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Société d'Investissement à 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

Währungen (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


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





Securities Portfolio as at June 30, 2014 10

Portfolio Breakdowns 11

Top Ten Holdings 11

Commerzbank Strategiefonds Marktneutral (launched on January 23, 2014)







Top Ten Holdings 14

Commerzbank Strategiefonds Währungen (launched on March 17, 2014)







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. Jörg Geiben (since February 26, 2014)Commerzbank AGMainzer Landstraße 153D-60327 Frankfurt am Main, Germany

Ms. Heike Hövekamp (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 Landstraße 153D-60327 Frankfurt am Main, Germany

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

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

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

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

Mr. Andreas Neumann Commerzbank AGMainzer Landstraße 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***


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**


Distributor Bond Plus Subfunds***


Auditor

PricewaterhouseCoopers, Société coopérative400, 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 Währungen (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 ("Mémorial"), 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


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¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯


Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

44,340,222.92 29,997,518.76 -EUR


EUR-SGB 996.41 999.92 -EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

EUR-SGB 44,500.00 30,000.00 -¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Commerzbank Strategiefonds Marktneutral*

Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

25,279,360.64 - -EUR


EUR 98.82 - -EUREUR D 98.67 - -EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

EUR 106,035.00 - -EUR D 150,000.00 - -

¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯*The sub-fund has been launched on January 23, 2014.

Commerzbank Strategiefonds Währungen*

Net Asset Value¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

24,942,601.81 - -EUR


A 104.38 - -EUR¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯

Number of shares

A 238,954.00 - -

¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯ ¯*The sub-fund has been launched on March 17, 2014.

December 31, 2012June 30, 2014 December 31, 2013

6


CBK SICAV

Combined Statement

GBP

AssetsInvestment in securities at cost 68,476,366.05

Unrealised appreciation / (depreciation) on securities (384,085.87)

Investment in securities at market value 2.3 68,092,280.18

Options contracts at market value 2.4, 15 38,995,397.15

Cash at bank 7,190,726.60

Receivable on subscription 19,931.00

Other receivable 18 11,464.83

Net unrealised appreciation on swap contracts 2.5, 14 1,384,691.54

Interests receivable 765,110.41

Total assets 116,459,601.71

LiabilitiesAccrued expenses 17 149,120.25

Payable on redemption 19,931.00

All-in fees 9 26,537.83Net unrealised depreciation on forward foreign exchangecontracts

2.4, 16 6,043.12

Other liabilities 1,381.21

Total liabilities 203,013.41

Net assets at the end of the period 116,256,588.30

Notes

Statement of Net Assets as at June 30, 2014

IncomeDividends (net of withholding taxes) 9,099.95

Interest on bonds 536,870.77

Bank interest 5,276.52

Subsidy 8 16,447.17

Investor Protection Premium 10 3,482.03

Other income 19 12,967.18

Total income 584,143.62

ExpensesManagement fees 8 170,696.96

Custodian fees 5 2,977.57

All-in fees 9 105,803.27

Administration fees 7 29,987.45

Professional fees 12 5,091.73

Transaction costs 20 26,867.94

Taxe d'abonnement 4 12,212.12

Bank interest and charges 43.38

Printing & Publication fees 286.04

Other charges 13 13,132.92

Total expenses 367,099.38

Net investment income / (loss) 217,044.24

Net realised gain / (loss) on: Investments 2.6 (67,290.83)

Foreign currencies transactions 2.7 (0.02)

Forward foreign exchange contracts 2.4 734,337.69

Options and swaps contracts 2.4, 2.5 1,415,250.28

Net realised gain / (loss) for the period 2,299,341.36

Net change in unrealised appreciation / (depreciation) on: Investments (314,025.42)

Forward foreign exchange contracts 2.4 (6,043.12)

Options and swaps contracts 2.4, 2.5 (1,063,946.12)

Increase / (Decrease) in net assets as a result ofoperations

915,326.70

Proceeds received on subscription of shares 62,213,297.39

Net amount paid on redemption of shares (19,399,274.36)

Dividend distribution 21 (186,332.26)

Net assets at the beginning of the period 1.1 73,633,924.03

Translation difference (920,353.20)


GBPNotes

Statement of Operations and Changes in Net Assets forthe period ended June 30, 2014

7


CBK SICAV

Old Mutual Shield Subfund (formerly Skandia Shield Subfund) (in GBP)Statement of Operations and Changes in Net Assets for theperiod ended June 30, 2014

GBP

Assets

Options contracts at market value 2.4, 15 38,289,908.39Cash at bank 998,126.78Receivable on subscription 19,931.00Other receivable 18 11,464.83Net unrealised appreciation on swap contracts 2.5, 14 1,384,691.54


LiabilitiesAccrued expenses 17 143,545.07Payable on redemption 19,931.00



Notes


IncomeSubsidy 8 16,447.17Other income 19 12,967.18


ExpensesManagement fees 8 170,696.95Custodian fees 5 2,977.57Administration fees 7 29,987.45Professional fees 12 5,091.73Transaction costs 20 11,414.03Taxe d'abonnement 4 10,463.38Bank interest and charges 43.38Printing & Publication fees 286.04Other charges 13 13,132.92


Net investment income / (loss) (214,679.10)

Net realised gain / (loss) on: Options and swaps contracts 2.4, 2.5 1,459,706.34


Net change in unrealised appreciation / (depreciation) on: Options and swaps contracts 2.4, 2.5 (898,929.85)


346,097.39

Proceeds received on subscription of shares 9,669,013.40Net amount paid on redemption of shares (18,169,021.88)Net assets at the beginning of the period 1.1 48,694,557.56


GBPNotes


Number of shares in issue atthe end of the period

Number of shares in issue atthe beginning of the period

Number of sharessubscribed

Number of sharesredeemed

Statement of Changes in Number of Shares

GBP A 39,434,215.54 8,371,016.45 (15,671,052.56) 32,134,179.43

GBP C 6,195,724.37 755,540.72 (1,438,021.02) 5,513,244.07

CBK SICAV

8

Old Mutual Shield Subfund (formerly Skandia Shield Subfund) (in GBP)


CALL FTSE 100 INDEX 19/09/20142,400

GBP532.00 12,768,000.00 22,840,364.51

Options

CALL FTSE 100 INDEX 19/09/20149,600

GBP(532.00) 51,072,000.00 (3.72)

PUT FTSE 100 INDEX 19/09/20142,400

GBP(532.00) 12,768,000.00 (0.53)

PUT FTSE 100 INDEX 19/09/20149,600

GBP532.00 51,072,000.00 15,449,548.13

38,289,908.39

Total Options 38,289,908.39

DenominationNumber ofcontracts

Market valuein GBP

Currency Commitmentin GBP

Financial derivative instruments as at June 30, 2014

SKANDIA SHIELD SUBFUND- PROTECTION SWAP

GBP 1,288,226.0337,647,426.2216/11/2020

Swaps

Denomination Currency Unrealisedappreciation /(depreciation)

in GBP

NominalMaturitydate

SKANDIA SHIELD SUBFUND- TOTAL RETURN SWAP

GBP 96,465.5137,647,426.2216/11/2020

1,384,691.54

Total Swaps 1,384,691.54

Total Financial derivative instruments 39,674,599.93

Summary of net assets

39,674,599.93 97.87Total Financial derivative instruments

%NAV

- -Total Securities Portfolio

998,126.78 2.46Cash at bank

(132,080.24) (0.33)Other assets and liabilities

40,540,646.47 100.00Total net assets

9


CBK SICAV

Commerzbank Geldmarkt (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended June 30, 2014

EUR

AssetsInvestment in securities at cost 44,063,400.30Unrealised appreciation / (depreciation) on securities (315,866.10)

Investment in securities at market value 2.3 43,747,534.20Cash at bank 72,926.81Interests receivable 526,724.79


LiabilitiesAccrued expenses 17 6,962.88



Notes


IncomeInterest on bonds 417,836.72Bank interest 3,342.20Investor Protection Premium 10 4,348.73


ExpensesAll-in fees 9 31,301.82Taxe d'abonnement 4 2,184.02



Net realised gain / (loss) on: Investments 2.6 (84,040.00)

Net realised gain / (loss) for the period 308,001.81

Net change in unrealised appreciation / (depreciation) on: Investments (228,367.10)


79,634.71

Proceeds received on subscription of shares 14,495,781.15Net amount paid on redemption of shares -Dividend distribution 21 (232,711.70)Net assets at the beginning of the period 1.1 29,997,518.76


EURNotes







EUR-SGB 30,000.00 14,500.00 - 44,500.00

CBK SICAV

10

Commerzbank Geldmarkt (in EUR)


Securities Portfolio as at June 30, 2014

ABN AMRO BANK NV 3.75% 09-15/07/2014 EUR 2,002,300.00 4.522,000,000.00

Transferable securities admitted to an official exchange listing

Bonds and other debt instrumentsBanks

BANCO SANTANDER 3.125% 10-28/01/2015 EUR 1,015,180.00 2.291,000,000.00BANCO SANTANDER 3.25% 12-17/02/2015 EUR 508,780.00 1.15500,000.00BANCO SANTANDER 4.375% 11-16/03/2015 EUR 1,027,500.00 2.321,000,000.00BARCLAYS BK PLC 2.125% 11-08/09/2014 EUR 903,303.00 2.04900,000.00BARCLAYS BK PLC 3.125% 10-14/01/2015 EUR 1,015,480.00 2.291,000,000.00BOLIGKREDITT 2.5% 10-23/06/2015 EUR 1,021,810.00 2.301,000,000.00CIE FIN FONCIER 11-02/05/2016 FRN EUR 453,433.50 1.02450,000.00DEUTSCHE HYP HAN 13-10/09/2015 FRN EUR 1,999,640.00 4.512,000,000.00DEXIA CRED LOCAL 13-04/11/2015 FRN EUR 2,001,000.00 4.512,000,000.00DEXIA MUNI AGNCY 4.5% 08-27/04/2015 EUR 1,034,430.00 2.331,000,000.00DT PFANDBRIEFBAN 13-04/04/2016 FRN EUR 989,630.20 2.23988,000.00DT PFANDBRIEFBAN 3.125% 09-15/09/2014 EUR 2,011,960.00 4.542,000,000.00HBOS TSY SRVCS 4.25% 04-23/09/2014 EUR 908,262.00 2.05900,000.00HYPO REAL ESTATE BK 3.75% 05-01/04/2015

EUR 820,824.00 1.85800,000.00

ING BANK NV 3% 09-30/09/2014 EUR 2,013,800.00 4.542,000,000.00LANDBK HESSEN-TH 1.625% 10-20/10/2014 EUR 502,185.00 1.13500,000.00STADSHYPOTEK AB 3% 09-01/10/2014 EUR 2,013,940.00 4.532,000,000.00SWEDBANK HYPOTEK 2.75% 11-10/09/2014

EUR 1,004,970.00 2.271,000,000.00

UBS AG LONDON 3% 09-06/10/2014 EUR 1,007,350.00 2.271,000,000.0024,255,777.70 54.69

BANQUE POPUL CB 2.625% 10-30/06/2015 EUR 1,023,310.00 2.311,000,000.00Financial services

CIF EUROMORTGAGE 4.125% 09-19/12/2014

EUR 1,018,100.00 2.301,000,000.00

CSSE REFIN HYPOT 4.25% 03-25/10/2014 EUR 2,025,460.00 4.562,000,000.00NORTHERN ROCK 3.625% 05-20/04/2015 EUR 1,026,650.00 2.321,000,000.00SPAREBANKEN V BO 2.5% 10-09/06/2015 EUR 816,984.00 1.84800,000.00

5,910,504.00 13.33

CAISSE AMORT DET 4% 04-25/10/2014 EUR 1,012,230.00 2.281,000,000.00Government

IRISH GOVT 4.5% 12-18/02/2015 EUR 1,028,200.00 2.321,000,000.00NORDRHEIN-WEST 11-14/04/2015 FRN EUR 2,002,820.00 4.522,000,000.00

4,043,250.00 9.12

FMS WERTMANAGE 2.25% 11-14/07/2014 EUR 800,592.00 1.81800,000.00Supranational organisation

800,592.00 1.81

35,010,123.70 78.95

ITALY BOTS 0% 13-12/09/2014 EUR 1,999,340.00 4.522,000,000.00

Other transferable securities

Money market instrumentsGovernment

ITALY BOTS 0% 13-14/10/2014 EUR 999,470.00 2.251,000,000.00ITALY BOTS 0% 13-14/11/2014 EUR 999,205.00 2.251,000,000.00ITALY BOTS 0% 14-12/06/2015 EUR 797,128.00 1.80800,000.00ITALY BOTS 0% 14-13/02/2015 EUR 997,905.00 2.251,000,000.00ITALY BOTS 0% 14-13/03/2015 EUR 798,080.00 1.80800,000.00ITALY BOTS 0% 14-14/01/2015 EUR 998,405.00 2.251,000,000.00ITALY BOTS 0% 14-14/04/2015 EUR 648,180.00 1.46650,000.00ITALY CTZS 0% 12-30/09/2014 EUR 499,697.50 1.13500,000.00

8,737,410.50 19.71

8,737,410.50 19.71

Total Securities Portfolio 43,747,534.20 98.66

DenominationQuantity Market valuein EUR

Currency %NAV

Summary of net assets%

NAV43,747,534.20 98.66Total Securities Portfolio

72,926.81 0.16Cash at bank

519,761.91 1.18Other assets and liabilities

44,340,222.92 100.00Total net assets

CBK SICAV

11

Commerzbank Geldmarkt (in EUR)


Investment category % of portfolio % of netassets

Bonds and other debt instruments 80.03 78.95

Money market instruments 19.97 19.71

100.00 98.66

Country allocation % of portfolio % of netassets

Germany 20.87 20.59

Italy 19.97 19.71

France 19.59 19.31

Netherlands 9.18 9.06

United Kingdom 8.81 8.70

Sweden 6.90 6.80

Spain 5.83 5.76

Norway 4.20 4.14

Ireland 2.35 2.32

Switzerland 2.30 2.27

100.00 98.66

Portfolio Breakdowns

Top Ten Holdings Market value % ofnet

assets

CSSE REFIN HYPOT 4.25% 03-25/10/2014 2,025,460.00 4.56Financial services

STADSHYPOTEK AB 3% 09-01/10/2014 2,013,940.00 4.53Banks

ING BANK NV 3% 09-30/09/2014 2,013,800.00 4.54Banks

DT PFANDBRIEFBAN 3.125% 09-15/09/2014 2,011,960.00 4.54Banks

NORDRHEIN-WEST 11-14/04/2015 FRN 2,002,820.00 4.52Government

ABN AMRO BANK NV 3.75% 09-15/07/2014 2,002,300.00 4.52Banks

DEXIA CRED LOCAL 13-04/11/2015 FRN 2,001,000.00 4.51Banks

DEUTSCHE HYP HAN 13-10/09/2015 FRN 1,999,640.00 4.51Banks

ITALY BOTS 0% 13-12/09/2014 1,999,340.00 4.52Government

DEXIA MUNI AGNCY 4.5% 08-27/04/2015 1,034,430.00 2.33Banks

EUR

Sector

Top Ten Holdings

12


CBK SICAV

Commerzbank Strategiefonds Marktneutral* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended June 30, 2014

EUR


Investment in securities at market value 2.3 19,353,860.00Options contracts at market value 2.4, 15 881,090.00Cash at bank 4,884,467.20Interests receivable 176,837.40


LiabilitiesAll-in fees 9 15,168.96Other liabilities 1,725.00



Notes


*The sub-fund has been launched on January 23, 2014.

IncomeInterest on bonds 110,278.08Bank interest 1,904.40


ExpensesAll-in fees 9 48,994.19Transaction costs 20 19,300.50



Net realised gain / (loss) on: Options and swaps contracts 2.4, 2.5 (55,521.50)

Net realised gain / (loss) for the period (11,633.71)

Net change in unrealised appreciation / (depreciation) on: Investments (94,911.00)Options and swaps contracts 2.4, 2.5 (206,090.00)


(312,634.71)

Proceeds received on subscription of shares 25,607,061.54Net amount paid on redemption of shares (15,066.19)Net assets at the beginning of the period 1.1 -


EURNotes







EUR - 106,186.00 (151.00) 106,035.00

EUR D - 150,000.00 - 150,000.00

CBK SICAV

13

Commerzbank Strategiefonds Marktneutral (in EUR)



BADEN-WUERTTEMBRG 3.5% 05-14/01/2015

EUR 3,053,700.00 12.083,000,000.00


Bonds and other debt instrumentsGovernment

GEM DT LAENDER 4.125% 08-30/01/2015 EUR 3,068,400.00 12.143,000,000.00NIEDERSACHSEN 3.625% 05-20/01/2015 EUR 3,057,450.00 12.093,000,000.00RHEINLAND-PFALZ 0.19% 13-15/01/2015 EUR 2,998,500.00 11.863,000,000.00

12,178,050.00 48.17

LB BADEN-WUERT 0.2% 14-03/06/2015 EUR 2,100,210.00 8.312,100,000.00Banks

MUNCHEN HYPOBANK 2.5% 11-11/01/2016 EUR 2,069,720.00 8.192,000,000.004,169,930.00 16.50

FMS WERTMANAGE 0.375% 13-22/05/2015 EUR 3,005,880.00 11.893,000,000.00Supranational organisation

3,005,880.00 11.89

19,353,860.00 76.56



Currency %NAV

CALL DAX INDEX - OPTION15/08/2014 10,000

EUR50.00 2,500,000.00 27,875.00

Options


EUR190.00 9,405,000.00 152,475.00


EUR(50.00) 2,512,500.00 (7,900.00)


EUR30.00 1,500,000.00 27,120.00


EUR100.00 4,925,000.00 130,850.00


EUR50.00 2,500,000.00 83,000.00

PUT DAX INDEX - OPTION 15/08/20149,900

EUR190.00 9,405,000.00 193,040.00


EUR20.00 1,000,000.00 32,130.00


EUR100.00 4,925,000.00 126,100.00


EUR50.00 2,500,000.00 116,400.00

881,090.00

Total Options 881,090.00

DenominationNumber ofcontracts

Market valuein EUR

Currency Commitmentin EUR



881,090.00 3.49Total Financial derivative instruments

%NAV

19,353,860.00 76.56Total Securities Portfolio

4,884,467.20 19.32Cash at bank


25,279,360.64 100.00Total net assets

CBK SICAV

14

Commerzbank Strategiefonds Marktneutral (in EUR)




100.00 76.56


Germany 100.00 76.56

100.00 76.56



assets

GEM DT LAENDER 4.125% 08-30/01/2015 3,068,400.00 12.14Government

NIEDERSACHSEN 3.625% 05-20/01/2015 3,057,450.00 12.09Government

BADEN-WUERTTEMBRG 3.5% 05-14/01/2015 3,053,700.00 12.08Government

FMS WERTMANAGE 0.375% 13-22/05/2015 3,005,880.00 11.89Supranationalorganisation

RHEINLAND-PFALZ 0.19% 13-15/01/2015 2,998,500.00 11.86Government

LB BADEN-WUERT 0.2% 14-03/06/2015 2,100,210.00 8.31Banks

MUNCHEN HYPOBANK 2.5% 11-11/01/2016 2,069,720.00 8.19Banks

EUR

Sector

Top Ten Holdings

15


CBK SICAV

Commerzbank Strategiefonds Währungen* (in EUR)Statement of Operations and Changes in Net Assets for theperiod ended June 30, 2014

EUR


Investment in securities at market value 2.3 21,939,545.19Cash at bank 2,776,588.53Interests receivable 251,989.72


LiabilitiesAll-in fees 9 17,974.33Net unrealised depreciation on forward foreign exchangecontracts

2.4, 16 7,547.30



Notes


*The sub-fund has been launched on March 17, 2014.

IncomeDividends (net of withholding taxes) 11,364.99Interest on bonds 142,386.98Bank interest 1,343.28


ExpensesAll-in fees 9 51,842.46



Net realised gain / (loss) on: Foreign currencies transactions 2.7 (0.02)Forward foreign exchange contracts 2.4 917,119.63


Net change in unrealised appreciation / (depreciation) on: Investments (68,910.51)Forward foreign exchange contracts 2.4 (7,547.30)


943,914.59

Proceeds received on subscription of shares 25,520,092.22Net amount paid on redemption of shares (1,521,405.00)Net assets at the beginning of the period 1.1 -


EURNotes







A - 253,954.00 (15,000.00) 238,954.00

CBK SICAV

16

Commerzbank Strategiefonds Währungen (in EUR)



ABBEY NATL TREAS 3.375% 05-08/06/2015 EUR 1,542,750.00 6.191,500,000.00


Bonds and other debt instrumentsBanks

BAWAG PSK 2.625% 10-26/11/2015 EUR 1,547,775.00 6.211,500,000.00BPCE SFH 2.75% 12-16/02/2017 EUR 1,593,480.00 6.391,500,000.00DEXIA KOMMUNALBK 3.375% 10-12/01/2017

EUR 1,609,275.00 6.441,500,000.00

DEXIA MUNI AGENCY 3.125% 05-15/09/2015

EUR 1,550,850.00 6.221,500,000.00

DEXIA MUNI AGNCY 3.875% 06-24/11/2016 EUR 1,625,325.00 6.511,500,000.00KOMMUNALKREDIT 3.5% 11-15/02/2016 EUR 1,575,300.00 6.321,500,000.00LLOYDS TSB BANK 3.375% 10-17/03/2015 EUR 1,532,745.00 6.151,500,000.00NRW BANK 4.50%07-29/05/17 EMTN EUR 2,239,100.00 8.972,000,000.00SNS BANK 3.5% 09-27/10/2015 EUR 1,562,325.00 6.261,500,000.00UBS AG LONDON 2% 11-10/04/2015 EUR 1,519,575.00 6.091,500,000.00UNICREDIT BK AUS 2.875% 11-04/11/2016 EUR 1,587,885.00 6.371,500,000.00

19,486,385.00 78.12

19,486,385.00 78.12

COMMERZBANK GELDMARKT CLD EUR 2,453,160.19 9.842,462.00

Other transferable securities

Undertakings for collective investmentOpen-ended Funds

2,453,160.19 9.84

2,453,160.19 9.84



Currency %NAV

5,045,362.50 30/09/20144,150,000.00 (3,766.67)CHFEUR 4,150,000.00Forward foreign exchange contracts

4,150,000.00 30/09/20146,067,341.50 (3,556.50)EURAUD 4,150,000.002,075,000.00 30/09/20146,394,112.50 (397.21)EURBRL 2,075,000.002,075,000.00 30/09/201434,704,375,000.00 42,552.23EURIDR 2,075,000.002,075,000.00 30/09/2014172,640,000.00 1,638.35EURINR 2,075,000.004,150,000.00 30/09/201434,806,440.10 (21,771.03)EURNOK 4,150,000.004,150,000.00 30/09/20146,545,056.30 784.30EURNZD 4,150,000.002,075,000.00 30/09/201497,494,497.50 (19,474.54)EURRUB 2,075,000.002,075,000.00 30/09/20146,159,056.50 10,538.64EURTRY 2,075,000.002,075,000.00 30/09/201430,417,259.00 (8,704.73)EURZAR 2,075,000.00

575,634,050.00 30/09/20144,150,000.00 (5,390.14)JPYEUR 4,150,000.00

(7,547.30)

Total Forward foreign exchange contracts (7,547.30)

SalePurchase Unrealisedappreciation /(depreciation)

in EUR

Maturitydate

Commitmentin EUR



(7,547.30) (0.03)Total Financial derivative instruments

%NAV

21,939,545.19 87.96Total Securities Portfolio

2,776,588.53 11.13Cash at bank


24,942,601.81 100.00Total net assets

CBK SICAV

17

Commerzbank Strategiefonds Währungen (in EUR)




Undertakings for collective investment 11.18 9.84

100.00 87.96


France 21.74 19.12

Austria 21.47 18.90

Germany 17.54 15.41

United Kingdom 14.02 12.34

Luxembourg 11.18 9.84

Netherlands 7.12 6.26

Switzerland 6.93 6.09

100.00 87.96



assets

COMMERZBANK GELDMARKT CLD 2,453,160.19 9.84Open-ended Funds

NRW BANK 4.50%07-29/05/17 EMTN 2,239,100.00 8.97Banks

DEXIA MUNI AGNCY 3.875% 06-24/11/2016 1,625,325.00 6.51Banks

DEXIA KOMMUNALBK 3.375% 10-12/01/2017 1,609,275.00 6.44Banks

BPCE SFH 2.75% 12-16/02/2017 1,593,480.00 6.39Banks

UNICREDIT BK AUS 2.875% 11-04/11/2016 1,587,885.00 6.37Banks

KOMMUNALKREDIT 3.5% 11-15/02/2016 1,575,300.00 6.32Banks

SNS BANK 3.5% 09-27/10/2015 1,562,325.00 6.26Banks

DEXIA MUNI AGENCY 3.125% 05-15/09/2015 1,550,850.00 6.22Banks

BAWAG PSK 2.625% 10-26/11/2015 1,547,775.00 6.21Banks

EUR

Sector

Top Ten Holdings

CBK SICAV Notes to the Financial Statements as at June 30, 2014

18

Note 1 - General CBK SICAV (the “Company”) is a Luxembourg investment company with variable capital (“Société d’Investissement à Capital Variable”, SICAV) and has been established on March 18, 2008. The Company has an umbrella structure and has been launched in Luxembourg as an undertaking for collective investments (UCITS) under Part I of the law of December 17, 2010 as amended (“the 2010 Law”). The Company’s corporate object is the investment of its assets on behalf of investors, in accordance with Part I of the 2010 Law. The Company has been incorporated on March 18, 2008 for an indefinite period with an initial capital of GBP 30,000 in the form of 30,000 Shares without par value in the first sub-fund which was launched by the Company. The Company is registered in the Luxembourg Registre de Commerce et des Sociétés (R.C.S.) under number B 137.309. The Articles of Incorporation of the Company have been amended on November 2, 2009, and have been published in Luxembourg in the Mémorial C-Nº 2,426 at page 116,427 on December 14, 2009. The Company’s registered office is at 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg. The minimum capital of the Company, which is the equivalent in GBP of EUR 1,250,000, has been reached within 6 months from its incorporation. Following the Extraordinary General Meeting held on November 2, 2009, the name of the Company was changed from “Commerzbank GS FUND SICAV” to "CBK SICAV". The active sub-funds of CBK SICAV as at June 30, 2014 are: - Old Mutual Shield Subfund (formerly Skandia Shield Subfund)* (launched on November 16, 2010); - Commerzbank Geldmarkt (launched on November 12, 2013); - Commerzbank Strategiefonds Marktneutral (launched on January 23, 2014); - Commerzbank Strategiefonds Währungen (launched on March 17, 2014). *The name of the sub-fund Skandia Shield Subfund has been changed in Old Mutual Shield Subfund on June 18, 2014. Old Mutual Shield Subfund (formerly Skandia Shield Subfund) is a reinvestment fund, any dividends and other income are not distributed but reinvested in the sub-fund’s assets. Commerzbank Geldmarkt is a distributing fund, any dividends and other income are distributed and not reinvested in the sub-fund’s assets. Commerzbank Strategiefonds Marktneutral Share Class EUR is reinvesting, any dividends and other income are not distributed but reinvested. Commerzbank Strategiefonds Marktneutral Share Class EUR D is distributing, any dividends and other income can be distributed. Commerzbank Strategiefonds Währungen is a distributing fund, any dividends and other income can be distributed. The intention is to determine annual distributions. As at June 30, 2014, following Share Classes are open to investors: - Share Class GBP A is intended for investments by retail investors for Old Mutual Shield Subfund (formerly Skandia Shield Subfund); - Share Class GBP C is intended for investments by retail investors for Old Mutual Shield Subfund (formerly Skandia Shield Subfund); - Share Class EUR-SGB is intended for investments by institutional/retail investors for Commerzbank Geldmarkt; - Share Class EUR is intended for investments by institutional/retail investors for Commerzbank Strategiefonds Marktneutral; - Share Class EUR D is intended for investments by institutional/retail investors for Commerzbank Strategiefonds Marktneutral; - Share Class A is intended for investments by institutional/retail investors for Commerzbank Strategiefonds Währungen. 1) Information on the Combined Statement of Operations and Changes in Net Assets at the beginning of the reporting period For the year ended December 31, 2013, the consolidated net assets amounted to GBP 76,416,371.07. Due to the liquidation of three sub-funds, an amount of GBP 2,782,447.04 has been amended in the beginning net asset value as at June 30, 2014. As at January 1, 2014, the adjusted net asset value amounts to GBP 73,633,924.03. Note 2 - Principle Accounting Policies 1) Presentation of financial statements The financial statements are presented in accordance with the legal reporting requirements in Luxembourg. 2) Combined financial statements The combined statement of net assets and statement of operations and changes in net assets are expressed in British Pounds (“GBP”). 3) Valuation of the investments in securities All securities listed on an official stock exchange or on any other regulated market, operating regularly, recognised and open to the public are valued at the last price known in Luxembourg on Valuation Day and, if the security is traded on several markets, on the basis of the last known price on the main market of this security. If the last known price is not representative, valuation is based on the fair value at which it is expected it can be resold, as determined with prudence and in good faith by the Board of Directors.

CBK SICAV Notes to the Financial Statements as at June 30, 2014 (continued)

19

Note 2 - Principle Accounting Policies (continued) 3) Valuation of the investments in securities (continued) Unlisted securities or securities not traded on a stock exchange or any other regulated market, operating regularly, recognised and open to the public, are valued based on the fair value at which it is expected they can be resold, as determined with prudence and in good faith by the Board of Directors. Shares of undertakings for collective investment are valued on the basis of their last available Net Asset Value. 4) Basis of valuation of forward foreign exchange, options contracts The liquidating value of forward or options contracts traded on exchanges or on other regulated markets shall be based upon the last available settlement prices of these contracts on exchanges and regulated markets on which the particular forward or options contracts are traded by the SICAV; provided that if a forward or options contract could not be liquidated on the day with respect to which the assets are being determined, the basis for determining the liquidating value of such contract shall be such value as the Directors may deem fair and reasonable. Resulting realised and unrealised gains or losses are included in the Statement of Operations and Statement of Changes in Net Assets. 5) Basis of valuation of swaps OTC-Swaps are valued at the mark-to-model determined by reference to the performance difference between the applicable index and the applicable basket. 6) Net realised gain or loss on sales of investments Realised gains or losses on sales of investments are calculated on the basis of average cost of the investments sold. 7) Conversion of foreign currencies The accounting records and the financial statements of all sub-funds are expressed in EUR and GBP. Bank accounts, other net assets and liabilities as well as the valuation value of the portfolio securities that are expressed in currencies other than in GBP were converted into GBP at the exchange rates prevailing on June 30, 2014. Income and fees in currencies other than GBP are converted into GBP at the exchange rates prevailing on the transaction date. 8) Cost of investments in securities The cost of investments in securities in currencies other than in GBP is converted into GBP at the exchange rate prevailing on the purchase date. 9) Calculation of the Net Asset Value The Net Asset Value of a sub-fund and the Net Asset Value of the Share Classes issued within that sub-fund are determined in the relevant currency on every Valuation Date, subject to any event of suspension of calculation of the Net Asset Value. The Valuation Date for each sub-fund will be as stated in the relevant Appendix, except for any days that are public holidays for the stock exchanges or other markets which represent the basis for valuation of the principal part of the net assets of the relevant sub-fund, as determined by the Company. The Net Asset Value of each sub-fund shall be the value of its assets less its liabilities. The Net Asset Value per Share in a given Share Classes is determined by dividing the total Net Asset Value of all Shares in that Class by all outstanding Shares in the same Class in the relevant sub-fund. The Net Asset Values of the sub-funds are calculated in accordance with the provisions set forth in the Company's articles of incorporation and any further valuation guidelines as may be issued by the Board of Directors. The valuation of securities held by a sub-fund and listed on a stock exchange or on another Regulated Market is based on the last known listing price on the principal market on which the securities are traded, using a procedure for determining prices accepted by the Board of Directors. The valuation of securities whose listing price is not representative and all other eligible assets (including securities not listed on a stock exchange or traded on a Regulated Market) is based on their probable realization price determined with care and in good faith by or, if applicable, under the supervision of the Board of Directors. Valuation of the derivatives and structured products (except OTC-Swaps as mentioned in Note 5) used in any of the sub-funds is performed on a regular basis by use of the mark-to-market principle, in other words at the last available price. All assets and liabilities in a currency other than that of the sub-fund in question are converted using the exchange rate determined at the time of valuation. The Net Asset Value determined per Share in a sub-fund is considered final and binding once it is confirmed by the Board of Directors or an authorized member of the Board of Directors/authorized representative of the Board of Directors, except in the case of a manifest error.


20

Note 2 - Principle Accounting Policies (continued) 9) Calculation of the Net Asset Value (continued) The combined accounts of the Company are established in GBP. If, in the opinion of the Board of Directors, and as a result of particular circumstances, the calculation of the Net Asset Value of a sub-fund in the applicable currency is either not reasonably possible or is disadvantageous for the investors in the Company, the calculation of the Net Asset Value, the Issue Price and the Redemption Price may temporarily be carried out in another currency. Note 3 - Exchange rate The exchange rates as at June 30, 2014 used for the translation of the SICAV’s assets and liabilities not denominated in GBP are as follows: 1 AUD = 0.551978 GBP 1 EUR = 0.800700 GBP 1 JPY = 0.005773 GBP 1 RUB = 0.017174 GBP 1 BRL = 0.265330 GBP 1 IDR = 0.000049 GBP 1 NOK = 0.095304 GBP 1 TRY = 0.275818 GBP 1 CHF = 0.659474 GBP 1 INR = 0.009723 GBP 1 NZD = 0.512038 GBP 1 ZAR = 0.054970 GBP Note 4 - Taxation The Company is subject to Luxembourg taxation. Under present Luxembourg law and practice, the Company is not liable to any Luxembourg income tax nor are dividends paid by the Company liable to any Luxembourg withholding tax. No stamp or other tax is payable in Luxembourg on the issue of Shares, except a once-and-for-all tax of EUR 1,200.00 paid by the Company upon its constitution. The Company is subject to an annual tax ("taxe d’abonnement") of 0.05% p.a. of the Net Asset Value, calculated and payable at the end of each quarter. A reduced taxe d’abonnement of 0.01% per annum applies to (i) sub-funds whose sole object is the collective investment in money market instruments and the placing of deposits with credit institutions, (ii) sub-funds whose sole object is the collective investment in deposits with credit institutions and (iii) sub-funds or Classes of Shares that are reserved to institutional investors. The qualification as “institutional investors” shall be made in accordance with the meaning given to such term by the relevant Luxembourg authorities from time to time. Such interpretation may change, which may result in a duty of 0.05% p.a. being applied to such sub-funds or classes, even with retroactive effect. Such reduced tax rate may, if and as admitted by the relevant authorities, be applied to other categories of investors and Share Classes. Note 5 - Custodian BNP Paribas Securities Services - Luxembourg Branch with registered offices at 33, rue de Gasperich, L-5826 Hesperange, Grand Duchy of Luxembourg, was appointed as the Company’s custodian on July 1, 2009 ("Custodian"). In consideration of the services rendered, the Custodian receives a fee based on the Net Asset Value of the respective sub-fund, payable monthly in arrears. The remuneration of the Custodian should not represent more than 0.10% p.a. of the Net Asset Value of each sub-fund. Note 6 - Management Company The Company has appointed Commerz Funds Solutions S.A. to act as Management Company of the SICAV with effect as of July 1, 2009. Commerz Funds Solutions S.A. a société anonyme under Luxembourg law, has its registered office at 25, rue Edward Steichen, L-2540 Luxembourg, Grand Duchy of Luxembourg. The Management Company was established on June 5, 2008 in accordance with Chapter 13 of the 2002 Law as a “société de gestion”. As from July 1, 2011, the Management Company is subject to chapter 15 of the 2010 Law. The articles of association of the Management Company have been deposited with the R.C.S. and were published in the Mémorial of June 30, 2008. The Management Company is registered with the R.C.S. under number B-139.351. The issued capital of the Management Company as at June 30, 2014 is EUR 5,000,000.00. The Management Company may render management services for UCITS and other UCIs. The Management Company may assign its tasks in part or in full to one or several third parties. The Management Company is a wholly owned subsidiary of Commerzbank AG. In addition to the Company, the Management Company currently also manages all existing sub-funds under the ComStage as well as Commerzbank Aktientrend Deutschland, Commerzbank Rohstoff Strategie, CBK € 12,5 Corporate Bond Fund, GET Capital Quant Global Equity Fonds, Europe SectorTrend UCITS ETF and all existing subfunds of Anlagestruktur. The Company furthermore pursues the activities of collective portfolio management in the Federal Republic of Germany and manages the Commerzbank Stiftungsfonds.


21

Note 6 - Management Company (continued) The object of the Management Company is the creation, the administration and management of Luxembourg investment funds. It may carry out administration and management on behalf of an investment fund and of its share-/shareholders, including the purchase, sale, subscription and exchange of securities, and it may exercise all rights directly or indirectly related to an investment fund's assets. Note 7 - Administration, Registrar and Transfer representatives BNP Paribas Securities Services - Luxembourg Branch (“BNP Paribas Securities Services”) has been appointed with effect as of July 1, 2009, to provide services as the central administration agent, registrar and transfer agent, as well as principal paying agent of the Company. In consideration of the services rendered, BNP Paribas Securities Services receives a remuneration as indicated in the relevant Appendix of the Prospectus, which is based on the Net Asset Value of the respective sub-fund each month, payable monthly in arrears. The Company has concluded agreements with several paying agents and/or representatives concerning the provision of certain administrative services, the distribution of Shares or the representation of the Company in the distribution countries. The fees charged by paying agents and representatives will be borne by the Company, as individually agreed in each sub-fund. Furthermore, the paying agents and representatives are entitled to the reimbursement of all reasonable costs that have been duly incurred in connection with the performance of their respective duties. The remuneration of the Administration should not represent more than 0.25% p.a. of the Net Asset Value of each sub-fund. Note 8 - Fees and charges For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) A sales charge of up to 5% of the subscription amount will be charged for the benefit of the Distributor(s). No redemption charge will be levied upon redemption of the Old Mutual Shield Subfund Shares (formerly Skandia Shield Subfund). As remuneration for its services, the Distributor shall receive a fee out of the Management Fee (the “Distribution Fee”). For the period ended June 30, 2014, no Distribution Fee has been paid to the Distributor for the Old Mutual Shield Subfund (formerly Skandia Shield Subfund). A Management Fee of up to 1.00% p.a. for A Shares and up to 1.00% p.a. for C Shares of the Net Asset Value and calculated on each Valuation Date shall be levied for the investment management of the Old Mutual Shield Subfund (formerly Skandia Shield Subfund), payable to the Management Company monthly in arrears. It shall be payable within 10 Luxembourg bank business days of each month’s end. During the current reporting period, the Management Fees have not been paid with monthly settlement and are therefore disclosed as part of the accrued expenses. The Management Fee currently levied for each share class is as following:

Share Class Current Management Fee GBP A 0.80% p.a. GBP C 0.80% p.a.

Fees and charges related to the Strategic sub-fund: During the reporting period, Commerzbank AG, London Branch in its capacity as Investment Manager and Distributor and in line with section "Fees and costs" of the general part of the prospectus chose to waive part of their respective Management Fees and decided to bear part of the fees or expenses due by the sub-fund by way of reimbursement to the Company, and indicated as “subsidy”. For the period ended June 30, 2014, no subscription fees have been charged to the Investors. All fees and charges as at June 30, 2014 agreed with the prospectus of the Company, as mentioned in the “Special Part - Strategic Subfund”, section "Fees and costs" of the prospectus. Note 9 - All-in fees The All-in fee is calculated on the basis of the average daily NAV of the share class of the relevant sub-fund and is payable in arrears on a monthly or quarterly basis. This charge includes in particular the Management Company, Custodian, Central Administration and Investment Management fee. It is distributed by the Management Company and paid directly to the Custodian and/or the relevant service providers. The regular costs of a sub-fund included in the All-in Fee include the following: Expenses for regular legal and audit services in relation to day-to-day matters; the preparation and printing of the reports to the shareholders, the key investor information document and the Prospectus (including all adjustments and supplements), the annual reports and information brochures including all translation fees; all fees and reasonable costs of the members of the Board of Directors; the ongoing registration fees and other costs charged by supervisory authorities in various jurisdictions; insurance and the costs of the publication of the indicative NAV per Share within an exchange day and the daily NAV per Share; as well as the costs and cash expenses incurred by the individual service providers.


22

Note 9 - All-in fees (continued) 1) For Money Market Subfund The following additional costs and expenses are also included in the All-in Fee: Formation costs not yet amortised, ongoing sublicensing commissions payable by the Company to the Management Company, all taxes and other tax-related expenses that may be imposed on the Company and/or the costs and commissions required for maintaining the listing of the Shares in a sub-fund on the relevant stock exchange or any other listing (“Ongoing Listing Costs”). The Company incur other costs that are not included in the All-in fee and that have to be paid by the Company out of the assets of the relevant share class or sub-fund (“Other Costs”). For instance, the following costs and expenses are not included in the All-in fee: - any value added tax or similar sales or service duties payable by the Company (“VAT”) (“Other Taxes and Duties”), - the annual Luxembourg tax (the “taxe d’abonnement”), - all costs and expenses incurred in connection with the purchase and sale of securities or other assets of a sub-fund, e.g. brokerage commissions and commissions by correspondents in relation to the transfer of securities or other investments (“Transaction costs”), - all costs and commissions incurred outside the regular business activity of a sub-fund (e.g. costs for legal advice in the event that a sub-fund enforces or defends a claim) (“Extraordinary Costs”). The sum of these other costs (the so-called “limited other costs”) charged to a share class or sub-fund may not exceed 0.05% (i.e. five base points) of the NAV of the relevant sub-fund per year. If the limited other costs do exceed the maximum amount, the Management Company will bear such additional costs.

Sub-Fund Share Class Current All-in fee Commerzbank Geldmarkt EUR-SGB 0.15% p.a.

2) For Bond Plus Subfunds The following additional costs and expenses are also included in the All-in Fee: Formation costs not yet amortised, ongoing sublicensing commissions payable by the Company to the Management Company, all taxes and other tax-related expenses that may be imposed on the Company, e.g., if applicable, the annual Luxembourg tax (the “taxe d’abonnement”) and/or the costs and commissions required for maintaining the listing of the Shares in a sub-fund on the relevant stock exchange or any other listing. The Company will incur other costs that are not included in the All-in Fee and that may have to be paid by the Company out of the assets of the relevant share class or Subfund (“Other Costs”). For instance, the following costs and expenses are not included in the All-in Fee: - any value added tax or similar sales or service duties payable by the Company (“VAT”) (“Other Taxes and Duties”), - all costs and expenses incurred in connection with the purchase and sale of securities or other assets of a sub-fund, e.g. brokerage commissions and commissions by correspondents in relation to the transfer of securities or other investments (“Transaction costs”), - all costs and commissions incurred outside the regular business activity of a sub-fund (e.g.costs for legal advice in the event that a sub-fund enforces or defends a claim) (“Extraordinary Costs”).

Sub-funds Share Class Current All-in fees Commerzbank Strategiefonds Marktneutral EUR 0.70% p.a. EUR D 0.55% p.a. Commerzbank Strategiefonds Währungen A 0.75% p.a.

Note 10 - Investor Protection Premium The Investor Protection Premium ensures that these costs are carried by the investor for whom the Transaction is concluded, thus protecting existing shareholders. The premium is credited to the Fund assets via the Company upon issue of new Shares. The amount is governed by the prevailing bid/offer spread, and may total up to 0.10% of the Net Asset Value on the most recent valuation date. Without the Investor Protection Premium, the costs incurred by the Company for the purchase of these assets would have to be carried by the existing shareholders. Qualified Participants purchase Shares at the prevailing Net Asset Value on the most recent valuation date, plus the relevant Investor Protection Premium for issue of said Shares. For the purchase of Shares under an Issuing Procedure, the Distributor may partially or completely waive the Investor Protection Premium.


23

Note 11 - Performance fees For Commerzbank Strategiefonds Marktneutral, the Management Company charges in respect of the Share Class EUR D a performance fee (“Performance Fee”). The current Performance Fee is calculated as 15% of the difference between the change in value of the Net Asset Value of the relevant Share class within the Subfund (before deduction of any Performance Fee) and the change in value of the benchmark which accrues interest of 1-month Euribor plus 200 basis points p.a. on each Valuation Date during the period. As at June 30, 2014, no performance has been booked during the period. Note 12 - Professional fees As at June 30, 2014, the caption “Professional fees” includes Audit fees. Note 13 - Other charges As at June 30, 2014, the caption “Other charges” includes mainly Transfer agent fees and CSSF fees. Note 14 - Swaps contracts As at June 30, 2014, the following swaps contracts were open:

For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) The types of collateral received are composed of German Government Bonds. Type of contracts Maturity Currency Nominal

in currency Counterparty Receiver leg

underlying Payer leg Unrealised

appreciation in GBP

SKANDIA SHIELD SUBFUND - PROTECTION SWAP 16/11/2020 GBP 37,647,426.22 Commerzbank AG Commerzbank Skandia Shield Strategy Skandia Shield Basket 1,288,226.03 SKANDIA SHIELD SUBFUND - TOTAL RETURN SWAP 16/11/2020 GBP 37,647,426.22 Commerzbank AG Commerzbank Skandia Shield Strategy Skandia Shield Basket 96,465.51

Total 1,384,691.54

The amount of collateral received is EUR 2,051,798.57. Protection Swap: The Swap provides 80% protection of the highest daily (historical) net asset value of the Subfund. Total Return Swap: The Underlying will be exposed to a diversified basket of global equity and bond assets (“Basket”) and to a money market component that is represented by the current BBA Overnight Libor Sterling Rate. Note 15 - Options contracts As at June 30, 2014, the following options contracts were open: For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) As at June 30, 2014, no collateral is held by the Fund.

Description Number of

contracts

Currency Strike Counterparty Market value GBP

Commitment Unrealised appreciation/(depreciation)

GBP

Maturity date

CALL FTSE 100 INDEX 532.00 GBP 2,400 Commerzbank AG 22,840,364.51 12,768,000.00 (503,795.49) 19/09/2014

CALL FTSE 100 INDEX (532.00) GBP 9,600 Commerzbank AG (3.72) 51,072,000.00 2,656.28 19/09/2014

PUT FTSE 100 INDEX (532.00) GBP 2,400 Commerzbank AG (0.53) 12,768,000.00 2,659.47 19/09/2014

PUT FTSE 100 INDEX 532.00 GBP 9,600 Commerzbank AG 15,449,548.13 51,072,000.00 500,348.13 19/09/2014

Total 38,289,908.39 1,868.39


24

Note 15 - Options contracts (continued) For Commerzbank Strategiefonds Marktneutral As at June 30, 2014, no collateral is held by the Fund.

Description Number of

contracts

Currency Strike Counterparty Market value EUR

Commitment Unrealised appreciation/(depreciation)

EUR

Maturity date

CALL DAX INDEX - OPTION 50.00 EUR 10,000 Commerzbank AG 27,875.00 2,500,000.00 (28,575.00) 15/08/2014


CALL DAX INDEX - OPTION (50.00) EUR 10,050 Commerzbank AG (7,900.00) 2,512,500.00 730.00 18/07/2014



CALL DAX INDEX - OPTION 100.00 EUR 9,850 Commerzbank AG 130,850.00 4,925,000.00 1,125.00 19/09/2014

PUT DAX INDEX - OPTION 190.00 EUR 9,900 Commerzbank AG 193,040.00 9,405,000.00 (42,417.50) 15/08/2014

PUT DAX INDEX - OPTION 20.00 EUR 10,000 Commerzbank AG 32,130.00 1,000,000.00 4,630.00 19/09/2014

PUT DAX INDEX - OPTION 100.00 EUR 9,850 Commerzbank AG 126,100.00 4,925,000.00 1,900 19/09/2014

PUT DAX INDEX - OPTION 50.00 EUR 10,000 Commerzbank AG 116,400.00 2,500,000.00 12,225.00 19/12/2014

Total 881,090.00 (206,090.00)

Note 16 - Forward foreign exchange contracts As at June 30, 2014, the following Forward foreign exchange contracts were open: For Commerzbank Strategiefonds Währungen As at June 30, 2014, no collateral is held by the Fund.

Purchase Sale Counterparty Commitment in EUR

Unrealised appreciation/(depreciation)

EUR

Maturity date

4,150,000.00 EUR 5,045,362.50 CHF Commerzbank AG 4,150,000.00 (3,766.67) 14/09/2014 6,067,341.50 AUD 4,150,000.00 EUR Commerzbank AG 4,150,000.00 (3,556.50) 14/09/2014 6,394,112.50 BRL 2,075,000.00 EUR Commerzbank AG 2,075,000.00 (397.21) 14/09/2014

34,704,375,000.00 IDR 2,075,000.00 EUR Commerzbank AG 2,075,000.00 42,552.23 14/09/2014 172,640,000.00 INR 2,075,000.00 EUR Commerzbank AG 2,075,000.00 1,638.35 14/09/2014

34,806,440.10 NOK 4,150,000.00 EUR Commerzbank AG 4,150,000.00 (21,771.03) 14/09/2014 6,545,056.30 NZD 4,150,000.00 EUR Commerzbank AG 4,150,000.00 784.30 14/09/2014

97,494,497.50 RUB 2,075,000.00 EUR Commerzbank AG 2,075,000.00 (19,474.54) 14/09/2014 6,159,056.50 TRY 2,075,000.00 EUR Commerzbank AG 2,075,000.00 10,538.64 14/09/2014

30,417,259.00 ZAR 2,075,000.00 EUR Commerzbank AG 2,075,000.00 (8,704.73) 14/09/2014

4,150,000.00 EUR 575,634,050.00 JPY Commerzbank AG 4,150,000.00 (5,390.14) 14/09/2014

Total (7,547.30)

Note 17 - Accrued expenses As at June 30, 2014, the caption “Accrued expenses” is detailed below: For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) Management fees 121,034.95 Administration fees 9,504.06 Taxe d’abonnement 5,077.96 Professional fees 5,091.73 Transfer agent 2,135.68


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Note 17 - Accrued expenses (continued) For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) (continued) Custodian fees 972.92 Domiciliation fees 334.90 Capitalised CSSF fees (outstanding amortisation) (607.13)

GBP 143,545.07 The fees are included in the Statement of Net Assets. Note 18 - Other receivable As at June 30, 2014 the caption “Other receivable” is detailed below: For Old Mutual Shield Subfund (formerly Skandia Shield Subfund) Rebates receivable 11,464.83

GBP 11,464.83 Note 19 - Other income As at June 30, 2014, the caption “Other income” includes an adjustment due to a revised NAV and an adjustment on audit fees for Old Mutual Shield Subfund (formerly Skandia Shield Subfund). Note 20 - Transaction costs For the period ended June 30, 2014, the Company incurred transaction costs which have been defined as brokerage fees, certain taxes and certain custodian fees relating to the purchase and sale of transferable securities, money market instruments or other eligible assets. All these costs are included in the caption “Transaction costs”. For Commerzbank Geldmarkt, the transaction costs incurred in the period were covered by the Management Company, Commerz Funds Solutions S.A. For this reason, no transaction costs are incurred in the Fund. Note 21 - Dividend distribution During the period from January 1, 2014 to June 30, 2014 the Company distributed the following dividends: Fund Share Class Ex-date Total dividend

per share Total dividend in EUR

Commerzbank Geldmarkt EUR-SGB 30/04/2014 5.411900 232,711.70 Note 22 - Cross sub-funds investment (art. 181 of the amended Law of December 17, 2010)

Cross sub-funds investment envisages that any sub-fund created within an undertaking for collective investment (UCI) with multiple sub-funds may invest in one or more other sub-funds of the same UCI. This allows a single legal structure with cross sub-funds investment to subscribe for, acquire and hold within the same UCI. During the period ended June 30, 2014, the following cross sub-fund investment was processed: - Commerzbank Strategiefonds Währungen invests in Commerzbank Geldmarkt. For the period ended on June 30, 2014, no duplication of subscription or repurchase fees exists in the sub-fund Commerzbank Strategiefonds Währungen.


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Note 23 - Risk Management The global exposure and the leverage level of the “Commerzbank Geldmarkt” are determined by using the commitment approach. The maximum overall risk permitted by law is limited to 210% of the net assets of the Company. The expected total exposure is 110%, and comprises investment risk of 100% and short-term borrowing risk of 10%. The global exposure and the leverage level of the “Old Mutual Shield Subfund (formerly Skandia Shield Subfund)” are determined by using the commitment approach. The maximum overall risk permitted by law is limited to 210% of the net assets of the Company. The expected total exposure is 110%, and comprises investment risk of 100% and short-term borrowing risk of 10%. The global exposure and the leverage level for the Subfund “Commerzbank Strategiefonds Marktneutral” is determined by using the commitment approach. The maximum overall risk permitted by law is limited to 210% of the net assets of the Company. The expected total exposure of the Subfund “Commerzbank Strategiefonds Marktneutral” is 150%, and comprises investment risk of 140% and short-term borrowing risk of 10%. The global exposure of the Subfund “Commerzbank Strategiefonds Währungen” is determined by using the absolute value-at-risk approach. The value-at-risk determines as a percentage the statistically expected maximum loss in value on all assets held by the Subfund which will not be exceeded with a predetermined probability over a certain holding period. The leverage level is limited to 250% and is determined on the basis of the total nominal amounts of the used derivatives. However the realised leverage level might be higher as the expected leverage level. The leverage level is calculated in accordance with the CESR’s Guidelines on Risk Measurement and the Calculation of Global Exposure and Counterparty Risk for UCITS 10-788. Note 24 - Total Expense Ratio (TER) (unaudited) For the purpose of the calculation of TER, the subsidy in Note 8 has been taken into account in the production of an effective TER for all sub-funds concerned. For UK investors, the effective TER is calculated in line with FSA COLL 4 Annex 1. For the avoidance of doubt, the TER figures do not include the Calculation fee associated with the underlying strategy. The TER is annualised for periods less than one year. As at June 30, 2014: Old Mutual Shield Subfund (formerly Skandia Shield Subfund) GBP A 0.99 GBP C 0.99 Commerzbank Geldmarkt EUR-SGB 0.16 Commerzbank Strategiefonds Marktneutral EUR 0.74 EUR D 0.59 Commerzbank Strategiefonds Währungen A 0.79