CBK SICAV - Asset . Luxembourg N B 137.309 . CBK SICAV . ... (launched on March 17, 2014) ... CBK SICAV 2 Registered office of the Company

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  • Socit d'Investissement Capital Variable R.C.S. Luxembourg N B 137.309

    CBK SICAV

    Semi-Annual Report as at June 30, 2014 (Unaudited)

    No subscription can be received on the basis of financial reports. Subscriptions are only valid if made on the basis of the current prospectus and relevant Key Investor Information Document ("KIID") which will be accompanied by a copy of the latest available annual report and a copy of the latest available semi-annual report, if published after such annual report.

    Old Mutual Shield Subfund (formerly Skandia Shield Subfund)

    Commerzbank Geldmarkt

    Commerzbank Strategiefonds

    Marktneutral (launched on January 23, 2014)

    Commerzbank Strategiefonds

    Whrungen (launched on March 17, 2014)

  • CBK SICAV

    1

    Table of Contents

    Management and Administration 2

    Information to Shareholders 4

    Statistics 5

    Combined Statement of Net Assets as at June 30, 2014 6

    Combined Statement of Operations and Changes in Net Assets for the period ended June 30, 2014 6

    Old Mutual Shield Subfund (formerly Skandia Shield Subfund)

    Statement of Net Assets as at June 30, 2014 7

    Statement of Operations and Changes in Net Assets for the period ended June 30, 2014 7

    Statement of Changes in Number of Shares 7

    Financial derivative instruments as at June 30, 2014 8

    Commerzbank Geldmarkt

    Statement of Net Assets as at June 30, 2014 9

    Statement of Operations and Changes in Net Assets for the period ended June 30, 2014 9

    Statement of Changes in Number of Shares 9

    Securities Portfolio as at June 30, 2014 10

    Portfolio Breakdowns 11

    Top Ten Holdings 11

    Commerzbank Strategiefonds Marktneutral (launched on January 23, 2014)

    Statement of Net Assets as at June 30, 2014 12

    Statement of Operations and Changes in Net Assets for the period ended June 30, 2014 12

    Statement of Changes in Number of Shares 12

    Securities Portfolio as at June 30, 2014 13

    Financial derivative instruments as at June 30, 2014 13

    Portfolio Breakdowns 14

    Top Ten Holdings 14

    Commerzbank Strategiefonds Whrungen (launched on March 17, 2014)

    Statement of Net Assets as at June 30, 2014 15

    Statement of Operations and Changes in Net Assets for the period ended June 30, 2014 15

    Statement of Changes in Number of Shares 15

    Securities Portfolio as at June 30, 2014 16

    Financial derivative instruments as at June 30, 2014 16

    Portfolio Breakdowns 17

    Top Ten Holdings 17

    Notes to the Financial Statements 18

    It should be noted that for the following Subfund

    CBK SICAV - Old Mutual Shield Subfund (formerly: CBK SICAV - Skandia Shield Subfund)

    no notification has been filed according to 310 Capital Investment Code (Kapitalanlagegesetzbuch - KAGB) and that the Shares of this Subfund may not be publicly distributed to investors in the Federal Republic of Germany.

  • CBK SICAV

    2

    Registered office of the Company

    33, rue de GasperichL-5826 Hesperange, Grand Duchy of Luxembourg

    Directors

    Commerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United KingdomRepresented byMr. Peter Corner, Chairman of the Board of Directors Commerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United Kingdom

    Mr. Jrg Geiben (since February 26, 2014)Commerzbank AGMainzer Landstrae 153D-60327 Frankfurt am Main, Germany

    Ms. Heike Hvekamp (until February 25, 2014)Commerzbank AGMainzer Landstrasse 153D-60327 Frankfurt am Main, Germany

    Mr. Mathias Turra Commerz Funds Solutions S.A. 25, rue Edward SteichenL-2540 Luxembourg, Grand Duchy of Luxembourg

    Management Company

    Commerz Funds Solutions S.A. 25, rue Edward SteichenL-2540 Luxembourg, Grand Duchy of Luxembourg

    Directors of the Management Company

    Mr. Thomas Timmermann, Chairman of the Board of DirectorsCommerzbank AGMainzer Landstrae 153D-60327 Frankfurt am Main, Germany

    Mr. Hermann BergerCommerzbank AGMainzer Landstrae 153D-60327 Frankfurt am Main, Germany

    Mr. Peter Corner Commerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United Kingdom

    Mr. Andr Kolb Commerzbank AG Filiale Luxemburg25, rue Edward SteichenL-2540 Luxembourg, Grand Duchy of Luxembourg

    Mr. Thomas Meyer zu Drewer Commerzbank AGMainzer Landstrae 153D-60327 Frankfurt am Main, Germany

    Mr. Andreas Neumann Commerzbank AGMainzer Landstrae 153D-60327 Frankfurt am Main, Germany

    Management and Administration

  • CBK SICAV

    3

    Mr. Mathias TurraCommerz Funds Solutions S.A.25, rue Edward SteichenL-2540 Luxembourg, Grand Duchy of Luxembourg

    Mr. Roberto VilaCommerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United Kingdom

    Investment Manager Strategic Subfund*

    Commerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United Kingdom

    Investment Manager Money Market Subfund**

    Commerzbank AGKaiserplatzD-60311 Frankfurt am Main, Germany

    Investment Manager Bond Plus Subfunds***

    Commerzbank AGKaiserplatzD-60311 Frankfurt am Main, Germany

    Custodian and Principal Paying Agent

    BNP Paribas Securities Services - Luxembourg Branch 33, rue de GasperichL-5826 Hesperange, Grand Duchy of Luxembourg

    Administration Agent, Registrar and Transfer Agent

    BNP Paribas Securities Services - Luxembourg Branch 33, rue de GasperichL-5826 Hesperange, Grand Duchy of Luxembourg

    Distributor Strategic Subfunds*

    Commerzbank AG, London Branch30, Gresham StreetEC2P 2XY London, United Kingdom

    Distributor, Market Maker and Redemption Company Money Market Subfund**

    Commerzbank AGKaiserplatzD-60311 Frankfurt am Main, Germany

    Distributor Bond Plus Subfunds***

    Commerzbank AGKaiserplatzD-60311 Frankfurt am Main, Germany

    Auditor

    PricewaterhouseCoopers, Socit cooprative400, Route d'EschB.P. 1443L-1014 Luxembourg, Grand Duchy of Luxembourg

    *For Old Mutual Shield Subfund (formerly Skandia Shield Subfund).**For Commerzbank Geldmarkt.***For Commerzbank Strategiefonds Marktneutral (launched on January 23, 2014) and Commerzbank Strategiefonds Whrungen (launched onMarch 17, 2014).

    Management and Administration (continued)

  • CBK SICAV

    4

    The annual general meeting of shareholders of the Company will be held at the registered office of the Company in Luxembourg each year at 11:00a.m. on 1st April. If such day is not a Banking Day in Luxembourg, the general meeting shall be held on the next following Banking Day inLuxembourg.

    Other extraordinary general meetings of shareholders of the Company or separate meetings of one or more sub-funds or Share Classes may beheld.

    General meetings shall be convened in accordance with Luxembourg law. Convening notices shall be sent by registered mail to the registeredshareholders. In case of bearer shares, convening notices shall be published in the Luxembourg official gazette ("Mmorial"), in a Luxembourg dailynewspaper and, if required by applicable law, in those publication media which are intended for such publication in those countries where theshares are distributed as determined by the Board of Directors.

    The Company's fiscal year begins on 1st January and ends on 31st December of each year. The annual report containing the Company's and thesub-fund's audited accounts, is available at the Company's registered office no later than fifteen (15) days before the annual general meeting. Non-audited semi-annual reports are available at the same place no later than two (2) months after the end of the first six (6) months of each financialyear. Copies of all reports may be obtained from the Company or any of its local representatives in the distribution countries.

    In addition to the aforesaid, the Company may decide to produce special annual financial reports and semi-annual reports limited to one or severalsub-funds.

    The portfolio movements can be obtained free of charge from the registered office of the Management Company.

    Information to Shareholders

  • CBK SICAV

    5

    The accompanying notes are an integral part of these financial statements.

    Statistics

    Old Mutual Shield Subfund (formerly Skandia Shield Subfund)

    Net Asset Value

    40,540,646.47 48,694,557.56 45,449,874.01GBP

    Net Asset Value per share

    GBP A 1.08 1.07 1.05GBPGBP C 1.08 1.07 1.05GBP

    Number of shares

    GBP A 32,134,179.43 39,434,215.54 38,244,700.91GBP C 5,513,244.07 6,195,724.37 5,190,790.51

    Commerzbank Geldmarkt

    Net Asset Value