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

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.
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