938.32 0.04
ASSISTED LIVING CONCEPT INC -A- 1,296.29 USD 34,968.74 31,733.40 0.02
ATHEROS COMMUNICATIONS 2,592.58 USD 46,960.56 59,724.74 0.04
AU OPTRONICS CORP/ADR 11,121.31 USD 130,464.67 82,074.44 0.05
AVATAR HOLDINGS INC 3,111.10 USD 62,464.38 50,079.99 0.03
AXIS CAPITAL HOLDINGS LTD 12,098.72 USD 287,211.56 295,981.01 0.20
BALDWIN + LYONS INC B 1,296.29 USD 18,454.55 22,901.53 0.02
BALL CORP 3,456.78 USD 117,353.10 149,850.96 0.10
BANK OF AMERICA CORP 28,740.50 USD 842,906.42 343,582.94 0.23
BIO-RAD LABORATORIES A 604.94 USD 40,501.72 43,040.57 0.03
BJ S RESTAURANTS INC 3,456.78 USD 37,543.83 67,850.12 0.05
BLACK BOX CORP 2,592.58 USD 44,567.33 60,549.26 0.04
BLACK HILLS CORP 2,592.58 USD 41,726.21 61,141.22 0.04
BLACKROCK INC 1,641.97 USD 225,082.89 195,287.56 0.13
BOSTON SCIENTIFIC CORP 43,209.70 USD 313,804.60 205,424.91 0.14
BROADCOM CORP -A- 4,320.97 USD 86,819.98 117,581.98 0.08
BUCYRUS INTERNATION. INC 950.61 USD 32,791.08 37,759.42 0.03
BUNGE LTD 4,234.55 USD 176,664.36 171,792.31 0.11
CAMERON INTERNATIONAL CORP 2,419.74 USD 73,229.39 65,451.27 0.04
CAPITAL SOUTHWEST CORP 1,151.97 USD 92,581.15 83,210.93 0.06
CARBO CERAMICS 432.10 USD 20,536.85 25,852.53 0.02
CARDINAL HEALTH INC 6,623.18 USD 190,927.93 182,498.06 0.12
CARMAX/WHEN ISSUED 12,962.91 USD 188,467.64 213,846.28 0.14
CATHAY GENERAL BANCORP 6,049.36 USD 50,950.05 50,810.07 0.03
The accompanying notes form an integral part of these financial statements.
Page
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
CBS CORP B/WHEN ISSUED 7,783.80 USD 140,180.58 83,912.41 0.06
CENTURYTEL 11,234.52 USD 254,760.69 307,911.86 0.20
CERNER CORP 4,753.07 USD 199,560.59 298,253.72 0.20
CHEESECAKE FATURY INC 1,728.39 USD 20,562.50 31,655.87 0.02
CHEMED CORP 691.36 USD 28,501.51 30,883.50 0.02
CHICOS FAS INC 3,456.78 USD 23,880.68 27,822.22 0.02
CHUNGHWA TELECOM /SADR 3,643.44 USD 48,602.74 58,619.52 0.04
CINCINNATI FINANCIAL CORP 12,962.91 USD 247,041.33 276,953.66 0.18
CISCO SYSTEMS INC 5,475.53 USD 104,937.25 96,311.88 0.06
CITIGROUP INC 10,618.35 USD 223,948.36 33,250.00 0.02
CITRIX SYSTEMS INC 3,024.68 USD 107,130.99 105,788.55 0.07
CLAYTON WILLIAMS ENERGY INC 864.19 USD 35,764.51 30,626.99 0.02
CNA SURETY CORP 2,592.58 USD 26,396.95 34,080.10 0.02
COGNIZANT TECHNOLOGY SOL. CORP 2,765.42 USD 116,791.31 114,175.38 0.08
COINSTAR INC 864.19 USD 33,729.62 30,584.70 0.02
COMMUNITY HEALTH SYSTEMS INC 2,419.74 USD 51,083.42 66,950.90 0.04
COMPUTER SCIENCES CORP 6,222.20 USD 252,771.89 230,814.45 0.15
CONCUR TECHNOLOGIES INC 1,037.03 USD 33,608.08 36,557.88 0.02
CONN S INC 4,320.97 USD 32,552.36 21,317.68 0.01
CONSOLIDATED EDISON INC 12,530.81 USD 321,833.03 443,886.94 0.31
CONSTELLATION ENERGY GROUP INC 4,320.97 USD 120,338.69 116,947.74 0.08
COOPER COMPANIES INC 864.19 USD 25,938.48 28,378.94 0.02
CORELOGIC 6,395.04 USD 61,255.37 93,033.88 0.06
CORE-MARK HOLDING COMPANY INC 1,296.29 USD 23,885.04 29,386.69 0.02
CORNING INC 7,432.07 USD 76,275.92 98,847.79 0.07
COVENTRY HEALTH CARE INC 5,185.16 USD 91,921.45 75,855.71 0.05
CREDIT ACCEPTANCE CORP 777.77 USD 22,548.74 30,963.84 0.02
CREE INC 1,296.29 USD 28,151.52 64,471.00 0.04
CROWN CASTLE INTL CORP 2,592.58 USD 73,073.11 79,386.34 0.05
CSS INDUSTRIES INC 1,728.39 USD 24,350.10 23,086.52 0.02
CUMMINS INC 1,728.39 USD 97,230.84 94,248.81 0.06
DANAHER CORP 2,938.26 USD 77,731.35 90,234.75 0.06
DAVITA INC 2,592.58 USD 126,381.58 132,430.36 0.09
DECKERS OUTDOOR CORP 518.52 USD 60,561.94 61,128.53 0.04
DG FASTCHANNEL INC 1,037.03 USD 33,936.09 27,779.93 0.02
DICK S SPORTING GOODS INC 1,728.39 USD 21,795.35 35,447.25 0.02
DILLARDS INC A 6,913.55 USD 60,721.57 121,493.16 0.08
DIRECTV 11,478.23 USD 177,951.89 320,488.01 0.21
DISCOVERY COM INC/A 7,777.75 USD 120,012.51 225,918.07 0.15
DOLLAR THRIFTY AUTOMOTIVE GROUP 1,037.03 USD 33,205.79 36,439.49 0.02
DOMTAR 1,037.03 USD 27,378.60 42,156.16 0.03
DR PEPPER SNAPPLE GROUP INC 4,753.07 USD 85,220.29 146,278.04 0.10
DRIL-QUIP INC. HOUSTON TEXAS 1,296.29 USD 46,880.77 47,515.52 0.03
DTE ENERGY COMPANY 15,217.59 USD 470,942.64 566,735.29 0.39
DUKE ENERGY HOLDING CORP 32,800.49 USD 386,968.73 431,437.53 0.29
EDISON INTERNATIONAL 5,617.26 USD 143,568.35 146,901.71 0.10
EDWARDS LIFESCIENCES 6,049.36 USD 141,614.68 268,800.08 0.18
EMC CORP 7,086.39 USD 80,450.69 107,656.75 0.07
ENBRIDGE ENERG MNGT UNITS 41,826.99 USD -
- -
ENDURANCE SPECIALTY HOLDINGS 3,922.58 USD 103,214.77 120,367.42 0.08
EQUINIX INC 604.94 USD 22,229.23 39,873.58 0.03
Page
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
ESTERLINE TECHNOLOGIES CORP 2,246.90 USD 69,957.97 89,432.77 0.06
EVERCORE PARTNERS INC 1,728.39 USD 38,328.23 33,981.44 0.02
EVEREST REINSURANCE GROUP LTD 6,395.04 USD 365,522.38 368,797.97 0.25
FIDELITY NATIONAL INFORM SERV 8,641.94 USD 139,486.87 192,105.77 0.13
FIFTH THIRD BANCORP 6,605.90 USD 123,654.15 69,113.34 0.05
FIRST CITIZENS BANC.NTH CAR. A 259.26 USD 41,954.79 41,310.49 0.03
FIRST MERCHANTS CORP 2,592.58 USD 22,522.62 18,160.55 0.01
FLOWSERVE CORP 2,938.26 USD 202,646.33 204,837.18 0.14
FOOT LOCKER INC 5,185.16 USD 23,855.54 54,714.20 0.04
FRANKLIN RESOURCES INC 4,148.13 USD 310,612.12 292,158.63 0.19
F5 NETWORKS INC 1,037.03 USD 16,853.61 58,866.39 0.04
GAP INC 6,913.55 USD 101,755.37 112,021.76 0.07
GARDNER DENVER INC 604.94 USD 22,285.49 22,484.69 0.01
GENCO SHIPPING & TRADING LTD 1,123.45 USD 45,955.84 14,282.49 0.01
GENERAL MILLS INC 5,185.16 USD 137,087.14 149,512.70 0.10
GENWAORTH FINANCIAL -A- 8,641.94 USD 99,972.99 93,797.79 0.06
GIBRALTAR INDUSTRIES INC 10,370.33 USD 92,093.20 87,694.94 0.06
GOODRICH CORP 5,790.10 USD 218,015.54 318,472.04 0.21
GRAINGER INC. WW 3,975.29 USD 192,235.25 325,758.11 0.22
GREIF INC 432.10 USD 16,350.58 19,629.88 0.01
GROUP I AUTOMOTIVE 4,580.23 USD 58,061.83 90,573.71 0.06
GSI COMMERCE INC 1,728.39 USD 16,630.32 41,155.45 0.03
GYMBOREE CORP 691.36 USD 27,592.36 24,388.84 0.02
HANOVER INSURANCE GROUP INC 1,296.29 USD 36,507.00 46,173.03 0.03
HARMAN INTL INDUSTRIES INC 2,160.49 USD 76,544.38 53,998.92 0.04
HARRIS CORP 2,592.58 USD 98,303.92 89,935.94 0.06
HARTFORD FIN. SERV. GROUP 6,788.24 USD 357,193.07 122,889.20 0.08
HASBRO INC 3,024.68 USD 103,893.07 103,100.06 0.07
HEALTHSPRING INC 2,160.49 USD 28,107.89 27,889.16 0.02
HEICO CORP 691.36 USD 29,084.11 20,448.06 0.01
HEWLETT-PACKARD CO 6,613.68 USD 187,430.25 235,413.04 0.16
HORACE MANN EDUCATORS CORP 3,850.85 USD 51,073.50 48,422.15 0.03
HOSPIRA INC 1,901.23 USD 72,115.52 89,038.13 0.06
HOSPITALITY PROPERTIES TRUST 2,160.49 USD 20,620.63 37,367.60 0.02
HUNTINGTON BANCSHARES INC 15,555.49 USD 85,648.04 72,557.63 0.05
IAC/INTERACTIVECORP/W. ISSUED 4,320.97 USD 49,386.14 78,223.55 0.05
IBERIABANK CORP 518.52 USD 23,049.21 22,004.07 0.01
IBM CORP 2,226.16 USD 155,055.22 225,611.72 0.15
IDACORP INC 3,888.87 USD 63,782.79 106,362.89 0.07
IMATION CORP 3,370.36 USD 30,569.64 26,109.76 0.02
INTEGRA LIFESCIENCES HLGS CORP 1,037.03 USD 35,594.78 31,695.34 0.02
INTEGRYS ENERGY GROUP INC 10,370.33 USD 202,621.69 373,866.30 0.25
INTEVAC 2,592.58 USD 21,192.80 23,044.24 0.02
JONES LANG LASALLE 1,209.87 USD 62,546.24 66,112.29 0.04
JOS A BANK CLOTHIERS INC 1,037.03 USD 50,226.80 46,748.09 0.03
JPMORGAN CHASE & CO 24,524.96 USD 661,601.03 743,568.58 0.50
KAISER ALUMINUM CORP 2,592.58 USD 69,637.39 74,523.79 0.05
KANSAS CITY LIFE INSURANCE CO 1,037.03 USD 18,364.36 25,631.95 0.02
KANSAS CITY SOUTHERN 864.19 USD 28,333.73 26,257.74 0.02
KELLY SERVICES INC 7,259.23 USD 64,315.01 91,458.13 0.06
KIMBALL INT. INC 3,024.68 USD 19,631.43 13,787.78 0.01
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
KINDRED HEALTHCARE INC 5,185.16 USD 38,045.24 55,137.03 0.04
KINETIC CONCEPTS INC 1,209.87 USD 27,535.60 36,553.65 0.02
KOHL S CORP 2,679.00 USD 93,397.86 105,014.76 0.07
KOOKMIN BANK SADR 6,395.04 USD 290,367.66 200,669.48 0.13
KOREA ELECTRIC/SADR R.1/2 SH 4,234.55 USD 58,064.59 45,166.71 0.03
KT CORPORATION/SADR 7,172.81 USD 128,380.99 111,250.81 0.07
LG DISPLAY CO LTD/SADR 7,172.81 USD 134,350.20 96,569.44 0.06
LIFE TECHNOLOGIES CORP 2,246.90 USD 78,888.81 89,176.26 0.06
LIFEPOINT HOSPIT/WHEN ISSUED 1,901.23 USD 41,112.83 49,224.46 0.03
LIMITED BRANDS INC 6,049.36 USD 112,517.48 110,548.91 0.07
LINCOLN NATIONAL CORP 9,938.23 USD 191,851.93 201,147.28 0.13
LOEWS CORP 2,592.58 USD 74,487.70 70,380.05 0.05
LUBRIZOL CORP 2,765.42 USD 193,814.26 185,346.12 0.12
LUFKIN INDUSTRIES INC 1,037.03 USD 24,516.46 34,122.38 0.02
M & F WORLDWIDE CORP 777.77 USD 19,716.28 17,720.81 0.01
MARATHON OIL CORP 7,172.81 USD 153,139.76 184,891.58 0.12
MARVELL TECHNOLOGY GROUP 20,740.66 USD 297,035.99 271,456.87 0.18
MAXIMUS 864.19 USD 43,774.75 41,190.69 0.03
MEDCOHEALTH SOLUTIONS 1,728.39 USD 56,156.45 77,265.14 0.05
MEDICAL PROPERTIES TRUST INC 6,817.63 USD 51,526.58 52,704.15 0.04
MEDTRONIC INC. 3,197.52 USD 105,378.87 94,181.16 0.06
METLIFE INC 8,067.25 USD 320,187.89 250,905.15 0.17
MICROSOFT CORP 6,686.27 USD 153,985.72 127,640.52 0.08
MINERALS TECHNOLOGIES INC 1,296.29 USD 49,784.96 51,363.28 0.03
MOLSON COORS BREW-B-NON-VOT 4,839.49 USD 159,220.26 168,314.53 0.11
MORGAN STANLEY 18,094.50 USD 254,078.61 349,997.09 0.23
MWI VETERINARY SUPPLY INC 864.19 USD 23,664.43 35,454.30 0.02
MYLAN INC 5,185.16 USD 50,384.77 73,255.30 0.05
NATIONAL PRESTO INDUSTR.INC 1,123.45 USD 52,735.43 88,351.74 0.06
NATL WESTERN LIFE INSURANCE A 518.52 USD 70,061.40 66,303.98 0.04
NEWMARKET CORP 864.19 USD 47,386.83 64,439.30 0.04
NGP CAPITAL RESOURCES COMPANY 5,185.16 USD 32,673.31 30,655.18 0.02
NII HOLDINGS INC -B- 4,580.23 USD 136,005.20 124,599.54 0.08
NISOURCE INC 18,148.08 USD 202,055.48 217,102.07 0.14
NORDSON CORP 1,037.03 USD 41,047.59 48,346.39 0.03
NORTHSTAR REALTY FINANCE CORP 3,611.47 USD 18,872.04 7,863.18 0.01
OMNICARE INC 9,506.13 USD 181,895.68 186,045.20 0.12
OSHKOSH CORP 1,296.29 USD 37,616.54 34,206.94 0.02
OYO GEOSPACE CORP 864.19 USD 24,082.92 33,896.87 0.02
PARTNERRE LTD BERMUDA 7,718.12 USD 401,277.23 441,511.81 0.30
PEETS COFFEE AND TEA INC 950.61 USD 22,176.34 30,612.19 0.02
PEPCO HOLDINGS INC 15,555.49 USD 251,939.28 199,914.03 0.13
PETROLEUM DEVELOPMENT CORP 881.48 USD 30,414.76 19,134.75 0.01
PETSMART 3,456.78 USD 88,854.13 85,637.17 0.06
P.F.CHANG S CHINA BISTRO 1,296.29 USD 28,975.05 42,674.12 0.03
PHH CORP/W.I. 4,320.97 USD 46,612.82 68,040.39 0.05
PHILLIPS -VAN HEUSEN CORP 1,123.45 USD 48,652.01 42,655.09 0.03
PINNACLE WEST CAP. CORP 10,370.33 USD 205,635.89 309,596.14 0.21
PIONEER NATURAL RESOURC 5,185.16 USD 176,523.55 255,643.02 0.17
PLANTRONICS INC 1,296.29 USD 34,048.88 30,982.87 0.02
PLATINUM UNDERWRITERS HOLDINGS 3,868.13 USD 93,018.77 115,763.25 0.08
Page
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
PMA CAPITAL CORP A 3,024.68 USD 18,086.12 16,377.62 0.01
PNM RESOURCES INC 9,506.13 USD 62,166.41 87,518.77 0.06
POLO RALPH LAUREN A 4,320.97 USD 168,568.81 259,194.80 0.17
PORTFOLIO RECOVERY ASSOCIATES 1,641.97 USD 42,187.02 90,446.86 0.06
POSCO/SADR 1,641.97 USD 160,654.95 127,870.84 0.09
PRECISION CASTPARTS 2,938.26 USD 231,567.95 249,331.58 0.17
PROGRESS ENERGY INC 12,098.72 USD 309,175.81 389,412.35 0.26
PROVIDENT FINANCIAL SERVICES 8,641.94 USD 68,665.11 84,143.17 0.06
RAIT INVESTMENT TRUST - SBI 3,456.78 USD 17,796.33 5,412.22 -
REGAL BELOIT CORP 1,728.39 USD 40,868.19 78,646.38 0.05
REGIONS FINANCIAL CORP 38,888.73 USD 240,174.09 216,594.67 0.14
RENAISSANCERE HLD LTD 2,246.90 USD 89,470.37 103,193.08 0.07
RESMED INC 691.36 USD 33,035.79 34,457.83 0.02
ROWAN COMPANIES INC 17,283.88 USD 171,561.17 314,021.76 0.21
ROYAL CARIBBEAN CRUISES LTD 13,827.11 USD 252,044.76 261,590.84 0.17
SAFETY INS GROUP INC 1,296.29 USD 28,575.75 39,746.02 0.03
SANDISK CORP 3,024.68 USD 114,224.51 107,490.44 0.07
SCHWEITZER-MAUDUIT INTL INC 864.19 USD 38,243.78 36,602.98 0.02
SEABRIGHT INSURANCE HOLDINGS 7,799.35 USD 74,747.50 61,438.26 0.04
SEACOR HOLDINGS INC 1,632.46 USD 89,643.06 95,687.36 0.06
SEAGATE TECHNOLOGY 15,555.49 USD 227,821.82 170,738.76 0.11
SFN GROUP 5,185.16 USD 17,697.88 24,524.14 0.02
SHINHAN FIN.GROUP/ADR 3,024.68 USD 205,828.89 180,918.39 0.12
SIRONA DENTAL SYSTEMS INC 1,296.29 USD 38,783.05 37,727.01 0.03
SKYWEST INC 5,371.83 USD 59,102.25 53,792.77 0.04
SL GREEN REALTY CORPORATION 1,296.29 USD 45,543.63 59,386.47 0.04
SPRINT NEXTEL CORP/FON SER.1 51,851.64 USD 257,110.46 183,931.06 0.12
STEINER LEISURE LTD 950.61 USD 19,151.92 30,247.85 0.02
STEVEN MADDEN LTD 1,166.66 USD 22,426.84 30,291.54 0.02
STUDENT LOAN CORP 691.36 USD 22,965.33 14,286.02 0.01
SUNTRUST BANKS INC 13,578.22 USD 356,723.46 261,975.55 0.17
SUPERIOR INDUSTRIES INTL 6,869.48 USD 86,716.85 77,024.65 0.05
SUSQUEHANNA BANCSHARES INC 4,320.97 USD 42,428.41 29,915.23 0.02
SVB FINANCIAL GROUP 1,296.29 USD 42,553.44 43,572.63 0.03
SWIFT ENERGY CORP 1,037.03 USD 29,621.99 23,433.24 0.02
SYNOVUS FINANCIAL CORP 17,283.88 USD 89,381.68 36,504.33 0.02
TAIWAN SEMICONDUCT.MANUF/SADR 10,601.07 USD 63,619.97 86,015.36 0.06
TARGET CORP 3,456.78 USD 95,112.58 140,830.58 0.09
TECH DATA CORP 4,407.39 USD 96,362.73 130,284.50 0.09
TECUMSEH PRODUCTS CO A 5,185.16 USD 87,025.88 48,075.77 0.03
TIDEWATER INC 1,296.29 USD 38,754.36 41,817.88 0.03
TIFFANY & CO 2,419.74 USD 71,783.13 76,560.42 0.05
TIME WARNER 12,702.79 USD 244,984.20 305,061.67 0.20
TRACTOR SUPPLY CO 1,037.03 USD 56,660.83 51,931.98 0.03
TRAVELERS COMPANIES INC 11,834.27 USD 384,161.12 477,694.32 0.33
TRINITY IND. INC 5,098.75 USD 59,849.67 75,589.32 0.05
TRW AUTOMOTIVE HOLDINGS CORP 1,209.87 USD 31,656.29 28,167.52 0.02
UMPQUA HOLDINGS CORP 7,031.08 USD 61,736.94 67,828.19 0.05
UNITED AMERICAN INDEMNITY LTD 7,263.55 USD 28,017.60 44,305.11 0.03
UNITED COMMUNITY BANKS INC 3,536.28 USD 25,687.15 11,563.64 0.01
UNITED MICROELECTR./SADR 83,354.11 USD 190,254.17 198,478.36 0.13
The accompanying notes form an integral part of these financial statements.
Page
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Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
UNITRIN INC 1,687.77 USD 51,227.73 35,811.63 0.02
UNIVERSAL AMERICAN CORP 2,592.58 USD 31,324.10 31,796.82 0.02
UNUM GROUP 12,962.91 USD 182,300.53 231,922.26 0.15
URS CORP 2,419.74 USD 76,339.77 78,277.11 0.05
VAIL RESORTS INC 864.19 USD 29,471.47 25,348.66 0.02
VALERO ENER. CORP 2,404.19 USD 105,636.10 35,367.82 0.02
VALIDUS HOLDINGS 3,888.87 USD 61,747.03 76,489.95 0.05
VIASAT INC CARLSBAD. CALIF 2,592.58 USD 42,597.14 69,978.37 0.05
VIRGIN MEDIA INC 6,913.55 USD 77,038.15 94,375.66 0.06
VISA INC A 1,987.65 USD 87,273.95 115,858.24 0.08
VOLT INFORMATION SCIENCES INC 2,160.49 USD 18,658.87 15,327.59 0.01
WALTER INV MGMT/WHEN ISSUED 3,024.68 USD 28,122.32 41,116.69 0.03
WARNACO GROUP INC 604.94 USD 21,093.92 17,872.32 0.01
WARNER CHILCOTT PLC SHS 3,456.78 USD 67,018.07 65,651.41 0.04
WATSON PHARMACEUTICALS INC 3,456.78 USD 85,788.03 115,714.48 0.08
WEBSTER FINANCIAL (CONN) 4,925.91 USD 49,825.86 74,754.23 0.05
WELLCARE HEALTH PLANS INC 1,123.45 USD 30,397.27 21,309.22 0.01
WELLPOINT INC 10,111.07 USD 329,354.90 407,394.60 0.27
WEST PHARMACEUTICAL SERVICES 1,123.45 USD 35,642.28 33,255.58 0.02
WESTERN DIGITAL CORP 3,543.20 USD 86,797.02 88,240.39 0.06
WHITE MOUNTAINS INSURANCE GRP 950.61 USD 187,093.70 255,331.54 0.17
WHITING PETROLEUM CORP 604.94 USD 36,402.47 39,414.80 0.03
WINDTRUST FINANCIAL CORP 4,122.21 USD 94,479.75 116,307.85 0.08
WOORI FINANCIAL HLDGS/ADR 3,024.68 USD 94,291.64 87,758.37 0.06
XL CAPITAL LTD -A- 7,345.65 USD 92,457.87 95,901.37 0.06
ZIMMER HOLDINGS INC 1,728.39 USD 73,892.70 76,729.55 0.05
ZIONS BANCORP 6,049.36 USD 115,092.34 109,414.32 0.07
Page
118
28,878,815.78
30,969,567.53 20.60
Total - Shares 98,417,055.63 99,201,329.48 66.01
Bonds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
ALLIANZ FIN. 4.375% (TV) 05-PERP 70,021.59 EUR 62,751.60 60,630.30 0.04
AMERIC INTL 8% (TV) 08-22.05.38 REGS 104,353.76 EUR 43,976.41 77,503.59 0.05
AMER.INTL GRP 4.375% 06-26.04.16 210,064.78 EUR 119,736.93 178,817.65 0.12
AXA SA 5.777% (FRN) 06-PERP 350,107.97 EUR 331,081.05 268,707.87 0.18
BAYER AG 5% (TV) 05-PERP 87,526.99 EUR 81,773.58 84,007.53 0.06
BCM IRELAND FRN 06-15.02.17/PIK 79,665.78 EUR 59,716.73 16,450.61 0.01
BELGIUM 4% 07-28.03.13 S.50 804,869.36 EUR 824,186.23 860,083.40 0.57
BOATS INV.11% 07-31.03.17/PIK 278,276.70 EUR 282,682.10 301,289.71 0.20
C GERAL DEPOSITOS FRN 02-PERP 87,526.99 EUR 89,779.59 69,146.32 0.05
CCBP 9.25% 09-PERP 175,053.99 EUR 160,174.40 162,800.21 0.11
CLERICAL MEDICAL 4.25% 05-PERP 140,043.19 EUR 124,466.18 98,870.49 0.07
CLERI.MED. 6.45% 01-05.07.23 EMTN 616,190.03 EUR 511,367.70 541,733.74 0.36
COMMZBK CAP. 5.012% (TV) 06-PERP 157,548.59 EUR 139,301.31 83,746.92 0.06
EDCON HLDGS FRN 07-15.06.15 REGS 327,844.73 EUR 205,834.61 207,771.60 0.14
EDCON PROP.TV 07-15.06.14 REGS 52,176.88 EUR 45,482.10 37,110.81 0.02
ELM BV 5.252% (FRN) 06-PERP 245,075.58 EUR 215,005.27 200,900.71 0.13
EUREKO BV 6% 06-PERP 625,222.91 EUR 559,526.04 476,063.47 0.32
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
EUROHYPO CAP 6.445% 03-23.05.33 35,010.80 EUR 35,362.48 13,938.67 0.01
FINLAND 3.875% 06-15.09.17 643,895.49 EUR 658,724.40 710,603.06 0.47
FORTIS BK 6.5% 01-PERP 245,075.58 EUR 222,703.68 233,193.33 0.16
FURSTENB.CAP II 5.625% 05-PERP 70,021.59 EUR 59,985.40 40,577.51 0.03
GENERALI F. 5.317% (TV) 06-PERP 70,021.59 EUR 67,097.49 59,098.23 0.04
GERMANY 3.25% 09-04.01.20 2,575,581.96 EUR 2,589,820.10 2,732,950.01 1.81
GERMANY 4.25% 04-04.07.14 1,046,330.17 EUR 1,127,487.56 1,171,366.63 0.78
GERMANY 4.25% 07-04.07.39 2,253,634.21 EUR 2,625,599.76 2,658,837.64 1.76
GREECE 4.3% 09-20.03.12 2,414,608.08 EUR 2,409,730.58 2,205,503.02 1.46
GROUPAMA SA 6.298% 07-PERP 239,144.04 EUR 194,924.13 153,650.04 0.10
GROUPAMA SA 7.875% 09-27.10.39 350,107.97 EUR 371,114.45 332,164.94 0.22
HT1 FDG 6.352% (TV) 06-PERP 236,322.88 EUR 216,705.98 139,491.94 0.09
HVB FDG TR 7.055% 02-PERP 681,692.60 EUR 583,738.88 554,727.35 0.37
HYBRID RAISING 6.625% 04-PERP 298,031.59 EUR 172,858.32 41,724.43 0.03
IF SKADEFORS. 4.943% (TV) 05-PERP 70,021.59 EUR 65,557.72 57,767.82 0.04
INTESA FRN 09-PERP 275,929.29 EUR 281,198.06 253,441.06 0.17
IRELAND 5.9% 09-18.10.19 2,012,173.40 EUR 2,161,416.31 2,079,782.43 1.38
ITALY 4% 05-01.02.37 BTP 2,414,608.08 EUR 2,055,290.26 2,103,123.64 1.40
ITALY 4.25% 03-01.02.19 BTP 1,609,738.72 EUR 1,632,275.07 1,648,694.40 1.10
ITALY 4.5% 08-01.08.18 BTP 1,609,738.72 EUR 1,623,308.82 1,684,269.63 1.12
KOMM.LDSPENS. 5.25% (TV) 06-PERP 154,047.51 EUR 146,422.16 142,806.66 0.10
LBG CAP2 15% 09-21.12.19 418,372.18 EUR 419,933.64 483,742.82 0.32
LINDE FIN. 7.375% (TV) 06-14.07.66 140,043.19 EUR 145,313.12 150,553.43 0.10
MAIN CAPITAL FD 5.5% 05-PERP 122,537.79 EUR 100,480.99 76,448.26 0.05
MOL HU O&G 5.875% 10-20.04.17 262,580.98 EUR 260,472.45 237,635.79 0.16
NORSKE SKOGIND 7% 07-26.06.17 202,620.22 EUR 124,991.29 132,430.70 0.09
PEMEX 5.5% 09-09.01.17 178,262.02 EUR 177,033.80 183,552.31 0.12
ROY.BK SCOT. 7.0916% (TV) 07-PERP 156,530.64 EUR 87,700.64 85,455.95 0.06
SL MACS 5.314% 04-PERP 819,353.15 EUR 698,947.04 612,958.10 0.41
SNS 11.25% 09-PERP 150,704.22 EUR 152,191.48 135,445.42 0.09
SOCGEN 9.375% (TV) 09-PERP/SUB 87,526.99 EUR 96,279.69 88,533.55 0.06
SPAIN 2.75% 09-30.04.12 804,869.36 EUR 804,780.83 805,432.77 0.54
ST.GENERALE 6.999% 07-PERP 87,526.99 EUR 80,524.83 73,450.03 0.05
STOREBRD LIV. 9.404% (TV) 08-PERP 350,107.97 EUR 340,974.72 363,237.02 0.24
THOMSON 5.75% (TV) 05-PERP 249,144.61 EUR 120,775.53 11,211.51 0.01
UBS AG JER 7.152% (TV) 07-PERP 105,032.39 EUR 108,246.38 94,529.15 0.06
VINCI 6.25% 06-PERP 70,021.59 EUR 67,666.77 68,275.26 0.05
26,944,476.64
26,346,239.44 17.54
GBP
AVIVA 5.9021% (TV) 04-PERP 358,804.12 GBP 334,877.72 324,900.24 0.22
FRIENDS PROV.6.875% 03-PERP 350,107.97 GBP 303,160.06 302,907.24 0.20
LBG CAP2 15% 09-21.12.19/SUB 139,138.35 GBP 186,998.62 196,603.74 0.13
825,036.40
Cost Market Value % net assets
824,411.22 0.55
NOK
DDI HOLDING 10% 06-15.03.12 104,353.76 NOK 12,482.56 12,598.38 0.01
NORECO 12.9% 09-20.11.14 2,243,605.88 NOK 268,303.40 285,678.21 0.19
ROCKSOURCE ASA FRN 07-04.05.12 321,757.43 NOK 40,271.89 35,000.98 0.02
The accompanying notes form an integral part of these financial statements.
Page
119

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
SEVAN MARINE FRN 07-24.10.12 1,460,952.66 NOK 133,979.43 183,037.47 0.12
Page
120
Quantity /
Face value
Currency
455,037.28
516,315.04 0.34
SEK
SAS 13.5% 10-14.05.12 730,476.33 SEK 75,469.59 79,648.72 0.05
75,469.59
Cost Market Value % net assets
79,648.72 0.05
USD
ALLIS CHALMERS 8.5% 07-01.03.17 126,094.13 USD 61,345.11 88,733.95 0.06
ALLIS-CHALMERS EN. 9% 06-15.01.14 30,366.94 USD 17,875.77 22,950.49 0.02
AMER INTL 5.6% 06-18.10.16 TR27 MTN 280,086.38 USD 123,315.98 210,070.49 0.14
ARGENTINA 03-31.12.38 STEP-UP 184,204.09 USD 52,965.24 53,550.32 0.04
ARGENTINA 8.28% 03-31.12.33 PIK 178,262.02 USD 133,669.46 125,136.09 0.08
BERTIN 10.25% 06-05.10.16 REGS 2,174.04 USD 1,551.99 1,887.27 -
BNPP 7.195% 07-PERP 700,215.94 USD 507,637.12 498,767.53 0.33
BRAZIL 10.5% 04-14.07.14 59,420.67 USD 53,355.37 61,698.07 0.04
BRAZIL 11% 00-17.08.40 148,551.69 USD 146,376.40 162,240.30 0.11
BULGARIA 8.25% 02-15.01.15 REGS 74,275.84 USD 67,251.46 68,297.68 0.05
CHILE 5.5% 03-15.01.13 89,131.01 USD 62,360.28 79,376.97 0.05
CHINA EXIMBK 5.25% 04-29.07.14 REGS 106,957.21 USD 72,670.85 96,221.63 0.06
CODELCO 5.625% 05-21.09.35 REGS 59,420.67 USD 37,878.36 49,888.12 0.03
COLOMBIA 10% 01-23.01.12 41,594.47 USD 32,765.59 38,022.84 0.03
COLOMBIA 8.125% 04-21.05.24 47,536.54 USD 37,701.06 47,885.42 0.03
COLUMBIA 11.75% 00-25.02.20 95,073.08 USD 95,260.05 114,649.00 0.08
CROATIA 6.75% 09-05.11.19 REGS 59,420.67 USD 39,421.01 50,286.86 0.03
DDI HOLDING AS 9.3% 06-19.01.12 319,659.96 USD 164,929.20 250,243.46 0.17
DDI HOLDING 9.3% 06-26.04.12 5,690.67 USD 3,310.17 4,524.51 -
DIDON TUNISIA FRN 07-13.03.12 88,700.70 USD 56,449.61 65,460.44 0.04
DNO INTL 6.445% 08-12.10.12 173,922.94 USD 102,142.36 130,481.20 0.09
DYCOM INVESTMENTS 8.125% 05-15.10.15 8,696.15 USD 6,213.59 6,985.00 -
ECUADOR 12% 00-15.11.12 REGS/DEFAULT 71,304.81 USD 19,630.34 5,930.92 -
EL SALVADOR 7.65% 05-15.06.35 REG 59,420.67 USD 46,139.07 51,059.72 0.03
EL SALVADOR 7.75% 02-24.01.23 REG 86,159.98 USD 63,259.55 77,426.65 0.05
EL SALVADOR 8.5% 01-25.07.11 REG 29,710.34 USD 21,961.39 25,590.43 0.02
FUERST CAP FRN 09-PERP 742,565.63 USD 526,519.80 488,059.93 0.32
HERO 10.5% 09-15.10.17 52,176.88 USD 39,256.92 37,761.54 0.03
IKON OFF.SOL. 6.75% 05-01.12.25 787,742.94 USD 568,353.00 702,131.86 0.48
INDALEX HLD 11.5% 06-01.02.14 B 59,307.72 USD 37,709.76 1,329.99 -
INDONESIA 6.75% 04-10.03.14/REG 136,667.55 USD 94,534.72 123,009.71 0.08
INDONESIA 7.5% 05-15.01.16 REGS 59,420.67 USD 34,332.24 56,208.09 0.04
INDONESIA 8.5% 05-12.10.35 REGS 118,841.35 USD 93,535.38 122,470.65 0.08
ING CAP FDING III 8.439% PERP 234,795.96 USD 135,443.04 167,533.61 0.11
INTL COAL 9.125% 10-01.04.18 33,914.97 USD 25,756.74 27,746.00 0.02
IRAQ 5.8% 06-15.1.28 STEP-UP 148,551.69 USD 75,771.09 98,582.21 0.07
KAZMUNAIGAZ FIN. 8.375% 08-02.07.13 REG 148,551.69 USD 105,638.32 130,849.61 0.09
KAZMUNAIGAZ FIN. 9.125% 08-02.07.18 REG 59,420.67 USD 43,521.39 55,950.41 0.04
KELLWOOD 7.625% 97-15.10.17 87,831.08 USD 56,615.12 39,285.13 0.03
LEBANON 8.25% 06-12.04.21 35,652.40 USD 22,062.13 32,817.77 0.02
LEBANON 9% 08-02.05.14 112,899.28 USD 74,900.23 105,856.31 0.07
LIBERTY M 7.8% 07-15.03.37 144A 166,531.21 USD 102,960.89 114,071.78 0.08
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
MAJAPAHIT HLD 7.875% 07-29.06.37 REG 59,420.67 USD 34,617.29 49,625.40 0.03
MCMORAN EXP 11.875% 07-15.11.14 73,917.25 USD 47,363.30 61,685.67 0.04
MEXICO 6.75% 04-27.09.34 GLOB 190,146.16 USD 143,596.07 177,881.17 0.12
MEXICO 8.125% 01-30.12.19 118,841.35 USD 99,111.49 123,803.17 0.08
NORSKE SKOG.7.625% 01-11-144A 65,221.10 USD 41,020.44 51,058.39 0.03
OCEAN GRD 9.25% 05-10/DEFAULT 59,133.80 USD 3,299.30 2,358.02 -
OXFORD IND 11.375% 09-15.07.15 8,609.19 USD 6,289.04 7,740.05 0.01
PA RESOURCES 10% 06-20.06.11 266,102.09 USD 187,258.81 215,910.94 0.14
PANAMA 8.875% 97-30.09.27 148,551.69 USD 128,625.25 161,053.14 0.11
PANAMA 9.375% 99-01.04.29 61,203.30 USD 53,882.38 69,248.61 0.05
PERU 7.35% 05-21.07.25 178,262.02 USD 137,208.33 173,363.20 0.12
PERU 8.375% 04-03.05.16 45,753.92 USD 36,225.21 45,612.14 0.03
PERU 8.75% 03-21.11.33 44,565.51 USD 38,064.83 48,959.18 0.03
PETRO DEV 12% 08-15.02.18 113,049.91 USD 76,059.37 94,953.44 0.06
PETROL VENEZ 5.25% 07-12.04.17 289,859.58 USD 111,443.11 128,360.78 0.09
PETROLEOS VEN. 5.375% 07-12.04.27 356,524.05 USD 98,993.33 130,324.18 0.09
PETRONA CAP. 7% 02-22.05.12 207,972.36 USD 154,082.33 185,250.75 0.12
PETROPLUS FIN 9.375% 9-15.09.19 121,746.06 USD 78,068.23 85,380.09 0.06
PETROQUEST 10.375% 05-15.05.12 52,176.88 USD 35,714.75 43,133.26 0.03
PHILIPPINES 7.5% 06-25.09.24 GLOBAL 178,262.02 USD 132,529.95 170,198.59 0.11
PHILIPPINES 9.375% 02-18.01.17 148,551.69 USD 133,569.42 154,905.38 0.10
P2021 RIG 13.5% 09-15.12.13 104,353.76 USD 79,472.37 85,947.40 0.06
P2021 13.5% 09-15.12.13 REGS 34,784.59 USD 23,512.11 29,358.27 0.02
REP.DOMINIC. 9.04% 05-23.01.18 REG/PIK 59,420.67 USD 40,853.65 58,587.69 0.04
REP.URUGUAY 8% 05-18.11.22 112,899.28 USD 86,370.32 111,067.19 0.07
RURAIL 5.739% 10-03.04.17 148,551.69 USD 117,196.98 119,367.45 0.08
RUSS.AGRIC. 7.175% 06-16.05.13 REG 178,262.02 USD 124,660.11 153,753.36 0.10
RUSSIA 7.5% 00-31.03.30 REG/STEP-UP 243,624.77 USD 172,227.61 205,802.63 0.14
SEVAN MARINE AS TV 07-14.05.13 109,571.45 USD 68,951.89 73,714.79 0.05
SEVAN 9.25% 06-20.12.11 234,795.96 USD 143,829.81 188,594.98 0.13
SKDP 1 LTD 12% 10-19.05.17 147,834.50 USD 116,117.11 121,156.05 0.08
STORA ENSO 7.25% 06-15.04.36 73,047.63 USD 43,439.88 47,654.01 0.03
STORA ENSO 7.25% 06-15.04.36 144A 148,269.30 USD 90,955.32 97,028.55 0.06
TEPPCO 7% (TV) 07-01.06.67 15,653.06 USD 9,868.92 11,232.73 0.01
TRISTAN OIL 10.5% 06-01.01.12 34,784.59 USD 18,144.69 17,422.23 0.01
TURKEY 6.875% 06-17.03.36 41,594.47 USD 27,550.06 34,997.29 0.02
TURKEY 7% 06-26.09.16 GLOBAL 178,262.02 USD 125,977.80 162,082.81 0.11
TURKEY 7.25% 04-15.03.15 106,957.21 USD 76,972.06 97,554.96 0.06
UKRAINE 6.385% 07-26.06.12 REGS 59,420.67 USD 40,118.83 47,801.10 0.03
UKRAINE 6.75% 07-14.11.17 144A 59,420.67 USD 40,296.13 44,821.11 0.03
UKRAINE 7.65% 03-11.06.13 REG 59,420.67 USD 33,228.64 49,075.48 0.03
ULTRAPETROL 9% 05-24.11.14 43,480.73 USD 28,148.40 34,394.92 0.02
UNIFI 11.5% 07-15.05.14 260,884.40 USD 169,787.42 217,120.40 0.14
UPM-KYMMENE 7.45% 97-27 144A 234,795.96 USD 154,348.11 162,746.94 0.11
URUGUAY 7.875% 03-15.01.33 PIK 77,246.88 USD 59,079.77 74,594.92 0.05
VENEZUELA 8.5% 04-08.10.14 GLOB 166,377.89 USD 106,341.49 105,989.08 0.07
7,838,818.86
Cost Market Value % net assets
9,223,701.85 6.14
Total - Bonds 36,138,838.77 36,990,316.27 24.62
The accompanying notes form an integral part of these financial statements.
Page
121

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Investment funds
AUD
STOCKLAND/UNITS 24,802.37 AUD 128,129.03 63,715.61 0.04
Page
122
128,129.03
63,715.61 0.04
EUR
COFINIMMO SICAFI 345.68 EUR 44,910.81 31,992.46 0.02
44,910.81
31,992.46 0.02
JPY
DA OFFICE INVESTMENT CORP 15.56 JPY 29,991.44 28,287.29 0.02
FUKUOKA REIT CORP 6.05 JPY 24,495.43 28,559.28 0.02
JAPAN LOGISTICS FUND INC 6.05 JPY 32,515.25 38,468.74 0.03
JAPAN PRIME REALTY INVESTMENT 60.49 JPY 111,731.11 104,494.68 0.07
JAPAN RETAIL FUND INVESTMENT 302.47 JPY 304,239.47 301,737.46 0.20
KENEDIX REALTY INVESTMENT CORP 10.37 JPY 39,871.56 23,677.72 0.02
MID REIT INC 17.28 JPY 22,373.81 27,437.91 0.02
NIPPON COMMERCIAL INVESTMENT 12.96 JPY 21,726.50 10,175.89 0.01
NOMURA REAL ESTATE RESIDENTIAL FUND
INC
12.10 JPY 38,370.76 36,742.94 0.02
625,315.33 599,581.91 0.41
SGD
K-GREEN TRUST SHS 2,592.58 SGD 2,348.24 1,588.91 -
2,348.24 1,588.91 -
USD
MVC CAPITAL 8,767.25 USD 98,400.60 92,083.64 0.06
98,400.60 92,083.64 0.06
Total - Investment funds 899,104.01 788,962.53 0.53
Options, Warrants, Rights
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
MEDIOBANCA 18.03.11 CW/MB 5,185.16 EUR -
172.67 -
RIGHT IMMOEAST 2010 12,962.91 EUR -
- -
RIGHTS KME GROUP 09.07.10 121,402.85 EUR -
36.42 -
RIGHTS UNIPOL GRUP 10-09.07.10 129,629.11 EUR - 5,457.39 -
UBI BANCA 30.06.11 CW/UBIW 25,925.82 EUR -
396.67 -
- 6,063.15 -
HKD
HLDVF 10-01.06.11 CW/HLDVF 3,456.78 HKD -
499.54 -
-
499.54 -
Total - Options, Warrants, Rights - 6,562.69 -
Total - Transferable securities admitted to an official stock exchange listing 135,454,998.41 136,987,170.97 91.16
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Transferable securities dealt in on another regulated market
Shares
EUR
DANIELI + C.OFF.MECC. SPA 1,728.39 EUR 31,773.36 26,029.53 0.02
31,773.36 26,029.53 0.02
JPY
FUJIMI INC 1,901.23 JPY 17,099.83 22,465.68 0.01
MICRONICS JAPAN CO LTD TOKYO 1,728.39 JPY 21,059.04 18,323.75 0.01
OSAKA SECURITIES EXCHANGE CO 8.64 JPY 33,986.92 30,022.64 0.03
RISO KAGAKU CORP 2,160.49 JPY 20,314.14 18,053.35 0.01
92,459.93 88,865.42 0.06
USD
ACER INC/SPGDR 10,370.33 USD 105,223.79 101,902.03 0.07
ASUSTEK COMPUTER INC/GDR 12,378.72 USD 101,946.67 95,896.44 0.06
CHINA STEEL/GDS 3,713.44 USD 63,502.38 56,021.10 0.04
FIRST AMERICAN FINANCIAL CORP 6,395.04 USD 73,739.46 67,793.74 0.05
HON HAI PRECISION IND/GDR 17,943.26 USD 112,696.58 106,667.52 0.07
SAMSUNG EL./SP. GDR (1/2VOT144A) 1,641.97 USD 360,819.23 424,450.86 0.28
SM ENERGY CO 1,469.13 USD 53,618.95 48,927.07 0.03
871,547.06 901,658.76 0.60
Total - Shares 995,780.35 1,016,553.71 0.68
Bonds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
FINLAND 4.375% 08-04.07.19 1,810,956.06 EUR 1,915,347.62 2,056,521.71 1.37
FINLAND 5.375% 02-04.07.13 1,992,051.67 EUR 2,154,762.45 2,249,823.16 1.49
4,070,110.07 4,306,344.87 2.86
USD
BASIC ENER SERV 11.625% ...-01.08.14 117,397.98 USD 84,458.01 102,913.50 0.07
CEMEX 9.25% 10-12.05.20 396,544.29 USD 242,949.12 285,333.39 0.20
FAIRFAX FIN. 7.75% 97-15.07.37 116,963.17 USD 74,368.96 89,375.77 0.06
FAIRFAX FIN. 8.25% 95-01.10.15 93,883.60 USD 65,075.84 81,649.56 0.05
FAIRFAX FINANC. 8.3% 96-15.04.26 17,392.29 USD 11,474.76 14,040.91 0.01
H&E EQUIPMEN 8.375% 06-15.07.16 24,001.37 USD 17,592.90 18,397.85 0.01
LIBERTY MUT GP 10.75% (FRN) 08-15.06.58 69,569.17 USD 51,029.55 61,836.74 0.04
O CHARLEYS 9% 04-01.11.13 121,746.06 USD 78,418.74 99,716.63 0.07
OVS SHIPHOLD 7.5% 04-15.02.24 230,447.89 USD 139,836.93 159,498.20 0.11
PETBRA 5.75% 09-20.01.20 148,551.69 USD 98,067.58 121,457.69 0.08
RRI ENERGY 7.875% 07-15.6.17 34,784.59 USD 25,455.99 26,682.98 0.02
TESORO CORP 9.75% 09-01.06.19 26,088.44 USD 20,247.40 21,973.96 0.01
The accompanying notes form an integral part of these financial statements.
Page
123

Sparinvest SICAV
SPARINVEST - PROCEDO
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
TURKEY 7.375% 05-05.02.25 23,768.27 USD 17,088.79 21,793.23 0.01
Page
124
926,064.57
1,104,670.41 0.74
Total - Bonds 4,996,174.64 5,411,015.28 3.60
Total - Transferable securities dealt in on another regulated market 5,991,954.99 6,427,568.99 4.28
Other transferable securities
Bonds
EUR
ANGLO IRISH BK 3.625% 08-9.09.10 2,656,068.89 EUR 2,677,093.53 2,650,092.74 1.76
CL.CAP.TRUST 7.047% 02-PERP 34,784.59 EUR 31,827.90 29,238.53 0.02
DLR KREDIT 1% 09-01.01.11 1,207,304.04 EUR 1,201,267.52 1,204,346.15 0.80
3,910,188.95 3,883,677.42 2.58
USD
SOUTH AFRICA 6.875% 09-27.05.19 118,841.35 USD 89,663.99 110,656.38 0.07
WESTERN REF 11.25% 15.06.17 144A 252,796.99 USD 166,080.20 186,562.24 0.13
255,744.19 297,218.62 0.20
Total - Bonds 4,165,933.14 4,180,896.04 2.78
Investment funds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
SPARINVEST PROPGLOBAL EUR I 9,832.84 EUR 700,000.00 777,286.08 0.52
700,000.00 777,286.08 0.52
Total - Investment funds 700,000.00 777,286.08 0.52
Total - Other transferable securities 4,865,933.14 4,958,182.12 3.30
TOTAL INVESTMENT PORTFOLIO 146,312,886.54 148,372,922.08 98.74
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - PROCEDO
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
United States 19.26
Japan 14.23
Germany 7.78
Italy 6.26
Great Britain 5.24
France 5.20
Finland 4.73
Switzerland 3.64
Sweden 3.60
Ireland 3.23
Bermuda Islands 2.49
Netherlands 2.43
Belgium 1.92
Greece 1.76
Australia 1.65
Norway 1.48
Spain 1.46
Hong Kong 1.39
Luxembourg 1.11
Singapore 1.07
Denmark 0.95
South Korea 0.84
Cayman Islands 0.61
Taiwan 0.61
Austria 0.54
Malaysia 0.43
Philippines 0.37
Portugal 0.33
Mexico 0.32
China 0.31
Venezuela 0.25
South Africa 0.23
Russia 0.22
Indonesia 0.20
Turkey 0.20
Peru 0.18
Liberia 0.17
Hungary 0.16
Panama 0.16
Jersey 0.16
Brazil 0.15
Colombia 0.14
Mauritius Islands 0.14
Page
125

Sparinvest SICAV
SPARINVEST - PROCEDO
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown (continued)
%
Canada 0.12
Argentina 0.12
Uruguay 0.12
El Salvador 0.10
Ukraine 0.09
Kazakhstan 0.09
Lebanon 0.09
Cyprus 0.08
Chile 0.08
Iraq 0.07
Bulgaria 0.05
Dominican Republic 0.04
Croatia 0.03
Liechtenstein 0.02
Bahamas 0.02
Marshall Islands 0.01
Virgin Islands 0.01
Page
126
98.74
Economic breakdown %
States, provinces and municipalities 18.04
Banks and financial institutions 11.38
Holding and finance companies 11.36
Insurance 7.19
Electronics and electrical equipment 4.71
Energy 3.55
News transmission 3.27
Other services 3.20
Automobile industry 3.05
Real estate 2.84
Public services 2.59
Mechanics, machinery 2.41
Transport 2.30
Pharmaceuticals and cosmetics 2.01
Retail trade, department stores 1.73
Forest products and paper industry 1.70
Coal mines, heavy industries 1.58
Chemicals 1.51
Construction, building materials 1.40
Tobacco and spirits 1.23
Food and distilleries 1.19

Sparinvest SICAV
SPARINVEST - PROCEDO
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Investment funds 1.18
Graphic art and publishing 1.14
Consumer goods 1.05
Internet Software 0.97
Textile 0.93
Gastronomy 0.88
Office equipment and computers 0.87
Healthcare, education and social services 0.67
Clock and watch-making industry 0.55
Package and container industry 0.48
Non-ferrous metals 0.38
Aerospace technology 0.35
Other business houses 0.24
Agriculture and fishing 0.23
Tires and rubber 0.21
Photography and optics 0.14
Options on Indexes 0.12
Precious metals 0.11
98.74
Page
127

Page
Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Net Assets as at June 30, 2010
Note
128
ASSETS
Investment portfolio at market value 57,127,272.26
Cash at bank 815,457.99
Amounts receivable on sale of investments 124,439.87
Amounts receivable on subscriptions 12,969.00
Interest and dividends receivable, net 964,282.03
Other assets 158.31
TOTAL ASSETS 59,044,579.46
LIABILITIES
Bank overdraft 3,763.17
Amounts payable on purchase of investments 154,205.35
Interest payable 212.10
(7) Net unrealised loss on forward foreign exchange contracts
359,374.09
(4) Management and advisory fees payable
48,971.38
Taxes and expenses payable 21,019.34
Other liabilities 9,552.87
TOTAL LIABILITIES 597,098.30
TOTAL NET ASSETS 58,447,481.16
Net asset value per share
Class EUR R
Class EUR I
Number of shares outstanding
Class EUR R
Class EUR I
EUR
EUR
The accompanying notes form an integral part of these financial statements.
EUR
119.17
120.32
490,105.28
360.06

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Changes in Net Assets for the Period ended June 30, 2010
Note
NET ASSETS AT THE BEGINNING OF THE PERIOD 54,120,624.52
INCOME
Dividends, net 184,036.07
Interest on bonds, net 925,968.56
Bank interest 1,268.95
(11) Securities lending fees
8,113.26
Other income 564.01
TOTAL INCOME 1,119,950.85
EXPENSES
(4) Management and advisory fees
286,452.30
(6) Custodian fees
7,191.51
(6) Domiciliation, administration and transfer agent fees
58,358.35
Audit, printing and publication expenses 1,654.65
(3) Taxe d'abonnement
14,560.70
Bank charges 8,303.05
Interest paid 1,125.53
Other charges 1,524.27
TOTAL EXPENSES 379,170.36
NET INCOME / (LOSS) FROM INVESTMENTS 740,780.49
Net realised gain / (loss) on sales of investments 1,280,729.24
Net realised gain / (loss) on forward foreign exchange contracts -536,360.69
Net realised gain / (loss) on foreign exchange 42,599.82
NET REALISED PROFIT / (LOSS) 1,527,748.86
Change in net unrealised appreciation / (depreciation) on investments
Change in net unrealised appreciation / (depreciation) on forward foreign
764,589.53
exchange contracts -176,148.12
NET INCREASE / (DECREASE) IN NET ASSETS AS A RESULT OF OPERATIONS 2,116,190.27
EVOLUTION OF THE CAPITAL
Subscriptions of shares 2,742,999.99
Redemptions of shares -532,333.62
NET ASSETS AT THE END OF THE PERIOD 58,447,481.16
The accompanying notes form an integral part of these financial statements.
EUR
Page
129

Sparinvest SICAV
SPARINVEST - SECURUS
Changes in the Number of Shares for the Period ended June 30, 2010
EUR
Class EUR R
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Class EUR I
Number of shares outstanding at the beginning of the period
Number of shares issued
Number of shares redeemed
Number of shares outstanding at the end of the period
Page
130
471,570.73
22,957.61
-4,423.06
490,105.28
120.00
240.06
-
360.06

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments as at June 30, 2010
(expressed in EUR)
Description
Transferable securities admitted to an official stock exchange listing
Shares
Quantity /
Face value
Currency
Cost Market Value % net assets
AUD
AMCOR LTD 4,342.27 AUD 19,897.75 19,131.40 0.03
ANZ BANKING GROUP 1,079.36 AUD 17,417.23 16,107.65 0.03
BHP BILLITON LTD 1,265.46 AUD 29,441.89 32,902.07 0.06
CWTHBK OF AUSTRALIA 1,240.65 AUD 44,521.94 41,672.70 0.07
FAIRFAX MEDIA LTD 14,887.77 AUD 17,599.93 13,519.64 0.02
GOODMAN GROUP 31,016.18 AUD 12,396.08 13,601.03 0.02
MACQUARIE GROUP LTD 421.82 AUD 18,812.92 10,812.97 0.02
MAP GROUP 14,887.77 AUD 29,526.49 27,656.14 0.05
MIRVAC GROUP 18,184.17 AUD 11,619.96 16,513.11 0.03
NATIONAL AUSTRALIA BANK LTD 794.01 AUD 18,581.88 12,765.01 0.02
ONESTEEL LTD 9,925.18 AUD 24,172.88 20,425.11 0.03
OZ MINERALS LTD 24,812.94 AUD 18,379.34 16,449.75 0.03
SUNCORP METWAY LTD 1,622.77 AUD 15,513.80 9,009.94 0.02
WESFARMERS LTD 2,304.01 AUD 45,297.22 45,584.58 0.08
WESTPAC BANKING CORP 2,853.49 AUD 43,608.49 41,834.63 0.07
366,787.80 337,985.73 0.58
CHF
AUSTRIAMICROSYSTEMS AG 558.29 CHF 12,642.96 15,656.70 0.03
BALOISE HOLDING/NAMEM 620.32 CHF 39,764.05 35,307.08 0.06
BANK SARASIN & CO LTD B 136.47 CHF 4,110.62 4,444.48 0.01
CHARLES VOEGELE HOLDING AG 310.16 CHF 10,147.31 10,346.61 0.02
CIE FINANCIERE RICHEMONT SA 2,109.10 CHF 49,560.26 60,085.64 0.10
CIE SUISSE DE REASSURANCE/NOM 2,327.83 CHF 91,226.59 78,636.12 0.13
CLARIANT/NAMEN AKT 1,240.65 CHF 11,705.24 12,953.72 0.02
DUFRY AG BASEL 186.10 CHF 8,854.92 11,398.81 0.02
EMS CHEMIE HOLDING AG 99.25 CHF 10,518.54 10,542.55 0.02
FISCHER GEORG AG/NAM 43.42 CHF 11,231.93 11,539.10 0.02
FORBO HOLDING AG /NAM 31.02 CHF 8,410.48 10,761.65 0.02
GIVAUDAN SA/REG. 37.22 CHF 24,898.42 25,982.27 0.04
HELVETIA HOLDING SA /NOM 80.64 CHF 18,755.55 17,326.19 0.03
HOLCIM LTD/NAM. 744.39 CHF 38,185.82 41,105.86 0.07
KUDELSKI SA 806.42 CHF 6,291.42 17,842.94 0.03
LINDT & SPRUENGLI/PARTIZ 14.89 CHF 25,333.81 26,139.40 0.04
MICRONAS SEMICONDUCTOR/REG 1,240.65 CHF 4,451.86 4,676.43 0.01
MOBIMO HOLDING AG 62.03 CHF 6,891.89 8,740.26 0.01
NESTLE SA 744.39 CHF 26,353.90 29,321.25 0.05
NOVARTIS AG BASEL/NAM 868.45 CHF 34,746.42 34,502.74 0.06
ORASCOM DEVELOPMENT HOLDING AG 74.44 CHF 4,115.92 3,395.09 0.01
PARGESA HOLDING SA 248.13 CHF 13,885.69 13,309.13 0.02
RIETER HOLDING AG/NAM 62.03 CHF 11,565.30 13,000.49 0.02
SCHMOLZ + BICKENBACH/NAM 124.06 CHF 2,071.32 2,726.36 -
SIKA SA. BAAR 31.02 CHF 39,831.55 44,355.98 0.08
SULZER AG/NAMENSAKTIEN 161.28 CHF 11,074.94 12,535.65 0.02
SWISS LIFE HOLDING/NAM 1,364.71 CHF 117,494.16 107,408.35 0.19
The accompanying notes form an integral part of these financial statements.
Page
131

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
THE SWATCH GROUP AG 260.54 CHF 41,588.39 60,140.82 0.10
THE SWATCH GROUP AG/NAM 1,240.65 CHF 43,102.98 51,674.60 0.09
VERWALTUNGS-UND PRIVAT-BANK AG 49.63 CHF 4,023.53 4,755.00 0.01
ZEHNDER GROUP AG 2.48 CHF 2,805.08 2,992.92 0.01
Page
132
Quantity /
Face value
Currency
735,640.85
783,604.19 1.34
DKK
DANSKE BANK AS 744.39 DKK 12,459.08 11,864.21 0.02
FLSMIDTH & CO A/S -B- 124.06 DKK 7,061.97 6,628.43 0.01
GN GREAT NORDIC LTD 1,860.97 DKK 5,369.90 10,644.81 0.02
TK DEVELOPMENT 992.52 DKK 3,398.21 3,091.83 0.01
28,289.16
Cost Market Value % net assets
32,229.28 0.06
EUR
AALBERTS INDUSTRIES NV 806.42 EUR 8,572.51 8,616.61 0.01
AAREAL BANK AG 1,924.99 EUR 29,497.92 26,545.59 0.05
ACANTHE DEVELOPPEMENT SA 992.52 EUR 2,379.84 1,449.08 -
AFFINE 74.44 EUR 2,463.24 1,273.65 -
AGFA-GEVAERT NV MORTSEL 3,101.62 EUR 16,547.06 14,732.69 0.03
AIR FRANCE - KLM 4,342.27 EUR 48,705.34 42,723.55 0.07
ALLIANZ SE/NAM.VINKULIERT 1,116.58 EUR 93,370.00 91,314.12 0.15
ALSTRIA OFFICE REIT AG 2,109.10 EUR 10,424.85 16,617.60 0.03
ANDRITZ AG GRAZ 99.25 EUR 2,191.75 4,577.99 0.01
ANHEUSER-BUSH INBEV SA 1,985.04 EUR 63,349.97 78,607.41 0.13
ARCELORMITTAL SA REG SHS 890.04 EUR 34,299.65 20,132.71 0.03
ASIAN BAMBOO AG 248.13 EUR 4,762.58 8,055.52 0.01
ASSICURAZIONI/MILANO 2,481.29 EUR 5,939.32 3,471.33 0.01
ATRIA GROUP PLC A 868.45 EUR 10,590.95 9,639.83 0.02
ATRIUM EURO RE 3,349.75 EUR 15,952.78 11,794.46 0.02
AUTOSTRADA TORINO-MILANO SPA 1,240.65 EUR 12,615.66 12,542.94 0.02
AXA 3,861.76 EUR 61,036.43 48,889.91 0.08
BANCO ESPIRITO SANTO SA/REG 11,165.82 EUR 50,183.61 36,355.93 0.06
BANCO POPOLARE SOC. COOP 5,582.91 EUR 51,229.25 25,472.04 0.04
BCA POP.DELL ETRURIA DEL LAZIO 1,612.84 EUR 11,630.86 5,265.93 0.01
BENETTON GROUP SPA PONZANO 744.39 EUR 4,688.65 4,094.14 0.01
BENI STABILI SPA 24,614.44 EUR 11,601.58 15,384.03 0.03
BERTRANDT AG 372.19 EUR 9,970.96 10,951.81 0.02
BGP HOLDINGS 28,733.39 EUR -
- -
BILFINGER BERGER AG 111.66 EUR 5,877.41 5,113.95 0.01
BNP PARIBAS 496.26 EUR 27,491.04 22,259.69 0.04
BRUNEL INTERNATIONAL 248.13 EUR 3,961.80 5,875.71 0.01
BULGARI SPA 1,736.91 EUR 10,758.26 10,265.11 0.02
BUONGIORNO SPA/AZ 2,481.29 EUR 3,495.06 2,233.16 -
BUZZI UNICEM/AZ RISP/NON-CV 2,109.10 EUR 14,998.03 10,440.05 0.02
CAJA MEDIT/PFD 620.32 EUR 3,544.84 3,976.27 0.01
CAMFIN 3,697.00 EUR 5,356.10
990.80 -
CAMPARI AZ/POST FRAZIONAMENTO 2,853.49 EUR 9,535.55 11,463.89 0.02
CAT OIL AG 496.26 EUR 3,275.69 3,510.04 0.01
C.I.R.CIE INDUSTRIALI RIUNITE 10,185.34 EUR 21,410.57 14,127.07 0.02
CITYCON OYJ 5,265.55 EUR 9,500.90 12,637.33 0.02
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
CNP ASSURANCES 172.95 EUR 14,297.28 9,650.40 0.02
CNP SA 1,736.91 EUR 76,773.84 60,948.03 0.10
COFIDE CIA FIN.DE BENEDETTI 12,657.58 EUR 11,763.38 7,923.64 0.01
CONWERT IMMOBILIEN INV SE 1,240.65 EUR 5,822.20 10,601.33 0.02
CORIO NV 1,949.80 EUR 85,704.12 78,109.03 0.13
CORP FIN ALBA/SPLIT ISSUE 583.10 EUR 21,337.15 17,703.04 0.03
CREDIT AGRICOLE SA PARIS 6,823.56 EUR 79,475.16 58,982.85 0.10
CRITERIA CAIXACORP SA 24,812.94 EUR 84,986.77 83,619.62 0.14
CSM NV 372.19 EUR 9,421.57 9,098.29 0.02
D IETEREN SA 24.81 EUR 7,881.80 8,646.81 0.01
DAIMLER AG/NAMEN AKT 310.16 EUR 12,540.83 12,970.97 0.02
DCC 248.13 EUR 4,516.29 4,635.06 0.01
DE LONGHI SPA 927.51 EUR 4,202.65 3,246.28 0.01
DEA CAPITAL SPA 3,225.68 EUR 5,432.17 3,799.85 0.01
DEUTSCHE BANK AG/NAM 1,736.91 EUR 88,808.06 81,591.16 0.14
DEUTSCHE BETEILIGUNGS AG 842.65 EUR 18,485.07 15,656.39 0.03
DIC ASSET AG 1,188.79 EUR 7,110.20 7,488.18 0.01
DINAMIA CAPITAL PRIVADO SCR SA 419.96 EUR 7,757.89 4,031.61 0.01
DIOR SA.CHRISTIAN 558.29 EUR 43,559.16 44,244.58 0.08
DOUGLAS HOLDING AG 310.16 EUR 10,719.30 10,613.74 0.02
ECO BUSINESS-IMMOBILIEN AG 334.97 EUR 2,409.66 2,168.96 -
ELRINGKLINGER AG/NAM 682.36 EUR 10,001.33 11,930.99 0.02
ERG SPA MILANO 1,116.58 EUR 10,515.00 10,763.86 0.02
ERGYCAPITAL SPA 54.09 EUR -
35.97 -
ERSTE GROUP BANK AG 1,860.97 EUR 51,666.66 48,617.86 0.08
ESSILOR INTERNATIONAL 1,364.71 EUR 53,297.17 66,693.47 0.11
ESSO S.A. FRANCAISE 186.10 EUR 16,885.27 19,017.26 0.03
ETAM DEVELOPPEMENT SA 50.12 EUR 1,008.33 1,834.97 -
EURAZEO 547.13 EUR 26,530.36 25,747.72 0.04
EUTELSAT COMMUNICATIONS PARIS 1,985.04 EUR 36,540.51 54,657.95 0.09
EVOTEC AG 2,233.16 EUR 4,161.45 4,464.10 0.01
FUGRO NV 372.19 EUR 18,695.62 14,318.31 0.02
GBL 1,240.65 EUR 101,164.94 70,791.33 0.12
GECINA/ACT NOM 1,112.49 EUR 105,661.67 81,923.64 0.14
GERRESHEIMER AG 372.19 EUR 9,488.66 9,837.09 0.02
GERRY WEBER INTL AG 186.10 EUR 3,081.59 4,466.33 0.01
GIMV SA 124.06 EUR 4,760.48 4,611.49 0.01
GRAFTON GROUP PLC/UNITS 1,240.65 EUR 3,994.99 3,566.86 0.01
GROUPE EUROTUNNEL REGROUPEMT 682.36 EUR 5,164.75 3,814.37 0.01
GRUPPO COIN SPA 586.33 EUR 1,960.73 3,131.00 0.01
HEIDELBERGER DRUCKMASCHINEN AG 1,240.65 EUR 8,194.36 9,287.48 0.02
HEINEKEN HOLDING 1,240.65 EUR 37,604.65 37,151.18 0.06
HELLENIC PETROLEUM SA 3,101.62 EUR 26,099.81 18,144.47 0.03
HENKEL/VORZUG 1,612.84 EUR 60,025.60 64,545.91 0.11
HI-MEDIA. PARIS 620.32 EUR 2,886.67 2,679.80 -
HOCHTIEF AG 186.10 EUR 9,842.05 9,154.12 0.02
H&R WASAG AG 248.13 EUR 3,046.42 4,555.66 0.01
IGD IMMOB.GRANDE DISTR. SPA 11,165.82 EUR 13,897.30 12,438.73 0.02
IMMOFINANZ AG 2,791.46 EUR 3,457.04 5,959.76 0.01
IMMSI SPA TORINO 12,190.85 EUR 10,276.03 8,801.79 0.02
INFINEON TECHNOLOGIES/NAM 11,165.82 EUR 49,533.28 53,651.79 0.09
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
INTESA SANPAOLO SPA 26,994.13 EUR 71,322.60 58,914.68 0.10
INTESA SANPAOLO/RISP-NON CONV 20,410.14 EUR 75,667.45 33,819.59 0.06
ITALMOBILIARE SPA 412.39 EUR 20,684.79 9,117.97 0.02
ITALMOBILIARE SPA/RISP./N-CV 397.01 EUR 10,087.32 6,229.04 0.01
KBC GROUPE SA 310.16 EUR 10,506.45 9,819.72 0.02
KIZOO AG/NAMENAKTIE 314.38 EUR 3,599.98 2,417.90 -
KME GRP/POST REGRP 17,428.74 EUR 11,944.33 5,097.90 0.01
KONINKLIJKE DSM NV 646.87 EUR 18,648.75 21,314.48 0.04
KONINKLIJKE VOPAK 1,985.04 EUR 46,672.31 59,670.17 0.10
LAGARDERE SCA/NOM 1,364.71 EUR 37,602.26 35,086.74 0.06
LAMDA DEVELOPMENT STOCK 972.05 EUR 7,857.53 3,596.57 0.01
LVMH MOET HENNESSY 186.10 EUR 17,941.76 16,685.46 0.03
MAISONS FRANCE CONFORT 99.25 EUR 2,581.51 2,878.30 -
MEDIOBANCA BCA CREDITO FINANZ 781.61 EUR 7,263.88 4,810.80 0.01
MONTE DEI PASCHI DI SIENA 8,684.53 EUR 11,185.43 8,111.35 0.01
M-REAL OYJ -B- 2,481.29 EUR 4,946.45 7,170.94 0.01
MTU AERO ENGINES HLDS/NAMEN 248.13 EUR 5,753.59 11,379.22 0.02
MUENCHENER RUECKVERS/NAMENSAKT 496.26 EUR 52,388.01 51,164.29 0.09
MYTILINEOS HOLDINGS/REG 1,736.91 EUR 9,238.70 6,687.09 0.01
NATIXIS 6,823.56 EUR 24,670.22 24,544.34 0.04
NEXANS PARIS 99.25 EUR 4,991.93 4,811.23 0.01
NEXITY/A 744.39 EUR 8,213.78 17,448.46 0.03
NOKIAN TYRES PLC 2,233.16 EUR 43,208.29 44,953.61 0.08
OBRASCON HUARTE LAIN SA 558.29 EUR 10,446.13 10,325.60 0.02
OUTOKUMPU OYJ A 2,481.29 EUR 32,064.53 30,718.42 0.05
PARROT SA 372.19 EUR 3,760.57 4,879.47 0.01
PATRIZIA IMMOBILIEN AG/REG 1,240.65 EUR 3,227.15 3,695.89 0.01
PEUGEOT SA 2,992.69 EUR 114,721.81 62,831.51 0.11
PIAGGIO AND C SPA 1,317.44 EUR 1,685.79 2,557.16 -
PIRELLI & CIE SPA 32,998.24 EUR 27,008.75 15,030.70 0.03
PRAKTIKER BAU & HEIMWERKERM. HLD 2,357.23 EUR 15,324.37 13,341.92 0.02
PUBLIC POWER CORP/REG 3,101.62 EUR 43,607.39 36,537.06 0.06
PUBLICIS GROUPE SA 1,612.84 EUR 32,540.66 53,014.10 0.09
RALLYE SA 698.48 EUR 23,437.17 17,434.17 0.03
RAMIRENT OYJ 620.32 EUR 4,695.54 4,317.45 0.01
RANDSTAD HOLDING 496.26 EUR 17,177.84 16,140.82 0.03
REPSOL YPF SA MADRID 868.45 EUR 14,270.33 14,455.40 0.02
RHEINMETALL AG DUESSELDORF 223.32 EUR 10,425.19 10,495.88 0.02
RHJ INTERNATIONAL SA 756.79 EUR 2,315.84 4,487.79 0.01
SACYR VALLEHERMOSO SA 1,860.97 EUR 17,205.72 7,760.25 0.01
SAFILO 837.44 EUR 9,220.76 6,310.09 0.01
SAFRAN SA 1,240.65 EUR 23,007.12 28,305.37 0.05
SALZGITTER AG 372.19 EUR 20,173.62 18,265.43 0.03
SCOR SE 4,714.46 EUR 75,128.80 74,064.16 0.13
SEDA BARCELONA 3,219.85 EUR 6,471.90 1,094.75 -
SEQUANA /NOM. 620.32 EUR 6,379.38 6,296.28 0.01
SIXT/VORZ -O.STIMMR./EM97 1,153.80 EUR 11,469.06 18,276.22 0.03
SNS REAAL NV 2,733.77 EUR 36,633.51 9,811.49 0.02
SOC.DE INVESTIMENTO E GESTAO 1,985.04 EUR 15,314.09 14,709.11 0.03
SOFTWARE AG 124.06 EUR 6,234.65 10,507.04 0.02
SOITEC. BERNIN 1,116.58 EUR 6,173.43 8,222.51 0.01
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
SONAE CAPITAL SGPS SA 6,823.56 EUR 4,195.60 3,275.31 0.01
SONAECOM SGPS SA 10,545.50 EUR 19,030.92 14,447.34 0.02
SORIN SPA 8,315.93 EUR 9,734.42 11,958.31 0.02
SPARKASSEN IMMOBOBILIEN AG 558.29 EUR 2,745.70 2,712.74 -
SPONDA OYJ HELSINKI 310.16 EUR 2,481.91
772.30 -
STADA ARZNEIMITTEL AG 124.06 EUR 3,783.17 3,378.90 0.01
STE FONCIERE FIN.ET PART/NOM 278.90 EUR 21,318.06 10,291.32 0.02
STE GEN.PARIS A 190.81 EUR 18,913.24 6,606.85 0.01
STO AG/VORZUEGE 62.03 EUR 2,854.42 4,812.47 0.01
STORA ENSO AB/R 9,843.17 EUR 53,163.17 58,812.95 0.10
TELECOM ITALIA SPA 62,032.36 EUR 63,914.91 56,790.63 0.10
TELECOM ITALIA SPA/RISP. N-CV 111,658.25 EUR 97,228.97 84,190.32 0.13
TOD S SPA 111.66 EUR 5,251.75 5,799.53 0.01
TOUR EIFFEL 247.14 EUR 16,316.91 12,028.15 0.02
UNICREDIT SPA 8,190.38 EUR 37,728.44 15,119.44 0.03
UNIONE DI BANCHE ITALIANE SCPA 3,721.94 EUR 49,719.82 26,518.83 0.05
UNIPOL GRUPPO FINANZIARIO SPA 18,609.71 EUR 30,551.14 10,179.51 0.02
UPM-KYMMENE CORP 8,684.53 EUR 65,320.20 94,748.23 0.15
VASTNED OFFICES/INDUSTRIAL 1,227.62 EUR 16,497.92 12,214.82 0.02
VASTNED RETAIL NV 429.88 EUR 19,412.00 17,769.27 0.03
VISCOFAN SA / SPLIT ISSUE 508.67 EUR 10,825.62 11,317.80 0.02
VOLKSWAGEN AG/VORZUG 1,036.31 EUR 58,098.16 75,474.65 0.13
VTG AG 186.10 EUR 2,240.48 2,185.71 -
WACKER NEUSON SE/NAMEN 1,488.78 EUR 7,309.51 14,512.59 0.02
WERELDHAVE (BELEG.MIJ) 248.13 EUR 15,566.99 15,133.41 0.03
WIEN ST VERSICH 620.32 EUR 22,772.71 21,351.54 0.04
3,727,731.84
Cost Market Value % net assets
3,345,745.83 5.72
GBP
AERO INVENTORY PLC 1,240.65 GBP 6,872.49
75.80 -
ANTOFAGASTA PLC 2,481.29 GBP 22,972.34 23,923.77 0.04
ARM HOLDINGS PLC 6,203.24 GBP 6,877.90 21,035.64 0.04
ASHTEAD GROUP PLC 7,443.88 GBP 3,823.79 8,223.23 0.01
ASS.BRITISH FOODS PLC 2,233.16 GBP 25,150.54 26,498.08 0.05
BARRATT DEVEL.PLC 6,203.24 GBP 4,313.63 7,224.13 0.01
BHP BILLITON PLC 898.10 GBP 18,813.90 19,343.29 0.03
BP PLC 1,860.97 GBP 12,123.55 7,224.89 0.01
BRIT INSURANCE 465.24 GBP 4,124.15 5,116.78 0.01
CATLIN GROUP LTD 2,109.10 GBP 7,781.47 9,015.53 0.02
COLLINS STEWART PLC 4,342.27 GBP 3,759.71 3,873.59 0.01
COMPASS GROUP PLC 3,721.94 GBP 17,564.16 23,287.02 0.04
DIMENSION DATA HOLDING LTD 6,203.24 GBP 4,277.69 7,280.98 0.01
F&C ASSET MANAGEMENT PLC 1,736.91 GBP 1,837.02 1,098.40 -
GALLIFORD TRY PLC 940.78 GBP 4,090.29 3,607.01 0.01
HIGHLAND GOLD MINING LTD 4,962.59 GBP 2,286.40 7,610.73 0.01
HIKMA PHARMACEUTICALS PLC 496.26 GBP 3,008.28 4,326.90 0.01
HOME RETAIL GROUP PLC 15,508.09 GBP 43,673.38 40,668.90 0.07
JJB SPORTS PLC 18,088.64 GBP 9,080.78 2,652.54 -
KAZAKHMYS LIMITED 868.45 GBP 12,886.22 10,623.19 0.02
LAIRD PLC 3,721.94 GBP 5,412.74 4,784.75 0.01
LLOYDS BANKING GROUP PLC 1,835.17 GBP 19,459.70 1,216.38 -
The accompanying notes form an integral part of these financial statements.
Page
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
MARSTON S PLC 3,721.94 GBP 4,063.25 4,220.77 0.01
MILLENNIUM & COPTHORNE HOTELS 3,101.62 GBP 14,100.80 15,452.67 0.03
MOTHERCARE PLC 744.39 GBP 3,257.98 5,185.00 0.01
NOVAE GROUP PLC 770.81 GBP 2,600.75 2,898.83 -
OLD MUTUAL PLC 66,597.94 GBP 67,532.73 84,475.85 0.14
PARAGON GROUP OF COMPANIES PLC 6,327.30 GBP 2,560.57 9,324.81 0.02
PREMIER FOODS PLC 12,406.47 GBP 4,654.13 2,901.78 -
PUNCH TAVERNS LTD 6,203.24 GBP 7,758.56 4,381.48 0.01
PZ CUSSONS PLC 1,860.97 GBP 3,182.78 7,800.24 0.01
RECKITT BENCKISER GROUP PLC 697.12 GBP 25,063.81 26,629.97 0.05
ROYAL BK OF SCOTLAND PLC 6,158.94 GBP 35,655.69 3,156.52 0.01
ROYAL DUTCH SHELL PLC/A 1,240.65 GBP 33,833.93 25,841.62 0.04
ROYAL DUTCH SHELL/B 1,240.65 GBP 26,578.03 24,772.78 0.04
SABMILLER PLC 3,101.62 GBP 46,131.58 71,274.81 0.12
SALAMANDER ENERGY PLC 620.32 GBP 2,650.15 1,753.35 -
SEGRO PLC/REIT 2,143.84 GBP 54,087.02 6,672.61 0.01
SSL INTERNATIONAL PLC 703.20 GBP 4,958.06 6,926.08 0.01
STHREE PLC 1,612.84 GBP 2,390.65 5,065.23 0.01
TAYLOR WIMPEY PLC 24,812.94 GBP 7,965.16 8,044.33 0.01
TT ELECTRONICS PLC 5,319.15 GBP 5,169.37 6,142.55 0.01
UNILEVER PLC 998.97 GBP 24,574.15 21,924.66 0.04
VEDANTA RESOURCES PLC 248.13 GBP 7,246.37 6,503.99 0.01
VODAFONE GROUP PLC 86,845.30 GBP 141,200.62 147,673.97 0.26
WHITBREAD PLC 1,116.58 GBP 17,902.79 19,184.50 0.03
YELL GROUP PLC 18,609.71 GBP 6,255.12 5,596.16 0.01
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136
Quantity /
Face value
Currency
791,564.18
Cost Market Value % net assets
762,516.09 1.30
HKD
BEIJING ENTERPRISES HLD LTD 6,451.37 HKD 18,451.19 34,487.61 0.06
BK OF EAST ASIA LTD 11,875.48 HKD 39,565.78 35,254.92 0.06
BOC HONG KONG HOLDINGS LTD 16,128.41 HKD 26,501.25 30,163.99 0.05
CATHAY PACIFIC AIRWAYS 14,887.77 HKD 25,425.21 24,164.45 0.04
CHAODA MODERN AGRICULTURE HOLDING 24,812.94 HKD 21,153.91 20,007.12 0.03
CHINA EVERBRIGHT LTD 4,962.59 HKD 9,444.89 9,333.19 0.02
CHINA SHIPPING CONTAINER -H- 99,251.78 HKD 26,369.89 29,101.27 0.05
CITIC PACIFIC LTD 4,838.52 HKD 17,035.90 7,387.31 0.01
CNOOC LTD 8,684.53 HKD 10,029.75 12,167.97 0.02
COSCO PACIFIC LTD 11,165.82 HKD 19,399.45 10,885.69 0.02
FOSUN INTERNATIONAL LTD 28,534.89 HKD 14,036.04 16,434.42 0.03
GEELY AUTOMOBILE HLD LTD 37,219.42 HKD 14,218.17 9,353.98 0.02
HENDERSON LAND DEV 2,481.29 HKD 16,185.74 11,952.31 0.02
HUTCHISON WHAMP LTD 2,481.29 HKD 18,603.04 12,549.92 0.02
JIANGXI COPPER CO LTD H 5,582.91 HKD 7,918.04 8,593.97 0.01
KINGBOARD CHEMICALS HOLDINGS 12,406.47 HKD 36,444.44 43,911.74 0.09
MASS TRANSIT RAILWAY CORP 11,165.82 HKD 30,595.16 31,160.45 0.05
NEW WORLD DEVELOPMENT CO LTD 9,299.40 HKD 21,145.05 12,445.18 0.02
ORIENT OVERSEAS (INTERNATIONAL) 4,342.27 HKD 15,183.24 25,327.20 0.04
SUN HUNG KAI PROPERTIES LTD 1,860.97 HKD 18,322.49 20,929.53 0.04
SWIRE PACIFIC LTD A 2,171.13 HKD 18,402.63 20,234.48 0.03
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
YANZHOU COAL MINING CO -H- 11,165.82 HKD 18,181.41 17,842.72 0.03
442,612.67
Cost Market Value % net assets
443,689.42 0.76
JPY
ACCORDIA GOLF CO LTD 4.96 JPY 4,160.89 4,018.94 0.01
ADEKA CORP 558.29 JPY 3,904.80 4,310.66 0.01
ADVANCE RESIDENCE INVESTMENT 6.20 JPY 8,470.59 6,565.03 0.01
AICHI BANK LTD 198.50 JPY 10,680.10 11,052.09 0.02
AICHI MACHINE IND 1,364.71 JPY 3,106.70 3,014.21 0.01
AIFUL CORP 1,116.58 JPY 11,647.29 1,099.50 -
AISIN SEIKI CO LTD 1,364.71 JPY 23,972.57 30,317.88 0.05
AKITA BANK LTD 1,612.84 JPY 4,068.79 4,586.39 0.01
ALPINE ELECTRONICS INC 620.32 JPY 3,931.92 6,199.67 0.01
ALPS ELECTRIC CO 434.23 JPY 3,225.37 3,073.00 0.01
AMADA CO LTD 8,560.47 JPY 40,340.80 46,480.42 0.07
ANRITSU CORP 1,736.91 JPY 5,019.90 6,345.82 0.01
AOC HOLDINGS INC 496.26 JPY 2,972.90 2,068.84 -
AOYAMA TRADING CO LTD 632.73 JPY 10,830.25 9,281.70 0.02
AOZORA BANK LTD 18,609.71 JPY 22,799.74 19,866.35 0.03
ASAHI BREWERIES 2,679.80 JPY 37,288.41 37,165.15 0.06
ASAHI GLASS CO LTD 2,481.29 JPY 21,926.85 19,249.81 0.03
ATSUGI CO LTD 6,203.24 JPY 5,595.22 6,051.25 0.01
BANK OF KYOTO 3,101.62 JPY 20,567.28 20,951.01 0.04
BANK OF SAGA LTD 3,597.88 JPY 7,667.22 9,039.19 0.02
BANK OF THE RYUKYUS LTD 372.19 JPY 2,360.22 3,555.39 0.01
BELLUNA CO LTD 1,153.80 JPY 4,634.68 4,470.27 0.01
BEST DENKI 1,240.65 JPY 6,660.25 2,774.44 -
BML INC TOKYO 210.91 JPY 2,582.94 3,909.10 0.01
CALSONIC CORP 1,116.58 JPY 3,116.08 2,702.51 -
CANON ELECTRONICS CO 186.10 JPY 3,652.52 3,456.06 0.01
CANON INC 372.19 JPY 11,332.81 11,406.03 0.02
CANON MARKETING JAPAN INC 992.52 JPY 11,920.59 11,463.11 0.02
CAWACHI LTD 620.32 JPY 8,990.76 9,527.86 0.02
CENTRAL JAPAN RAILWAY CO 4.34 JPY 29,113.39 29,331.41 0.05
CHUDENKO CORP 595.51 JPY 7,612.59 5,666.71 0.01
CKD CORP 992.52 JPY 4,910.98 6,110.62 0.01
COCOKARA FINE HOLDING INC 496.26 JPY 6,486.40 7,339.13 0.01
COSEL CO LTD 310.16 JPY 2,501.94 3,901.91 0.01
COSMO OIL CO LTD 11,165.82 JPY 24,843.12 21,990.00 0.04
CREDIT SAISON CO LTD 1,364.71 JPY 11,470.96 11,793.08 0.02
DAIEI INC. THE 1,860.97 JPY 6,140.49 6,268.18 0.01
DAINIPPON SCREEN MANUFACTURING 1,240.65 JPY 4,659.05 4,669.74 0.01
DENSO CORP 992.52 JPY 20,716.51 22,615.67 0.04
DENTSU INC TOKYO 1,240.65 JPY 25,995.18 27,150.68 0.05
DON QUIJOTE CO LTD 210.91 JPY 4,353.08 4,631.14 0.01
EAGLE INDUSTRY CO LTD 620.32 JPY 3,732.86 3,505.16 0.01
EBARA CORP 1,364.71 JPY 3,409.26 4,797.61 0.01
EIGHTEENTH BANK LTD 3,597.88 JPY 8,453.53 8,211.43 0.01
EXEDY CORP 372.19 JPY 5,450.04 7,857.49 0.01
EZAKI GLICO CO LTD 372.19 JPY 2,957.20 3,685.55 0.01
FANCL CORP YOKOHAMA 248.13 JPY 3,615.80 2,874.91 -
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
FCC CO LTD 372.19 JPY 4,737.47 5,716.71 0.01
FRONTIER REAL ESTATE INV CORP 0.87 JPY 4,768.49 4,875.25 0.01
FUJI MEDIA HOLDINGS INC 29.78 JPY 27,506.92 35,101.79 0.06
FUJI SEAL INTERNATIONAL INC 334.97 JPY 4,956.95 5,995.87 0.01
FUJIKURA LTD 992.52 JPY 3,650.76 3,571.38 0.01
FUKUOKA FINANCIAL GROUP 14,391.51 JPY 43,860.18 49,268.56 0.07
FUTABA CORP 682.36 JPY 8,168.82 9,369.16 0.02
FUTABA INDUSTRIAL CO LTD 533.48 JPY 3,435.14 3,304.09 0.01
GUNMA BANK LTD 3,101.62 JPY 12,107.46 13,501.13 0.02
GUNZE LTD 3,473.81 JPY 9,226.23 8,951.28 0.02
HACHIJUNI BANK LTD 5,334.78 JPY 22,849.40 24,596.60 0.04
HAKUTO CO 1,017.33 JPY 8,308.08 7,433.67 0.01
HAMAMATSU PHOTONICS 198.50 JPY 4,501.90 4,539.58 0.01
HIGO BANK LTD 992.52 JPY 3,974.69 4,493.91 0.01
HINO MOTORS LTD 4,466.33 JPY 19,352.04 18,208.54 0.03
HITACHI CAPITAL CORP 558.29 JPY 3,765.28 6,103.77 0.01
HITACHI CONSTR. MACHIN 1,612.84 JPY 29,221.38 24,579.48 0.04
HITACHI MEDICAL 496.26 JPY 3,138.10 3,178.62 0.01
HOKUHOKU FINANCIAL GROUP 13,150.86 JPY 19,662.57 19,848.09 0.03
HONDA MOTOR CO LTD 2,605.36 JPY 60,423.36 62,267.32 0.10
HORIBA LTD 310.16 JPY 5,186.83 6,816.22 0.01
HOSHIZAKI EL 496.26 JPY 4,992.81 7,092.52 0.01
IDEMITSU KOSAN 682.36 JPY 42,843.63 42,198.88 0.06
INABATA + CO LTD OSAKA 2,456.48 JPY 6,464.55 9,110.44 0.02
INES CORP 1,736.91 JPY 9,755.87 9,590.65 0.02
ISUZU MOTORS LTD 4,962.59 JPY 13,290.90 12,330.84 0.02
IWATANI CORP 2,481.29 JPY 4,852.13 5,617.38 0.01
IZUMIYA CO LTD 1,488.78 JPY 6,535.83 5,261.16 0.01
J. FRONT RETAILING CO LTD 6,203.24 JPY 19,824.26 24,661.68 0.04
JACCS CO LTD 4,962.59 JPY 7,746.29 6,713.46 0.01
JAPAN DIGITAL LABORATORY CO 868.45 JPY 7,200.70 7,864.34 0.01
JAPAN PETROLEUM EXPLORATION CO 769.20 JPY 34,463.18 25,873.07 0.04
JAPAN SECURITIES FIN 2,431.67 JPY 12,526.04 11,323.36 0.02
JOSHIN DENKI CO LTD 496.26 JPY 3,666.38 4,101.15 0.01
JSR CORP TOKYO 868.45 JPY 12,840.84 12,036.27 0.02
JX HOLDINGS 10,855.66 JPY 37,853.47 43,657.45 0.06
K S HOLDINGS CORP 327.53 JPY 4,549.96 5,488.87 0.01
KAGOSHIMA BANK LTD 496.26 JPY 2,602.87 2,621.45 -
KAMIGUMI CO LTD 6,327.30 JPY 37,462.46 39,828.61 0.06
KANEKA CORP 7,443.88 JPY 36,860.97 35,553.92 0.06
KANTO TSUKUBA BANK LTD 1,364.71 JPY 3,710.08 3,039.32 0.01
KATO SANGYO CO LTD 248.13 JPY 3,015.57 3,155.78 0.01
KEIHIN CORPORATION 285.35 JPY 4,336.52 4,067.69 0.01
KIKKOMAN CORP 1,612.84 JPY 14,120.46 13,863.06 0.02
KINDEN CORP 4,962.59 JPY 30,272.82 34,572.02 0.06
KITZ CORP 992.52 JPY 4,322.11 3,854.53 0.01
KOHNAN SHOJI CO LTD 446.63 JPY 3,762.25 3,744.47 0.01
KOITO MANUFACTURING CO LTD 1,860.97 JPY 20,548.19 22,692.17 0.04
KOJIMA CO LTD 1,166.21 JPY 3,887.40 5,806.23 0.01
KOKUYO CO LTD 1,240.65 JPY 7,579.91 8,368.99 0.01
KOMERI CO LTD 248.13 JPY 4,912.05 4,564.69 0.01
Page
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
KURA CORP 285.35 JPY 3,829.10 3,805.09 0.01
KURABO INDUSTRIES LTD 7,443.88 JPY 11,967.61 9,385.14 0.02
KYOCERA CORP 372.19 JPY 19,681.48 24,867.19 0.04
KYODO PRINTING CO LTD 2,977.55 JPY 5,324.25 5,918.80 0.01
KYOWA HAKKO KIRIN CO LTD 1,488.78 JPY 11,394.24 11,590.99 0.02
LINTEC CORP 334.97 JPY 3,791.99 4,972.41 0.01
MACNICA INC YOKOHAMA 248.13 JPY 2,207.84 3,875.08 0.01
MAEDA CORP 1,116.58 JPY 2,264.15 2,394.24 -
MAEDA ROAD CONSTR. 620.32 JPY 3,828.46 4,138.82 0.01
MAKINO MILLING MACHINE CO LTD 868.45 JPY 4,343.86 4,555.56 0.01
MAKITA CORP 1,104.18 JPY 26,356.29 24,336.85 0.04
MANDOM CORP 248.13 JPY 5,098.40 5,523.76 0.01
MARUDAI FOOD CO LTD 1,860.97 JPY 3,209.34 4,487.06 0.01
MARUI GROUP CO LTD 5,582.91 JPY 24,908.56 30,981.24 0.05
MARUZEN SHOWA UNYU CO LTD 1,240.65 JPY 2,399.18 3,231.14 0.01
MAZDA MOTOR CORP 16,128.41 JPY 30,232.83 31,169.62 0.05
MELCO HOLDINGS INC 248.13 JPY 4,351.39 6,439.44 0.01
MERCIAN CORP 3,721.94 JPY 5,218.86 5,103.60 0.01
MITSUBISHI ELECTRIC CORP 2,605.36 JPY 16,004.31 16,783.64 0.03
MITSUBISHI UFJ FINANCIAL GROUP 4,342.27 JPY 16,839.88 16,184.23 0.03
MITSUBISHI UFJ LEASE & FINANCE 1,240.65 JPY 27,317.22 34,423.60 0.06
MITSUI CHEMICALS INC 6,823.56 JPY 15,727.41 15,761.78 0.03
MIYAZAKI BANK LTD 1,364.71 JPY 2,998.76 3,164.92 0.01
MIZUHO SECURITIES CO LTD 9,304.85 JPY 21,740.25 17,126.17 0.03
MSIG HOLDINGS 992.52 JPY 19,830.99 17,528.06 0.03
MURATA MANUFACTURING CO LTD 744.39 JPY 31,141.42 29,285.75 0.05
NABTESCO CORP 372.19 JPY 3,528.93 4,723.40 0.01
NAGASE + CO LTD 496.26 JPY 4,139.86 4,229.02 0.01
NAKAYAMA STEEL WORKS 4,962.59 JPY 7,816.42 6,759.13 0.01
NHK SPRING CO 4,590.39 JPY 24,502.20 34,556.04 0.06
NICE HOLDINGS INC 4,466.33 JPY 7,914.53 7,151.89 0.01
NICHIAS CORP 1,240.65 JPY 4,082.49 4,087.44 0.01
NIDEC COPAL CORP 421.82 JPY 4,486.27 4,957.23 0.01
NIDEC CORP 186.10 JPY 13,804.64 12,844.63 0.02
NIFCO INC 372.19 JPY 5,200.06 6,329.83 0.01
NIHON YAMAMURA GLASS CO LTD 3,473.81 JPY 6,730.26 7,640.55 0.01
NIKON CORP 868.45 JPY 14,238.00 12,395.92 0.02
NIPPO CORP 1,985.04 JPY 12,139.58 12,111.62 0.02
NIPPON CHEMI-CON CORP 1,240.65 JPY 3,215.01 4,452.80 0.01
NIPPON ELECTRIC GLASS 2,481.29 JPY 25,680.14 23,474.27 0.04
NIPPON PAINT CO LTD 1,116.58 JPY 3,272.32 5,538.60 0.01
NIPPON PAPER GROUP INC 1,240.65 JPY 22,172.51 28,121.17 0.05
NIPPON ROAD 1,364.71 JPY 2,495.01 2,361.13 -
NIPPON SYNTH. CHEM. 992.52 JPY 5,132.61 4,713.12 0.01
NIPPON TEL & TEL 1,860.97 JPY 53,844.79 62,339.25 0.10
NISHI NIPPON CITY BK 10,545.50 JPY 18,772.53 24,844.36 0.04
NISHIMATSU CONSTRUCTION CO 4,342.27 JPY 3,693.19 4,235.87 0.01
NISSAN MOTOR CO LTD 5,545.69 JPY 27,100.28 31,948.52 0.05
NISSAN SHATAI CO LTD 620.32 JPY 3,560.90 3,345.31 0.01
NISSIN KOGYO CO LTD 372.19 JPY 4,057.57 4,466.50 0.01
NITTO DENKO CORP 1,240.65 JPY 31,926.57 33,555.87 0.06
The accompanying notes form an integral part of these financial statements.
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
NOMURA REAL ESTATE OFFICE FD 8.06 JPY 34,219.57 32,876.53 0.06
NORITSU KOKI CO LTD 620.32 JPY 9,005.61 3,853.39 0.01
NSK LTD 4,218.20 JPY 19,318.72 24,262.07 0.04
OHARA INC 260.54 JPY 3,186.59 3,399.89 0.01
OKUMURA CORP 1,240.65 JPY 3,440.47 3,722.09 0.01
OMRON CORP 1,612.84 JPY 26,447.12 29,002.59 0.05
ONOKEN CO LTD 905.67 JPY 6,854.68 6,509.43 0.01
ORIX CORP 471.45 JPY 26,726.74 28,201.09 0.05
OSAKA STEEL CO LTD 434.23 JPY 5,220.33 4,895.23 0.01
OSG CORP 496.26 JPY 3,676.32 4,356.90 0.01
OTSUKA CORP 310.16 JPY 14,115.05 16,241.32 0.03
OYO CORP 409.41 JPY 3,169.88 2,758.00 -
PANASONIC ELECTR.WORKS CO LTD 2,977.55 JPY 24,925.78 24,141.05 0.04
PROMISE CO LTD 372.19 JPY 6,744.91 2,065.42 -
RESORTTRUST INC. NAGOYA CITY 372.19 JPY 2,929.52 4,312.37 0.01
RINNAI CORP 744.39 JPY 21,108.99 31,272.38 0.05
RYOYO ELECTRO 1,240.65 JPY 10,033.98 10,435.54 0.02
SAIZERIYA CO LTD YOSHIKAWA 223.32 JPY 3,608.87 3,631.43 0.01
SAKAI CHEMICAL INDUSTRY CO LTD 1,860.97 JPY 3,383.54 5,771.52 0.01
SAN A I OIL CO LTD 1,240.65 JPY 3,846.04 3,836.26 0.01
SAN-IN GODO BANK LTD 1,488.78 JPY 7,658.08 9,385.14 0.02
SANSIN ELECTRONICS 868.45 JPY 7,669.78 6,002.15 0.01
SAPPORO HOKUYO HOLDINGS INC 5,582.91 JPY 19,785.04 20,191.75 0.03
SBI HOLDINGS INC 210.91 JPY 26,475.86 21,758.22 0.04
SEINO HOLDINGS CO LTD 1,985.04 JPY 8,083.68 11,216.50 0.02
SEIREN CO LTD 868.45 JPY 4,004.29 3,756.34 0.01
SEKISUI HOUSE LTD 3,101.62 JPY 20,723.58 21,807.32 0.04
SEVENTY-SEVEN (77) BANK 4,962.59 JPY 19,702.18 21,875.82 0.04
SFCG CO LTD 105.46 JPY 7,066.11
- -
SHIMAMURA CORP 372.19 JPY 24,832.44 27,538.88 0.05
SHINKAWA LTD 248.13 JPY 1,982.45 2,877.20 -
SHINKO SHOJI 1,240.65 JPY 9,168.45 8,688.68 0.01
SHINMAYWA INDUSTRIES 2,357.23 JPY 5,506.57 7,093.66 0.01
SHINSEI BANK LTD 2,853.49 JPY 6,378.82 1,995.77 -
SOHGO SECURITY SERVICES CO 421.82 JPY 3,339.37 3,501.50 0.01
SOJITZ CORP 23,348.98 JPY 41,239.40 30,082.68 0.05
SONY CORP 744.39 JPY 18,775.61 16,324.66 0.03
SUMITOMO ELECTRIC INDUSTRIES 992.52 JPY 9,160.30 9,563.25 0.02
TAIYO YUDEN CO LTD 620.32 JPY 5,263.70 6,907.55 0.01
TAKATA CORP TOKYO 248.13 JPY 3,286.47 4,139.97 0.01
TAKEFUJI CORP 1,488.78 JPY 15,945.85 3,575.94 0.01
TAKIRON CO LTD 1,488.78 JPY 3,006.97 3,603.35 0.01
TDK CORP 310.16 JPY 14,119.61 14,029.19 0.02
THK CO LTD 744.39 JPY 8,057.85 12,748.72 0.02
TOA CORP 7,319.82 JPY 7,207.64 5,860.57 0.01
TOCHIGI BANK LTD 744.39 JPY 2,876.18 2,644.28 -
TODA CORP 1,488.78 JPY 3,220.83 3,945.87 0.01
TOHO BK LTD 1,240.65 JPY 3,949.46 3,322.48 0.01
TOHO HOLDINGS CO LTD 272.94 JPY 3,455.17 3,541.69 0.01
TOKYO GAS CO LTD 4,962.59 JPY 18,715.75 18,496.26 0.03
TOKYO STEEL MFG 4,714.46 JPY 37,885.99 44,948.20 0.07
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
TOKYO STYLE CO LTD 496.26 JPY 3,018.86 3,256.25 0.01
TOKYO TATEMONO CO LTD 4,962.59 JPY 12,933.47 12,650.53 0.02
TOPPAN PRINTING CO LTD 7,443.88 JPY 48,468.69 48,569.81 0.07
TOPY INDUSTRIES LTD 3,721.94 JPY 4,110.55 6,302.43 0.01
TORII PHARMACEUTICAL CO LTD 260.54 JPY 3,274.00 3,339.95 0.01
TOYO SECURITIES CO LTD 1,736.91 JPY 3,047.08 2,365.69 -
TOYO SEIKAN KAISHA LTD 3,721.94 JPY 43,673.94 44,836.31 0.07
TOYODA GOSEI CO LTD 744.39 JPY 15,291.31 15,214.89 0.03
TOYOTA INDUSTRIES CORP 1,985.04 JPY 50,333.75 41,486.43 0.06
TOYOTA MOTOR CORP 1,302.68 JPY 41,751.95 36,924.02 0.06
TS TECH CO LTD 434.23 JPY 4,925.91 5,602.54 0.01
TSUTSUMI JEWELRY CO LTD 334.97 JPY 4,514.15 5,844.82 0.01
TV ASAHI CORP 3.72 JPY 4,507.43 4,411.70 0.01
U N Y CO LTD 3,721.94 JPY 24,974.59 23,291.59 0.04
UCHIDA YOKO CO LTD 620.32 JPY 1,781.30 1,598.44 -
UNIDEN CORP 1,116.58 JPY 4,426.05 2,774.44 -
YACHINO BANK LTD 124.06 JPY 2,762.26 2,056.28 -
YAMADA DENKI CO LTD 372.19 JPY 20,644.17 19,969.11 0.03
YAMAGUCHI FINANCIAL GROUP INC 4,838.52 JPY 37,719.54 37,982.41 0.06
YAMANASHI CHUO BANK 1,860.97 JPY 6,255.06 6,233.92 0.01
YODOGAWA STEEL WORKS LTD 3,101.62 JPY 10,180.55 10,446.96 0.02
YOKOHAMA REITO CO LTD 868.45 JPY 4,608.15 5,027.10 0.01
YOROZU CORP 285.35 JPY 3,585.45 3,408.56 0.01
YURTEC CORP 868.45 JPY 3,291.10 3,021.06 0.01
ZEON CORP 1,116.58 JPY 5,595.35 5,374.19 0.01
2,795,148.96
2,863,952.74 4.90
MYR
GENTING MALAYSIA BHD 25,309.20 MYR 19,409.61 17,395.35 0.03
MISC BHD/LOCAL 9,031.91 MYR 18,403.63 19,555.55 0.03
SIME DARBY BHD 7,443.88 MYR 16,834.89 14,992.76 0.03
TENAGA NASIONAL 7,443.88 MYR 9,549.30 15,761.13 0.03
64,197.43
67,704.79 0.12
NOK
ATEA ASA 744.39 NOK 3,804.49 3,576.01 0.01
DOCKWISE LTD 868.45 NOK 15,405.64 17,146.74 0.03
HURTIGRUTEN AS 4,342.27 NOK 2,405.05 1,960.41 -
NORSKE SKOGINDUSTRIER AS 8,312.34 NOK 19,581.37 7,840.07 0.01
NORTHERN OFFSHORE LTD 2,481.29 NOK 3,849.74 3,822.52 0.01
NORWEGIAN AIR SHUTTLE ASA 310.16 NOK 4,404.32 4,154.07 0.01
PETROLEUM GEO-SERVICES ASA 992.52 NOK 8,900.13 6,877.42 0.01
SCHIBSTED 372.19 NOK 6,174.99 5,850.80 0.01
SEADRILL LTD 2,729.42 NOK 46,495.23 40,983.67 0.06
SPAREBANK 1 SMN/PRIM.CAP CERT 1,905.63 NOK 8,691.30 10,185.07 0.02
STOLT-NIELSEN SA 1,705.89 NOK 16,161.85 16,357.86 0.03
TGS NOPEC GEOPHYSICAL CO 930.49 NOK 6,149.86 8,887.36 0.02
142,023.97
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
127,642.00 0.22
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
PHP
METROPOLITAN BANK & TRUST 31,562.06 PHP 26,879.71 34,915.14 0.06
Page
142
Quantity /
Face value
Currency
26,879.71
34,915.14 0.06
SEK
ALFA LAVAL AB 4,962.59 SEK 43,018.24 52,828.27 0.09
ASSA ABLOY AB/B 3,349.75 SEK 26,829.88 55,176.63 0.09
BE GROUP AB 1,860.97 SEK 6,820.00 8,596.32 0.01
BOLIDEN AB 682.36 SEK 5,880.03 6,243.07 0.01
BURE EQUITY AB 1,860.97 SEK 5,170.88 5,040.57 0.01
EAST CAPITAL EXPLORER AB 1,612.84 SEK 12,634.77 12,064.15 0.02
ELECTROLUX AB B 3,101.62 SEK 29,927.23 57,862.33 0.10
FABEGE AB 4,367.08 SEK 20,617.72 21,511.42 0.04
GETINGE AB B 2,233.16 SEK 30,164.07 35,119.86 0.06
GUNNEBO AB 1,240.65 SEK 3,991.80 3,646.92 0.01
HENNES & MAURITZ AB 2.48 SEK 53.59
55.80 -
INDUSTRIAL + FINANCIAL SYST-B 434.23 SEK 2,753.08 3,624.13 0.01
J.M.AB 992.52 SEK 9,283.93 10,966.82 0.02
KINNEVIK INVESTMENTS AB B 8,436.40 SEK 107,914.92 110,798.70 0.19
KUNGSLEDEN 1,860.97 SEK 8,775.01 9,201.97 0.02
LUNDBERGFOERETAGEN -B- 372.19 SEK 14,163.05 13,617.35 0.02
MODERN TIMES GROUP AB B 334.97 SEK 9,999.46 15,107.64 0.03
MUNTERS AB 620.32 SEK 3,418.96 3,080.35 0.01
Q-MED AB 1,860.97 SEK 7,981.90 12,601.42 0.02
RATOS B 620.32 SEK 14,666.26 12,816.33 0.02
SKANDINAV.ENSK.BANKEN A 7,443.88 SEK 31,560.11 32,470.63 0.06
SKF AB B 2,481.29 SEK 26,460.42 36,495.27 0.06
SVENSKA CELLUL. B 8,684.53 SEK 86,107.72 84,380.66 0.14
SWEDBANK AB -A- 11,165.82 SEK 82,312.08 84,165.75 0.14
TELE2 AB/B 1,860.97 SEK 23,848.54 22,799.78 0.04
VOSTOK GAS LTD/SWED. DEP. REC 241.93 SEK 419.40
5.59 -
VOSTOK NAFTA INV/SDR 3,225.68 SEK 10,045.39 8,330.61 0.01
WALLENSTAM AB 1,166.21 SEK 12,346.85 15,977.43 0.03
637,165.29
734,585.77 1.26
SGD
CITY DEVELOPMENTS LTD 3,101.62 SGD 13,510.92 20,094.95 0.03
DBS GROUP HOLDINGS LTD 3,349.75 SGD 29,129.74 26,746.92 0.05
FRASER AND NEAVE LTD 12,406.47 SGD 31,827.33 37,293.32 0.06
GOLDEN AGRI-RESOURCES LTD 99,251.78 SGD 22,796.75 30,703.63 0.05
JARDINE CYCLE & CARRIAGE LTD 2,357.23 SGD 31,169.53 41,276.11 0.07
KEPPEL CORP LTD 1,860.97 SGD 10,615.92 9,243.68 0.02
OVERSEA-CHINESE BANKING CORP 3,721.94 SGD 17,027.93 19,269.42 0.03
SINGAPORE AIRLINES LTD 1,860.97 SGD 15,660.40 15,858.71 0.03
UOL GROUP LTD 9,925.18 SGD 20,939.04 22,013.92 0.04
UTD OVERSEAS BK/LOCAL 3,349.75 SGD 32,272.39 38,360.71 0.07
224,949.95
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
260,861.37 0.45

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
USD
ACE LTD 496.26 USD 19,475.61 20,897.67 0.04
ADVANCED SEMICOND.ENGIN./SADR 6,063.54 USD 20,733.94 19,629.99 0.03
AGILYSYS INC 810.14 USD 7,475.94 4,637.69 0.01
ALLEGHANY CORP 63.27 USD 10,985.98 15,145.17 0.03
ALLERGAN INC 521.07 USD 16,621.09 24,594.01 0.04
ALLIED WORLD ASSURANCE HLD LTD 343.91 USD 10,112.35 12,908.80 0.02
ALLSTATE CORP 439.56 USD 14,849.08 10,387.74 0.02
ALTERRA CAP HLDGS 381.50 USD 7,401.15 5,817.53 0.01
AMCOL INTERNATIONAL 136.47 USD 2,523.17 2,688.69 -
AMEREN CORP 1,736.91 USD 35,183.07 34,035.60 0.06
AMERICAN ELECTRIC POWER CO INC 744.39 USD 18,879.95 19,837.41 0.03
AMERICAN EQUITY INV LIFE HOLD 1,625.25 USD 8,438.03 14,220.75 0.02
AMERICAN EXPRESS CO 334.97 USD 9,269.37 11,021.96 0.02
AMERICAN WATER WORKS CO INC 1,364.71 USD 22,109.54 23,125.43 0.04
AMERISOURCEBERGEN CORP 1,191.02 USD 25,997.74 30,574.37 0.05
AMER.NATL INSURANCE 198.50 USD 8,236.72 13,406.23 0.02
ANNALY CAPITAL MANAGEMENT INC 1,612.84 USD 20,766.58 22,818.88 0.04
ANSYS INC 124.06 USD 4,441.52 4,179.33 0.01
AOL 165.75 USD 2,462.41 2,800.58 -
APOLLO INVESTMENT CORP 647.12 USD 7,665.14 5,065.94 0.01
ARCH CAPITAL GROUP LTD BERMUDA 806.42 USD 32,789.90 49,359.81 0.08
ARES CAPITAL CORPORATION 759.03 USD 7,558.63 7,860.76 0.01
ARGO GROUP INTL HLD LTD 471.45 USD 10,511.27 11,906.29 0.02
ARROW ELECTRONICS INC 583.10 USD 10,697.11 10,917.45 0.02
ASHLAND INC 248.13 USD 7,255.98 9,787.18 0.02
ASPEN INSURANCE HOLDINGS 372.19 USD 5,885.12 7,599.89 0.01
ASSISTED LIVING CONCEPT INC -A- 186.10 USD 5,020.15 4,555.68 0.01
ATHEROS COMMUNICATIONS 372.19 USD 6,741.71 8,574.15 0.01
AU OPTRONICS CORP/ADR 1,596.59 USD 18,729.66 11,782.70 0.02
AVATAR HOLDINGS INC 446.63 USD 8,967.46 7,189.54 0.01
AXIS CAPITAL HOLDINGS LTD 1,736.91 USD 41,232.43 42,491.38 0.07
BALDWIN + LYONS INC B 186.10 USD 2,649.36 3,287.77 0.01
BALL CORP 496.26 USD 16,847.35 21,512.78 0.04
BANK OF AMERICA CORP 4,126.02 USD 121,008.64 49,325.17 0.08
BIO-RAD LABORATORIES A 86.85 USD 5,814.47 6,178.96 0.01
BJ S RESTAURANTS INC 496.26 USD 5,389.84 9,740.64 0.02
BLACK BOX CORP 372.19 USD 6,398.14 8,692.52 0.01
BLACK HILLS CORP 372.19 USD 5,990.26 8,777.51 0.02
BLACKROCK INC 235.72 USD 32,313.17 28,035.71 0.05
BOSTON SCIENTIFIC CORP 6,203.24 USD 45,050.16 29,491.04 0.05
BROADCOM CORP -A- 620.32 USD 12,463.98 16,880.21 0.03
BUCYRUS INTERNATION. INC 136.47 USD 4,707.53 5,420.79 0.01
BUNGE LTD 607.92 USD 25,362.14 24,662.71 0.04
CAMERON INTERNATIONAL CORP 347.38 USD 10,512.90 9,396.26 0.02
CAPITAL SOUTHWEST CORP 165.38 USD 13,291.06 11,945.86 0.02
CARBO CERAMICS 62.03 USD 2,948.30 3,711.42 0.01
CARDINAL HEALTH INC 950.83 USD 27,409.84 26,199.64 0.04
CARMAX/WHEN ISSUED 1,860.97 USD 27,056.64 30,700.02 0.05
CATHAY GENERAL BANCORP 868.45 USD 7,314.45 7,294.35 0.01
The accompanying notes form an integral part of these financial statements.
Page
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Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
CBS CORP B/WHEN ISSUED 1,117.45 USD 20,124.49 12,046.56 0.02
CENTURYTEL 1,612.84 USD 36,573.74 44,204.19 0.08
CERNER CORP 682.36 USD 28,649.15 42,817.66 0.07
CHEESECAKE FATURY INC 248.13 USD 2,951.98 4,544.55 0.01
CHEMED CORP 99.25 USD 4,091.71 4,433.67 0.01
CHICOS FAS INC 496.26 USD 3,428.34 3,994.19 0.01
CHUNGHWA TELECOM /SADR 523.06 USD 6,977.47 8,415.49 0.01
CINCINNATI FINANCIAL CORP 1,860.97 USD 35,465.55 39,759.79 0.07
CISCO SYSTEMS INC 786.07 USD 15,064.91 13,826.65 0.02
CITIGROUP INC 1,524.38 USD 32,150.29 4,773.41 0.01
CITRIX SYSTEMS INC 434.23 USD 15,379.85 15,187.13 0.03
CLAYTON WILLIAMS ENERGY INC 124.06 USD 5,134.39 4,396.85 0.01
CNA SURETY CORP 372.19 USD 3,789.58 4,892.58 0.01
COGNIZANT TECHNOLOGY SOL. CORP 397.01 USD 16,766.70 16,391.15 0.03
COINSTAR INC 124.06 USD 4,842.26 4,390.78 0.01
COMMUNITY HEALTH SYSTEMS INC 347.38 USD 7,333.60 9,611.55 0.02
COMPUTER SCIENCES CORP 893.27 USD 36,288.23 33,135.99 0.06
CONCUR TECHNOLOGIES INC 148.88 USD 4,824.82 5,248.29 0.01
CONN S INC 620.32 USD 4,673.26 3,060.39 0.01
CONSOLIDATED EDISON INC 1,798.94 USD 46,202.73 63,724.93 0.10
CONSTELLATION ENERGY GROUP INC 620.32 USD 17,275.96 16,789.16 0.03
COOPER COMPANIES INC 124.06 USD 3,723.76 4,074.11 0.01
CORELOGIC 918.08 USD 8,793.89 13,356.05 0.02
CORE-MARK HOLDING COMPANY INC 186.10 USD 3,428.96 4,218.79 0.01
CORNING INC 1,066.96 USD 10,950.26 14,190.71 0.02
COVENTRY HEALTH CARE INC 744.39 USD 13,196.35 10,889.93 0.02
CREDIT ACCEPTANCE CORP 111.66 USD 3,237.12 4,445.21 0.01
CREE INC 186.10 USD 4,041.47 9,255.53 0.02
CROWN CASTLE INTL CORP 372.19 USD 10,490.46 11,396.80 0.02
CSS INDUSTRIES INC 248.13 USD 3,495.73 3,314.33 0.01
CUMMINS INC 248.13 USD 13,958.57 13,530.47 0.02
DANAHER CORP 421.82 USD 11,159.20 12,954.21 0.02
DAVITA INC 372.19 USD 18,143.49 19,011.86 0.03
DECKERS OUTDOOR CORP 74.44 USD 8,694.34 8,775.68 0.02
DG FASTCHANNEL INC 148.88 USD 4,871.90 3,988.12 0.01
DICK S SPORTING GOODS INC 248.13 USD 3,128.97 5,088.85 0.01
DILLARDS INC A 992.52 USD 8,717.26 17,441.70 0.03
DIRECTV 1,647.83 USD 25,546.98 46,009.64 0.08
DISCOVERY COM INC/A 1,116.58 USD 17,229.14 32,433.07 0.06
DOLLAR THRIFTY AUTOMOTIVE GROUP 148.88 USD 4,767.06 5,231.30 0.01
DOMTAR 148.88 USD 3,930.50 6,051.99 0.01
DR PEPPER SNAPPLE GROUP INC 682.36 USD 12,234.33 20,999.85 0.04
DRIL-QUIP INC. HOUSTON TEXAS 186.10 USD 6,730.26 6,821.38 0.01
DTE ENERGY COMPANY 2,184.66 USD 67,609.08 81,361.19 0.13
DUKE ENERGY HOLDING CORP 4,708.88 USD 55,553.69 61,937.68 0.10
EDISON INTERNATIONAL 806.42 USD 20,610.84 21,089.38 0.04
EDWARDS LIFESCIENCES 868.45 USD 20,330.37 38,589.26 0.07
EMC CORP 1,017.33 USD 11,549.60 15,455.33 0.03
ENBRIDGE ENERG MNGT UNITS 6,004.73 USD -
- -
ENDURANCE SPECIALTY HOLDINGS 563.13 USD 14,817.63 17,280.09 0.03
EQUINIX INC 86.85 USD 3,191.25 5,724.30 0.01
Page
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Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
ESTERLINE TECHNOLOGIES CORP 322.57 USD 10,043.25 12,839.07 0.02
EVERCORE PARTNERS INC 248.13 USD 5,502.45 4,878.42 0.01
EVEREST REINSURANCE GROUP LTD 918.08 USD 52,474.82 52,945.07 0.08
FIDELITY NATIONAL INFORM SERV 1,240.65 USD 20,024.90 27,578.93 0.05
FIFTH THIRD BANCORP 948.35 USD 17,751.94 9,921.99 0.02
FIRST CITIZENS BANC.NTH CAR. A 37.22 USD 6,023.08 5,930.58 0.01
FIRST MERCHANTS CORP 372.19 USD 3,233.37 2,607.15 -
FLOWSERVE CORP 421.82 USD 29,092.15 29,406.67 0.05
FOOT LOCKER INC 744.39 USD 3,424.73 7,854.84 0.01
FRANKLIN RESOURCES INC 595.51 USD 44,591.84 41,942.64 0.07
F5 NETWORKS INC 148.88 USD 2,419.52 8,450.93 0.01
GAP INC 992.52 USD 14,608.12 16,081.98 0.03
GARDNER DENVER INC 86.85 USD 3,199.33 3,227.93 0.01
GENCO SHIPPING & TRADING LTD 161.28 USD 6,597.48 2,050.41 -
GENERAL MILLS INC 744.39 USD 19,680.39 21,464.22 0.04
GENWAORTH FINANCIAL -A- 1,240.65 USD 14,352.24 13,465.72 0.02
GIBRALTAR INDUSTRIES INC 1,488.78 USD 13,221.01 12,589.59 0.02
GOODRICH CORP 831.23 USD 31,298.57 45,720.22 0.08
GRAINGER INC. WW 570.70 USD 27,597.52 46,766.22 0.08
GREIF INC 62.03 USD 2,347.31 2,818.09 -
GROUP I AUTOMOTIVE 657.54 USD 8,335.42 13,002.87 0.02
GSI COMMERCE INC 248.13 USD 2,387.47 5,908.33 0.01
GYMBOREE CORP 99.25 USD 3,961.19 3,501.29 0.01
HANOVER INSURANCE GROUP INC 186.10 USD 5,240.99 6,628.66 0.01
HARMAN INTL INDUSTRIES INC 310.16 USD 10,988.80 7,752.15 0.01
HARRIS CORP 372.19 USD 14,112.63 12,911.31 0.02
HARTFORD FIN. SERV. GROUP 974.53 USD 51,279.06 17,642.12 0.03
HASBRO INC 434.23 USD 14,915.01 14,801.17 0.03
HEALTHSPRING INC 310.16 USD 4,035.20 4,003.80 0.01
HEICO CORP 99.25 USD 4,175.35 2,935.55 0.01
HEWLETT-PACKARD CO 949.47 USD 26,907.71 33,796.17 0.06
HORACE MANN EDUCATORS CORP 552.83 USD 7,332.17 6,951.54 0.01
HOSPIRA INC 272.94 USD 10,352.99 12,782.42 0.02
HOSPITALITY PROPERTIES TRUST 310.16 USD 2,960.32 5,364.54 0.01
HUNTINGTON BANCSHARES INC 2,233.16 USD 12,295.73 10,416.46 0.02
IAC/INTERACTIVECORP/W. ISSUED 620.32 USD 7,089.93 11,229.87 0.02
IBERIABANK CORP 74.44 USD 3,308.97 3,158.93 0.01
IBM CORP 319.59 USD 22,259.91 32,389.09 0.06
IDACORP INC 558.29 USD 9,156.73 15,269.58 0.03
IMATION CORP 483.85 USD 4,388.61 3,748.35 0.01
INTEGRA LIFESCIENCES HLGS CORP 148.88 USD 5,110.03 4,550.22 0.01
INTEGRYS ENERGY GROUP INC 1,488.78 USD 29,088.61 53,672.69 0.08
INTEVAC 372.19 USD 3,042.46 3,308.26 0.01
JONES LANG LASALLE 173.69 USD 8,979.21 9,491.16 0.02
JOS A BANK CLOTHIERS INC 148.88 USD 7,210.62 6,711.21 0.01
JPMORGAN CHASE & CO 3,520.83 USD 94,980.22 106,747.58 0.17
KAISER ALUMINUM CORP 372.19 USD 9,997.23 10,698.72 0.02
KANSAS CITY LIFE INSURANCE CO 148.88 USD 2,636.41 3,679.75 0.01
KANSAS CITY SOUTHERN 124.06 USD 4,067.62 3,769.59 0.01
KELLY SERVICES INC 1,042.14 USD 9,233.14 13,129.84 0.02
KIMBALL INT. INC 434.23 USD 2,818.31 1,979.39 -
The accompanying notes form an integral part of these financial statements.
Page
145

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
KINDRED HEALTHCARE INC 744.39 USD 5,461.82 7,915.54 0.01
KINETIC CONCEPTS INC 173.69 USD 3,953.04 5,247.69 0.01
KOHL S CORP 384.60 USD 13,408.31 15,076.04 0.03
KOOKMIN BANK SADR 918.08 USD 41,685.52 28,808.35 0.05
KOREA ELECTRIC/SADR R.1/2 SH 607.92 USD 8,335.82 6,484.19 0.01
KT CORPORATION/SADR 1,029.74 USD 18,430.53 15,971.30 0.03
LG DISPLAY CO LTD/SADR 1,029.74 USD 19,287.47 13,863.62 0.02
LIFE TECHNOLOGIES CORP 322.57 USD 11,325.37 12,802.25 0.02
LIFEPOINT HOSPIT/WHEN ISSUED 272.94 USD 5,902.21 7,066.72 0.01
LIMITED BRANDS INC 868.45 USD 16,153.14 15,870.53 0.03
LINCOLN NATIONAL CORP 1,426.74 USD 27,542.49 28,876.94 0.05
LOEWS CORP 372.19 USD 10,693.54 10,103.84 0.02
LUBRIZOL CORP 397.01 USD 27,824.20 26,608.51 0.05
LUFKIN INDUSTRIES INC 148.88 USD 3,519.61 4,898.65 0.01
M & F WORLDWIDE CORP 111.66 USD 2,830.49 2,544.02 -
MARATHON OIL CORP 1,029.74 USD 21,984.92 26,543.25 0.05
MARVELL TECHNOLOGY GROUP 2,977.55 USD 42,642.84 38,970.67 0.07
MAXIMUS 124.06 USD 6,284.35 5,913.38 0.01
MEDCOHEALTH SOLUTIONS 248.13 USD 8,061.89 11,092.27 0.02
MEDICAL PROPERTIES TRUST INC 978.75 USD 7,397.22 7,566.27 0.01
MEDTRONIC INC. 459.04 USD 15,128.32 13,520.76 0.02
METLIFE INC 1,158.14 USD 45,966.55 36,020.24 0.06
MICROSOFT CORP 959.89 USD 22,106.37 18,324.22 0.03
MINERALS TECHNOLOGIES INC 186.10 USD 7,147.19 7,373.77 0.01
MOLSON COORS BREW-B-NON-VOT 694.76 USD 22,857.85 24,163.43 0.04
MORGAN STANLEY 2,597.67 USD 36,475.83 50,245.99 0.08
MWI VETERINARY SUPPLY INC 124.06 USD 3,397.29 5,089.86 0.01
MYLAN INC 744.39 USD 7,233.30 10,516.62 0.02
NATIONAL PRESTO INDUSTR.INC 161.28 USD 7,570.76 12,683.88 0.02
NATL WESTERN LIFE INSURANCE A 74.44 USD 10,058.10 9,518.68 0.02
NEWMARKET CORP 124.06 USD 6,802.91 9,250.98 0.02
NGP CAPITAL RESOURCES COMPANY 744.39 USD 4,690.62 4,400.89 0.01
NII HOLDINGS INC -B- 657.54 USD 19,525.07 17,887.66 0.03
NISOURCE INC 2,605.36 USD 29,007.32 31,167.43 0.05
NORDSON CORP 148.88 USD 5,892.84 6,940.66 0.01
NORTHSTAR REALTY FINANCE CORP 518.47 USD 2,709.29 1,128.85 -
OMNICARE INC 1,364.71 USD 26,113.16 26,708.87 0.05
OSHKOSH CORP 186.10 USD 5,400.28 4,910.79 0.01
OYO GEOSPACE CORP 124.06 USD 3,457.37 4,866.27 0.01
PARTNERRE LTD BERMUDA 1,108.02 USD 57,607.83 63,383.96 0.10
PEETS COFFEE AND TEA INC 136.47 USD 3,183.66 4,394.72 0.01
PEPCO HOLDINGS INC 2,233.16 USD 36,168.70 28,699.89 0.05
PETROLEUM DEVELOPMENT CORP 126.55 USD 4,366.38 2,747.01 -
PETSMART 496.26 USD 12,756.00 12,294.17 0.02
P.F.CHANG S CHINA BISTRO 186.10 USD 4,159.69 6,126.35 0.01
PHH CORP/W.I. 620.32 USD 6,691.79 9,767.96 0.02
PHILLIPS -VAN HEUSEN CORP 161.28 USD 6,984.54 6,123.62 0.01
PINNACLE WEST CAP. CORP 1,488.78 USD 29,521.33 44,445.99 0.08
PIONEER NATURAL RESOURC 744.39 USD 25,341.93 36,700.41 0.06
PLANTRONICS INC 186.10 USD 4,888.10 4,447.94 0.01
PLATINUM UNDERWRITERS HOLDINGS 555.31 USD 13,353.88 16,619.11 0.03
Page
146
Quantity /
Face value
Currency
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
PMA CAPITAL CORP A 434.23 USD 2,596.46 2,351.19 -
PNM RESOURCES INC 1,364.71 USD 8,924.68 12,564.30 0.02
POLO RALPH LAUREN A 620.32 USD 24,199.94 37,210.31 0.06
PORTFOLIO RECOVERY ASSOCIATES 235.72 USD 6,056.42 12,984.66 0.02
POSCO/SADR 235.72 USD 23,063.81 18,357.29 0.03
PRECISION CASTPARTS 421.82 USD 33,244.17 35,794.34 0.06
PROGRESS ENERGY INC 1,736.91 USD 44,385.64 55,904.50 0.09
PROVIDENT FINANCIAL SERVICES 1,240.65 USD 9,857.64 12,079.69 0.02
RAIT INVESTMENT TRUST - SBI 496.26 USD 2,554.86
776.99 -
REGAL BELOIT CORP 248.13 USD 5,867.09 11,290.57 0.02
REGIONS FINANCIAL CORP 5,582.91 USD 34,479.68 31,094.59 0.05
RENAISSANCERE HLD LTD 322.57 USD 12,844.47 14,814.52 0.03
RESMED INC 99.25 USD 4,742.66 4,946.81 0.01
ROWAN COMPANIES INC 2,481.29 USD 24,629.52 45,081.33 0.08
ROYAL CARIBBEAN CRUISES LTD 1,985.04 USD 36,183.84 37,554.29 0.06
SAFETY INS GROUP INC 186.10 USD 4,102.37 5,705.99 0.01
SANDISK CORP 434.23 USD 16,398.20 15,431.45 0.03
SCHWEITZER-MAUDUIT INTL INC 124.06 USD 5,490.32 5,254.77 0.01
SEABRIGHT INSURANCE HOLDINGS 1,119.68 USD 10,730.84 8,820.15 0.02
SEACOR HOLDINGS INC 234.36 USD 12,869.26 13,736.99 0.02
SEAGATE TECHNOLOGY 2,233.16 USD 32,706.37 24,511.46 0.04
SFN GROUP 744.39 USD 2,540.73 3,520.71 0.01
SHINHAN FIN.GROUP/ADR 434.23 USD 29,549.04 25,972.86 0.04
SIRONA DENTAL SYSTEMS INC 186.10 USD 5,567.74 5,416.13 0.01
SKYWEST INC 771.19 USD 8,484.79 7,722.55 0.01
SL GREEN REALTY CORPORATION 186.10 USD 6,538.30 8,525.59 0.01
SPRINT NEXTEL CORP/FON SER.1 7,443.88 USD 36,911.08 26,405.36 0.05
STEINER LEISURE LTD 136.47 USD 2,749.47 4,342.42 0.01
STEVEN MADDEN LTD 167.49 USD 3,219.62 4,348.69 0.01
STUDENT LOAN CORP 99.25 USD 3,296.93 2,050.92 -
SUNTRUST BANKS INC 1,949.30 USD 51,211.64 37,609.52 0.06
SUPERIOR INDUSTRIES INTL 986.19 USD 12,449.17 11,057.75 0.02
SUSQUEHANNA BANCSHARES INC 620.32 USD 6,091.07 4,294.67 0.01
SVB FINANCIAL GROUP 186.10 USD 6,109.02 6,255.34 0.01
SWIFT ENERGY CORP 148.88 USD 4,252.57 3,364.10 0.01
SYNOVUS FINANCIAL CORP 2,481.29 USD 12,831.74 5,240.60 0.01
TAIWAN SEMICONDUCT.MANUF/SADR 1,521.90 USD 9,133.36 12,348.47 0.02
TARGET CORP 496.26 USD 13,654.47 20,217.80 0.03
TECH DATA CORP 632.73 USD 13,833.95 18,703.80 0.03
TECUMSEH PRODUCTS CO A 744.39 USD 12,493.54 6,901.81 0.01
TIDEWATER INC 186.10 USD 5,563.62 6,003.42 0.01
TIFFANY & CO 347.38 USD 10,305.27 10,991.10 0.02
TIME WARNER 1,823.63 USD 35,170.22 43,795.01 0.07
TRACTOR SUPPLY CO 148.88 USD 8,134.30 7,455.42 0.01
TRAVELERS COMPANIES INC 1,698.94 USD 55,150.62 68,578.36 0.11
TRINITY IND. INC 731.98 USD 8,592.09 10,851.69 0.02
TRW AUTOMOTIVE HOLDINGS CORP 173.69 USD 4,544.61 4,043.76 0.01
UMPQUA HOLDINGS CORP 1,009.39 USD 8,863.03 9,737.50 0.02
UNITED AMERICAN INDEMNITY LTD 1,042.76 USD 4,022.24 6,360.49 0.01
UNITED COMMUNITY BANKS INC 507.67 USD 3,687.68 1,660.09 -
UNITED MICROELECTR./SADR 11,966.41 USD 27,313.11 28,493.79 0.05
The accompanying notes form an integral part of these financial statements.
Page
147

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
UNITRIN INC 242.30 USD 7,354.31 5,141.16 0.01
UNIVERSAL AMERICAN CORP 372.19 USD 4,496.92 4,564.79 0.01
UNUM GROUP 1,860.97 USD 26,171.28 33,295.03 0.06
URS CORP 347.38 USD 10,959.43 11,237.55 0.02
VAIL RESORTS INC 124.06 USD 4,230.96 3,639.08 0.01
VALERO ENER. CORP 345.15 USD 15,165.24 5,077.45 0.01
VALIDUS HOLDINGS 558.29 USD 8,864.48 10,980.99 0.02
VIASAT INC CARLSBAD. CALIF 372.19 USD 6,115.30 10,046.18 0.02
VIRGIN MEDIA INC 992.52 USD 11,059.69 13,548.68 0.02
VISA INC A 285.35 USD 12,529.15 16,632.75 0.03
VOLT INFORMATION SCIENCES INC 310.16 USD 2,678.69 2,200.45 -
WALTER INV MGMT/WHEN ISSUED 434.23 USD 4,037.27 5,902.76 0.01
WARNACO GROUP INC 86.85 USD 3,028.27 2,565.77 -
WARNER CHILCOTT PLC SHS 496.26 USD 9,621.19 9,424.99 0.02
WATSON PHARMACEUTICALS INC 496.26 USD 12,315.83 16,612.11 0.03
WEBSTER FINANCIAL (CONN) 707.17 USD 7,153.06 10,731.81 0.02
WELLCARE HEALTH PLANS INC 161.28 USD 4,363.87 3,059.18 0.01
WELLPOINT INC 1,451.56 USD 47,282.58 58,486.05 0.09
WEST PHARMACEUTICAL SERVICES 161.28 USD 5,116.85 4,774.21 0.01
WESTERN DIGITAL CORP 508.67 USD 12,460.68 12,667.90 0.02
WHITE MOUNTAINS INSURANCE GRP 136.47 USD 26,859.39 36,655.70 0.06
WHITING PETROLEUM CORP 86.85 USD 5,225.98 5,658.44 0.01
WINDTRUST FINANCIAL CORP 591.79 USD 13,563.62 16,697.29 0.03
WOORI FINANCIAL HLDGS/ADR 434.23 USD 13,536.62 12,598.70 0.02
XL CAPITAL LTD -A- 1,054.55 USD 13,273.36 13,767.71 0.02
ZIMMER HOLDINGS INC 248.13 USD 10,608.12 11,015.39 0.02
ZIONS BANCORP 868.45 USD 16,522.79 15,707.65 0.03
Page
148
4,145,876.79
4,446,027.70 7.60
Total - Shares 14,128,868.60 14,241,460.05 24.37
Bonds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
ALLIANZ FIN. 4.375% (TV) 05-PERP 22,195.42 EUR 19,890.98 19,218.57 0.03
AMERIC INTL 8% (TV) 08-22.05.38 REGS 52,353.13 EUR 22,062.48 38,882.69 0.07
AMER.INTL GRP 4.375% 06-26.04.16 66,586.27 EUR 37,954.17 56,681.56 0.10
AXA SA 5.777% (FRN) 06-PERP 110,977.12 EUR 104,945.97 85,174.94 0.15
BAYER AG 5% (TV) 05-PERP 27,744.28 EUR 25,920.56 26,628.68 0.05
BCM IRELAND FRN 06-15.02.17/PIK 39,967.44 EUR 29,959.23 8,253.09 0.01
BELGIUM 4% 07-28.03.13 S.50 195,130.64 EUR 199,813.77 208,516.60 0.36
BOATS INV.11% 07-31.03.17/PIK 139,608.35 EUR 141,818.49 151,153.72 0.26
C GERAL DEPOSITOS FRN 02-PERP 27,744.28 EUR 28,458.31 21,917.98 0.04
CCBP 9.25% 09-PERP 55,488.56 EUR 50,772.03 51,604.36 0.09
CLERICAL MEDICAL 4.25% 05-PERP 44,390.85 EUR 39,453.25 31,339.94 0.05
CLERI.MED. 6.45% 01-05.07.23 EMTN 195,319.73 EUR 162,093.18 171,718.60 0.29
COMMZBK CAP. 5.012% (TV) 06-PERP 49,939.70 EUR 44,155.69 26,546.07 0.05
DSK BK 2.5% 09-21.09.10 4,000,000.00 EUR 3,995,120.00 4,010,200.00 6.85
EDCON HLDGS FRN 07-15.06.15 REGS 164,476.08 EUR 103,264.95 104,236.72 0.18
EDCON PROP.TV 07-15.06.14 REGS 26,176.56 EUR 22,817.87 18,618.08 0.03
ELM BV 5.252% (FRN) 06-PERP 77,683.98 EUR 68,152.30 63,681.45 0.11
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
EUREKO BV 6% 06-PERP 239,945.70 EUR 212,880.81 182,701.85 0.31
EUROHYPO CAP 6.445% 03-23.05.33 11,097.71 EUR 11,209.19 4,418.28 0.01
FINLAND 3.875% 06-15.09.17 156,104.51 EUR 159,699.60 172,276.94 0.29
FORTIS BK 6.5% 01-PERP 77,683.98 EUR 70,592.55 73,917.55 0.13
FURSTENB.CAP II 5.625% 05-PERP 22,195.42 EUR 19,014.15 12,862.25 0.02
GENERALI F. 5.317% (TV) 06-PERP 22,195.42 EUR 21,268.54 18,732.94 0.03
GERMANY 2.5% 10-27.02.15 1,000,000.00 EUR 1,016,820.00 1,048,300.00 1.79
GERMANY 3.25% 09-04.01.20 2,024,418.04 EUR 2,105,317.90 2,148,109.99 3.68
GERMANY 4.25% 04-04.07.14 1,753,669.83 EUR 1,912,620.44 1,963,233.37 3.36
GERMANY 4.25% 07-04.07.39 546,365.79 EUR 636,544.24 644,602.36 1.10
GERMANY 4.25% 07-12.10.12 S.151 1,700,000.00 EUR 1,806,420.00 1,839,910.00 3.15
GREECE 4.3% 09-20.03.12 4,285,391.92 EUR 4,249,214.42 3,914,276.98 6.70
GROUPAMA SA 6.298% 07-PERP 119,975.92 EUR 97,791.28 77,084.53 0.13
GROUPAMA SA 7.875% 09-27.10.39 110,977.12 EUR 117,635.75 105,289.54 0.18
HT1 FDG 6.352% (TV) 06-PERP 74,909.55 EUR 68,691.40 44,216.11 0.08
HVB FDG TR 7.055% 02-PERP 244,995.37 EUR 209,040.67 199,364.99 0.34
HYBRID RAISING 6.625% 04-PERP 106,838.16 EUR 61,966.13 14,957.35 0.03
IF SKADEFORS. 4.943% (TV) 05-PERP 22,195.42 EUR 20,780.47 18,311.22 0.03
INTESA FRN 09-PERP 106,096.59 EUR 106,616.60 97,449.71 0.17
IRELAND 3.9% 09-05.03.12 1,000,000.00 EUR 1,038,490.00 1,020,100.00 1.75
IRELAND 4% 08-11.11.11 1,500,000.00 EUR 1,566,825.00 1,537,950.00 2.63
IRELAND 4% 09-15.01.14 1,400,000.00 EUR 1,436,932.00 1,404,760.00 2.40
IRELAND 5.9% 09-18.10.19 487,826.60 EUR 524,008.69 504,217.57 0.86
ITALY 4% 05-01.02.37 BTP 585,391.92 EUR 498,279.74 509,876.36 0.87
ITALY 4.25% 03-01.02.19 BTP 390,261.28 EUR 395,724.93 399,705.60 0.68
ITALY 4.5% 08-01.08.18 BTP 390,261.28 EUR 393,551.18 408,330.37 0.70
KOMM.LDSPENS. 5.25% (TV) 06-PERP 48,829.93 EUR 46,412.85 45,266.81 0.08
LBG CAP2 15% 09-21.12.19 177,558.61 EUR 188,979.89 205,302.14 0.35
LINDE FIN. 7.375% (TV) 06-14.07.66 44,390.85 EUR 46,061.31 47,722.38 0.08
MAIN CAPITAL FD 5.5% 05-PERP 38,841.99 EUR 31,850.43 24,232.55 0.04
MOL HU O&G 5.875% 10-20.04.17 83,232.84 EUR 82,564.48 75,325.72 0.13
NORSKE SKOGIND 7% 07-26.06.17 101,652.33 EUR 62,706.75 66,439.02 0.11
PEMEX 5.5% 09-09.01.17 121,737.98 EUR 120,899.20 125,350.79 0.21
ROY.BK SCOT. 7.0916% (TV) 07-PERP 78,529.69 EUR 43,998.44 42,872.31 0.07
SL MACS 5.314% 04-PERP 281,724.06 EUR 238,481.99 210,757.76 0.36
SNS 11.25% 09-PERP 75,606.64 EUR 76,352.79 67,951.47 0.12
SOCGEN 9.375% (TV) 09-PERP/SUB 27,744.28 EUR 30,518.71 28,063.34 0.05
SPAIN 2.75% 09-30.04.12 1,445,130.64 EUR 1,444,971.67 1,446,142.23 2.47
ST.GENERALE 6.999% 07-PERP 27,744.28 EUR 25,524.74 23,282.17 0.04
STOREBRD LIV. 9.404% (TV) 08-PERP 110,977.12 EUR 108,082.06 115,138.76 0.20
THOMSON 5.75% (TV) 05-PERP 124,993.10 EUR 60,591.75 5,624.69 0.01
UBS AG JER 7.152% (TV) 07-PERP 33,293.14 EUR 34,311.91 29,963.82 0.05
VINCI 6.25% 06-PERP 22,195.42 EUR 21,448.99 21,641.87 0.04
26,518,346.87
26,040,406.74 44.55
GBP
AVIVA 5.9021% (TV) 04-PERP 115,339.88 GBP 107,540.52 104,441.26 0.18
FRIENDS PROV.6.875% 03-PERP 110,977.12 GBP 96,095.58 96,015.45 0.16
LBG CAP2 15% 09-21.12.19/SUB 69,804.17 GBP 93,815.14 98,633.93 0.17
297,451.24
The accompanying notes form an integral part of these financial statements.
Cost Market Value % net assets
299,090.64 0.51
Page
149

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
NOK
DDI HOLDING 10% 06-15.03.12 52,353.13 NOK 6,262.36 6,320.47 0.01
NORECO 12.9% 09-20.11.14 1,125,592.29 NOK 134,604.85 143,321.61 0.24
ROCKSOURCE ASA FRN 07-04.05.12 161,422.15 NOK 20,203.96 17,559.61 0.03
SEVAN MARINE FRN 07-24.10.12 732,943.82 NOK 67,216.00 91,827.88 0.16
Page
150
Quantity /
Face value
Currency
228,287.17
259,029.57 0.44
SEK
SAS 13.5% 10-14.05.12 366,471.91 SEK 37,862.26 39,958.88 0.07
37,862.26
Cost Market Value % net assets
39,958.88 0.07
USD
ALLIS CHALMERS 8.5% 07-01.03.17 63,260.03 USD 30,776.17 44,516.84 0.08
ALLIS-CHALMERS EN. 9% 06-15.01.14 15,234.76 USD 8,968.08 11,514.01 0.02
AMER INTL 5.6% 06-18.10.16 TR27 MTN 88,781.69 USD 39,088.66 66,588.08 0.11
ARGENTINA 03-31.12.38 STEP-UP 125,795.91 USD 36,170.80 36,570.37 0.06
ARGENTINA 8.28% 03-31.12.33 PIK 121,737.98 USD 91,285.00 85,457.43 0.15
BERTIN 10.25% 06-05.10.16 REGS 1,090.69 USD 778.61
946.82 -
BNPP 7.195% 07-PERP 221,954.24 USD 160,910.66 158,099.18 0.28
BRAZIL 10.5% 04-14.07.14 40,579.33 USD 36,437.23 42,134.60 0.07
BRAZIL 11% 00-17.08.40 101,448.31 USD 99,962.77 110,796.48 0.19
BULGARIA 8.25% 02-15.01.15 REGS 50,724.16 USD 45,927.10 46,641.57 0.08
CHILE 5.5% 03-15.01.13 60,868.99 USD 42,586.82 54,207.80 0.09
CHINA EXIMBK 5.25% 04-29.07.14 REGS 73,042.79 USD 49,628.08 65,711.29 0.11
CODELCO 5.625% 05-21.09.35 REGS 40,579.33 USD 25,867.74 34,069.39 0.06
COLOMBIA 10% 01-23.01.12 28,405.53 USD 22,376.14 25,966.40 0.04
COLOMBIA 8.125% 04-21.05.24 32,463.46 USD 25,746.65 32,701.71 0.06
COLUMBIA 11.75% 00-25.02.20 64,926.92 USD 65,054.61 78,295.63 0.13
CROATIA 6.75% 09-05.11.19 REGS 40,579.33 USD 26,921.24 34,341.70 0.06
DDI HOLDING AS 9.3% 06-19.01.12 160,369.87 USD 82,743.16 125,544.38 0.21
DDI HOLDING 9.3% 06-26.04.12 2,854.95 USD 1,660.68 2,269.90 -
DIDON TUNISIA FRN 07-13.03.12 44,500.16 USD 28,320.15 32,840.77 0.06
DNO INTL 6.445% 08-12.10.12 87,255.22 USD 51,243.69 65,460.98 0.11
DYCOM INVESTMENTS 8.125% 05-15.10.15 4,362.76 USD 3,117.29 3,504.30 0.01
ECUADOR 12% 00-15.11.12 REGS/DEFAULT 48,695.19 USD 13,405.87 4,050.32 0.01
EL SALVADOR 7.65% 05-15.06.35 REG 40,579.33 USD 31,509.11 34,869.50 0.06
EL SALVADOR 7.75% 02-24.01.23 REG 58,840.02 USD 43,200.96 52,875.89 0.09
EL SALVADOR 8.5% 01-25.07.11 REG 20,289.66 USD 14,997.79 17,476.11 0.03
FUERST CAP FRN 09-PERP 275,534.70 USD 195,410.02 181,098.40 0.32
HERO 10.5% 09-15.10.17 26,176.56 USD 19,694.76 18,944.55 0.03
IKON OFF.SOL. 6.75% 05-01.12.25 249,698.52 USD 180,156.36 222,561.54 0.39
INDALEX HLD 11.5% 06-01.02.14 B 29,754.03 USD 18,918.57
667.24 -
INDONESIA 6.75% 04-10.03.14/REG 93,332.45 USD 64,559.27 84,005.29 0.14
INDONESIA 7.5% 05-15.01.16 REGS 40,579.33 USD 23,446.04 38,385.40 0.07
INDONESIA 8.5% 05-12.10.35 REGS 81,158.65 USD 63,876.80 83,637.15 0.14
ING CAP FDING III 8.439% PERP 117,794.54 USD 67,950.28 84,049.76 0.14
INTL COAL 9.125% 10-01.04.18 17,014.77 USD 12,921.87 13,919.86 0.02
IRAQ 5.8% 06-15.1.28 STEP-UP 101,448.31 USD 51,745.29 67,323.36 0.12
KAZMUNAIGAZ FIN. 8.375% 08-02.07.13 REG 101,448.31 USD 72,142.09 89,359.29 0.15
KAZMUNAIGAZ FIN. 9.125% 08-02.07.18 REG 40,579.33 USD 29,721.45 38,209.42 0.07
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
Quantity /
Face value
Currency
Cost Market Value % net assets
KELLWOOD 7.625% 97-15.10.17 44,063.88 USD 28,403.18 19,708.91 0.03
LEBANON 8.25% 06-12.04.21 24,347.60 USD 15,066.58 22,411.78 0.04
LEBANON 9% 08-02.05.14 77,100.72 USD 51,150.56 72,290.96 0.12
LIBERTY M 7.8% 07-15.03.37 144A 83,546.87 USD 51,654.34 57,228.55 0.10
MAJAPAHIT HLD 7.875% 07-29.06.37 REG 40,579.33 USD 23,640.70 33,889.97 0.06
MCMORAN EXP 11.875% 07-15.11.14 37,083.47 USD 23,761.65 30,947.02 0.05
MEXICO 6.75% 04-27.09.34 GLOB 129,853.84 USD 98,064.04 121,477.88 0.21
MEXICO 8.125% 01-30.12.19 81,158.65 USD 67,684.82 84,547.15 0.14
NORSKE SKOG.7.625% 01-11-144A 32,720.71 USD 20,579.50 25,615.43 0.04
OCEAN GRD 9.25% 05-10/DEFAULT 29,666.77 USD 1,655.22 1,182.99 -
OXFORD IND 11.375% 09-15.07.15 4,319.13 USD 3,155.14 3,883.10 0.01
PA RESOURCES 10% 06-20.06.11 133,500.48 USD 93,945.68 108,320.13 0.19
PANAMA 8.875% 97-30.09.27 101,448.31 USD 87,840.23 109,985.76 0.19
PANAMA 9.375% 99-01.04.29 41,796.70 USD 36,797.13 47,290.98 0.08
PERU 7.35% 05-21.07.25 121,737.98 USD 93,701.75 118,392.49 0.20
PERU 8.375% 04-03.05.16 31,246.08 USD 24,738.78 31,149.26 0.05
PERU 8.75% 03-21.11.33 30,434.49 USD 25,995.08 33,435.01 0.06
PETRO DEV 12% 08-15.02.18 56,715.89 USD 38,158.15 47,637.09 0.08
PETROL VENEZ 5.25% 07-12.04.17 188,493.86 USD 71,858.37 83,472.21 0.14
PETROLEOS VEN. 5.375% 07-12.04.27 243,475.95 USD 67,604.12 89,000.46 0.15
PETRONA CAP. 7% 02-22.05.12 142,027.64 USD 105,225.28 126,510.69 0.22
PETROPLUS FIN 9.375% 9-15.09.19 61,078.65 USD 39,165.97 42,834.25 0.07
PETROQUEST 10.375% 05-15.05.12 26,176.56 USD 17,917.70 21,639.48 0.04
PHILIPPINES 7.5% 06-25.09.24 GLOBAL 121,737.98 USD 90,506.81 116,231.32 0.20
PHILIPPINES 9.375% 02-18.01.17 101,448.31 USD 91,216.68 105,787.35 0.18
P2021 RIG 13.5% 09-15.12.13 52,353.13 USD 39,870.41 43,118.86 0.07
P2021 13.5% 09-15.12.13 REGS 17,451.04 USD 11,795.76 14,728.72 0.03
REP.DOMINIC. 9.04% 05-23.01.18 REG/PIK 40,579.33 USD 27,899.60 40,010.46 0.07
REP.URUGUAY 8% 05-18.11.22 77,100.72 USD 58,983.67 75,849.55 0.13
RURAIL 5.739% 10-03.04.17 101,448.31 USD 80,035.69 81,517.94 0.14
RUSS.AGRIC. 7.175% 06-16.05.13 REG 121,737.98 USD 85,132.38 105,000.62 0.18
RUSSIA 7.5% 00-31.03.30 REG/STEP-UP 166,375.23 USD 117,616.97 140,545.90 0.25
SEVAN MARINE AS TV 07-14.05.13 54,970.79 USD 34,592.40 36,981.90 0.06
SEVAN 9.25% 06-20.12.11 117,794.54 USD 72,157.83 94,616.02 0.16
SKDP 1 LTD 12% 10-19.05.17 74,166.93 USD 58,254.67 60,782.65 0.10
STORA ENSO 7.25% 06-15.04.36 36,647.19 USD 21,793.31 23,907.49 0.04
STORA ENSO 7.25% 06-15.04.36 144A 74,385.07 USD 45,631.28 48,678.15 0.08
TEPPCO 7% (TV) 07-01.06.67 7,852.97 USD 4,951.13 5,635.34 0.01
TRISTAN OIL 10.5% 06-01.01.12 17,451.04 USD 9,102.99 8,740.54 0.01
TURKEY 6.875% 06-17.03.36 28,405.53 USD 18,814.38 23,900.21 0.04
TURKEY 7% 06-26.09.16 GLOBAL 121,737.98 USD 86,032.24 110,688.94 0.19
TURKEY 7.25% 04-15.03.15 73,042.79 USD 52,565.44 66,621.83 0.11
UKRAINE 6.385% 07-26.06.12 REGS 40,579.33 USD 27,397.78 32,644.14 0.06
UKRAINE 6.75% 07-14.11.17 144A 40,579.33 USD 27,518.87 30,609.05 0.05
UKRAINE 7.65% 03-11.06.13 REG 40,579.33 USD 22,692.37 33,514.42 0.06
ULTRAPETROL 9% 05-24.11.14 21,813.80 USD 14,121.74 17,255.55 0.03
UNIFI 11.5% 07-15.05.14 130,882.82 USD 85,180.47 108,926.91 0.19
UPM-KYMMENE 7.45% 97-27 144A 117,794.54 USD 77,434.74 81,648.34 0.14
URUGUAY 7.875% 03-15.01.33 PIK 52,753.12 USD 40,346.52 50,942.06 0.09
The accompanying notes form an integral part of these financial statements.
Page
151

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
VENEZUELA 8.5% 04-08.10.14 GLOB 113,622.11 USD 72,622.30 72,381.63 0.12
Page
152
4,341,260.26
5,153,730.15 8.82
Total - Bonds 31,423,207.80 31,792,215.98 54.39
Investment funds
AUD
STOCKLAND/UNITS 3,560.66 AUD 18,394.35 9,147.09 0.02
18,394.35
9,147.09 0.02
EUR
COFINIMMO SICAFI 49.63 EUR 6,447.45 4,592.88 0.01
6,447.45
4,592.88 0.01
JPY
DA OFFICE INVESTMENT CORP 2.23 JPY 4,305.61 4,060.96 0.01
FUKUOKA REIT CORP 0.87 JPY 3,516.59 4,100.00 0.01
JAPAN LOGISTICS FUND INC 0.87 JPY 4,667.93 5,522.62 0.01
JAPAN PRIME REALTY INVESTMENT 8.68 JPY 16,040.25 15,001.38 0.02
JAPAN RETAIL FUND INVESTMENT 43.42 JPY 43,676.98 43,317.79 0.06
KENEDIX REALTY INVESTMENT CORP 1.49 JPY 5,724.01 3,399.20 0.01
MID REIT INC 2.48 JPY 3,212.01 3,939.02 0.01
NIPPON COMMERCIAL INVESTMENT 1.86 JPY 3,119.08 1,460.86 -
NOMURA REAL ESTATE RESIDENTIAL FUND
INC
1.74 JPY 5,508.55 5,274.86 0.01
89,771.01 86,076.69 0.14
SGD
K-GREEN TRUST SHS 372.19 SGD 337.12
228.11 -
337.12
228.11 -
USD
MVC CAPITAL 1,258.64 USD 14,126.51 13,219.64 0.02
14,126.51 13,219.64 0.02
Total - Investment funds 129,076.44 113,264.41 0.19
Options, Warrants, Rights
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
MEDIOBANCA 18.03.11 CW/MB 744.39 EUR -
24.79 -
RIGHT IMMOEAST 2010 1,860.97 EUR -
- -
RIGHTS KME GROUP 09.07.10 17,428.74 EUR -
5.23 -
RIGHTS UNIPOL GRUP 10-09.07.10 18,609.71 EUR -
783.47 -
UBI BANCA 30.06.11 CW/UBIW 3,721.94 EUR -
56.95 -
-
870.44 -
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
HKD
HLDVF 10-01.06.11 CW/HLDVF 496.26 HKD -
71.71 -
-
71.71 -
Total - Options, Warrants, Rights -
942.15 -
Total - Transferable securities admitted to an official stock exchange listing 45,681,152.84 46,147,882.59 78.95
Transferable securities dealt in on another regulated market
Shares
EUR
DANIELI + C.OFF.MECC. SPA 248.13 EUR 4,561.42 3,736.83 0.01
4,561.42 3,736.83 0.01
JPY
FUJIMI INC 272.94 JPY 2,454.87 3,225.20 0.01
MICRONICS JAPAN CO LTD TOKYO 248.13 JPY 3,023.26 2,630.58 -
OSAKA SECURITIES EXCHANGE CO 1.24 JPY 4,879.20 4,310.09 0.01
RISO KAGAKU CORP 310.16 JPY 2,916.32 2,591.76 -
13,273.65 12,757.63 0.02
USD
ACER INC/SPGDR 1,488.78 USD 15,106.05 14,629.18 0.03
ASUSTEK COMPUTER INC/GDR 1,777.10 USD 14,635.58 13,767.01 0.02
CHINA STEEL/GDS 533.11 USD 9,116.48 8,042.46 0.01
FIRST AMERICAN FINANCIAL CORP 918.08 USD 10,586.12 9,732.55 0.02
HON HAI PRECISION IND/GDR 2,575.96 USD 16,178.85 15,313.31 0.03
SAMSUNG EL./SP. GDR (1/2VOT144A) 235.72 USD 51,799.63 60,934.67 0.10
SM ENERGY CO 210.91 USD 7,697.60 7,024.03 0.01
125,120.31 129,443.21 0.22
Total - Shares 142,955.38 145,937.67 0.25
Bonds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
BELGIUM 3.5% 08-28.03.11 3,200,000.00 EUR 3,237,820.95 3,264,000.00 5.59
FINLAND 4.375% 08-04.07.19 1,439,043.94 EUR 1,513,392.38 1,634,178.29 2.80
FINLAND 5.375% 02-04.07.13 482,948.33 EUR 522,395.55 545,441.84 0.93
5,273,608.88 5,443,620.13 9.32
USD
BASIC ENER SERV 11.625% ...-01.08.14 58,897.27 USD 42,371.65 51,630.57 0.09
CEMEX 9.25% 10-12.05.20 198,941.89 USD 121,884.89 143,148.61 0.23
FAIRFAX FIN. 7.75% 97-15.07.37 58,679.13 USD 37,310.08 44,838.84 0.08
FAIRFAX FIN. 8.25% 95-01.10.15 47,100.37 USD 32,647.83 40,962.68 0.07
FAIRFAX FINANC. 8.3% 96-15.04.26 8,725.52 USD 5,756.76 7,044.17 0.01
H&E EQUIPMEN 8.375% 06-15.07.16 12,041.22 USD 8,826.17 9,230.00 0.02
LIBERTY MUT GP 10.75% (FRN) 08-15.06.58 34,902.09 USD 25,600.96 31,022.81 0.05
The accompanying notes form an integral part of these financial statements.
Page
153

Sparinvest SICAV
SPARINVEST - SECURUS
Statement of Investments (continued) as at June 30, 2010
(expressed in EUR)
Description
O CHARLEYS 9% 04-01.11.13 61,078.65 USD 39,341.81 50,026.73 0.09
OVS SHIPHOLD 7.5% 04-15.02.24 115,613.16 USD 70,154.64 80,018.49 0.14
PETBRA 5.75% 09-20.01.20 101,448.31 USD 66,971.91 82,945.39 0.14
RRI ENERGY 7.875% 07-15.6.17 17,451.04 USD 12,770.99 13,386.56 0.02
TESORO CORP 9.75% 09-01.06.19 13,088.28 USD 10,157.90 11,024.09 0.02
TURKEY 7.375% 05-05.02.25 16,231.73 USD 11,670.20 14,882.95 0.03
Page
154
485,465.79
580,161.89 0.99
Total - Bonds 5,759,074.67 6,023,782.02 10.31
Total - Transferable securities dealt in on another regulated market 5,902,030.05 6,169,719.69 10.56
Other transferable securities
Bonds
Quantity /
Face value
Currency
Cost Market Value % net assets
EUR
ANGLO IRISH BK 3.625% 08-9.09.10 2,843,931.11 EUR 2,864,802.27 2,837,532.26 4.85
CL.CAP.TRUST 7.047% 02-PERP 17,451.04 EUR 15,967.70 14,668.65 0.03
DLR KREDIT 1% 09-01.01.11 1,792,695.96 EUR 1,783,732.48 1,788,303.85 3.06
4,664,502.45 4,640,504.76 7.94
USD
SOUTH AFRICA 6.875% 09-27.05.19 81,158.65 USD 61,232.96 75,569.01 0.13
WESTERN REF 11.25% 15.06.17 144A 126,825.46 USD 83,320.60 93,596.21 0.16
144,553.56 169,165.22 0.29
Total - Bonds 4,809,056.01 4,809,669.98 8.23
Total - Other transferable securities 4,809,056.01 4,809,669.98 8.23
TOTAL INVESTMENT PORTFOLIO 56,392,238.90 57,127,272.26 97.74
The accompanying notes form an integral part of these financial statements.

Sparinvest SICAV
SPARINVEST - SECURUS
Geographical and Economic Portfolio Breakdown as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown %
Germany 14.47
Ireland 12.54
Denmark 9.98
United States 8.59
Greece 6.81
Belgium 6.51
Japan 5.45
Finland 4.72
Italy 3.35
Spain 2.97
Great Britain 2.90
France 2.48
Netherlands 1.60
Sweden 1.54
Norway 1.50
Switzerland 1.34
Bermuda Islands 0.93
Australia 0.66
Mexico 0.56
Luxembourg 0.56
Hong Kong 0.50
Philippines 0.44
Cayman Islands 0.42
Venezuela 0.41
Singapore 0.40
Russia 0.38
Turkey 0.37
Indonesia 0.35
South Africa 0.34
Malaysia 0.34
Peru 0.31
South Korea 0.30
Panama 0.27
Brazil 0.26
Colombia 0.23
Uruguay 0.22
Taiwan 0.22
Argentina 0.21
Austria 0.20
China 0.20
El Salvador 0.19
Ukraine 0.17
Canada 0.16
Page
155

Sparinvest SICAV
SPARINVEST - SECURUS
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Geographical breakdown (continued)
%
Lebanon 0.16
Kazakhstan 0.15
Chile 0.15
Hungary 0.13
Portugal 0.12
Iraq 0.12
Jersey 0.11
Cyprus 0.10
Bulgaria 0.08
Dominican Republic 0.07
Liberia 0.06
Croatia 0.06
Mauritius Islands 0.05
Bahamas 0.01
Liechtenstein 0.01
Virgin Islands 0.01
Marshall Islands -
Page
156
97.74
Economic breakdown %
States, provinces and municipalities 46.64
Banks and financial institutions 18.81
Holding and finance companies 6.18
Insurance 3.41
Other services 2.92
Energy 2.50
Electronics and electrical equipment 2.00
News transmission 1.21
Automobile industry 1.11
Transport 1.09
Real estate 1.04
Mechanics, machinery 0.96
Public services 0.93
Forest products and paper industry 0.90
Pharmaceuticals and cosmetics 0.76
Retail trade, department stores 0.67
Chemicals 0.61
Construction, building materials 0.59
Coal mines, heavy industries 0.56
Textile 0.51
Food and distilleries 0.46

Sparinvest SICAV
SPARINVEST - SECURUS
Geographical and Economic Portfolio Breakdown (continued)
as at June 30, 2010
(expressed as a percentage of net assets)
Economic breakdown (continued)
%
Tobacco and spirits 0.45
Gastronomy 0.41
Graphic art and publishing 0.40
Consumer goods 0.40
Internet Software 0.36
Office equipment and computers 0.32
Investment funds 0.24
Healthcare, education and social services 0.24
Clock and watch-making industry 0.20
Package and container industry 0.16
Aerospace technology 0.14
Non-ferrous metals 0.14
Other business houses 0.10
Tires and rubber 0.08
Agriculture and fishing 0.08
Precious metals 0.06
Photography and optics 0.06
Options on Indexes 0.04
97.74
Page
157

Sparinvest SICAV
Notes to the Financial Statements
as at June 30, 2010
NOTE 1 – ORGANISATION OF THE COMPANY
Sparinvest SICAV (the “Company”) was incorporated in the Grand-Duchy of Luxembourg on October 10, 2001 as a variable capital
investment company (société d’investissement à capital variable) under the law of August 10, 1915 relating to commercial companies and
the law of March 30, 1988 relating to collective investment undertakings as amended. It is established for an undetermined duration from
the date of incorporation. It is registered at the Registre de Commerce et des Sociétés of the Tribunal d’Arrondissement de Luxembourg
under number R.C.S. B 83.976. On November 3, 2005, an Extraordinary General Meeting was held to amend the Articles of Incorporation of
the Company to be in compliant with the provisions of the part I of the law of December 20, 2002 as amended, regarding collective
investment undertakings.
The registered office of the Company is at 69, route d’Esch, Luxembourg. The Articles of Incorporation and by-laws of the Company were
published in the Mémorial, Recueil Spécial des Sociétés et Associations, dated October 31, 2001 and dated February 18, 2006. The Articles
of Incorporation, together with the mandatory Legal Notice have been deposited with the Register of the Tribunal d’Arrondissement de
Luxembourg where they are available for inspection and where copies thereof can be obtained.
The financial year of the Company starts on January 1 and ends on December 31 of each year. At June 30, 2010, the Company comprise of
the following twelve Sub-Funds (reference currency):
- SPARINVEST – EQUITAS (in EUR),
- SPARINVEST – ETHICAL GLOBAL VALUE (in EUR),
- SPARINVEST – EUROPEAN VALUE (in EUR),
- SPARINVEST – GLOBAL SMALL CAP VALUE (in EUR),
- SPARINVEST – GLOBAL VALUE (in EUR),
- SPARINVEST – ETHICAL HIGH YIELD VALUE BONDS (in EUR), (since February 1, 2010)
- SPARINVEST – HIGH YIELD VALUE BONDS (in EUR),
- SPARINVEST – INSTITUTIONAL CORPORATE VALUE BONDS (in EUR),
- SPARINVEST – INVESTMENT GRADE VALUE BONDS (in EUR),
- SPARINVEST – LONG DANISH BONDS (in DKK),
- SPARINVEST – PROCEDO (in EUR),
- SPARINVEST – SECURUS (in EUR).
NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The financial statements are prepared in accordance with accounting principles generally accepted in Luxembourg.
The principal accounting policies adopted in the preparation of these financial statements are set out below:
a. Investment policy
The main objective of the Company is to provide a range of Sub-Funds combined with active professional management to diversify
investment risk and satisfy the needs of investors seeking income, capital conservation and longer term capital growth.
b. Valuation policy
- Securities admitted to official listing on a stock exchange or which are traded on a Regulated Market in an Eligible State are valued
on the basis of the last known sales price. If the same security is quoted on different markets, the quotation of the main market for
this security will be used. If there is no relevant quotation or if the quotations are not representative of the fair value, the evaluation
will be done in good faith by the Board of Directors of the Company with a view to establish the probable sales price for such
securities.
- Non-listed securities are valued on the basis of their probable sales price as determined in good faith by the Board of Directors of
the Company.
- Liquid assets are valued at their nominal value plus accrued interest.
- Loans are valued at their nominal value plus accrued interest.
- Derivatives (including forward foreign exchange contracts) are valued at market value.
- Investment funds are valued at the last available net asset value.
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Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
c. Translation policy transactions
The financial statements of the Company and each Sub-Fund are expressed in the reference currency. The market value of investments
and other assets and liabilities expressed in currencies other than the reference currency have been converted at the exchange rates ruling
at June 30, 2010. The costs of investments and transactions in currencies other than the reference currency have been converted at the
exchange rates ruling at the transaction date. Profits and losses arising from foreign exchange transactions are disclosed as Net realised
gain/ (loss) on foreign exchange in the Statement of Changes in Net Assets.
Exchanges rates prevailing at June 30, 2010 are the following:
1 AUD = 0.690573 EUR
1 CAD = 0.771012 EUR
1 CHF = 0.753870 EUR
1 DKK = 0.134273 EUR
1 GBP = 1.222009 EUR
1 HKD = 0.104717 EUR
1 JPY = 0.009203 EUR
1 MYR = 0.251763 EUR
1 NOK = 0.125758 EUR
1 NZD = 0.560793 EUR
1 PHP = 0.017559 EUR
1 SEK = 0.104983 EUR
1 SGD = 0.583681 EUR
1 USD = 0.815461 EUR
d. Income recognition policy
Realised gains and losses on sales of securities are determined on the basis of the average cost. Dividends are recognised as income on
the date securities are first quoted ex-dividend. Interest is accrued on a daily basis. Income is shown net of withholding taxes.
e. NAV calculation policy
The Company’s total net assets are expressed in EUR and correspond to the difference between the total assets and the total liabilities of
the Company. In order to calculate this value, the net assets of each Sub-Fund are, unless they are already expressed in EUR, converted
into EUR and added together.
The difference between the opening net assets stated at the rate of exchange used for translation into EUR as of June 30, 2010 and
December 31, 2009 is shown as currency translation in the Consolidated Statement of Changes in Net Assets.
f. Distribution policy
Accumulating Classes of Shares:
All income will be automatically reinvested in Classes “EUR I”, “DKK I”, “USD I”, “SEK I”, “NOK I”, “EUR R” , “DKK R”, “USD R”, “X”, “EUR E”, “DKK
E”, “CHF R”, “SEK R” and “NOK R”.
Distributing Classes of Shares:
The Board of Directors reserves the right to propose the payment of dividends at any time in the distributing Classes being Classes “EUR
RD”, “DKK RD”, “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”. In such case, the Annual General Meeting of
Shareholders shall decide, on recommendation of the Board of Directors, on the distribution (if any) of each Sub-Fund's profits.
For Classes “EUR UKR”, “GBP UKR”, “DKK UKR”, “EUR UKI”, “GBP UKI” and “DKK UKI”, the Board of Directors reserves the right to propose
payments of dividends. Regardless of payments of dividends, the Company aims at enabling these Classes to qualify as a distributing Class
for the purpose of the U.K. taxation.
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Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
f. Distribution policy (continued)
However, it cannot be guaranteed that such certification will be obtained, or that, once obtained, it will continue to be available for any
future accounting period of the Company.
Decisions regarding the annual dividend are taken by the Annual General Meeting of Shareholders and regarding the semi-annual
dividends and interim dividends by the Board of Directors. The dividend will be paid in the currency of the respective Classes.
No distribution may be made as a result of which the minimum capital of the Company falls below EUR 1,250,000,- or its equivalent in any
other currency.
Dividends distributed are recorded at ex-date.
NOTE 3 – TAXATION
Under the prevailing laws and regulations, the Company is subject to “taxe d’abonnement”, payable quarterly and calculated at the annual
rate of 0.05% based on the Net Asset Value at the end of each quarter.
This annual tax rate is however reduced to 0.01% on the aggregate Net Asset Value of the shares in the “EUR I”, “DKK I”, “USD I”, “EUR UKI”,
“GBP UKI”, “DKK UKI”, “SEK I” and “NOK I” Classes (reserved to institutional investors).
NOTE 4 – MANAGEMENT FEES
The Directors of the Company have appointed on March 31, 2006 SPARINVEST S.A. Luxembourg as Management Company responsible for
overall co-ordination of investment management activities. SPARINVEST S.A. Luxembourg has appointed SPARINVEST
FONDSMAEGLERSELSKAB A/S Taastrup as Investment Advisor and Investment Manager.
In consideration for its services, the Management Company is paid monthly in arrears a fee up to:
- max 1.50% p.a. of the average Net Asset Value of the EQUITAS Sub-Fund (max 0.90% for the share classes EUR UKI and GBP UKI and
max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.50% p. a. of the average Net Asset Value of the ETHICAL GLOBAL VALUE Sub-Fund (max 0.90% for the share classes EUR UKI
and GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.50% p.a. of the average Net Asset Value of the EUROPEAN VALUE Sub-Fund (max 0.90% for the share classes EUR UKI and
GBP UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.85% p.a. of the average Net Asset Value of the GLOBAL SMALL CAP VALUE Sub-Fund (max 1.10% for the share classes EUR UKI
and GBP UKI and max 1.00 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.50% p.a. of the average Net Asset Value of the GLOBAL VALUE Sub-Fund (max 0.90% for the share classes EUR UKI and GBP
UKI and max 0.80 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.25% p.a. of the average Net Asset Value of the ETHICAL HIGH YIELD VALUE BONDS Sub-Fund (max 0.65% for the
share classe EUR I),
- max 1.25% p.a. of the average Net Asset Value of the HIGH YIELD VALUE BONDS Sub-Fund (max 0.75% for the share classes EUR UKI
and GBP UKI and max 0.65% for the share classes USD I, EUR I, SEK I and NOK I),
- max 1.00% (max 0.70% for institutional share classes) p.a. of the average Net Asset Value of the INSTITUTIONAL CORPORATE VALUE
BONDS Sub-Fund,
- max 0.80% p.a. of the average Net Asset Value of the INVESTMENT GRADE VALUE BONDS Sub-Fund (max 0.55% for the share classes
EUR UKI and GBP UKI and max 0.45 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 0.50% p.a. of the average Net Asset Value of the LONG DANISH BONDS Sub-Fund (max 0.35% for the share classes DKK UKI and
GBP UKI and max 0.25% for the share classes USD I, DKK I, SEK I and NOK I),
- max 1.25% p. a. of the average Net Asset Value of the PROCEDO Sub-Fund (max 0.75% for the share classes EUR UKI and GBP UKI
and max 0.65 % for the share classes USD I, EUR I, SEK I and NOK I),
- max 1% p.a. of the average Net Asset Value of the SECURUS Sub-Fund (max 0.60% for the share classes EUR UKI and GBP UKI and
max 0.50 % for the share classes USD I, EUR I, SEK I and NOK I).
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Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
NOTE 4 – MANAGEMENT FEES (continued)
The effective management fee rate charged during the period equals the maximum rate as described above.
Part of the above fee is paid to the Investment Advisor and Investment Manager.
NOTE 5 – COMMISSIONS ON SUBSCRIPTIONS, REDEMPTIONS AND CONVERSIONS
The issue price per share is the Net Asset Value per share plus a possible commission of:
- maximum 3% for the sub-funds SPARINVEST – EQUITAS, SPARINVEST – ETHICAL GLOBAL VALUE, SPARINVEST – EUROPEAN VALUE,
SPARINVEST – GLOBAL SMALL CAP VALUE and SPARINVEST – GLOBAL VALUE.
- maximum 2% for the sub-funds SPARINVEST – ETHICAL HIGH YIELD VALUE BONDS, SPARINVEST – HIGH YIELD VALUE BONDS,
SPARINVEST – INVESTMENT GRADE VALUE BONDS and SPARINVEST – PROCEDO.
- maximum 1.5% for the sub-fund SPARINVEST – SECURUS.
- maximum 1% for the sub-funds SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS and SPARINVEST – LONG DANISH BONDS.
No subscription commission is payable for institutional share classes, except for the sub-fund SPARINVEST – INSTITUTIONAL CORPORATE
VALUE BONDS.
A redemption commission of maximum 2% will be calculated to the benefit of the Sub-Fund on the net asset value of the shares for the
sub-fund SPARINVEST – INSTITUTIONAL CORPORATE VALUE BONDS (depending on the duration of shareholders’ holding in the sub-fund).
There were no redemptions on SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS during the year.
Shares of the other sub-funds will be redeemed at the respective Net Asset Value of shares of each share Class. Save for the potential
dilution levy in case of excessive trading as explained in the prospectus, there will be no redemption commission charged.
Shares of any Sub-Fund may be converted into shares of any other Sub-Fund. No conversion commission will be charged. Shareholders
may be requested to bear the difference in initial commission between the Sub-Fund they leave and the Sub-Fund of which they become
shareholders, should the initial commission of the Sub-Fund into which the shareholders are converting their shares be higher than the
commission of the Sub-Fund they leave.
NOTE 6 – CUSTODIAN AND CENTRAL ADMINISTRATION FEES
RBC Dexia Investor Services Bank S.A., Luxembourg has been appointed to act as depositary bank, domiciliary, central administrator
(outsourced by Sparinvest S.A.) and paying agent.
The maximum fee rate per Sub-Fund for depositary and central administration fees is 0.50% p.a..
Page I 161

Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
NOTE 6 – CUSTODIAN AND CENTRAL ADMINISTRATION FEES (continued)
During the period, Sparinvest S.A. for the rendering of its services was entitled to central administration fees, payable monthly in arrears as
follows:
- SPARINVEST – EQUITAS 0.40%
- SPARINVEST – ETHICAL GLOBAL VALUE 0.40%
- SPARINVEST – EUROPEAN VALUE 0.40%
- SPARINVEST – GLOBAL SMALL CAP VALUE 0.40%
- SPARINVEST – GLOBAL VALUE 0.40%
- SPARINVEST – ETHICAL HIGH YIELD VALUE BONDS 0.20%
- SPARINVEST – HIGH YIELD VALUE BONDS 0.20%
- SPARINVEST – INSTITUTIONAL CORPORATE VALUE BONDS 0.20%
- SPARINVEST – INVESTMENT GRADE VALUE BONDS 0.12%
- SPARINVEST – LONG DANISH BONDS 0.13%
- SPARINVEST – PROCEDO 0.35%
- SPARINVEST – SECURUS 0.20%
These fees were calculated on the Net Asset Value of the Sub-Funds on each Valuation Date.
For the provision of its services, RBC Dexia Investor Services Bank S.A. is entitled to the following safe custody fees:
0.035% p.a. on the net assets from 0 to 500 million.
0.020% p.a. on the net assets from 500 million to 1 billion.
0.015% p.a. on the net assets over 1 billion.
In addition to the safe custody fees above, RBC Dexia Investor Services Bank S.A. is entitled to transaction charges in its capacity as
depositary bank.
NOTE 7 – FORWARD FOREIGN EXCHANGE CONTRACTS
As at June 30, 2010, the following forward foreign exchange contracts were outstanding:
SPARINVEST – ETHICAL HIGH YIELD VALUE BONDS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 22,616,000.48 USD 29,763,082.51 5/08/2010 (1,651,354.02)
EUR 905,326.28 GBP 788,426.03 5/08/2010 (58,071.48)
EUR 3245,556.44 NOK 25,623,845.85 5/08/2010 29,443.14
NOK 2,956,597.60 EUR 374,167.61 5/08/2010 (3,071.09)
USD 2,322,918.91 EUR 1,885,690.19 5/08/2010 8,285.00
TOTAL (1,674,768.45)
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Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
NOTE 7 – FORWARD FOREIGN EXCHANGE CONTRACTS (continued)
SPARINVEST – HIGH YIELD VALUE BONDS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 200,870,482.50 USD 264,349,337.30 5/08/2010 (14,666,973.58)
EUR 8,040,914.54 GBP 7002631.45 5/08/2010 (515,778.45)
EUR 28,826,338.63 NOK 227,585,522.20 5/08/2010 261,507.71
USD 20,631,669.22 EUR 16,748,297.21 5/08/2010 73,585.63
NOK 26,259,867.94 EUR 3,323,276.72 5/08/2010 (27,276.74)
EUR 21628 GBP 17735.38 15/09/2010 (44.15)
GBP 102,320.94 EUR 123,400.00 15/09/2010 1,633.33
TOTAL (14,873,346.25)
SPARINVEST - INSTITUTIONAL CORPORATE VALUE BONDS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 8,903,254.94 USD 11,750,000.00 5/08/2010 (677,121.17)
TOTAL (677,121.17)
SPARINVEST - INVESTMENT GRADE VALUE BONDS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 2,649,793.05 USD 3,233,489.46 5/08/2010 13,392.66
EUR 88,300.00 GBP 72,279.73 15/09/2010 (23.88)
GBP 1,702,120.96 EUR 2,052,200.00 15/09/2010 27,744.15
TOTAL 41,112.93
SPARINVEST - LONG DANISH BONDS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (DKK)
DKK 6,800.00 GBP 749.39 15/09/2010 (19.75)
GBP 15,308.42 DKK 137,000.00 15/09/2010 2,312.33
TOTAL 2,292.58
SPARINVEST - PROCEDO Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 10,002,108.08 USD 12,998,084.62 5/08/2010 (595,873.05)
EUR 159,768.45 GBP 139,138.35 5/08/2010 (10,248.23)
EUR 572,763.14 NOK 4,521,996.35 5/08/2010 5196.01
NOK 521,768.81 EUR 66,031.64 5/08/2010 (541.97)
USD 409,939.67 EUR 332,779.25 5/08/2010 1,462.11
TOTAL (600,005.13)
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Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
NOTE 7 – FORWARD FOREIGN EXCHANGE CONTRACTS (continued)
SPARINVEST - SECURUS Sub-Fund:
Purchase currency Purchase amount Sale currency Sale amount Maturity date
Unrealised
Gain/Loss (EUR)
EUR 5,477,348.81 USD 7,156,006.11 5/08/2010 (357,301.08)
EUR 80,154.07 GBP 69,804.17 5/08/2010 (5,141.42)
EUR 287,348.94 NOK 2,268,635.62 5/08/2010 2,606.78
NOK 261,765.65 EUR 33,127.34 5/08/2010 (271.9)
USD 205,662.21 EUR 166,951.67 5/08/2010 733.53
TOTAL (359,374.09)
NOTE 8 – POOLING OF ASSETS
The assets of certain Sub-Funds are managed in common “pools”. Shareholders are advised that such pools are used solely for facilitating
the internal management process. These pools do not constitute separate entities and can therefore not directly be accessed by
shareholders. Each of the Sub-Funds is allocated its specific assets from each pool in which it invests. The assets attributable to each
participating Sub-Fund have been initially determined by reference to its initial allocation of assets to such a pool and will change in the
event of additional allocations or withdrawals from the participating Sub-Funds. The entitlements of each participating Sub-Fund to the pool
apply to each and every investment position of such pool. Additional investments made on behalf of the pooled Sub-Funds shall be
allotted to such Sub-Funds in accordance with their respective entitlements according to above-mentioned definition, whereas assets sold
shall be levied similarly on the assets attributable to each participating Sub-Fund.
Percentage of allocation in Pools as of 30.06.10:
SPARINVEST -
EQUITAS
SPARINVEST -
ETHICAL GLOBAL
VALUE
SPARINVEST -
GLOBAL VALUE
SPARINVEST –
ETHICAL HIGH
YIELD VALUE
BONDS
SPARINVEST -
HIGH YIELD
VALUE BONDS
SPARINVEST -
INVESTMENT
GRADE VALUE
BONDS
SPARINVEST -
PROCEDO
SPARINVEST -
SECURUS
Pool Pool Pool Pool Pool Pool Pool
Sparinvest Other Total
Sparinvest - Sparinvest - Sparinvest - Sparinvest - Sparinvest - Sparinvest - -
Global Emerging Short Long High Yield Corporate Ethical Investments
Equity Market European European Bonds Bonds Global
Bonds Bonds Bonds
Value
100.00% - - - - - - - 100.00%
Page I 164
- - - - - - 100.00% - 100.00%
- - - - - - 94.75% 5.25% 100.00%
- - - - 100.00% - - - 100.00%
- - - - 100.00% - - - 100.00%
- - - - - 100.00% - - 100.00%
68.08% 3.46% - 18.08% 4.50% 5.36% - 0.52% 100.00%
25.39% 6.13% 46.82% 11.38% 5.87% 4.41% - - 100.00%

Sparinvest SICAV
Notes to the Financial Statements (Continued)
as at June 30, 2010
NOTE 9 – DIVIDENDS
The following dividends have been paid as at May 20, 2010 based on the dividend policy described in the prospectus:
Name of the sub-fund Share class Dividend Ex-Date Currency
SPARINVEST - ETHICAL GLOBAL VALUE GBP UKR 0.02 07/06/2010 GBP
SPARINVEST - GLOBAL VALUE EUR UKR 0.47 07/06/2010 EUR
SPARINVEST - HIGH YIELD VALUE BONDS GBP UKR 1.55 07/06/2010 GBP
SPARINVEST - INVESTMENT GRADE VALUE BONDS GBP UKR 1.12 07/06/2010 GBP
SPARINVEST - LONG DANISH BONDS GBP UKR 0.03 07/06/2010 GBP
NOTE 10 – CHANGES IN THE STATEMENT OF INVESTMENTS
A detailed schedule of the changes in the Statement of Investments for each Sub-Fund is available free of charge upon request at the
registered office of the Management Company.
NOTE 11 – SECURITIES LENDING
As at June 30, 2010, the value of the securities lent is as follows:
SPARINVEST - EQUITAS 148,546.18 EUR
SPARINVEST - ETHICAL GLOBAL VALUE 9,885,112.20 EUR
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS 1,729,286.52 EUR
SPARINVEST - EUROPEAN VALUE 6,957,087.38 EUR
SPARINVEST - GLOBAL SMALL CAP VALUE 47,502.00 EUR
SPARINVEST - GLOBAL VALUE 86,031,748.48 EUR
SPARINVEST - HIGH YIELD VALUE BONDS 15,359,153.28 EUR
SPARINVEST - INVESTMENT GRADE VALUE BONDS 148,133.96 EUR
SPARINVEST - PROCEDO 14,655,177.57 EUR
SPARINVEST - SECURUS 2,558,190.24 EUR
As at June 30, 2010, the value of the collateral is as follows:
SPARINVEST - EQUITAS 155,973.76 EUR
SPARINVEST - ETHICAL GLOBAL VALUE 10,379,380.58 EUR
SPARINVEST - ETHICAL HIGH YIELD VALUE BONDS 1,815,750.93 EUR
SPARINVEST - EUROPEAN VALUE 7,305,032.73 EUR
SPARINVEST - GLOBAL SMALL CAP VALUE 49,877.92 EUR
SPARINVEST - GLOBAL VALUE 90,333,446.99 EUR
SPARINVEST - HIGH YIELD VALUE BONDS 16,127,111.71 EUR
SPARINVEST - INVESTMENT GRADE VALUE BONDS 155,540.75 EUR
SPARINVEST - PROCEDO 15,387,993.30 EUR
SPARINVEST - SECURUS 2,686,111.58 EUR
In return for making securities available for loan throughout the period, the sub-funds participating in the programs received fees which are
reflected in the financial statements as “Securities lending fees” for a total of EUR 545,664.80.
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