ZURICH INVEST ICAV - Carne Group Financial Services · Interim Report and Unaudited Condensed...

ZURICH INVEST ICAV

(An open-ended Irish collective asset management vehicle which is constituted as an umbrella fund with

segregated liability between Funds and with variable capital incorporated in Ireland under the Irish

Collective Asset-management Vehicles Act 2015 (“ICAV”) and authorised by the Central Bank as an

Undertaking for Collective Investment in Transferable Securities (“UCITS”) pursuant to the UCITS

Regulations).

Interim Report and Unaudited Condensed Financial Statements

for the financial period from 1 December 2019 to 31 May 2020

Zurich Invest ICAV

Contents

Page

Directory 1

General information 2

Investment Manager’s Report 5

Condensed Statement of Financial Position 8

Condensed Statement of Comprehensive Income 11

Condensed Statement of Changes in Net Assets Attributable to Redeemable Participating Shareholders 13

Condensed Statement of Cash Flows 15

Schedule of Investments 17

Schedule of Portfolio Changes 97

Notes to the Condensed Financial Statements 105

Zurich Invest ICAV

1

Directory

Board of Directors Investment Manager

Thomas Osterwalder (Swiss) Deutsche Asset Management International GmbH

David Warren (Irish) Mainzer Landstraße 11-17

John Fitzpatrick (Irish)* 60329 Frankfurt am Main

Germany

*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: C173433 Ireland

Irish Legal Advisor Administrator

A&L Goodbody 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

State Street Custodial Services (Ireland) Limited Zurich Investment 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

Zurich Invest ICAV

2

General Information

Background to the ICAV

Zurich Invest ICAV (the “ICAV”) is an Irish collective asset-management vehicle constituted as an umbrella fund with segregated

liability between Funds with registration number C173433. The ICAV was incorporated under an Instrument of Incorporation

(“IoI”), pursuant to the Irish Collective Asset management Vehicles Act 2015 (the “ICAV Act”), and was registered with the Central

Bank of Ireland (the “Central Bank”) on 5 September 2017. The ICAV has been authorised by the Central Bank as an Undertaking

for Collective Investment in Transferable Securities (“UCITS”) pursuant to the provisions of the European Communities

(Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank

(Supervision and Enforcement) Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities)

Regulations 2019 (as amended) (together the “UCITS Regulations”). References to statutes, regulations and laws shall include any

amendments thereto. All capitalised terms used but not defined herein shall have the meaning ascribed thereto in the ICAV’s

Prospectus dated 5 November 2019 (the “Prospectus”).

Shares representing interests in different Funds may be issued from time to time by the ICAV. Shares of more than one Class may

be issued in relation to a Fund. All Shares of each Class will rank rateably amongst themselves and pari passu save as provided for

in the relevant Supplement. On the introduction of any new Fund (for which prior Central Bank approval is required) or any new

Class of Shares (which must be issued in accordance with the requirements of the Central Bank), the ICAV will prepare and issue

a new or updated Supplement setting out the relevant details of each such Fund or new Class of Shares as the case may be.

A separate portfolio of assets will be maintained for each Fund (and accordingly not for each Class of Shares) and will be invested

in accordance with the investment objective and policies applicable to such Fund.

The Manager of the ICAV 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 ICAV. The Manager has also

appointed Zurich Invest Ltd as Global Services Co-ordinator (the “Global Services Co-ordinator”) of the ICAV. Zurich Invest Ltd

is a wholly owned subsidiary of Zurich Insurance Company Ltd.

Funds and Share Classes

There are five Funds in operation as at 31 May 2020, namely Zurich Invest EMU Equity Index Fund, Zurich Invest US Equity Index

Fund, Zurich Invest World Equity Index Fund, Zurich Invest Euro Corporate Bond Fund, and Zurich Invest US Corporate Bond

Fund (the “Funds”).

The Funds and their share classes are listed below:

Fund Launch date Functional

currency

Share Class

Zurich Invest EMU Equity Index Fund 15 December 2017 EUR XC2 EUR (Unhedged) Accumulating Shares

15 December 2017 EUR XC4 EUR (Unhedged) Accumulating Shares

1 June 2018 EUR II1 EUR (Unhedged) Accumulating Shares

1 June 2018 EUR ZI1 EUR (Unhedged) Accumulating Shares

19 October 2018 EUR XC1 EUR (Unhedged) Distributing Shares

19 October 2018 EUR XC3 EUR (Unhedged) Distributing Shares

26 November 2018 EUR XA1 EUR (Unhedged) Distributing Shares

26 November 2018 EUR XA2 EUR (Unhedged) Distributing Shares

14 June 2019 EUR IL2 EUR (Unhedged) Accumulating Shares

12 September 2019 EUR ZM1 EUR (Unhedged) Accumulating Shares

Zurich Invest Euro Corporate Bond Fund 6 December 2019 EUR XC2 EUR (Unhedged) Accumulating Shares

6 December 2019 EUR ZI1 EUR (Unhedged) Accumulating Shares

Zurich Invest US Corporate Bond Fund 6 December 2019 USD XA2 EUR (Hedged) Accumulating Shares

6 December 2019 USD ZI2 EUR (Hedged) Accumulating Shares

Zurich Invest US Equity Index Fund 17 July 2018 EUR II1 EUR (Unhedged) Accumulating Shares

17 July 2018 EUR ZI1 EUR (Unhedged) Accumulating Shares

12 September 2019 USD ZM1 USD (Unhedged) Accumulating Shares

Zurich Invest ICAV

3

General Information (continued)

Funds and Share Classes (continued)

Investment objective and policy

Zurich Invest EMU Equity Index Fund

The investment objective of the Fund is to track, before fees and expenses, the return performance of the MSCI EMU Net Total

Return 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 Euro Corporate Bond Fund

The investment objective of the Fund is to track, before fees and expenses, the return performance of the iBoxx € Corporates (the

“Index”). In order to seek to achieve the Fund's investment objective, the Investment Manager will aim to replicate the performance

of the Index by passively investing directly in bonds underlying the Index issued by EU and non-EU industrial, utility, technology,

consumer goods and financial corporate issuers. The Index constituents are comprised of investment grade EUR denominated fixed

rate corporate bonds. The Fund will typically invest in a representative 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.

Zurich Invest US Corporate Bond Fund

The investment objective of the Fund is to track, before fees and expenses, the return performance of the iBoxx $ Corporates (the

“Index”). In order to seek to achieve the Fund's investment objective, the Investment Manager will aim to replicate the performance

of the Index by passively investing directly in bonds underlying the Index issued by US and non-US industrial, utility, technology,

consumer goods and financial corporate issuers. The Index constituents are comprised of investment grade USD denominated fixed

rate corporate bonds. The Fund will typically invest in a representative 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.

Fund Launch date Functional

currency

Share Class

Zurich Invest World Equity Index Fund 6 December 2018 EUR XC1 EUR (Unhedged) Distributing Shares

13 December 2018 EUR II1 EUR (Unhedged) Accumulating Shares

22 January 2019 EUR ZI1 EUR (Unhedged) Accumulating Shares

30 January 2019 CHF IC1 CHF (Unhedged) Accumulating Shares

12 September 2019 USD ZM1 USD (Unhedged) Accumulating Shares

30 October 2019 EUR ZG1 EUR (Unhedged) Accumulating Shares

Zurich Invest ICAV

4

General Information (continued)

Investment objective and policy (continued)

Zurich Invest US Equity Index Fund

The investment objective of the Fund is to track, before fees and expenses, the return performance of the MSCI US (NDR) 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 World Equity Index Fund

The investment objective of the Fund is to track, before fees and expenses, the return performance of the World Net Total Return

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 ICAV

5

Investment Manager’s Report

Coronavirus infects the financial markets

At the beginning of the new year, global equity markets continued their impressive momentum from the last quarter of 2019, before

falling sharply again from their new record levels. This was because the continuing spread of COVID-19 (coronavirus) and its

potential impact on the global economy scared investors. As the virus spread at an exponential rate, governments around the world

imposed temporary restrictions on public life (lockdowns). This led to a contraction of the global economy, and governments and

central banks took extraordinary measures to prevent a prolonged and deep economic crisis.

USD 2 trillion aid package and monetary policy support for the USA

As in China and Europe, the coronavirus spread rapidly in the USA and created a strong headwind for the US economy. At the end

of March, initial claims for unemployment benefits rose to an all-time high of over 6 million due to the sudden economic standstill.

The service sector was hit particularly hard by the consequences of the ban on contact and travel restrictions, with the purchasing

managers' index for the service sector falling to 39.1 points. The manufacturing sector held up better, but the sharp decline in new

orders suggested that worse might be ahead. At the end of March, the US Congress passed an aid package worth USD 2 trillion and

the Federal Reserve Bank (FED) also promised unlimited monetary policy support. These measures led to strong gains in US equity

markets at the end of the quarter.

Emergency bond purchase program and higher government spending in the euro zone

In order to compensate for the massive economic consequences of the corona pandemic in the euro zone, the economic stimulus

measures have been considerably extended. The European Central Bank announced an emergency bond purchase programme of

750 billion euros for the rest of this year. On the fiscal side, Germany has suspended its debt brake anchored in its constitution in

order to be able to spend more. Other eurozone countries also announced spending packages. In addition, numerous and extensive

programs to secure liquidity and for credit guarantees were set up.

Compensation for short-time working and refinancing facility in Switzerland

With fiscal measures amounting to around 6 percent of gross domestic product, the Swiss government took energetic action to

support companies and households. Short-time work compensation, which amounts to 80 percent of income, was extended. With

the COVID 19 refinancing facility, the Swiss National Bank offered bridge financing for companies in the event of liquidity

problems.

No fiscal policy measures in Japan yet

For the time being, Japan has only taken monetary policy measures to support the economy. This was because the number of

coronavirus infections was comparatively low compared to European countries. Although the Bank of Japan kept its key interest

rate unchanged, it decided to buy more corporate bonds and tradable fund units (ETFs) in the amount of 6 trillion yen (approx. 54

billion Swiss francs). The central bank also introduced a new instrument to facilitate bank lending to companies. While these various

measures were able to support the economy, fiscal policy measures may also be necessary in Japan in the future.

China's economy appears to be recovering

Towards the end of the quarter, the Chinese economy began to recover after the end of the lockdown. This was after the number of

new COVID-19 cases in China declined. Migrant workers gradually returned to the factories, Hubei Province was no longer locked

down and consumption began to recover. The purchasing managers' index also recovered from its record low of 29.6 points.

Nevertheless, the Chinese central bank announced further monetary policy measures to further support the economy. China, which

is further ahead than Western countries in overcoming the crisis, now seems to have the COVID-19 epidemic under control.

Strong price movements in physical gold

Despite sharp price movements, which could be due to emergency sales by investors, the gold price developed strongly in the first

quarter and is still at its highest level in over 6 years.

Zurich Invest ICAV

6

Investment Manager’s Report (continued)

Performance - Zurich Invest EMU Equity Index Fund (unaudited)

Performance - Zurich Invest US Equity Index Fund (unaudited)

Performance - Zurich Invest US Corporate Bond Index Fund* (unaudited)

Performance - Zurich Invest Euro Corporate Bond Index Fund* (unaudited)

* These Funds launched on 6 December 2019

Zurich Invest ICAV

7

Investment Manager’s Report (continued)

Performance - Zurich Invest World Equity Index Fund (unaudited)

Tracking error - Zurich Invest EMU Equity Index 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 31 May 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 31 May 2020 is

0.10%.

Tracking error - Zurich Invest US Equity Index Fund (unaudited)




0.08%.

Tracking error - Zurich Invest US Corporate Bond Index Fund* (unaudited)




0.23%.

Tracking error - Zurich Invest Euro Corporate Bond Index Fund* (unaudited)




0.15%.

Tracking error - Zurich Invest World Equity Index Fund (unaudited)




0.23%.


Zurich Invest Ltd

June 2020

Zurich Invest ICAV

8

Condensed Statement of Financial Position As at 31 May 2020

NAV’s per share are shown in the base currency of the share class.

* These Funds launched on 6 December 2019.

** These share classes launched during the financial year. Refer to the General Information section for specific launch dates .

Zurich Invest Zurich Invest Zurich Invest Zurich Invest Zurich Invest

EMU Equity

Index

Euro Corporate

Bond*

US Corporate

Bond*

US Equity

Index

World Equity

Index

EUR EUR USD USD USD

Assets

Financial assets held at fair value

through profit or loss:

Transferable securities 363,779,206 79,726,386 71,951,427 155,369,749 136,160,253

Unrealised gain on forward

currency contracts - - 1,298,515 - -

Cash and cash equivalents 52,509 1,926,292 1,510,203 87,973 349,753

Receivable for securities sold - 455,018 - 1,647,396 590,989

Receivable for fund shares sold 14,870 23,975 13,245 110,387 -

Dividends receivable 1,063,914 - - 185,487 288,554

Interest receivable - 508,744 706,231 - -

Total assets 364,910,499 82,640,415 75,479,621 157,400,992 137,389,549

Liabilities

Payable for fund shares repurchased (1,229) (1,652) (910) (3,958) -

Payable for investments purchased - (672,259) - (1,931,878) (314,494)

Distribution payable (1,344,250) - - - (165,492)

Operating fees payable (58,127) (16,077) (19,189) (62,352) (90,311)

Transaction fees payable (15,607) (6,898) (6,995) (17,589) (5,005)

Total liabilities (1,419,213) (696,886) (27,094) (2,015,777) (575,302)

Net assets attributable to holders

of redeemable participating

shares (“Net assets”) 363,491,286 81,943,529 75,452,527 155,385,215 136,814,247

Net Asset Net Asset Net Asset Net Asset Net Asset

Value per

Share

Value per

Share

Value per

Share

Value per

Share

Value per

Share

Class XC2 EUR (Unhedged)

Accumulating Shares 91.63 97.31** - - -


Accumulating Shares 91.62 - - - -

Class II1 EUR (Unhedged)

Accumulating Shares 90.77 - - 118.24 114.34

Class ZI1 EUR (Unhedged)

Accumulating Shares 90.56 100.72** - 117.98 113.75

Class ZI2 EUR (Hedged)

Accumulating Shares - - 102.83** - -


Distributing Shares 94.05 - - - 110.46


Distributing Shares 94.36 - - - -

Class XA1 EUR (Unhedged)

Distributing Shares 94.95 - - - -

Class XA2 EUR (Hedged)

Accumulating Shares - - 102.09** - -

Zurich Invest ICAV

9

Condensed Statement of Financial Position (continued) As at 31 May 2020



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


EMU Equity

Index

Euro Corporate

Bond*

US Corporate

Bond*

US Equity

Index

World Equity

Index

EUR EUR USD USD USD

Net Asset Net Asset Net Asset Net Asset Net Asset

Value per

Share

Value per

Share

Value per

Share

Value per

Share

Value per

Share

Class XA2 EUR (Unhedged)

Distributing Shares

94.95 - - - -

Class IL2 EUR (Unhedged)


Class ZM1 EUR (Unhedged)


Class ZM1 USD (Unhedged)

Accumulating Shares - - - 102.61 98.74

Class IC1 CHF (Unhedged)

Accumulating Shares - - - - 105.18

Class ZG1 EUR (Unhedged)

Accumulating Shares - - - - 97.19

Zurich Invest ICAV

10

Condensed Statement of Financial Position As at 30 November 2019


* This Fund launched on 6 December 2018.

** These share classes launched during the financial year. Refer to the General Information section for specific launch

dates.


Zurich Invest Zurich Invest Zurich Invest

EMU Equity Index

US Equity Index

World Equity

Index*

EUR USD USD

Assets

Financial assets held at fair value through profit

or loss:

Transferable securities 362,226,204 225,086,918 171,310,398

Cash and cash equivalents 145,820 448,199 569,003

Receivable for fund shares sold - 1,692,030 161

Receivable for fund shares sold 43,046 163,380 -

Dividends receivable 696,569 296,684 342,011

Total assets 363,111,639 227,687,211 172,221,573

Liabilities

Payable for Fund Shares Repurchased (4) - -

Payable for investments purchased (98,369) (144,677) (209,775)

Distribution payable (383,649) - (260,582)

Operating fees payable (23,144) (35,720) (35,230)

Transaction fees payable (36,363) (6,124) (4,081)

Total liabilities (541,529) (186,521) (509,668)

Net assets attributable to holders of

redeemable participating shares (“Net assets”)

362,570,110 227,500,690 171,711,905

Net Asset Net Asset Net Asset

Value per Share Value per Share Value per Share

Class XC2 EUR (Unhedged) Accumulating Shares 108.24 - -

Class XC4 EUR (Unhedged) Accumulating Shares 108.24 - -

Class II1 EUR (Unhedged) Accumulating Shares

107.24 121.52 121.78**

Class ZI1 EUR (Unhedged) Accumulating Shares 107.05 121.33 121.24**

Class XC1 EUR (Unhedged) Distributing Shares 112.33 - 118.71**

Class XC3 EUR (Unhedged) Distributing Shares 112.33 - -

Class XA1 EUR (Unhedged) Distributing Shares 113.44 - -

Class XA2 EUR (Unhedged) Distributing Shares 113.44 - -

Class IL2 EUR (Unhedged) Accumulating Shares 109.14** - -

Class ZM1 EUR (Unhedged) Accumulating Shares 104.25** - -

Class ZM1 USD (Unhedged) Accumulating Shares - 104.79** 104.49**

Class IC1 CHF (Unhedged) Accumulating Shares - - 115.76**

Class ZG1 EUR (Unhedged) Accumulating Shares - - 103.51**

Zurich Invest ICAV

11

Condensed Statement of Comprehensive Income For the financial period from 1 December 2019 to 31 May 2020


There are no recognised gains or losses arising during the financial period other than those dealt with in the Statement of

comprehensive income. In arriving at the results for the financial period all amounts relate to continuing operations.



Notes EMU Equity

Index

Euro Corporate

Bond*

US Corporate

Bond*

US Equity

Index

World Equity

Index

Income EUR EUR USD USD USD

Dividend income 4,021,940 - - 1,784,995 1,587,557

Interest income - 367,487 1,006,055 - -

Other income 920 - - 704 755

Net realised gain/(loss) on

financial assets and liabilities

at fair value through profit or

loss 1,281,707 (139,810) (1,145,466) 9,417,169 3,266,198

Net change in unrealised

(loss)/gain on financial assets

and financial liabilities at fair

value through profit or loss (58,316,108) (1,212,088) 2,561,904 (6,761,877) (12,492,589)

Total investment

(loss)/income (53,011,541) (984,411) 2,422,493 4,440,991 (7,638,079)

Operating expenses

Operating fees (115,910) (28,484) (36,027) (168,310) (195,490)

Transaction fees - (6,898) (6,995) (25,694) (2,304)

Total operating expenses (115,910) (35,382) (43,022) (194,004) (197,794)

Finance cost

Interest expense (1,019) (392) (22) (1,372) (192)

Distributions 10 (1,804,193) - - - (276,293)

Total finance cost (1,805,212) (392) (22) (1,372) (276,485)

Net (loss)/gain from

operations before taxation (54,932,663) (1,020,185) 2,379,449 4,245,615 (8,112,358)

Withholding tax (345,040) (4,203) (643) (497,737) (342,664)

Changes in net assets

attributable to holders of

redeemable participating

shares (55,277,703) (1,024,388) 2,378,806 3,747,878 (8,455,022)

Zurich Invest ICAV

12

Condensed Statement of Comprehensive Income For the financial period from 1 December 2018 to 31 May 2019


There are no recognised gains or losses arising during the financial period other than those dealt with in the Statement of

comprehensive income. In arriving at the results for the financial period all amounts relate to continuing operations.



Note EMU Equity Index US Equity Index World Equity Index

Income EUR USD EUR*

Dividend income 8,484,539 - 2,090,768

Other income 172,798 499 (778)

Net realised (loss)/gain on financial assets and

liabilities at fair value through profit or loss

(412,439) 15,379

157,881

Net change in unrealised gain on financial assets

and financial liabilities at fair value through profit

or loss

5,005,638

3,682,930

3,426,848

Total investment income 13,250,536 3,698,808 5,674,719

Operating expenses

Operating fees (109,017) (182,791) (139,256)

Transaction fees (15,127) - (8,670)

Total operating expenses (124,144) (182,791) (147,926)

Finance cost

Interest expense (884) (2,784) (1,770)

Distributions 10 (4,028,058) - (677,757)

Total finance cost (4,028,942) (2,784) (679,527)

Net gain from operations before taxation 9,097,450 3,513,233 4,847,266

Withholding tax (641,856) - (385,809)

Changes in net assets attributable to holders of

redeemable participating shares

8,455,594 3,513,233 4,461,457

Zurich Invest ICAV

13

Condensed Statement of Changes in Net assets attributable to holders of Redeemable Participating Shares

For the financial period from 1 December 2019 to 31 May 2020




EMU Equity

Index Euro Corporate

Bond*

US Corporate

Bond*

US Equity

Index

World Equity

Index

EUR EUR USD USD USD

Net assets attributable to holders

of redeemable participating shares

at the beginning of the financial

period 362,570,110 - - 227,500,690 171,711,905

Changes in net assets attributable

to holders of redeemable

participating shares resulting from

operations (55,277,703) (1,024,388) 2,378,806 3,747,878 (8,455,022)

Share transactions

Issue of shares 76,883,282 82,969,574 73,074,634 35,782,526 9,285,924

Redemption of shares (20,684,403) (1,657) (913) (111,645,879) (35,728,560)

Net increase/(decrease) in net

assets attributable to

holders of redeemable

participating shares from capital

transactions 56,198,879 82,967,917 73,073,721 (75,863,353) (26,442,636)

Net increase/(decrease) in net

assets attributable to holders of


during the financial period 921,176 81,943,529 75,452,527 (72,115,475) (34,897,658)

Net assets attributable to

holders of redeemable

participating shares at the end

of the financial period 363,491,286 81,943,529 75,452,527 155,385,215 136,814,247

Zurich Invest ICAV

14

Condensed Statement of Changes in Net assets attributable to holders of Redeemable Participating Shares For the financial period from 1 December 2018 to 31 May 2019




EMU Equity Index US Equity Index World Equity Index

EUR USD USD*

Net assets attributable to holders of redeemable

participating shares at the beginning of the financial

period

260,299,003 171,222,994 -


redeemable participating shares resulting from

operations

8,455,594 3,513,233 4,461,457

Share transactions

Issue of shares 52,655,565 74,230,949 148,698,611

Redemption of shares (8,673,080) (49,648,480) (963,571)

Net increase in net assets attributable to holders of

redeemable participating shares from capital

transactions 43,982,485 24,582,469 147,735,040

Net increase in net assets attributable to holders of

redeemable participating shares during the

financial period

52,438,079 28,095,702 152,196,497

Net assets attributable to holders of redeemable

participating shares at the end of the financial

period

312,737,082 199,318,696 152,196,497

Zurich Invest ICAV

15

Condensed Statement of Cash Flows





EMU Equity

Index

Euro Corporate

Bond*

US Corporate

Bond*

US Equity

Index

World Equity

Index

EUR EUR USD USD USD

Cash flows from operating

activities

Changes in net assets attributable

to holders of redeemable

participating shares

(55,277,703)

(1,024,388) 2,378,806 3,747,878 (8,455,022)

Adjustments for:

Movement in financial assets and

financial liabilities at fair value

through profit or loss

(1,553,002)

(79,726,386) (73,249,942) 69,717,169 35,150,145

Movement in other assets and

receivables

(339,169)

(987,737) (719,476) 208,824 (537,371)

Movement in other liabilities and

accrued expenses

877,684

696,886 27,094 1,829,256 65,634

Net cash (outflow) from

operating activities

(56,292,190)

(81,041,625) (71,563,518) 75,503,127 26,223,386

Cash flows from financing

activities

Proceeds from issue of redeemable

participating shares

76,883,282

82,969,574 73,074,634 35,782,526 9,285,924

Payments for redeemable

participating shares redeemed

(20,684,403)

(1,657) (913) (111,645,879) (35,728,560)

Net cash inflow from financing

activities

56,198,879

82,967,917 73,073,721 (75,863,353) (26,442,636)

Net increase in cash and cash

equivalents

(93,311)

1,926,292 1,510,203 (360,226) (219,250)

Reconciliation of cash movement

during the financial period

Net cash at the beginning of the

financial period

145,820

- - 448,199 569,003

Net cash at the end of the

financial period

52,509

1,926,292 1,510,203 87,973 349,753

Zurich Invest ICAV

16

Condensed Statement of Cash Flows





EMU Equity Index US Equity Index World Equity Index

EUR USD EUR*

Cash flows from operating activities



8,455,594 3,513,233 4,461,457

Adjustments for:

Movement in financial assets and financial liabilities at

fair value through profit or loss

(51,795,289) (26,992,543) (152,055,513)

Movement in other assets and receivables (3,787,352) 456,907 (419,741)

Movement in other liabilities and accrued expenses 3,502,879 (498,276) 508,818

Net cash (outflow) from operating activities (43,624,168) (23,520,679) (147,504,979)

Cash flows from financing activities

Proceeds from issue of redeemable participating shares 52,655,565 74,230,949 148,698,611

Payments for redeemable participating shares redeemed (8,673,080) (49,648,480) (963,571)

Net cash inflow from financing activities 43,982,485 24,582,469 147,735,040

Net increase/(decrease) in cash and cash equivalents 358,317 1,061,790 230,061

Reconciliation of cash movement during the

financial period

Net cash at the beginning of the financial period 231,675 79,336 -

Net cash at the end of the financial period 589,992 1,141,126 230,061

Zurich Invest ICAV

17

Zurich Invest EMU Equity Index Fund Schedule of Investments as at 31 May 2020

Fair Value % of

Holding EUR Net Assets

Transferable Securities (100.08%) (30 November 2019: 99.91%)

Equities (100.08%) (30 November 2019: 99.91%)

Austria (0.55%) (30 November 2019: 0.70%)

7,866 Andritz AG 265,399 0.07

31,433 Erste Group Bank AG 621,273 0.17

15,994 OMV AG 475,342 0.13

13,935 Raiffeisen Bank International AG 230,485 0.06

5,937 Verbund AG 237,717 0.07

10,234 Voestalpine AG 179,453 0.05

2,009,669 0.55

Belgium (2.70%) (30 November 2019: 3.09%)

16,329 Ageas 500,811 0.14

78,684 Anheuser-Busch InBev SA 3,297,646 0.91

5,698 Colruyt SA 309,857 0.09

4,657 Galapagos NV 853,861 0.23

9,011 Groupe Bruxelles Lambert SA 655,280 0.18

25,901 KBC Group NV 1,219,160 0.34

15,958 Proximus SADP 299,931 0.08

7,834 Solvay SA 536,472 0.15

3,958 Telenet Group Holding NV 145,892 0.04

13,009 UCB SA 1,170,810 0.32

20,352 Umicore SA 810,824 0.22

9,800,544 2.70

Finland (3.38%) (30 November 2019: 2.90%)

14,714 Elisa OYJ 829,575 0.23

46,473 Fortum OYJ 800,265 0.22

34,998 Kone OYJ 2,109,678 0.59

9,215 Metso OYJ 268,802 0.07

43,646 Neste OYJ 1,585,223 0.44

580,941 Nokia OYJ 2,071,344 0.57

10,755 Nokian Renkaat OYJ 225,210 0.06

10,875 Orion OYJ 523,088 0.14

46,250 Sampo OYJ 1,485,550 0.41

60,821 Stora Enso OYJ 670,552 0.18

55,240 UPM-Kymmene OYJ 1,434,583 0.39

40,068 Wartsila OYJ Abp 281,438 0.08

12,285,308 3.38

France (32.23%) (30 November 2019: 32.73%)

18,620 Accor SA 472,017 0.13

2,700 Aeroports de Paris 252,855 0.07

48,605 Air Liquide SA 5,934,671 1.63

19,697 Alstom SA 745,334 0.21

6,294 Amundi SA 421,383 0.12

7,154 Arkema SA 560,587 0.15

10,144 Atos SE 687,966 0.19

200,571 AXA SA 3,285,353 0.90

4,247 BioMerieux 548,288 0.15

115,877 BNP Paribas SA 3,737,613 1.03

Zurich Invest ICAV

18

Zurich Invest EMU Equity Index Fund (continued) Schedule of Investments as at 31 May 2020 (continued)

Fair Value % of



(continued)

Equities (100.08%) (30 November 2019: 99.91%) (continued)

France (32.23%) (30 November 2019: 32.73%) (continued)

76,600 Bollore SA 196,556 0.05

23,818 Bouygues SA 655,948 0.18

30,300 Bureau Veritas SA 554,187 0.15

16,371 Capgemini SE 1,507,769 0.41

62,702 Carrefour SA 856,196 0.24

4,700 Casino Guichard Perrachon SA 159,236 0.04

50,804 Cie de Saint-Gobain 1,476,872 0.41

17,712 Cie Generale des Etablissements Michelin SCA 1,609,312 0.44

15,127 CNP Assurances 143,026 0.04

4,813 Covivio 253,404 0.07

121,081 Credit Agricole SA 947,338 0.26

63,476 Danone SA 3,907,583 1.08

219 Dassault Aviation SA 167,973 0.05

13,492 Dassault Systemes SE 2,054,157 0.57

25,249 Edenred 948,857 0.26

8,169 Eiffage SA 669,858 0.18

62,960 Electricite de France SA 500,910 0.14

187,958 Engie SA 1,998,933 0.55

29,180 EssilorLuxottica SA 3,377,585 0.93

3,530 Eurazeo SE 154,614 0.04

14,991 Eutelsat Communications SA 134,319 0.04

6,616 Faurecia SE 229,311 0.06

5,084 Gecina SA 588,219 0.16

46,135 Getlink SE 598,832 0.16

3,245 Hermes International 2,426,611 0.67

2,537 ICADE 163,256 0.04

1,530 Iliad SA 242,352 0.07

6,243 Ingenico Group SA 775,381 0.21

3,932 Ipsen SA 277,992 0.08

7,300 JCDecaux SA 133,517 0.04

7,796 Kering SA 3,661,002 1.01

17,844 Klepierre SA 304,062 0.08

27,859 Legrand SA 1,707,757 0.47

25,760 L'Oreal SA 6,746,544 1.86

28,570 LVMH Moet Hennessy Louis Vuitton SE 10,713,749 2.95

98,906 Natixis SA 197,120 0.05

205,834 Orange SA 2,232,270 0.61

21,912 Pernod Ricard SA 3,069,871 0.84

61,444 Peugeot SA 786,790 0.22

23,064 Publicis Groupe SA 588,593 0.16

1,952 Remy Cointreau SA 208,474 0.06

20,788 Renault SA 420,022 0.12

33,736 Safran SA 2,896,573 0.80

115,841 Sanofi 10,139,562 2.79

2,820 Sartorius Stedim Biotech 687,516 0.19

56,852 Schneider Electric SE 5,073,472 1.40

Zurich Invest ICAV

19


Fair Value % of



(continued)



16,623 SCOR SE 368,698 0.10

2,358 SEB SA 290,977 0.08

84,555 Societe Generale SA 1,118,832 0.31

9,409 Sodexo SA 569,621 0.16

35,649 Suez 363,976 0.10

6,065 Teleperformance 1,292,452 0.36

11,080 Thales SA 762,082 0.21

246,794 TOTAL SA 8,298,448 2.28

9,315 Ubisoft Entertainment SA 648,883 0.18

14,577 Unibail-Rodamco-Westfield (REIT) 695,323 0.19

25,032 Valeo SA 554,459 0.15

55,644 Veolia Environnement SA 1,095,352 0.30

53,073 Vinci SA 4,407,182 1.21

86,220 Vivendi SA 1,761,475 0.48

2,386 Wendel SA 197,084 0.05

14,118 Worldline SA 947,600 0.26

117,161,992 32.23

Germany (27.83%) (30 November 2019: 26.78%)

18,562 Adidas AG 4,402,906 1.21

43,032 Allianz SE 7,006,470 1.93

95,023 BASF SE 4,622,394 1.27

101,044 Bayer AG 6,135,392 1.69

34,124 Bayerische Motoren Werke AG 1,794,922 0.49

5,861 Bayerische Motoren Werke AG (Preference Shares) 242,528 0.07

10,347 Beiersdorf AG 975,308 0.27

16,009 Brenntag AG 758,987 0.21

4,175 Carl Zeiss Meditec AG 384,518 0.11

106,638 Commerzbank AG 373,340 0.10

11,538 Continental AG 1,020,421 0.28

18,421 Covestro AG 613,235 0.17

94,172 Daimler AG 3,143,461 0.86

11,627 Delivery Hero SE 1,002,015 0.28

202,331 Deutsche Bank AG 1,523,755 0.42

19,494 Deutsche Boerse AG 2,883,163 0.79

20,976 Deutsche Lufthansa AG 191,763 0.05

101,902 Deutsche Post AG 2,851,218 0.78

342,510 Deutsche Telekom AG 4,855,079 1.34

37,028 Deutsche Wohnen SE 1,489,266 0.41

230,997 E.ON SE 2,195,857 0.60

19,005 Evonik Industries AG 420,961 0.12

3,700 Fraport AG Frankfurt Airport Services Worldwide 165,094 0.05

21,898 Fresenius Medical Care AG & Co KGaA 1,655,489 0.46

43,115 Fresenius SE & Co KGaA 1,862,568 0.51

7,329 Fuchs Petrolub SE (Preference Shares) 262,525 0.07

16,015 GEA Group AG 429,042 0.12

Zurich Invest ICAV

20


Fair Value % of



(continued)


Germany (27.83%) (30 November 2019: 26.78%) (continued)

6,240 Hannover Rueck SE 902,304 0.25

15,778 HeidelbergCement AG 704,172 0.19

10,700 Henkel AG & Co KGaA 770,935 0.21

19,855 Henkel AG & Co KGaA (Preference Shares) 1,593,959 0.44

2,207 Hochtief AG 174,574 0.05

128,728 Infineon Technologies AG 2,427,295 0.67

5,876 KION Group AG 294,975 0.08

5,022 Knorr-Bremse AG 477,994 0.13

8,701 Lanxess AG 404,422 0.11

13,284 Merck KGaA 1,370,245 0.38

15,394 Metro AG 129,248 0.04

5,403 MTU Aero Engines AG 782,895 0.22

14,870 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3,042,402 0.84

16,098 Porsche Automobil Holding SE 787,353 0.22

8,626 Puma SE 553,617 0.15

60,081 RWE AG 1,789,813 0.49

100,976 SAP SE 11,460,776 3.15

3,647 Sartorius AG 1,215,910 0.33

78,678 Siemens AG 7,752,143 2.13

15,359 Siemens Healthineers AG 713,656 0.20

13,228 Symrise AG 1,301,635 0.36

92,413 Telefonica Deutschland Holding AG 255,614 0.07

42,643 thyssenkrupp AG 258,417 0.07

20,730 Uniper SE 582,513 0.16

10,547 United Internet AG 388,973 0.11

2,800 Volkswagen AG 398,720 0.11

19,599 Volkswagen AG (Preference Shares) 2,596,868 0.71

52,992 Vonovia SE 2,743,926 0.75

12,084 Wirecard AG 1,142,663 0.31

14,318 Zalando SE 871,107 0.24

101,150,801 27.83

Ireland (2.10%) (30 November 2019: 1.80%) 69,208 AIB Group Plc 69,139 0.02

84,270 Bank of Ireland Group Plc 136,265 0.04

81,540 CRH Plc 2,389,122 0.66

14,134 Flutter Entertainment Plc 1,629,650 0.45

16,390 Kerry Group Plc 1,824,207 0.50

15,977 Kingspan Group Plc 887,522 0.24

23,647 Smurfit Kappa Group Plc 691,911 0.19

7,627,816 2.10

Italy (5.52%) (30 November 2019: 5.98%)

114,096 Assicurazioni Generali SpA 1,424,489 0.39

51,259 Atlantia SpA 748,125 0.21

59,977 Davide Campari-Milano SpA 437,832 0.12

834,765 Enel SpA 5,760,713 1.58

262,525 Eni SpA 2,132,491 0.59

62,896 FinecoBank Banca Fineco SpA 660,722 0.18

Zurich Invest ICAV

21


Fair Value % of



(continued)


Italy (5.52%) (30 November 2019: 5.98%) (continued)

1,537,834 Intesa Sanpaolo SpA 2,387,335 0.66

42,975 Leonardo SpA 240,660 0.07

55,000 Mediobanca Banca di Credito Finanziario SpA 320,980 0.09

18,655 Moncler SpA 624,010 0.17

34,901 Pirelli & C SpA 140,651 0.04

47,074 Poste Italiane SpA 371,602 0.10

24,905 Prysmian SpA 476,806 0.13

10,722 Recordati SpA 438,744 0.12

210,410 Snam SpA 880,355 0.24

1,042,519 Telecom Italia SpA 346,116 0.10

530,000 Telecom Italia SpA (Preference Shares) 183,804 0.05

145,464 Terna Rete Elettrica Nazionale SpA 882,966 0.24

208,824 UniCredit SpA 1,600,845 0.44

20,059,246 5.52

Luxembourg (0.68%) (30 November 2019: 0.77%)

74,479 ArcelorMittal SA 640,892 0.18

126,748 Aroundtown SA 626,389 0.17

1,190 Eurofins Scientific SE 723,282 0.20

37,974 SES SA 252,679 0.07

41,119 Tenaris SA 229,937 0.06

2,473,179 0.68

Netherlands (16.40%) (30 November 2019: 15.64%)

38,416 ABN AMRO Bank NV 276,979 0.08

1,072 Adyen NV 1,268,176 0.35

191,977 Aegon NV 461,705 0.13

12,817 AerCap Holdings NV 371,484 0.10

60,064 Airbus SE 3,405,629 0.94

20,817 Akzo Nobel NV 1,532,131 0.42

58,403 Altice Europe NV 210,251 0.06

43,699 ASML Holding NV 12,801,622 3.51

105,349 CNH Industrial NV 574,363 0.16

11,275 EXOR NV 546,387 0.15

12,393 Ferrari NV 1,882,497 0.52

113,008 Fiat Chrysler Automobiles NV 897,510 0.25

12,124 Heineken Holding NV 898,388 0.25

26,702 Heineken NV 2,202,381 0.61

403,737 ING Groep NV 2,344,097 0.64

11,826 Just Eat Takeaway.com NV 1,153,745 0.32

112,945 Koninklijke Ahold Delhaize NV 2,576,275 0.71

18,613 Koninklijke DSM NV 2,141,426 0.59

369,835 Koninklijke KPN NV 815,116 0.22

93,037 Koninklijke Philips NV 3,794,979 1.04

7,252 Koninklijke Vopak NV 357,596 0.10

32,387 NN Group NV 899,387 0.25

28,771 NXP Semiconductors NV 2,485,633 0.68

50,023 Prosus NV 3,731,716 1.03

Zurich Invest ICAV

22


Fair Value % of



(continued)

Equities (100.08%) 30 November 2019: 99.91%) (continued)

Netherlands (16.40%) (30 November 2019: 15.64%) (continued)

23,277 QIAGEN NV 915,019 0.25

12,632 Randstad NV 476,605 0.13

70,379 STMicroelectronics NV 1,554,672 0.43

150,815 Unilever NV 7,011,389 1.93

28,058 Wolters Kluwer NV 2,011,197 0.55

59,598,355 16.40

Portugal (0.57%) (30 November 2019: 0.50%)

264,150 EDP - Energias de Portugal SA 1,115,505 0.31

52,312 Galp Energia SGPS SA 560,523 0.15

25,739 Jeronimo Martins SGPS SA 395,866 0.11

2,071,894 0.57

Spain (7.90%) (30 November 2019: 8.76%)

26,361 ACS Actividades de Construccion y Servicios SA 604,985 0.17

7,116 Aena SME SA 912,271 0.25

44,446 Amadeus IT Group SA 2,086,295 0.57

693,297 Banco Bilbao Vizcaya Argentaria SA 1,936,379 0.53

503,808 Banco de SAbadell SA 136,330 0.04

1,715,222 Banco SAntander SA 3,494,765 0.97

112,500 Bankia SA 89,303 0.02

71,182 Bankinter SA 271,275 0.07

379,089 CaixaBank SA 636,680 0.18

25,588 Cellnex Telecom SA 1,302,941 0.36

25,739 Enagas SA 520,185 0.14

32,711 Endesa SA 698,380 0.19

50,995 Ferrovial SA 1,245,298 0.34

30,612 Grifols SA 860,809 0.24

631,767 Iberdrola SA 6,120,560 1.69

112,242 Industria de Diseno Textil SA 2,811,662 0.77

92,437 Mapfre SA 146,328 0.04

30,720 Naturgy Energy Group SA 512,870 0.14

44,666 Red Electrica Corp SA 707,509 0.19

147,217 Repsol SA 1,232,206 0.34

24,534 Siemens Gamesa Renewable Energy SA 371,322 0.10

482,255 Telefonica SA 2,045,243 0.56

28,743,596 7.90

United Kingdom (0.22%) (30 November 2019: 0.26%)

23,510 Coca Cola European Partners 796,806 0.22

796,806 0.22

Zurich Invest ICAV

23


Fair Value % of

EUR Net Assets

Total Equities 363,779,206 100.08

Total Transferable Securitiess 363,779,206 100.08

Total Investments 363,779,206 100.08

Other Net Liabilities (287,920) (0.08)

Net Assets 363,491,286 100.00

Analysis of Total Assets % of Total Assets

Transferable securities listed on an official stock exchange listing (30 November 2019: 99.76%) 99.69

Other current assets (30 November 2019: 0.24%) 0.31

Total Assets 100.00

Country classifications are based upon country of incorporation and/or country of domicile.

Zurich Invest ICAV

24

Zurich Invest Euro Corporate Bond Fund* Schedule of Investments as at 31 May 2020

Fair Value % of


Transferable Securities (97.29%)

Bonds (97.29%)

Australia (2.58%)

100,000 AusNet Services Holdings Pty Ltd 1.500% 26/02/2027 105,433 0.13

320,000 Australia Pacific Airports Melbourne Pty Ltd 3.125% 26/09/2023 338,834 0.41

100,000 Brambles Finance Ltd 2.375% 12/06/2024 105,241 0.13

350,000 Macquarie Bank Ltd 1.125% 20/01/2022 353,253 0.44

100,000 National Australia Bank Ltd 0.250% 20/05/2024 100,312 0.12


170,000 Scentre Group Trust 2 3.250% 11/09/2023 178,393 0.22

100,000 Telstra Corp Ltd 1.125% 14/04/2026 103,465 0.13

300,000 Toyota Finance Australia Ltd 1.584% 21/04/2022 306,213 0.37

110,000 Transurban Finance Co Pty Ltd 3.000% 08/04/2030 117,800 0.14

100,000 Wesfarmers Ltd 1.250% 07/10/2021 101,019 0.12

200,000 Westpac Banking Corp 0.375% 05/03/2023 200,751 0.24

2,116,312 2.58

Austria (1.00%)

100,000 OMV AG 1.000% 14/12/2026 102,030 0.12

100,000 OMV AG 1.500% 09/04/2024 103,150 0.13

190,000 OMV AG 1.875% 04/12/2028 203,734 0.25

100,000 Raiffeisen Bank International AG 0.250% 22/01/2025 98,054 0.12

300,000 Verbund AG 1.500% 20/11/2024 314,265 0.38

821,233 1.00

Belgium (1.94%)

350,000 Anheuser-Busch InBev SA 0.875% 17/03/2022 352,810 0.43







100,000 Belfius Bank SA 0.375% 13/02/2026 96,262 0.12

200,000 bpost SA 1.250% 11/07/2026 203,263 0.25

100,000 KBC Group NV 0.500% 03/12/2029 94,498 0.12

100,000 KBC Group NV 1.125% 25/01/2024 101,737 0.12

1,586,964 1.94

Bermuda (0.22%)

180,000 Bacardi Ltd 2.750% 03/07/2023 182,205 0.22

182,205 0.22

Brazil (0.12%)

100,000 Vale SA 3.750% 10/01/2023 101,948 0.12

101,948 0.12

Canada (0.94%)

100,000 Alimentation Couche-Tard Inc 1.875% 06/05/2026 101,660 0.12

100,000 Bank of Nova Scotia 0.500% 30/04/2024 99,265 0.12

350,000 Canadian Imperial Bank of Commerce 0.750% 22/03/2023 356,011 0.44

100,000 Toronto-Dominion Bank 0.375% 25/04/2024 99,909 0.12

100,000 Total Capital Canada Ltd 2.125% 18/09/2029 114,274 0.14

771,119 0.94

Zurich Invest ICAV

25


Fair Value % of


Transferable Securities (97.29%) (continued)

Bonds (97.29%) (continued)

Cayman Islands (0.35%)

180,000 CK Hutchison Finance 16 II Ltd 0.875% 03/10/2024 179,078 0.22

100,000 Hutchison Whampoa Europe Finance 12 Ltd 3.625% 06/06/2022 105,691 0.13

284,769 0.35

China (0.44%)

360,000 Bank of China Ltd 0.750% 12/07/2021 359,598 0.44

359,598 0.44

Denmark (0.48%)

200,000 Danfoss A/S 1.375% 23/02/2022 201,584 0.24

100,000 Danske Bank A/S 0.500% 27/08/2025 96,528 0.12

100,000 Nykredit Realkredit A/S 0.250% 20/01/2023 97,956 0.12

396,068 0.48

Finland (0.63%)

100,000 Fortum OYJ 2.125% 27/02/2029 106,209 0.13

100,000 Nordea Bank Abp 0.300% 30/06/2022 100,387 0.12

100,000 OP Corporate Bank Plc 0.375% 19/06/2024 97,887 0.12

100,000 Sampo OYJ 1.500% 16/09/2021 101,591 0.12

100,000 Sampo OYJ 3.375% 23/05/2049 107,654 0.14

513,728 0.63

France (21.14%)

100,000 Aeroports de Paris 2.750% 02/04/2030 111,672 0.14

100,000 Air Liquide Finance SA 0.750% 13/06/2024 102,513 0.13



200,000 Alstom SA 0.250% 14/10/2026 189,639 0.23

100,000 APRR SA 1.250% 18/01/2028 103,445 0.13

100,000 Auchan Holding SA 2.250% 06/04/2023 101,550 0.12

100,000 Auchan Holding SA 2.375% 25/04/2025 101,205 0.12

100,000 Autoroutes du Sud de la France SA 1.375% 21/02/2031 105,354 0.13

100,000 Autoroutes du Sud de la France SA 2.875% 18/01/2023 106,500 0.13

100,000 AXA SA 1.125% 15/05/2028 107,607 0.13

100,000 AXA SA 3.375% 06/07/2047 110,049 0.13

200,000 Banque Federative du Credit Mutuel SA 0.125% 05/02/2024 198,711 0.24






200,000 BNP Paribas SA 0.500% 15/07/2025 196,700 0.24

180,000 BNP Paribas SA 1.125% 22/11/2023 182,663 0.22

100,000 BNP Paribas SA 1.500% 25/05/2028 110,282 0.13

300,000 BNP Paribas SA 2.125% 23/01/2027 319,367 0.40

260,000 BNP Paribas SA 2.250% 11/01/2027 273,793 0.33

100,000 Bouygues SA 1.125% 24/07/2028 102,403 0.12

100,000 BPCE SA 0.125% 04/12/2024 98,924 0.12

100,000 BPCE SA 0.250% 15/01/2026 98,308 0.12

Zurich Invest ICAV

26


Fair Value % of




France (21.14%) (continued)

100,000 BPCE SA 0.625% 28/04/2025 100,564 0.12

200,000 BPCE SA 0.875% 31/01/2024 200,689 0.24

200,000 BPCE SA 1.000% 05/10/2028 208,418 0.25

100,000 BPCE SA 1.125% 18/01/2023 101,025 0.12

100,000 Capgemini SE 2.000% 15/04/2029 105,577 0.13

100,000 Carrefour SA 2.625% 15/12/2027 111,415 0.14

100,000 Cie de Saint-Gobain 1.125% 23/03/2026 100,677 0.12



200,000 Cie Generale des Etablissements Michelin SCA 1.750% 03/09/2030 216,722 0.26

200,000 CNP Assurances 1.875% 20/10/2022 203,558 0.25

100,000 Coentreprise de Transport d'Electricite SA 1.500% 29/07/2028 106,854 0.13

100,000 Covivio 1.125% 17/09/2031 90,513 0.11

200,000 Credit Agricole Assurances SA 4.250% 31/12/2049 215,045 0.26

100,000 Credit Agricole SA 0.500% 24/06/2024 99,257 0.12









100,000 Credit Logement SA 1.350% 28/11/2029 98,800 0.12

100,000 Credit Mutuel Arkea SA 1.375% 17/01/2025 103,946 0.13

100,000 Credit Mutuel Arkea SA 3.250% 01/06/2026 109,712 0.13

100,000 Danone SA 1.208% 03/11/2028 107,865 0.13

100,000 Electricite de France SA 4.500% 12/11/2040 142,032 0.17


100,000 Engie SA 0.000% 04/03/2027 96,944 0.12

200,000 Engie SA 1.250% 24/10/2041 196,884 0.24

100,000 Engie SA 2.125% 30/03/2032 114,045 0.14

200,000 EssilorLuxottica SA 0.000% 27/05/2023 198,526 0.24

100,000 EssilorLuxottica SA 0.375% 27/11/2027 99,142 0.12

100,000 Gecina SA 1.000% 30/01/2029 97,218 0.12

100,000 HSBC France SA 0.250% 17/05/2024 99,733 0.12

100,000 Indigo Group SAS 2.125% 16/04/2025 103,058 0.13

100,000 Klepierre SA 0.625% 01/07/2030 88,004 0.11

100,000 La Banque Postale SA 2.000% 13/07/2028 107,472 0.13

100,000 La Poste SA 0.375% 17/09/2027 98,553 0.12

100,000 La Poste SA 1.125% 04/06/2025 103,894 0.13

100,000 LVMH Moet Hennessy Louis Vuitton SE 0.000% 11/02/2026 97,896 0.12





220,000 mFinance France SA 2.000% 26/11/2021 219,438 0.27

100,000 Orange SA 1.000% 12/09/2025 103,039 0.13

200,000 Orange SA 1.375% 20/03/2028 212,638 0.26

Zurich Invest ICAV

27


Fair Value % of




France (21.14%) (continued)

200,000 Orange SA 1.750% 31/12/2099 196,781 0.24

200,000 Orange SA 1.875% 12/09/2030 223,661 0.27

200,000 Pernod Ricard SA 0.000% 24/10/2023 196,885 0.24

100,000 Pernod Ricard SA 1.750% 08/04/2030 106,243 0.13

100,000 Peugeot SA 2.750% 15/05/2026 100,832 0.12

100,000 PSA Banque France SA 0.625% 21/06/2024 94,439 0.12

300,000 RCI Banque SA 0.750% 12/01/2022 293,014 0.37

100,000 RCI Banque SA 1.750% 10/04/2026 96,109 0.12

150,000 RCI Banque SA 2.000% 11/07/2024 147,700 0.18

100,000 RTE Reseau de Transport d'Electricite SADIR 1.125% 09/09/2049 98,224 0.12




200,000 SANEF SA 1.875% 16/03/2026 205,039 0.25

200,000 Sanofi 0.500% 21/03/2023 202,638 0.25

200,000 Sanofi 0.875% 21/03/2029 210,934 0.26

200,000 Sanofi 0.875% 22/09/2021 201,529 0.25

100,000 Sanofi 1.000% 01/04/2025 104,119 0.13

200,000 Sanofi 1.000% 21/03/2026 210,691 0.26

200,000 Sanofi 1.125% 05/04/2028 214,316 0.26

100,000 Sanofi 1.500% 01/04/2030 110,486 0.13

200,000 Schneider Electric SE 0.875% 11/03/2025 205,202 0.25



200,000 Societe Fonciere Lyonnaise SA 1.500% 29/05/2025 204,900 0.25

200,000 Societe Generale SA 0.000% 27/05/2022 198,801 0.24




100,000 Suez SA 1.250% 02/04/2027 104,342 0.13

100,000 Suez SA 1.625% 31/12/2099 93,518 0.11

100,000 Thales SA 0.250% 29/01/2027 96,328 0.12

100,000 Total Capital International SA 1.491% 08/04/2027 106,786 0.13


140,000 TOTAL SA 1.750% 31/12/2099 139,844 0.17

160,000 TOTAL SA 2.625% 29/12/2049 164,640 0.20

170,000 TOTAL SA 3.369% 29/12/2049 183,772 0.22

100,000 Unibail-Rodamco-Westfield SE 0.875% 29/03/2032 83,757 0.10

200,000 Unibail-Rodamco-Westfield SE 2.875% 31/12/2099 173,781 0.21

300,000 Veolia Environnement SA 0.314% 04/10/2023 299,185 0.38




100,000 Vinci SA 1.750% 26/09/2030 108,994 0.13

100,000 Vivendi SA 1.125% 24/11/2023 101,295 0.12

200,000 Worldline SA 0.250% 18/09/2024 192,432 0.23

17,319,822 21.14

Zurich Invest ICAV

28


Fair Value % of




Germany (8.02%)

100,000 Allianz SE 1.301% 25/09/2049 96,276 0.12

100,000 Allianz SE 3.099% 06/07/2047 110,613 0.13

100,000 BASF SE 0.875% 06/10/2031 102,463 0.13

100,000 Bayer AG 3.125% 12/11/2079 99,851 0.12

100,000 Berlin Hyp AG 1.125% 25/10/2027 102,344 0.12

100,000 Berlin Hyp AG 1.500% 18/04/2028 104,463 0.13

100,000 Commerzbank AG 0.625% 28/08/2024 98,337 0.12

100,000 Commerzbank AG 0.875% 22/01/2027 91,519 0.11

100,000 Commerzbank AG 1.250% 23/10/2023 98,849 0.12

300,000 Covestro AG 1.000% 07/10/2021 300,891 0.37

100,000 Daimler AG 0.000% 08/02/2024 95,328 0.12

140,000 Daimler AG 1.375% 11/05/2028 138,913 0.17

90,000 Daimler AG 2.000% 27/02/2031 93,328 0.11

100,000 Daimler AG 2.625% 07/04/2025 105,909 0.13

100,000 Deutsche Bahn Finance GMBH 0.750% 16/07/2035 99,284 0.12



100,000 Deutsche Bank AG 1.125% 30/08/2023 100,639 0.12

100,000 Deutsche Bank AG 1.625% 20/01/2027 96,194 0.12

100,000 Deutsche Boerse AG 2.375% 05/10/2022 105,405 0.13

170,000 Deutsche Telekom AG 0.500% 05/07/2027 169,433 0.21




200,000 Deutsche Wohnen SE 1.000% 30/04/2025 201,984 0.25

300,000 E.ON SE 0.000% 24/10/2022 298,236 0.36

60,000 E.ON SE 0.250% 24/10/2026 59,258 0.07

50,000 E.ON SE 0.750% 18/12/2030 49,699 0.06

80,000 E.ON SE 1.000% 07/10/2025 82,413 0.10

100,000 EnBW Energie Baden-Wuerttemberg AG 1.625% 05/08/2079 96,806 0.12

100,000 Fresenius Medical Care AG & Co KGaA 0.250% 29/11/2023 98,349 0.12

200,000 Fresenius Medical Care AG & Co KGaA 0.625% 30/11/2026 196,467 0.24

400,000 Hamburg Commercial Bank AG 0.500% 23/05/2022 393,777 0.48

350,000 Henkel AG & Co KGaA 0.000% 13/09/2021 349,996 0.43

100,000 HOCHTIEF AG 0.500% 03/09/2027 95,927 0.12

100,000 Infineon Technologies AG 1.500% 10/03/2022 101,683 0.12

100,000 Landesbank Baden-Wuerttemberg 2.875% 28/09/2026 98,733 0.12

100,000 Landesbank Hessen-Thueringen Girozentrale 0.125% 19/11/2024 99,380 0.12

200,000 Merck Financial Services GmbH 0.125% 16/07/2025 198,607 0.24

100,000 Merck Financial Services GmbH 0.375% 05/07/2027 100,163 0.12

200,000

Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 3.250%

26/05/2049 228,347

0.28

200,000 Robert Bosch GmbH 1.750% 08/07/2024 212,968 0.26

90,000 Schaeffler AG 2.875% 26/03/2027 86,023 0.10

300,000 Volkswagen Bank GmbH 1.875% 31/01/2024 305,331 0.37

160,000 Volkswagen Financial Services AG 2.250% 16/10/2026 166,958 0.20



6,575,189 8.02

Zurich Invest ICAV

29


Fair Value % of




Guernsey (0.43%)

350,000 Credit Suisse Group Funding Guernsey Ltd 1.250% 14/04/2022 352,421 0.43

352,421 0.43

Hungary (0.13%)

100,000 MOL Hungarian Oil & Gas Plc 2.625% 28/04/2023 104,114 0.13

104,114 0.13

Iceland (0.42%)

350,000 Arion Banki HF 1.625% 01/12/2021 347,647 0.42

347,647 0.42

India (0.55%)

100,000 NTPC Ltd 2.750% 01/02/2027 96,913 0.12

350,000 ONGC Videsh Ltd 2.750% 15/07/2021 350,549 0.43

447,462 0.55

Ireland (0.91%)

100,000 GAS Networks Ireland 1.375% 05/12/2026 104,126 0.13

100,000 Liberty Mutual Finance Europe DAC 1.750% 27/03/2024 101,955 0.12

320,000 Transmission Finance DAC 1.500% 24/05/2023 326,793 0.40

100,000 Willow No 2 Ireland Plc for Zurich Insurance Co Ltd 3.375% 27/06/2022 105,887 0.13

100,000 Zurich Finance Ireland Designated Activity Co 1.625% 17/06/2039 106,685 0.13

745,446 0.91

Italy (3.64%)

330,000 A2A SpA 3.625% 13/01/2022 346,283 0.43

100,000 ACEA SpA 0.500% 06/04/2029 92,813 0.11

100,000 Assicurazioni Generali SpA 4.125% 04/05/2026 108,594 0.13

100,000 Assicurazioni Generali SpA 5.500% 27/10/2047 112,385 0.14

230,000 Buzzi Unicem SpA 2.125% 28/04/2023 233,278 0.29

100,000 Enel SpA 2.500% 24/11/2078 100,458 0.12

200,000 Enel SpA 3.500% 24/05/2080 208,785 0.25

100,000 Eni SpA 0.625% 23/01/2030 93,766 0.11

220,000 Eni SpA 1.625% 17/05/2028 229,590 0.29

100,000 Eni SpA 3.750% 12/09/2025 114,673 0.14

150,000 FCA Bank SpA 0.250% 28/02/2023 140,968 0.17

100,000 Intesa Sanpaolo SpA 0.750% 04/12/2024 96,163 0.12

210,000 Intesa Sanpaolo SpA 1.000% 19/11/2026 200,391 0.24

100,000 Italgas SpA 0.875% due 24/04/2030 96,825 0.12

100,000 Mediobanca Banca di Credito Finanziario SpA 0.875% 15/01/2026 92,998 0.11

210,000 Snam SpA 0.875% 25/10/2026 211,349 0.26

200,000 Terna Rete Elettrica Nazionale SpA 1.000% 10/04/2026 201,424 0.25

100,000 UniCredit SpA 1.250% 25/06/2025 97,963 0.12

100,000 UniCredit SpA 2.125% 24/10/2026 102,244 0.12

100,000 Unione di Banche Italiane SpA 1.000% 22/07/2022 98,107 0.12

2,979,057 3.64

Zurich Invest ICAV

30


Fair Value % of




Japan (1.46%)

360,000 Mitsubishi UFJ Financial Group Inc 0.680% 26/01/2023 359,004 0.43


210,000 Mizuho Financial Group Inc 0.523% 10/06/2024 205,765 0.25

220,000 Sumitomo Mitsui Banking Corp 2.750% 24/07/2023 235,213 0.29

300,000 Sumitomo Mitsui Financial Group Inc 0.819% 23/07/2023 299,617 0.37

1,200,238 1.46

Jersey (0.46%)

200,000 Glencore Finance Europe Ltd 1.500% 15/10/2026 194,434 0.24

200,000 Kennedy Wilson Europe Real Estate Ltd 3.250% 12/11/2025 183,236 0.22

377,670 0.46

Luxembourg (2.92%)

100,000 CK Hutchison Group Telecom Finance SA 0.375% 17/10/2023 98,524 0.12

200,000 CNH Industrial Finance Europe SA 1.375% 23/05/2022 199,888 0.24

200,000 DH Europe Finance II Sarl 0.750% 18/09/2031 192,515 0.23

200,000 DH Europe Finance Sarl 1.700% 04/01/2022 203,519 0.25

100,000 Euroclear Investments SA 1.125% 07/12/2026 102,773 0.13

200,000 Grand City Properties SA 1.500% 22/02/2027 202,619 0.25

200,000 Hannover Finance Luxembourg SA 5.000% 30/06/2043 223,517 0.28

100,000 HeidelbergCement Finance Luxembourg SA 2.500% 09/10/2024 104,235 0.13

100,000 John Deere Cash Management SA 2.200% 02/04/2032 109,093 0.13

100,000 Medtronic Global Holdings SCA 1.750% 02/07/2049 98,529 0.12

100,000 Nestle Finance International Ltd 1.125% 01/04/2026 105,481 0.13



100,000 Novartis Finance SA 1.700% 14/08/2038 117,004 0.14

100,000 SELP Finance Sarl 1.500% 20/12/2026 95,377 0.12

100,000 Swiss Re Finance Luxembourg SA 2.534% 30/04/2050 103,509 0.13

100,000 Talanx Finanz Luxembourg SA 8.367% 15/06/2042 115,249 0.14

100,000 Whirlpool EMEA Finance Sarl 0.500% 20/02/2028 89,750 0.11

2,389,381 2.92

Mexico (0.35%)

180,000 Fomento Economico Mexicano SAB de CV 1.750% 20/03/2023 182,985 0.23

100,000 Sigma Alimentos SA de CV 2.625% 07/02/2024 100,467 0.12

283,452 0.35

Netherlands (16.25%)

130,000 ABN AMRO Bank NV 0.875% 15/01/2024 133,024 0.16

100,000 Achmea BV 4.250% 29/12/2049 104,957 0.13

230,000 Adecco International Financial Services BV 1.000% 02/12/2024 234,104 0.29

300,000 Aegon NV 1.000% 08/12/2023 302,461 0.37

200,000 Allianz Finance II BV 0.000% 14/01/2025 198,986 0.24

100,000 Allianz Finance II BV 0.500% 14/01/2031 99,289 0.12

100,000 Argentum Netherlands BV for Givaudan SA 2.000% 17/09/2030 109,630 0.13

100,000 ASML Holding NV 0.250% 25/02/2030 96,150 0.12

100,000 ASML Holding NV 1.375% 07/07/2026 106,195 0.13

100,000 ASR Nederland NV 5.000% 30/09/2049 108,142 0.13

Zurich Invest ICAV

31


Fair Value % of




Netherlands (16.25%) (continued)

350,000 BASF Finance Europe NV 0.750% 10/11/2026 362,081 0.43

100,000 Bayer Capital Corp BV 2.125% 15/12/2029 110,743 0.14

150,000 BMW Finance NV 0.000% 24/03/2023 147,693 0.18

100,000 BMW Finance NV 0.375% 14/01/2027 98,104 0.12

140,000 BMW Finance NV 0.375% 24/09/2027 136,672 0.17

150,000 BMW Finance NV 0.625% 06/10/2023 150,864 0.18

100,000 BMW Finance NV 0.875% 14/01/2032 99,814 0.12

110,000 BMW Finance NV 1.000% 14/11/2024 111,836 0.14

100,000 Bunge Finance Europe BV 1.850% 16/06/2023 100,030 0.12

300,000 Cetin Finance BV 1.423% 06/12/2021 302,697 0.37

250,000 Compass Group International BV 0.625% 03/07/2024 250,414 0.31

300,000 Cooperatieve Rabobank UA 0.125% 11/10/2021 300,397 0.37






100,000 Daimler International Finance BV 0.250% 06/11/2023 96,694 0.12



100,000 de Volksbank NV 0.010% 16/09/2024 97,920 0.12

100,000 Deutsche Post Finance BV 2.950% 27/06/2022 106,292 0.13

300,000 Deutsche Telekom International Finance BV 0.625% 01/12/2022 303,115 0.36


200,000 Digital Dutch Finco BV 0.625% 15/07/2025 194,665 0.24

200,000 EDP Finance BV 0.375% 16/09/2026 194,407 0.24

100,000 EDP Finance BV 1.875% 13/10/2025 106,056 0.13

100,000 ELM BV for Swiss Life Insurance & Pension Group 4.500% 29/12/2049 113,182 0.14

90,000 EnBW International Finance BV 1.875% 31/10/2033 102,002 0.12

100,000 Enel Finance International NV 1.125% 17/10/2034 99,380 0.12

120,000 Evonik Finance BV 0.750% 07/09/2028 119,319 0.15

150,000 EXOR NV 1.750% 18/01/2028 151,088 0.18

100,000 Heineken NV 2.250% 30/03/2030 112,074 0.14

100,000 Iberdrola International BV 1.125% 21/04/2026 104,488 0.13

100,000 Iberdrola International BV 2.625% 31/12/2099 103,333 0.13

200,000 ING Groep NV 0.100% 03/09/2025 193,637 0.24

100,000 ING Groep NV 1.000% 20/09/2023 101,346 0.12

200,000 ING Groep NV 1.000% 13/11/2030 190,356 0.23

300,000 ING Groep NV 1.375% 11/01/2028 312,915 0.37

100,000 innogy Finance BV 1.250% 19/10/2027 104,707 0.13



200,000 JAB Holdings BV 1.750% 25/06/2026 201,273 0.25

100,000 JAB Holdings BV 3.375% 17/04/2035 108,875 0.13

160,000 Koninklijke Philips NV 1.375% 02/05/2028 171,269 0.21

100,000 LeasePlan Corp NV 0.125% 13/09/2023 93,296 0.11

200,000 LeasePlan Corp NV 1.000% 02/05/2023 192,652 0.24

130,000 Linde Finance BV 1.000% 20/04/2028 137,393 0.17

Zurich Invest ICAV

32


Fair Value % of




Netherlands (16.25%) (continued)

100,000 Nationale-Nederlanden Levensverzekering Maatschappij NV 9.000%

29/08/2042

116,610 0.14

100,000 Naturgy Finance BV 1.250% 15/01/2026 102,649 0.13

200,000 Naturgy Finance BV 1.500% 29/01/2028 209,424 0.26

280,000 NN Group NV 1.625% 01/06/2027 291,332 0.36

100,000 Nomura Europe Finance NV 1.500% 12/05/2021 100,800 0.12

100,000 RELX Finance BV 1.375% 12/05/2026 103,374 0.13

150,000 RELX Finance BV 1.500% 13/05/2027 155,177 0.19

300,000 Repsol International Finance BV 0.500% 23/05/2022 298,460 0.36



100,000 Robert Bosch Investment Nederland BV 2.625% 24/05/2028 116,505 0.14

200,000 Schlumberger Finance BV 0.000% 15/10/2024 192,783 0.24

100,000 Schlumberger Finance BV 2.000% 06/05/2032 103,169 0.13

200,000 Shell International Finance BV 0.500% 08/11/2031 191,794 0.23




100,000 Siemens Financieringsmaatschappij NV 0.000% 20/02/2026 98,702 0.12




100,000 TenneT Holding BV 0.875% 03/06/2030 103,119 0.13

100,000 Unilever NV 1.125% 12/02/2027 106,760 0.13

160,000 Vesteda Finance BV 1.500% 24/05/2027 162,060 0.20

160,000 Volkswagen International Finance NV 2.500% 29/12/2049 158,009 0.19




200,000 Vonovia Finance BV 0.125% 06/04/2023 196,531 0.24



100,000 Wintershall Dea Finance BV 0.840% 25/09/2025 91,287 0.11

13,312,253 16.25

New Zealand (0.55%)

100,000 ANZ New Zealand Int'l Ltd 0.375% 17/09/2029 96,177 0.12

350,000 Chorus Ltd 1.125% 18/10/2023 355,432 0.43

451,609 0.55

Norway (0.34%)

100,000 DNB Bank ASA 0.050% 14/11/2023 99,108 0.12

180,000 Telenor ASA 0.250% 25/09/2027 176,880 0.22

275,988 0.34

Portugal (0.36%)

300,000 Galp Gas Natural Distribuicao SA 1.375% 19/09/2023 298,676 0.36

298,676 0.36

Zurich Invest ICAV

33


Fair Value % of




Spain (4.22%)

300,000 Abertis Infraestructuras SA 1.000% 27/02/2027 271,583 0.33



200,000 Amadeus Capital Markets SAU 1.625% 17/11/2021 200,410 0.24

100,000 Banco Bilbao Vizcaya Argentaria SA 1.125% 28/02/2024 99,958 0.12

100,000 Banco Bilbao Vizcaya Argentaria SA 3.500% 10/02/2027 109,112 0.13

200,000 Banco SAntander SA 3.125% 19/01/2027 214,538 0.26

100,000 CaixaBank SA 0.375% 03/02/2025 96,510 0.12

100,000 CaixaBank SA 0.750% 18/04/2023 99,242 0.12

200,000 CaixaBank SA 1.375% 19/06/2026 194,090 0.24

100,000 CaixaBank SA 2.375% 01/02/2024 102,458 0.13

200,000 Iberdrola Finanzas SA 0.875% 16/06/2025 204,764 0.25

400,000 Kutxabank SA 0.500% 25/09/2024 381,147 0.48

160,000 Merlin Properties Socimi SA 1.875% 02/11/2026 151,821 0.19

100,000 Prosegur Cia de Seguridad SA 1.000% 08/02/2023 98,850 0.12

100,000 Red Electrica Financiaciones SAU 0.375% 24/07/2028 99,318 0.12

100,000 Santander Consumer Finance SA 1.000% 27/02/2024 100,089 0.12

100,000 Telefonica Emisiones SA 1.069% 05/02/2024 102,010 0.12






3,456,229 4.22

Sweden (1.15%)

100,000 Alfa Laval Treasury International AB 1.375% 12/09/2022 101,103 0.12

200,000 Svenska Handelsbanken AB 0.500% 21/03/2023 202,122 0.24



100,000 Swedbank AB 1.000% 01/06/2022 101,423 0.12

160,000 Telia Co AB 3.000% 07/09/2027 184,560 0.23

100,000 Vattenfall AB 3.000% 19/03/2077 102,959 0.13

943,838 1.15

Switzerland (0.87%)

150,000 Credit Suisse Group AG 1.000% 24/06/2027 147,209 0.18


200,000 UBS AG 0.750% 21/04/2023 202,412 0.25

200,000 UBS Group AG 1.250% 17/04/2025 203,340 0.24

716,755 0.87

United Arab Emirates (0.43%)

350,000 Emirates NBD Bank PJSC 1.750% 23/03/2022 354,342 0.43

354,342 0.43

Zurich Invest ICAV

34


Fair Value % of




United Kingdom (7.80%)

100,000 Anglo American Capital Plc 1.625% 11/03/2026 99,274 0.12

340,000 Annington Funding Plc 1.650% 12/07/2024 342,907 0.42

100,000 Aviva Plc 3.875% 03/07/2044 107,019 0.13

100,000 Babcock International Group Plc 1.375% 13/09/2027 94,500 0.12

150,000 Barclays Plc 3.375% 02/04/2025 160,428 0.20

100,000 BAT International Finance Plc 1.250% 13/03/2027 97,088 0.12


120,000 BP Capital Markets Plc 0.900% 03/07/2024 120,121 0.15




100,000 British Telecommunications Plc 0.500% 12/09/2025 97,758 0.12


180,000 Cadent Finance Plc 0.625% 22/09/2024 180,051 0.22

100,000 Cadent Finance Plc 0.750% 11/03/2032 95,832 0.12

100,000 Coca-Cola European Partners Plc 1.750% 27/03/2026 105,104 0.13

240,000 Compass Group Plc 1.875% 27/01/2023 247,865 0.30

200,000 Diageo Finance Plc 1.875% 27/03/2027 215,765 0.26

100,000 Diageo Finance Plc 2.500% 27/03/2032 116,710 0.14

100,000 Gazprom PJSC via Gaz Finance Plc 2.950% 15/04/2025 104,883 0.13

100,000 GlaxoSmithKline Capital Plc 1.375% 12/09/2029 108,016 0.13

200,000 HSBC Holdings Plc 3.125% 07/06/2028 224,046 0.27

100,000 Imperial Brands Finance Plc 2.125% 12/02/2027 101,148 0.12

100,000 Lloyds Bank Corporate Markets Plc 2.375% 09/04/2026 105,207 0.13

100,000 Lloyds Banking Group Plc 1.500% 12/09/2027 102,050 0.12


100,000 Nationwide Building Society 1.500% 08/03/2026 101,997 0.12

160,000 OTE Plc 0.875% 24/09/2026 155,669 0.19

200,000 Rolls-Royce Plc 2.125% 18/06/2021 196,125 0.24

100,000 Royal Bank of Scotland Group Plc 0.750% 15/11/2025 96,375 0.12

350,000 Santander UK Group Holdings Plc 1.125% 08/09/2023 347,612 0.42

250,000 SAntander UK Plc 1.125% 10/03/2025 257,577 0.31

350,000 SAntander UK Plc 1.125% 14/01/2022 353,543 0.44

100,000 Sky Ltd 2.250% 17/11/2025 109,076 0.13

300,000 State Grid Europe Development 2014 Plc 1.500% 26/01/2022 303,854 0.37

250,000 Swiss Re Finance UK Plc 1.375% 27/05/2023 256,074 0.31

150,000 Vodafone Group Plc 1.125% 20/11/2025 153,797 0.19



330,000 WPP Finance 2013 3.000% 20/11/2023 347,741 0.42

6,394,105 7.80

United States of America (16.19%)

100,000 AbbVie Inc 1.375% 17/05/2024 102,177 0.12

160,000 Altria Group Inc 1.000% 15/02/2023 160,584 0.20

100,000 Altria Group Inc 1.700% 15/06/2025 102,230 0.12

100,000 Altria Group Inc 3.125% 15/06/2031 107,441 0.13

360,000 American Express Credit Corp 0.625% 22/11/2021 359,906 0.43

Zurich Invest ICAV

35


Fair Value % of




United States of America (16.19%) (continued)

100,000 American Honda Finance Corp 1.950% 18/10/2024 103,984 0.13

200,000 Amgen Inc 1.250% 25/02/2022 202,820 0.25

100,000 Apple Inc 1.375% 24/05/2029 108,363 0.13

100,000 Apple Inc 1.625% 10/11/2026 108,729 0.13

150,000 AT&T Inc 0.250% 04/03/2026 143,467 0.18

100,000 AT&T Inc 1.600% 19/05/2028 101,910 0.12

160,000 AT&T Inc 1.950% 15/09/2023 164,891 0.20

100,000 AT&T Inc 2.350% 05/09/2029 108,583 0.13

100,000 AT&T Inc 3.150% 04/09/2036 112,319 0.14

100,000 AT&T Inc 3.550% 17/12/2032 119,012 0.15

100,000 Avery Dennison Corp 1.250% 03/03/2025 100,096 0.12

100,000 Bank of America Corp 0.580% 08/08/2029 96,236 0.12



100,000 BlackRock Inc 1.250% 06/05/2025 105,257 0.13

100,000 Boston Scientific Corp 0.625% 01/12/2027 96,491 0.12

100,000 Citigroup Inc 0.500% 08/10/2027 96,197 0.12

110,000 Citigroup Inc 1.500% 24/07/2026 112,910 0.14

100,000 Citigroup Inc 1.625% 21/03/2028 106,851 0.13

100,000 Citigroup Inc 1.750% 28/01/2025 105,143 0.13

100,000 Coca-Cola Co 1.100% 02/09/2036 102,734 0.13

100,000 Colgate-Palmolive Co 0.875% 12/11/2039 98,001 0.12

100,000 Comcast Corp 0.750% 20/02/2032 96,990 0.12

100,000 Danaher Corp 1.700% 30/03/2024 104,009 0.13

200,000 Danaher Corp 2.100% 30/09/2026 215,100 0.26

130,000 Danaher Corp 2.500% 30/03/2030 147,385 0.18

150,000 Dover Corp 0.750% 04/11/2027 140,809 0.17

150,000 Dover Corp 1.250% 09/11/2026 149,473 0.18

100,000 Eli Lilly and Co 2.125% 03/06/2030 114,867 0.14

170,000 Expedia Group Inc 2.500% 03/06/2022 165,753 0.20

100,000 FedEx Corp 0.700% 13/05/2022 99,651 0.12

200,000 Fidelity National Information Services Inc 0.125% 03/12/2022 198,190 0.24



200,000 Fiserv Inc 0.375% 01/07/2023 198,291 0.24

100,000 Fluor Corp 1.750% 21/03/2023 79,839 0.10

100,000 General Electric Co 1.500% 17/05/2029 90,021 0.11


350,000 General Mills Inc 1.000% 27/04/2023 352,495 0.43

100,000 General Motors Financial Co Inc 2.200% 01/04/2024 97,398 0.12

200,000 Goldman Sachs Group Inc 0.125% 19/08/2024 193,718 0.24



100,000 Harley-Davidson Financial Services Inc 3.875% 19/05/2023 102,628 0.13

200,000 International Business Machines Corp 0.300% 11/02/2028 192,884 0.24




Zurich Invest ICAV

36


Fair Value % of





100,000 Johnson & Johnson 1.150% 20/11/2028 108,261 0.13

200,000 JPMorgan Chase & Co 0.389% 24/02/2028 193,236 0.24



100,000 KKR Group Finance Co V LLC 1.625% 22/05/2029 99,000 0.12

200,000 Mastercard Inc 1.100% 01/12/2022 204,256 0.25

100,000 Mastercard Inc 2.100% 01/12/2027 112,753 0.14

100,000 McDonald's Corp 0.900% 15/06/2026 100,120 0.12

100,000 McDonald's Corp 1.875% 26/05/2027 106,002 0.13

100,000 Merck & Co Inc 2.500% 15/10/2034 122,470 0.15

100,000 Mohawk Industries Inc 2.000% 14/01/2022 99,716 0.12

100,000 Molson Coors Beverage Co 1.250% 15/07/2024 94,575 0.12

360,000 Morgan Stanley 0.637% 26/07/2024 359,097 0.44

340,000 Morgan Stanley 1.875% 30/03/2023 352,487 0.43

100,000 Mylan Inc 2.125% 23/05/2025 102,493 0.13

100,000 Nasdaq Inc 0.875% 13/02/2030 96,673 0.12

200,000 National Grid North America Inc 0.750% 11/02/2022 200,617 0.24

210,000 Nestle Holdings Inc 0.875% 18/07/2025 218,882 0.27

120,000 PepsiCo Inc 0.750% 18/03/2027 123,112 0.15

100,000 Philip Morris International Inc 1.450% 01/08/2039 90,419 0.11

200,000 Prologis Euro Finance LLC 0.375% 06/02/2028 189,845 0.23

100,000 Prologis Euro Finance LLC 1.500% 10/09/2049 90,723 0.11

320,000 RELX Capital Inc 1.300% 12/05/2025 329,086 0.40

200,000 Stryker Corp 0.250% 03/12/2024 196,504 0.24

170,000 Sysco Corp 1.250% 23/06/2023 167,005 0.20

100,000 Thermo Fisher Scientific Inc 0.875% 01/10/2031 98,389 0.12



100,000 Toyota Motor Credit Corp 0.250% 16/07/2026 96,477 0.12

160,000 United Parcel Service Inc 1.500% 15/11/2032 166,279 0.20

230,000 US Bancorp 0.850% 07/06/2024 230,994 0.28

260,000 Verizon Communications Inc 0.875% 08/04/2027 264,429 0.32

100,000 VF Corp 0.625% due 20/09/2023 99,590 0.12

170,000 Wells Fargo & Co 0.625% 25/03/2030 159,499 0.19

200,000 Wells Fargo & Co 1.500% 24/05/2027 206,072 0.25

200,000 Wells Fargo & Co 1.500% 12/09/2022 203,771 0.25

220,000 WP Carey Inc 2.000% 20/01/2023 220,404 0.27

13,266,748 16.19

Total Bonds 79,726,386 97.29



Other Net Assets 2,217,143 2.71

Net Assets 81,943,529 100.00

Zurich Invest ICAV

37



Transferable securities admitted to an official stock exchange listing 96.01

Transferable securities dealt in on another regulated market 0.46

Other current assets 3.53

Total Assets 100.00

* The Fund launched on 6 December 2019.


Zurich Invest ICAV

38

Zurich Invest US Corporate Bond Fund* Schedule of Investments as at 31 May 2020

Fair Value % of

Holding USD Net Assets

Transferable Securities (95.36%)

Bonds (95.36%)

Australia (1.84%)

50,000 APT Pipelines Ltd 3.875% 11/10/2022 52,285 0.07

76,000 BHP Billiton Finance USA Ltd 5.000% 30/09/2043 105,858 0.14

200,000 Commonwealth Bank of Australia 2.850% 18/05/2026 215,453 0.29

200,000 Commonwealth Bank of Australia 4.500% 09/12/2025 224,619 0.30


73,000 Rio Tinto Finance USA Ltd 7.125% 15/07/2028 100,740 0.13

100,000 Scentre Group Trust 1 3.750% 23/03/2027 101,440 0.13



95,000 Woodside Finance Ltd 3.700% 15/09/2026 98,582 0.13

1,379,679 1.84

Austria (0.26%)

200,000 Suzano Austria GmbH 5.000% 15/01/2030 196,937 0.26

196,937 0.26

Bermuda (0.13%)

93,000 IHS Markit Ltd 4.125% 01/08/2023 100,211 0.13

100,211 0.13

Canada (2.54%)

150,000 Bank of Montreal 1.850% 01/05/2025 154,052 0.20

120,000 Bank of Montreal 4.800% 31/12/2099 117,600 0.16



80,000 Brookfield Finance Inc 4.850% 29/03/2029 89,656 0.12

94,000 Canadian Imperial Bank of Commerce 3.500% 13/09/2023 102,258 0.14

90,000 Canadian Natural Resources Ltd 2.950% 15/01/2023 91,990 0.12

88,000 Canadian Pacific Railway Co 4.000% 01/06/2028 99,923 0.13

250,000 CDP Financial Inc 1.000% 17/04/2023 253,240 0.34

70,000 Enbridge Inc 5.500% 01/12/2046 83,971 0.11

120,000 Nutrien Ltd 3.625% 15/03/2024 128,753 0.17

97,000 Rogers Communications Inc 3.000% 15/03/2023 102,833 0.14

70,000 Suncor Energy Inc 6.500% 15/06/2038 86,649 0.11

140,000 Toronto-Dominion Bank 3.500% 19/07/2023 153,051 0.20

70,000 TransCanada PipeLines Ltd 4.875% 15/01/2026 81,285 0.11

50,000 TransCanada PipeLines Ltd 5.100% 15/03/2049 64,430 0.09

1,917,030 2.54

Cayman Islands (2.75%)

200,000 ADCB Finance Cayman Ltd 4.500% 06/03/2023 209,208 0.28

200,000 Alibaba Group Holding Ltd 4.200% 06/12/2047 240,780 0.32

200,000 CK Hutchison International 16 Ltd 2.750% 03/10/2026 210,928 0.28

200,000 Country Garden Holdings Co Ltd 7.250% 08/04/2026 215,579 0.29

200,000 DIB Sukuk Ltd 2.950% 20/02/2025 199,597 0.26

100,000 Hongkong Land Finance Cayman Islands Co Ltd 4.500% 07/10/2025 111,864 0.15

70,000 Park Aerospace Holdings Ltd 5.250% 15/08/2022 61,829 0.08

200,000 Sands China Ltd 5.125% 08/08/2025 211,129 0.28

200,000 Saudi Electricity Global Sukuk Co 4 4.222% 27/01/2024 213,715 0.28

92,000 Seagate HDD Cayman 4.875% 01/03/2024 97,901 0.13

Zurich Invest ICAV

39


Fair Value % of




Cayman Islands (2.75%) (continued)

200,000 Shimao Property Holdings Ltd 5.600% 15/07/2026 206,563 0.27

84,000 Vale Overseas Ltd 6.250% 10/08/2026 96,237 0.13

2,075,330 2.75

Chile (0.11%)

80,000 Enel Americas SA 4.000% 25/10/2026 84,486 0.11

84,486 0.11

China (0.27%)

200,000 Bank of China Ltd 2.375% 16/01/2025 207,203 0.27

207,203 0.27

Colombia (0.12%)

88,000 Ecopetrol SA 5.375% 26/06/2026 93,928 0.12

93,928 0.12

France (2.40%)

80,000 AXA SA 8.600% 15/12/2030 113,442 0.15

70,000 BNP Paribas SA 3.250% 03/03/2023 75,216 0.10

200,000 BNP Paribas SA 5.198% 10/01/2030 239,779 0.32

100,000 BNP Paribas SA 7.195% 29/06/2049 107,739 0.14

250,000 BPCE SA 3.000% 22/05/2022 256,880 0.34




63,000 Orange SA 9.000% 01/03/2031 102,768 0.14

150,000 Pernod Ricard SA 4.250% 15/07/2022 159,866 0.21

93,000 Sanofi 3.375% 19/06/2023 100,919 0.13



1,811,803 2.40

Germany (0.14%)

100,000 Deutsche Bank AG 3.950% 27/02/2023 102,221 0.14

102,221 0.14

Hong Kong (1.12%)

200,000 AIA Group Ltd 3.125% 13/03/2023 207,293 0.27

200,000 Bank of China Hong Kong Ltd 5.900% 31/12/2099 212,040 0.28

200,000 CNAC HK Finbridge Co Ltd 4.875% 14/03/2025 218,622 0.30

200,000 ICBCIL Finance Co Ltd 3.650% 05/03/2022 206,695 0.27

844,650 1.12

Zurich Invest ICAV

40


Fair Value % of




Indonesia (0.52%)

200,000 Pertamina Persero PT 3.100% 25/08/2030 198,726 0.26

200,000 Perusahaan Perseroan Persero PT Perusahaan Listrik Negara 3.375%

05/02/2030

194,625 0.26

393,351 0.52

International (0.36%)

250,000 NXP BV 4.300% 18/06/2029 273,490 0.36

273,490 0.36

Ireland (0.39%)

150,000 AerCap Ireland Capital DAC 4.450% 01/10/2025 129,364 0.17

50,000 Aon Plc 3.875% 15/12/2025 55,222 0.07

100,000 Shire Acquisitions Investments Ireland DAC 3.200% 23/09/2026 110,639 0.15

295,225 0.39

Italy (0.27%)

200,000 UniCredit SpA 3.750% 12/04/2022 203,178 0.27

203,178 0.27

Japan (2.41%)

200,000 Mitsubishi Corp 2.625% 14/07/2022 205,441 0.27



200,000 Mizuho Financial Group Inc 3.549% 05/03/2023 211,686 0.28

200,000 Nippon Life Insurance Co 3.400% 23/01/2050 204,646 0.27

250,000 Sumitomo Mitsui Banking Corp 3.200% 18/07/2022 259,603 0.35



200,000 Takeda Pharmaceutical Co Ltd 5.000% 26/11/2028 245,923 0.33

1,817,799 2.41

Kazakhstan (0.30%)

200,000 KazMunayGas National Co JSC 5.375% 24/04/2030 224,190 0.30

224,190 0.30

Luxembourg (0.81%)

60,000 Allergan Funding SCS 4.550% 15/03/2035 71,655 0.09

80,000 Allergan Funding SCS 4.750% 15/03/2045 95,685 0.13

100,000 ArcelorMittal SA 3.600% 16/07/2024 98,982 0.13

100,000 Gazprom PJSC Via Gaz Capital SA 7.288% 16/08/2037 144,542 0.19

200,000 Swiss Re Finance Luxembourg SA 4.250% 31/12/2099 200,704 0.27

611,568 0.81

Malaysia (0.32%)

200,000 Petronas Capital Ltd 4.500% 18/03/2045 239,771 0.32

239,771 0.32

Zurich Invest ICAV

41


Fair Value % of




Mexico (0.82%)

80,000 America Movil SAB de CV 6.375% 01/03/2035 114,903 0.15

150,000 BBVA Bancomer SA 6.750% 30/09/2022 159,409 0.21

150,000 Fomento Economico Mexicano SAB de CV 4.375% 10/05/2043 174,667 0.24

80,000 Grupo Televisa SAB 6.625% 15/01/2040 99,512 0.13

80,000 Mexico City Airport Trust 5.500% 31/07/2047 68,616 0.09

617,107 0.82

Netherlands (2.20%)

200,000 ABN AMRO Bank NV 4.400% 27/03/2028 206,536 0.27



100,000 Enel Finance International NV 6.800% 15/09/2037 137,451 0.18

200,000 ING Groep NV 4.625% 06/01/2026 230,715 0.31

90,000 LYB International Finance BV 5.250% 15/07/2043 105,160 0.14





130,000 Syngenta Finance NV 3.125% 28/03/2022 132,093 0.18

1,662,264 2.20

Norway (0.15%)

90,000 Equinor ASA 4.800% 08/11/2043 115,326 0.15

115,326 0.15

Peru (0.14%)

100,000 Banco de Credito del Peru 6.125% 24/04/2027 105,156 0.14

105,156 0.14

Spain (0.21%)


158,291 0.21

Switzerland (0.62%)


200,000 UBS Group AG 3.126% 13/08/2030 211,343 0.28

469,299 0.62

United Arab Emirates (0.16%)

100,000 DP World Plc 6.850% 02/07/2037 117,479 0.16

117,479 0.16

United Kingdom (3.81%)

70,000 AstraZeneca Plc 6.450% 15/09/2037 105,164 0.14

200,000 Barclays Plc 4.972% 16/05/2029 229,611 0.30




Zurich Invest ICAV

42


Fair Value % of



Bonds (95.36%)) (continued)

United Kingdom (3.81%) (continued)

97,000 Diageo Capital Plc 2.625% 29/04/2023 102,036 0.14






90,000 Reckitt Benckiser Treasury Services Plc 2.750% 26/06/2024 95,147 0.13



200,000 Santander UK Group Holdings Plc 3.571% 10/01/2023 205,929 0.27

200,000 Standard Chartered Plc 3.516% 12/02/2030 199,696 0.26



2,877,567 3.81

United States of America (68.73%)

100,000 3M Co 1.750% 14/02/2023 103,638 0.14

100,000 3M Co 3.375% 01/03/2029 113,488 0.15

74,000 Abbott Laboratories 4.900% 30/11/2046 104,557 0.14

170,000 AbbVie Inc 3.200% 06/11/2022 178,799 0.24

100,000 AbbVie Inc 3.750% 14/11/2023 108,886 0.14

100,000 AbbVie Inc 4.250% 14/11/2028 116,636 0.15

76,000 AbbVie Inc 4.250% 21/11/2049 88,078 0.12

140,000 AbbVie Inc 4.400% 06/11/2042 161,713 0.21

80,000 Aetna Inc 6.625% 15/06/2036 112,055 0.15

90,000 Aflac Inc 3.625% 15/06/2023 97,502 0.13

93,000 Air Lease Corp 3.750% 01/06/2026 84,845 0.11

50,000 Alabama Power Co 3.450% 01/10/2049 54,861 0.07

100,000 Allergan Finance LLC 3.250% 01/10/2022 105,235 0.14

70,000 Allstate Corp 5.550% 09/05/2035 98,378 0.13

120,000 Ally Financial Inc 4.625% 30/03/2025 123,913 0.16

75,000 Altria Group Inc 4.000% 31/01/2024 81,818 0.11

82,000 Altria Group Inc 5.950% 14/02/2049 106,514 0.14

100,000 Amazon.com Inc 3.150% 22/08/2027 113,673 0.15

70,000 Amazon.com Inc 3.800% 05/12/2024 79,460 0.11

82,000 Amazon.com Inc 4.250% 22/08/2057 114,319 0.15

90,000 American Electric Power Co Inc 3.200% 13/11/2027 97,146 0.13

97,000 American Express Co 2.500% 01/08/2022 100,741 0.13

80,000 American Express Co 4.050% 03/12/2042 93,970 0.12

100,000 American Express Credit Corp 3.300% 03/05/2027 111,175 0.15

100,000 American Honda Finance Corp 3.625% 10/10/2023 106,922 0.14

75,000 American International Group Inc 4.200% 01/04/2028 83,571 0.11

86,000 American International Group Inc 4.500% 16/07/2044 96,485 0.13

60,000 American Tower Corp 3.700% 15/10/2049 67,011 0.09

50,000 American Water Capital Corp 3.750% 01/09/2047 56,916 0.08

100,000 Amgen Inc 3.125% 01/05/2025 109,355 0.14

100,000 Amgen Inc 4.563% 15/06/2048 126,838 0.17

96,000 Analog Devices Inc 2.875% 01/06/2023 100,887 0.13

100,000 Anheuser-Busch Cos LLC 3.650% 01/02/2026 111,028 0.15

Zurich Invest ICAV

43


Fair Value % of





150,000 Anheuser-Busch Cos LLC 4.900% 01/02/2046 174,193 0.23

100,000 Anheuser-Busch InBev Worldwide Inc 4.750% 23/01/2029 118,327 0.16




120,000 Anthem Inc 3.500% 15/08/2024 131,405 0.17

83,000 Anthem Inc 5.100% 15/01/2044 107,726 0.14

80,000 Apache Corp 4.750% 15/04/2043 62,252 0.08

200,000 Apple Inc 2.100% 12/09/2022 207,650 0.28

50,000 Apple Inc 2.200% 11/09/2029 53,761 0.07

110,000 Apple Inc 2.450% 04/08/2026 120,073 0.16

110,000 Apple Inc 2.950% 11/09/2049 120,062 0.16

100,000 Apple Inc 3.200% 11/05/2027 113,013 0.15

140,000 Apple Inc 3.450% 06/05/2024 155,464 0.21

90,000 Apple Inc 4.650% 23/02/2046 124,233 0.16

50,000 Ares Capital Corp 3.250% 15/07/2025 45,521 0.06

96,000 Arrow Electronics Inc 3.875% 12/01/2028 98,242 0.13

100,000 AT&T Inc 3.400% 15/05/2025 108,094 0.14

110,000 AT&T Inc 3.800% 15/03/2022 115,610 0.15

150,000 AT&T Inc 3.900% 11/03/2024 162,634 0.22

170,000 AT&T Inc 4.250% 01/03/2027 191,080 0.25

115,000 AT&T Inc 4.500% 09/03/2048 130,808 0.17

110,000 AT&T Inc 5.250% 01/03/2037 134,771 0.18

130,000 AT&T Inc 5.300% 15/08/2058 163,051 0.22

100,000 AT&T Inc 5.650% 15/02/2047 130,021 0.17

65,000 Baker Hughes a GE Co LLC 4.080% 15/12/2047 65,563 0.09










95,000 Bank of New York Mellon Corp 1.600% 24/04/2025 98,455 0.13



40,000 Barrick North America Finance LLC 5.750% 01/05/2043 55,221 0.07

70,000 BAT Capital Corp 3.462% 06/09/2029 72,281 0.10

140,000 BAT Capital Corp 4.540% 15/08/2047 149,389 0.20

200,000 Bayer US Finance II LLC 3.500% 25/06/2021 204,413 0.27

90,000 Bayer US Finance II LLC 4.400% 15/07/2044 108,212 0.14

91,000 Becton Dickinson and Co 3.700% 06/06/2027 102,357 0.14

100,000 Berkshire Hathaway Energy Co 3.250% 15/04/2028 112,424 0.15

50,000 Berkshire Hathaway Energy Co 6.125% 01/04/2036 72,488 0.10

75,000 Berkshire Hathaway Finance Corp 4.250% 15/01/2049 94,379 0.13

70,000 Berkshire Hathaway Inc 3.750% 15/08/2021 73,189 0.10

Zurich Invest ICAV

44


Fair Value % of





81,000 Biogen Inc 5.200% 15/09/2045 108,255 0.14

93,000 BlackRock Inc 3.200% 15/03/2027 105,907 0.14

95,000 BMW US Capital LLC 3.450% 12/04/2023 99,325 0.13

86,000 Boardwalk Pipelines LP 5.950% 01/06/2026 86,829 0.12

100,000 Boeing Co 3.200% 01/03/2029 94,649 0.13

50,000 Boeing Co 3.900% 01/05/2049 43,280 0.06

86,000 Boston Properties LP 4.500% 01/12/2028 99,115 0.13

90,000 Boston Scientific Corp 4.550% 01/03/2039 109,456 0.15

90,000 BP Capital Markets America Inc 3.216% 28/11/2023 96,340 0.13



50,000 Brighthouse Financial Inc 4.700% 22/06/2047 43,892 0.06

120,000 Bristol-Myers Squibb Co 2.000% 01/08/2022 122,582 0.16




91,000 Brixmor Operating Partnership LP 4.125% 15/06/2026 92,977 0.12

100,000 Broadcom Corp 3.875% 15/01/2027 105,462 0.14

150,000 Broadcom Inc 4.700% 15/04/2025 164,444 0.22

70,000 Brooklyn Union Gas Co 4.273% 15/03/2048 83,119 0.11

70,000 Burlington Northern Santa Fe LLC 3.050% 15/03/2022 72,807 0.10

50,000 Burlington Northern SAnta Fe LLC 3.550% 15/02/2050 56,029 0.07

80,000 Burlington Northern Santa Fe LLC 5.150% 01/09/2043 107,330 0.14

130,000 Capital One Financial Corp 3.200% 30/01/2023 134,701 0.18



95,000 Cargill Inc 3.250% 01/03/2023 100,922 0.13

90,000 Carlisle Cos Inc 3.750% 01/12/2027 93,938 0.12

126,000 Caterpillar Financial Services Corp 1.900% 06/09/2022 129,494 0.17

88,000 Caterpillar Inc 3.803% 15/08/2042 104,684 0.14

98,000 CenterPoint Energy Inc 2.500% 01/09/2022 101,105 0.13

120,000 Charles Schwab Corp 2.650% 25/01/2023 126,394 0.17

100,000 Charter Communications Operating LLC 4.908% 23/07/2025 114,415 0.15

190,000 Charter Communications Operating LLC 6.484% 23/10/2045 250,319 0.33

100,000 Cheniere Corpus Christi Holdings LLC 7.000% 30/06/2024 111,363 0.15

70,000 Chevron Corp 2.355% 05/12/2022 73,213 0.10

100,000 Chevron Corp 2.895% 03/03/2024 107,917 0.14

81,000 Chubb INA Holdings Inc 4.350% 03/11/2045 104,335 0.14

130,000 Cigna Corp 3.750% 15/07/2023 141,378 0.19

85,000 Cigna Corp 4.800% 15/08/2038 106,510 0.14

83,000 Cigna Corp 4.900% 15/12/2048 109,206 0.14

91,000 Cintas Corp No 2 3.700% 01/04/2027 102,107 0.14

50,000 Cisco Systems Inc 5.500% 15/01/2040 72,589 0.10

80,000 Citigroup Inc 2.350% 02/08/2021 81,396 0.11

200,000 Citigroup Inc 2.666% 29/01/2031 203,086 0.27

200,000 Citigroup Inc 3.142% 24/01/2023 205,845 0.27

150,000 Citigroup Inc 3.200% 21/10/2026 160,307 0.21

140,000 Citigroup Inc 3.875% 25/10/2023 152,018 0.20

Zurich Invest ICAV

45


Fair Value % of





80,000 Citigroup Inc 4.650% 23/07/2048 99,526 0.13

70,000 Citigroup Inc 4.750% 18/05/2046 84,337 0.11

80,000 Citigroup Inc 6.625% 15/06/2032 105,789 0.14

100,000 CME Group Inc 3.000% 15/09/2022 106,090 0.14

200,000 CNOOC Finance 2015 USA LLC 3.500% 05/05/2025 216,801 0.29

50,000 Coca-Cola Co 2.500% 01/04/2023 52,880 0.07

95,000 Coca-Cola Co 2.875% 27/10/2025 105,875 0.14

65,000 Coca-Cola Co 4.200% 25/03/2050 84,408 0.11

98,000 Colgate-Palmolive Co 1.950% 01/02/2023 102,028 0.14

200,000 Comcast Corp 2.850% 15/01/2023 211,916 0.28

100,000 Comcast Corp 3.450% 01/02/2050 112,032 0.15

100,000 Comcast Corp 3.950% 15/10/2025 114,669 0.15

160,000 Comcast Corp 4.150% 15/10/2028 189,730 0.25

130,000 Comcast Corp 4.600% 15/10/2038 162,098 0.21

160,000 Comcast Corp 4.700% 15/10/2048 209,064 0.28

100,000 Commonwealth Edison Co 2.550% 15/06/2026 107,600 0.14

65,000 Conagra Brands Inc 5.300% 01/11/2038 83,190 0.11

68,000 ConocoPhillips 6.500% 01/02/2039 98,613 0.13

73,000 ConocoPhillips Co 6.950% 15/04/2029 100,458 0.13

100,000 Consolidated Edison Co of New York Inc 4.650% 01/12/2048 128,033 0.17

96,000 Constellation Brands Inc 3.200% 15/02/2023 102,056 0.14

50,000 Constellation Brands Inc 5.250% 15/11/2048 62,941 0.08

70,000 Consumers Energy Co 3.500% 01/08/2051 83,218 0.11

60,000 Corning Inc 4.375% 15/11/2057 66,725 0.09

130,000 Costco Wholesale Corp 3.000% 18/05/2027 149,127 0.20

100,000 Credit Suisse USA Inc 7.125% 15/07/2032 147,735 0.20

92,000 Crown Castle International Corp 3.700% 15/06/2026 102,047 0.14

50,000 CSX Corp 4.250% 15/03/2029 59,280 0.08

50,000 CSX Corp 4.250% 01/11/2066 59,942 0.08

140,000 CVS Health Corp 3.700% 09/03/2023 150,151 0.20

90,000 CVS Health Corp 4.100% 25/03/2025 100,604 0.13

150,000 CVS Health Corp 4.300% 25/03/2028 171,680 0.23

140,000 CVS Health Corp 4.780% 25/03/2038 171,332 0.23

84,000 CVS Health Corp 5.050% 25/03/2048 108,089 0.14

150,000 Daimler Finance North America LLC 3.750% 05/11/2021 153,367 0.20

65,000 Daimler Finance North America LLC 8.500% 18/01/2031 93,164 0.12

70,000 Deere & Co 2.875% 07/09/2049 73,107 0.10

80,000 Deere & Co 5.375% 16/10/2029 102,911 0.14

200,000 Dell International LLC 5.450% 15/06/2023 214,950 0.28

73,000 Dell International LLC 8.350% 15/07/2046 92,714 0.12

90,000 Digital Realty Trust LP 3.700% 15/08/2027 100,369 0.13

90,000 Discover Financial Services 4.100% 09/02/2027 94,516 0.13

140,000 Discovery Communications LLC 6.350% 01/06/2040 172,789 0.23

95,000 Dollar Tree Inc 3.700% 15/05/2023 101,434 0.13

86,000 Dow Chemical Co 4.800% 30/11/2028 99,422 0.13

75,000 Dow Chemical Co 7.375% 01/11/2029 104,480 0.14

99,000 DTE Energy Co 2.250% 01/11/2022 102,213 0.14

120,000 Duke Energy Carolinas LLC 2.500% 15/03/2023 125,793 0.17

Zurich Invest ICAV

46


Fair Value % of





50,000 Duke Energy Carolinas LLC 3.700% 01/12/2047 57,969 0.08

100,000 Duke Energy Florida LLC 6.400% 15/06/2038 151,456 0.20

80,000 DuPont de Nemours Inc 5.419% 15/11/2048 106,134 0.14

80,000 DXC Technology Co 4.250% 15/04/2024 84,374 0.11

97,000 eBay Inc 2.750% 30/01/2023 101,138 0.13

80,000 Ecolab Inc 2.375% 10/08/2022 83,133 0.11

80,000 Eli Lilly and Co 4.150% 15/03/2059 106,464 0.14

80,000 Energy Transfer Operating LP 5.000% 15/05/2050 77,030 0.10

144,000 Energy Transfer Operating LP 5.500% 01/06/2027 156,269 0.21

93,000 Energy Transfer Partners LP 5.000% 01/10/2022 96,904 0.13

70,000 Enterprise Products Operating LLC 4.200% 31/01/2050 76,162 0.10

187,000 Enterprise Products Operating LLC 6.875% 01/03/2033 234,990 0.31

90,000 EOG Resources Inc 4.375% 15/04/2030 106,704 0.14

91,000 Equinix Inc 5.375% 15/05/2027 98,183 0.13

80,000 Equitable Holdings Inc 5.000% 20/04/2048 82,707 0.11

50,000 ERAC USA Finance LLC 4.200% 01/11/2046 45,078 0.06

96,000 ERP Operating LP 3.000% 15/04/2023 99,270 0.13

60,000 Exelon Corp 4.450% 15/04/2046 70,793 0.09

75,000 Expedia Group Inc 5.000% 15/02/2026 76,654 0.10

100,000 Exxon Mobil Corp 1.571% 15/04/2023 102,857 0.14

130,000 Exxon Mobil Corp 2.992% 19/03/2025 142,257 0.19

60,000 Exxon Mobil Corp 3.452% 15/04/2051 66,418 0.09

84,000 Exxon Mobil Corp 4.114% 01/03/2046 101,721 0.13

75,000 Exxon Mobil Corp 4.327% 19/03/2050 94,067 0.12

150,000 FedEx Corp 4.100% 15/04/2043 148,843 0.20

64,000 Fifth Third Bancorp 8.250% 01/03/2038 95,855 0.13

71,000 FirstEnergy Corp 7.375% 15/11/2031 104,399 0.14

100,000 Fiserv Inc 2.750% 01/07/2024 106,431 0.14

80,000 Florida Power & Light Co 3.700% 01/12/2047 96,647 0.13

66,000 Fox Corp 5.576% 25/01/2049 88,917 0.12

90,000 General Dynamics Corp 3.375% 15/05/2023 96,926 0.13





100,000 General Mills Inc 3.200% 10/02/2027 111,923 0.15

80,000 General Motors Co 6.250% 02/10/2043 83,334 0.11



100,000 Gilead Sciences Inc 2.950% 01/03/2027 110,425 0.15

83,000 Gilead Sciences Inc 4.750% 01/03/2046 111,555 0.15

69,000 GlaxoSmithKline Capital Inc 6.375% 15/05/2038 104,380 0.14

93,000 Glencore Funding LLC 4.125% 30/05/2023 98,219 0.13

92,000 Global Payments Inc 4.000% 01/06/2023 99,505 0.13

70,000 GLP Capital LP 5.300% 15/01/2029 67,403 0.09




Zurich Invest ICAV

47


Fair Value % of











120,000 Halliburton Co 5.000% 15/11/2045 119,571 0.16

100,000 Hasbro Inc 3.550% 19/11/2026 103,019 0.14

92,000 HCA Inc 4.125% 15/06/2029 100,079 0.13

87,000 HCA Inc 5.250% 15/06/2026 99,040 0.13

94,000 Healthcare Trust of America Holdings LP 3.500% 01/08/2026 96,873 0.13

50,000 Healthpeak Properties Inc 3.500% 15/07/2029 50,861 0.07

70,000 Hess Corp 5.800% 01/04/2047 70,593 0.09

50,000 Hewlett Packard Enterprise Co 6.350% 15/10/2045 59,515 0.08

150,000 Home Depot Inc 2.700% 01/04/2023 158,764 0.21

100,000 Home Depot Inc 4.500% 06/12/2048 132,759 0.18

75,000 Home Depot Inc 5.875% 16/12/2036 109,167 0.14

96,000 Honeywell International Inc 2.700% 15/08/2029 105,413 0.14

94,000 HP Inc 4.050% 15/09/2022 100,089 0.13

92,000 Humana Inc 3.950% 15/03/2027 103,350 0.14

98,000 Hyundai Capital America 2.850% 01/11/2022 98,024 0.13

91,000 Ingersoll-Rand Global Holding Co Ltd 4.250% 15/06/2023 98,015 0.13

100,000 Intel Corp 2.450% 15/11/2029 107,400 0.14

150,000 Intel Corp 2.875% 11/05/2024 162,795 0.22

50,000 Intel Corp 3.100% 15/02/2060 53,345 0.07

100,000 Intel Corp 4.900% 29/07/2045 138,935 0.18

90,000 Intercontinental Exchange Inc 3.750% 01/12/2025 102,182 0.14




70,000 International Paper Co 3.800% 15/01/2026 77,562 0.10

70,000 International Paper Co 4.400% 15/08/2047 78,424 0.10

91,000 Jefferies Group LLC 5.125% 20/01/2023 97,983 0.13

100,000 John Deere Capital Corp 2.150% 08/09/2022 103,250 0.14

110,000 Johnson & Johnson 2.625% 15/01/2025 120,247 0.16

87,000 Johnson & Johnson 3.700% 01/03/2046 108,196 0.14












80,000 Kaiser Foundation Hospitals 4.150% 01/05/2047 99,503 0.13

Zurich Invest ICAV

48


Fair Value % of





40,000 Keurig Dr Pepper Inc 3.130% 15/12/2023 42,918 0.06

70,000 Keurig Dr Pepper Inc 5.085% 25/05/2048 91,705 0.12

89,000 Keysight Technologies Inc 4.600% 06/04/2027 101,666 0.13

140,000 Kinder Morgan Inc 4.300% 01/06/2025 155,779 0.21

83,000 Kinder Morgan Inc 5.550% 01/06/2045 102,279 0.14

90,000 KLA Corp 4.100% 15/03/2029 104,203 0.14

60,000 Kroger Co 5.400% 15/01/2049 80,834 0.11

96,000 Las Vegas Sands Corp 3.500% 18/08/2026 92,305 0.12

100,000 Lincoln National Corp 3.050% 15/01/2030 100,370 0.13

106,000 Lockheed Martin Corp 3.550% 15/01/2026 121,196 0.16

70,000 Lockheed Martin Corp 4.500% 15/05/2036 89,695 0.12

98,000 Loews Corp 2.625% 15/05/2023 102,119 0.14

100,000 Lowe's Cos Inc 2.500% 15/04/2026 106,626 0.14

120,000 Lowe's Cos Inc 4.050% 03/05/2047 138,235 0.18

91,000 Marathon Oil Corp 4.400% 15/07/2027 84,311 0.11

95,000 Marathon Petroleum Corp 5.125% 15/12/2026 106,928 0.14

80,000 Mars Inc 3.950% 01/04/2049 97,027 0.13

90,000 Marsh & McLennan Cos Inc 3.750% 14/03/2026 100,574 0.13

50,000 Massachusetts Institute of Technology 5.600% 01/07/2111 88,915 0.12

90,000 Mastercard Inc 3.950% 26/02/2048 113,031 0.15

50,000 McDonald's Corp 3.350% 01/04/2023 53,859 0.07

100,000 McDonald's Corp 3.625% 01/09/2049 109,959 0.15

50,000 McDonald's Corp 3.700% 30/01/2026 56,064 0.07

70,000 McDonald's Corp 4.875% 09/12/2045 88,789 0.12

96,000 Medtronic Inc 2.750% 01/04/2023 101,444 0.13

100,000 Merck & Co Inc 2.750% 10/02/2025 109,597 0.15

89,000 Merck & Co Inc 3.700% 10/02/2045 108,636 0.14

170,000 MetLife Inc 3.600% 13/11/2025 192,687 0.26

65,000 MetLife Inc 4.050% 01/03/2045 74,713 0.10

170,000 Microsoft Corp 2.000% 08/08/2023 178,538 0.24

120,000 Microsoft Corp 2.400% 06/02/2022 124,157 0.16

200,000 Microsoft Corp 3.300% 06/02/2027 230,037 0.30

75,000 Microsoft Corp 3.950% 08/08/2056 98,531 0.13

70,000 Microsoft Corp 4.100% 06/02/2037 89,173 0.12

110,000 Microsoft Corp 4.450% 03/11/2045 151,515 0.20

110,000 MidAmerican Energy Co 3.150% 15/04/2050 118,547 0.16

80,000 Molson Coors Beverage Co 3.000% 15/07/2026 80,394 0.11

150,000 Mondelez International Inc 3.625% 07/05/2023 161,570 0.21

130,000 Morgan Stanley 2.699% 22/01/2031 134,504 0.18

180,000 Morgan Stanley 2.720% 22/07/2025 188,703 0.25

140,000 Morgan Stanley 2.750% 19/05/2022 145,371 0.19

200,000 Morgan Stanley 3.625% 20/01/2027 222,143 0.29

100,000 Morgan Stanley 4.875% 01/11/2022 108,569 0.14

100,000 Morgan Stanley 6.375% 24/07/2042 150,558 0.20

100,000 Mosaic Co 3.250% 15/11/2022 100,826 0.13

95,000 Motorola Solutions Inc 3.500% 01/03/2023 99,430 0.13

50,000 MPLX LP 3.375% 15/03/2023 51,503 0.07

80,000 MPLX LP 4.500% 15/04/2038 79,443 0.11

Zurich Invest ICAV

49


Fair Value % of





70,000 MPLX LP 4.900% 15/04/2058 67,481 0.09

110,000 Mylan Inc 3.125% 15/01/2023 112,122 0.15

100,000 Nestle Holdings Inc 3.125% 22/03/2023 106,636 0.14

120,000 New York Life Global Funding 2.350% 14/07/2026 125,481 0.17

89,000 Newfield Exploration Co 5.625% 01/07/2024 81,170 0.11

70,000 Newmont Corp 5.875% 01/04/2035 93,988 0.12

70,000 NextEra Energy Capital Holdings Inc 2.750% 01/11/2029 75,588 0.10

87,000 NIKE Inc 3.875% 01/11/2045 106,841 0.14

60,000 NiSource Inc 3.950% 30/03/2048 67,832 0.09

100,000 Norfolk Southern Corp 3.942% 01/11/2047 117,322 0.16

89,000 Northrop Grumman Corp 4.030% 15/10/2047 108,481 0.14

81,000 Novartis Capital Corp 4.400% 06/05/2044 108,092 0.14

100,000 Nucor Corp 4.000% 01/08/2023 108,316 0.14

94,000 NVIDIA Corp 3.200% 16/09/2026 105,848 0.14

60,000 Omnicom Group Inc 3.650% 01/11/2024 65,049 0.09

50,000 Oncor Electric Delivery Co LLC 5.300% 01/06/2042 69,691 0.09

96,000 ONEOK Inc 7.500% 01/09/2023 107,750 0.14

75,000 ONEOK Partners LP 4.900% 15/03/2025 78,616 0.10

150,000 Oracle Corp 1.900% 15/09/2021 152,659 0.20

110,000 Oracle Corp 2.950% 15/05/2025 119,824 0.16

100,000 Oracle Corp 2.950% 01/04/2030 110,115 0.15

100,000 Oracle Corp 3.250% 15/11/2027 111,984 0.15

90,000 Oracle Corp 3.625% 15/07/2023 98,331 0.13

70,000 Oracle Corp 3.850% 01/04/2060 80,589 0.11

230,000 Oracle Corp 4.000% 15/07/2046 267,567 0.35

80,000 Owens Corning 4.300% 15/07/2047 76,450 0.10

55,000 Parker-Hannifin Corp 4.450% 21/11/2044 63,874 0.08

99,000 PayPal Holdings Inc 2.850% 01/10/2029 107,260 0.14

70,000 PECO Energy Co 3.900% 01/03/2048 85,015 0.11

100,000 PepsiCo Inc 2.750% 30/04/2025 108,828 0.14

70,000 PepsiCo Inc 2.750% 19/03/2030 77,366 0.10

80,000 PepsiCo Inc 4.450% 14/04/2046 105,693 0.14

65,000 PepsiCo Inc 7.000% 01/03/2029 93,334 0.12

100,000 Pfizer Inc 3.600% 15/09/2028 117,849 0.16

70,000 Pfizer Inc 4.000% 15/03/2049 88,886 0.12

80,000 Philip Morris International Inc 6.375% 16/05/2038 117,114 0.16

83,000 Phillips 66 5.875% 01/05/2042 114,123 0.15

92,000 Plains All American Pipeline LP 4.500% 15/12/2026 93,452 0.12

50,000 PNC Financial Services Group Inc 3.450% 23/04/2029 56,429 0.07

130,000 PNC Financial Services Group Inc 3.500% 23/01/2024 141,622 0.19

95,000 PPL Capital Funding Inc 3.400% 01/06/2023 99,490 0.13

71,000 Procter & Gamble Co 5.550% 05/03/2037 102,229 0.14

100,000 Progress Energy Inc 7.750% 01/03/2031 143,822 0.19

100,000 Prologis LP 4.250% 15/08/2023 110,636 0.15

110,000 Prudential Financial Inc 5.700% 14/12/2036 145,017 0.19

93,000 PSEG Power LLC 3.850% 01/06/2023 100,238 0.13

97,000 QUALCOMM Inc 2.600% 30/01/2023 101,902 0.14

60,000 QUALCOMM Inc 4.300% 20/05/2047 73,739 0.10

Zurich Invest ICAV

50


Fair Value % of





80,000 Raytheon Technologies Corp 3.950% 16/08/2025 91,504 0.12

123,000 Raytheon Technologies Corp 4.500% 01/06/2042 151,263 0.20

100,000 Republic Services Inc 2.500% 15/08/2024 105,935 0.14

91,000 Roper Technologies Inc 3.800% 15/12/2026 102,016 0.14

88,000 S&P Global Inc 4.400% 15/02/2026 103,848 0.14

97,000 Sabine Pass Liquefaction LLC 5.875% 30/06/2026 111,572 0.15

110,000 Santander Holdings USA Inc 4.500% 17/07/2025 118,287 0.16

80,000 Schlumberger Holdings Corp 3.750% 01/05/2024 84,065 0.11

50,000 Sempra Energy 2.875% 01/10/2022 51,635 0.07

60,000 Sempra Energy 4.000% 01/02/2048 67,511 0.09

100,000 Sherwin-Williams Co 3.125% 01/06/2024 106,823 0.14

80,000 Simon Property Group LP 2.450% 13/09/2029 73,347 0.10

95,000 Simon Property Group LP 2.750% 01/06/2023 95,669 0.13

80,000 Southern California Edison Co 3.700% 01/08/2025 87,639 0.12

80,000 Southern California Edison Co 4.125% 01/03/2048 92,156 0.12

50,000 Southern Co 3.250% 01/07/2026 55,161 0.07

70,000 Southern Co 4.400% 01/07/2046 83,016 0.11

50,000 Southern Copper Corp 5.250% 08/11/2042 55,926 0.07

136,000 Stanley Black & Decker Inc 2.900% 01/11/2022 142,224 0.19

70,000 Starbucks Corp 2.250% 12/03/2030 70,707 0.09

95,000 Starbucks Corp 3.100% 01/03/2023 101,004 0.13

100,000 State Street Corp 3.300% 16/12/2024 110,598 0.15

93,000 Synchrony Financial 3.950% 01/12/2027 89,133 0.12

90,000 Sysco Corp 2.400% 15/02/2030 84,393 0.11

70,000 Sysco Corp 4.500% 01/04/2046 70,580 0.09

100,000 Target Corp 2.650% 15/09/2030 109,055 0.14

100,000 Teachers Insurance & Annuity Association of America 4.900%

15/09/2044

125,398 0.17


85,000 Time Warner Cable LLC 4.500% 15/09/2042 91,485 0.12

100,000 Time Warner Entertainment Co LP 8.375% 15/03/2023 117,738 0.16

110,000 T-Mobile USA Inc 3.875% 15/04/2030 119,595 0.16

60,000 T-Mobile USA Inc 4.500% 15/04/2050 68,071 0.09



80,000 Travelers Cos Inc 4.000% 30/05/2047 98,226 0.13

180,000 Truist Bank 3.200% 01/04/2024 194,251 0.26

80,000 Truist Financial Corp 2.050% 10/05/2021 81,150 0.11

125,000 TWDC Enterprises 18 Corp 2.125% 13/09/2022 127,335 0.17

70,000 TWDC Enterprises 18 Corp 2.950% 15/06/2027 76,561 0.10

87,000 Tyson Foods Inc 4.350% 01/03/2029 103,285 0.14

100,000 Unilever Capital Corp 3.500% 22/03/2028 114,744 0.15

50,000 Union Pacific Corp 3.500% 08/06/2023 53,913 0.07

140,000 Union Pacific Corp 4.100% 15/09/2067 162,048 0.21



70,000 UnitedHealth Group Inc 2.750% 15/02/2023 73,755 0.10


Zurich Invest ICAV

51


Fair Value % of







80,000 US Bancorp 2.625% 24/01/2022 82,671 0.11

100,000 US Bancorp 2.950% 15/07/2022 104,374 0.14

100,000 US Bancorp 3.700% 30/01/2024 109,667 0.15

90,000 Valero Energy Corp 3.400% 15/09/2026 95,835 0.13

70,000 Ventas Realty LP 3.250% 15/08/2022 70,655 0.09

88,000 VEREIT Operating Partnership LP 4.875% 01/06/2026 87,808 0.12







70,000 ViacomCBS Inc 5.850% 01/09/2043 76,148 0.10

65,000 ViacomCBS Inc 7.875% 30/07/2030 88,062 0.12

144,000 Virginia Electric and Power Co 6.000% 15/01/2036 200,482 0.27

100,000 Visa Inc 2.150% 15/09/2022 104,000 0.14

80,000 Visa Inc 4.300% 14/12/2045 105,996 0.14

97,000 VMware Inc 2.950% 21/08/2022 100,078 0.13

200,000 Volkswagen Group of America Finance LLC 2.700% 26/09/2022 202,338 0.27

94,000 Voya Financial Inc 5.650% 15/05/2053 93,366 0.12

97,000 Walgreen Co 3.100% 15/09/2022 101,388 0.13

96,000 Walgreens Boots Alliance Inc 3.450% 01/06/2026 101,790 0.13

150,000 Walmart Inc 2.350% 15/12/2022 157,344 0.21

80,000 Walmart Inc 3.250% 08/07/2029 92,826 0.12

83,000 Walmart Inc 4.050% 29/06/2048 106,958 0.14

66,000 Walmart Inc 6.500% 15/08/2037 103,584 0.14

50,000 Walt Disney Co 2.750% 01/09/2049 48,738 0.06

67,000 Walt Disney Co 6.650% 15/11/2037 99,058 0.13

60,000 Waste Management Inc 4.000% 15/07/2039 68,722 0.09

200,000 Wells Fargo & Co 2.879% 30/10/2030 207,978 0.28

97,000 Wells Fargo & Co 3.000% 22/04/2026 103,846 0.14

150,000 Wells Fargo & Co 3.069% 24/01/2023 154,738 0.21

94,000 Wells Fargo & Co 3.584% 22/05/2028 102,075 0.14

170,000 Wells Fargo & Co 4.300% 22/07/2027 191,476 0.25

100,000 Wells Fargo & Co 4.400% 14/06/2046 113,524 0.15

100,000 Wells Fargo & Co 5.013% 04/04/2051 131,253 0.17

77,000 Wells Fargo & Co 5.375% 02/11/2043 99,370 0.13

250,000 Wells Fargo Bank NA 3.550% 14/08/2023 270,114 0.37

91,000 Welltower Inc 4.250% 01/04/2026 96,402 0.13

89,000 Westinghouse Air Brake Technologies Corp 4.950% 15/09/2028 93,495 0.12

137,000 Williams Cos Inc 3.750% 15/06/2027 145,992 0.19

100,000 WRKCo Inc 4.200% 01/06/2032 112,842 0.15

80,000 Wyeth LLC 6.000% 15/02/2036 114,082 0.15

160,000 Wyeth LLC 6.450% 01/02/2024 193,205 0.26

80,000 Xcel Energy Inc 3.400% 01/06/2030 90,133 0.12

Zurich Invest ICAV

52


Fair Value % of





89,000 Zoetis Inc 4.500% 13/11/2025 102,508 0.14

51,860,898 68.73

Virgin Islands (British) (1.46%)

200,000 China Cinda Finance 2014 Ltd 5.625% 14/05/2024 225,976 0.31

200,000 China Merchants Finance Co Ltd 4.750% 03/08/2025 221,739 0.29

200,000 Huarong Finance II Co Ltd 4.625% 03/06/2026 211,645 0.28

200,000 Sinopec Group Overseas Development 2016 Ltd 3.500% 03/05/2026 218,233 0.29

200,000 State Grid Overseas Investment 2014 Ltd 4.125% 07/05/2024 218,397 0.29

1,095,990 1.46

Total Bonds 71,951,427 95.36

Financial Derivative Instruments (1.72%)

Open Forward Foreign Currency Exchange Contracts (1.72%)

Unrealised

Settlement Currency Amount Currency Amount Gain/Loss % of Total

Date Bought Bought Sold Sold USD Net Assets

02/06/2020 EUR 50,200,000 USD 55,015,485 824,461 1.09

02/06/2020 EUR 15,700,000 USD 16,989,834 474,054 0.63

Unrealised gain on open forward foreign currency exchange contracts 1,298,515 1.72

Total Financial Derivative Instruments 1,298,515 1.72


Other Net Assets 2,202,585 2.92

Net Assets 75,452,527 100.00


Transferable securities listed on an official stock exchange listing 79.68

Transferable securities dealt in on another regulated market 2.50

Other transferable securities of the type referred to in Regulation 68(1)(a), (b) and c) 4.56

OTC FDIs 1.57

Other current assets 11.69

Total Assets 100.00


The counterparties for open forward foregin currency exchange contracts are Barclays Capital Plc and State Street Bank.

* The Fund launched on 6 December 2019.

Zurich Invest ICAV

53

Zurich Invest US Equity Index Fund Schedule of Investments as at 31 May 2020

Fair Value % of

Shares USD Net Assets



Bermuda (0.34%) (30 November 2019: 0.45%)

2,195 Arch Capital Group Ltd 61,943 0.04

829 Athene Holding Ltd 23,950 0.02

1,138 Axalta Coating Systems Ltd 26,299 0.02

767 Bunge Ltd 29,928 0.02

221 Everest Re Group Ltd 43,849 0.03

2,251 IHS Markit Ltd 156,354 0.10

2,164 Invesco Ltd 17,247 0.01

3,972 Marvell Technology Group Ltd 129,567 0.08

231 RenaissanceRe Holdings Ltd 38,776 0.02

527,913 0.34

Canada (0.09%) (30 November 2019: 0.09%)

1,451 Waste Connections Inc 136,452 0.09

136,452 0.09

Curacao (0.10%) (30 November 2019: 0.18%)

8,741 Schlumberger Ltd 161,446 0.10

161,446 0.10

Ireland (2.15%) (30 November 2019: 2.31%)

3,730 Accenture Plc 752,043 0.48

506 Allegion Plc 50,448 0.03

1,324 Aon Plc 260,762 0.17

2,422 Eaton Corp Plc 205,628 0.13

307 Jazz Pharmaceuticals Plc 36,631 0.02

4,312 Johnson Controls International Plc 135,440 0.09

3,077 Linde Plc 622,600 0.41

7,831 Medtronic Plc 771,980 0.51

865 Pentair Plc 33,856 0.02

700 Perrigo Co Plc 38,339 0.02

1,312 Seagate Technology Plc 69,588 0.04

459 STERIS Plc 76,144 0.05

1,309 Trane Technologies Plc 118,085 0.08

796 Willis Towers Watson Plc 161,508 0.10

3,333,052 2.15

Jersey (0.13%) (30 November 2019: 0.15%)

8,798 Amcor Plc 89,828 0.06

1,424 Aptiv Plc 107,298 0.07

197,126 0.13

Liberia (0.03%) (30 November 2019: 0.08%)

965 Royal Caribbean Cruises Ltd 50,055 0.03

50,055 0.03


1,828 LyondellBasell Industries NV 116,553 0.08

2,795 Mylan NV 47,711 0.03

Zurich Invest ICAV

54

Zurich Invest US Equity Index Fund (continued) Schedule of Investments as at 31 May 2020 (continued)

Fair Value % of



(continued)


Netherlands (0.21%) (30 November 2019: 0.12%) (continued)

1,619 NXP Semiconductors NV 155,586 0.10

319,850 0.21

Panama (0.03%) (30 November 2019: 0.07%)

3,166 Carnival Corp 49,833 0.03

49,833 0.03

Singapore Nil (30 November 2019: 0.02%)

Switzerland (0.35%) (30 November 2019: 0.40%)

2,591 Chubb Ltd 315,946 0.20

721 Garmin Ltd 65,013 0.04

2,011 TE Connectivity Ltd 163,394 0.11

544,353 0.35


1,189 Liberty Global Plc, Class A 25,254 0.02

2,254 Liberty Global Plc, Class C 46,500 0.02

1,818 Nielsen Holdings Plc 25,252 0.02

833 Sensata Technologies Holding Plc 29,696 0.02

126,702 0.08

United States of America (96.48%) (30 November 2019: 94.75%)

3,357 3M Co 525,169 0.34

10,290 Abbott Laboratories 976,727 0.63

10,259 AbbVie Inc 950,702 0.61

246 ABIOMED Inc 55,079 0.04

4,536 Activision Blizzard Inc 326,501 0.21

2,828 Adobe Inc 1,093,305 0.70

387 Advance Auto Parts Inc 53,917 0.03

6,789 Advanced Micro Devices Inc 365,248 0.24

3,597 AES Corp/VA 44,927 0.03

4,326 Aflac Inc 157,769 0.10

1,917 Agilent Technologies Inc 168,964 0.11

2,969 AGNC Investment Corp 38,419 0.02

1,303 Air Products & Chemicals Inc 314,870 0.20

894 Akamai Technologies Inc 94,585 0.06

574 Albemarle Corp 43,922 0.03

708 Alexandria Real Estate Equities Inc 108,834 0.07

1,363 Alexion Pharmaceuticals Inc 163,424 0.11

411 Align Technology Inc 100,950 0.06

78 Alleghany Corp 40,022 0.03

1,402 Alliant Energy Corp 69,203 0.04

1,987 Allstate Corp 194,348 0.13

Zurich Invest ICAV

55


Fair Value % of



(continued)



(continued)

2,116 Ally Financial Inc 36,903 0.02

603 Alnylam Pharmaceuticals Inc 81,568 0.05

1,781 Alphabet Inc, Class C 2,544,907 1.64

1,744 Alphabet Inc, Class A 2,500,059 1.61

1,945 Altice USA Inc 50,025 0.03

10,721 Altria Group Inc 418,655 0.27

2,452 Amazon.com Inc 5,988,691 3.85

67 AMERCO 21,608 0.01

1,332 Ameren Corp 99,540 0.06

2,976 American Electric Power Co Inc 253,704 0.16

3,971 American Express Co 377,523 0.24

414 American Financial Group Inc 24,939 0.02

4,983 American International Group Inc 149,789 0.10

2,580 American Tower Corp 666,079 0.43

1,020 American Water Works Co Inc 129,540 0.08

709 Ameriprise Financial Inc 99,310 0.06

847 AmerisourceBergen Corp 80,753 0.05

1,321 AMETEK Inc 121,149 0.08

3,464 Amgen Inc 795,681 0.51

1,774 Amphenol Corp 171,297 0.11

2,096 Analog Devices Inc 236,743 0.15

7,891 Annaly Capital Management Inc 48,609 0.03

512 ANSYS Inc 144,896 0.09

1,480 Anthem Inc 435,283 0.28

722 AO Smith Corp 34,295 0.02

1,006 Apollo Global Management Inc 47,886 0.03

25,396 Apple Inc 8,074,404 5.20

5,307 Applied Materials Inc 298,147 0.19

1,338 Aramark 34,641 0.02

3,179 Archer-Daniels-Midland Co 124,966 0.08

291 Arista Networks Inc 67,937 0.04

451 Arrow Electronics Inc 31,155 0.02

1,085 Arthur J Gallagher & Co 102,294 0.07

380 Assurant Inc 38,980 0.03

41,633 AT&T Inc 1,284,794 0.83

641 Atmos Energy Corp 65,882 0.04

1,299 Autodesk Inc 273,284 0.18

449 Autoliv Inc 28,547 0.02

2,503 Automatic Data Processing Inc 366,664 0.24

133 AutoZone Inc 152,665 0.10

430 Avalara Inc 46,036 0.03

833 AvalonBay Communities Inc 129,956 0.08

2,503 Avantor Inc 47,482 0.03

456 Avery Dennison Corp 50,466 0.03

3,421 Baker Hughes Co 56,481 0.04

1,711 Ball Corp 121,926 0.08

45,596 Bank of America Corp 1,099,776 0.71

4,818 Bank of New York Mellon Corp 179,085 0.12

Zurich Invest ICAV

56


Fair Value % of



(continued)



(continued)

2,792 Baxter International Inc 251,308 0.16

1,591 Becton Dickinson and Co 392,866 0.25

8,045 Berkshire Hathaway Inc 1,492,991 0.96

1,497 Best Buy Co Inc 116,901 0.08

1,067 Biogen Inc 327,665 0.21

1,126 BioMarin Pharmaceutical Inc 119,975 0.08

120 Bio-Rad Laboratories Inc 58,958 0.04

811 Black Knight Inc 62,431 0.04

907 BlackRock Inc 479,476 0.31

3,819 Blackstone Group Inc 216,919 0.14

3,136 Boeing Co 457,386 0.29

236 Booking Holdings Inc 386,903 0.25

760 Booz Allen Hamilton Holding Corp 60,618 0.04

1,024 BorgWarner Inc 32,922 0.02

838 Boston Properties Inc 72,051 0.05

8,233 Boston Scientific Corp 312,772 0.20

13,103 Bristol-Myers Squibb Co 782,511 0.50

2,318 Broadcom Inc 675,164 0.43

619 Broadridge Financial Solutions Inc 74,961 0.05

1,296 Brown & Brown Inc 52,099 0.03

1,685 Brown-Forman Corp 111,092 0.07

359 Burlington Stores Inc 75,272 0.05

27 Cable One Inc 50,946 0.03

1,967 Cabot Oil & Gas Corp 39,025 0.03

1,594 Cadence Design Systems Inc 145,516 0.09

525 Camden Property Trust 48,074 0.03

898 Campbell Soup Co 45,780 0.03

2,661 Capital One Financial Corp 181,054 0.12

1,616 Cardinal Health Inc 88,379 0.06

897 CarMax Inc 78,981 0.05

4,699 Carrier Global Corp 96,189 0.06

906 Catalent Inc 70,423 0.05

3,247 Caterpillar Inc 390,062 0.25

799 Cboe Global Markets Inc 85,062 0.05

1,731 CBRE Group Inc 76,129 0.05

657 CDK Global Inc 25,827 0.02

784 CDW Corp/DE 86,953 0.06

671 Celanese Corp 60,330 0.04

3,505 Centene Corp 232,206 0.15

2,721 CenterPoint Energy Inc 48,379 0.03

5,320 CenturyLink Inc 52,296 0.03

1,946 Cerner Corp 141,863 0.09

1,183 CF Industries Holdings Inc 34,745 0.02

734 CH Robinson Worldwide Inc 59,549 0.04

6,582 Charles Schwab Corp 236,360 0.15

881 Charter Communications Inc 479,264 0.31

1,252 Cheniere Energy Inc 55,526 0.04

Zurich Invest ICAV

57


Fair Value % of



(continued)



(continued)

10,887 Chevron Corp 998,338 0.64

151 Chipotle Mexican Grill Inc 151,590 0.10

1,339 Church & Dwight Co Inc 100,519 0.06

2,189 Cigna Corp 431,933 0.28

841 Cincinnati Financial Corp 49,577 0.03

528 Cintas Corp 130,923 0.08

24,685 Cisco Systems Inc 1,180,437 0.76

12,226 Citigroup Inc 585,748 0.38

2,423 Citizens Financial Group Inc 58,394 0.04

818 Citrix Systems Inc 121,162 0.08

704 Clorox Co 145,200 0.09

2,146 CME Group Inc 391,860 0.25

1,538 CMS Energy Corp 90,096 0.06

23,684 Coca-Cola Co 1,105,569 0.71

925 Cognex Corp 52,485 0.03

3,112 Cognizant Technology Solutions Corp 164,936 0.11

4,773 Colgate-Palmolive Co 345,231 0.22

26,529 Comcast Corp 1,050,548 0.68

809 Comerica Inc 29,407 0.02

2,637 Conagra Brands Inc 91,741 0.06

1,090 Concho Resources Inc 59,427 0.04

6,356 ConocoPhillips 268,096 0.17

1,864 Consolidated Edison Inc 139,912 0.09

959 Constellation Brands Inc 165,619 0.11

268 Cooper Cos Inc 84,951 0.05

1,130 Copart Inc 101,011 0.07

4,231 Corning Inc 96,424 0.06

4,101 Corteva Inc 111,998 0.07

230 CoStar Group Inc 151,064 0.10

2,575 Costco Wholesale Corp 794,310 0.51

387 Coupa Software Inc 88,046 0.06

600 Crowdstrike Holdings Inc 52,686 0.03

2,448 Crown Castle International Corp 421,448 0.27

734 Crown Holdings Inc 48,026 0.03

4,371 CSX Corp 312,876 0.20

847 Cummins Inc 143,651 0.09

7,597 CVS Health Corp 498,135 0.32

3,658 Danaher Corp 609,459 0.39

666 Darden Restaurants Inc 51,189 0.03

612 Datadog Inc 43,617 0.03

462 DaVita Inc 37,404 0.02

1,791 Deere & Co 272,447 0.18

1,403 Dell Technologies Inc 69,645 0.04

881 Delta Air Lines Inc 22,210 0.01

1,215 Dentsply Sirona Inc 56,522 0.04

520 DexCom Inc 196,721 0.13

839 Diamondback Energy Inc 35,725 0.02

Zurich Invest ICAV

58


Fair Value % of



(continued)



(continued)

1,566 Digital Realty Trust Inc 224,815 0.14

1,725 Discover Financial Services 81,955 0.05

856 Discovery Inc 18,618 0.01

2,022 Discovery Inc 39,611 0.03

1,297 DISH Network Corp 41,050 0.03

990 DocuSign Inc 138,343 0.09

1,530 Dollar General Corp 293,010 0.19

1,327 Dollar Tree Inc 129,873 0.08

4,863 Dominion Energy Inc 413,404 0.27

212 Domino's Pizza Inc 81,798 0.05

845 Dover Corp 82,176 0.05

4,351 Dow Inc 167,949 0.11

2,181 DR Horton Inc 120,609 0.08

1,584 Dropbox Inc 35,751 0.02

1,128 DTE Energy Co 121,339 0.08

4,323 Duke Energy Corp 370,178 0.24

1,959 Duke Realty Corp 67,546 0.04

4,476 DuPont de Nemours Inc 227,067 0.15

733 Dynatrace Inc 28,199 0.02

1,300 E*TRADE Financial Corp 59,202 0.04

789 East West Bancorp Inc 27,576 0.02

742 Eastman Chemical Co 50,515 0.03

4,672 eBay Inc 212,763 0.14

1,532 Ecolab Inc 325,673 0.21

2,009 Edison International 116,743 0.08

1,198 Edwards Lifesciences Corp 269,215 0.17

2,144 Elanco Animal Health Inc 45,903 0.03

1,774 Electronic Arts Inc 217,989 0.14

5,035 Eli Lilly & Co 770,103 0.50

3,484 Emerson Electric Co 212,594 0.14

1,077 Entergy Corp 109,660 0.07

3,478 EOG Resources Inc 177,274 0.11

297 EPAM Systems Inc 68,500 0.04

655 Equifax Inc 100,582 0.06

501 Equinix Inc 349,513 0.22

2,278 Equitable Holdings Inc 43,533 0.03

937 Equity LifeStyle Properties Inc 58,375 0.04

2,211 Equity Residential 133,898 0.09

178 Erie Indemnity Co 32,083 0.02

1,211 Essential Utilities Inc 52,993 0.03

355 Essex Property Trust Inc 86,183 0.06

1,281 Estee Lauder Cos Inc 252,959 0.16

1,279 Evergy Inc 78,902 0.05

1,997 Eversource Energy 167,149 0.11

792 Exact Sciences Corp 68,017 0.04

5,601 Exelon Corp 214,574 0.14

759 Expedia Group Inc 60,325 0.04

Zurich Invest ICAV

59


Fair Value % of



(continued)



(continued)

925 Expeditors International of Washington Inc 70,642 0.05

696 Extra Space Storage Inc 67,338 0.04

24,620 Exxon Mobil Corp 1,119,471 0.72

312 F5 Networks Inc 45,215 0.03

14,003 Facebook Inc 3,151,935 2.03

207 FactSet Research Systems Inc 63,655 0.04

169 Fair Isaac Corp 68,048 0.04

3,180 Fastenal Co 131,207 0.08

406 Federal Realty Investment Trust 32,443 0.02

1,526 FedEx Corp 199,235 0.13

1,487 Fidelity National Financial Inc 47,435 0.03

3,624 Fidelity National Information Services Inc 503,120 0.32

3,938 Fifth Third Bancorp 76,358 0.05

918 First Republic Bank/CA 99,300 0.06

3,206 FirstEnergy Corp 135,486 0.09

3,442 Fiserv Inc 367,502 0.24

477 FleetCor Technologies Inc 116,288 0.07

735 FLIR Systems Inc 33,957 0.02

707 FMC Corp 69,576 0.04

24,051 Ford Motor Co 137,331 0.09

897 Fortinet Inc 124,862 0.08

1,759 Fortive Corp 107,264 0.07

758 Fortune Brands Home & Security Inc 46,208 0.03

1,921 Fox Corp, Class A 56,036 0.04

1,115 Fox Corp, Class B 32,090 0.02

1,638 Franklin Resources Inc 30,909 0.02

7,862 Freeport-McMoRan Inc 71,308 0.05

488 Gartner Inc 59,390 0.04

1,415 General Dynamics Corp 207,764 0.13

51,512 General Electric Co 338,434 0.22

3,644 General Mills Inc 229,718 0.15

7,567 General Motors Co 195,834 0.13

792 Genuine Parts Co 66,061 0.04

7,373 Gilead Sciences Inc 573,841 0.37

1,807 Global Payments Inc 324,338 0.21

562 Globe Life Inc 43,285 0.03

959 GoDaddy Inc 74,083 0.05

1,884 Goldman Sachs Group Inc 370,187 0.24

445 Guidewire Software Inc 45,648 0.03

4,747 Halliburton Co 55,777 0.04

1,959 Hartford Financial Services Group Inc 75,010 0.05

697 Hasbro Inc 51,236 0.03

1,538 HCA Healthcare Inc 164,412 0.11

920 HD Supply Holdings Inc 29,173 0.02

2,661 Healthpeak Properties Inc 65,567 0.04

241 HEICO Corp 24,283 0.02

414 HEICO Corp, Class A 34,755 0.02

803 Henry Schein Inc 48,758 0.03

Zurich Invest ICAV

60


Fair Value % of



(continued)



(continued)

807 Hershey Co 109,494 0.07

1,485 Hess Corp 70,493 0.05

7,075 Hewlett Packard Enterprise Co 68,698 0.04

1,668 Hilton Worldwide Holdings Inc 132,289 0.09

847 HollyFrontier Corp 26,638 0.02

1,449 Hologic Inc 76,797 0.05

6,347 Home Depot Inc 1,577,103 1.01

4,193 Honeywell International Inc 611,549 0.39

1,591 Hormel Foods Corp 77,689 0.05

3,955 Host Hotels & Resorts Inc 47,223 0.03

2,147 Howmet Aerospace Inc 28,083 0.02

8,585 HP Inc 129,977 0.08

756 Humana Inc 310,451 0.20

5,624 Huntington Bancshares Inc/OH 49,997 0.03

224 Huntington Ingalls Industries Inc 44,775 0.03

453 IAC/InterActive Corp 122,478 0.08

411 IDEX Corp 65,501 0.04

487 IDEXX Laboratories Inc 150,425 0.10

1,870 Illinois Tool Works Inc 322,500 0.21

848 Illumina Inc 307,866 0.20

1,143 Incyte Corp 116,483 0.07

1,986 Ingersoll Rand Inc 56,005 0.04

362 Ingredion Inc 30,491 0.02

327 Insulet Corp 61,662 0.04

24,824 Intel Corp 1,562,174 1.01

3,311 Intercontinental Exchange Inc 321,995 0.21

5,180 International Business Machines Corp 646,982 0.42

550 International Flavors & Fragrances Inc 73,255 0.05

2,022 International Paper Co 68,849 0.04

2,098 Interpublic Group of Cos Inc 35,897 0.02

1,528 Intuit Inc 443,609 0.29

687 Intuitive Surgical Inc 398,481 0.26

2,914 Invitation Homes Inc 76,638 0.05

833 Ionis Pharmaceuticals Inc 46,823 0.03

179 IPG Photonics Corp 27,817 0.02

1,019 IQVIA Holdings Inc 152,361 0.10

1,556 Iron Mountain Inc 40,083 0.03

417 Jack Henry & Associates Inc 75,419 0.05

734 Jacobs Engineering Group Inc 61,671 0.04

463 JB Hunt Transport Services Inc 55,407 0.04

618 JM Smucker Co 70,409 0.05

15,315 Johnson & Johnson 2,278,106 1.47

279 Jones Lang Lasalle Inc 28,570 0.02

17,842 JPMorgan Chase & Co 1,736,205 1.12

1,874 Juniper Networks Inc 45,463 0.03

541 Kansas City Southern 81,431 0.05

Zurich Invest ICAV

61


Fair Value % of



(continued)



(continued)

1,384 Kellogg Co 90,389 0.06

2,042 Keurig Dr Pepper Inc 57,013 0.04

5,437 Key Corp 64,428 0.04

1,174 Keysight Technologies Inc 126,945 0.08

1,984 Kimberly-Clark Corp 280,617 0.18

11,960 Kinder Morgan Inc 188,968 0.12

2,661 KKR & Co Inc 73,843 0.05

901 KLA Corp 158,540 0.10

860 Knight-Swift Transportation Holdings Inc 35,785 0.02

4,155 Kraft Heinz Co 126,603 0.08

4,888 Kroger Co 159,447 0.10

1,334 L3Harris Technologies Inc 266,066 0.17

529 Laboratory Corp of America Holdings 92,744 0.06

869 Lam Research Corp 237,819 0.15

789 Lamb Weston Holdings Inc 47,387 0.03

1,902 Las Vegas Sands Corp 91,182 0.06

305 Lear Corp 32,345 0.02

740 Leidos Holdings Inc 77,915 0.05

1,541 Lennar Corp 93,169 0.06

189 Lennox International Inc 40,416 0.03

579 Liberty Broadband Corp 79,103 0.05

2 Liberty Media Corp Liberty Sir 22 0.00

1,099 Liberty Media Corp-Liberty Formula One 38,080 0.02

607 Liberty Media Corp-Liberty SiriusXM, Class A 22,156 0.01

888 Liberty Media Corp-Liberty SiriusXM, Class C 32,385 0.02

1,085 Lincoln National Corp 41,154 0.03

809 Live Nation Entertainment Inc 39,770 0.03

1,670 LKQ Corp 45,858 0.03

1,480 Lockheed Martin Corp 574,891 0.37

1,475 Loews Corp 49,029 0.03

4,494 Lowe's Cos Inc 585,793 0.38

718 Lululemon Athletica Inc 215,468 0.14

688 M&T Bank Corp 72,694 0.05

297 ManpowerGroup Inc 20,535 0.01

3,593 Marathon Petroleum Corp 126,258 0.08

75 Markel Corp 67,307 0.04

209 MarketAxess Holdings Inc 106,295 0.07

1,653 Marriott International Inc/MD 146,291 0.09

2,916 Marsh & McLennan Cos Inc 308,863 0.20

338 Martin Marietta Materials Inc 64,926 0.04

1,569 Masco Corp 73,194 0.05

298 Masimo Corp 71,577 0.05

5,205 Mastercard Inc 1,566,132 1.01

308 Match Group Inc 27,424 0.02

1,470 Maxim Integrated Products Inc 84,790 0.05

760 McCormick & Co Inc 133,122 0.09

4,409 McDonald's Corp 821,485 0.53

Zurich Invest ICAV

62


Fair Value % of



(continued)



(continued)

996 McKesson Corp 158,035 0.10

2,763 Medical Properties Trust Inc 49,955 0.03

268 MercadoLibre Inc 228,248 0.15

14,815 Merck & Co Inc 1,195,867 0.77

4,525 MetLife Inc 162,945 0.10

133 Mettler-Toledo International Inc 105,735 0.07

2,684 MGM Resorts International 46,111 0.03

1,355 Microchip Technology Inc 130,107 0.08

6,652 Micron Technology Inc 318,697 0.21

41,939 Microsoft Corp 7,685,322 4.94

664 Mid-America Apartment Communities Inc 77,263 0.05

1,580 Moderna Inc 97,170 0.06

332 Mohawk Industries Inc 30,942 0.02

353 Molina Healthcare Inc 65,594 0.04

1,029 Molson Coors Brewing Co 39,061 0.03

8,558 Mondelez International Inc 446,043 0.29

245 MongoDB Inc 56,867 0.04

2,453 Monster Beverage Corp 176,395 0.11

960 Moody's Corp 256,714 0.17

7,240 Morgan Stanley 320,008 0.21

1,986 Mosaic Co 24,011 0.02

996 Motorola Solutions Inc 134,789 0.09

521 MSCI Inc 171,331 0.11

625 Nasdaq Inc 74,038 0.05

2,091 National Oilwell Varco Inc 26,075 0.02

1,172 National Retail Properties Inc 36,789 0.02

1,289 NetApp Inc 57,412 0.04

2,550 Netflix Inc 1,070,312 0.69

471 Neurocrine Biosciences Inc 58,762 0.04

2,180 Newell Brands Inc 28,667 0.02

4,829 Newmont Goldcorp Corp 282,352 0.18

2,090 News Corp 25,603 0.02

2,859 NextEra Energy Inc 730,646 0.47

7,160 NIKE Inc 705,833 0.45

2,023 NiSource Inc 48,208 0.03

319 Nordson Corp 60,084 0.04

1,558 Norfolk Southern Corp 277,776 0.18

1,106 Northern Trust Corp 87,385 0.06

947 Northrop Grumman Corp 317,434 0.20

3,349 NortonLifeLock Inc 76,290 0.05

1,371 NRG Energy Inc 49,425 0.03

1,643 Nucor Corp 69,433 0.04

3,552 NVIDIA Corp 1,261,031 0.81

19 NVR Inc 61,211 0.04

4,847 Occidental Petroleum Corp 62,769 0.04

1,415 OGE Energy Corp 44,318 0.03

610 Okta Inc 119,304 0.08

Zurich Invest ICAV

63


Fair Value % of



(continued)



(continued)

520 Old Dominion Freight Line Inc 88,967 0.06

1,183 Omega Healthcare Investors Inc 36,839 0.02

1,179 Omnicom Group Inc 64,597 0.04

2,224 ON Semiconductor Corp 36,674 0.02

2,238 ONEOK Inc 82,112 0.05

13,392 Oracle Corp 720,088 0.46

428 O'Reilly Automotive Inc 178,579 0.11

2,349 Otis Worldwide Corp 123,675 0.08

586 Owens Corning 30,765 0.02

2,049 PACCAR Inc 151,339 0.10

513 Packaging Corp of America 52,023 0.03

545 Palo Alto Networks Inc 128,222 0.08

748 Parker-Hannifin Corp 134,618 0.09

1,853 Paychex Inc 133,935 0.09

269 Paycom Software Inc 79,955 0.05

6,491 PayPal Holdings Inc 1,006,170 0.65

2,403 People's United Financial Inc 27,514 0.02

8,018 PepsiCo Inc 1,054,768 0.67

602 PerkinElmer Inc 60,483 0.04

32,202 Pfizer Inc 1,229,794 0.79

9,077 Philip Morris International Inc 665,889 0.43

2,721 Phillips 66 212,945 0.14

609 Pinnacle West Capital Corp 47,441 0.03

1,922 Pinterest Inc 38,997 0.03

964 Pioneer Natural Resources Co 88,302 0.06

2,536 PNC Financial Services Group Inc 289,205 0.19

1,282 PPG Industries Inc 130,341 0.08

3,914 PPL Corp 109,357 0.07

1,511 Principal Financial Group Inc 58,355 0.04

14,511 Procter & Gamble Co 1,682,115 1.08

3,495 Progressive Corp 271,492 0.17

4,299 Prologis Inc 393,359 0.25

2,339 Prudential Financial Inc 142,585 0.09

593 PTC Inc 45,293 0.03

2,846 Public Service Enterprise Group Inc 145,260 0.09

958 Public Storage 194,225 0.12

1,412 PulteGroup Inc 47,966 0.03

638 Qorvo Inc 66,824 0.04

6,660 QUALCOMM Inc 538,661 0.35

730 Quest Diagnostics Inc 86,344 0.06

278 Ralph Lauren Corp 20,992 0.01

677 Raymond James Financial Inc 46,903 0.03

8,909 Raytheon Technologies Corp 574,809 0.37

1,910 Realty Income Corp 105,642 0.07

908 Regency Centers Corp 38,853 0.03

585 Regeneron Pharmaceuticals Inc 358,494 0.23

5,407 Regions Financial Corp 61,153 0.04

Zurich Invest ICAV

64


Fair Value % of



(continued)



(continued)

340 Reinsurance Group of America Inc 30,855 0.02

1,286 Republic Services Inc 109,902 0.07

810 ResMed Inc 130,264 0.08

446 RingCentral Inc 122,316 0.08

637 Robert Half International Inc 32,321 0.02

670 Rockwell Automation Inc 144,827 0.09

498 Roku Inc 54,536 0.04

967 Rollins Inc 40,421 0.03

608 Roper Technologies Inc 239,430 0.15

2,213 Ross Stores Inc 214,572 0.14

703 RPM International Inc 52,570 0.03

1,435 S&P Global Inc 466,404 0.30

4,868 salesforce.com Inc 850,878 0.55

403 Sarepta Therapeutics Inc 61,365 0.04

678 SBA Communications Corp 212,980 0.14

1,021 Sealed Air Corp 32,774 0.02

748 Seattle Genetics Inc 117,593 0.08

696 SEI Investments Co 37,737 0.02

1,624 Sempra Energy 205,127 0.13

1,113 ServiceNow Inc 431,766 0.28

498 Sherwin-Williams Co 295,737 0.19

299 Signature Bank/New York NY 30,770 0.02

1,769 Simon Property Group Inc 102,071 0.07

8,440 Sirius XM Holdings Inc 49,121 0.03

1,058 Skyworks Solutions Inc 125,415 0.08

1,786 Slack Technologies Inc 62,599 0.04

4,739 Snap Inc 89,757 0.06

299 Snap-on Inc 38,777 0.02

6,244 Southern Co 356,345 0.23

728 Southwest Airlines Co 23,369 0.02

906 Splunk Inc 168,371 0.11

2,022 Square Inc 163,944 0.11

1,238 SS&C Technologies Holdings Inc 71,674 0.05

822 Stanley Black & Decker Inc 103,120 0.07

6,739 Starbucks Corp 525,575 0.34

2,019 State Street Corp 123,078 0.08

1,073 Steel Dynamics Inc 28,499 0.02

1,947 Stryker Corp 381,086 0.25

491 Sun Communities Inc 67,360 0.04

279 SVB Financial Group 59,915 0.04

3,236 Synchrony Financial 65,917 0.04

918 Synopsys Inc 166,075 0.11

2,741 Sysco Corp 151,194 0.10

1,332 T Rowe Price Group Inc 161,039 0.10

613 Take-Two Interactive Software Inc 83,472 0.05

2,990 Target Corp 365,767 0.24

1,486 TD Ameritrade Holding Corp 55,383 0.04

Zurich Invest ICAV

65


Fair Value % of



(continued)



(continued)

408 Teladoc Health Inc 71,016 0.05

197 Teledyne Technologies Inc 73,702 0.05

292 Teleflex Inc 105,955 0.07

921 Teradyne Inc 61,725 0.04

856 Tesla Inc 714,760 0.46

5,475 Texas Instruments Inc 650,102 0.42

1,247 Textron Inc 38,620 0.02

2,337 Thermo Fisher Scientific Inc 816,057 0.53

589 Tiffany & Co 75,469 0.05

6,907 TJX Cos Inc 364,413 0.23

2,555 T-Mobile US Inc 255,602 0.16

646 Tractor Supply Co 78,825 0.05

237 Trade Desk Inc 73,840 0.05

475 Tradeweb Markets Inc 31,331 0.02

300 TransDigm Group Inc 127,446 0.08

1,096 TransUnion 94,574 0.06

1,608 Travelers Cos Inc 172,024 0.11

1,364 Trimble Inc 53,360 0.03

7,632 Truist Financial Corp 280,705 0.18

666 Twilio Inc 131,602 0.08

4,507 Twitter Inc 139,582 0.09

209 Tyler Technologies Inc 78,440 0.05

1,597 Tyson Foods Inc 98,120 0.06

5,514 Uber Technologies Inc 200,268 0.13

1,705 UDR Inc 63,051 0.04

1,132 UGI Corp 36,043 0.02

303 Ulta Salon Cosmetics & Fragrance Inc 73,935 0.05

3,983 Union Pacific Corp 676,552 0.44

4,130 United Parcel Service Inc 411,802 0.27

418 United Rentals Inc 58,056 0.04

5,513 UnitedHealth Group Inc 1,680,638 1.07

440 Universal Health Services Inc 46,398 0.03

7,953 US Bancorp 282,809 0.18

218 Vail Resorts Inc 43,236 0.03

2,390 Valero Energy Corp 159,270 0.10

493 Varian Medical Systems Inc 59,845 0.04

747 Veeva Systems Inc 163,496 0.11

1,978 Ventas Inc 69,131 0.04

5,719 VEREIT Inc 31,340 0.02

598 VeriSign Inc 130,968 0.08

987 Verisk Analytics Inc 170,435 0.11

24,066 Verizon Communications Inc 1,380,907 0.89

1,491 Vertex Pharmaceuticals Inc 429,348 0.28

1,932 VF Corp 108,385 0.07

3,050 ViacomCBS Inc 63,257 0.04

2,498 VICI Properties Inc 49,011 0.03

9,945 Visa Inc 1,941,662 1.24

Zurich Invest ICAV

66


Fair Value % of



(continued)



(continued)

1,998 Vistra Energy Corp 40,839 0.03

444 VMware Inc 69,384 0.04

830 Vornado Realty Trust 30,054 0.02

761 Voya Financial Inc 34,283 0.02

717 Vulcan Materials Co 77,665 0.05

4,273 Walgreens Boots Alliance Inc 183,483 0.12

8,283 Walmart Inc 1,027,588 0.65

10,521 Walt Disney Co 1,234,112 0.78

2,524 Waste Management Inc 269,437 0.17

362 Waters Corp 72,346 0.05

327 Wayfair Inc 56,097 0.04

1,764 WEC Energy Group Inc 161,812 0.10

22,607 Wells Fargo & Co 598,407 0.39

2,471 Welltower Inc 125,206 0.08

400 West Pharmaceutical Services Inc 86,416 0.06

1,604 Western Digital Corp 71,169 0.05

2,297 Western Union Co 45,986 0.03

987 Westinghouse Air Brake Technologies Corp 60,276 0.04

1,395 Westrock Co 39,144 0.03

4,037 Weyerhaeuser Co 81,507 0.05

344 Whirlpool Corp 41,906 0.03

7,673 Williams Cos Inc 156,758 0.08

947 Workday Inc 173,707 0.09

1,002 WP Carey Inc 60,030 0.04

794 WR Berkley Corp 46,012 0.03

251 WW Grainger Inc 77,715 0.05

525 Wynn Resorts Ltd 43,722 0.03

3,033 Xcel Energy Inc 197,236 0.13

1,546 Xilinx Inc 142,155 0.09

500 XPO Logistics Inc 39,405 0.03

976 Xylem Inc/NY 64,748 0.04

1,726 Yum! Brands Inc 154,874 0.10

293 Zebra Technologies Corp 76,567 0.05

683 Zillow Group Inc 39,607 0.03

1,160 Zimmer Biomet Holdings Inc 146,554 0.09

959 Zions Bancorp NA 31,556 0.02

2,734 Zoetis Inc 381,092 0.25

629 Zoom Video Communications Inc 112,893 0.06

149,922,967 96.48

Virgin Islands, British Nil (30 November 2019: 0.02%)

Zurich Invest ICAV

67


Fair Value % of

EUR Net Assets

Total Equities 155,369,749 99.99



Other Net Assets 15,466 0.01

Net Assets 155,385,215 100.00


Transferable securities listed on an official stock exchange listing (30 November 2019: 98.86%) 98.71

Other current assets (30 November 2019: 1.14%) 1.29

Total Assets 100.00


Zurich Invest ICAV

68

Zurich Invest World Equity Index Fund Schedule of Investments as at 31 May 2020

Fair Value % of




Australia (1.95%) (30 November 2019: 2.27%)

2,702 AGL Energy Ltd 30,061 0.02

17,850 AMP Ltd 19,314 0.01

872 Ampol Ltd 15,681 0.01

4,929 APA Group 37,986 0.03

1,981 Aristocrat Leisure Ltd 33,821 0.02

916 ASX Ltd 53,617 0.04

8,452 Aurizon Holdings Ltd 26,650 0.02

10,000 Australia & New Zealand Banking Group Ltd 118,754 0.09

10,200 BHP Group Ltd 234,538 0.18

2,050 BlueScope Steel Ltd 15,010 0.01

4,927 Brambles Ltd 38,069 0.03

242 Cochlear Ltd 31,005 0.02

5,000 Coles Group Ltd 50,980 0.04

5,897 Commonwealth Bank of Australia 249,544 0.18

3,083 Computershare Ltd 26,809 0.02

1,518 CSL Ltd 278,333 0.20

5,658 Dexus 33,802 0.02

4,698 Fortescue Metals Group Ltd 43,348 0.03

5,128 Goodman Group 52,319 0.04

6,958 GPT Group 18,429 0.01

7,979 Insurance Australia Group Ltd 32,361 0.02

1,900 Lendlease Group 16,308 0.01

1,060 Macquarie Group Ltd 77,378 0.06

23,642 Mirvac Group 36,880 0.03

11,000 National Australia Bank Ltd 130,045 0.10

2,800 Newcrest Mining Ltd 56,837 0.04

2,763 Orica Ltd 31,509 0.02

5,538 Origin Energy Ltd 21,652 0.02

5,036 QBE Insurance Group Ltd 29,518 0.02

899 Ramsay Health Care Ltd 41,803 0.03

1,465 Rio Tinto Ltd 90,828 0.07

7,222 Santos Ltd 25,696 0.02

13,298 Scentre Group 19,685 0.01

2,091 Sonic Healthcare Ltd 39,100 0.03

12,270 South32 Ltd 15,557 0.01

8,861 Stockland 20,998 0.02

4,178 Suncorp Group Ltd 25,598 0.02

11,130 Tabcorp Holdings Ltd 23,790 0.02

12,215 Telstra Corp Ltd 26,271 0.02

9,679 Transurban Group 91,812 0.07

2,652 Treasury Wine Estates Ltd 17,005 0.01

9,751 Vicinity Centres 10,421 0.01

3,644 Wesfarmers Ltd 97,650 0.07

12,100 Westpac Banking Corp 138,311 0.10

2,963 Woodside Petroleum Ltd 44,588 0.03

4,238 Woolworths Group Ltd 99,418 0.07

2,669,089 1.95

Zurich Invest ICAV

69

Zurich Invest World Equity Index Fund (continued) Schedule of Investments as at 31 May 2020 (continued)

Fair Value % of



(continued)


Austria (0.02%) (30 November 2019: 0.05%)

700 Erste Group Bank AG 15,390 0.01

544 OMV AG 17,984 0.01

33,374 0.02

Belgium (0.25%) (30 November 2019: 0.30%)

621 Ageas 21,186 0.02

2,417 Anheuser-Busch InBev SA 112,676 0.08

140 Galapagos NV 28,552 0.02

400 Groupe Bruxelles Lambert SA 32,356 0.02

800 KBC Group NV 41,887 0.03

700 Proximus SADP 14,635 0.01

300 Solvay SA 22,852 0.02

400 UCB SA 40,045 0.03

736 Umicore SA 32,617 0.02

346,806 0.25

Bermuda (0.24%) (30 November 2019: 0.33%)

1,054 Arch Capital Group Ltd 29,744 0.02

2,500 CK Infrastructure Holdings Ltd 12,482 0.01

115 Everest Re Group Ltd 22,817 0.02

4,600 Hongkong Land Holdings Ltd 17,296 0.01

1,208 IHS Markit Ltd 83,907 0.06

2,076 Invesco Ltd 16,546 0.01

900 Jardine Matheson Holdings Ltd 36,135 0.03

1,000 Jardine Strategic Holdings Ltd 19,950 0.01

1,522 Marvell Technology Group Ltd 49,648 0.04

225 RenaissanceRe Holdings Ltd 37,769 0.03

326,294 0.24

Canada (3.15%) (30 November 2019: 3.47%)

676 Agnico Eagle Mines Ltd 43,083 0.03

1,674 Algonquin Power & Utilities Corp 23,350 0.02

2,987 Alimentation Couche-Tard Inc 93,141 0.07

2,200 Bank of Montreal 108,106 0.08

4,100 Bank of Nova Scotia 163,650 0.12

5,771 Barrick Gold Corp 138,242 0.10

915 Bausch Health Cos Inc 16,788 0.01

945 BCE Inc 39,128 0.03

4,611 Brookfield Asset Management Inc 144,215 0.11

1,531 CAE Inc 22,884 0.02

2,233 Cameco Corp 24,168 0.02

1,600 Canadian Imperial Bank of Commerce 102,202 0.07

2,400 Canadian National Railway Co 205,933 0.15

3,852 Canadian Natural Resources Ltd 70,090 0.05

437 Canadian Pacific Railway Ltd 109,108 0.08

290 Canadian Tire Corp Ltd 24,678 0.02

Zurich Invest ICAV

70


Fair Value % of



(continued)


Canada (3.15% ) (30 November 2019: 3.47%) (continued)

892 Canopy Growth Corp 15,624 0.01

696 CCL Industries Inc 23,359 0.02

2,959 Cenovus Energy Inc 12,845 0.01

1,248 CGI Inc 79,438 0.06

102 Constellation Software Inc 115,499 0.08

1,079 Dollarama Inc 36,440 0.03

1,000 Emera Inc 39,604 0.03

6,573 Enbridge Inc 212,950 0.16

81 Fairfax Financial Holdings Ltd 22,414 0.02

2,738 First Quantum Minerals Ltd 15,986 0.01

1,480 Fortis Inc 56,761 0.04

607 Franco-Nevada Corp 84,871 0.06

321 George Weston Ltd 23,098 0.02

748 Gildan Activewear Inc 10,336 0.01

897 Great West Lifeco Inc 14,550 0.01

1,095 Hydro One Ltd 21,136 0.02

898 Imperial Oil Ltd 13,975 0.01

382 Intact Financial Corp 36,326 0.03

1,791 Inter Pipeline Ltd 16,340 0.01

1,432 Keyera Corp 22,606 0.02

8,509 Kinross Gold Corp 55,097 0.04

800 Kirkland Lake Gold Ltd 30,705 0.02

622 Loblaw Cos Ltd 30,672 0.02

910 Magna International Inc 38,225 0.03

6,647 Manulife Financial Corp 82,234 0.06

788 Metro Inc 32,735 0.02

1,106 National Bank of Canada 47,978 0.04

1,749 Nutrien Ltd 59,473 0.04

781 Open Text Corp 32,320 0.02

2,836 Pembina Pipeline Corp 70,582 0.05

2,803 Power Corp of Canada 45,446 0.03

1,090 Restaurant Brands International Inc 59,318 0.04

1,131 Rogers Communications Inc 47,214 0.03

4,600 Royal Bank of Canada 297,293 0.22

970 Saputo Inc 23,741 0.02

1,790 Shaw Communications Inc 30,084 0.02

403 Shopify Inc 304,675 0.22

2,290 Sun Life Financial Inc 78,250 0.06

4,959 Suncor Energy Inc 84,922 0.06

3,150 TC Energy Corp 141,410 0.10

1,274 Teck Resources Ltd 12,056 0.01

1,600 TELUS Corp 27,620 0.02

458 Thomson Reuters Corp 30,558 0.02

5,900 Toronto-Dominion Bank 251,759 0.18

1,034 Waste Connections Inc 97,237 0.07

1,319 Wheaton Precious Metals Corp 56,608 0.04

534 WSP Global Inc 34,330 0.03

4,305,466 3.15

Zurich Invest ICAV

71


Fair Value % of



(continued)


Cayman Islands (0.14%) (30 November 2019: 0.20%)

100 BeiGene Ltd 16,554 0.01

7,500 CK Asset Holdings Ltd 40,785 0.03

7,000 CK Hutchison Holdings Ltd 42,808 0.03

1,000 Melco Resorts & Entertainment Ltd 16,030 0.01

9,600 Sands China Ltd 37,342 0.03

33,000 WH Group Ltd 28,440 0.02

4,000 Wharf Real Estate Investment Co Ltd 15,379 0.01

197,338 0.14

Curacao (0.06%) (30 November 2019: Nil)

4,300 Schlumberger Ltd 79,421 0.06

79,421 0.06

Denmark (0.67%) (30 November 2019: 0.61%)

20 AP Moller - Maersk 19,550 0.01

341 Carlsberg 44,101 0.03

342 Chr Hansen Holding 33,135 0.02

375 Coloplast 62,960 0.05

1,993 Danske Bank 24,681 0.02

881 DSV PANALPINA 93,087 0.07

180 Genmab 55,338 0.04

5,721 Novo Nordisk 372,466 0.27

800 Novozymes 43,745 0.03

677 Orsted 79,494 0.06

753 Tryg 21,104 0.02

640 Vestas Wind Systems 65,311 0.05

914,972 0.67

Finland (0.35%) (30 November 2019: 0.31%)

542 Elisa OYJ 33,991 0.02

1,391 Fortum OYJ 26,644 0.02

1,300 Kone OYJ 87,168 0.07

500 Metso OYJ 16,224 0.01

1,390 Neste OYJ 56,157 0.04

18,152 Nokia OYJ 71,992 0.05

9,651 Nordea Bank Abp 65,212 0.05

1,330 Sampo OYJ 47,519 0.03

1,846 Stora Enso OYJ 22,639 0.02

2,000 UPM-Kymmene OYJ 57,775 0.04

485,321 0.35

France (3.12%) (30 November 2019: 3.50%)

831 Accor SA 23,433 0.02

1,600 Air Liquide SA 217,308 0.16

822 Alstom SA 34,599 0.03

300 Arkema SA 26,149 0.02

290 Atos SE 21,877 0.02

6,277 AXA SA 114,369 0.08

Zurich Invest ICAV

72


Fair Value % of



(continued)


France (3.12%) (30 November 2019: 3.50%)

200 BioMerieux 28,721 0.02

3,800 BNP Paribas SA 136,340 0.10

799 Bouygues SA 24,477 0.02

1,129 Bureau Veritas SA 22,969 0.02

504 Capgemini SE 51,633 0.04

2,600 Carrefour SA 39,492 0.03

1,503 Cie de Saint-Gobain 48,601 0.04

548 Cie Generale des Etablissements Michelin SCA 55,385 0.04

1,688 CNP Assurances 17,753 0.01

3,988 Credit Agricole SA 34,708 0.03

2,200 Danone SA 150,648 0.11

417 Dassault Systemes SE 70,621 0.05

749 Edenred 31,310 0.02

255 Eiffage SA 23,259 0.02

1,882 Electricite de France SA 16,655 0.01

5,694 Engie SA 67,359 0.05

915 EssilorLuxottica SA 117,810 0.09

159 Gecina SA 20,463 0.01

2,554 Getlink SE 36,875 0.03

94 Hermes International 78,191 0.06

300 Ingenico Group SA 41,446 0.03

249 Kering SA 130,067 0.10

848 Klepierre SA 16,073 0.01

1,051 Legrand SA 71,665 0.05

860 L'Oreal SA 250,539 0.18

950 LVMH Moet Hennessy Louis Vuitton SE 396,274 0.28

7,291 Natixis SA 16,164 0.01

7,300 Orange SA 88,063 0.06

665 Pernod Ricard SA 103,634 0.08

2,401 Peugeot SA 34,199 0.02

1,030 Publicis Groupe SA 29,239 0.02

907 Renault SA 20,385 0.01

1,114 Safran SA 106,394 0.08

3,800 Sanofi 369,983 0.27

100 SArtorius Stedim Biotech 27,119 0.02

1,815 Schneider Electric SE 180,168 0.13

464 SCOR SE 11,448 0.01

2,532 Societe Generale SA 37,268 0.03

251 Sodexo SA 16,903 0.01

2,266 Suez 25,735 0.02

213 Teleperformance 50,490 0.04

352 Thales SA 26,931 0.02

8,200 TOTAL SA 306,702 0.21

335 Ubisoft Entertainment SA 25,958 0.02

425 Unibail-Rodamco-Westfield 22,550 0.02

1,011 Valeo SA 24,910 0.02

1,742 Veolia Environnement SA 38,144 0.03

1,800 Vinci SA 166,265 0.12

Zurich Invest ICAV

73


Fair Value % of



(continued)



3,406 Vivendi SA 77,402 0.06

600 Worldline SA 44,797 0.03

4,267,920 3.12

Germany (2.64%) (30 November 2019: 2.85%)

579 adidas AG 152,769 0.11

1,366 Allianz SE 247,400 0.18

3,100 BASF SE 167,742 0.12

3,400 Bayer AG 229,642 0.17

1,300 Bayerische Motoren Werke AG 76,062 0.06

321 Beiersdorf AG 33,657 0.02

674 Brenntag AG 35,544 0.03

350 Continental AG 34,432 0.03

900 Covestro AG 33,327 0.02

3,200 Daimler AG 118,817 0.09

400 Delivery Hero SE 38,345 0.03

8,981 Deutsche Bank AG 75,235 0.05

646 Deutsche Boerse AG 106,278 0.08

3,185 Deutsche Post AG 99,128 0.07

12,000 Deutsche Telekom AG 189,211 0.14

1,137 Deutsche Wohnen SE 50,868 0.04

8,496 E.ON SE 89,837 0.07

683 Fresenius Medical Care AG & Co KGaA 57,436 0.04

1,308 Fresenius SE & Co KGaA 62,854 0.05

300 Hannover Rueck SE 48,254 0.04

600 HeidelbergCement AG 29,787 0.02

400 Henkel AG & Co KGaA 32,058 0.02

544 Henkel AG & Co KGaA (Preference Shares) 48,579 0.04

4,044 Infineon Technologies AG 84,821 0.06

458 Merck KGaA 52,550 0.04

166 MTU Aero Engines AG 26,756 0.02

463 Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen 105,373 0.08

488 Porsche Automobil Holding SE 26,550 0.02

300 Puma SE 21,417 0.02

2,432 RWE AG 80,589 0.06

3,400 SAP SE 429,255 0.30

119 Sartorius AG 44,132 0.03

2,600 Siemens AG 284,958 0.20

513 Siemens Healthineers AG 26,515 0.02

550 Symrise AG 60,200 0.04

925 Uniper SE 28,913 0.02

700 Volkswagen AG 103,170 0.08

1,726 Vonovia SE 99,413 0.07

388 Wirecard AG 40,811 0.03

600 Zalando SE 40,605 0.03

3,613,290 2.64

Zurich Invest ICAV

74


Fair Value % of



(continued)


Hong Kong (0.79%) (30 November 2019: 0.84%)

39,800 AIA Group Ltd 322,724 0.24

7,800 Bank of East Asia Ltd 14,068 0.01

14,500 BOC Hong Kong Holdings Ltd 40,408 0.03

4,500 CLP Holdings Ltd 44,094 0.03

9,000 Galaxy Entertainment Group Ltd 60,728 0.04

14,000 Hang Lung Properties Ltd 29,441 0.02

3,000 Hang Seng Bank Ltd 45,633 0.03

7,700 Henderson Land Development Co Ltd 27,468 0.02

16,000 HKT Trust & HKT Ltd 22,748 0.02

30,600 Hong Kong & China Gas Co Ltd 51,480 0.04

3,800 Hong Kong Exchanges & Clearing Ltd 132,468 0.10

6,500 Link REIT 48,597 0.04

5,000 MTR Corp Ltd 23,965 0.02

25,000 New World Development Co Ltd 25,190 0.02

3,500 Power Assets Holdings Ltd 19,485 0.01

16,000 Sino Land Co Ltd 18,640 0.01

5,000 Sun Hung Kai Properties Ltd 57,412 0.04

2,000 Swire Pacific Ltd 10,373 0.01

4,600 Swire Properties Ltd 10,243 0.01

5,500 Techtronic Industries Co Ltd 47,329 0.03

4,000 Wheelock & Co Ltd 27,016 0.02

1,079,510 0.79

Ireland (1.67 %) (30 November 2019: 1.74%)

2,200 Accenture Plc 443,564 0.32

348 Allegion Plc 34,696 0.03

757 Aon Plc 149,091 0.11

2,564 CRH Plc 83,565 0.06

330 DCC Plc 27,465 0.02

1,299 Eaton Corp Plc 110,285 0.08

500 Flutter Entertainment Plc 64,127 0.05

1,665 James Hardie Industries Plc 28,681 0.02

224 Jazz Pharmaceuticals Plc 26,728 0.02

2,499 Johnson Controls International Plc 78,494 0.06

484 Kerry Group Plc 59,921 0.04

568 Kingspan Group Plc 35,097 0.03

1,787 Linde Plc 361,582 0.26

4,600 Medtronic Plc 453,468 0.34

495 Pentair Plc 19,374 0.01

502 Perrigo Co Plc 27,495 0.02

852 Seagate Technology Plc 45,190 0.03

1,254 Smurfit Kappa Group Plc 40,814 0.03

300 Steris Plc 49,767 0.04

670 Trane Technologies Plc 60,441 0.04

437 Willis Towers Watson Plc 88,667 0.06

2,288,512 1.67

Zurich Invest ICAV

75


Fair Value % of



(continued)


Isle of Man (0.02%) (30 November 2019: 0.02%)

2,239 GVC Holdings Plc 21,945 0.02

21,945 0.02

Israel (0.20%) (30 November 2019: 0.08%)

3,800 Bank Hapoalim BM 23,331 0.02

5,000 Bank Leumi Le-Israel BM 26,460 0.02

500 Check Point Software Technologies Ltd 54,835 0.04

150 Cyberark Software Ltd 15,567 0.01

250 Nice Ltd 45,206 0.03

4,000 Teva Pharmaceutical Industries Ltd 50,120 0.04

280 Wix.com Ltd 62,252 0.04

277,771 0.20

Italy (0.52%) (30 November 2019: 0.63%)

4,100 Assicurazioni Generali SpA 56,940 0.04

2,100 Atlantia SpA 34,093 0.02

1,600 Davide Campari-Milano SpA 12,992 0.01

26,543 Enel SpA 203,753 0.16

8,000 Eni SpA 72,285 0.05

2,500 FinecoBank Banca Fineco SpA 29,213 0.02

49,450 Intesa Sanpaolo SpA 85,391 0.07

1,600 Leonardo SpA 9,967 0.01

874 Moncler SpA 32,520 0.02

1,327 Prysmian SpA 28,260 0.02

8,400 Snam SpA 39,094 0.03

37,372 Telecom Italia SpA 13,801 0.01

4,679 Terna Rete Elettrica Nazionale SpA 31,592 0.02

6,528 UniCredit SpA 55,666 0.04

705,567 0.52

Japan (8.20%) (30 November 2019: 8.18%)

800 Advantest Corp 39,504 0.03

2,400 Aeon Co Ltd 53,097 0.04

900 AGC Inc 25,479 0.02

1,200 Air Water Inc 17,432 0.01

800 Aisin Seiki Co Ltd 25,210 0.02

1,800 Ajinomoto Co Inc 30,692 0.02

1,000 Alfresa Holdings Corp 20,170 0.01

2,000 Amada Co Ltd 17,840 0.01

600 ANA Holdings Inc 14,474 0.01

900 Aozora Bank Ltd 16,724 0.01

1,400 Asahi Group Holdings Ltd 52,733 0.04

700 Asahi Intecc Co Ltd 21,442 0.02

5,000 Asahi Kasei Corp 39,449 0.03

6,400 Astellas Pharma Inc 113,731 0.08

700 Bandai Namco Holdings Inc 38,959 0.03

2,200 Bridgestone Corp 73,044 0.05

900 Brother Industries Ltd 16,950 0.01

3,600 Canon Inc 74,149 0.05

Zurich Invest ICAV

76


Fair Value % of



(continued)


Japan (8.20%) (30 November 2019: 8.18%) (continued)

500 Central Japan Railway Co 85,557 0.06

4,600 Chiba Bank Ltd 21,861 0.02

3,000 Chubu Electric Power Co Inc 40,405 0.03

900 Chugai Pharmaceutical Co Ltd 132,742 0.10

1,200 Chugoku Electric Power Co Inc 16,485 0.01

6,600 Concordia Financial Group Ltd 21,564 0.02

1,400 Dai Nippon Printing Co Ltd 31,824 0.02

600 Daifuku Co Ltd 46,670 0.03

4,000 Dai-ichi Life Holdings Inc 52,091 0.04

1,900 Daiichi Sankyo Co Ltd 177,858 0.13

800 Daikin Industries Ltd 117,696 0.09

200 Daito Trust Construction Co Ltd 21,135 0.02

1,900 Daiwa House Industry Co Ltd 47,167 0.03

10 Daiwa House REIT Investment Corp 24,727 0.02

6,500 Daiwa Securities Group Inc 26,951 0.02

1,300 Denso Corp 49,847 0.04

1,000 Dentsu Inc 26,779 0.02

100 Disco Corp 22,333 0.02

1,200 East Japan Railway Co 94,120 0.07

800 Eisai Co Ltd 62,657 0.05

800 FamilyMart Co Ltd 14,992 0.01

700 FANUC Corp 124,848 0.09

200 Fast Retailing Co Ltd 112,368 0.08

1,200 FUJIFILM Holdings Corp 55,481 0.04

900 Fujitsu Ltd 92,728 0.07

900 Hamamatsu Photonics KK 40,767 0.03

1,100 Hankyu Hanshin Holdings Inc 40,637 0.03

100 Hikari Tsushin Inc 21,915 0.02

3,100 Hitachi Ltd 99,415 0.07

5,900 Honda Motor Co Ltd 152,463 0.11

1,400 Hoya Corp 131,378 0.10

4,200 Inpex Corp 29,274 0.02

1,900 Isuzu Motors Ltd 17,803 0.01

4,300 ITOCHU Corp 92,198 0.07

1,800 Japan Exchange Group Inc 38,712 0.03

3,000 Japan Post Bank Co Ltd 24,783 0.02

5,300 Japan Post Holdings Co Ltd 38,574 0.03

5 Japan Real Estate Investment Corp 27,289 0.02

17 Japan Retail Fund Investment Corp 22,438 0.02

4,500 Japan Tobacco Inc 89,282 0.07

1,600 JFE Holdings Inc 11,762 0.01

11,700 JXTG Holdings Inc 44,993 0.03

2,700 Kajima Corp 30,625 0.02

1,800 Kansai Electric Power Co Inc 17,936 0.01

1,600 Kao Corp 128,419 0.09

6,500 KDDI Corp 189,205 0.14

700 Keio Corp 41,584 0.03

700 Keyence Corp 288,161 0.21

500 Kikkoman Corp 25,154 0.02

900 Kintetsu Group Holdings Co Ltd 44,192 0.03

Zurich Invest ICAV

77


Fair Value % of



(continued)



2,700 Kirin Holdings Co Ltd 55,323 0.04

600 Koito Manufacturing Co Ltd 25,423 0.02

3,100 Komatsu Ltd 62,728 0.05

3,400 Kubota Corp 45,745 0.03

2,200 Kuraray Co Ltd 23,116 0.02

1,400 Kyocera Corp 75,773 0.06

900 Kyowa Kirin Co Ltd 24,410 0.02

2,600 Kyushu Electric Power Co Inc 21,623 0.02

800 Kyushu Railway Co 22,685 0.02

1,500 Lion Corp 34,320 0.03

1,700 M3 Inc 68,483 0.05

700 Makita Corp 23,716 0.02

7,000 Marubeni Corp 34,001 0.02

1,000 Marui Group Co Ltd 18,035 0.01

3,500 Mazda Motor Corp 22,384 0.02

300 MEIJI Holdings Co Ltd 22,583 0.02

2,100 MINEBEA MITSUMI Inc 36,860 0.03

1,300 MISUMI Group Inc 34,535 0.03

4,100 Mitsubishi Chemical Holdings Corp 24,139 0.02

4,300 Mitsubishi Corp 100,381 0.07

6,300 Mitsubishi Electric Corp 82,949 0.06

4,000 Mitsubishi Estate Co Ltd 63,601 0.05

1,100 Mitsubishi Heavy Industries Ltd 28,461 0.02

43,000 Mitsubishi UFJ Financial Group Inc 177,292 0.13

5,500 Mitsui & Co Ltd 83,494 0.06

1,400 Mitsui Chemicals Inc 29,108 0.02

2,900 Mitsui Fudosan Co Ltd 55,814 0.04

77,500 Mizuho Financial Group Inc 96,754 0.07

1,800 MS&AD Insurance Group Holdings Inc 52,880 0.04

1,900 Murata Manufacturing Co Ltd 106,080 0.08

1,500 Nagoya Railroad Co Ltd 45,250 0.03

800 NEC Corp 35,903 0.03

2,200 Nexon Co Ltd 45,864 0.03

1,400 NGK Insulators Ltd 20,519 0.01

1,600 Nidec Corp 98,345 0.07

1,300 Nikon Corp 11,946 0.01

400 Nintendo Co Ltd 161,656 0.12

5 Nippon Building Fund Inc 31,373 0.02

500 Nippon Express Co Ltd 25,711 0.02

600 Nippon Paint Holdings Co Ltd 41,825 0.03

8 Nippon Prologis Reit Inc 22,574 0.02

3,200 Nippon Steel Corp 29,483 0.02

4,400 Nippon Telegraph & Telephone Corp 99,815 0.07

500 Nissan Chemical Corp 22,068 0.02

8,400 Nissan Motor Co Ltd 31,258 0.02

1,300 Nisshin Seifun Group Inc 20,260 0.01

400 Nissin Foods Holdings Co Ltd 33,415 0.02

300 Nitori Holdings Co Ltd 54,397 0.04

500 Nitto Denko Corp 27,057 0.02

11,300 Nomura Holdings Inc 48,552 0.04

Zurich Invest ICAV

78


Fair Value % of



(continued)



23 Nomura Real Estate Master Fund Inc 28,287 0.02

2,100 Nomura Research Institute Ltd 55,514 0.04

2,200 NTT Data Corp 25,423 0.02

4,400 NTT DOCOMO Inc 120,542 0.09

3,000 Obayashi Corp 27,763 0.02

400 Obic Co Ltd 69,355 0.05

1,700 Odakyu Electric Railway Co Ltd 42,431 0.03

3,600 Oji Holdings Corp 18,078 0.01

4,200 Olympus Corp 72,960 0.05

600 Omron Corp 39,764 0.03

1,100 Ono Pharmaceutical Co Ltd 31,417 0.02

700 Oriental Land Co Ltd 101,457 0.07

4,300 ORIX Corp 57,035 0.04

1,600 Osaka Gas Co Ltd 31,975 0.02

1,300 Otsuka Holdings Co Ltd 58,692 0.04

1,600 Pan Pacific International Holdings Corp 32,242 0.02

6,800 Panasonic Corp 60,782 0.04

4,500 Rakuten Inc 40,767 0.03

4,800 Recruit Holdings Co Ltd 165,294 0.12

5,000 Renesas Electronics Corp 25,943 0.02

6,300 Resona Holdings Inc 22,677 0.02

2,700 Ricoh Co Ltd 19,949 0.01

400 Rohm Co Ltd 26,918 0.02

1,000 Ryohin Keikaku Co Ltd 15,120 0.01

1,900 Santen Pharmaceutical Co Ltd 35,095 0.03

1,400 SBI Holdings Inc 30,005 0.02

700 Secom Co Ltd 60,647 0.04

2,200 Seiko Epson Corp 24,790 0.02

1,900 Sekisui Chemical Co Ltd 26,542 0.02

2,600 Sekisui House Ltd 49,534 0.04

2,500 Seven & i Holdings Co Ltd 85,557 0.06

900 Shimadzu Corp 24,351 0.02

300 Shimano Inc 55,163 0.04

4,400 Shimizu Corp 37,247 0.03

1,200 Shin-Etsu Chemical Co Ltd 140,567 0.10

1,400 Shionogi & Co Ltd 82,660 0.06

1,300 Shiseido Co Ltd 79,278 0.06

200 SMC Corp 100,933 0.07

5,500 SoftBank Group Corp 246,679 0.18

5,700 SoftbankCorp 72,272 0.05

1,200 Sompo Holdings Inc 42,683 0.03

4,400 Sony Corp 280,741 0.21

2,000 Subaru Corp 44,155 0.03

5,300 Sumitomo Chemical Co Ltd 16,431 0.01

4,100 Sumitomo Corp 49,397 0.04

800 Sumitomo Dainippon Pharma Co Ltd 11,309 0.01

2,300 Sumitomo Electric Industries Ltd 26,782 0.02

900 Sumitomo Metal Mining Co Ltd 25,070 0.02

4,200 Sumitomo Mitsui Financial Group Inc 121,593 0.09

1,100 Sumitomo Mitsui Trust Holdings Inc 32,377 0.02

Zurich Invest ICAV

79


Fair Value % of



(continued)



1,000 Sumitomo Realty & Development Co Ltd 27,702 0.02

700 Suntory Beverage & Food Ltd 28,589 0.02

1,400 Suzuki Motor Corp 48,679 0.04

500 Sysmex Corp 39,959 0.03

2,000 T&D Holdings Inc 18,063 0.01

600 Taisei Corp 20,829 0.02

5,600 Takeda Pharmaceutical Co Ltd 217,846 0.16

500 TDK Corp 46,781 0.03

2,300 Terumo Corp 90,305 0.07

1,500 Tobu Railway Co Ltd 53,186 0.04

2,200 Tohoku Electric Power Co Inc 22,789 0.02

2,200 Tokio Marine Holdings Inc 95,323 0.07

4,100 Tokyo Electric Power Co Holdings Inc 13,814 0.01

500 Tokyo Electron Ltd 99,782 0.07

1,000 Tokyo Gas Co Ltd 23,859 0.02

1,900 Tokyu Corp 30,122 0.02

4,700 Toray Industries Inc 22,855 0.02

1,700 Toshiba Corp 46,455 0.03

900 TOTO Ltd 35,671 0.03

600 Toyota Industries Corp 30,686 0.02

7,900 Toyota Motor Corp 495,332 0.35

1,000 Toyota Tsusho Corp 25,340 0.02

600 Trend Micro Inc 32,970 0.02

1,500 Unicharm Corp 55,831 0.04

20 United Urban Investment Corp 21,200 0.02

500 West Japan Railway Co 32,260 0.02

400 Yakult Honsha Co Ltd 24,505 0.02

600 Yamaha Corp 29,183 0.02

1,600 Yamaha Motor Co Ltd 23,094 0.02

900 Yamato Holdings Co Ltd 19,916 0.01

1,000 Yaskawa Electric Corp 35,921 0.03

9,200 Z Holdings Corp 37,574 0.03

800 ZOZO Inc 14,732 0.01

11,214,287 8.20

Jersey (0.28%) (30 November 2019: 0.36%)

6,378 Amcor Plc 65,119 0.05

807 Aptiv Plc 60,807 0.04

3,004 Experian Plc 104,471 0.09

745 Ferguson Plc 58,634 0.04

32,725 Glencore Plc 60,614 0.04

4,106 WPP Plc 31,046 0.02

380,691 0.28

Liberia (0.02%) (30 November 2019: 0.05%)

591 Royal Caribbean Cruises Ltd 30,655 0.02

30,655 0.02

Luxembourg (0.07%) (30 November 2019: 0.10%)

2,175 ArcelorMittal SA 20,819 0.02

Zurich Invest ICAV

80


Fair Value % of



(continued)


Luxembourg (0.07%) (30 November 2019: 0.10%) (continued)

3,798 Aroundtown SA 20,878 0.02

40 Eurofins Scientific SE 27,044 0.01

1,500 SES SA 11,102 0.01

2,133 Tenaris SA 13,268 0.01

93,111 0.07


1,227 ABN AMRO Bank NV 9,841 0.01

41 Adyen NV 53,952 0.04

5,488 Aegon NV 14,682 0.01

657 AerCap Holdings NV 21,182 0.02

1,894 Airbus SE 119,455 0.09

659 Akzo Nobel NV 53,952 0.04

1,450 ASML Holding NV 472,501 0.35

4,200 CNH Industrial NV 25,471 0.02

381 EXOR NV 20,538 0.02

395 Ferrari NV 66,742 0.05

3,390 Fiat Chrysler Automobiles NV 29,948 0.02

600 Heineken Holding NV 49,455 0.04

1,000 Heineken NV 91,747 0.07

12,006 ING Groep NV 77,538 0.06

400 Just Eat Takeaway.Com N.V 43,408 0.03

3,716 Koninklijke Ahold Delhaize NV 94,285 0.07

623 Koninklijke DSM NV 79,729 0.06

9,263 Koninklijke KPN NV 22,709 0.02

2,865 Koninklijke Philips NV 129,993 0.09

833 LyondellBasell Industries NV 53,112 0.04

2,461 Mylan NV 42,009 0.03

875 NN Group NV 27,029 0.02

907 NXP Semiconductors NV 87,163 0.05

1,700 Prosus NV 141,068 0.09

800 QIAGEN NV 34,981 0.03

225 Randstad NV 9,443 0.01

2,500 STMicroelectronics NV 61,430 0.04

4,900 Unilever NV 253,393 0.18

813 Wolters Kluwer NV 64,823 0.05

2,251,579 1.65

New Zealand (0.10%) (30 November 2019: 0.08%)

3,800 a2 Milk Co Ltd 44,710 0.03

2,796 Fisher & Paykel Healthcare Corp Ltd 51,908 0.04

13,000 Spark New Zealand Ltd 35,582 0.03

132,200 0.10

Norway (0.17%) (30 November 2019: 0.20%)

4,355 DNB ASA 59,231 0.04

3,048 Equinor ASA 44,261 0.03

1,162 Mowi ASA 21,882 0.02

4,957 Norsk Hydro ASA 12,586 0.01

3,385 Orkla ASA 30,416 0.02

Zurich Invest ICAV

81


Fair Value % of



(continued)


Norway (0.17%) (30 November 2019: 0.20%) (continued)

2,494 Telenor ASA 37,820 0.03

671 Yara International ASA 22,960 0.02

229,156 0.17

Panama (0.01%) (30 November 2019: 0.04%)

1,054 Carnival Corp 16,590 0.01

16,590 0.01

Papua New Guinea (0.01%) (30 November 2019: 0.02%)

6,681 Oil Search Ltd 15,433 0.01

15,433 0.01

Portugal (0.04%) (30 November 2019: 0.03%)

8,361 EDP - Energias de Portugal SA 39,276 0.03

1,279 Galp Energia SGPS SA 15,244 0.01

54,520 0.04

Singapore (0.33%) (30 November 2019: 0.43%)

16,900 Ascendas Real Estate Investment Trust 37,425 0.03

10,000 CapitaLand Ltd 20,447 0.01

6,200 DBS Group Holdings Ltd 85,406 0.05

42,000 Genting Singapore Ltd 23,327 0.02

5,500 Keppel Corp Ltd 22,998 0.02

10,800 Oversea-Chinese Banking Corp Ltd 65,332 0.05

4,800 Singapore Exchange Ltd 28,119 0.02

9,400 Singapore Technologies Engineering Ltd 21,216 0.02

31,000 Singapore Telecommunications 54,613 0.04

5,000 United Overseas Bank Ltd 68,983 0.05

8,100 Wilmar International Ltd 22,809 0.02

450,675 0.33

Spain (0.75%) (30 November 2019: 0.97%)

730 ACS Actividades de Construccion y Servicios SA 18,636 0.01

300 Aena SME SA 42,781 0.03

1,418 Amadeus IT Group SA 74,039 0.05

20,629 Banco Bilbao Vizcaya Argentaria SA 64,090 0.05

59,000 Banco Santander SA 133,717 0.10

3,460 Bankinter SA 14,668 0.01

8,220 CaixaBank SA 15,357 0.01

800 Cellnex Telecom SA 45,313 0.03

807 Enagas SA 18,142 0.01

1,074 Endesa SA 25,506 0.02

1,577 Ferrovial SA 42,837 0.03

816 Grifols SA 25,524 0.02

21,300 Iberdrola SA 229,537 0.18

3,497 Industria de Diseno Textil SA 97,442 0.07

11,724 Mapfre SA 20,644 0.02

1,019 Naturgy Energy Group SA 18,924 0.01

1,683 Red Electrica Corp SA 29,654 0.02

Zurich Invest ICAV

82


Fair Value % of



(continued)


Spain (0.75%) (30 November 2019: 0.97%) (continued)

4,913 Repsol SA 45,742 0.03

14,884 Telefonica SA 70,215 0.05

1,032,768 0.75

Sweden (0.84%) (30 November 2019: 0.81%)

1,206 Alfa Laval AB 24,316 0.02

2,891 Assa Abloy AB 58,536 0.04

3,139 Atlas Copco AB, Class A 123,049 0.09

1,257 Atlas Copco AB, Class B 44,336 0.03

1,106 Boliden AB 23,979 0.02

3,067 Epiroc AB 34,046 0.02

1,994 Essity AB 65,801 0.05

2,592 Hennes & Mauritz AB 39,121 0.03

1,141 Hexagon AB 62,657 0.05

1,888 Investor AB 100,431 0.06

1,515 Kinnevik AB 38,123 0.03

1,099 Lundin Petroleum AB 26,488 0.02

3,532 Sandvik AB 58,464 0.04

6,408 Skandinaviska Enskilda Banken AB 55,600 0.04

1,400 Skanska AB 27,960 0.02

1,377 SKF AB 25,264 0.02

5,484 Svenska Handelsbanken AB 51,903 0.04

3,058 Swedbank AB 38,313 0.03

577 Swedish Match AB 40,042 0.03

2,704 Tele2 AB 35,974 0.03

9,832 Telefonaktiebolaget LM Ericsson 89,401 0.07

6,952 Telia Co AB 23,827 0.02

4,287 Volvo AB 60,652 0.04

1,148,283 0.84

Switzerland (3.39%) (30 November 2019: 3.34%)

6,112 ABB Ltd 120,179 0.09

714 Adecco Group AG 33,905 0.02

1,721 Alcon Inc 110,852 0.08

199 Baloise Holding AG 28,295 0.02

10 Barry Callebaut AG 20,110 0.01

4 Chocoladefabriken Lindt & Spruengli AG 33,351 0.02

1,409 Chubb Ltd 171,813 0.13

1,732 Cie Financiere Richemont SA 100,743 0.07

678 Coca-Cola HBC AG 17,083 0.01

8,821 Credit Suisse Group AG 80,506 0.06

444 Garmin Ltd 40,035 0.03

122 Geberit AG 59,343 0.04

35 Givaudan SA 125,580 0.09

994 Julius Baer Group Ltd 42,318 0.03

217 Kuehne + Nagel International AG 31,261 0.02

1,571 LafargeHolcim Ltd 64,985 0.05

275 Lonza Group AG 134,967 0.10

10,000 Nestle SA 1,081,087 0.80

7,200 Novartis AG 622,271 0.46

Zurich Invest ICAV

83


Fair Value % of



(continued)


Switzerland (3.39%) (30 November 2019: 3.34%) (continued)

59 Partners Group Holding AG 48,787 0.04

2,400 Roche Holding AG 831,144 0.61

140 Schindler Holding AG 32,512 0.02

187 Schindler Holding AG 43,290 0.03

16 SGS SA 37,556 0.03

473 Sika AG 80,991 0.06

167 Sonova Holding AG 36,592 0.03

36 Straumann Holding AG 29,154 0.02

55 Swatch Group AG (BR) 10,986 0.01

383 Swatch Group AG (REGD) 14,886 0.01

221 Swiss Life Holding AG 77,616 0.06

573 Swiss Prime Site AG 53,322 0.04

1,046 Swiss Re AG 70,902 0.05

112 Swisscom AG 58,268 0.04

1,051 TE Connectivity Ltd 85,394 0.06

218 Temenos AG 33,289 0.02

12,476 UBS Group AG 133,760 0.10

303 Vifor Pharma AG 46,079 0.03

4,643,212 3.39


3,210 3i Group Plc 32,740 0.02

3,318 Anglo American Plc 69,759 0.05

1,630 Antofagasta Plc 17,661 0.01

1,593 Ashtead Group Plc 47,128 0.03

1,527 Associated British Foods Plc 34,377 0.03

4,400 AstraZeneca Plc 466,728 0.34

3,282 Auto Trader Group Plc 22,649 0.02

13,275 Aviva Plc 40,652 0.03

10,579 BAE Systems Plc 64,897 0.05

54,295 Barclays Plc 77,355 0.06

3,516 Barratt Developments Plc 21,604 0.02

698 Berkeley Group Holdings Plc 35,337 0.03

6,439 BHP Group Plc 125,872 0.09

69,000 BP Plc 260,819 0.19

7,800 British American Tobacco Plc 307,568 0.22

3,031 British Land Co Plc 15,262 0.01

26,624 BT Group Plc 38,264 0.03

600 Bunzl Plc 13,994 0.01

1,077 Burberry Group Plc 19,913 0.01

637 Coca-Cola European Partners Plc 24,015 0.02

5,099 Compass Group Plc 74,638 0.05

454 Croda International Plc 29,130 0.02

8,000 Diageo Plc 275,992 0.20

6,551 Direct Line Insurance Group Plc 21,430 0.02

17,000 GlaxoSmithKline Plc 351,364 0.26

1,223 Halma Plc 35,229 0.03

1,059 Hargreaves Lansdown Plc 24,005 0.02

67,000 HSBC Holdings Plc 306,562 0.22

3,794 Imperial Tobacco Group Plc 68,787 0.05

Zurich Invest ICAV

84


Fair Value % of



(continued)


United Kingdom (4.27%) (30 November 2019: 5.24%) (continued)

3,958 Informa Plc 22,235 0.02

506 InterContinental Hotels Group Plc 24,216 0.02

433 Intertek Group Plc 29,475 0.02

13,081 ITV Plc 12,983 0.01

9,715 J Sainsbury Plc 23,301 0.02

800 Johnson Matthey Plc 20,898 0.02

7,030 Kingfisher Plc 16,878 0.01

2,252 Land Securities Group Plc 16,866 0.01

24,741 Legal & General Group Plc 60,716 0.04

2,006 Liberty Global Plc 41,384 0.03

221,746 Lloyds Banking Group Plc 81,887 0.06

1,068 London Stock Exchange Group Plc 106,026 0.08

11,490 M&G Plc 19,887 0.01

11,982 Melrose Industries Plc 17,058 0.01

1,546 Mondi Plc 28,823 0.02

10,270 National Grid Plc 117,572 0.09

403 Next Plc 24,234 0.02

987 Nielsen Holdings Plc 13,709 0.01

2,000 Ocado Group Plc 54,175 0.04

2,360 Pearson Plc 13,520 0.01

942 Persimmon Plc 26,704 0.02

8,371 Prudential Plc 108,355 0.08

2,500 Reckitt Benckiser Group Plc 223,276 0.16

5,994 RELX Plc 138,834 0.10

7,300 Rentokil Initial Plc 44,836 0.03

3,603 Rio Tinto Plc 192,118 0.14

7,162 Rolls-Royce Holdings Plc 24,049 0.02

20,890 Royal Bank of Scotland Group Plc 28,499 0.02

15,000 Royal Dutch Shell Plc, Class A 233,512 0.17

12,248 Royal Dutch Shell Plc, Class B 185,643 0.14

2,858 RSA Insurance Group Plc 13,932 0.01

3,657 Sage Group Plc 31,241 0.02

5,185 Segro Plc 53,820 0.04

647 Sensata Technologies Holding Plc 23,066 0.02

1,171 Severn Trent Plc 35,339 0.03

2,851 Smith & Nephew Plc 57,875 0.04

1,406 Smiths Group Plc 22,710 0.02

300 Spirax-SArco Engineering Plc 36,607 0.03

3,075 SSE Plc 47,197 0.03

2,057 St James's Place Plc 23,366 0.02

8,913 Standard Chartered Plc 40,595 0.03

7,473 Standard Life Aberdeen Plc 23,864 0.02

15,152 Taylor Wimpey Plc 26,900 0.02

39,613 Tesco Plc 111,807 0.08

3,900 Unilever Plc 208,870 0.15

2,611 United Utilities Group Plc 29,620 0.02

85,431 Vodafone Group Plc 140,493 0.09

405 Whitbread Plc 12,658 0.01

9,892 Wm Morrison Supermarkets Plc 22,832 0.02

5,838,192 4.27

Zurich Invest ICAV

85


Fair Value % of



(continued)


United States (63.60%) (30 November 2019: 60.90%)

2,000 3M Co 312,880 0.23

6,100 Abbott Laboratories 579,012 0.42

6,009 AbbVie Inc 556,854 0.41

204 ABIOMED Inc 45,676 0.03

2,800 Activision Blizzard Inc 201,544 0.15

1,700 Adobe Inc 657,220 0.48

352 Advance Auto Parts Inc 49,041 0.04

3,770 Advanced Micro Devices Inc 202,826 0.15

2,201 AES Corp 27,490 0.02

2,462 Aflac Inc 89,789 0.07

1,066 Agilent Technologies Inc 93,957 0.07

2,163 AGNC Investment Corp 27,989 0.02

795 Air Products & Chemicals Inc 192,112 0.14

523 Akamai Technologies Inc 55,333 0.04

339 Albemarle Corp 25,940 0.02

400 Alexandria Real Estate Equities Inc 61,488 0.04

743 Alexion Pharmaceuticals Inc 89,086 0.07

248 Align Technology Inc 60,914 0.04

70 Alleghany Corp 35,917 0.03

748 Alliant Energy Corp 36,921 0.03

1,026 Allstate Corp 100,353 0.07

1,300 Ally Financial Inc 22,672 0.02

435 Alnylam Pharmaceuticals Inc 58,842 0.04

1,034 Alphabet Inc, Class A 1,482,260 1.08

1,066 Alphabet Inc, Class C 1,523,229 1.11

6,300 Altria Group Inc 246,015 0.18

1,440 Amazon.com Inc 3,517,013 2.57

987 Ameren Corp 73,759 0.05

1,700 American Electric Power Co Inc 144,925 0.11

2,400 American Express Co 228,168 0.17

300 American Financial Group Inc 18,072 0.01

2,820 American International Group Inc 84,769 0.06

1,500 American Tower Corp 387,255 0.28

589 American Water Works Co Inc 74,803 0.05

500 Ameriprise Financial Inc 70,035 0.05

509 AmerisourceBergen Corp 48,528 0.04

900 AMETEK Inc 82,539 0.06

1,986 Amgen Inc 456,184 0.33

1,146 Amphenol Corp 110,658 0.08

1,355 Analog Devices Inc 153,047 0.11

2,998 Annaly Capital Management Inc 18,468 0.01

324 ANSYS Inc 91,692 0.07

900 Anthem Inc 264,699 0.19

445 AO Smith Corp 21,138 0.02

15,100 Apple Inc 4,800,894 3.51

3,043 Applied Materials Inc 170,956 0.12

836 Aramark 21,644 0.02

1,598 Archer-Daniels-Midland Co 62,817 0.05

186 Arista Networks Inc 43,424 0.03

454 Arrow Electronics Inc 31,362 0.02

Zurich Invest ICAV

86


Fair Value % of



(continued)


United States (63.60%) (30 November 2019: 60.90%) (continued)

527 Arthur J Gallagher & Co 49,686 0.04

194 Assurant Inc 19,901 0.01

25,200 AT&T Inc 777,672 0.57

426 Atmos Energy Corp 43,784 0.03

728 Autodesk Inc 153,157 0.11

1,420 Automatic Data Processing Inc 208,016 0.15

81 AutoZone Inc 92,977 0.07

397 AvalonBay Communities Inc 61,936 0.05

323 Avery Dennison Corp 35,746 0.03

2,274 Baker Hughes Co 37,544 0.03

1,085 Ball Corp 77,317 0.06

29,001 Bank of America Corp 699,504 0.51

2,599 Bank of New York Mellon Corp 96,605 0.07

1,548 Baxter International Inc 139,335 0.10

904 Becton Dickinson and Co 223,225 0.16

4,500 Berkshire Hathaway Inc 835,110 0.61

811 Best Buy Co Inc 63,331 0.05

591 Biogen Inc 181,490 0.13

569 BioMarin Pharmaceutical Inc 60,627 0.04

71 Bio-Rad Laboratories Inc 34,884 0.03

479 Black Knight Inc 36,873 0.03

512 BlackRock Inc 270,664 0.20

2,096 Blackstone Group Inc 119,053 0.09

1,709 Boeing Co 249,258 0.18

150 Booking Holdings Inc 245,913 0.18

500 Booz Allen Hamilton Holding Corp 39,880 0.03

948 BorgWarner Inc 30,478 0.02

486 Boston Properties Inc 41,786 0.03

4,538 Boston Scientific Corp 172,399 0.13

7,900 Bristol-Myers Squibb Co 471,788 0.34

1,400 Broadcom Inc 407,778 0.30

400 Broadridge Financial Solutions Inc 48,440 0.04

800 Brown & Brown Inc 32,160 0.02

762 Brown-Forman Corp 50,239 0.04

233 Burlington Stores Inc 48,853 0.04

1,138 Cabot Oil & Gas Corp 22,578 0.02

1,050 Cadence Design Systems Inc 95,855 0.07

366 Camden Property Trust 33,515 0.02

881 Campbell Soup Co 44,913 0.03

1,524 Capital One Financial Corp 103,693 0.08

981 Cardinal Health Inc 53,651 0.04

458 CarMax Inc 40,327 0.03

2,800 Carrier Global Corporation 57,316 0.04

525 Catalent Inc 40,808 0.03

1,761 Caterpillar Inc 211,549 0.15

400 Cboe Global Markets Inc 42,584 0.03

1,100 CBRE Group Inc 48,378 0.04

464 CDK Global Inc 18,240 0.01

535 CDW Corp 59,337 0.04

467 Celanese Corp 41,988 0.03

Zurich Invest ICAV

87


Fair Value % of



(continued)



2,082 Centene Corp 137,933 0.10

1,448 CenterPoint Energy Inc 25,745 0.02

4,339 CenturyLink Inc 42,652 0.03

1,028 Cerner Corp 74,941 0.05

767 CF Industries Holdings Inc 22,527 0.02

388 CH Robinson Worldwide Inc 31,478 0.02

3,733 Charles Schwab Corp 134,052 0.10

507 Charter Communications Inc 275,808 0.20

1,063 Cheniere Energy Inc 47,144 0.03

6,500 Chevron Corp 596,050 0.44

100 Chipotle Mexican Grill Inc 100,391 0.07

815 Church & Dwight Co Inc 61,182 0.04

1,290 Cigna Corp 254,543 0.19

478 Cincinnati Financial Corp 28,178 0.02

281 Cintas Corp 69,677 0.05

14,500 Cisco Systems Inc 693,390 0.51

7,500 Citigroup Inc 359,325 0.26

1,417 Citizens Financial Group Inc 34,150 0.02

431 Citrix Systems Inc 63,840 0.05

375 Clorox Co 77,344 0.06

1,137 CME Group Inc 207,616 0.15

928 CMS Energy Corp 54,362 0.04

13,700 Coca-Cola Co 639,516 0.47

628 Cognex Corp 35,633 0.03

1,753 Cognizant Technology Solutions Corp 92,909 0.07

2,730 Colgate-Palmolive Co 197,461 0.14

15,300 Comcast Corp 605,880 0.44

589 Comerica Inc 21,410 0.02

1,829 Conagra Brands Inc 63,631 0.05

629 Concho Resources Inc 34,293 0.03

3,389 ConocoPhillips 142,948 0.10

1,183 Consolidated Edison Inc 88,796 0.06

524 Constellation Brands Inc 90,495 0.07

170 Cooper Cos Inc 53,887 0.04

800 Copart Inc 71,512 0.05

2,517 Corning Inc 57,362 0.04

2,487 Corteva Inc 67,920 0.05

143 CoStar Group Inc 93,922 0.07

1,500 Costco Wholesale Corp 462,705 0.34

224 Coupa Software Incorporated 50,962 0.04

1,313 Crown Castle International Corp 226,046 0.17

684 Crown Holdings Inc 44,754 0.03

2,359 CSX Corp 168,857 0.12

495 Cummins Inc 83,952 0.06

4,400 CVS Health Corp 288,508 0.21

2,081 Danaher Corp 346,715 0.25

500 Darden Restaurants Inc 38,430 0.03

428 DaVita Inc 34,651 0.03

940 Deere & Co 142,993 0.10

220 Dell Technologies Inc 10,921 0.01

Zurich Invest ICAV

88


Fair Value % of



(continued)



590 Delta Air Lines Inc 14,874 0.01

739 DENTSPLY SIRONA Inc 34,378 0.03

300 DexCom Inc 113,493 0.08

507 Diamondback Energy Inc 21,588 0.02

900 Digital Realty Trust Inc 129,204 0.09

1,076 Discover Financial Services 51,121 0.04

1,167 Discovery Inc, Class A 25,382 0.02

1,010 Discovery Inc, Class C 19,786 0.01

769 DISH Network Corp 24,339 0.02

334 DocuSign Inc 46,673 0.03

858 Dollar General Corp 164,316 0.12

775 Dollar Tree Inc 75,849 0.06

2,800 Dominion Energy Inc 238,028 0.17

131 Domino's Pizza Inc 50,545 0.04

479 Dover Corp 46,583 0.03

2,341 Dow Inc 90,363 0.07

990 DR Horton Inc 54,747 0.04

475 DTE Energy Co 51,096 0.04

2,600 Duke Energy Corp 222,638 0.16

1,174 Duke Realty Corp 40,480 0.03

2,341 DuPont de Nemours Inc 118,759 0.09

607 E*TRADE Financial Corp 27,643 0.02

659 East West Bancorp Inc 23,032 0.02

392 Eastman Chemical Co 26,687 0.02

2,548 eBay Inc 116,036 0.08

816 Ecolab Inc 173,465 0.13

1,347 Edison International 78,274 0.06

698 Edwards Lifesciences Corp 156,855 0.11

1,300 Elanco Animal Health Inc 27,833 0.02

950 Electronic Arts Inc 116,736 0.09

3,000 Eli Lilly & Co 458,850 0.34

1,854 Emerson Electric Co 113,131 0.08

630 Entergy Corp 64,147 0.05

1,708 EOG Resources Inc 87,057 0.06

217 EPAM Systems Inc 50,049 0.04

299 Equifax Inc 45,914 0.03

269 Equinix Inc 187,662 0.14

1,348 Equitable Holdings Inc 25,760 0.02

548 Equity LifeStyle Properties Inc 34,140 0.02

1,120 Equity Residential 67,827 0.05

700 Essential Utilities Inc 30,632 0.02

208 Essex Property Trust Inc 50,496 0.04

729 Estee Lauder Cos Inc 143,956 0.11

1,033 Evergy Inc 63,726 0.05

1,012 Eversource Energy 84,704 0.06

400 Exact Sciences Corp 34,352 0.03

2,858 Exelon Corp 109,490 0.08

571 Expedia Group Inc 45,383 0.03

538 Expeditors International of Washington Inc 41,087 0.03

322 Extra Space Storage Inc 31,154 0.02

Zurich Invest ICAV

89


Fair Value % of



(continued)



14,700 Exxon Mobil Corp 668,409 0.49

168 F5 Networks Inc 24,347 0.02

8,200 Facebook Inc 1,845,738 1.35

123 FactSet Research Systems Inc 37,824 0.03

98 Fair Isaac Corp 39,460 0.03

2,362 Fastenal Co 97,456 0.07

298 Federal Realty Investment Trust 23,813 0.02

774 FedEx Corp 101,053 0.07

870 Fidelity National Financial Inc 27,753 0.02

2,200 Fidelity National Information Services Inc 305,426 0.22

2,832 Fifth Third Bancorp 54,912 0.04

600 First Republic Bank 64,902 0.05

1,712 FirstEnergy Corp 72,349 0.05

1,887 Fiserv Inc 201,475 0.15

274 FleetCor Technologies Inc 66,798 0.05

731 FLIR Systems Inc 33,772 0.02

306 FMC Corp 30,113 0.02

11,908 Ford Motor Co 67,995 0.05

361 Fortinet Inc 50,251 0.04

893 Fortive Corp 54,455 0.04

495 Fortune Brands Home & Security Inc 30,175 0.02

1,507 Fox Corp, Class A 43,959 0.03

481 Fox Corp, Class B 13,843 0.01

1,026 Franklin Resources Inc 19,361 0.01

6,162 Freeport-McMoRan Inc 55,889 0.04

314 Gartner Inc 38,214 0.03

772 General Dynamics Corp 113,353 0.08

27,776 General Electric Co 182,488 0.13

1,922 General Mills Inc 121,163 0.09

3,907 General Motors Co 101,113 0.07

487 Genuine Parts Co 40,621 0.03

4,300 Gilead Sciences Inc 334,669 0.24

1,056 Global Payments Inc 189,541 0.14

520 Globe Life Inc 40,050 0.03

453 GoDaddy Inc 34,994 0.03

999 Goldman Sachs Group Inc 196,294 0.14

263 Guidewire Software Inc 26,979 0.02

2,631 Halliburton Co 30,914 0.02

1,214 Hartford Financial Services Group Inc 46,484 0.03

353 Hasbro Inc 25,949 0.02

847 HCA Healthcare Inc 90,544 0.07

474 HD Supply Holdings Inc 15,031 0.01

1,549 Healthpeak Properties Inc 38,167 0.03

245 HEICO Corp 20,568 0.02

324 Henry Schein Inc 19,673 0.01

472 Hershey Co 64,041 0.05

940 Hess Corp 44,622 0.03

4,103 Hewlett Packard Enterprise Co 39,840 0.03

917 Hilton Worldwide Holdings Inc 72,727 0.05

505 HollyFrontier Corp 15,882 0.01

Zurich Invest ICAV

90


Fair Value % of



(continued)



714 Hologic Inc 37,842 0.03

3,700 Home Depot Inc 919,376 0.67

2,500 Honeywell International Inc 364,625 0.27

861 Hormel Foods Corp 42,043 0.03

1,915 Host Hotels & Resorts Inc 22,865 0.02

1,276 Howmet Aerospace Inc 16,690 0.01

4,562 HP Inc 69,069 0.05

426 Humana Inc 174,937 0.13

3,219 Huntington Bancshares Inc 28,617 0.02

142 Huntington Ingalls Industries Inc 28,384 0.02

272 IDEX Corp 43,349 0.03

299 IDEXX Laboratories Inc 92,355 0.07

1,009 Illinois Tool Works Inc 174,012 0.13

481 Illumina Inc 174,627 0.13

822 Incyte Corp 83,770 0.06

591 Ingersoll Rand Inc 16,666 0.01

308 Ingredion Inc 25,943 0.02

239 Insulet Corp 45,068 0.03

14,800 Intel Corp 931,364 0.68

330 InterActiveCorp 89,222 0.07

1,774 Intercontinental Exchange Inc 172,522 0.13

3,000 International Business Machines Corp 374,700 0.27

402 International Flavors & Fragrances Inc 53,542 0.04

1,104 International Paper Co 37,591 0.03

1,242 Interpublic Group of Cos Inc 21,251 0.02

859 Intuit Inc 249,385 0.18

376 Intuitive Surgical Inc 218,091 0.16

1,439 Invitation Homes Inc 37,846 0.03

500 Ionis Pharmaceuticals Inc 28,105 0.02

234 IPG Photonics Corp 36,364 0.03

530 IQVIA Holdings Inc 79,246 0.06

1,035 Iron Mountain Inc 26,662 0.02

213 Jack Henry & Associates Inc 38,523 0.03

413 Jacobs Engineering Group Inc 34,700 0.03

337 JB Hunt Transport Services Inc 40,329 0.03

307 JM Smucker Co 34,977 0.03

9,100 Johnson & Johnson 1,353,625 0.99

274 Jones Lang Lasalle Inc 28,058 0.02

10,700 JPMorgan Chase & Co 1,041,217 0.76

1,043 Juniper Networks Inc 25,303 0.02

341 Kansas City Southern 51,327 0.04

810 Kellogg Co 52,901 0.04

3,180 KeyCorp 37,683 0.03

703 Keysight Technologies Inc 76,015 0.06

1,090 Kimberly-Clark Corp 154,170 0.11

6,627 Kinder Morgan Inc 104,707 0.08

1,945 KKR & Co Inc 53,974 0.04

559 KLA Corp 98,362 0.07

2,643 Kraft Heinz Co 80,532 0.06

2,515 Kroger Co 82,039 0.06

Zurich Invest ICAV

91


Fair Value % of



(continued)



759 L3Harris Technologies Inc 151,383 0.11

252 Laboratory Corp of America Holdings 44,181 0.03

483 Lam Research Corp 132,183 0.10

383 Lamb Weston Holdings Inc 23,003 0.02

1,154 Las Vegas Sands Corp 55,323 0.04

266 Lear Corp 28,209 0.02

442 Leidos Holdings Inc 46,538 0.03

963 Lennar Corp 58,223 0.04

153 Lennox International Inc 32,718 0.02

400 Liberty Broadband Corp 54,648 0.04

643 Liberty Media Corp-Liberty Formula One 22,280 0.02

853 Liberty Media Corp-Liberty SiriusXM 31,109 0.02

1 Liberty Media Corporation 11 0.00

690 Lincoln National Corp 26,172 0.02

593 Live Nation Entertainment Inc 29,152 0.02

1,171 LKQ Corp 32,156 0.02

900 Lockheed Martin Corp 349,596 0.26

900 Loews Corp 29,916 0.02

2,700 Lowe's Cos Inc 351,945 0.26

431 Lululemon Athletica Inc 129,341 0.09

368 M&T Bank Corp 38,883 0.03

393 ManpowerGroup Inc 27,172 0.02

2,139 Marathon Petroleum Corp 75,164 0.05

41 Markel Corp 36,794 0.03

150 MarketAxess Holdings Inc 76,289 0.06

919 Marriott International Inc 81,332 0.06

1,594 Marsh & McLennan Cos Inc 168,836 0.12

227 Martin Marietta Materials Inc 43,604 0.03

1,164 Masco Corp 54,301 0.04

3,060 Mastercard Inc 920,723 0.67

250 Match Group Inc 22,260 0.02

838 Maxim Integrated Products Inc 48,336 0.04

410 McCormick & Co Inc 71,816 0.05

2,600 McDonald's Corp 484,432 0.35

600 McKesson Corp 95,202 0.07

1,700 Medical Properties Trust Inc 30,736 0.02

144 MercadoLibre Inc 122,640 0.09

8,800 Merck & Co Inc 710,336 0.52

2,541 MetLife Inc 91,501 0.07

100 Mettler-Toledo International Inc 79,500 0.06

1,529 MGM Resorts International 26,268 0.02

754 Microchip Technology Inc 72,399 0.05

3,517 Micron Technology Inc 168,499 0.12

24,700 Microsoft Corp 4,526,275 3.31

400 Mid-America Apartment Communities Inc 46,544 0.03

916 Moderna Inc 56,334 0.04

204 Mohawk Industries Inc 19,013 0.01

839 Molson Coors Brewing Co 31,848 0.02

4,900 Mondelez International Inc 255,388 0.19

140 MongoDB Inc 32,495 0.02

Zurich Invest ICAV

92


Fair Value % of



(continued)



1,319 Monster Beverage Corp 94,849 0.07

568 Moody's Corp 151,889 0.11

3,799 Morgan Stanley 167,916 0.12

1,673 Mosaic Co 20,227 0.01

568 Motorola Solutions Inc 76,867 0.06

297 MSCI Inc 97,668 0.07

288 Nasdaq Inc 34,116 0.02

1,942 National Oilwell Varco Inc 24,217 0.02

646 National Retail Properties Inc 20,278 0.01

770 NetApp Inc 34,296 0.03

1,500 Netflix Inc 629,595 0.46

300 Neurocrine Biosciences Inc 37,428 0.03

1,230 Newell Brands Inc 16,175 0.01

1,696 Newmont Goldcorp Corp (USD) 99,165 0.07

858 Newmont Goldcorp Corp (CAD) 50,225 0.04

1,511 News Corp 18,510 0.01

1,700 NextEra Energy Inc 434,452 0.32

4,200 NIKE Inc 414,036 0.30

1,030 NiSource Inc 24,545 0.02

829 Norfolk Southern Corp 147,802 0.11

647 Northern Trust Corp 51,119 0.04

527 Northrop Grumman Corp 176,650 0.13

2,036 NortonLifeLock Inc 46,380 0.03

894 NRG Energy Inc 32,229 0.02

984 Nucor Corp 41,584 0.03

2,000 NVIDIA Corp 710,040 0.52

11 NVR Inc 35,438 0.03

2,796 Occidental Petroleum Corp 36,208 0.03

797 OGE Energy Corp 24,962 0.02

340 Okta Inc 66,497 0.05

315 Old Dominion Freight Line Inc 53,893 0.04

667 Omega Healthcare Investors Inc 20,770 0.02

717 Omnicom Group Inc 39,284 0.03

1,713 ON Semiconductor Corp 28,247 0.02

1,421 ONEOK Inc 52,136 0.04

7,700 Oracle Corp 414,029 0.30

257 O'Reilly Automotive Inc 107,231 0.08

1,400 Otis Worldwide Corp 73,710 0.05

1,064 Ovintiv Inc 7,990 0.01

357 Owens Corning 18,743 0.01

1,107 PACCAR Inc 81,763 0.06

262 Packaging Corp of America 26,569 0.02

304 Palo Alto Networks Inc 71,522 0.05

418 Parker-Hannifin Corp 75,227 0.05

1,043 Paychex Inc 75,388 0.06

158 Paycom Software Inc 46,962 0.03

3,900 PayPal Holdings Inc 604,539 0.44

2,425 People's United Financial Inc 27,766 0.02

4,800 PepsiCo Inc 631,440 0.46

309 PerkinElmer Inc 31,045 0.02

Zurich Invest ICAV

93


Fair Value % of



(continued)



19,200 Pfizer Inc 733,248 0.54

5,300 Philip Morris International Inc 388,808 0.28

1,454 Phillips 66 113,790 0.08

274 Pinnacle West Capital Corp 21,345 0.02

522 Pioneer Natural Resources Co 47,815 0.03

1,383 PNC Financial Services Group Inc 157,717 0.12

712 PPG Industries Inc 72,389 0.05

2,838 PPL Corp 79,294 0.06

656 Principal Financial Group Inc 25,335 0.02

8,600 Procter & Gamble Co 996,912 0.73

1,894 Progressive Corp 147,126 0.11

2,466 Prologis Inc 225,639 0.16

1,294 Prudential Financial Inc 78,882 0.06

303 PTC Inc 23,143 0.02

1,498 Public Service Enterprise Group Inc 76,458 0.06

489 Public Storage 99,140 0.07

826 PulteGroup Inc 28,059 0.02

417 Qorvo Inc 43,677 0.03

3,872 QUALCOMM Inc 313,167 0.23

438 Quest Diagnostics Inc 51,807 0.04

286 Ralph Lauren Corp 21,596 0.02

412 Raymond James Financial Inc 28,543 0.02

5,300 Raytheon Technologies Corp 341,956 0.25

1,101 Realty Income Corp 60,896 0.04

670 Regency Centers Corp 28,669 0.02

265 Regeneron Pharmaceuticals Inc 162,395 0.12

3,162 Regions Financial Corp 35,762 0.03

218 Reinsurance Group of America Inc 19,784 0.01

900 Republic Services Inc 76,914 0.06

438 ResMed Inc 70,439 0.05

300 Ringcentral Inc 82,275 0.06

483 Robert Half International Inc 24,507 0.02

375 Rockwell Automation Inc 81,060 0.06

233 Roku Inc 25,516 0.02

500 Rollins Inc 20,900 0.02

331 Roper Technologies Inc 130,348 0.10

1,209 Ross Stores Inc 117,225 0.09

500 RPM International Inc 37,390 0.03

802 S&P Global Inc 260,666 0.19

2,800 salesforce.com Inc 489,412 0.36

236 Sarepta Therapeutics Inc 35,936 0.03

375 SBA Communications Corp 117,799 0.09

543 Sealed Air Corp 17,430 0.01

385 Seattle Genetics Inc 60,526 0.04

603 SEI Investments Co 32,695 0.02

857 Sempra Energy 108,248 0.08

635 ServiceNow Inc 246,336 0.18

275 Sherwin-Williams Co 163,309 0.12

256 Signature Bank 26,345 0.02

1,123 Simon Property Group Inc 64,797 0.05

Zurich Invest ICAV

94


Fair Value % of



(continued)



4,629 Sirius XM Holdings Inc 26,941 0.02

526 Skyworks Solutions Inc 62,352 0.05

2,300 Snap Inc 43,562 0.03

216 Snap-on Inc 28,013 0.02

3,600 Southern Co 205,452 0.15

683 Southwest Airlines Co 21,924 0.02

476 Splunk Inc 88,460 0.06

1,328 Square Inc 107,674 0.08

679 SS&C Technologies Holdings Inc 39,311 0.03

481 Stanley Black & Decker Inc 60,341 0.04

4,100 Starbucks Corp 319,759 0.23

1,190 State Street Corp 72,542 0.05

754 Steel Dynamics Inc 20,026 0.01

1,080 Stryker Corp 211,388 0.15

300 Sun Communities Inc 41,157 0.03

238 SVB Financial Group 51,111 0.04

2,069 Synchrony Financial 42,146 0.03

444 Synopsys Inc 80,324 0.06

1,552 Sysco Corp 85,608 0.06

788 T Rowe Price Group Inc 95,269 0.07

264 Take-Two Interactive Software Inc 35,949 0.03

1,642 Target Corp 200,866 0.15

878 TD Ameritrade Holding Corp 32,723 0.02

116 Teledyne Technologies Inc 43,398 0.03

147 Teleflex Inc 53,340 0.04

600 Teradyne Inc 40,212 0.03

452 Tesla Inc 377,420 0.28

3,200 Texas Instruments Inc 379,968 0.28

777 Textron Inc 24,064 0.02

1,340 Thermo Fisher Scientific Inc 467,915 0.34

316 Tiffany & Co 40,489 0.03

3,938 TJX Cos Inc 207,769 0.15

1,483 T-Mobile US Inc 148,359 0.11

406 Tractor Supply Co 49,540 0.04

176 TransDigm Group Inc 74,768 0.05

630 TransUnion 54,363 0.04

791 Travelers Cos Inc 84,621 0.06

665 Trimble Inc 26,015 0.02

4,333 Truist Financial Corporation 159,368 0.12

312 Twilio Inc 61,651 0.05

2,764 Twitter Inc 85,601 0.06

123 Tyler Technologies Inc 46,163 0.03

968 Tyson Foods Inc 59,474 0.04

3,196 Uber Technologies Inc 116,079 0.08

866 UDR Inc 32,025 0.02

600 UGI Corp 19,104 0.01

181 Ulta SAlon Cosmetics & Fragrance Inc 44,166 0.03

2,400 Union Pacific Corp 407,664 0.30

2,400 United Parcel Service Inc 239,304 0.17

259 United Rentals Inc 35,973 0.03

Zurich Invest ICAV

95


Fair Value % of



(continued)



3,300 UnitedHealth Group Inc 1,006,005 0.74

252 Universal Health Services Inc 26,573 0.02

4,546 US Bancorp 161,656 0.12

96 Vail Resorts Inc 19,040 0.01

1,350 Valero Energy Corp 89,964 0.07

247 Varian Medical Systems Inc 29,983 0.02

412 Veeva Systems Inc 90,174 0.07

1,476 Ventas Inc 51,586 0.04

5,000 VEREIT Inc 27,400 0.02

427 VeriSign Inc 93,517 0.07

510 Verisk Analytics Inc 88,067 0.06

14,000 Verizon Communications Inc 803,320 0.59

861 Vertex Pharmaceuticals Inc 247,934 0.18

1,042 VF Corp 58,456 0.04

1,575 Viacomcbs Inc 32,666 0.02

1,470 Vici Properties Inc 28,841 0.02

5,900 Visa Inc 1,151,916 0.84

1,214 Vistra Energy Corp 24,814 0.02

213 VMware Inc 33,286 0.02

526 Vornado Realty Trust 19,046 0.01

577 Voya Financial Inc 25,994 0.02

460 Vulcan Materials Co 49,827 0.04

2,405 Walgreens Boots Alliance Inc 103,271 0.08

4,800 Walmart Inc 595,488 0.43

6,100 Walt Disney Co 715,530 0.52

1,500 Waste Management Inc 160,125 0.12

220 Waters Corp 43,967 0.03

135 Wayfair Inc 23,159 0.02

1,054 WEC Energy Group Inc 96,683 0.07

13,900 Wells Fargo & Co 367,933 0.26

1,492 Welltower Inc 75,600 0.06

235 West Pharmaceutical Services Inc 50,769 0.04

972 Western Digital Corp 43,128 0.03

1,430 Western Union Co 28,629 0.02

633 Westinghouse Air Brake Technologies Corp 38,657 0.03

667 Westrock Co 18,716 0.01

2,403 Weyerhaeuser Co 48,517 0.04

239 Whirlpool Corp 29,115 0.02

4,036 Williams Cos Inc 82,455 0.06

617 Workday Inc 113,176 0.08

600 WP Carey Inc 35,946 0.03

574 WR Berkley Corp 33,263 0.02

146 WW Grainger Inc 45,205 0.03

264 Wynn Resorts Ltd 21,986 0.02

1,570 Xcel Energy Inc 102,097 0.07

807 Xilinx Inc 74,204 0.05

415 XPO Logistics Inc 32,706 0.02

622 Xylem Inc 41,263 0.03

958 Yum! Brands Inc 85,961 0.06

187 Zebra Technologies Corp 48,867 0.04

Zurich Invest ICAV

96


Fair Value % of



(continued)



500 Zillow Group Inc Class C 28,995 0.02

663 Zimmer Biomet Holdings Inc 83,763 0.06

699 Zions Bancorp NA 23,001 0.02

1,599 Zoetis Inc 222,887 0.15

364 Zoom Video Communications Inc 65,331 0.05

87,016,305 63.60

Total Equities 136,160,253 99.52

Total Transferable Securities 136,160,253 99.52


Other Net Assets 653,994 0.48

Net Assets 136,814,247 100.00



Transferable securities admitted to an official stock exchange listing (30 November 2019: 99.47%) 99.11

Current Assets (30 November 2019: 0.53%) 0.89

Total Assets 100.00

Zurich Invest ICAV

97


Schedule of Portfolio Changes for the financial period from 1 December 2019 to 31 May 2020.

Major Purchases Shares Cost EUR

ASML Holding NV 8,873 2,537,147

SAP SE 21,356 2,405,336

LVMH Moet Hennessy Louis Vuitton SE 6,456 2,399,433

Sanofi 25,598 2,250,415

TOTAL SA 53,061 1,928,006

Siemens AG 17,268 1,673,894

Bayer AG 25,555 1,610,187

Allianz SE 9,047 1,530,006

Unilever NV 30,014 1,389,322

L'Oreal SA 5,344 1,363,580

Iberdrola SA 142,229 1,300,024

Air Liquide SA 10,298 1,235,503

Enel SpA 177,812 1,169,167

Just Eat Takeaway.com NV 11,826 1,101,176

BASF SE 22,344 1,099,868

Schneider Electric SE 12,534 1,065,019

Deutsche Telekom AG 70,212 977,277

Vinci SA 11,648 966,812

Airbus SE 12,462 894,586

Adidas AG 3,892 887,025

Flutter Entertainment Plc 7,486 847,897

Danone SA 13,014 838,805

Kering SA 1,792 836,673

BNP Paribas SA 24,604 836,104

Banco Santander SA 350,525 793,205

Daimler AG 22,490 787,977

Major Sales Shares Proceeds EUR

LVMH Moet Hennessy Louis Vuitton SE 1,580 646,476

SAP SE 4,780 600,599

TOTAL SA 12,713 585,446

Allianz SE 2,515 515,748

Sanofi 5,714 511,328

ASML Holding NV 1,788 484,356

Siemens AG 3,835 440,453

BASF SE 5,656 328,000

L'Oreal SA 1,136 302,510

Airbus SE 2,170 298,099

Bayer AG 4,046 292,395

adidas AG 1,008 282,533

Unilever NV 5,429 277,117

Enel SpA 36,721 277,055

Air Liquide SA 1,994 255,561

Kering SA 458 249,880

Daimler AG 5,875 247,637

Banco Santander SA 68,758 246,504

Vinci SA 2,361 238,189

BNP Paribas SA 4,660 233,712

Schneider Electric SE 2,591 227,867

Koninklijke Ahold Delhaize NV 10,489 226,619

AXA SA 10,166 218,519

Akzo Nobel NV 2,787 213,811

Iberdrola SA 22,605 213,137

Iliad SA 1,592 208,903

Zurich Invest ICAV

98

Zurich Invest EMU Equity Index Fund (continued)

Schedule of Portfolio Changes for the financial period from 1 December 2019 to 31 May 2020 (continued)

Major Sales (continued) Shares Proceeds EUR

Bankia SA 125,757 204,890

Anheuser-Busch InBev SA 2,813 199,535

In accordance with the UCITS regulations this statement presents the aggregate purchases and aggregate sales of a security

exceeding 1% of the total value of purchases or sales for the financial period or at least the top 20 purchases and sales.

Zurich Invest ICAV

99

Zurich Invest Euro Corporate Bond Fund

Schedule of Portfolio Changes for the financial period from 6 December to 31 May 2020.

Major Purchases Holding Cost EUR

Amadeus Capital Markets SAU 1.625% 17/11/2021 400,000 411,840

Hamburg Commercial Bank AG 0.500% 23/05/2022 400,000 403,968

Kutxabank SA 0.500% 25/09/2024 400,000 400,872

WPP Finance 2013 3.000% 20/11/2023 330,000 368,178

Unicredit SpA 4.875% 20/02/2029 330,000 368,082

BASF Finance Europe NV 0.750% 10/11/2026 350,000 367,843

Mitsubishi UFJ Financial Group Inc 0.680% 26/01/2023 360,000 367,006

Morgan Stanley 0.637% 26/07/2024 360,000 365,670

ONGC Videsh Ltd 2.750% 15/07/2021 350,000 365,225

American Express Credit Corp 0.625% 22/11/2021 360,000 365,216

Bank of China Ltd 0.750% 12/07/2021 360,000 363,953

Norddeutsche Landesbank Girozentral 1.000% 20/01/2021 360,000 363,748

Emirates NBD Bank PJSC 1.750% 23/03/2022 350,000 363,108

Infineon Technologies AG 1.500% 10/03/2022 350,000 362,478

Chorus Ltd 1.125% 18/10/2023 350,000 361,372

General Mills Inc 1.000% 27/04/2023 350,000 361,172

Compass Group Plc 1.875% 27/01/2023 340,000 361,066

Santander UK Group Holdings Plc 1.125% 08/09/2023 350,000 360,756

Arion Banki HF 1.625% 01/12/2021 350,000 360,412

Credit Suisse Group Funding Guernsey Ltd 1.250% 14/04/2022 350,000 359,930

Major Sales Holding Proceeds EUR

Unicredit SpA 4.875% 20/02/2029 330,000 367,194

Norddeutsche Landesbank Girozentral 1.000% 20/01/2021 360,000 362,724

HSBC Bank 4.000% 15/01/2021 340,000 352,352

Mufg Bank Ltd 0.875% 11/03/2022 350,000 352,324

Cargill Inc 2.500% 15/02/2023 330,000 352,296

Roche Holdings Inc 6.500% 04/03/2021 320,000 341,827

BNP Paribas 2.875% 01/10/2026 270,000 307,581

Volkswagen International Finance NV 1.875% 30/03/2027 300,000 306,528

ZF North America Capital Inc 2.750% 27/04/2023 300,000 285,000

Bharti Airtel Intl (Nl) B.V. 3.375% 20/05/2021 280,000 280,932

Infineon Technologies AG 1.500% 10/03/2022 250,000 254,217

Deutsche Post Finance BV 2.950% 27/06/2022 230,000 247,383

CRH Funding 1.875% 09/01/2024 220,000 226,626

Nomura Europe Finance NV 1.500% 12/05/2021 220,000 221,474

Unicredit SpA 6.950% 31/10/2022 200,000 216,954

CNP Assurances S.A. 2.750% 05/02/2029 200,000 215,794

Amadeus Capital Markets SAU 1.625% 17/11/2021 200,000 205,504

Dover Corp 1.250% 09/11/2026 200,000 198,334

Renault SA 1.000% 18/04/2024 200,000 195,020

JPMorgan Chase & Co. 1.812% 12/06/2029 160,000 178,227

BMW Finance NV 1.125% 10/01/2028 160,000 165,040

International Consolidated Airline 1.500% 04/07/2027 200,000 154,000

VF Corp 0.625% 20/09/2023 150,000 149,304

Commerzbank AG 4.000% 23/03/2026 150,000 149,253

Daimler AG 1.000% 15/11/2027 140,000 134,534

Danfoss A/S 1.375% 23/02/2022 130,000 130,971

Autostrade Per L'Italia S.P.A. 4.375% 16/09/2025 110,000 124,575

Goldman Sachs Group Inc 2.000% 22/03/2028 100,000 111,537

Robert Bosch GmbH 1.750% 08/07/2024 100,000 109,163

Bacardi Ltd 2.750% 03/07/2023 100,000 107,767

Kennedy Wilson Europe Real Estate Ltd 3.250% 12/11/2025 100,000 107,704

Zurich Invest ICAV

100

Zurich Invest Euro Corporate Bond Fund (continued)

Schedule of Portfolio Changes for the financial period from 6 December to 31 May 2020 (continued)

Major Sales (continued) Holding Proceeds EUR

Compass Group Plc 1.875% 27/01/2023 100,000 106,019

HBOS Plc 4.500% 18/03/2030 90,000 105,344

Hutchison Whampoa Finance 14 Ltd 1.375% 31/10/2021 100,000 102,366

Landsbankinn HF. 1.625% 15/03/2021 100,000 101,589

Arcelormittal 1.750% 19/11/2025 100,000 95,335



Zurich Invest ICAV

101

Zurich Invest US Corporate Bond Fund

Schedule of Portfolio Changes for the financial period from 6 December to 31 May 2020.

Major Purchases Holding Cost USD

Bank of America Corp 3.419% 20/12/2028 270,000 284,595

National Australia Bank Ltd 3.500% 10/01/2027 250,000 267,325

NXP BV 4.300% 18/06/2029 250,000 266,948

Siemens Financieringsmaatschappij NV 3.250% 27/05/2025 250,000 263,330

Wells Fargo Bank NA 3.550% 14/08/2023 250,000 261,835

Oracle Corp 4.000% 15/07/2046 230,000 260,708

Bank of America Corp 4.244% 24/04/2038 225,000 259,423

Sumitomo Mitsui Banking Corp 3.200% 18/07/2022 250,000 257,485

Enterprise Products Operating LLC 6.875% 01/03/2033 187,000 255,893

JPMorgan Chase & Co 2.972% 15/01/2023 250,000 254,698

MPLX LP 4.500% 15/07/2023 240,000 254,611

BPCE SA 3.000% 22/05/2022 250,000 254,360

Credit Suisse Group AG 2.997% 14/12/2023 250,000 253,618

CDP Financial Inc 1.000% 17/04/2023 250,000 252,728

CNOOC Finance 2014 ULC 4.875% 30/04/2044 200,000 247,034

Petronas Capital Ltd 4.500% 18/03/2045 200,000 242,614

Charter Communications Operating LLC 6.484% 23/10/2045 190,000 237,718

BNP Paribas SA 5.198% 10/01/2030 200,000 234,352

Takeda Pharmaceutical Co Ltd 5.000% 26/11/2028 200,000 233,144

Verizon Communications Inc 4.862% 21/08/2046 180,000 231,180

Major Sales Holding Proceeds USD

Siemens Financieringsmaatschappij NV 3.250% 27/05/2025 250,000 269,288

CNOOC Finance 2014 ULC 4.875% 30/04/2044 200,000 258,000

MPLX LP 4.500% 15/07/2023 240,000 255,298

Cooperatieve Rabobank UA 4.000% 04/10/2029 200,000 212,832

State Bank of India 4.500% 28/09/2023 200,000 212,686

Barclays Plc 3.932% 05/07/2025 200,000 212,528

Bank of Nova Scotia 2.450% 19/09/2022 202,000 207,902

Santander UK Group Holdings Plc 3.373% 01/05/2024 200,000 206,522

Ooredoo International Fin Ltd 3.250% 21/02/2023 200,000 204,400

CK Hutchison International 17 Ltd 2.875% 04/05/2022 200,000 203,212

Enel Finance International NV 2.750% 04/06/2023 200,000 201,722

QIB Sukuk Ltd 3.251% 23/05/2022 200,000 201,100

Ford Motor Credit Co LLC 5.596% 01/07/2022 200,000 194,500

MPLX LP 3.375% 15/03/2023 166,000 171,744

Johnson & Johnson 2.250% 03/03/2022 120,000 123,716

Wells Fargo & Co 3.000% 22/01/2021 120,000 121,453

Citigroup Inc 2.350% 02/08/2021 120,000 121,336

National Oilwell Varco Inc 2.600% 12/01/2022 118,000 119,320

JPMorgan Chase & Co 3.540% 01/05/2028 100,000 107,124

Georgia-Pacific LLC 3.734% 15/07/2023 100,000 106,340

Dai-Ichi Life Holdings Inc 7.250% 29/12/2049 100,000 105,250

Prudential Financial Inc 5.700% 15/09/2048 100,000 103,200

Petroleos Mexicanos 6.840% 23/01/2030 94,000 103,080

Shell International Finance BV 4.375% 05/11/2045 83,000 101,012

Goldman Sachs Group Inc 2.625% 25/04/2021 100,000 100,955

Campbell Soup Co 3.650% 15/03/2023 95,000 99,939

Macquarie Group Ltd 3.189% 28/11/2023 97,000 99,191

Citigroup Inc 8.125% 15/07/2039 60,000 95,710

EQM Midstream Partners LP 4.750% 15/07/2023 100,000 92,470

Kraft Heinz Foods Co 4.375% 06/01/2046 101,000 92,183

TransCanada PipeLines Ltd 4.875% 15/01/2026 80,000 90,971

Aon Plc 3.875% 15/12/2025 80,000 88,274

John Deere Capital Corp 2.150% 08/09/2022 86,000 87,135

Zurich Invest ICAV

102

Zurich Invest US Corporate Bond Fund (continued)

Schedule of Portfolio Changes for the financial period from 6 December to 31 May 2020 (continued)

Major Sales (continued) Holding Proceeds USD

Toronto-Dominion Bank 3.500% 19/07/2023 79,000 85,069

EQT Corp 3.000% 10/01/2022 103,000 84,815

ONEOK Inc 7.500% 01/09/2023 70,000 82,069

Apple Inc 2.250% 23/02/2021 80,000 80,821

Continental Resources Inc 4.500% 15/04/2023 95,000 80,247

AT&T Inc 4.450% 15/05/2021 70,000 72,333

Stryker Corp 2.625% 15/03/2021 70,000 70,876

Delta Air Lines Inc 3.750% 28/10/2029 100,000 69,033

Canadian Natural Resources Ltd 2.950% 15/01/2023 65,000 66,997



Zurich Invest ICAV

103



Major Purchases Shares Cost USD

Apple Inc 4,805 1,431,249

Microsoft Corp 8,014 1,367,793

Amazon.com Inc 474 988,660

Facebook Inc 2,400 494,218

Alphabet Inc, Class A 349 479,792

JPMorgan Chase & Co 3,702 413,839

Visa Inc 2,138 399,586

Procter & Gamble Co 3,276 395,651

Johnson & Johnson 2,578 375,404

Alphabet Inc, Class C 271 371,571

Berkshire Hathaway Inc 1,679 328,897

Mastercard Inc 1,134 328,785

UnitedHealth Group Inc 1,090 307,360

Intel Corp 4,975 290,259

AT&T Inc 7,971 274,330

Exxon Mobil Corp 4,500 250,757

NVIDIA Corp 767 230,405

Home Depot Inc 967 222,940

Walt Disney Co 1,711 213,703

Verizon Communications Inc 3,712 211,666

Major Sales Shares Proceeds USD

Apple Inc 16,381 5,284,140

Microsoft Corp 25,611 4,685,275

Amazon.com Inc 1,462 3,159,914

Facebook Inc 8,102 1,705,102

Alphabet Inc, Class C 1,058 1,589,126

JPMorgan Chase & Co 12,069 1,579,105

Alphabet Inc, Class A 1,047 1,569,855

Johnson & Johnson 8,851 1,332,882

Visa Inc 6,441 1,306,013

Procter & Gamble Co 9,351 1,146,989

Bank of America Corp 33,986 1,109,620

Mastercard Inc 3,388 1,098,330

Intel Corp 16,441 1,079,650

UnitedHealth Group Inc 3,377 1,009,850


AT&T Inc 26,234 974,864

Home Depot Inc 3,563 858,634



Verizon Communications Inc 13,604 788,498



Zurich Invest ICAV

104

Zurich Invest World Equity Index


Major Purchases Shares Cost USD

Microsoft Corp 1,856 316,712

Apple Inc 878 269,298




Visa Inc 609 122,609

Uber Technologies Inc 3,196 114,707

Facebook Inc 538 110,060

Johnson & Johnson 747 108,176

Berkshire Hathaway Inc 497 105,990

JPMorgan Chase & Co 839 95,025

Mastercard Inc 299 90,287

UnitedHealth Group Inc 299 84,081

Procter & Gamble Co 686 81,837


LVMH Moet Hennessy Louis Vuitton SE 192 80,636

BlackRock Inc 155 80,446

Adobe Inc 197 72,891

AT&T Inc 1,966 68,377

Zoom Video Communications Inc 364 65,331

Major Sales Shares Proceeds USD

Apple Inc 3,933 1,033,041

Microsoft Corp 5,821 866,764


JPMorgan Chase & Co 2,981 380,607

Facebook Inc 1,814 362,235



Visa Inc 1,645 299,026

Bank of America Corp 8,904 297,588

Johnson & Johnson 2,108 289,533

Nestle SA 2,531 261,359

Mastercard Inc 932 258,744

Wells Fargo & Co 4,685 251,169

Intel Corp 3,962 228,414



Home Depot Inc 1,023 222,613

Procter & Gamble Co 1,772 217,442


Citigroup Inc 2,720 202,670



Zurich Invest ICAV

105

Notes to the Condensed Financial Statements for the financial period from 1 December 2019 to 31 May 2020

1. General information

Zurich Invest ICAV (the “ICAV”) is an Irish collective asset-management vehicle constituted as an umbrella fund with

segregated liability between Sub-Funds with registration number C173433. The ICAV was registered on 5 September 2017. The

ICAV has been authorised by the Central Bank of Ireland (the “Central Bank”) as an Undertaking for Collective Investment in

Transferable Securities (“UCITS”) pursuant to the provisions of the European Communities (Undertakings for Collective

Investment in Transferable Securities) Regulations, 2011 (as amended) and the Central Bank (Supervision and Enforcement)

Act 2013 (section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (as amended)

(together the “UCITS Regulations”). References to statutes, regulations and laws shall include any amendments thereto. The

financial statements comply with the UCITS Regulations.

The Manager of the ICAV is Carne Global Fund Managers (Ireland) Limited, which in turn has appointed Deutsche Asset

Management International GmbH as Investment Manager of the Fund. The Manager has also appointed Zurich Invest Ltd as

Global Services Co-ordinator. Zurich Invest Ltd is a wholly owned subsidiary of Zurich Insurance Company Ltd.

2. Significant accounting policies

The principal accounting policies and estimation techniques applied in the preparation of these financial statements are set out

below.

Basis of Preparation

The financial statements have been prepared on a going concern basis for the financial period from 1 December 2019 to 31 May

2020.

These condensed unaudited interim financial statements should be read in conjunction with the 30 November 2019 annual report

and audited financial statements which have been prepared in accordance with International Financial Reporting Standards

(“IFRS”) as adopted by the European Union. The unaudited interim financial statements have been compiled using accounting

policies, methods of computation and presentation which are consistent with the annual report for the year ended 30 November

2019, unless otherwise stated. These condensed unaudited interim financial statements have been prepared in accordance with

International Accounting Standard 34: Interim Financial Reporting (“IAS 34”), UCITS Regulations and Central Bank UCITS

Regulations.

Forward foreign currency exchange contracts

The fair value of open forward foreign currency exchange contracts is calculated as the difference between the contracted rate

and the current forward rate that would close out the contract on the Statement of Financial Position date. For each relevant Fund,

gains or losses on open forward foreign currency exchange contracts are included in financial assets (or financial liabilities) at

fair value through profit or loss, as appropriate, in the Statement of Financial Position and are shown in the Schedule of

Investments of each relevant Fund.

This is a new policy in this financial period and is not disclosed in the 30 November 2019 annual report and audited financial

statements.

Critical accounting estimates and judgements

The preparation of financial statements in conformity with IFRS as adopted by the European Union requires the Manager

to make certain accounting estimates and assumptions. Actual results may differ from these estimates and assumptions.

The Directors believe that any estimates used in preparing the financial statements are reasonable and prudent. Critical accounting

estimates are those which involve the most complex or subjective judgments or assessments. The areas of the ICAV’s business

that typically require such estimates are the determination of the fair value of financial assets and liabilities.

(i) New standards, amendments and interpretations issued and effective for the financial period ended 31 May 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 ICAV’s financial position, performance or disclosures in its financial

statements.

Zurich Invest ICAV

106


(continued)

2. Significant accounting policies (continued)

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 ICAV 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 ICAV’s financial position, performance or disclosures in its financial statements.

(ii) New standards, amendments and interpretations issued but not effective for the financial period ended 31 May 2020 and not

early adopted

IFRS 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 ICAV’s financial

position, performance or disclosures in its financial statements.

3. Taxation

Under current law and practice the ICAV qualifies as an investment undertaking as defined in Section 739B of the Taxes

Consolidation Act, 1997, as amended. On that basis, the ICAV is not chargeable to Irish tax on its income or gains.

However, Irish tax may arise on the happening of a “chargeable event”. A chargeable event includes any distribution payments

to shareholders, any encashment, redemption, cancellation or transfer of shares, and the holding of shares at the end of each eight

year period beginning with the acquisition of such shares.

No Irish tax will arise on the ICAV in respect of chargeable events in respect of:

a) A shareholder who is neither Irish resident nor ordinarily resident in Ireland for tax purposes, at the time of the chargeable

event, provided appropriate valid declarations in accordance with the provisions of the Taxes Consolidation Act, 1997, as

amended, are held by the ICAV, or the ICAV has been authorised by the Irish Revenue to make gross payments in the

absence of appropriate declarations, and

b) certain exempted Irish tax resident shareholders who have provided the ICAV with the necessary signed declarations.

The ICAV may be subject to, and/or accrue, withholding, capital gains, transaction-based and other taxes imposed by certain

jurisdictions on its investments. Taxes on foreign interest, dividend income and capital gains are generally withheld, assessed

and/or accrued in accordance with the applicable country’s tax treaty with Ireland and are recorded in the Statement of

Comprehensive Income. There are some cases where the ICAV may not be able to benefit from reduced rates of withholding

tax under the provisions of the double tax treaties which Ireland has entered into with various countries.

In addition, the ICAV and/or shareholders may be subject to taxation and tax reporting obligations in jurisdictions in which

each Fund makes investments. The ICAV may seek to collect refunds in respect of taxes paid by each Fund to certain countries.

In those cases, all or a portion of those taxes could ultimately be recovered. However, the recovery process could take several

years and the ICAV will incur expenses in its efforts to collect such refunds, which will reduce the benefit to the Funds of any

recovery. The ICAV’s efforts to collect a refund may not be successful, in which case the Funds will have incurred additional

expenses for no economic benefit. The ICAV’s decision to pursue refunds is in its sole discretion, and it may decide not to

pursue refunds, even if eligible.

Zurich Invest ICAV

107


(continued)

4. Operating Expenses

The ICAV may pay out of the assets of the Funds the fees and expenses (including performance fees, if any) 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 Directors (see below) and all sums payable in respect of Directors ' and officers' liability insurance

cover;

the fees and expenses of the auditors, tax and legal advisers;

any fees in respect of circulating details of the Net Asset Value, company secretarial fees, any costs incurred in respect of

meetings of Shareholders, marketing and distribution costs, costs incurred in respect of the distribution of income to

Shareholders, the costs of printing and distributing the Prospectus, any Supplements, 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

Shares on an exchange and/or market and registering the ICAV for sale in other jurisdictions;

extraordinary expenses including litigation costs and any amount payable under indemnity provisions contained in the

Instrument of Incorporation or any agreement with any appointee of the ICAV;

investment transaction charges (including brokerage costs or other expenses of acquiring and disposing of investments);

taxes including withholding taxes, stamp duties and value added tax;

borrowing costs;

in cases where investments of the Funds are held through wholly owned subsidiaries, the operating costs including audit and

administration fees and expenses may be charged as an expense of the Funds.

Such fees, duties and charges will be charged to the Funds in respect of which they were incurred or, where an expense is not considered

by the Directors to be attributable to any one Fund, the expense will be allocated by the Directors in such manner and on such basis as

the Directors in their discretion deem fair and equitable. In the case of any fees or expenses of a regular or recurring nature, such as

audit fees, the Directors 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.

Only Directors who are deemed to be Independent Directors will be entitled to remuneration for their services as Directors, provided

however that the aggregate emoluments of each Director in respect of any twelve month accounting period shall not exceed €40,000

(30 November 2019: €40,000) (plus VAT if applicable) and the aggregate emoluments of all Directors in respect of any twelve month

accounting period shall not exceed €120,000 (30 November 2019: €120,000) (plus VAT if applicable). In addition, the Directors will

also be entitled to be reimbursed for their reasonable out of pocket expenses incurred in discharging their duties as Directors.

The cost of establishing the ICAV, obtaining authorisation from the Central Bank, where applicable listing the Funds on the Irish Stock

Exchange, filing fees, the preparation and printing of the Prospectus and the fees of all professionals relating to it, including tax and

legal advice, incurred in relation to obtaining authorisation of the ICAV 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 Shares will not exceed 2% per annum

of the Net Asset Value of the relevant Class of Shares (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.

5. Cash and cash equivalents

Cash comprises current and overnight deposits with banks. Cash and deposits, including overnight deposits are held with State

Street Bank and Trust Company, an affiliate of State Street Custodial Services (Ireland) Limited (the “Depositary”).

Zurich Invest ICAV

108


(continued)

6. Share capital

The authorised share capital of the ICAV is 2 subscriber shares of €1 each and 1,000,000,000,000,000 Shares of no Par Value initially

designated as unclassified shares. The unclassified shares are available for issue as Shares. There are no rights of pre-emption attaching

to the Shares in the ICAV.

The issued share capital and Net Asset Value at 31 May 2020 is as follows:

Zurich Invest

EMU Equity

Index

Class XC2 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XC4 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class ZI1 EUR

(unhedged)

Shares in issue at the beginning of the period 500,000 902,563 126,648 179,109

Shares issued - - - 85,152

Shares redeemed - (135,336) (12,385) (11,916)

Shares in issue at the end of the period 500,000 767,227 114,263 252,345

Net Asset Value 45,815,248 70,296,227 10,371,543 22,852,653

Subscriptions during the financial period - - - 7,819,592

Redemptions during the financial period - (15,015,000) (1,180,202) (1,118,727)

Zurich Invest

EMU Equity

Index

Class XC1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XC3 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XA1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XA2 EUR

(unhedged) Shares in issue at the beginning of the period 724,176 649,351 101,233 101,233

Shares issued 80,705 514,217 - -

Shares redeemed - - - -

Shares in issue at the end of the period 804,881 1,163,568 101,233 101,233

Net Asset Value 75,697,887 109,797,368 9,612,455 9,612,456

Subscriptions during the financial period 9,400,000 47,000,000 - - Redemptions during the financial period - - - -

Zurich Invest

EMU Equity

Index

Class IL2 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class ZM1 EUR

(unhedged)

Shares in issue at the beginning of the period 6,476 311

Shares issued 127,572 1,762

Shares redeemed (32,819) (1,096)

Shares in issue at the end of the period 101,229 977

Net Asset Value 9,349,415 86,034

Subscriptions during the financial period 12,529,185 134,505

Redemptions during the financial period (3,286,372) (84,102)

All subscriptions and redemptions are denominated in the base currency of the Fund.

Zurich Invest ICAV

109


(continued)

6. Share capital (continued)

Zurich Invest

Euro Corporate

Bond

Class ZI1 EUR

(unhedged)*

Zurich Invest

Euro Corporate

Bond

Class XC2 EUR

(unhedged)*

Shares in issue at the beginning of the period - -


Shares redeemed (16) -

Shares in issue at the end of the period 330,263 500,246

Net Asset Value 33,263,611 48,679,918

Subscriptions during the financial period 32,969,574 50,000,000

Redemptions during the financial period (1,657) -

Zurich Invest

US Corporate

Bond

Class ZI2 EUR

(hedged )*

Zurich Invest

US Corporate

Bond

Class XA2 EUR

(hedged )*

Shares in issue at the beginning of the period - -


Shares redeemed (8) -


Net Asset Value 18,675,265 56,777,262

Subscriptions during the financial period 17,829,617 55,245,017

Redemptions during the financial period (913) -

Zurich Invest

US Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

US Equity

Index

Class ZI1 EUR

(unhedged)

Zurich Invest

US Equity

Index

Class ZM1 USD

(unhedged)

Shares in issue at the beginning of the period 113,074 1,587,017 345

Shares issued - 274,911 384

Shares redeemed (4,069) (787,629) (89)

Shares in issue at the end of the period 109,005 1,074,299 640

Net Asset Value 14,336,498 140,983,030 65,687

Subscriptions during the financial period - 35,745,546 36,980

Redemptions during the financial period (420,204) (111,216,772) (8,903)

* These share classes launched during the financial year. Refer to the General Information section for specific launch dates.


Zurich Invest ICAV

110


(continued)


Zurich Invest

World Equity

Index

Class XC1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class ZI1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class IC1 CHF

(unhedged)

Shares in issue at the beginning of the period 500,000 251,537 2,269 622,085

Shares issued 9,202 421 907 9,724

Shares redeemed (255,821) (19,911) (63) -

Shares in issue at the end of the period 253,381 232,047 3,113 631,809

Net Asset Value 31,131,879 29,514,001 393,923 69,174,750

Subscriptions during the financial period 1,163,241 55,887 124,062 1,037,183

Redemptions during the financial period (33,217,514) (2,503,045) (8,001) -

Zurich Invest

World Equity

Index

Class ZM1 USD

(unhedged)

Zurich Invest

World Equity

Index

Class ZG1 EUR

(unhedged)

Shares in issue at the beginning of the period 1,227 3

Shares issued 111 59,820

Shares redeemed - -


Net Asset Value 132,085 6,467,609

Subscriptions during the financial period 9,841 6,895,710

Redemptions during the financial period - -

The issued share capital and Net Asset Value at 30 November 2019 is as follows:

Zurich Invest

EMU Equity

Index

Class XC2 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XC4 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class ZI1 EUR

(unhedged)

Shares in issue at the beginning of the financial year 500,000 810,562 121,183 160,274

Shares issued - 138,191 9,751 135,069

Shares redeemed - (46,190) (4,286) (116,234)

Shares in issue at the end of the financial year 500,000 902,563 126,648 179,109

Net Asset Value 54,122,342 97,697,065 13,581,133 19,172,860

Subscriptions during the financial year - 12,738,571 956,751 12,867,999

Redemptions during the financial year - (4,736,256) (413,953) (11,149,252)


Zurich Invest ICAV

111


(continued)


Zurich Invest

EMU Equity

Index

Class XC1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XC3 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XA1 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class XA2 EUR

(unhedged)

Shares in issue at the beginning of the financial year 499,501 649,351 500 500

Shares issued 224,675 - 100,733 100,733

Shares redeemed - - - -


Net Asset Value 81,347,704 72,941,674 11,484,047 11,484,047

Subscriptions during the financial year 23,957,311 - 9,983,883 9,983,883

Redemptions during the financial year - - - -

Zurich Invest

EMU Equity

Index

Class IL2 EUR

(unhedged)

Zurich Invest

EMU Equity

Index

Class ZM1 EUR

(unhedged)

Shares in issue at the beginning of the financial year - -

Shares issued 6,476 311

Shares redeemed - -

Shares in issue at the end of the financial year 6,476 311

Net Asset Value 706,829 32,409

Subscriptions during the financial year 692,610 32,178

Redemptions during the financial year - -

Zurich Invest

US Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

US Equity

Index

Class ZI1 EUR

(unhedged)

Zurich Invest

US Equity

Index

Class ZM1 USD

(unhedged)

Shares in issue at the beginning of the financial year 113,074 1,360,989 -

Shares issued - 1,063,166 345

Shares redeemed - (837,138) -

Shares in issue at the end of the financial year 113,074 1,587,017 345

Net Asset Value 15,150,768 212,313,730 36,192

Subscriptions during the financial year - 125,800,114 35,708

Redemptions during the financial year - (101,473,076) -


Zurich Invest ICAV

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(continued)


Zurich Invest

World Equity

Index

Class XC1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class II1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class ZI1 EUR

(unhedged)

Zurich Invest

World Equity

Index

Class IC1 CHF

(unhedged)

Shares in issue at the beginning of financial year - - - -

Shares issued 500,000 252,957 2,271 629,700

Shares redeemed - (1,420) (2) (7,615)


Net Asset Value 65,443,710 33,775,195 303,350 72,061,139

Subscriptions during the financial year 56,912,475 28,705,460 286,914 63,080,391

Redemptions during the financial year - (169,141) (292) (794,430)

Zurich Invest

World Equity

Index

Class ZM1 USD

(unhedged)

Zurich Invest

World Equity

Index Class

ZG1 EUR

(unhedged)

Shares in issue at the beginning of the financial year - -

Shares issued 1,227 3

Shares redeemed - -

Shares in issue at the end of the financial year 1,227 3

Net Asset Value 128,226 285

Subscriptions during the financial year 126,811 278

Redemptions during the financial year - -


7. Financial instruments and associated risks

The ICAV 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 ICAV 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 ICAV’s net

assets. The Investment Manager will use its best endeavours to minimise the potentially adverse effects of these risks on the ICAV’s

performance where it can do so while still managing the investments of the ICAV in a way that is consistent with the ICAV’s investment

objective and policy.

(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 Funds hold 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 Funds are exposed to at 31 May 2020 is the fair value of investments as disclosed in the Funds'

Schedule of Investments.

Zurich Invest ICAV

113


(continued)

7. Financial instruments and associated risks (continued)

(a) Market risk (continued)

(i) 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 Funds are exposed to currency risk as monetary assets and liabilities of the Funds may be denominated in

a currency other than the functional currency of the Funds. 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 Funds' policy, the Investment

Manager monitors the Funds' currency exposure on a regular basis and the Investment Manager may attempt to mitigate this risk by

using financial derivative instruments.

The Funds 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 Funds had not engaged in any hedging as at 31 May 2019.

(ii) 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 Funds hold equity investments which are non-interest bearing, and investments in interest bearing bonds.

The Funds are subject to interest rate risk on the cash it holds, the value of which is as disclosed in the Condensed Statement of Financial

Position. The Funds are 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 Funds are also exposed to interest rate risk through its investments in interest bearing bonds which are disclosed in the schedules

of investments.

The Funds' interest rate risks are 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 Funds is the redemption of redeemable participating shares. As the Funds

are open ended, the Funds are required to redeem shares on request by shareholders at a price equivalent to the Net Asset Value per

share, subject to settlement and dealing restrictions laid down in the Prospectus. All of the Funds 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 Funds held at the

financial period ended 31 May 2020 and 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 shareholders.

(c) Global exposure

The Investment Manager will use the commitment approach to calculate the Fund's daily global exposure, being the incremental

exposure and leverage generated through the use of financial derivative instruments in accordance with its risk management process

and the requirements of the Central Bank.

Zurich Invest ICAV

114


(continued)


(d) Credit risk

Credit risk is the risk that an issuer or counterparty may be unable to meet a commitment that it has entered into with the ICAV. The

Funds have 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 Depository.

The Funds are exposed to issuer credit risk through their holdings in bonds. Issuer credit risk is the default risk of one of the issuers of

any bond held by the Funds.

The ICAV’s Depositary is State Street Custodial Services (Ireland) Limited. All of the assets and cash of the Funds are 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 Funds' rights with respect to its equity securities and cash held by the Depositary to be delayed or limited. The credit

rating of State Street Corporation as at 31 May 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 Funds 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 ICAV 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.

The Funds' credit risks are monitored on an ongoing basis by the Investment Manager.

(e) Offsetting financial assets and liabilities

The Funds were not subject to offsetting agreements during the financial period ended 31 May 2020.

(f) Fair Value Hierarchy

In relation to fair value measurement, IFRS 13 Fair value measurement requires the ICAV to classify fair value measurements using

a fair value hierarchy that reflects the significance of the inputs used in making the measurements.

IFRS 13 requires an entity 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 as defined under IFRS 13:

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).

Furthermore, for those instruments which have significant unobservable inputs (level 3), IFRS 13 requires disclosures on the transfers

into and out of level 3, a reconciliation of the opening and closing balances, total gains and losses for the period split between those

recognised in the Statement of Comprehensive Income and recognised through the statement of total recognised gains and losses,

purchases, sales issues and settlements, and a sensitivity analysis of assumptions used in determining the fair value of level 3 positions.

Zurich Invest ICAV

115


(continued)


(f) 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 ICAV. The ICAV 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, bank overdrafts and other short-term investments in an active market are categorised as Level 1.

Financial instruments that trade in markets that are not considered to be active but are valued based on quoted market prices, dealer

quotations or alternative pricing sources supported by observable inputs are classified within Level 2. These include forward foreign

currency exchange contracts.

Receivable for fund shares sold and other receivables include the contractual amounts for settlement of trades and other obligations due

to the ICAV. Payable for investments purchased and other payables represent the contractual amounts and obligations due by the ICAV

for settlement of trades and expenses. All receivable and payable balances are categorised as Level 2.

The redeemable units can be repurchased by the ICAV at any time for cash equal to a proportionate unit of the Funds' 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 analyse within the fair value hierarchy the Funds' financial assets and liabilities measured at fair value at 31 May

2020.


Level 1 Level 2 Level 3 Total

EUR EUR EUR EUR

Financial assets held at fair value through profit or loss:

Transferable securities

Equity securities 363,779,206 - 363,779,206

Total transferable securities 363,779,206 - 363,779,206

Total financial assets held at fair value through profit or

loss 363,779,206 - 363,779,206

Zurich Invest Euro Corporate Bond Fund*


EUR EUR EUR EUR



Fixed income securities - 79,726,386 - 79,726,386

Total transferable securities - 79,726,386 - 79,726,386


loss - 79,726,386 - 79,726,386


Zurich Invest ICAV

116


(continued)



Zurich Invest US Corporate Bond Fund*


USD USD USD USD



Fixed income securities - 71,951,427 - 71,951,427

Forwards - 1,298,515 - 1,298,515

Total transferable securities - 73,249,942 - 73,249,942


loss - 73,249,942 - 73,249,942



USD USD USD USD



Equity securities 155,369,749 - - 155,369,749

Total transferable securities 155,369,749 - - 155,369,749


loss 155,369,749 - - 155,369,749



USD USD USD USD




Total transferable securities 136,160,253 - - 136,160,253


loss 136,160,253 - - 136,160,253


Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the financial period 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 as

defined under IFRS 13. There were no transfers between levels during the financial period ended 31 May 2020.

Zurich Invest ICAV

117


(continued)



The following table analyse within the fair value hierarchy the Funds' financial assets and liabilities measured at fair value

at 30 November 2019.



EUR EUR EUR EUR

Financial assets held at fair value through profit or loss


Equity securities 362,226,204

- - 362,226,204

Total transferable securities 362,226,204

- - 362,226,204


loss 362,226,204 - - 362,226,204



USD USD USD USD





- - 225,086,918


loss 225,086,918 - - 225,086,918



USD USD USD USD



Equity securities 171,310,398

- - 171,310,398


- - 171,310,398


loss 171,310,398 - - 171,310,398

Transfers between levels of the fair value hierarchy are deemed to have occurred at the end of the financial period 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 as

defined under IFRS 13. There were no transfers between levels during the financial year ended 30 November 2019.

Zurich Invest ICAV

118


(continued)

8. Exchange Rates

The rates of exchange ruling at 31 May 2020 were as follows:

EUR 1 = Currency Rate USD 1 = Currency Rate AUD 1.6654 AUD 1.5003 CAD 1.5284 CAD 1.3769 CHF 1.0676 CHF 0.9618 DKK 7.4542 DKK 6.7152 GBP 0.8988 EUR 0.9009 HKD 8.6046 GBP 0.8097 JPY 119.7134 HKD 7.7515 NOK 10.7905 ILS 3.5115 NZD 1.7882 JPY 107.8450 SEK 10.4595 NOK 9.7208 SGD 1.5683 NZD 1.6110 USD 1.1101 SEK 9.4226 SGD 1.4128

The rates of exchange ruling at 30 November 2019 were as follows:

EUR 1 = Currency Rate USD 1 = Currency Rate AUD 1.6301 AUD 1.4784 CAD 1.4645 CAD 1.3283 CHF 1.1019 CHF 0.9994 DKK 7.4717 DKK 6.7764 GBP 0.8524 EUR 0.9069 HKD 8.6309 GBP 0.7731 JPY 120.7458 HKD 7.8278 NOK 10.1545 JPY 109.5100 NZD 1.7177 NOK 9.2096 SEK 10.5543 NZD 1.5579 SGD 1.5078 SEK 9.5722 USD 1.1026 SGD 1.3675

9. Related Party Disclosures

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, Zurich Invest Limited represent related

parties for the purpose of the accounting standards to which the ICAV is subject.

The interests of the Directors in related parties are as follows:

Thomas Osterwalder is a Director of Zurich Invest Ltd, a fully owned subsidiary of Zurich Insurance Company Ltd.

David Warren is Chief Investment Officer (CIO) of Zurich Life Assurance plc, a fully owned subsidiary of Zurich Insurance Company

Ltd.

Carne Global Fund Managers (Ireland) Limited, as Manager, is considered a related party to the ICAV as it is considered to have

significant influence over the ICAV in its role as Manager. During the financial period ended 31 May 2020, the Manager received

fees of 39,950 EUR (31 May 2019: 33,873 EUR) of which 7,110 EUR (30 November 2019: 13,166 EUR) was payable at the financial

period end. Carne Global Financial Services Limited, the parent company of the Manager, received fees amounting to 4,920 EUR (31

May 2019: 4,951 EUR) during the financial period ended 31 May 2020 in respect of other fund governance services to the ICAV, of

which 820 EUR (30 November 2019: Nil EUR) was payable at financial period end.

Zurich Invest ICAV

119


(continued)

9. Related Party Disclosures (continued)

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 conducted a) at arm’s length; and b) in the best interest of the

unit-holders of the UCITS”.

As required under UCITS Regulation 81.4, the Directors, as responsible persons are satisfied that 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 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).

For the financial period ending 31 May 2020 Directors fees were 9,750 EUR (31 May 2019 7,500 EUR), with Nil EUR (30 November

2019: 3,750 EUR) payable at 31 May 2020.

Significant Shareholders

The following table details the number of shareholders with significant holdings (at least 20%) of the relevant Fund and the percentage

of that holding as at 31 May 2020.


The following table details the number of shareholders with significant holdings (at least 20%) of the relevant Fund and the percentage

of that holding as at 30 November 2019.

Fund

Number

of significant

shareholders

Total holding

as at 31 May 2020

Aggregate shareholding

as a % of the Fund

as at 31 May 2020

Zurich Invest EMU Equity Index Fund 1 3,438,150 88.00

Zurich Invest US Equity Index Fund 1 1,184,290 100.00

Zurich Invest Euro Corporate Bond Fund* 2 830,594 100.00

Zurich Invest US Corporate Bond Fund* 2 663,313 100.00

Zurich Invest World Equity Index Fund 3 1,181,510 100.00

Fund

Number

of significant

shareholders

Total holding

as at 30 November 2019

Aggregate shareholding

as a % of the Fund

as at 30 November 2019

Zurich Invest EMU Equity Index Fund 1 2,978,563 90.50

Zurich Invest US Equity Index Fund 1 1,687,936 99.26

Zurich Invest World Equity Index Fund 2 1,122,092 81.48

Zurich Invest ICAV

120


(continued)

10. Dividends

The following distributions were declared by the ICAV during the financial period ended 31 May 2020:

Zurich Invest EMU Equity Index Fund Value

EUR

Per Share

EUR Ex-date

XC1 EUR (Unhedged) Distributing Shares 223,168 0.28 28 Feb 2020


XA1 EUR (Unhedged) Distributing Shares 28,351 0.28 28 Feb 2020


XC1 EUR (Unhedged) Distributing Shares 631,924 0.79 31 May 2020


XA1 EUR (Unhedged) Distributing Shares 82,725 0.82 31 May 2020


Total 1,804,193

Zurich Invest World Equity Index Fund Value

USD

Per Share

USD Ex-date



Total 276,293

The following distributions were declared by the ICAV during the financial period ended 31 May 2019:

Zurich Invest EMU Equity Index Fund Value

EUR

Per Share

EUR Ex-date





XC1 EUR (Unhedged) Distributing Shares 1,646,255 2.27 31 May 2019

XC3 EUR (Unhedged) Distributing Shares 1,476,835 2.27 31 May 2019



Total 4,028,058

Zurich Invest World Equity Index Fund Value

USD

Per Share

USD Ex-date



Total 677,757

11. Efficient Portfolio Management

The ICAV may, on behalf of the Funds, engage in techniques and instruments such as financial derivative instruments,

repurchase/reverse repurchase and stock lending agreements for the purposes of efficient portfolio management meaning the reduction

of risk, the reduction of costs to the Funds, the generation of additional capital or income for the Funds and hedging against market

movements, currency exchange or interest rate risks, taking into account the risk profile of the Funds and the general provisions of the

UCITS Regulations. Such transactions may include foreign exchange transactions which alter the currency characteristics

of transferable securities held by the Funds. No securities lending took place during the financial period ended 31 May 2020.

Zurich Invest ICAV

121


(continued)

12. Soft commissions and Directed Brokerage Services

There were no soft commission arrangements or directed brokerage services entered into by the Funds for the financial period ended

31 May 2020.

13. Registered Office

The Registered Office of the ICAV is disclosed in the Directory on page 1.

14. Seasonal and cyclical changes

The ICAV is not subject to seasonal or cyclical changes.

15. Significant events during the financial period

On 6 December 2019 Zurich Invest US Corporate Bond Fund and Zurich Invest Euro Corporate Bond Fund launched.

The Share Class Zurich US Corporate Bond Class XC2 EUR (Unhedged) was launched on 6 December 2019.

The Share Class Zurich US Corporate Bond Class ZI2 EUR (Hedged) was launched on 6 December 2019.

The Share Class Zurich Invest Euro Corporate Bond Class XA2 EUR (Hedged) was launched on 6 December 2019.

The Share Class Zurich Invest Euro Corporate Bond Class ZI1 EUR (Unhedged) was launched on 6 December 2019.

The COVID-19 epidemic is believed to have originated in Wuhan, Hubei, China. While containment efforts were made to slow the

spread of the epidemic the outbreak has now spread globally and has led to the World Health Organisation declaring the COVID-19

outbreak a pandemic on 11 March 2020. The Board is aware that global financial markets have been monitoring and reacting to the

outbreak. All markets have incurred increased volatility and uncertainty since the onset of the pandemic.

The Board has also noted the operational risks that are posed to the ICAV and its service providers due to global and local movement

restrictions that have been enacted by various governments. 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 will continue to monitor

this situation.

There have been no other significant events during the financial period.

16. Significant events since the financial period end

On 12 June 2020 new supplements to the Prospectus were issued for Zurich Blue Performance Fund, Zurich Blue Cautious Fund,

Zurich Blue Balanced Fund and Zurich Blue Adventurous Fund all of which launched on 18 June 2020.

The performance of the Funds from the financial period end to 10 July 2020, and the Subscriptions and Redemptions to/from the Funds

for the same period are listed in the table below.

Fund Performance % Subscriptions Redemptions

Zurich Invest EMU Equity Index 6.99% EUR 5,819,201 EUR 226,834

Zurich Invest Euro Corporate Bond 1.07% EUR 5,223,474 EUR 310,480

Zurich Invest US Corporate Bond 4.74% USD 552,258 USD 201,262

Zurich Invest US Equity Index 2.84% USD 15,213,262 USD 2,028,974

Zurich Invest World Equity Index 2.45% USD 12,523,721 USD 20,371,922

There have been no other significant events affecting the ICAV since 31 May 2020 that require amendment to or disclosure in the

Financial Statements.

17. Approval of financial statements

The Financial Statements were approved by the Board of Directors on 22 July 2020.

ZURICH INVEST ICAV - Carne Group Financial Services · Interim Report and Unaudited Condensed...

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