ZURICH INVEST COMMON CONTRACTUAL FUND - Carne ...
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ZURICH INVEST COMMON CONTRACTUAL FUND
An open-ended common contractual fund established under the laws of Ireland and
constituted as an umbrella fund with segregated liability between Funds and with variable
capital pursuant to the European Communities (Undertaking for Collective Investment in
Transferable Securities) Regulations 2011, as amended.
Annual Report and Audited Financial Statements
for the financial year ended 30 November 2021
Zurich Invest Common Contractual Fund
Contents
Page
Directory 1
General Information 2
Investment Manager’s Report 4
Statement of Manager’s Responsibilities 6
Report of the Depositary to the Unitholders 7
Independent Auditors’ Report 8
Statement of Financial Position 10
Statement of Comprehensive Income 11
Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders 12
Statement of Cash Flows 13
Schedule of Investments 14
Notes to the Financial Statements 28
Supplemental Information (unaudited)
Significant Changes in Portfolio Composition (unaudited) 41
Appendix I – Disclosure of Remuneration (unaudited) 43
Appendix II – Sustainable Finance Disclosure Regulation (⬙SFDR⬙) (unaudited) 45
Zurich Invest Common Contractual Fund
Directory
Board of Directors of the Manager Investment Manager
Michael Bishop (Chair) (British)* Deutsche Asset Management International GmbH
Neil Clifford (Irish) Mainzer Landstraße 11-17
Teddy Otto (German) 60329 Frankfurt am Main
Dennis Murray (Irish) (Resigned 31 May 2021) Germany
Sarah Murphy (Irish)
David McGowan (Irish)
Elizabeth Beazley (Irish) (Appointed 4 June 2021)
Christophe Douche (French) (Appointed 28 September 2021)
*Independent Director
Registered Office Manager
2nd Floor, Block E Carne Global Fund Managers (Ireland) Limited
Iveagh Court 2nd Floor, Block E
Harcourt Road Iveagh Court
Dublin 2 Harcourt Road
Ireland Dublin 2
Registered number: C175698 Ireland
Irish Legal Advisor Administrator
A&L Goodbody (Ireland) Limited State Street Fund Services (Ireland) Limited
International Financial Services Centre 78 Sir John Rogerson’s Quay
North Wall Quay Dublin 2
Dublin 1 Ireland
Ireland
Depositary Global Services Co-ordinator and Promoter
State Street Custodial Services (Ireland) Limited Zurich Invest Ltd
78 Sir John Rogerson’s Quay Hagenholzstrasse 60
Dublin 2 8050 Zurich
Ireland Switzerland
Secretary Independent Auditors
Carne Global Financial Services Limited PricewaterhouseCoopers
2nd Floor, Block E One Spencer Dock
Iveagh Court North Wall Quay
Harcourt Road Dublin 1
Dublin 2 Ireland
Ireland
1
Zurich Invest Common Contractual Fund
General Information
Background to the Common Contractual Fund
The Zurich Invest Common Contractual Fund (the “CCF”) is an open-ended umbrella common contractual fund, constituted by
a Deed of Constitution governed by the laws of Ireland and authorised under the Regulations by the Central Bank of Ireland (the
“Central Bank”).
The CCF was constituted on 30 April 2018 by the Deed of Constitution entered into by Carne Global Fund Managers (Ireland)
Limited (the “Manager”) and State Street Custodial Services (Ireland) Limited (the “Depositary”). As such, the CCF is not an
incorporated entity and does not have a separate legal personality. Instead, it is simply a description of a form of undivided
coownership by contractual arrangement whereby persons who acquire units and become legal unitholders in the CCF will have
coownership rights to the property of the relevant Fund of the CCF and the income that is derived from such property.
The CCF is authorised in Ireland as an undertaking for collective investment in transferable securities pursuant to the European
Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011, as amended (the “UCITS
Regulations”) and Central Bank (Supervision and Enforcement) Act 2013 (Section 48(1)) (Undertakings for Collective
Investment in Transferable Securities) Regulations 2019 (the “Central Bank UCITS Regulations”).
Units may be issued in relation to each Fund. Different Classes of Units may also be issued in relation to any Fund subject to
notifying and clearing in advance with the Central Bank of the creation of each Class of Units and the different Classes of Units
available for issue in each Fund will be set out in a Supplement for the relevant Fund. The different Classes of Units in a Fund
may have different charging structures, designation of units in different currencies or gains/losses on and costs of different
financial instruments employed for currency hedging between the Base Currency of a Fund or the underlying assets of a Fund
and the designated currency of the relevant Class of Units and the Minimum Initial Investment Amount and/or Minimum
Additional Investment Amount therefore may also differ. The different Classes of Units within a Fund together represent
interests in a single pool of assets of the Fund.
As an umbrella CCF with segregated liability between its funds, the Manager may create different funds from time to time. As at
30 November 2021, the CCF has established one Fund namely Zurich Invest US Equity Index CCF Fund (the “Fund”), which
launched on 15 May 2018.
The Manager of the CCF is Carne Global Fund Managers (Ireland) Limited (the “Manager”), which in turn has appointed
Deutsche Asset Management International GmbH as Investment Manager (the “Investment Manager”) of the Fund. The
Manager has also appointed Zurich Invest Ltd as Global Services Co-ordinator (the “Global Services Co-ordinator”) of the
Fund. Zurich Invest Ltd is a wholly owned subsidiary of Zurich Insurance Company Ltd.
Net Asset Value and Valuation of Assets
The Net Asset Value (“NAV”) of the Fund is calculated by the Administrator as at the Valuation Point for each Dealing Day by
valuing the assets of the Fund and deducting there from the liabilities of the Fund. The NAV of a Fund divided by the number of
units of the relevant Fund in issue as at the relevant Valuation Point (where the resulting sum is rounded to two decimal places)
is equal to the NAV of a unit of the relevant Fund. Where there is more than one class in issue in a Fund, the NAV per unit of the
relevant class is calculated by determining that proportion of the NAV of the relevant Fund which is attributable to the relevant
class at the Valuation Point, and by dividing this sum by the total number of units of the relevant class in issue at the relevant
Valuation Point (which is set out in the supplement to the Prospectus for the relevant Fund). The price at which units of any class
will be issued or redeemed on a Dealing Day, after the initial issue, is based on the NAV per unit or NAV per unit of a relevant
Class (where there is more than one class in issue in a Fund). The NAV per unit is the resulting sum rounded to two decimal
places.
Investment objective and policy
The investment objective of the Fund is to track, before fees and expenses, the return performance of the MSCI USA ESG
Universal Sector Neutral Select Capped 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.
2
Zurich Invest Common Contractual Fund
General Information (continued)
Investment objective and policy (continued)
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.
3
Zurich Invest Common Contractual Fund
Investment Manager’s Report
Market return and view 4. quarter 2021
In the last quarter of last year, many stock indices, such as the American indices S&P 500, Dow Jones and Nasdaq, the Swiss
index SPI, the French index CAC 40 and the German index DAX, reached new highs despite the ongoing COVID crisis. The
appearance of the Omicron variant led to higher volatility and the risk appetite of many investors decreased. They realised their
profits. At the end of the year, the stock markets recovered and ended in an excellent stock market year 2021.
Overall, investors benefited from favourable conditions last year: the recovering economy and rising corporate profits, as well as
the expansionary fiscal policy and the loose monetary policy framework, have contributed to the pleasing development of the
equity markets.
Macroeconomic data support the economy
In the fourth quarter, macroeconomic data pointed to a re-acceleration of the global economy. Several service sectors and brisk
industrial activity in particular contributed to the recovery. There are slight signs of a reduction in supply bottlenecks, as delivery
times have been shorter and order backlogs have continued to be processed. An increase in the Omicron variant made it difficult
to further improve the supply of industrial goods as producers faced COVID-related labor losses. Demand for consumer goods
is robust as consumers are comfortably positioned by accumulated savings and good labour markets. The Norwegian, English
and US federal banks accelerated monetary policy tightening, responding to the high inflation figures.
US Federal Reserve promised interest rate hike
The S&P 500 Index continued its rise in the fourth quarter, reaching a new high. The positive development of the American
economy contributed in particular to this development. This is illustrated by the achievement of a maximum number of
advertised positions and the retention of the unemployment rate below 5%. Inflation remained an important issue in the last
quarter of the year, remaining well above the 2% targeted by the US Federal Reserve. The US Federal Reserve then reduced the
pace of its asset purchase program and promised to completely discontinue it faster than expected and to raise key interest rates
in 2022.
Renewed highs in inflation in the Eurozone
In the last quarter of last year, inflation reached further highs in the eurozone and the UK. This increases the pressure on central
banks to adjust their key interest rates. However, the European Central Bank (ECB) stressed last quarter that it wants to wait with
interest rate hikes in 2022. In contrast to the ECB, the British central bank raised the key interest rate to 0.25% in December
2021. The European Central Bank also announced that it would end the asset purchase programme introduced in response to the
pandemic by the end of March 2022. However, the ECB’s second asset purchase programme, which was launched in response to
the eurozone debt crisis in 2015, will remain in place and will be temporarily increased in the second and third quarters of 2022.
In Europe, the end of the Merkel era attracted attention. The new government, consisting of an alliance of the SPD, the Greens
and the FDP and led by the new Chancellor Olaf Scholz, has ambitious plans. Germany could become the first major economy
to decouple economic growth from rising greenhouse gas emissions.
Inflation in Switzerland rose slightly
The Swiss economy developed positively in the last quarter of 2021 and gross domestic product has reached the pre-pandemic
level. The Swiss Performance Index (SPI) rose in the fourth quarter and closed the year at 16,444 points. Prices rose in the
second half of the year. However, this is at a significantly lower level than in other European countries. The Swiss National Bank
(SNB) expects inflation of 0.6% for 2021 and forecast inflation of 1.0% for 2022. The SNB sees the main reason for this in the
increased prices of imported goods. It held out the prospect of continuing its expansionary monetary policy unchanged and
leaving interest rates unchanged as well.
Japanese equity markets reacted positively to new general election
In early October, Fumio Kishida, of the Liberal Democratic Party (LDP), was elected as Japan’s new prime minister. In the
following general elections in parliament, the Liberal Democratic party had achieved an absolute majority with 261 seats,
although the party had lost some seats. This was viewed positively by the Japanese stock markets and the Japanese stock indices
Topix and Nikkei 225 gained after the election.
4
Zurich Invest Common Contractual Fund
Investment Manager’s Report (continued)
Evergrande Real Estate Group continues in the downward vortex
The real estate developer Evergrande followed up with further negative news in the fourth quarter. The Group was unable to
service interest repayments on some bonds on time. The rating agency Fitch downgraded Evergrande to ⬙restricted default⬙ due
to recent developments. In addition to the real estate sector, the Chinese retail and service sectors also suffered. This is mainly
due to COVID-related mobility restrictions. There were positive signals from the Central Working Conference on the Economy
under the leadership of President Xi. The core message was ⬙stability⬙. Those words were followed by deeds when the one-year
mortgage lending rate was lowered to prop up the economy. This makes the continuation of the economic downturn unlikely.
Gold price rises slightly
Gold prices rose sharply in the course of November but corrected downwards towards the end of November. Throughout the
quarter, the price of gold rose, but remained lower than at the end of the previous year.
Zurich’s market assessment
Overall, we expect higher volatility and greater divergences within asset classes compared to last year. COVID will remain an
issue for investors. However, it is unclear whether the current fourth wave of record-breaking global infections will have
devastating consequences or whether it will be the link to a pandemic that is evolving over time into an endemic with fewer
hospitalizations and fewer intensive care patients.
While U.S. equities are likely to perform well, Japan and Europe are well positioned to make relative gains given their cyclical
exposure. Emerging markets are starting to get interesting, but we need stability to whet our appetite. With volatility expected to
increase, timing will become a deciding factor this year. We expect credit spreads to be within a normal range in the short term.
The pressure of large supply and higher yields is likely to lead to some volatility in spreads, although the long-term drivers of
investor demand are likely to remain intact due to the search for yield. The upside potential for bond yields remains as some
central banks will react sooner rather than later due to rising inflation.
Performance - Zurich Invest US Equity Index CCF Fund (unaudited)
The following table shows the Fund’s performance for the financial year ended 30 November 2021, and the performance of the
benchmark index, for the same period. The table also discloses the anticipated and realised tracking error of the Fund as at
30 November 2021. The tracking error is the annualised standard deviation of the difference between the monthly (or daily)
returns of the Fund and the Index.
Portfolio Benchmark Spread Anticipated Realised
Fund % % % points Tracking Error Tracking Error
Zurich Invest US Equity
Index CCF Fund* 26.989 26.774 0.215 Up to 1.00% 0.04%
* On 1 July 2021 the Fund changed benchmark index from the MSCI USA Index to the MSCI USA ESG Universal Sector
Neutral Select Capped Index. The Benchmark return shown in the table is the combined return for both Benchmark indices for
the financial year ended 30 November 2021. The return of the MSCI USA Index for the period 1 December 2020 to 30 June
2021 was 19.31% and the return of the Fund was 19.42% for the same period. The return of the MSCI USA ESG Universal
Sector Neutral Select Capped Index for the period 1 July 2021 to 30 November 2021 was 6.25% and the return of the Fund was
6.34% for the same period.
Deutsche Asset Management
International GmbH
17 January 2022
5
Zurich Invest Common Contractual Fund
Statement of Manager’s Responsibilities
The Manager is responsible for preparing the CCF’s annual report and financial statements in accordance with applicable Irish
law and regulations. The Manager has elected to prepare the financial statements in accordance with International Financial
Reporting Standards (“IFRS”) as adopted by the European Union.
The financial statements are required by law to give a true and fair view of the state of affairs of the CCF and of the profit or loss
of the CCF for that financial year.
In preparing these financial statements, the Manager is required to:
• select suitable accounting policies and then apply them consistently;
• make judgements and estimates that are reasonable and prudent;
• state whether the financial statements have been prepared in accordance with applicable accounting standards and identify
the standards in question, subject to any material departures from those standards being disclosed and explained in the notes
to the financial statements; and
• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the CCF will continue
in business.
The Manager is responsible for keeping proper books of account which disclose with reasonable accuracy at any time the
financial position of the CCF and enable it to ensure that the financial statements are prepared in accordance with IFRS as
adopted by the European Union, and comply with the provisions of the Deed of Constitution and Irish Statute comprising the
UCITS Regulations. In this regard the Manager has appointed State Street Fund Services (Ireland) Limited for the purpose of
maintaining adequate accounting records. It is also responsible for safeguarding the assets of the CCF. In this regard it has
entrusted the assets of the CCF to the Depositary. The Manager has appointed State Street Custodial Services (Ireland) Limited
as Depositary. The Manager has a general responsibility for taking such steps as are reasonably open to it to prevent and detect
fraud and other irregularities.
The financial statements are published on the website www.carnegroup.com/zurich. The Manager, together with the Investment
Manager, is responsible for the maintenance and integrity of the website as far as it relates to the publication of the financial
statements of the CCF. Legislation in Ireland governing the preparation and dissemination of financial statements may differ
from legislation in other jurisdictions.
Dealings with Connected Persons
Regulation 43 of the UCITS Regulations “Restrictions on transactions with connected persons” states that “A responsible person
shall ensure that any transaction between a UCITS and a connected person is a) conducted at arm’s length; and b) in the best
interest of the unit-holders of the UCITS”.
As required under Central Bank’s UCITS Regulation 81.4, the Board of Directors of the Manager as the responsible person, is
satisfied that (a) there are in place arrangements, evidenced by written procedures, to ensure that the obligations that are
prescribed by Regulation 43(1) are applied to all transactions with a connected person; and (b) all transactions with connected
persons that were entered into during the financial period to which the report relates complied with the obligations that are
prescribed by Regulation 43(1).
On behalf of the Board of the Manager
Director Director
28 March 2022
6
Zurich Invest Common Contractual Fund
Report of the Depositary to the Unitholders
We have enquired into the conduct of the Manager in respect of Zurich Invest Common Contractual Fund (‘the CCF’) for the
financial year ended 30 November 2021, in our capacity as Depositary to the CCF.
This report including the opinion has been prepared for and solely for the Unitholders in the CCF as a body, in accordance with
Regulation 34, (1), (3) and (4) in Part 5 of the European Communities (Undertakings for Collective Investment in Transferable
Securities) Regulations 2011, as amended, (‘the UCITS Regulations’), and for no other purpose. We do not, in giving this
opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown.
Responsibilities of the Depositary
Our duties and responsibilities are outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations. One of those
duties is to enquire into the conduct of the CCF in each annual accounting period and report thereon to the unitholders.
Our report shall state whether, in our opinion, the CCF has been managed in that financial period in accordance with the
provisions of the CCF’s Deed of Constitution and the UCITS Regulations. It is the overall responsibility of the CCF to comply
with these provisions. If the CCF has not so complied, we as Depositary must state why this is the case and outline the steps
which we have taken to rectify the situation.
Basis of Depositary’s Opinion
The Depositary conducts such reviews as it, in its reasonable opinion, considers necessary in order to comply with its duties as
outlined in Regulation 34, (1), (3) and (4) in Part 5 of the UCITS Regulations and to ensure that, in all material respects, the CCF
has been managed (i) in accordance with the limitations imposed on its investment and borrowing powers by the provisions of
the CCF’s Deed of Constitution and the UCITS Regulations and (ii) otherwise in accordance with the CCF’s constitutional
documentation and the appropriate regulations.
Opinion
In our opinion, the CCF has been managed during the financial period, in all material respects:
(i) in accordance with the limitations imposed on the investment and borrowing powers of the Manager and the
Depositary by the Deed of Constitution, the UCITS Regulations and the Central Bank (Supervision and Enforcement)
Act 2013 (Section 48(1)) (Undertakings for Collective Investment in Transferable Securities) Regulations 2019 (‘the
Central Bank UCITS Regulations’); and
(ii) otherwise in accordance with the provisions of the Deed of Constitution, the UCITS Regulations and the Central Bank
UCITS Regulations.
John Digitally signed
by John
Paul Digitally signed
by Paul Kenneth Kenneth Barry
Cavanag Cavanagh Date: 2022.03.31
h
Date: 2022.03.31 Barry 14:04:48 +01'00'
12:29:52 +01'00'
State Street Custodial Services (Ireland) Limited
78 Sir John Rogerson’s Quay
Dublin 2
Ireland
28 March 2022
7Independent auditors’ report to the unitholders of Zurich Invest
Common Contractual Fund
Report on the audit of the financial statements
Opinion
In our opinion, Zurich Invest Common Contractual Fund’s financial statements:
• give a true and fair view of the Common Contractual Fund’s assets, liabilities and financial position as at 30
November 2021 and of its results and cash flows for the year then ended;
• have been properly prepared in accordance with International Financial Reporting Standards (“IFRSs”) as
adopted by the European Union; and
• have been properly prepared in accordance with the requirements of the European Communities
(Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended).
We have audited the financial statements, included within the Annual Report and Audited Financial Statements,
which comprise:
• the Statement of Financial Position as at 30 November 2021;
• the Statement of Comprehensive Income for the year then ended;
• the Statement of Cash Flows for the year then ended;
• the Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders for the year
then ended;
• the Schedule of Investments as at 30 November 2021; and
• the notes to the financial statements, which include a description of the significant accounting policies.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (Ireland) (“ISAs (Ireland)”) and
applicable law.
Our responsibilities under ISAs (Ireland) are further described in the Auditors’ responsibilities for the audit of the
financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
Independence
We remained independent of the Common Contractual Fund in accordance with the ethical requirements that are
relevant to our audit of the financial statements in Ireland, which includes IAASA’s Ethical Standard, and we have
fulfilled our other ethical responsibilities in accordance with these requirements.
Conclusions relating to going concern
Based on the work we have performed, we have not identified any material uncertainties relating to events or
conditions that, individually or collectively, may cast significant doubt on the Common Contractual Fund’s ability to
continue as a going concern for a period of at least twelve months from the date on which the financial statements are
authorised for issue.
In auditing the financial statements, we have concluded that the manager’s use of the going concern basis of
accounting in the preparation of the financial statements is appropriate.
However, because not all future events or conditions can be predicted, this conclusion is not a guarantee as to the
Common Contractual Fund’s ability to continue as a going concern.
Our responsibilities and the responsibilities of the manager with respect to going concern are described in the
relevant sections of this report.Reporting on other information The other information comprises all of the information in the Annual Report and Audited Financial Statements other than the financial statements and our auditors’ report thereon. The manager is responsible for the other information. Our opinion on the financial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except to the extent otherwise explicitly stated in this report, any form of assurance thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. If we identify an apparent material inconsistency or material misstatement, we are required to perform procedures to conclude whether there is a material misstatement of the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report based on these responsibilities. Responsibilities for the financial statements and the audit Responsibilities of the manager for the financial statements As explained more fully in the Statement of Manager’s Responsibilities set out on page 6, the manager is responsible for the preparation of the financial statements in accordance with the applicable framework giving a true and fair view. The manager is also responsible for such internal control as the manager determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the manager is responsible for assessing the Common Contractual Fund’s ability to continue as a going concern, disclosing as applicable, matters related to going concern and using the going concern basis of accounting unless the manager intends to cease operations, or has no realistic alternative but to do so. Auditors’ responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Our audit testing might include testing complete populations of certain transactions and balances, possibly using data auditing techniques. However, it typically involves selecting a limited number of items for testing, rather than testing complete populations. We will often seek to target particular items for testing based on their size or risk characteristics. In other cases, we will use audit sampling to enable us to draw a conclusion about the population from which the sample is selected. A further description of our responsibilities for the audit of the financial statements is located on the IAASA website at: https://www.iaasa.ie/getmedia/b2389013-1cf6-458b-9b8f- a98202dc9c3a/Description_of_auditors_responsibilities_for_audit.pdf. This description forms part of our auditors’ report. Use of this report This report, including the opinion, has been prepared for and only for the unitholders as a body in accordance with the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations 2011 (as amended) and for no other purpose. We do not, in giving this opinion, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. PricewaterhouseCoopers Chartered Accountants and Registered Auditors Dublin 31 March 2022
Zurich Invest Common Contractual Fund
Statement of Financial Position
As at 30 November 2021
Zurich Invest Zurich Invest
US Equity Index CCF US Equity Index CCF
30 November 2021 30 November 2020
Notes USD USD
Assets
Financial assets held at fair value through profit or loss:
Transferable securities 2 1,587,001,781 687,398,308
Cash and cash equivalents 2 233,210 363,538
Receivable for securities sold 85,073,708 -
Dividend receivables 1,660,424 868,346
Total assets 1,673,969,123 688,630,192
Liabilities
Payable for securities purchased (83,624,107) -
Payable for fund units repurchased - (303,550)
Operating fees payable (94,517) (38,493)
Transaction fees payable (1,209) (1,470)
Total liabilities (83,719,833) (343,513)
Net assets attributable to redeemable participating unitholders 1,590,249,290 688,286,679
On behalf of the Board of the Manager
Director Director
28 March 2022
The accompanying notes form an integral part of these financial statements.
10
Zurich Invest Common Contractual Fund
Statement of Comprehensive Income
For the financial year ended 30 November 2021
Zurich Invest Zurich Invest
US Equity Index CCF US Equity Index CCF
30 November 2021 30 November 2020
Notes USD USD
Income
Dividend income 2 14,726,004 11,365,678
Other income 484 1,139
Net gain on financial assets at fair value through profit or loss 207,021,214 105,676,042
Total investment income 221,747,702 117,042,859
Operating expenses
Operating fees (740,685) (437,150)
Transaction fees (14,343) (4,098)
Total operating expenses (755,028) (441,248)
Finance cost
Interest expense (23) (1,427)
Distributions 8 (3,514,001) (3,484,449)
Total finance cost (3,514,024) (3,485,876)
Net gain on financial assets from operations before taxation 217,478,650 113,115,735
Withholding tax (1,807,065) (1,756,338)
Changes in net assets attributable to redeemable participating
unitholders resulting from operations 215,671,585 111,359,397
There are no recognised gains or losses arising during the financial year other than those dealt with in the Statement of
Comprehensive Income. In arriving at the results for the financial year all amounts relate to continuing operations.
The accompanying notes form an integral part of these audited annual financial statements.
11
Zurich Invest Common Contractual Fund
Statement of Changes in Net Assets Attributable to Redeemable Participating Unitholders
For the financial year ended 30 November 2021
Zurich Invest Zurich Invest
US Equity Index CCF US Equity Index CCF
30 November 2021 30 November 2020
Note USD USD
Net assets attributable to redeemable participating Unitholders at
the beginning of the financial year 688,286,679 647,766,159
Changes in net assets attributable to redeemable participating
Unitholders resulting from operations 215,671,585 111,359,397
Unit transactions
Issue of units 6 854,926,947 48,152
Redemption of units 6 (168,635,921) (70,887,029)
Net increase/(decrease) in net assets attributable to holders of
redeemable participating units from capital transactions 686,291,026 (70,838,877)
Net increase in net assets attributable to holders of redeemable
participating units during the financial year 901,962,611 40,520,520
Net assets attributable to holders of redeemable participating
units at the end of the financial year 1,590,249,290 688,286,679
The accompanying notes form an integral part of these financial statements.
12
Zurich Invest Common Contractual Fund
Statement of Cash Flows
For the financial year ended 30 November 2021
Zurich Invest Zurich Invest
US Equity Index CCF US Equity Index CCF
30 November 2021 30 November 2020
USD USD
Cash flows from operating activities
Changes in net assets attributable to holders of redeemable participating
units 215,671,585 111,359,397
Adjustments for:
Net movement in financial assets and financial liabilities at fair value
through profit or loss (119,347,071) (40,903,887)
Net movement in other assets and receivables (85,865,786) 169,605
Net movement on other liabilities and accrued expenses 83,679,870 (14,949)
Net cash (outflow) operating activities 94,138,598 70,610,166
Cash flows from financing activities
Proceeds from issue of redeemable participating units 74,670,545 48,152
Payments for redeemable participating units redeemed (168,939,471) (70,583,479)
Net cash inflow from financing activities (94,268,926) (70,535,327)
Net increase in cash and cash equivalents (130,328) 74,839
Reconciliation of cash movement during the financial year
Net cash at the beginning of the financial year 363,538 288,699
Net cash at the end of the financial year 233,210 363,538
* There was non-cash purchases of securities and issue of redeemable participating units on 15 July 2021, with a value of USD
780,256,402, which is not included in the Statement of Cash Flows. Further details of these transactions are provided in
note 14.
The accompanying notes form an integral part of these financial statements.
13
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund
Schedule of Investments as at 30 November 2021
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%)
Equities (99.80%) (30 November 2020: 99.87%)
Bermuda (0.37%) (30 November 2020: 0.38%)
17,299 Arch Capital Group Ltd 698,534 0.04
5,751 Athene Holding Ltd 471,122 0.03
8,166 Bunge Ltd 706,931 0.05
838 Everest Re Group Ltd 214,846 0.01
27,162 IHS Markit Ltd 3,471,847 0.22
14,576 Invesco Ltd 325,482 0.02
5,888,762 0.37
Canada (0.07%) (30 November 2020: 0.08%)
7,773 Waste Connections Inc 1,034,275 0.07
1,034,275 0.07
Curacao (0.39%) (30 November 2020: 0.09%)
218,735 Schlumberger NV 6,273,320 0.39
6,273,320 0.39
Ireland (1.96%) (30 November 2020: 2.13%)
15,323 Accenture Plc 5,476,440 0.34
6,971 Allegion Plc 861,895 0.05
7,577 Aon Plc 2,241,049 0.14
14,350 Eaton Corp Plc 2,325,561 0.15
9,070 Horizon Therapeutics Plc 941,103 0.06
2,236 Jazz Pharmaceuticals Plc 268,029 0.02
47,443 Johnson Controls International Plc 3,546,839 0.22
16,286 Linde Plc 5,181,237 0.32
34,733 Medtronic Plc 3,706,011 0.23
9,982 Pentair Plc 735,574 0.05
6,125 Seagate Technology Holdings Plc 628,854 0.04
6,479 STERIS Plc 1,415,856 0.09
16,822 Trane Technologies Plc 3,139,826 0.20
3,243 Willis Towers Watson Plc 732,399 0.05
31,200,673 1.96
Jersey (0.30%) (30 November 2020: 0.16%)
108,291 Amcor Plc 1,225,854 0.08
18,098 Aptiv Plc 2,902,014 0.18
11,574 Clarivate Plc 270,137 0.02
4,045 Novocure Ltd 378,774 0.02
4,776,779 0.30
Liberia (0.03%) (30 November 2020: 0.04%)
7,678 Royal Caribbean Cruises Ltd 536,078 0.03
536,078 0.03
14
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
Netherlands (0.26%) (30 November 2020: 0.21%)
5,256 LyondellBasell Industries NV 457,955 0.03
16,418 NXP Semiconductors NV 3,667,125 0.23
4,125,080 0.26
Panama (0.02%) (30 November 2020: 0.03%)
13,857 Carnival Corp 244,160 0.02
244,160 0.02
Switzerland (0.31%) (30 November 2020: 0.37%)
15,096 Chubb Ltd 2,709,279 0.17
3,852 Garmin Ltd 514,396 0.03
10,659 TE Connectivity Ltd 1,640,740 0.11
4,864,415 0.31
United Kingdom (0.07%) (30 November 2020: 0.08%)
7,665 Liberty Global Plc Class A 202,356 0.01
13,924 Liberty Global Plc Class C 370,935 0.03
5,207 Royalty Pharma Plc 207,082 0.01
6,028 Sensata Technologies Holding Plc 335,760 0.02
1,116,133 0.07
United States (96.02%) (30 November 2020: 96.30%)
2,615 10X Genomics Inc 399,598 0.02
38,903 3M Co 6,615,066 0.42
45,664 Abbott Laboratories 5,743,161 0.36
45,519 AbbVie Inc 5,247,430 0.33
2,985 Abiomed Inc 939,618 0.06
32,088 Activision Blizzard Inc 1,880,357 0.12
29,818 Adobe Inc 19,973,587 1.26
2,196 Advance Auto Parts Inc 484,701 0.03
47,507 Advanced Micro Devices Inc 7,523,684 0.47
23,395 Aflac Inc 1,266,605 0.08
20,965 Agilent Technologies Inc 3,163,618 0.20
9,045 AGNC Investment Corp 138,298 0.01
7,375 Air Products and Chemicals Inc 2,119,870 0.13
3,880 Airbnb Inc 669,455 0.04
5,251 Akamai Technologies Inc 591,788 0.04
4,930 Albemarle Corp 1,313,796 0.08
4,921 Alexandria Real Estate Equities Inc 984,544 0.06
2,677 Align Technology Inc 1,637,066 0.10
549 Alleghany Corp 355,137 0.02
10,155 Allstate Corp 1,104,052 0.07
12,541 Ally Financial Inc 574,754 0.04
5,186 Alnylam Pharmaceuticals Inc 953,187 0.06
12,489 Alphabet Inc Class A 35,443,158 2.23
11,998 Alphabet Inc Class C 34,182,782 2.15
5,388 Altice USA Inc 85,346 0.01
15
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
64,525 Altria Group Inc 2,751,346 0.17
14,990 Amazon.com Inc 52,570,979 3.31
26,651 AMC Entertainment Holdings Inc 904,535 0.06
217 Amerco 152,890 0.01
44,193 American Express Co 6,730,594 0.42
2,212 American Financial Group Inc 295,545 0.02
36,227 American International Group Inc 1,905,540 0.12
25,460 American Tower Corp 6,682,741 0.42
9,315 American Water Works Co Inc 1,570,231 0.10
4,579 Ameriprise Financial Inc 1,326,078 0.08
4,518 AmerisourceBergen Corp 522,959 0.03
4,322 Ametek Inc 589,953 0.04
37,775 Amgen Inc 7,512,692 0.47
19,300 Amphenol Corp 1,555,194 0.10
17,322 Analog Devices Inc 3,122,290 0.20
59,279 Annaly Capital Management Inc 480,160 0.03
5,589 Ansys Inc 2,187,982 0.14
10,490 Anthem Inc 4,261,353 0.27
5,489 AO Smith Corp 433,905 0.03
1,895 Apollo Global Management Inc 134,128 0.01
388,023 Apple Inc 64,140,202 4.03
56,500 Applied Materials Inc 8,316,235 0.52
7,287 Aramark 243,386 0.02
30,917 Archer-Daniels-Midland Co 1,923,348 0.12
7,376 Arista Networks Inc 915,067 0.06
2,372 Arrow Electronics Inc 288,554 0.02
6,496 Arthur J Gallagher & Co 1,058,198 0.07
2,573 Assurant Inc 391,353 0.02
292,797 AT&T Inc 6,684,556 0.42
8,439 Atmos Energy Corp 762,210 0.05
14,166 Autodesk Inc 3,600,856 0.23
26,341 Automatic Data Processing Inc 6,081,873 0.38
943 AutoZone Inc 1,713,497 0.11
3,466 Avalara Inc 484,131 0.03
3,317 AvalonBay Communities Inc 792,332 0.05
17,965 Avantor Inc 709,258 0.04
3,503 Avery Dennison Corp 718,360 0.04
158,588 Baker Hughes Co 3,701,444 0.23
19,956 Ball Corp 1,864,888 0.12
307,695 Bank of America Corp 13,683,197 0.86
55,982 Bank of New York Mellon Corp 3,067,254 0.19
7,943 Bath & Body Works Inc 596,758 0.04
21,437 Baxter International Inc 1,598,557 0.10
7,142 Becton Dickinson and Co 1,693,654 0.11
5,496 Bentley Systems Inc 263,753 0.02
42,991 Berkshire Hathaway Inc 11,895,180 0.75
15,125 Best Buy Co Inc 1,616,257 0.10
16
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
2,957 Bill.com Holdings Inc 830,473 0.05
10,471 Biogen Inc 2,468,434 0.15
6,246 BioMarin Pharmaceutical Inc 538,967 0.03
383 Bio-Rad Laboratories Inc 288,476 0.02
1,734 Bio-Techne Corp 818,500 0.05
6,577 Black Knight Inc 470,058 0.03
9,844 BlackRock Inc 8,904,981 0.56
11,925 Blackstone Group Inc 1,686,791 0.11
1,373 Booking Holdings Inc 2,885,840 0.18
5,542 Booz Allen Hamilton Holding Corp 465,195 0.03
9,201 BorgWarner Inc 398,219 0.02
77 Boston Beer Co Inc 34,740 0.00
4,508 Boston Properties Inc 486,143 0.03
48,707 Boston Scientific Corp 1,854,275 0.12
77,003 Bristol-Myers Squibb Co 4,129,671 0.26
16,305 Broadcom Inc 9,027,752 0.57
3,730 Broadridge Financial Solutions Inc 628,766 0.04
8,952 Brown & Brown Inc 576,598 0.04
16,162 Brown-Forman Corp 1,137,160 0.07
2,770 Burlington Stores Inc 811,970 0.05
262 Cable One Inc 464,280 0.03
17,973 Cadence Design Systems Inc 3,189,489 0.20
6,980 Caesars Entertainment Inc 628,689 0.04
2,083 Camden Property Trust 344,132 0.02
10,568 Campbell Soup Co 426,207 0.03
18,105 Capital One Financial Corp 2,544,296 0.16
7,570 Cardinal Health Inc 349,961 0.02
6,437 Carlyle Group Inc 352,040 0.02
6,905 CarMax Inc 975,331 0.06
55,799 Carrier Global Corp 3,019,842 0.19
1,229 Carvana Co 344,636 0.02
6,731 Catalent Inc 866,010 0.05
19,657 Caterpillar Inc 3,800,681 0.24
4,599 Cboe Global Markets Inc 592,995 0.04
19,628 CBRE Group Inc 1,875,848 0.12
5,907 CDW Corp 1,118,550 0.07
3,232 Celanese Corp 489,196 0.03
19,989 Centene Corp 1,427,414 0.09
3,230 Ceridian HCM Holding Inc 353,362 0.02
20,824 Cerner Corp 1,467,051 0.09
8,257 CF Industries Holdings Inc 500,292 0.03
9,214 CH Robinson Worldwide Inc 876,159 0.05
1,605 Charles River Laboratories International Inc 587,221 0.04
60,456 Charles Schwab Corp 4,678,690 0.29
2,620 Charter Communications Inc 1,693,254 0.11
37,434 Cheniere Energy Inc 3,923,458 0.25
714 Chewy Inc 48,738 0.00
17
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
900 Chipotle Mexican Grill Inc 1,479,069 0.09
7,885 Church & Dwight Co Inc 704,761 0.04
8,373 Cigna Corp 1,606,779 0.10
6,613 Cincinnati Financial Corp 753,221 0.05
3,407 Cintas Corp 1,438,401 0.09
262,949 Cisco Systems Inc 14,420,125 0.91
81,279 Citigroup Inc 5,177,472 0.33
15,833 Citizens Financial Group Inc 748,426 0.05
4,583 Citrix Systems Inc 368,611 0.02
6,581 Clorox Co 1,071,717 0.07
5,653 Cloudflare Inc 1,064,121 0.07
15,377 CME Group Inc 3,390,936 0.21
229,897 Coca-Cola Co 12,058,098 0.76
11,796 Cognex Corp 911,241 0.06
16,334 Cognizant Technology Solutions Corp 1,273,728 0.08
43,225 Colgate-Palmolive Co 3,242,739 0.20
187,977 Comcast Corp 9,395,090 0.59
20,045 Conagra Brands Inc 612,375 0.04
39,675 Consolidated Edison Inc 3,080,367 0.19
5,470 Constellation Brands Inc 1,232,555 0.08
1,689 Cooper Cos Inc 635,858 0.04
7,667 Copart Inc 1,112,942 0.07
19,308 Corning Inc 716,134 0.04
24,798 Corteva Inc 1,115,910 0.07
7,388 CoStar Group Inc 574,491 0.04
15,543 Costco Wholesale Corp 8,383,583 0.53
2,325 Coupa Software Inc 457,235 0.03
7,505 Crowdstrike Holdings Inc 1,629,636 0.10
14,965 Crown Castle International Corp 2,718,394 0.17
4,672 Crown Holdings Inc 494,298 0.03
82,458 CSX Corp 2,857,994 0.18
10,645 Cummins Inc 2,232,789 0.14
55,332 CVS Health Corp 4,927,868 0.31
26,945 Danaher Corp 8,666,590 0.54
4,367 Darden Restaurants Inc 602,428 0.04
5,631 Datadog Inc 1,003,951 0.06
2,737 DaVita Inc 258,647 0.02
9,889 Deere & Co 3,417,045 0.21
8,493 Dell Technologies Inc 479,600 0.03
6,296 Delta Air Lines Inc 227,915 0.01
5,634 Dentsply Sirona Inc 274,601 0.02
3,261 DexCom Inc 1,834,609 0.12
8,879 Digital Realty Trust Inc 1,489,363 0.09
10,283 Discover Financial Services 1,109,022 0.07
6,165 Discovery Inc Class A 143,460 0.01
13,051 Discovery Inc Class C 296,388 0.02
5,669 DISH Network Corp Class A 177,156 0.01
18
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
7,687 DocuSign Inc 1,893,769 0.12
9,357 Dollar General Corp 2,070,704 0.13
9,475 Dollar Tree Inc 1,268,039 0.08
1,131 Domino’s Pizza Inc 592,802 0.04
3,563 DoorDash Inc 636,958 0.04
5,178 Dover Corp 848,415 0.05
24,793 Dow Inc 1,361,879 0.09
14,657 DR Horton Inc 1,431,989 0.09
5,907 DraftKings Inc 204,087 0.01
8,991 Dropbox Inc 221,269 0.01
11,389 Duke Realty Corp 664,320 0.04
17,933 DuPont de Nemours Inc 1,326,325 0.08
6,397 Dynatrace Inc 402,051 0.03
4,528 Eastman Chemical Co 472,225 0.03
21,054 eBay Inc 1,420,303 0.09
17,124 Ecolab Inc 3,792,452 0.24
18,885 Edison International 1,232,813 0.08
42,928 Edwards Lifesciences Corp 4,606,604 0.29
14,597 Elanco Animal Health Inc 419,518 0.03
13,026 Electronic Arts Inc 1,618,090 0.10
28,013 Eli Lilly & Co 6,948,345 0.44
21,629 Emerson Electric Co 1,899,891 0.12
5,006 Enphase Energy Inc 1,251,500 0.08
4,112 Entegris Inc 600,681 0.04
9,913 Entergy Corp 994,670 0.06
2,236 EPAM Systems Inc 1,360,718 0.09
5,420 Equifax Inc 1,510,283 0.09
5,016 Equinix Inc 4,073,995 0.26
14,089 Equitable Holdings Inc 443,240 0.03
2,639 Equity LifeStyle Properties Inc 214,551 0.01
7,024 Equity Residential 599,217 0.04
368 Erie Indemnity Co 68,378 0.00
14,040 Essential Utilities Inc 663,671 0.04
1,980 Essex Property Trust Inc 672,091 0.04
6,528 Estee Lauder Cos Inc 2,167,753 0.14
4,226 Etsy Inc 1,160,375 0.07
35,262 Eversource Energy 2,901,005 0.18
7,244 Exact Sciences Corp 618,420 0.04
39,968 Exelon Corp 2,107,513 0.13
4,708 Expedia Group Inc 758,412 0.05
12,700 Expeditors International of Washington Inc 1,544,574 0.10
2,082 Extra Space Storage Inc 416,400 0.03
2,486 F5 Networks Inc 565,764 0.04
49,418 Facebook Inc 16,034,164 1.01
2,360 FactSet Research Systems Inc 1,105,825 0.07
1,044 Fair Isaac Corp 368,668 0.02
41,405 Fastenal Co 2,449,934 0.15
19
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
11,090 FedEx Corp 2,554,803 0.16
4,677 Fidelity National Financial Inc 228,752 0.01
25,444 Fidelity National Information Services Inc 2,658,898 0.17
12,429 Fifth Third Bancorp 523,882 0.03
5,842 First Republic Bank 1,224,834 0.08
19,408 Fiserv Inc 1,873,260 0.12
2,341 FleetCor Technologies Inc 484,891 0.03
3,273 FMC Corp 327,922 0.02
68,106 Ford Motor Co 1,306,954 0.08
4,468 Fortinet Inc 1,483,867 0.09
13,072 Fortive Corp 965,629 0.06
10,124 Fortune Brands Home & Security Inc 1,017,766 0.06
20,554 Fox Corp Class A 733,983 0.05
7,800 Fox Corp Class B 262,080 0.02
9,260 Franklin Resources Inc 300,024 0.02
3,492 Gartner Inc 1,090,377 0.07
2,166 Generac Holdings Inc 912,406 0.06
29,630 General Electric Co 2,814,554 0.18
32,787 General Mills Inc 2,025,255 0.13
52,778 General Motors Co 3,054,263 0.19
4,020 Genuine Parts Co 513,515 0.03
86,376 Gilead Sciences Inc 5,953,898 0.37
9,511 Global Payments Inc 1,132,189 0.07
61 Globe Life Inc 5,279 0.00
7,352 GoDaddy Inc 515,890 0.03
13,572 Goldman Sachs Group Inc 5,170,796 0.32
3,544 Guidewire Software Inc 412,309 0.03
142,421 Halliburton Co 3,074,869 0.19
15,111 Hartford Financial Services Group Inc 998,837 0.06
8,911 Hasbro Inc 863,565 0.05
6,330 HCA Healthcare Inc 1,427,985 0.09
31,969 Healthpeak Properties Inc 1,050,501 0.07
1,728 HEICO Corp 239,363 0.01
3,285 HEICO Corp Class A 407,997 0.03
3,672 Henry Schein Inc 260,932 0.02
4,715 Hershey Co 836,865 0.05
79,539 Hewlett Packard Enterprise Co 1,141,385 0.07
11,503 Hilton Worldwide Holdings Inc 1,553,710 0.10
18,422 Hologic Inc 1,376,676 0.09
69,272 Home Depot Inc 27,751,056 1.74
46,745 Honeywell International Inc 9,453,709 0.59
17,756 Hormel Foods Corp 735,098 0.05
21,493 Host Hotels & Resorts Inc 337,440 0.02
12,093 Howmet Aerospace Inc 340,176 0.02
80,312 HP Inc 2,833,407 0.18
2,817 HubSpot Inc 2,273,065 0.14
4,429 Humana Inc 1,858,896 0.12
20
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
93,912 Huntington Bancshares Inc 1,393,654 0.09
2,367 Huntington Ingalls Industries Inc 420,166 0.03
1,827 IAC Interactive Corp 244,179 0.02
4,466 IDEX Corp 1,003,019 0.06
5,872 IDEXX Laboratories Inc 3,570,587 0.22
10,054 Illinois Tool Works Inc 2,334,036 0.15
9,859 Illumina Inc 3,601,788 0.23
7,501 Incyte Corp 507,968 0.03
15,161 Ingersoll Rand Inc 884,493 0.06
4,724 Insulet Corp 1,362,591 0.09
253,889 Intel Corp 12,491,340 0.79
22,547 Intercontinental Exchange Inc 2,947,344 0.19
57,570 International Business Machines Corp 6,741,447 0.42
16,579 International Flavors & Fragrances Inc 2,357,036 0.15
15,926 International Paper Co 724,952 0.05
20,674 Interpublic Group of Cos Inc 686,170 0.04
17,047 Intuit Inc 11,119,758 0.70
15,017 Intuitive Surgical Inc 4,870,614 0.31
8,989 Invitation Homes Inc 363,515 0.02
604 IPG Photonics Corp 99,171 0.01
7,718 IQVIA Holdings Inc 1,999,965 0.13
6,591 Iron Mountain Inc 299,495 0.02
1,718 Jack Henry & Associates Inc 260,500 0.02
4,877 Jacobs Engineering Group Inc 695,265 0.04
3,297 JB Hunt Transport Services Inc 630,255 0.04
4,426 JM Smucker Co 559,756 0.03
89,395 Johnson & Johnson 13,939,362 0.88
121,083 JPMorgan Chase & Co 19,231,613 1.21
10,571 Juniper Networks Inc 329,075 0.02
6,549 Kansas City Southern 1,904,777 0.12
16,557 Kellogg Co 1,012,957 0.06
22,638 Keurig Dr Pepper Inc 769,466 0.05
32,484 KeyCorp 728,941 0.05
11,987 Keysight Technologies Inc 2,331,232 0.15
18,099 Kimberly-Clark Corp 2,358,481 0.15
17,050 KKR & Co Inc 1,269,372 0.08
4,963 KLA Corp 2,025,549 0.13
6,129 Knight-Swift Transportation Holdings Inc 350,885 0.02
21,644 Kraft Heinz Co 727,455 0.05
23,270 Kroger Co 966,403 0.06
7,522 L3Harris Technologies Inc 1,572,700 0.10
4,002 Laboratory Corp of America Holdings 1,141,891 0.07
8,846 Lam Research Corp 6,013,953 0.38
11,519 Las Vegas Sands Corp 410,307 0.03
2,553 Lear Corp 428,368 0.03
8,631 Leidos Holdings Inc 758,751 0.05
9,199 Lennar Corp 966,355 0.06
21
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
1,881 Lennox International Inc 581,267 0.04
1,021 Liberty Broadband Corp Class A 154,763 0.01
5,840 Liberty Broadband Corp Class C 904,324 0.06
2,357 Liberty Media Corp-Liberty Formula One 143,588 0.01
2,345 Liberty Media Corp-Liberty SiriusXM Class A 114,436 0.01
5,310 Liberty Media Corp-Liberty SiriusXM Class C 259,818 0.02
6,831 Lincoln National Corp 453,100 0.03
6,864 Live Nation Entertainment Inc 732,046 0.05
17,624 LKQ Corp 985,182 0.06
4,167 Loews Corp 222,769 0.01
45,327 Lowe’s Cos Inc 11,086,531 0.70
4,149 Lululemon Athletica Inc 1,885,347 0.12
40,690 Lumen Technologies Inc 502,115 0.03
9,232 Lyft Inc 374,912 0.02
2,708 M&T Bank Corp 397,020 0.02
101,181 Marathon Petroleum Corp 6,156,864 0.39
499 Markel Corp 596,215 0.04
1,537 MarketAxess Holdings Inc 542,085 0.03
9,241 Marriott International Inc 1,363,602 0.09
32,352 Marsh & McLennan Cos Inc 5,306,375 0.33
2,523 Martin Marietta Materials Inc 1,018,056 0.06
25,782 Marvell Technology Inc 1,834,905 0.12
7,890 Masco Corp 519,951 0.03
1,974 Masimo Corp 549,009 0.03
27,187 Mastercard Inc 8,561,730 0.54
6,161 Match Group Inc 800,868 0.05
12,462 McCormick & Co Inc 1,069,489 0.07
31,232 McDonald’s Corp 7,639,347 0.48
5,465 McKesson Corp 1,184,593 0.07
4,634 Medical Properties Trust Inc 98,658 0.01
1,504 MercadoLibre Inc 1,787,369 0.11
105,341 Merck & Co Inc 7,891,094 0.50
31,006 MetLife Inc 1,818,812 0.11
1,609 Mettler-Toledo International Inc 2,436,235 0.15
13,252 MGM Resorts International 524,514 0.03
20,921 Microchip Technology Inc 1,745,439 0.11
36,035 Micron Technology Inc 3,026,940 0.19
222,317 Microsoft Corp 73,495,852 4.62
2,614 Mid-America Apartment Communities Inc 539,137 0.03
14,516 Moderna Inc 5,115,874 0.32
1,176 Mohawk Industries Inc 197,415 0.01
2,111 Molina Healthcare Inc 602,015 0.04
10,583 Molson Coors Beverage Co 470,309 0.03
36,784 Mondelez International Inc 2,168,049 0.14
2,310 MongoDB Inc 1,150,611 0.07
693 Monolithic Power Systems Inc 383,548 0.02
6,627 Monster Beverage Corp 555,210 0.03
22
Zurich Invest Common Contractual Fund
Zurich Invest US Equity Index CCF Fund (continued)
Schedule of Investments as at 30 November 2021 (continued)
Fair Value % of
Holding USD Net Assets
Transferable Securities (99.80%) (30 November 2020: 99.87%) (continued)
Equities (99.80%) (30 November 2020: 99.87%) (continued)
United States (96.02%) (30 November 2020: 96.30%) (continued)
5,646 Moody’s Corp 2,205,553 0.14
88,774 Morgan Stanley 8,417,551 0.53
12,381 Mosaic Co 423,678 0.03
10,890 Motorola Solutions Inc 2,757,130 0.17
4,679 Nasdaq Inc 950,913 0.06
8,783 NetApp Inc 780,633 0.05
18,414 Netflix Inc 11,819,947 0.74
4,035 Neurocrine Biosciences Inc 335,914 0.02
7,920 Newell Brands Inc 170,042 0.01
26,673 Newmont Corp 1,464,881 0.09
9,066 News Corp 196,007 0.01
205,634 NextEra Energy Inc 17,844,919 1.12
42,609 NIKE Inc 7,211,147 0.45
2,024 Nordson Corp 514,481 0.03
9,081 Norfolk Southern Corp 2,408,917 0.15
12,436 Northern Trust Corp 1,438,845 0.09
20,302 NortonLifeLock Inc 504,505 0.03
2,465 Novavax Inc 514,273 0.03
11,399 Nuance Communications Inc 632,531 0.04
10,063 Nucor Corp 1,069,294 0.07
156,786 NVIDIA Corp 51,231,393 3.22
130 NVR Inc 679,294 0.04
3,020 Okta Inc 650,000 0.04
3,583 Old Dominion Freight Line Inc 1,272,574 0.08
8,833 Omnicom Group Inc 594,549 0.04
13,851 ON Semiconductor Corp 850,867 0.05
55,329 ONEOK Inc 3,310,887 0.21
52,368 Oracle Corp 4,751,872 0.30
1,240 O’Reilly Automotive Inc 791,318 0.05
14,851 Otis Worldwide Corp 1,194,020 0.07
7,564 Owens Corning 641,730 0.04
12,506 PACCAR Inc 1,043,251 0.07
3,551 Packaging Corp of America 463,725 0.03
31,038 Palantir Technologies Inc 640,935 0.04
1,629 Palo Alto Networks Inc 890,965 0.06
3,630 Parker-Hannifin Corp 1,096,478 0.07
10,455 Paychex Inc 1,246,236 0.08
1,648 Paycom Software Inc 720,967 0.05
35,558 PayPal Holdings Inc 6,574,319 0.41
4,365 Peloton Interactive Inc 192,060 0.01
77,248 PepsiCo Inc 12,342,685 0.78
4,284 PerkinElmer Inc 780,373 0.05
95,849 Pfizer Inc 5,149,967 0.32
43,392 Philip Morris International Inc 3,729,108 0.23
54,327 Phillips 66 3,757,799 0.24
11,513 Pinterest Inc 461,213 0.03
19,605 Plug Power Inc 781,259 0.05
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