Zurich Invest Common Contractual Fund

ZURICH INVEST COMMON CONTRACTUAL FUND

An open-ended common contractual fund established under the laws of Ireland and constituted as an umbrella fund with segregated liability between Funds and with variable capital pursuant to the European Communities (Undertaking for Collective Investment in Transferable Securities) Regulations 2011, as amended.

Annual Report and Audited Financial Statements for the financial year ended 30 November 2020 Zurich Invest Common Contractual Fund

Contents

Page

Directory 1

General Information 2

Investment Manager’s Report 3

Statement of Manager’s Responsibilities 4

Report of the Depositary to the Unitholders 5

Independent Auditors’ Report 6

Statement of Financial Position 8

Statement of Comprehensive Income 9

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 10

Statement of Cash Flows 11

Schedule of Investments 12

Notes to the Financial Statements 27

Supplemental Information (unaudited)

Significant Changes in Portfolio Composition (unaudited) 43

Appendix – Disclosure of Remuneration (unaudited) 45 Zurich Invest Common Contractual Fund

Directory

Board of Directors of the Manager Investment Manager

Michael Bishop (Chair) (British)* Deutsche Asset Management International GmbH Neil Clifford (Irish) Mainzer Landstraße 11-17 Teddy Otto (German) 60329 Frankfurt am Main Kevin Nolan (Irish) (Resigned 18 December 2019) Germany Dennis Murray (Irish) Sarah Murphy (Irish) David McGowan (Irish) (Appointed 12 February 2020)

*Independent Director

Registered Office Manager

2nd Floor, Block E Carne Global Fund Managers (Ireland) Limited Iveagh Court 2nd Floor, Block E Harcourt Road Iveagh Court Dublin 2 Harcourt Road Ireland Dublin 2 Registered number: C175698 Ireland

Irish Legal Advisor Administrator

A&L Goodbody (Ireland) Limited State Street Fund Services (Ireland) Limited International Financial Services Centre 78 Sir John Rogerson’s Quay North Wall Quay Dublin 2 Dublin 1 Ireland Ireland

Depositary Global Services Co-ordinator and Promoter

State Street Custodial Services (Ireland) Limited Zurich Invest Ltd 78 Sir John Rogerson’s Quay Hagenholzstrasse 60 Dublin 2 8050 Zurich Ireland Switzerland

Secretary Independent Auditors

Carne Global Financial Services Limited PricewaterhouseCoopers 2nd Floor, Block E One Spencer Dock Iveagh Court North Wall Quay Harcourt Road Dublin 1 Dublin 2 Ireland Ireland

1 Zurich Invest Common Contractual Fund

General Information Background to the Common Contractual Fund

The Zurich Invest Common Contractual Fund (the “CCF”) is an open-ended umbrella common contractual fund, constituted by a Deed of Constitution governed by the laws of Ireland and authorised under the Regulations by the Central Bank of Ireland (the “Central Bank”).

The CCF was constituted on 30 April 2018 by the Deed of Constitution entered into by Carne Global Fund Managers (Ireland) Limited (the “Manager”) and State Street Custodial Services (Ireland) Limited (the “Depositary”). As such, the CCF is not an incorporated entity and does not have a separate legal personality. Instead, it is simply a description of a form of undivided co- ownership by contractual arrangement whereby persons who acquire units and become legal unitholders in the CCF will have co- ownership rights to the property of the relevant Fund of the CCF and the income that is derived from such property.

The CCF is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).

Units may be issued in relation to each Fund. Different Classes of Units may also be issued in relation to any Fund subject to notifying and clearing in advance with the Central Bank of the creation of each Class of Units and the different Classes of Units available for issue in each Fund will be set out in a Supplement for the relevant Fund. The different Classes of Units in a Fund may have different charging structures, designation of units in different currencies or gains/losses on and costs of different financial instruments employed for currency hedging between the Base Currency of a Fund or the underlying assets of a Fund and the designated currency of the relevant Class of Units and the Minimum Initial Investment Amount and/or Minimum Additional Investment Amount therefore may also differ. The different Classes of Units within a Fund together represent interests in a single pool of assets of the Fund.

As an umbrella CCF with segregated liability between its funds, the Manager may create different funds from time to time. As at 30 November 2020, the CCF has established one Fund namely Zurich Invest US Equity Index CCF Fund (the “Fund”), which launched on 15 May 2018.

The Manager of the CCF is Carne Global Fund Managers (Ireland) Limited (the “Manager”), which in turn has appointed Deutsche Asset Management International GmbH as Investment Manager (the “Investment Manager”) of the Fund. The Manager has also appointed Zurich Invest Ltd as Global Services Co-ordinator (the “Global Services Co-ordinator”) of the Fund. Zurich Invest Ltd is a wholly owned subsidiary of Zurich Insurance Company Ltd.

Net Asset Value and Valuation of Assets The Net Asset Value (“NAV”) of the Fund is calculated by the Administrator as at the Valuation Point for each Dealing Day by valuing the assets of the Fund and deducting there from the liabilities of the Fund. The NAV of a Fund divided by the number of units of the relevant Fund in issue as at the relevant Valuation Point (where the resulting sum is rounded to two decimal places) is equal to the NAV of a unit of the relevant Fund. Where there is more than one class in issue in a Fund, the NAV per unit of the relevant class is calculated by determining that proportion of the NAV of the relevant Fund which is attributable to the relevant class at the Valuation Point, and by dividing this sum by the total number of units of the relevant class in issue at the relevant Valuation Point (which is set out in the supplement to the Prospectus for the relevant Fund). The price at which units of any class will be issued or redeemed on a Dealing Day, after the initial issue, is based on the NAV per unit or NAV per unit of a relevant Class (where there is more than one class in issue in a Fund). The NAV per unit is the resulting sum rounded to two decimal places.

Investment objective and policy

The investment objective of the Fund is to track, before fees and expenses, the return performance of the MSCI USA (NDR) Index (the “Index”). In order to seek to achieve its investment objective, the Investment Manager will aim to invest in the underlying equity and equity related securities of the Index in similar weighting given to such constituents in the Index. The Investment Manager may however also invest in a sample of Index constituents whose risk, return and other characteristics (including for example currency, sector and country exposure and/or liquidity) closely resemble the risk, return and other characteristics of the Index as a whole and in similar weighting given to such constituents in the Index. Therefore, while the Fund may from time to time invest in all (or most) constituents of the Index, it is not expected that at all times it will hold every constituent (or a similar weighting of any such constituent) of the Index.

Zurich Invest Common Contractual Fund

Investment Manager’s Report

Strong consumption and tight services sector at global level The global economy was stable during the fourth quarter despite renewed lockdowns and infection control measures. The recovery of the global economy was mainly driven by the manufacturing sector, which recorded a stable recovery, also reflected in strong trade activity. Nevertheless, the overall situation in the service sector remained tense.

US stock market hits all-time high The S&P 500 ended the year at an all-time high after a final spurt in the last two trading hours. The index rose 16.3% over the year as a whole. The NASDAQ 100 finished an even more impressive year with a 47.6% gain, its best performance since 2009 and more than doubling in the last two years. The services sector came under heavy pressure again in the fourth quarter, but in contrast, the manufacturing sector showed resilience. The situation on the labor market also improved further.

UK and EU agree free trade agreement After months of tough negotiations and the passing of several declared deadlines, the UK and the EU have agreed on a trade deal. Although the agreement has a relatively narrow scope, it will help mitigate the economic consequences of the UK's exit from the EU single market and customs union.

Strong monetary policy support in the euro zone The final months of 2020 saw some positive monetary policy developments for the eurozone. For example, the ECB announced a €500 billion increase in its Pandemic Emergency Purchase Program (PEPP), to a total of €1.85 trillion, and it extended the maturity of the program from mid-2021 to March 2022. It was also confirmed that the €750 billion Next Generation EU initiative will launch in 2021. The phased rollout of the NextGen EU fund should help support growth in the region.

Swiss economy remains stable The Swiss economy showed stability at the end of 2020, led by solid consumption and production data. Few lockdown measures continued to be imposed, leaving large parts of the economy open despite rising infection rates.

Third Corona Wave Hits Japan Hard The third COVID-19 wave in the final months of the year hit Japan hard, and the state of emergency declared in the greater Tokyo area is expected to dampen growth at the start of the year. The "Go To" campaign for travel and meal discounts was temporarily halted and mobility data confirmed a sharp decline that will be reflected in consumption. Further down the road, however, the economy should receive support from the recent stimulus package, encouraging export forecasts, and restocking of depleted inventories.

China's economy continues to gain momentum China's economy lost a little momentum in the third quarter after the export-driven boom. Export orders fell, albeit from high levels, while industrial activity in some provinces suffered from power shortages, due to colder weather and restrictions on CO2 emissions and coal imports. This was also reflected in the weaker manufacturing purchasing managers' index in December. However, China remains on a solid growth path and some normalization of monetary policy support is quite healthy for the economy.

Large price fluctuations in gold The price of gold fluctuated widely during the fourth quarter. These price fluctuations were triggered by partly opposing factors: low real yields and the weak US dollar boosted the gold price. Risk appetite in the equity market, on the other hand, dampened a significantly higher gold price.

Tracking error - Zurich Invest US Equity Index CCF Fund (unaudited) The tracking error is the annualised standard deviation of the difference between the monthly (or daily) returns of the Fund and the Index. As at 30 November 2020, the anticipated level of tracking error for the Fund is expected in normal market conditions not to exceed 1.00% of the Net Asset Value of the Fund per annum. The realised tracking error for the financial period ended 30 November 2020 is 0.08%.

Zurich Invest Ltd

January 2021

Zurich Invest Common Contractual Fund

Statement of Manager’s Responsibilities

The Manager is responsible for preparing the CCF's annual report and financial statements in accordance with applicable Irish law and regulations. The Manager has elected to prepare the financial statements in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union.

The financial statements are required by law to give a true and fair view of the state of affairs of the CCF and of the profit or loss of the CCF for that financial year.

In preparing these financial statements, the Manager is required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and estimates that are reasonable and prudent;

• state whether the financial statements have been prepared in accordance with applicable accounting standards and identify the standards in question, subject to any material departures from those standards being disclosed and explained in the notes to the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the CCF will continue in business.

The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the financial position of the CCF and enable it to ensure that the financial statements are prepared in accordance with IFRS as adopted by the European Union, and comply with the provisions of the Deed of Constitution and Irish Statute comprising the UCITS Regulations. In this regard the Manager has appointed State Street Fund Services (Ireland) Limited for the purpose of maintaining adequate accounting records. It is also responsible for safeguarding the assets of the CCF. In this regard it has entrusted the assets of the CCF to the Depositary. The Manager has appointed State Street Custodial Services (Ireland) Limited as Depositary. The Manager has a general responsibility for taking such steps as are reasonably open to it to prevent and detect fraud and other irregularities.

The financial statements are published on the website www.carnegroup.com/zurich. The Manager, together with the Investment Manager, is responsible for the maintenance and integrity of the website as far as it relates to the publication of the financial statements of the CCF. Legislation in Ireland governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Dealings with Connected Persons Regulation 43 of the UCITS Regulations “Restrictions on transactions with connected persons” states that “A responsible person shall ensure that any transaction between a UCITS and a connected person is a) conducted at arm’s length; and b) in the best interest of the unit-holders of the UCITS”.

As required under Central Bank’s UCITS Regulation 81.4, the Board of Directors of the Manager as the responsible person, is satisfied that (a) there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are prescribed by Regulation 43(1) are applied to all transactions with a connected person; and (b) all transactions with connected persons that were entered into during the financial period to which the report relates complied with the obligations that are prescribed by Regulation 43(1).

On behalf of the Board of the Manager

______Director Director

23 March 2021

4 Zurich Invest Common Contractual Fund

Report of the Depositary to the Unitholders of Zurich Invest Common Contractual Fund

We have enquired into the conduct of the Manager in respect of Zurich Invest Common Contractual Fund (‘the CCF’) for the financial year ended 30 November 2020, in our capacity as Depositary to the CCF.

This report including the opinion has been prepared for and solely for the Unitholders in the CCF as a body, in accordance with Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.

Responsibilities of the Depositary Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those duties is to enquire into the conduct of the CCF in each annual accounting period and report thereon to the unitholders.

Our report shall state whether, in our opinion, the CCF has been managed in that financial period in accordance with the provisions of the CCF’s Deed of Constitution and the UCITS Regulations. It is the overall responsibility of the CCF to comply with these provisions. If the CCF has not so complied, we as Depositary must state why this is the case and outline the steps which we have taken to rectify the situation.

Basis of Depositary’s Opinion The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the CCF has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of the CCF’s Deed of Constitution and the UCITS Regulations and (ii) otherwise in accordance with the CCF’s constitutional documentation and the appropriate regulations.

Opinion In our opinion, the CCF has been managed during the financial period, in all material respects:

(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the Depositary by the Deed of Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the Central Bank UCITS Regulations’); and

(ii) otherwise in accordance with the provisions of the Deed of Constitution, the UCITS Regulations and the Central Bank UCITS Regulations.

State Street Custodial Services (Ireland) Limited 78 Sir John Rogerson’s Quay Dublin 2 Ireland

23 March 2021

Independent auditors’ report to the unitholders of Zurich Invest Common Contractual Fund

Report on the audit of the financial statements

Opinion In our opinion, Zurich Invest Common Contractual Fund’s financial statements: • give a true and fair view of the Common Contractual Fund’s assets, liabilities and financial position as at 30 November 2020 and of its results and cash flows for the year then ended; • have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as adopted by the European Union; and • have been properly prepared in accordance with the requirements of the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended). We have audited the financial statements, included within the Annual Report and Audited Financial Statements, which comprise: • the Statement of Financial Position as at 30 November 2020; • the Statement of Comprehensive Income for the year then ended; • the Statement of Cash Flows for the year then ended; • the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders for the year then ended; • the Schedule of Investments as at 30 November 2020; and • the notes to the financial statements, which include a description of the significant accounting policies.

Basis for opinion We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and applicable law. Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We remained independent of the Common Contractual Fund in accordance with the ethical requirements that are relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.

Conclusions relating to going concern We have nothing to report in respect of the following matters in relation to which ISAs (Ireland) require us to report to you where: • the manager’s use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or • the manager has not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Common Contractual Fund’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue. However, because not all future events or conditions can be predicted, this statement is not a guarantee as to the Common Contractual Fund’s ability to continue as a going concern.

Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities.

Responsibilities for the financial statements and the audit Responsibilities of the manager for the financial statements As explained more fully in the Statement of Manager’s Responsibilities set out on page 4, the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view. The manager is also responsible for such internal control as the manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the manager is responsible for assessing the Common Contractual Fund’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f-a98202dc9c3a/Description_of_auditors_responsibilities_for _audit.pdf. This description forms part of our auditors’ report. Use of this report This report, including the opinion, has been prepared for and only for the unitholders as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing.

PricewaterhouseCoopers Chartered Accountants and Registered Auditors Cork 30 March 2021

Zurich Invest Common Contractual Fund

Statement of Financial Position As at 30 November 2020

Zurich Invest Zurich Invest Notes US Equity Index CCF US Equity Index CCF 30 November 2020 30 November 2019 USD USD Assets Financial assets held at fair value through profit or loss: Transferable securities 2 687,398,308 646,494,421 Cash and cash equivalents 2 363,538 288,699 Dividend receivables 868,346 1,037,951 Total assets 688,630,192 647,821,071

Liabilities Payable for fund shares repurchased (303,550) - Operating fees payable (38,493) (36,755) Transaction fees payable (1,470) (18,157) Total liabilities (343,513) (54,912) Net assets attributable to redeemable participating unitholders 688,286,679 647,766,159

On behalf of the Board of the Manager

Director Director

23 March 2021

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

Zurich Invest Common Contractual Fund

Statement of Comprehensive Income For the financial year ended 30 November 2020

Zurich Invest Zurich Invest Notes US Equity Index CCF US Equity Index CCF 30 November 2020 30 November 2019 USD USD Income Dividend income 2 11,365,678 14,468,492 Other income 1,139 5,538 Net gain on financial assets at fair value through profit or loss 105,676,042 101,186,909 Total investment income 117,042,859 115,660,939

Operating expenses Operating fees (437,150) (425,763) Transaction fees (4,098) (34,570) Other fees - (29,174)

Total operating expenses (441,248) (489,507)

Finance cost Interest expense (1,427) (8,835) Distributions 8 (3,484,449) (3,411,047)

Total finance cost (3,485,876) (3,419,882)

Net gain on financial assets from operations before taxation 113,115,735 111,751,550

Withholding tax (1,756,338) (2,349,821)

Changes in net assets attributable to redeemable participating unitholders resulting from operations 111,359,397 109,401,729

There are no recognised gains or losses arising during the financial year other than those dealt with in the Statement of Comprehensive Income. In arriving at the results for the financial year all amounts relate to continuing operations.

The accompanying notes form an integral part of these audited annual financial statements.

Zurich Invest Common Contractual Fund

Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders For the financial year ended 30 November 2020

Zurich Invest Zurich Invest Notes US Equity Index CCF US Equity Index CCF 30 November 2020 30 November 2019 USD USD Net assets attributable to redeemable participating Unitholders at the beginning of the financial year 647,766,159 793,161,878

Changes in net assets attributable to redeemable participating Unitholders resulting from operations 111,359,397 109,401,729

Share transactions Issue of units 6 48,152 81,753,436 Redemption of units 6 (70,887,029) (336,550,884)

Net decrease in net assets attributable to holders of redeemable participating units from capital transactions (70,838,877) (254,797,448)

Net increase/(decrease) in net assets attributable to holders of redeemable participating units during the financial year 40,520,520 (145,395,719)

Net assets attributable to holders of redeemable participating units at the end of the financial year 688,286,679 647,766,159

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

Zurich Invest Common Contractual Fund

Statement of Cash Flows For the financial year ended 30 November 2020

Zurich Invest Zurich Invest US Equity Index CCF US Equity Index CCF 30 November 2020 30 November 2019 USD USD Cash flows from operating activities Changes in net assets attributable to holders of redeemable participating shares 111,359,397 109,401,729

Adjustments for: Net mo vement in financial assets and financial liabilities at fair value through profit or loss (40,903,887) (72,010,596) Net movement in other assets and receivables 169,605 1,069,959 Net movement on other liabilities and accrued expenses (14,949) (757,211) Net cash (outflow) operating activities 70,610,166 37,703,881

Cash flows from financing activities Proceeds from issue of redeemable participating units 48,152 81,753,436 Payments for redeemable participating units redeemed (70,583,479) (120,206,951) Net cash inflow from financing activities (70,535,327) (38,453,515)

Net increase in cash and cash equivalents 74,839 (749,634)

Reconciliation of cash movement during the financial year/period Net cash at the beginning of the financial year/period 288,699 1,038,333 Net cash at the end of the financial year/period 363,538 288,699

*Due to the termination of the Master-Feeder structure on 5 July 2019, there was a non-cash redemption of shares and sale of securities for the financial year ended 30 November 2019, with a value of USD 216,343,933, which is not included in the Statement of Cash Flows.

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

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund Schedule of Investments as at 30 November 2020

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) Equities (99.87%) (30 November 2019: 99.80%) Bermuda (0.38%) (30 November 2019: 0.43%) 7,792 Arch Capital Group Ltd 250,863 0.04 2,445 Athene Holding Ltd 108,436 0.02 5,381 Axalta Coating Systems Ltd 153,950 0.02 3,385 Bunge Ltd 199,343 0.03 755 Everest Re Group Ltd 171,634 0.02 7,973 IHS Markit Ltd 792,995 0.12 8,066 Invesco Ltd 130,911 0.02 13,514 Marvell Technology Group Ltd 625,563 0.09 945 RenaissanceRe Holdings Ltd 155,585 0.02 2,589,280 0.38

Canada (0.08%) (30 November 2019: 0.09%) 5,400 Waste Connections Inc 561,492 0.08 561,492 0.08

Curacao (0.09%) (30 November 2019: 0.18%) 30,645 Schlumberger Ltd 637,110 0.09 637,110 0.09

Ireland (2.13%) (30 November 2019: 2.34%) 13,232 Accenture Plc 3,295,958 0.47 2,183 Allegion Plc 248,949 0.04 4,881 Aon Plc 1,000,068 0.15 8,588 Eaton Corp Plc 1,040,093 0.15 1,046 Jazz Pharmaceuticals Plc 147,183 0.02 15,611 Johnson Controls International Plc 718,730 0.1 0 11,111 Linde Plc 2,849,083 0.41 28,310 Medtronic Plc 3,218,847 0.47 2,696 Pentair Plc 139,707 0.02 3,080 Perrigo Co Plc 148,518 0.02 4,269 Seagate Technology Plc 251,060 0.04 1,736 Steris Plc 336,454 0.05 4,949 Trane Technologies Plc 723,742 0.11 2,644 Willis Towers Watson Plc 550,454 0.08 14,668,846 2.13

Jersey (0.16%) (30 November 2019: 0.15%) 33,143 Amcor Plc 375,510 0.05 5,971 Aptiv Plc 708,758 0.11 1,084,268 0.16

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) Liberia (0.04%) (30 November 2019: 0.07%) 3,786 Royal Caribbean Cruises Ltd 298,375 0.04 298,375 0.04

Netherlands (0.21%) (30 November 2019: 0.12%) 6,027 LyondellBasell Industries NV 512,898 0.07 5,935 NXP Semiconductors NV 940,222 0.14 1,453,120 0.21

Panama (0.03%) (30 November 2019: 0.07%) 9,482 Carnival Corp 189,450 0.03 189,450 0.03

Singapore (Nil) (30 November 2019: 0.02%)

Switzerland (0.37%) (30 November 2019: 0.41%) 9,546 Chubb Ltd 1,411,185 0.20 3,153 Garmin Ltd 368,144 0.05 7,001 TE Connectivity Ltd 797,904 0.12 2,577,233 0.37

United Kingdom (0.08%) (30 November 2019: 0.30%) 3,748 Liberty Global Plc Class A 84,405 0.01 7,627 Liberty Global Plc Class C 165,048 0.02 7,879 Nielsen Holdings Plc 127,403 0.02 3,547 Sensata Technologies Holding Plc 173,201 0.03 550,057 0.08

United States (96.30%) (30 November 2019: 95.60%) 12,250 3M Co 2,115,943 0.31 37,471 Abbott Laboratories 4,055,112 0.59 37,512 AbbVie Inc 3,923,005 0.57 966 Abiomed Inc 264,781 0.04 16,055 Activision Blizzard Inc 1,276,051 0.19 10,145 Adobe Inc 4,854,078 0.71 1,372 Advance Auto Parts Inc 202,644 0.03 24,877 Advanced Micro Devices Inc 2,305,103 0.33 14,965 AES Corp 305,885 0.04 15,040 Aflac Inc 660,707 0.10 6,825 Agilent Technologies Inc 797,843 0.12 12,802 AGNC Investment Corp 195,615 0.03 4,656 Air Products & Chemicals Inc 1,304,332 0.19 3,378 Akamai Technologies Inc 349,657 0.05 2,005 Albemarle Corp 272,620 0.04 2,584 Alexandria Real Estate Equities Inc 423,078 0.06 4,709 Alexion Pharmaceuticals Inc 575,016 0.08 1,593 Align Technology Inc 766,695 0.11

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 260 Alleghany Corp 149,552 0.02 5,460 Alliant Energy Corp 287,196 0.04 6,834 Allstate Corp 699,460 0.10 6,323 Ally Financial Inc 187,477 0.03 2,288 Alnylam Pharmaceuticals Inc 297,234 0.04 6,355 Alphabet Inc Class A 11,149,211 1.62 6,436 Alphabet Inc Class C 11,332,122 1.65 5,861 Altice USA Inc 198,805 0.03 39,207 Altria Group Inc 1,561,615 0.23 9,008 Amazon.com Inc 28,537,703 4.14 217 Amerco 89,888 0.01 5,082 Ameren Corp 395,278 0.06 10,600 American Electric Power Co Inc 899,834 0.13 14,585 American Express Co 1,729,635 0.25 1,703 American Financial Group Inc 152,265 0.02 17,656 American International Group Inc 678,697 0.10 9,332 American Tower Corp 2,157,558 0.31 3,835 American Water Works Co Inc 588,212 0.09 2,704 Ameriprise Financial Inc 500,889 0.07 3,299 AmerisourceBergen Corp 340,160 0.05 5,138 Ametek Inc 609,007 0.09 12,456 Amgen Inc 2,765,730 0.40 6,245 Amphenol Corp 816,908 0.12 7,808 Analog Devices Inc 1,085,937 0.16 32,090 Annaly Capital Management Inc 256,720 0.04 1,867 Ansys Inc 631,158 0.09 5,362 Anthem Inc 1,670,370 0.24 2,402 AO Smith Corp 135,257 0.02 3,898 Apollo Global Management Inc 170,031 0.02 367,037 Apple Inc 43,695,754 6.34 19,482 Applied Materials Inc 1,606,875 0.23 5,621 Aramark 196,735 0.03 11,808 Archer -Daniels -Midland Co 587,684 0.09 1,148 Arista Networks Inc 310,764 0.05 1,437 Arrow Electronics Inc 131,701 0.02 4,046 Arthur J Gallagher & Co 466,949 0.07 1,281 Assurant Inc 165,403 0.02 151,173 AT&T Inc 4,346,224 0.63 2,635 Atmos Energy Corp 252,670 0.04 4,659 Autodesk Inc 1,305,592 0.19 1,870 Autoliv Inc 166,524 0.02 9,145 Automatic Data Processing Inc 1,590,133 0.23 478 AutoZone Inc 543,797 0.08 1,667 Avalara Inc 286,307 0.04 2,981 AvalonBay Communities Inc 496,605 0.07

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 11,014 Avantor Inc 300,462 0.04 1,976 Avery Dennison Corp 295,096 0.04 14,818 Baker Hughes a GE Co 277,393 0.04 6,693 Ball Corp 642,595 0.09 165,062 Bank of America Corp 4,648,146 0.68 16,743 Bank of New York Mellon Corp 654,986 0.10 11,032 Baxter International Inc 839,204 0.12 6,022 Becton Dickinson and Co 1,414,206 0.21 29,472 Berkshire Hathaway Inc 6,746,436 0.98 5,103 Best Buy Co Inc 555,206 0.08 3,348 Biogen Inc 804,089 0.12 3,946 BioMarin Pharmaceutical Inc 310,550 0.05 522 Bio -Rad Laboratories Inc 281,097 0.04 2,954 Black Knight Inc 270,645 0.04 3,240 BlackRock Inc 2,262,654 0.33 14,003 Blackstone Group Inc 833,879 0.12 11,336 Boeing Co 2,388,609 0.35 866 Booking Holdings Inc 1,756,638 0.26 2,805 Booz Allen Hamilton Holding Corp 243,446 0.04 4,611 BorgWarner Inc 179,137 0.03 3,226 Boston Properties Inc 316,664 0.05 30,743 Boston Scientific Corp 1,019,130 0.15 46,757 Bristol -Myers Squibb Co 2,917,637 0.42 8,461 Broadcom Inc 3,397,768 0.49 2,325 Broadridge Financial Solutions Inc 341,496 0.05 5,609 Brown & Brown Inc 252,573 0.04 6,619 Brown -Forman Corp 533,889 0.08 1,329 Burlington Stores Inc 290,440 0.04 103 Cable One Inc 204,009 0.03 7,033 Cabot Oil & Gas Corp 123,218 0.02 6,147 Cadence Design Systems Inc 714,896 0.10 2,159 Camden Property Trust 213,374 0.03 4,035 Campbell Soup Co 201,831 0.03 9,679 Capital One Financial Corp 828,910 0.12 5,810 Cardinal Health Inc 317,168 0.05 3,104 Carlyle Group Inc 88,185 0.01 3,507 CarMax Inc 327,834 0.05 17,573 Carrier Global Corp 669,004 0.10 3,513 Catalent Inc 337,740 0.05 11,334 Caterpillar Inc 1,967,469 0.29 2,289 Cboe Global Markets Inc 209,031 0.03 7,406 CBRE Group Inc 452,803 0.07 3,061 CDK Global Inc 146,622 0.02 3,132 CDW Corp 408,695 0.06 2,623 Celanese Corp 339,233 0.05

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 12,225 Centene Corp 753,671 0.11 11,715 CenterPoint Energy Inc 271,671 0.04 18,375 CenturyLink Inc 192,019 0.03 6,766 Cerner Corp 506,367 0.07 3,617 CF Industries Holdings Inc 134,914 0.02 2,548 CH Robinson Worldwide Inc 239,436 0.03 32,497 Charles Schwab Corp 1,585,204 0.23 3,034 Charter Communications Inc 1,978,138 0.29 4,479 Cheniere Energy Inc 253,915 0.04 40,933 Chevron Corp 3,568,539 0.52 553 Chipotle Mexican Grill Inc 713,055 0.10 5,181 Church & Dwight Co Inc 454,736 0.07 7,766 Cigna Corp 1,624,181 0.24 3,037 Cincinnati Financial Corp 231,875 0.03 1,895 Cintas Corp 673,294 0.10 89,481 Cisco Systems Inc 3,849,473 0.56 44,699 Citigroup Inc 2,461,574 0.36 7,858 Citizens Financial Group Inc 256,642 0.04 2,615 Citrix Systems Inc 324,051 0.05 2,632 Clorox Co 534,191 0.08 7,762 CME Group Inc 1,358,583 0.20 5,595 CMS Energy Corp 344,316 0.05 86,605 Coca -Cola Co 4,468,818 0.65 3,235 Cognex Corp 243,078 0.04 11,313 Cognizant Technology Solutions Corp 883,885 0.13 16,959 Colgate -Palmolive Co 1,452,369 0.21 96,512 Comcast Corp 4,848,763 0.70 2,973 Comerica Inc 146,272 0.02 9,975 Conagra Brands Inc 364,686 0.05 4,543 Concho Resources Inc 261,132 0.04 22,800 ConocoPhillips 901,968 0.13 6,869 Consolidated Edison Inc 523,761 0.08 3,531 Constellation Brands Inc 726,821 0.11 1,049 Cooper Cos Inc 351,646 0.05 4,538 Copart Inc 523,912 0.08 16,372 Corning Inc 612,640 0.09 15,829 Corteva Inc 606,567 0.09 810 CoStar Group Inc 737,562 0.11 9,386 Costco Wholesale Corp 3,677,153 0.53 1,499 Coupa Software Inc 493,036 0.07 2,808 Crowdstrike Holdings Inc 430,410 0.06 8,837 Crown Castle International Corp 1,480,816 0.22 3,082 Crown Holdings Inc 290,479 0.04 16,435 CSX Corp 1,479,972 0.22 3,219 Cummins Inc 744,136 0.11 28,003 CVS Health Corp 1,898,323 0.28

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 13,503 Danaher Corp 3,033,179 0.44 2,763 Darden Restaurants Inc 298,349 0.04 2,371 Datadog Inc 234,539 0.03 1,723 DaVita Inc 189,272 0.03 6,411 Deere & Co 1,677,246 0.24 5,387 Dell Technologies Inc Class V 371,865 0.05 2,408 Delta Air Lines Inc 96,922 0.01 5,200 Dentsply Sirona Inc 264,628 0.04 1,967 DexCom Inc 628,811 0.09 3,439 Diamondback Energy Inc 137,422 0.02 5,496 Digital Realty Trust Inc 740,586 0.11 6,250 Discover Financial Services 476,063 0.07 3,610 Discovery Inc Class A 97,145 0.01 7,151 Discovery Inc Class C 171,767 0.02 5,167 DISH Network Corp Class A 185,340 0.03 3,597 DocuSign Inc 819,684 0.12 5,267 Dollar General Corp 1,151,261 0.17 4,801 Dollar Tree Inc 524,461 0.08 17,754 Dominion Energy Inc 1,393,511 0.20 848 Domino's Pizza Inc 332,899 0.05 3,093 Dover Corp 377,439 0.05 15,256 Dow Inc 808,721 0.12 7,555 DR Horton Inc 562,848 0.08 4,537 Dropbox Inc 90,604 0.01 4,183 DTE Energy Co 526,263 0.08 15,818 Duke Energy Corp 1,465,696 0.21 7,091 Duke Realty Corp 269,883 0.04 15,379 DuPont de Nemours Inc 975,644 0.14 2,843 Dynatrace Inc 108,091 0.02 2,448 East West Bancorp Inc 104,579 0.02 2,700 Eastman Chemical Co 262,980 0.04 15,087 eBay Inc 760,837 0.11 5,424 Ecolab Inc 1,204,942 0.18 7,511 Edison International 460,875 0.07 13,353 Edwards Lifesciences Corp 1,120,183 0.16 8,450 Elanco Animal Health Inc 258,486 0.04 6,094 Electronic Arts Inc 778,509 0.11 18,286 Eli Lilly & Co 2,663,356 0.39 12,474 Emerson Electric Co 958,253 0.14 4,492 Entergy Corp 488,954 0.07 11,733 EOG Resources Inc 550,043 0.08 1,140 EPAM Systems Inc 367,456 0.05 2,513 Equifax Inc 419,420 0.06 1,830 Equinix Inc 1,276,956 0.19 9,885 Equitable Holdings Inc 250,881 0.04

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 3,370 Equity LifeStyle Properties Inc 197,448 0.03 7,915 Equity Residential 458,437 0.07 381 Erie Indemnity Co 85,957 0.01 5,076 Essential Utilities Inc 229,841 0.03 1,436 Essex Property Trust Inc 353,084 0.05 4,847 Estee Lauder Cos Inc 1,189,066 0.17 4,434 Evergy Inc 245,688 0.04 6,816 Eversource Energy 596,468 0.09 3,235 Exact Sciences Corp 391,629 0.06 21,350 Exelon Corp 876,845 0.13 2,782 Expedia Group Inc 346,331 0.05 3,649 Expeditors International of Washington Inc 326,111 0.05 2,526 Extra Space Storage Inc 284,756 0.04 88,067 Exxon Mobil Corp 3,357,995 0.49 1,349 F5 Networks Inc 219,631 0.03 50,648 Facebook Inc 14,027,976 2.03 781 FactSet Research Systems Inc 260,667 0.04 657 Fair Isaac Corp 310,616 0.05 12,602 Fastenal Co 623,169 0.09 1,107 Federal Realty Investment Trust 96,553 0.01 5,272 FedEx Corp 1,510,850 0.22 5,085 Fidelity National Financial Inc 183,009 0.03 13,133 Fidelity National Information Services Inc 1,949,069 0.28 15,991 Fifth Third Bancorp 405,212 0.06 3,840 First Republic Bank 497,510 0.07 11,108 FirstEnergy Corp 295,028 0.04 12,218 Fiserv Inc 1,407,269 0.20 1,737 FleetCor Technologies Inc 460,670 0.07 2,740 FMC Corp 317,867 0.05 80,000 Ford Motor Co 726,400 0.11 2,843 Fortinet Inc 350,343 0.05 6,383 Fortive Corp 447,640 0.07 2,731 Fortune Brands Home & Security Inc 228,039 0.03 7,924 Fox Corp Class A 228,528 0.03 3,784 Fox Corp Class B 107,390 0.02 4,925 Franklin Resources Inc 108,301 0.02 30,963 Freeport -McMoRan Inc 724,225 0.11 1,790 Gartner Inc 272,080 0.04 5,091 General Dynamics Corp 760,341 0.11 185,130 General Electric Co 1,884,623 0.27 13,127 General Mills Inc 798,384 0.12 27,241 General Motors Co 1,194,245 0.17 2,941 Genuine Parts Co 289,306 0.04 26,200 Gilead Sciences Inc 1,589,554 0.23 6,330 Global Payments Inc 1,235,553 0.18

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 2,448 Globe Life Inc 227,909 0.03 3,537 GoDaddy Inc 281,333 0.04 6,685 Goldman Sachs Group Inc 1,541,427 0.22 1,601 Guidewire Software Inc 196,090 0.03 18,580 Halliburton Co 308,242 0.04 7,382 Hartford Financial Services Group Inc 326,284 0.05 2,658 Hasbro Inc 247,274 0.04 5,693 HCA Healthcare Inc 854,576 0.12 2,912 HD Supply Holdings Inc 162,431 0.02 11,193 Healthpeak Properties Inc 323,030 0.05 557 HEICO Corp 68,834 0.01 1,797 HEICO Corp Class A 199,018 0.03 2,791 Henry Schein Inc 179,489 0.03 3,103 Hershey Co 458,903 0.07 6,280 Hess Corp 296,290 0.04 30,091 Hewlett Packard Enterprise Co 332,205 0.05 6,095 Hilton Worldwide Holdings Inc 631,625 0.09 5,704 Hologic Inc 394,318 0.06 22,837 Home Depot Inc 6,335,212 0.9 1 14,843 Honeywell International Inc 3,026,785 0.44 6,000 Hormel Foods Corp 283,080 0.04 13,624 Host Hotels & Resorts Inc 191,145 0.03 8,638 Howmet Aerospace Inc 202,647 0.03 29,039 HP Inc 636,825 0.09 2,778 Humana Inc 1,112,645 0.16 22,345 Huntington Bancshares Inc 269,928 0.04 823 Huntington Ingalls Industries Inc 131,836 0.02 1,495 IDEX Corp 288,759 0.04 1,808 IDEXX Laboratories Inc 833,452 0.12 6,495 Illinois Tool Works Inc 1,371,030 0.20 3,088 Illumina Inc 994,614 0.14 4,043 Incyte Corp 341,795 0.05 8,160 Ingersoll Rand Inc 361,243 0.05 1,631 Ingredion Inc 125,832 0.02 1,385 Insulet Corp 356,928 0.05 89,877 Intel Corp 4,345,553 0.63 1,789 InterActive Corp 254,020 0.04 11,517 Intercontinental Exchange Inc 1,215,159 0.18 19,064 International Business Machines Corp 2,354,785 0.34 1,922 International Flavors & Fragrances Inc 215,456 0.03 7,682 International Paper Co 380,105 0.06 8,712 Interpublic Group of Cos Inc 194,103 0.03 5,543 Intuit Inc 1,951,247 0.28 2,471 Intuitive Surgical Inc 1,794,070 0.26 12,615 Invitation Homes Inc 360,537 0.05

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 2,195 Ionis Pharmaceuticals Inc 110,913 0.02 918 IPG Photonics Corp 190,035 0.03 4,015 IQVIA Holdings Inc 678,495 0.10 6,330 Iron Mountain Inc 174,075 0.03 1,581 Jack Henry & Associates Inc 254,320 0.04 2,527 Jacobs Engineering Group Inc 272,512 0.04 1,606 JB Hunt Transport Services Inc 217,260 0.03 2,237 JM Smucker Co 262,176 0.04 55,833 Johnson & Johnson 8,077,917 1.17 1,066 Jones Lang LaSalle Inc 141,021 0.02 65,156 JPMorgan Chase & Co 7,680,589 1.12 7,801 Juniper Networks Inc 169,828 0.02 1,902 Kansas City Southern 354,095 0.05 5,200 Kellogg Co 332,332 0.05 7,914 Keurig Dr Pepper Inc 240,981 0.04 18,793 KeyCorp 290,540 0.04 4,033 Keysight Technologies Inc 484,121 0.07 7,141 Kimberly -Clark Corp 994,813 0.14 41,363 Kinder Morgan Inc 594,800 0.09 10,772 KKR & Co Inc 408,582 0.06 3,288 KLA Corp 828,477 0.12 2,889 Knight -Swift Transportation Holdings Inc 119,287 0.02 14,015 Kraft Heinz Co 461,654 0.07 16,240 Kroger Co 535,920 0.08 4,572 L3Harris Technologies Inc 877,778 0.13 2,013 Laboratory Corp of America Holdings 402,278 0.06 3,064 Lam Research Corp 1,386,950 0.20 2,878 Lamb Weston Holdings Inc 208,310 0.03 6,710 Las Vegas Sands Corp 373,814 0.05 1,334 Lear Corp 190,695 0.03 2,737 Leidos Holdings Inc 275,616 0.04 6,152 Lennar Corp 466,691 0.07 662 Lennox International Inc 190,543 0.03 560 Liberty Broadband Corp Class A 87,791 0.01 2,409 Liberty Broadband Corp Class C 379,056 0.06 4,205 Liberty Media Corp -Liberty Formula One 175,685 0.03 1,996 Liberty Media Corp -Liberty SiriusXM Class A 81,716 0.01 4,198 Liberty Media Corp -Liberty SiriusXM Class C 172,160 0.03 3,994 Lincoln National Corp 188,597 0.03 3,356 Live Nation Entertainment Inc 220,321 0.03 5,954 LKQ Corp 209,700 0.03 5,321 Lockheed Martin Corp 1,942,165 0.28 4,187 Loews Corp 175,477 0.03

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 15,984 Lowe's Cos Inc 2,490,627 0.36 2,659 Lululemon Athletica Inc 984,415 0.14 2,919 M&T Bank Corp 340,034 0.05 13,710 Marathon Petroleum Corp 533,045 0.08 288 Markel Corp 280,463 0.04 832 MarketAxess Holdings Inc 448,598 0.07 5,830 Marriott International Inc 739,652 0.11 10,682 Marsh & McLennan Cos Inc 1,224,584 0.18 1,200 Martin Marietta Materials Inc 318,756 0.05 6,045 Masco Corp 324,435 0.05 1,157 Masimo Corp 294,445 0.04 18,893 Mastercard Inc 6,357,683 0.91 5,238 Match Group Inc 729,182 0.11 5,709 Maxim Integrated Products Inc 474,075 0.07 2,620 McCormick & Co Inc 489,888 0.07 15,759 McDonald's Corp 3,426,637 0.50 3,326 McKesson Corp 598,381 0.09 11,996 Medical Properties Trust Inc 232,722 0.03 962 MercadoLibre Inc 1,494,303 0.22 53,384 Merck & Co Inc 4,291,540 0.62 16,564 MetLife Inc 764,760 0.11 515 Mettler -Toledo International Inc 592,271 0.09 9,122 MGM Resorts International 257,697 0.04 5,255 Microchip Technology Inc 706,219 0.10 24,146 Micron Technology Inc 1,547,517 0.22 153,263 Microsoft Corp 32,809,009 4.7 6 2,621 Mid -America Apartment Communities Inc 330,665 0.05 5,998 Moderna Inc 916,135 0.13 924 Mohawk Industries Inc 116,267 0.02 1,138 Molina Healthcare Inc 232,300 0.03 4,270 Molson Coors Brewing Co 196,420 0.03 30,223 Mondelez International Inc 1,736,311 0.25 870 MongoDB Inc 249,960 0.04 8,479 Monster Beverage Corp 718,850 0.10 3,623 Moody's Corp 1,022,918 0.15 28,656 Morgan Stanley 1,771,800 0.26 8,426 Mosaic Co 185,035 0.03 3,633 Motorola Solutions Inc 623,168 0.09 1,822 MSCI Inc 745,963 0.11 2,416 Nasdaq Inc 309,224 0.04 3,600 National Retail Properties Inc 135,720 0.02 4,305 NetApp Inc 229,500 0.03 9,354 Netflix Inc 4,590,008 0.67 1,685 Neurocrine Biosciences Inc 159,974 0.02 6,847 Newell Brands Inc 145,567 0.02

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 17,436 Newmont Corp 1,025,586 0.15 10,072 News Corp 177,771 0.03 41,852 NextEra Energy Inc 3,079,889 0.45 26,257 NIKE Inc 3,536,818 0.51 8,924 NiSource Inc 215,961 0.03 1,237 Nordson Corp 252,113 0.04 5,576 Norfolk Southern Corp 1,321,624 0.19 4,424 Northern Trust Corp 411,963 0.06 3,351 Northrop Grumman Corp 1,012,873 0.15 12,290 NortonLifeLock Inc 224,047 0.03 5,011 NRG Energy Inc 164,110 0.02 6,034 Nucor Corp 324,026 0.05 13,070 NVIDIA Corp 7,006,304 1.0 1 79 NVR Inc 315,777 0.05 20,358 Occidental Petroleum Corp 320,842 0.05 3,174 OGE Energy Corp 102,806 0.01 2,365 Okta Inc 579,520 0.08 1,974 Old Dominion Freight Line Inc 401,433 0.06 5,135 Omega Healthcare Investors Inc 180,855 0.03 4,423 Omnicom Group Inc 278,649 0.04 8,038 ON Semiconductor Corp 231,093 0.03 9,142 ONEOK Inc 327,924 0.05 40,930 Oracle Corp 2,362,480 0.34 1,627 O'Reilly Automotive Inc 719,850 0.10 8,995 Otis Worldwide Corp 602,125 0.09 2,591 Owens Corning 188,806 0.03 7,431 PACCAR Inc 646,943 0.09 1,743 Packaging Corp of America 226,590 0.03 2,045 Palo Alto Networks Inc 601,066 0.09 2,813 Parker -Hannifin Corp 751,802 0.11 7,105 Paychex Inc 661,831 0.10 1,041 Paycom Software Inc 434,180 0.06 23,688 PayPal Holdings Inc 5,072,075 0.74 4,207 Peloton Interactive Inc 489,484 0.07 8,977 People's United Financial Inc 111,315 0.02 29,453 PepsiCo Inc 4,248,006 0.62 2,320 PerkinElmer Inc 308,560 0.04 117,934 Pfizer Inc 4,518,052 0.66 23,029 PG&E Corp 292,468 0.04 33,433 Philip Morris International Inc 2,532,550 0.37 9,325 Phillips 66 564,909 0.08 1,949 Pinnacle West Capital Corp 159,526 0.02 7,918 Pinterest Inc 554,418 0.08 3,820 Pioneer Natural Resources Co 384,216 0.06 9,330 PNC Financial Services Group Inc 1,288,193 0.19

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 5,252 PPG Industries Inc 770,836 0.11 17,121 PPL Corp 486,579 0.07 5,435 Principal Financial Group Inc 270,609 0.04 52,504 Procter & Gamble Co 7,291,230 1.0 5 12,464 Progressive Corp 1,085,739 0.16 15,637 Prologis Inc 1,564,482 0.23 8,397 Prudential Financial Inc 634,981 0.09 2,151 PTC Inc 231,985 0.03 10,663 Public Service Enterprise Group Inc 621,440 0.09 3,390 Public Storage 760,919 0.11 5,176 PulteGroup Inc 225,829 0.03 2,327 Qorvo Inc 364,594 0.05 23,793 QUALCOMM Inc 3,501,616 0.51 2,841 Quest Diagnostics Inc 352,227 0.05 1,271 Ralph Lauren Corp 108,988 0.02 2,531 Raymond James Financial Inc 230,194 0.03 32,361 Raytheon Technologies Corp 2,320,931 0.34 7,400 Realty Income Corp 443,778 0.06 3,559 Regency Centers Corp 162,219 0.02 2,174 Regeneron Pharmaceuticals Inc 1,121,849 0.16 19,815 Regions Financial Corp 302,575 0.04 1,102 Reinsurance Group of America Inc 127,039 0.02 4,439 Republic Services Inc 429,340 0.06 3,054 ResMed Inc 640,118 0.09 1,527 RingCentral Inc 453,595 0.07 2,807 Robert Half International Inc 180,153 0.03 2,548 Rockwell Automation Inc 651,167 0.09 2,165 Roku Inc 635,579 0.09 2,922 Rollins Inc 167,080 0.02 2,201 Roper Technologies Inc 939,827 0.14 7,570 Ross Stores Inc 813,926 0.12 3,042 RPM International Inc 267,726 0.04 5,172 S&P Global Inc 1,819,406 0.26 19,262 salesforce.com Inc 4,734,600 0.6 8 1,455 Sarepta Therapeutics Inc 204,951 0.03 2,356 SBA Communications Corp 676,596 0.10 2,685 Seagen Inc 457,282 0.07 3,450 Sealed Air Corp 155,457 0.02 2,222 SEI Investments Co 117,211 0.02 6,559 Sempra Energy 836,141 0.12 4,126 ServiceNow Inc 2,205,553 0.32 1,710 Sherwin -Williams Co 1,278,447 0.19 916 Signature Bank 102,766 0.01 6,856 Simon Property Group Inc 566,100 0.08 24,827 Sirius XM Holdings Inc 161,127 0.02 3,668 Skyworks Solutions Inc 517,812 0.08

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 6,924 Slack Technologies Inc 296,901 0.04 19,473 Snap Inc 864,991 0.13 968 Snap -on Inc 170,223 0.02 769 Snowflake Inc 250,571 0.04 22,298 Southern Co 1,334,535 0.19 3,270 Southwest Airlines Co 151,532 0.02 3,499 Splunk Inc 714,426 0.10 7,785 Square Inc 1,642,324 0.24 5,189 SS&C Technologies Holdings Inc 357,470 0.05 3,342 Stanley Black & Decker Inc 615,964 0.09 25,080 Starbucks Corp 2,458,342 0.36 7,578 State Street Corp 534,097 0.08 4,927 Steel Dynamics Inc 178,407 0.03 7,297 Stryker Corp 1,703,120 0.25 2,186 Sun Communities Inc 303,854 0.04 2,529 Sunrun Inc 162,058 0.02 1,035 SVB Financial Group 356,930 0.05 10,963 Synchrony Financial 334,043 0.05 3,265 Synopsys Inc 742,788 0.11 10,243 Sysco Corp 730,223 0.11 4,879 T Rowe Price Group Inc 699,697 0.10 2,329 Take -Two Interactive Software Inc 420,408 0.06 10,592 Target Corp 1,901,582 0.28 2,326 Teladoc Health Inc 462,339 0.07 758 Teledyne Technologies Inc 286,479 0.04 1,017 Teleflex Inc 389,257 0.06 3,367 Teradyne Inc 371,515 0.05 15,765 Tesla Inc 8,948,214 1. 29 19,389 Texas Instruments Inc 3,126,476 0.45 4,417 Textron Inc 199,207 0.03 8,254 Thermo Fisher Scientific Inc 3,837,945 0.56 2,183 Tiffany & Co 287,021 0.04 25,720 TJX Cos Inc 1,633,477 0.24 11,786 T-Mobile US Inc 1,566,831 0.23 2,382 Tractor Supply Co 335,409 0.05 847 Trade Desk Inc 763,206 0.11 1,841 Tradeweb Markets Inc 109,816 0.02 1,075 TransDigm Group Inc 622,629 0.09 4,355 TransUnion 396,697 0.06 5,416 Travelers Cos Inc 702,184 0.10 5,608 Trimble Inc 335,751 0.05 29,440 Truist Financial Corp 1,366,605 0.20 2,556 Twilio Inc 818,150 0.12 17,091 Twitter Inc 794,902 0.12 908 Tyler Technologies Inc 388,261 0.06

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 5,934 Tyson Foods Inc 386,897 0.06 20,037 Uber Technologies Inc 995,037 0.14 6,148 UDR Inc 236,514 0.03 4,112 UGI Corp 145,894 0.02 1,073 Ulta Salon Cosmetics & Fragrance Inc 295,504 0.04 14,570 Union Pacific Corp 2,973,446 0.43 14,968 United Parcel Service Inc 2,560,576 0.37 1,640 United Rentals Inc 372,247 0.05 20,135 UnitedHealth Group Inc 6,772,206 0.98 1,515 Universal Health Services Inc 197,829 0.03 29,108 US Bancorp 1,257,757 0.18 866 Vail Resorts Inc 238,877 0.03 9,097 Valero Energy Corp 489,146 0.07 1,777 Varian Medical Systems Inc 309,162 0.04 2,820 Veeva Systems Inc 780,773 0.11 8,468 Ventas Inc 405,702 0.06 22,011 VEREIT Inc 156,058 0.02 2,299 VeriSign Inc 461,455 0.07 3,272 Verisk Analytics Inc 648,870 0.09 87,696 Verizon Communications Inc 5,297,715 0.77 5,567 Vertex Pharmaceuticals Inc 1,267,884 0.18 7,093 VF Corp 591,556 0.09 11,812 ViacomCBS Inc 416,727 0.06 23,616 Viatris Inc 397,221 0.06 10,845 VICI Properties Inc 274,270 0.04 35,431 Visa Inc 7,452,911 1.0 7 7,721 Vistra Energy Corp 144,228 0.02 1,650 VMware Inc 230,819 0.03 4,075 Vornado Realty Trust 158,558 0.02 2,767 Voya Financial Inc 159,462 0.02 2,789 Vulcan Materials Co 389,484 0.06 16,521 Walgreens Boots Alliance Inc 627,963 0.09 30,057 Walmart Inc 4,592,409 0.67 38,372 Walt Disney Co 5,679,440 0.8 2 9,061 Waste Management Inc 1,079,437 0.16 1,318 Waters Corp 305,789 0.04 1,362 Wayfair Inc 346,438 0.05 6,834 WEC Energy Group Inc 648,888 0.09 83,372 Wells Fargo & Co 2,280,224 0.33 8,644 Welltower Inc 544,399 0.08 1,545 West Pharmaceutical Services Inc 425,122 0.06 5,606 Western Digital Corp 251,597 0.04 7,952 Western Union Co 179,397 0.03 3,978 Westinghouse Air Brake Technologies Corp 291,587 0.04 5,842 Westrock Co 246,591 0.04

Zurich Invest Common Contractual Fund

Zurich Invest US Equity Index CCF Fund (continued) Schedule of Investments as at 30 November 2020 (continued)

Fair Value % of Shares USD Net Assets Transferable Securities (99.87%) (30 November 2019: 99.80%) (continued) Equities (99.87%) (30 November 2019: 99.80%) (continued) United States (96.30%) (30 November 2019: 95.60%) (continued) 16,350 Weyerhaeuser Co 474,804 0.07 1,330 Whirlpool Corp 258,831 0.04 25,283 Williams Cos Inc 530,437 0.08 3,664 Workday Inc 823,631 0.12 3,994 WP Carey Inc 276,425 0.04 2,885 WR Berkley Corp 187,900 0.03 905 WW Grainger Inc 378,562 0.06 2,343 Wynn Resorts Ltd 235,472 0.03 11,280 Xcel Energy Inc 759,821 0.11 5,252 Xilinx Inc 764,429 0.11 1,970 XPO Logistics Inc 210,160 0.03 3,618 Xylem Inc 347,219 0.05 6,592 Yum! Brands Inc 697,434 0.10 1,129 Zebra Technologies Corp 427,236 0.06 2,894 Zillow Group Inc 312,002 0.05 4,344 Zimmer Biomet Holdings Inc 647,777 0.09 3,615 Zions Bancorp NA 139,503 0.02 10,082 Zoetis Inc 1,616,951 0.23 3,301 Zoom Video Communications Inc 1,579,066 0.23 1,548 Zscaler Inc 241,101 0.04 662,789,077 96.30

Total Equities 687,398,308 99.87

Total Transferable Securities 687,398,308 99.87

Total Investments 687,398,308 99.87 Other Net Assets 888,371 0.13

Net Assets 688,286,679 100.00

Analysis of Total Assets (unaudited) % of Total Assets Transferable securities listed on an official stock ex change listing (30 November 2019: 99.80 %) 99.82 Other current assets (30 November 2019: 0.20 %) 0.18 Total Assets 100.00

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020

1. General Information

The Zurich Invest Common Contractual Fund (the “CCF”) is an open-ended common contractual fund, constituted by a Deed of Constitution governed by the laws of Ireland and authorised under the Regulations by the Central Bank of Ireland (the “Central Bank”). The CCF was constituted on 30 April 2018 by the Deed of Constitution entered into by Carne Global Fund Managers (Ireland) Limited (the “Manager”) and State Street Custodial Services (Ireland) Limited (the “Depositary”). The CCF is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).

The Manager of the CCF has appointed Deutsche Asset Management International GmbH as Investment Manager (the “Investment Manager”) of the Fund. The Manager has also appointed Zurich Invest Ltd as Global Services Co-ordinator (the “Global Services Co-ordinator”) of the Fund. Zurich Invest Ltd is a wholly owned subsidiary of Zurich Insurance Company Ltd.

2. Significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. All references to net assets throughout this document refer to net assets attributable to unitholders.

Basis of Presentation

The financial statements have been prepared on a going concern basis for the financial year ended 30 November 2020.

The financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as adopted by the European Union and the UCITS Regulations. The financial statements are prepared under the historical cost convention as modified by the revaluation of financial assets and financial liabilities held at fair value through profit or loss.

Critical accounting estimates and judgements

The preparation of financial statements in conformity with IFRS as adopted by the European Union requires Management to make certain accounting estimates and assumptions. Actual results may differ from those estimates and assumptions. It also requires the Directors of the Manager to exercise critical judgement in the process of applying the CCF’s accounting policies.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

2. Significant accounting policies (continued) a) New standards, amendments and interpretations issued and effective for the financial year ended 30 November 2020

IFRS 16 “Leases” was issued in January 2016 and became effective for periods beginning on or after 1 January 2019. The new standard is not expected to have any impact on the CCF’s financial position, performance or disclosures in its financial statements.

IFRIC 23 “Uncertainty over Income Tax Treatments” was issued in June 2017 and became effective for periods beginning on or after 1 January 2019. It clarifies the accounting for uncertainties in income taxes which is applied to the determination of taxable profits (tax loss), tax bases, unused tax losses, unused tax credits and tax rates, when there is uncertainty over income tax treatments in accordance with IAS 12. It clarifies that the CCF should consider whether tax treatments should be considered independently or collectively, whether the relevant tax authority will or will not accept each tax treatment and, the requirement to reassess its judgements and estimates if facts and circumstances change. The application of IFRIC 23 is not expected to have a significant effect on the CCF’s financial position, performance or disclosures in its financial statements. b) New standards, amendments and interpretations issued but not effective for the financial year ended 30 November 2020 and not early adopted

FRS 17 “Insurance Contracts” was issued in May 2017 and will become effective for accounting periods beginning on or after 1 January 2021. It applies to: insurance contracts, including reinsurance contracts, issued by an entity; reinsurance contracts held by an entity; and investment contracts with discretionary participation features issued by an entity that issues insurance contracts. An insurance contract is defined as ‘a contract under which one party (the issuer) accepts significant insurance risk from another party (the policyholder) by agreeing to compensate the policyholder if a specified uncertain future event (the insured event) adversely affects the policyholder’. The new standard is not expected to have a significant impact on the CCF’s financial position, performance or disclosures in its financial statements.

There are no further standards, amendments or interpretations to existing standards that would be expected to have a significant impact on the CCF. c) Functional and Presentation Currency

These financial statements are presented in US Dollar (“USD”) which is the functional currency of the CCF and the Fund. All amounts have been rounded to the nearest currency unit unless otherwise stated.

Transactions in foreign currencies are translated into the functional currency at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated into the functional currency of the Fund at the exchange rate at that date.

Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated into the functional currency of the Fund at the exchange rate at the date on which fair value was determined.

Any foreign currency differences arising on retranslation are recognised in the Statement of Comprehensive Income within net realised gain on financial assets and liabilities at fair value through profit or loss.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

2. Significant accounting policies (continued) d) Financial Assets and Financial Liabilities at Fair Value Through Profit or Loss

Recognition and Derecognition

Recognition and initial measurement Purchases and sales of investments are recognised as of the day the transaction takes place (trade date), the date on which the Fund commits to purchase or sell the asset. Other financial assets and liabilities are recognised on the date in which they originated. Investments are initially recognised at fair value, and costs for all financial assets and financial liabilities carried at FVTPL are expensed as incurred. Financial assets and liabilities not at fair value through profit or loss (“FVTPL”) are initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue.

De-recognition Investments are de-recognised when the rights to receive cash flows from the investments have expired or the Fund has transferred substantially all risks and rewards of ownership. On de-recognition of a financial asset, the difference between the carrying amount of the asset and consideration received is recognised in the Statement of Comprehensive Income. Financial liabilities are derecognised when the contractual obligations are discharged, cancelled or expired.

Fair Value Measurement Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in the principal or, in its absence, the most advantageous market to which the Fund has access at that date. Assets quoted, listed or dealt in on a regulated market shall be valued at the last traded price or in the case of fixed income securities the latest mid-market prices, in each case available to the Manager as at the valuation point for the relevant dealing day provided that the value of any asset listed or dealt in on a regulated market but acquired or traded at a premium or at a discount outside the relevant regulated market may be valued taking into account the level of premium or discount as at the date of valuation of the asset. Such premiums or discounts shall be determined by the Manager and approved by the Depositary. e) Offsetting

Financial assets and liabilities are offset and the net amount presented in the Statement of Financial Position when, and only when, the Fund has a legal right to set off the recognised amounts and it intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. Income and expenses are presented on a net basis only when permitted under IFRS, for example for gains and losses arising from a group of similar transactions such as gains and losses from financial instruments at fair value through profit or loss. f) Cash and cash equivalents

Cash and cash equivalents are held with State Street Bank and Trust Company and are stated at face value. All amounts are subject to insignificant changes in fair value. g) Income

(i) Dividend income Dividend income arising on the underlying equity investments of the CCF is recognised as income of the Fund on the ex- dividend date. Income is shown gross of any non-recoverable withholding taxes, which is disclosed separately in the Statement of Comprehensive Income, and net of any tax credits.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

2. Significant accounting policies (continued) g) Income (continued)

(ii) Interest income/expense Interest income/interest expense is recognised as income/expense of the CCF on an effective interest basis in line with the contractual terms. h) Expense

All expenses are recognised in the Statement of Comprehensive Income on an accruals basis. Expenses arising on the disposal of investments are deducted from the disposal proceeds. i) Realised Gains and Losses

Realised gains and losses on sale of investments are calculated based on the average book cost of the investment in local currency and are included within net realised gain/(loss) on financial assets and financial liabilities at fair value through profit or loss in the Statement of Comprehensive Income. j) Unrealised Gains and Losses

Unrealised gains and losses on investments are the difference between the original cost of the investment and its value at the reporting financial year end and are included within net change in unrealised gain/(loss) on financial assets and financial liabilities at fair value through profit or loss in the Statement of Comprehensive Income. k) Transaction costs

Transaction costs are incremental costs that are directly attributable to the acquisition, issue or disposal of a financial asset or financial liability. An incremental cost is one that would not have been incurred if the entity had not acquired, issued or disposed of the financial instrument.

When a financial asset or a financial liability is recognised initially, an entity shall measure it at its fair value through profit or loss plus transaction costs that are directly attributable to the acquisition or issue of the financial asset or financial liability. Transaction costs on purchases and sales of investments are included in net loss on financial assets at fair value through profit or loss in the Statement of Comprehensive Income account and transaction costs on custody transactions are included in operating fees in the Statement of Comprehensive Income for the Fund. l) Redeemable Participating Units

All redeemable participating shares issued by the Fund provide the investors with the right to require redemption for cash at the value proportionate to the investor’s share in the Fund’s net assets at the redemption date. Such instruments give rise to a financial liability for the present value of the redemption amount. Redeemable participating units are issued and redeemed at the holder’s option based on the Fund’s NAV per unit at the time of issue or redemption. m) Distributions

Distributions declared with an ex-date during the financial year are included as a finance cost in the Statement of Comprehensive Income.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

3. Taxation

Taxation of the CCF The CCF is a common contractual fund as defined in section 739I of the Taxes Consolidation Act, 1997 the (“TCA”), in which the unitholders by contractual arrangement participate and share in the property of the CCF as co-owners.

Section 739I of the TCA provides that a common contractual fund shall not be chargeable to tax in respect of its relevant income and relevant gains (relevant profits). Instead, the relevant profits of the common contractual fund shall be treated as arising, or as the case may be, accruing to each unitholder of the common contractual fund in proportion to the value of the units beneficially owned by the unitholder, as if the relevant profits had arisen or as the case may be, accrued, to the unitholders in the common contractual fund without passing through the hands of the common contractual fund.

This tax treatment is subject to each of the units of the common contractual fund being an asset of a pension fund or being beneficially owned by a person other than an individual, or being held by an intermediary, a depositary or trustee for the benefit of a person other than an individual. On the basis that the units of the CCF are held by persons described above, the CCF shall not be chargeable to tax in respect of its relevant profits.

Taxation of Unitholders Distributions, interest or capital gains (if any) derived from securities may be subject to taxes, including withholding taxes imposed by the country of source. The CCF has been constituted by the Manager with the objective that it would be viewed as tax transparent. As such, where double taxation treaties apply, those treaties between the countries where the unitholders and the investments are located will be relevant. The objective of the Manager is that the CCF may effectively be ignored for double taxation treaty purposes.

4. Operating Expenses

The Manager may pay out of the assets of the Fund the fees and expenses payable to (unless excluded in the relevant Supplement): • the Manager, Investment Manager, the Depositary, the Administrator and any distributors (as may be set out in the relevant Supplement); • the fees and expenses of any other service provider; • the fees and expenses of sub-custodians and any facilities agent/Paying Agent or representative appointed in compliance with the requirements of another jurisdiction (which will be at normal commercial rates); • the fees and expenses of the auditors, tax and legal advisers; • any fees in respect of circulating details of the Net Asset Value, any costs incurred in respect of Unitholder communications and/or approvals, marketing and distribution costs, costs incurred in respect of the distributions to Unitholders, the costs of printing and distributing this Prospectus, any Supplements, Key Investor Information Documents (“KIIDs”), reports, accounts and any explanatory memoranda, any necessary translation fees, the costs of publishing prices and any costs incurred as a result of periodic updates of the Prospectus, or of a change in law or the introduction of any new law (including any costs incurred as a result of compliance with any applicable code, whether or not having the force of law) and fees connected with any listing the Units on an exchange and/or market and registering the CCF for sale in other jurisdictions; • extraordinary expenses including litigation costs and any amount payable under indemnity provisions contained in the Deed of Constitution or any agreement with any appointee of the Manager; • investment transaction charges (including brokerage costs or other expenses of acquiring and disposing of investments);

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

4. Operating Expenses (continued)

• taxes including withholding taxes, stamp duties and value added tax; • borrowing costs; • in cases where investments of the Fund are held through wholly owned subsidiaries, the operating costs including audit and administration fees and expenses may be charged as an expense of the Fund.

Such fees, duties and charges will be charged to the Fund in respect of which they were incurred or, where an expense is not considered by the Manager to be attributable to any one Fund, the expense will be allocated by the Manager in such manner and on such basis as the Manager in its discretion deems fair and equitable. In the case of any fees or expenses of a regular or recurring nature, such as audit fees, the Manager may calculate such fees and expenses on an estimated figure for yearly or other periods in advance and accrue the same in equal proportions over any period.

The audit fees for the CCF for the year ended 30 November 2020 are €7,950 (30 November 2019: €7,950) and tax services fees paid to PricewaterhouseCoopers, the statutory auditor, for the year ended 30 November 2020 are €Nil (30 November 2019: €75,000).

The cost of establishing the CCF, obtaining authorisation from the Central Bank, where applicable listing the Funds on Euronext Dublin, filing fees, the preparation and printing of this Prospectus and the fees of all professionals relating to it, including tax and legal advice, incurred in relation to obtaining authorisation of the CCF and approval of its initial Fund will be paid by Zurich Insurance Company Ltd. The costs of establishing subsequent Funds may be borne by the relevant Fund and where appropriate details thereof will be set out in the relevant Supplement.

The aggregate charges and expenses payable out of the assets of the Fund for the relevant Class of Units will not exceed 2% per annum of the Net Asset Value of the relevant Class of Units (the Capped Fee). The Capped Fee shall be used to cover fees payable to the Manager, the Administrator, the Depositary, the Investment Manager and such further fees and expenses as detailed above. Such fees and expenses will be accrued on each Dealing Day and paid monthly in arrears.

As at 30 November 2020, the capped fee for all Class of Units was 0.07%.

5. Financial instruments and associated risks

The CCF is exposed to a variety of financial risks in pursuing its stated investment objective and policy such as: credit risk, liquidity risk and market risk (which in turn includes currency risk, interest rate risk and price risk). The CCF takes exposure to certain of these risks to generate investment returns on its portfolio, although these risks can also potentially result in a reduction in the CCF’s net assets. The Investment Manager will use its best endeavors to minimise the potentially adverse effects of these risks on the CCF’s performance where it can do so while still managing the investments of the CCF in a way that is consistent with the CCF’s investment objective and policy.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

5. Financial instruments and associated risks (continued)

(a) Market risk

Market price risk is defined as risk that the fair value of a financial instrument or its future cash flows will fluctuate because of changes in market prices. The Fund holds equity investments and is directly affected by movements in market prices.

The management of market risk is effected through asset allocation and diversification based on the Fund’s investment objective as well as the Investment Manager’s developed investment process, which includes in-depth research as well as continuing analysis of invested companies and the macroeconomics of the invested areas.

The maximum risk arising from an investment in a financial instrument is determined by the fair value of the financial instruments. The value of market price risk that the Fund is exposed to at 30 November 2020 is the fair value of investments as disclosed in the Fund’s Schedule of Investments.

(i) Price Sensitivity Analysis If the price of each equity security held by Fund had increased by 5% at 30 November 2020 and 30 November 2019, with all other variables remaining constant, this would have increased the net assets of that Fund as disclosed in the table below. A 5% decrease would have an equal and opposite effect on the value of Fund.

Fund Currency 30 November 2020 30 November 2019

Zurich Invest US Equity Index CCF Fund USD 34,369,915 32,324,721

(ii) Foreign Currency risk Currency risk is defined as the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Fund is exposed to currency risk as monetary assets and liabilities of the Fund may be denominated in a currency other than the functional currency of the Fund. Currency risk on non-monetary assets i.e. equities, is included in market price risk.

The fluctuations in the rate of exchange between the currency in which the asset or liability is denominated and the functional currency could result in an appreciation or depreciation in the fair value of that asset. In accordance with the Fund's policy, the Investment Manager monitors the Fund's currency exposure on a regular basis and the Investment Manager may attempt to mitigate this risk by using financial derivative instruments.

The Fund may use financial derivative instruments on behalf of a specific Class in order to hedge some or all of the foreign exchange risk for such Class. The Fund that hedges foreign exchange risk for any Class may enter into forward currency contracts in order to hedge some or all of the foreign exchange risk for the relevant Class. To the extent that hedging is successful, the performance of the relevant Class is likely to move in line with the performance of the underlying assets. The use of hedged currency Classes may substantially limit holders of the relevant Classes from benefiting if the currency of each of these Classes falls against the base currency and/or the currency in which the assets of the Fund are denominated. The Fund had not engaged in any hedging as at 30 November 2020 and 30 November 2019.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

5. Financial instruments and associated risks (continued)

(a) Market risk (continued)

The foreign currency risk exposure and currency sensitivity analysis, details the approximate increase or decrease in net assets attributable to redeemable participating unitholders of the Fund should the exchange rate of the base currency increase or decrease by 5% relative to the non-base exposure for the Fund. 5% represents the Manager’s best estimate of a reasonably possible movement.

As at 30 November 2020:

Moneta ry Non-Monetary Currency assets/liabilities Assets/liabilities Total Sensitivity USD USD USD USD Euro 5,306 - 5,306 265 Pound Sterling (222,285) - (222,285) (11,114) (216,979) - (216,979) (10,849)

As at 30 November 2019:

Moneta ry Non-Monetary Currency assets/liabilities Assets/liabilities Total Sensitivity USD USD USD USD Euro 4,301 - 4,301 215 Pound Sterling 17,301 - 17,301 865 21,602 - 21,602 1,080

(iii) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Fund holds equity investments which are non-interest bearing.

The Fund is subject to interest rate risk on the cash it holds, the value of which is as disclosed in the Statement of Financial Position. The Fund is not subject to significant amounts of risk due to fluctuations in the prevailing levels of market interest rates as any excess cash is invested at short term market interest rates.

The Fund’s interest rate risk is monitored on an ongoing basis by the Investment Manager.

(b) Liquidity risk

The Fund’s assets generally comprise of equity securities. Liquidity is a factor that the Investment Manager considers when investing in any financial instrument. The main financial liability of the Fund is the redemption of redeemable participating units. As the Fund is open ended, the Fund is required to redeem units on request by Unitholders at a price equivalent to the Net Asset Value per unit, subject to settlement and dealing restrictions laid down in the Prospectus. All of the Fund's investments held are equity securities and can be sold promptly at a fair price and converted into cash within seven days. All financial liabilities of the Fund held at the financial year ended 30 November 2020 and the financial period ended 30 November 2019, fall due within one month.

The Investment Manager manages the Fund's liquidity position on a daily basis. Also the Investment Manager is able, through the provisions in the Prospectus, to defer the processing of redemptions of significant size to facilitate an orderly disposition of securities in order to protect the interest of the remaining Unitholders .

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

5. Financial instruments and associated risks (continued)

Credit risk is the risk that an issuer or counterparty may be unable to meet a commitment that it has entered into with the CCF. The Fund has exposure to counterparty risk on cash balances held with the Depositary. Investments in equity securities are not exposed to credit risk except for exposure to the Depositary.

The CCF’s Depositary is State Street Custodial Services (Ireland) Limited. All of the assets and cash of the Fund is held within the custodial network of the Depositary. Bankruptcy or insolvency of the Depositary or of its parent company, State Street Corporation, may cause the Fund’s rights with respect to its equity securities and cash held by the Depositary to be delayed or limited. The S&P credit rating of State Street Corporation as at 30 November 2020 is A (30 November 2019: A).

All securities, cash at bank balances and bank overdrafts and cash or non-cash collateral received by the Fund are held by the Depositary through its affiliates in the State Street group, or through a sub-depositary within the State Street custodial network. Derivatives, cash deposited as margin or other similar investments/monies deposited by or entered into on behalf of the CCF with a counterparty, options exchange, clearing broker or other parties are not held within the State Street custodial network. The Depositary is therefore not liable in any way for the default of any counterparty.

The Investment Manager may use forward currency contracts to hedge against foreign currency exposure. These have a similar credit or default risk to a regular currency spot transaction. Forward currency contracts are ‘Over the Counter’ traded and therefore have counterparty risk which arises from the potential failure of counterparties to meet their obligations under the contract or arrangement. Forward contracts also carry roll risk, which is the risk that when a forward contract expires, a new forward to replace the expired one cannot be put into place at the same cost or on the same hedge basis. This may occur due to changes in market liquidity or interest rates, resulting in a potential slippage or loss in the hedge position due to the contract expiration and roll. As at 30 November 2020 and 30 November 2019 the Fund had not entered into any forward currency contracts.

The Fund’s credit risk is monitored on an ongoing basis by the Investment Manager.

Offsetting financial assets and liabilities The Fund was not subject to offsetting agreements during the financial year ended 30 November 2020 and the financial period ended 30 November 2019.

(d) Fair Value Hierarchy

Fair value measurement requires the CCF to classify fair value measurements using a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

An entity is required to provide a quantitative and qualitative analysis of those instruments recognised at fair value based on a three-level measurement hierarchy.

The fair value hierarchy has the following levels:

Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (as prices) or indirectly (derived from prices). Level 3 - Inputs for the asset or liability that are not based on observable market data (unobservable inputs). 35

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

5. Financial instruments and associated risks (continued)

(d) Fair Value Hierarchy (continued)

The level in the fair value hierarchy within which the fair value measurement is categorised in its entirety is determined on the basis of the lowest level input that is significant to the fair value measurement in its entirety.

For this purpose, the significance of an input is assessed against the fair value measurement in its entirety. If a fair value measurement uses observable inputs that require significant adjustment based on unobservable inputs, that measurement is a level 3 measurement. Assessing the significance of a particular input to the fair value measurement in its entirety requires judgement, considering factors specific to the asset or liability.

The determination of what constitutes ‘observable’ requires significant judgement by the CCF. The CCF considers observable data to be that market data that is readily available, regularly distributed or updated, reliable and verifiable, not proprietary, and provided by independent sources that are actively involved in the relevant market.

Cash at bank, bank overdrafts and other short-term investments in an active market are categorised as Level 1.

Receivable for securities sold and other receivables include the contractual amounts for settlement of trades and other obligations due to the CCF. Payable for securities purchased and other payables represent the contractual amounts and obligations due by the CCF for settlement of trades and expenses. All receivable and payable balances are categorised as Level 2.

The redeemable units can be repurchased by the CCF at any time for cash equal to a proportionate unit of the Fund's net asset value. These units are not traded on an active market. Level 2 is deemed to be the most appropriate categorisation for net assets attributable to holders of redeemable units.

The following table analyses within the fair value hierarchy of financial assets (by class) measured at fair value at 30 November 2020 for the Fund: 30 November 2020 Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss USD USD USD USD Designated at fair value through profit or loss Equities 687,398,308 - - 687,398,308 687,398,308 - - 687,398,308

The following table analyses within the fair value hierarchy of financial assets (by class) measured at fair value at 30 November 2019 for the Fund: 30 November 2019 Level 1 Level 2 Level 3 Total Financial assets at fair value through profit or loss USD USD USD USD Designated at fair value through profit or loss Equities 646,494,421 - - 646,494,421 646,494,421 - - 646,494,421

Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the financial year and are deemed to have occurred when the pricing source or methodology used to price an investment has changed which triggers a change in level. There were no transfers between levels during the financial year ended 30 November 2020 and the financial period ended 30 November 2019.

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

6. Redeemable Participating units

Purchase of Units Issues of Redeemable Participating Units (“Units”) will normally be made with effect from a Dealing Day in respect of applications received on or prior to the Dealing Deadline. The Dealing Deadline relating to the Fund is set out in the Supplement. The Manager may, nominate additional Dealing Days upon advance notice to Unitholders.

Issue Price On launch of a new share class, the initial issue price for Units in the Fund shall be the amount set out in the Supplement.

Redemption of Units All requests for the redemption of Units should be made to the Administrator in writing or via electronic methods as set out in the Prospectus. Requests received on or prior to the relevant Dealing Deadline will normally be dealt with on the relevant Dealing Day.

The Manager may decline to effect a redemption request which would have the effect of reducing the value of any holding of Units relating to the Fund below the Minimum Unitholding for that class of Units of the Fund. Any redemption request having such an effect may be treated by the Manager as a request to redeem the Unitholder’s entire holding of that class of Units.

Redemption Price The price at which Units will be redeemed on a Dealing Day is the NAV per Unit of the relevant class on the relevant Dealing Day. The method of establishing the NAV of the Fund and the NAV per Unit of any class of Units in the Fund is set out in the Background to the CCF on page 2. The NAV per Unit as at 30 November 2020 and 30 November 2019 is disclosed on pages 38 and 39.

The following table shows the minimum initial investment amount, the minimum additional investment amount and the minimum unitholding of the unit classes:

Class Currency Minimum Initial Minimum Additional Minimum Investment Amount Investment Amount Unitholding Class XG1 USD USD10,000,000 USD250 USD200

Class XU1 GBP GBP10,000,000 GBP250 GBP200

Class XU2 GBP GBP10,000,000 GBP250 GBP200

Class XU3 GBP GBP10,000,000 GBP250 GBP200

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

6. Redeemable Participating units (continued)

The following table shows the movement in the number of shares for the financial year ended 30 November 2020 and the Net Asset Value as at 30 November 2020:

Zurich Invest US Equity Index CCF Class XG1 Class XU1 Class XU2 USD GBP GBP Shares Shares Shares Units in issue at beginning of financial year 2,395,000 90,972 1,815,758 Units issued - - - Units redeemed - (29,478) (317,894) Units at end of financial year 2,395,000 61,494 1,497,864 Net Asset Value as at 30 November 2020 326,966,996 8,684,842 210,553,555 Net Asset Value per Share 136.52 141.23 140. 57

Class XU3 GBP Shares Units in issue at beginning of financial year 467,006 Units issued 287 Units redeemed (94,258) Units at end of financial year 373,035 Net Asset Value as at 30 November 2020 51,403,052 Net Asset Value per Share 137.80

The following table shows the movement in the number of shares for the financial period ended 30 November 2019 and the Net Asset Value as at 30 November 2019:

Zurich Invest US Equity Index CCF Class XG1 Class XU1 Class XU2 USD GBP GBP Shares Shares Shares Units in issue at beginning of financial period 2,395,000 116,792 2,157,349 Units issued - - 60,348 Units redeemed - (25,820) (401,939) Units at end of financial period 2,395,000 90,972 1,815,758 Net As set Value as at 30 November 2019 277,428,432 11,086,817 219,689,036 Net Asset Value per Share 115.84 121.87 120.99

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

6. Redeemable Participating units (continued)

Class XU3 Class X1 GBP USD* Shares Shares Units in issue at beginning of financial period 543,533 1,734,675 Units issued 126 751,117 Units redeemed (76,653) (2,485,792) Units at end of financial period 467,006 - Net As set Value as at 30 November 2019 55,530,762 - Net Asset Value per Share 118.91 -

*Class X1 USD units terminated 8 July 2019

The following table shows the movement in the number of shares for the financial period ended 30 November 2018 and the Net Asset Value as at 30 November 2018:

Zurich Invest US Equity Index CCF Class XG1 Class XU1 Class XU2 USD* GBP** GBP*** Shares Shares Shares Units in issue at beginning of financial period - - - Units issued 2,401,427 116,792 2,157,349 Units redeemed (6,427) - - Units at end of financial period 2,395,000 116,792 2,157,349 Net As set Value as at 30 November 2018 243,371,445 12,454,554 227,742,975 Net Asset Value per Share 101.62 106.64 105.57

Class XU3 Class X1 GBP**** USD***** Shares Shares Units in issue at beginning of financial period - - Units issued 543,533 1,734,675 Units redeemed - - Units at end of financial period 543,533 1,734,675 Net As set Value as at 30 November 2018 56,554,160 171,164,720 Net Asset Value per Share 104.05 98.67

*Class XG1 USD units launched 15 May 2018 **Class XU1 GBP units launched 22 May 2018 ***Class XU2 GBP units launched 5 June 2018 ****Class XU3 GBP units launched 12 June 2018 *****Class X1 USD units launched 22 July 2018

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

7. Related Parties

The Directors who are listed on page 1, the Manager, Carne Global Fund Managers (Ireland) Limited, the Investment Manager, Deutsche Asset Management International GmbH and the Global Services Co-ordinator and Promoter, Zurich Invest Limited represent related parties for the purpose of the accounting standards to which the CCF is subject.

Carne Global Fund Managers (Ireland) Limited, as Manager, is considered a related party to the CCF as it is considered to have significant influence over the CCF in its role as Manager. During the financial year ended 30 November 2020, the Manager charged fees of 74,354 USD (30 November 2019: 68,478 USD), of which 14,653 USD (30 November 2019: 11,622 USD) was payable at financial year end.

Carne Global Financial Services Limited, the parent Company of the Manager, charged fees of 8,780 USD (30 November 2019: 4,411 USD) during the financial year ended 30 November 2020, in respect of other fund governance services to the CCF, of which USD 984 (30 November 2019: 2,205 USD) was payable at financial year end.

Zurich Invest ICAV is considered a related party to the CCF. During the financial year ended 30 November 2019 the Zurich Invest US Equity Index Fund (a sub-Fund of Zurich Invest ICAV) redeemed its investment in Zurich Invest US Equity Index CCF Fund and received an in-specie transfer of securities from Zurich Invest US Equity Index CCF Fund to the value of USD 216,343,933 and cash to the value of USD 213,508. No similar such transaction occurred during the financial year ended 30 November 2020.

During the financial year ended 30 November 2020, other than as disclosed above, no Director or connected person of any Director has any interest, beneficial or non-beneficial, in the share capital of the CCF or any material interest in the CCF or in any agreement or arrangement with the CCF.

Significant Unitholders The following table details the number of shareholders with significant holdings (at least 20%) of the Fund and the percentage of that holding as at 30 November 2020.

Aggregate Number of Total holding shareholding as a Fund significant as at 30 % of the Fund as shareholders November 2020 at 30 November 2020 Zurich Invest US Equity Index CCF Fund 2 4,327,393 100.00

The following table details the number of shareholders with significant holdings (at least 20%) of the Fund and the percentage of that holding as at 30 November 2019.

Aggregate Number of Total holding shareholding as a Fund significant as at 30 % of the Fund as shareholders November 2019 at 30 November 2019 Zurich Invest US Equity Index CCF Fund 2 4,768,737 100.00

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

8. Distributions

The following distributions were declared by the Fund during the financial year ended 30 November 2020:

Zurich Invest US Equity Index CCF Fund Value Per Share USD USD Ex-date Class XG1 USD 1,359,761 0.57 28 Feb 2020 Class XG1 USD 890,523 0.37 29 May 2020 Class XG1 USD 761,780 0.32 31 Aug 2020 Class XG1 USD 472,385 0.20 30 Oct 2020 Total 3,484,449

The following distributions were declared by the Fund during the financial period ended 30 November 2019:

Zurich Invest US Equity Index CCF Fund Value Per Share USD USD Ex-date Class XG1 USD 1,243,420 0.52 28 Feb 2019 Class XG1 USD 847,704 0.35 31 May 2019 Class XG1 USD 866,672 0.36 30 Aug 2019 Class XG1 USD 453,251 0.19 31 Oct 2019 Total 3,411,047

9. Transaction fees

Separately identifiable transaction costs on purchases and sales of securities incurred by the Fund for the financial year ended 30 November 2020 were USD 10,872 (30 November 2019: USD 23,423).

10. Efficient Portfolio Management

The Manager, on behalf of the Fund may employ techniques and instruments as described in the Prospectus or the Supplement of the Fund for efficient portfolio management.

The CCF has not entered into any Financial Derivative Instruments (“FDI”) during the financial year (30 November 2019: Nil ).

11. Foreign Exchange Rates

The following exchange rates (against the USD) were used to convert the investments and other assets and liabilities denominated in currencies other than USD at 30 November 2020 and 30 November 2019:

30 November 2020 30 November 2019 Euro 0.8360 0.9069 Pound sterling 0.7490 0.7731

12. Soft Commissions and Direct Brokerage Services

The CCF has not entered into any soft commission or direct brokerage services arrangements during the financial year ended 30 November 2020 and the financial period ended 30 November 2019.

13. Commitment and Contingent Liabilities

There are no significant commitments or contingent liabilities as at 30 November 2020 (30 November 2019: Nil). 41

Zurich Invest Common Contractual Fund

Notes to the Financial Statements for the financial year ended 30 November 2020 (continued)

14. Significant events during the reporting financial year

Kevin Nolan resigned as a Director of the Manager on 18 December 2019.

David McGowan was appointed as a Director of the Manager on 12 February 2020.

Since the beginning of 2020, global financial markets have experienced and may continue to experience significant volatility resulting from the spread of COVID-19. While containment efforts were made to slow the spread of the epidemic the outbreak has now spread globally resulting in travel and border restrictions, quarantines, supply chain disruptions, lower consumer demand and general market uncertainty. The effects of COVID-19 have and may continue to adversely affect the global economy.

The Board of the Manager is aware that global financial markets have been reacting to the outbreak. All markets have incurred increased volatility and uncertainty since the onset of the pandemic.

The Board of the Manager has also noted the operational risks that are posed to the CCF and its service providers due to global and local movement restrictions that have been enacted by various governments. The COVID-19 pandemic is an unprecedented event and the eventual impact on the global economy and markets will largely depend on the scale and duration of the outbreak. The Board of the Manager will continue to monitor this situation.

There were no other significant events during the financial year, other than those disclosed above, which require adjustment to, or disclosure in the financial statements.

15. Significant events since the financial year ended

The effects of the COVID-19 pandemic continue to be felt up to the signing date of 23 March 2021. Please see note 14 of these Financial Statements for further detail.

On 9 March 2021 a new supplement was issued for the Fund, to reflect the disclosure requirements under Regulation (EU) 2019/2088 on sustainability-related disclosures in the financial services sector (the SFDR).

Since the financial year end the performance of the Fund to 19 March 2021 has been 8.28%.

Subscriptions to the Fund were USD 4,415,165 from financial year end to 19 March 2021 and redemptions were USD 22,414,390 for the same period.

There have been no other significant events after the reporting financial year end.

16. Approval of Financial Statements

The financial statements were approved by the Directors of the Manager on 23 March 2021.

Zurich Invest Common Contractual Fund

Supplemental Information (unaudited)

Significant Changes in Portfolio Composition for the financial year ended 30 November 2020 (unaudited)

Listed below are the largest cumulative investment purchases during the financial year ended 30 November 2020 in excess of 1% of total purchases. At minimum, the 20 largest purchases are to be disclosed.

Major Purchases Shares Cost USD Zoom Video Communications Inc 3,496 790,581 Apple Inc 2,771 653,342 NXP Semiconductors NV 6,277 603,220 Uber Technologies Inc 17,211 590,045 Berkshire Hathaway Inc 2,694 512,982 Alphabet Inc Class A 358 486,141 Teladoc Health Inc 2,326 437,435 Amazon.com Inc 187 414,829 Microsoft Corp 2,215 408,058 BlackRock Inc 742 381,193 Tesla Inc 584 371,632 Moderna Inc 5,998 368,625 Johnson & Johnson 2,312 348,591 Peloton Interactive Inc 4,207 343,311 Coupa Software Inc 1,499 341,037 Alphabet Inc Class C 215 325,544 T-Mobile US Inc 2,719 288,126 Trade Desk Inc 919 286,324 Masimo Corp 1,157 277,900 Catalent Inc 3,513 273,065 salesforce.com Inc 990 269,924 Crowdstrike Holdings Inc 2,808 266,507 Fair Isaac Corp 657 264,541 Molina Healthcare Inc 1,369 254,388 Slack Technologies Inc 6,924 242,686 Nordson Corp 1,237 232,989 Adobe Inc 498 223,304 Avantor Inc 11,014 222,533 Zscaler Inc 1,548 221,890 Keurig Dr Pepper Inc 7,914 220,959 Regeneron Pharmaceuticals Inc 380 219,723 NVIDIA Corp 630 213,877 PG&E Corp 23,029 213,249 Facebook Inc 1,040 211,887 Snowflake Inc 769 199,277 Cable One Inc 103 194,350 Abbott Laboratories 1,914 193,366 Sunrun Inc 2,529 193,361

Zurich Invest Common Contractual Fund

Supplemental Information (unaudited) (continued)

Significant Changes in Portfolio Composition for the financial year ended 30 November 2020 (unaudited) (continued)

Listed below are the largest cumulative investment purchases during the financial year ended 30 November 2020 in excess of 1% of total sales. At minimum, the 20 largest sales are to be disclosed.

Proceeds Major Sales Shares USD Apple Inc 24,821 5,798,147 Microsoft Corp 19,330 3,629,720 Amazon.com Inc 1,031 2,568,702 Alphabet Inc Class C 1,130 1,637,092 Facebook Inc 7,046 1,633,593 Alphabet Inc Class A 1,040 1,489,088 Bank of America Corp 48,625 1,228,387 Johnson & Johnson 8,190 1,205,513 Visa Inc 5,731 1,117,666 JPMorgan Chase & Co 9,494 978,335 Procter & Gamble Co 7,821 955,224 Intel Corp 15,275 883,042 Mastercard Inc 2,710 805,432 Home Depot Inc 3,269 796,395 Berkshire Hathaway Inc 3,918 779,047 Adobe Inc 1,768 739,143 Oracle Corp 13,006 729,449 Verizon Communications Inc 12,354 716,834 Merck & Co Inc 8,211 681,071 AT&T Inc 21,177 669,629

Zurich Invest Common Contractual Fund

Appendix – Disclosure of Remuneration (unaudited)

Remuneration Policy

UCITS V Remuneration Disclosure

The European Union Directive 2014/91/EU as implemented in Ireland by S.I. No. 143/2016 - European Union (Undertakings for Collective Investment in Transferable Securities) (Amendment) Regulations 2016, requires management companies to establish and apply remuneration policies and practices that promote sound and effective risk management, and do not encourage risk taking which is inconsistent with the risk profile of the UCITS.

To that effect, Carne Global Fund Managers (Ireland) Limited (“the Manager”), has implemented a remuneration policy that applies to all UCITS for which the Manager acts as manager (the “Remuneration Policy”) and covers all staff whose professional activities have a material impact on the risk profile of the Manager or the UCITS it manages (“Identified Staff”). The Remuneration Policy also applies to all alternative investment funds for which the Manager acts as alternative investment fund manager. In accordance with the Remuneration Policy, all remuneration paid to Identified Staff can be divided into:

• Fixed remuneration ( payments or benefits without consideration of any performance criteria); and

• Variable remuneration (additional payments or benefits depending on performance or, in certain cases, other contractual criteria) which is not based on the performance of the UCITS.

The Manager has designated the following persons as Identified Staff:

1. The Designated Persons;

2. Each of the Directors;

3. Compliance Officer;

4. Risk Officer; and

5. Chief Operating Officer.

The Manager has a business model, policies and procedures which by their nature do not promote excessive risk taking and take account of the nature, scale and complexity of the Manager and the UCITS. The Remuneration Policy is designed to discourage risk taking that is inconsistent with the risk profile of the UCITS and the Manager is not incentivised or rewarded for taking excessive risk.

The Manager has established a remuneration committee to oversee the implementation of the remuneration arrangements and to exercise competent and independent judgment on remuneration policies and practices and the incentives created for managing risk (the “Remuneration Committee”). The Remuneration Committee consists of at least two directors, the compliance officer, internal legal counsel and such other individuals as the Board may appoint from time to time.

The Manager’s parent company is Carne Global Financial Services Limited (“Carne”). Carne operates through a shared services organisational model which provides that Carne employs all staff and enters into inter-group agreements with other Carne Group entities within the group to ensure such entities are resourced appropriately. Each of the Identified Staff, other than one non-executive independent director, are employed and paid directly by Carne and remunerated based on their contribution to the Carne Group as a whole. In return for the services of each of the Carne Identified Staff, the Manager pays an annual staff recharge to Carne (the “Staff Recharge”).

The non-executive independent director is paid a fixed remuneration and each other Identified Staff member’s remuneration is linked to their overall individual contribution to the Carne Group, with reference to both financial and non-financial criteria and not directly linked to the performance of specific business units or targets reached or the performance of the UCITS.

The aggregate of the total Staff Recharge and the remuneration of the independent non-executive director is €1,208,000 (31 December 2019: €1,497,600) paid to 12 individuals (31 December 2019: 12) for the year ended 31 December 2020. The Manager has also determined that, on the basis of number of sub-funds / net asset value of the Fund relative to the number of sub-funds / assets under management, the portion of this figure attributable to the Fund is €5,717 (31 December 2019: €9,659). 45

Zurich Invest Common Contractual Fund

Appendix – Disclosure of Remuneration (unaudited) (continued)

Remuneration Policy (continued)

The CCF does not pay any fixed or variable remuneration to identified staff of the Investment Manager.

There have been no material changes made to the Remuneration Policy or the Manager’s remuneration practices and procedures during the financial year.