# FLOSSBACH VON STORCH – FOUNDATION GROWTH
Annual report
1 October 2021 - 30 September 2022

#### The management company of the fund is entitled to create unit classes with different rights in relation to the units. Details of the current unit classes are as follows:
|  | Unit class SI | Unit class SR | Unit class R | Unit class RT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A2QFWT | A2QFWU | A2QFWK | A2QFWL |
| ISIN: | LU2243567224 | LU2243567497 | LU2243567570 | LU2243567653 |
| Subscription fee: | up to 3.00% | up to 3.00% | up to 5.00% | up to 5.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.40% p.a. | 0.80% p.a. | 1.53% p.a. | 1.53% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | none | none |
| Use of income: | distributing | distributing | distributing | accumulating |
| Currency: | EUR | EUR | EUR | EUR |
|  | Unit class CHF-R | Unit class I | Unit class IT | Unit class E |
| Securities ID No. (WKN): | A2QFWM | A2QFWN | A2QFWP | A2QFWQ |
| ISIN: | LU2243567737 | LU2243567810 | LU2243567901 | LU2243568032 |
| Subscription fee: | up to 5.00% | up to 5.00% | up to 5.00% | up to 1.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 1.53% p.a. | 0.78% p.a. | 0.78% p.a. | 1.93% p.a. |
| Minimum initial investment: | none | 1,000,000.00 EUR | 1,000,000.00 EUR | none |
| Use of income: | distributing | distributing | accumulating | distributing |
| Currency: | CHF | EUR | EUR | EUR |
|  | Unit class ET | Unit class HT |  |  |
| Securities ID No. (WKN): | A2QFWR | A2QFWS |  |  |
| ISIN: | LU2243568115 | LU2243568206 |  |  |
| Subscription fee: | up to 1.00% | none |  |  |
| Redemption fee: | none | none |  |  |
| Management fee: | 1.93% p.a. | 0.88% p.a. |  |  |
| Minimum initial investment: | none | none |  |  |
| Use of income: | accumulating | accumulating |  |  |
| Currency: | EUR | EUR |  |  |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Geographical breakdown by country 1) |
| United States of America | 44.46 % |
| Germany | 12.90 % |
| Ireland | 10.35 % |
| Switzerland | 4.24 % |
| United Kingdom | 3.69 % |
| Canada | 3.40 % |
| Netherlands | 3.33 % |
| France | 2.61 % |
| Japan | 1.16 % |
| Cayman Islands | 0.89 % |
| Denmark | 0.74 % |
| Luxembourg | 0.70 % |
| European Financial Stability Facility | 0.64 % |
| European Community | 0.62 % |
| Spain | 0.51 % |
| Sweden | 0.28 % |
| Belgium | 0.23 % |
| Securities holdings | 90.75 % |
| Futures contracts | 0.15 % |
| Bank balances 2) | 9.26 % |
| Balance of other receivables and payables | -0.16 % |
|  | 100.00 % |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Breakdown by economic sector 1) |
| Software and services | 13.58 % |
| Raw materials and supplies | 10.72 % |
| Diversified financial services | 9.10 % |
| Pharmaceuticals, biotechnology and life sciences | 8.31 % |
| Capital goods | 7.03 % |
| Wholesale and retail | 5.06 % |
| Media and entertainment | 4.82 % |
| Household items and body care products | 4.79 % |
| Government bonds | 4.45 % |
| Foodstuffs, beverages and tobacco | 4.03 % |
| Healthcare: equipment and services | 3.28 % |
| Insurance | 2.44 % |
| Hardware and equipment | 2.13 % |
| Industrial services and operating materials | 2.00 % |
| Banks | 1.82 % |
| Automobiles and components | 1.57 % |
| Public utilities | 1.24 % |
| Real estate | 1.17 % |
| Transport | 1.14 % |
| Other | 0.64 % |
| Semi-conductors and semi-conductor production equipment | 0.63 % |
| Energy | 0.37 % |
| Telecommunications services | 0.35 % |
| Consumer services | 0.08 % |
| Securities holdings | 90.75 % |
| Futures contracts | 0.15 % |
| Bank balances 2) | 9.26 % |
| Balance of other receivables and payables | -0.16 % |
|  | 100.00 % |
| Performance since launch |  |
| Unit class SI |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 05.01.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 24.15 | 221,289 | 22,797.30 | 109.13 |
| 30.09.2022 | 39.54 | 391,488 | 18,462.29 | 101.00 |

| Unit class SR |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 05.01.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 6.10 | 56,031 | 6,003.08 | 108.81 |
| 30.09.2022 | 8.96 | 88,980 | 3,575.71 | 100.66 |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Performance since launch 
(continued)
Unit class R
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| --- | --- | --- | --- | --- | --- |
| 05.01.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 18.73 | 173,055 | 18,648.97 |  | 108.21 |
| 30.09.2022 | 26.01 | 261,307 | 9,517.46 |  | 99.53 |
| Unit class RT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 05.01.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 1.90 | 17,523 | 1,887.84 |  | 108.21 |
| 30.09.2022 | 2.65 | 26,342 | 963.14 |  | 100.78 |
| Unit class CHF-R |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value CHF |
| 05.01.2021 | Launch | - | - | 92.65 1) | 100.00 |
| 30.09.2021 | 0.17 | 1,695 | 161.58 | 99.96 2) | 108.34 |
| 30.09.2022 | 0.24 | 2,314 | 66.14 | 103.46 3) | 99.09 |
| Unit class I |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 05.01.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 1.15 | 10,555 | 1,150.52 |  | 108.80 |
| 30.09.2022 | 5.02 | 49,911 | 4,334.34 |  | 100.65 |
| Unit class IT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 05.01.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 41.97 | 385,754 | 39,149.83 |  | 108.80 |
| 30.09.2022 | 41.49 | 406,322 | 2,248.41 |  | 102.10 |
| Unit class E |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 05.01.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 0.08 | 709 | 70.11 |  | 107.89 |
| 30.09.2022 | 0.01 | 112 | -60.59 |  | 98.84 |

1) Exchange rates converted to euros as at 5 January 2021 1 EUR = 1.0793 CHF
2) Exchange rates converted to euros as at 30 September 2021 1 EUR = 1.0838 CHF
3) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Performance since launch 
(continued)
Unit class ET
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 05.01.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 0.02 | 182 | 18.98 | 107.89 |
| 30.09.2022 | 0.04 | 356 | 19.38 | 100.09 |

| Unit class HT |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 05.01.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 0.15 | 1,352 | 141.67 | 108.73 |
| 30.09.2022 | 0.15 | 1,438 | 9.38 | 101.93 |


#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	112,616,423.79
(acquisition cost of securities: EUR 117,279,856.06)
| Bank balances 1) | 11,486,489.39 |
| --- | --- |
| Unrealised profits on futures contracts | 182,151.10 |
| Interest receivables | 112,662.57 |
| Dividend receivables | 37,205.62 |
| Receivable on subscriptions | 1,842.16 |
|  | 124,436,774.63 |
| Payable on redemptions | -1,888.77 |
| Unrealised losses from forward exchange transactions | -210,301.89 |
| Other liabilities 2) | -122,470.72 |
|  | -334,661.38 |
| Net sub-fund assets | 124,102,113.25 |
| Allocation to the unit classes |  |
| Unit class SI |  |
| Proportion of net sub-fund assets | 39,541,169.01 EUR |
| Units outstanding | 391,487.595 |
| Unit value | 101.00 EUR |
| Unit class SR |  |
| Proportion of net sub-fund assets | 8,956,920.64 EUR |
| Units outstanding | 88,980.323 |
| Unit value | 100.66 EUR |

1) See the notes to the annual report.
2) This item mainly comprises management fees and audit fees.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Allocation to the unit classes  (continued) |  |
| Unit class R |  |
| Proportion of net sub-fund assets | 26,007,593.17 EUR |
| Units outstanding | 261,306.886 |
| Unit value | 99.53 EUR |
| Unit class RT |  |
| Proportion of net sub-fund assets | 2,654,831.39 EUR |
| Units outstanding | 26,341.935 |
| Unit value | 100.78 EUR |
| Unit class CHF-R |  |
| Proportion of net sub-fund assets | 239,425.33 EUR |
| Units outstanding | 2,314.291 |
| Unit value | 103.46 EUR 1) |
| Unit value | 99.09 CHF |
| Unit class I |  |
| Proportion of net sub-fund assets | 5,023,764.87 EUR |
| Units outstanding | 49,910.998 |
| Unit value | 100.65 EUR |
| Unit class IT |  |
| Proportion of net sub-fund assets | 41,485,137.59 EUR |
| Units outstanding | 406,322.345 |
| Unit value | 102.10 EUR |
| Unit class E |  |
| Proportion of net sub-fund assets | 11,095.79 EUR |
| Units outstanding | 112.265 |
| Unit value | 98.84 EUR |
| Unit class ET |  |
| Proportion of net sub-fund assets | 35,598.87 EUR |
| Units outstanding | 355.686 |
| Unit value | 100.09 EUR |
| Unit class HT |  |
| Proportion of net sub-fund assets | 146,576.59 EUR |
| Units outstanding | 1,438.000 |
| Unit value | 101.93 EUR |

1) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |  |
| --- | --- | --- |
| Change in net sub-fund assets |  |
| in the reporting period from 1 October 2021 to 30 September | 2022 |
|  | Total EUR | Unit class SI EUR | Unit class SR EUR | Unit class R EUR |
| Net sub-fund assets at the beginning of the reporting period | 94,398,056.46 | 24,148,705.85 | 6,096,803.41 | 18,725,721.66 |
| Ordinary net income | 209,972.01 | 255,231.80 | 19,515.97 | -151,571.63 |
| Income and expense equalisation | 4,738.14 | -37,328.47 | 201.58 | 33,323.37 |
| Cash inflows from the sale of units | 41,454,249.09 | 18,704,347.42 | 3,697,786.88 | 10,490,117.91 |
| Cash outflows from the redemption of units | -2,318,590.86 | -242,055.78 | -122,072.12 | -972,658.28 |
| Realised profits | 3,860,142.01 | 1,132,369.77 | 275,054.02 | 787,042.10 |
| Realised losses | -5,019,021.06 | -1,484,977.12 | -361,220.14 | -1,033,192.34 |
| Net change in unrealised profits | 1,493,161.46 | 228,408.92 | 95,212.20 | 267,367.13 |
| Net change in unrealised losses | -9,084,786.22 | -2,683,540.81 | -641,916.36 | -1,866,955.47 |
| Distribution | -895,807.78 | -479,992.57 | -102,444.80 | -271,601.28 |
| Net sub-fund assets at the end of the reporting period | 124,102,113.25 | 39,541,169.01 | 8,956,920.64 | 26,007,593.17 |
|  |  |  |  |  |
|  | Unit class RT EUR | Unit class CHF-R EUR | Unit class I EUR | Unit class IT EUR |
| Net sub-fund assets at the beginning of the reporting period | 1,896,109.53 | 169,388.23 | 1,148,338.55 | 41,969,911.39 |
| Ordinary net income | -15,409.77 | -1,313.19 | 11,196.05 | 92,625.75 |
| Income and expense equalisation | 3,044.12 | 224.12 | 2,986.17 | 2,782.94 |
| Cash inflows from the sale of units | 1,161,677.12 | 86,914.30 | 4,552,307.60 | 2,723,411.24 |
| Cash outflows from the redemption of units | -198,533.41 | -20,773.91 | -217,970.50 | -475,006.05 |
| Realised profits | 83,631.05 | 38,118.83 | 144,706.03 | 1,390,820.02 |
| Realised losses | -109,574.13 | -20,081.03 | -187,988.58 | -1,810,990.45 |
| Net change in unrealised profits | 29,195.27 | 6,030.27 | -59,122.08 | 920,528.02 |
| Net change in unrealised losses | -195,308.39 | -16,693.09 | -332,314.47 | -3,328,945.27 |
| Distribution | 0.00 | -2,389.20 | -38,373.90 | 0.00 |
| Net sub-fund assets at the end of the reporting period | 2,654,831.39 | 239,425.33 | 5,023,764.87 | 41,485,137.59 |
|  |  |  |  |  |
|  | Unit class E EUR | Unit class ET EUR | Unit class HT EUR |  |
| Net sub-fund assets at the beginning of the reporting period | 76,448.38 | 19,628.08 | 147,001.38 |  |
| Ordinary net income | -112.60 | -360.86 | 170.49 |  |
| Income and expense equalisation | -581.10 | 67.43 | 17.98 |  |
| Cash inflows from the sale of units | 1,276.42 | 25,889.50 | 10,520.70 |  |
| Cash outflows from the redemption of units | -61,871.29 | -6,512.62 | -1,136.90 |  |
| Realised profits | 2,359.23 | 1,124.98 | 4,915.98 |  |
| Realised losses | -3,140.19 | -1,457.10 | -6,399.98 |  |
| Net change in unrealised profits | 2,238.65 | 28.66 | 3,274.42 |  |
| Net change in unrealised losses | -4,515.68 | -2,809.20 | -11,787.48 |  |
| Distribution | -1,006.03 | 0.00 | 0.00 |  |
| Net sub-fund assets at the end of the reporting period | 11,095.79 | 35,598.87 | 146,576.59 |  |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Changes in number of units in circulation |
|  | Unit class SI No. of units | Unit class SR No. of units | Unit class R No. of units | Unit class RT No. of units |
| Units outstanding at the beginning of the reporting period | 221,289.287 | 56,031.000 | 173,055.377 | 17,523.143 |
| Units issued | 172,404.308 | 34,078.715 | 97,270.297 | 10,599.627 |
| Units redeemed | -2,206.000 | -1,129.392 | -9,018.788 | -1,780.835 |
| Units outstanding at the end of reporting period | 391,487.595 | 88,980.323 | 261,306.886 | 26,341.935 |

|  | Unit class CHF-R No. of units | Unit class I No. of units | Unit class IT No. of units | Unit class E No. of units |
| --- | --- | --- | --- | --- |
| Units outstanding at the beginning of the reporting period | 1,694.624 | 10,554.690 | 385,753.631 | 708.594 |
| Units issued | 819.667 | 41,526.308 | 24,810.403 | 11.265 |
| Units redeemed | -200.000 | -2,170.000 | -4,241.689 | -607.594 |
| Units outstanding at the end of reporting period | 2,314.291 | 49,910.998 | 406,322.345 | 112.265 |

|  | Unit class ET No. of units | Unit class HT No. of units |
| --- | --- | --- |
| Units outstanding at the beginning of the reporting period | 181.924 | 1,352.000 |
| Units issued | 233.238 | 96.000 |
| Units redeemed | -59.476 | -10.000 |
| Units outstanding at the end of reporting period | 355.686 | 1,438.000 |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Performance as a per cent 1) |
| As at: 30.09.2022 |
|  | ISIN | Unit class |  |  |  |  | since |
| Funds | WKN | currency | 6 months | 1 year | 3 years | 10 years | launch |
| Flossbach von Storch - Foundation Growth SI seit 05.01.2021 | LU2243567224 A2QFWT | EUR | -8.32% | -5.79% | — | — | 2.81% |
| Flossbach von Storch - Foundation Growth SR seit 05.01.2021 | LU2243567497 A2QFWU | EUR | -8.50% | -6.16% | — | — | 2.10% |
| Flossbach von Storch - Foundation Growth R seit 05.01.2021 | LU2243567570 A2QFWK | EUR | -8.84% | -6.86% | — | — | 0.78% |
| Flossbach von Storch - Foundation Growth RT seit 05.01.2021 | LU2243567653 A2QFWL | EUR | -8.84% | -6.86% | — | — | 0.78% |
| Flossbach von Storch - Foundation Growth CHF-R seit 05.01.2021 | LU2243567737 A2QFWM | CHF | -9.10% | -7.38% | — | — | 0.33% |
| Flossbach von Storch - Foundation Growth I seit 05.01.2021 | LU2243567810 A2QFWN | EUR | -8.49% | -6.16% | — | — | 2.10% |
| Flossbach von Storch - Foundation Growth IT seit 05.01.2021 | LU2243567901 A2QFWP | EUR | -8.49% | -6.16% | — | — | 2.10% |
| Flossbach von Storch - Foundation Growth E seit 05.01.2021 | LU2243568032 A2QFWQ | EUR | -9.02% | -7.23% | — | — | 0.09% |
| Flossbach von Storch - Foundation Growth ET seit 05.01.2021 | LU2243568115 A2QFWR | EUR | -9.02% | -7.24% | — | — | 0.09% |
| Flossbach von Storch - Foundation Growth HT seit 05.01.2021 | LU2243568206 A2QFWS | EUR | -8.54% | -6.25% | — | — | 1.93% |

1) Based on published unit values (BVI method), ultimately corresponds to the guidelines on the "Calculation and publication of performance data of collective investment schemes" issued by the Asset Management Association Switzerland on 16 May 2008 (version dated 5 August 2021).
Past performance is not an indicator of current or future performance. The performance data do not include the commissions and charges that are levied when shares are issued and redeemed.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class SI | Unit class SR | Unit class R |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	1,082,405.56 | 318,094.83 | 76,899.96 | 221,653.84 |
| Interest on bonds	311,339.44 | 89,160.84 | 21,980.04 | 63,743.48 |
| Bank interest	-34,235.62 | -9,668.01 | -2,410.31 | -6,956.73 |
| Trailer fees	3,418.92 | 1,002.67 | 244.54 | 704.13 |
| Income equalisation	165,949.58 | 88,167.67 | 13,691.70 | 42,426.03 |
| Total income	1,528,877.88 | 486,758.00 | 110,405.93 | 321,570.75 |
| Expenses |  |  |  |
| Interest expense	-714.99 | -215.03 | -51.97 | -146.92 |
| Management fee / fund management fee	-979,362.97 | -132,167.21 | -65,039.56 | -362,812.69 |
| Depositary fee	-19,442.76 | -5,600.97 | -1,377.86 | -3,982.68 |
| Central administration agent fee	-8,306.99 | -2,393.65 | -588.76 | -1,701.59 |
| Taxe d’abonnement	-59,143.45 | -17,003.64 | -4,186.99 | -12,108.03 |
| Publication and auditing costs	-11,911.51 | -3,429.62 | -841.03 | -2,442.13 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-3,907.07 | -1,126.46 | -276.41 | -798.26 |
| Registrar and transfer agent fee	-3,946.86 | -1,141.15 | -282.47 | -811.45 |
| State fees	-5,068.19 | -1,377.00 | -354.82 | -1,043.65 |
| Other expenses 1)	-56,413.36 | -16,232.27 | -3,996.81 | -11,545.58 |
| Expense equalisation	-170,687.72 | -50,839.20 | -13,893.28 | -75,749.40 |
| Total expenses	-1,318,905.87 | -231,526.20 | -90,889.96 | -473,142.38 |
| Ordinary net income	209,972.01 | 255,231.80 | 19,515.97 | -151,571.63 |
| Total transaction costs during the financial year 2)	73,265.21 |  |  |  |
| Total expense ratio in per cent 2) | 0.55 | 0.95 | 1.69 |
| Ongoing charges in per cent 2) | 0.57 | 0.97 | 1.72 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class RT | Unit class CHF-R | Unit class I | Unit class IT |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |  |
| Dividends | 23,442.63 | 1,917.91 | 41,093.56 | 396,896.64 |
| Interest on bonds | 6,698.48 | 566.32 | 10,213.81 | 118,267.22 |
| Bank interest | -739.66 | -60.53 | -1,118.90 | -13,200.24 |
| Trailer fees | 74.78 | 6.01 | 137.22 | 1,241.97 |
| Income equalisation | 3,290.98 | 346.09 | 11,594.57 | 7,092.98 |
| Total income | 32,767.21 | 2,775.80 | 61,920.26 | 510,298.57 |
| Expenses |  |  |  |  |
| Interest expense | -15.65 | -1.27 | -29.72 | -252.90 |
| Management fee / fund management fee | -38,183.14 | -3,213.16 | -30,494.79 | -343,997.74 |
| Depositary fee | -419.26 | -35.33 | -655.30 | -7,327.09 |
| Central administration agent fee | -179.12 | -15.07 | -280.16 | -3,129.11 |
| Taxe d’abonnement | -1,275.49 | -107.11 | -1,972.76 | -22,354.87 |
| Publication and auditing costs | -256.88 | -21.05 | -418.22 | -4,475.22 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -84.29 | -7.06 | -134.32 | -1,471.36 |
| Registrar and transfer agent fee | -86.20 | -7.05 | -140.81 | -1,468.84 |
| State fees | -111.07 | -9.25 | -151.18 | -2,008.99 |
| Other expenses 1) | -1,230.78 | -102.43 | -1,866.21 | -21,310.78 |
| Expense equalisation | -6,335.10 | -570.21 | -14,580.74 | -9,875.92 |
| Total expenses | -48,176.98 | -4,088.99 | -50,724.21 | -417,672.82 |
| Ordinary net income | -15,409.77 | -1,313.19 | 11,196.05 | 92,625.75 |
| Total expense ratio in per cent 2) | 1.69 | 1.69 | 0.94 | 0.94 |
| Ongoing charges in per cent 2) | 1.72 | 1.71 | 0.97 | 0.97 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Statement of income and expenses  (continued) |
| in the reporting period from 1 October 2021 to 30 September 2022 |
|  | Unit class E EUR | Unit class ET EUR | Unit class HT EUR |
| Income |  |  |  |
| Dividends | 682.40 | 316.65 | 1,407.14 |
| Interest on bonds | 203.45 | 88.41 | 417.39 |
| Bank interest | -24.92 | -9.72 | -46.60 |
| Trailer fees | 2.18 | 1.01 | 4.41 |
| Income equalisation | -725.58 | 43.84 | 21.30 |
| Total income | 137.53 | 440.19 | 1,803.64 |
| Expenses |  |  |  |
| Interest expense | -0.43 | -0.21 | -0.89 |
| Management fee / fund management fee | -1,446.30 | -640.08 | -1,368.30 |
| Depositary fee | -12.42 | -5.88 | -25.97 |
| Central administration agent fee | -5.79 | -2.78 | -10.96 |
| Taxe d’abonnement | -38.59 | -16.94 | -79.03 |
| Publication and auditing costs | -7.71 | -3.79 | -15.86 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports | -2.60 | -1.12 | -5.19 |
| Registrar and transfer agent fee | -2.60 | -1.10 | -5.19 |
| State fees | -3.61 | -1.50 | -7.12 |
| Other expenses 1) | -36.76 | -16.38 | -75.36 |
| Expense equalisation | 1,306.68 | -111.27 | -39.28 |
| Total expenses | -250.13 | -801.05 | -1,633.15 |
| Ordinary net income | -112.60 | -360.86 | 170.49 |
| Total expense ratio in per cent 2) | 2.10 | 2.09 | 1.04 |
| Ongoing charges in per cent 2) | 2.12 | 2.12 | 1.07 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Statement of assets as at 30 September 2022
Additions
in the
Disposals
in the
Market value
% share
of
ISIN	Securities
| Cayman Islands |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 56,300 | 16,000 | 108,200 | 77.9500 | 1,100,322.24 | 0.89 |
|  |  |  |  |  |  |  | 1,100,322.24 | 0.89 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 3,508 | 5,500 | 8,908 | 764.7000 | 916,064.55 | 0.74 |
|  |  |  |  |  |  |  | 916,064.55 | 0.74 |
| Germany |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 2,034 | 5,000 | 6,434 | 159.6200 | 1,026,995.08 | 0.83 |
| DE0005810055 | Dte. Börse AG | EUR | 4,415 | 5,900 | 11,715 | 167.9000 | 1,966,948.50 | 1.58 |
| DE0005552004 | Dte. Post AG | EUR | 16,992 | 0 | 46,592 | 30.4650 | 1,419,425.28 | 1.14 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 7,938 | 7,038 | 12,550 | 58.7800 | 737,689.00 | 0.59 |
| DE0007164600 | SAP SE | EUR | 8,515 | 6,100 | 17,215 | 81.8700 | 1,409,392.05 | 1.14 |
| DE0008303504 | TAG Immobilien AG | EUR | 72,461 | 71,964 | 40,497 | 7.7850 | 315,269.15 | 0.25 |
|  |  |  |  |  |  |  | 6,875,719.06 | 5.53 |
| France |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 21,919 | 0 | 21,919 | 34.2350 | 750,396.97 | 0.60 |
| FR0010307819 | Legrand S.A. | EUR | 4,678 | 0 | 17,378 | 64.9600 | 1,128,874.88 | 0.91 |
| FR0000120321 | L'Oréal S.A. | EUR | 4,223 | 0 | 4,223 | 323.3500 | 1,365,507.05 | 1.10 |
|  |  |  |  |  |  |  | 3,244,778.90 | 2.61 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 10,684 | 0 | 10,684 | 82.2700 | 900,125.63 | 0.73 |
|  |  |  |  |  |  |  | 900,125.63 | 0.73 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 10,000 | 0 | 10,000 | 20,260.0000 | 1,435,023.06 | 1.16 |
|  |  |  |  |  |  |  | 1,435,023.06 | 1.16 |
| Canada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 3,319 | 0 | 18,119 | 41.4300 | 768,735.45 | 0.62 |
| CA21037X1006 | Constellation Software Inc. | CAD | 557 | 135 | 2,392 | 1,931.5000 | 3,450,188.93 | 2.78 |
|  |  |  |  |  |  |  | 4,218,924.38 | 3.40 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 1,818 | 0 | 1,818 | 431.9000 | 785,194.20 | 0.63 |
|  |  |  |  |  |  |  | 785,194.20 | 0.63 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 6,388 | 5,910 | 26,578 | 106.5600 | 2,956,934.31 | 2.38 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 1,839 | 1,100 | 6,889 | 320.2500 | 2,303,405.98 | 1.86 |
|  |  |  |  |  |  |  | 5,260,340.29 | 4.24 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 8,816 | 0 | 8,816 | 98.2900 | 887,378.02 | 0.72 |
| US00724F1012 | Adobe Inc. | USD | 2,800 | 0 | 2,800 | 278.2500 | 797,849.46 | 0.64 |
| US02079K3059 | Alphabet Inc. | USD | 29,894 | 170 | 31,164 | 97.4200 | 3,109,059.78 | 2.51 |
| US0231351067 | Amazon.com Inc. | USD | 11,883 | 0 | 12,133 | 114.8000 | 1,426,388.53 | 1.15 |
| US0258161092 | American Express Co. | USD | 3,960 | 0 | 3,960 | 137.7900 | 558,779.72 | 0.45 |
| US0311001004 | AMETEK Inc. | USD | 7,755 | 0 | 7,755 | 113.2800 | 899,627.65 | 0.72 |

Equities, rights and participation certificates Exchange-traded securities
reporting period reporting period Quantity	Price
EUR
NSFA 1)
1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities |  | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0320951017 | Amphenol Corporation | USD | 10,274 | 0 | 27,774 | 67.9200 | 1,931,807.56 | 1.56 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 2,142 | 0 | 6,242 | 269.5800 | 1,723,213.89 | 1.39 |
| US09247X1019 | Blackrock Inc. | USD | 1,011 | 0 | 2,511 | 563.9200 | 1,450,080.00 | 1.17 |
| US8085131055 | Charles Schwab Corporation | USD | 14,843 | 0 | 25,243 | 72.6400 | 1,877,779.33 | 1.51 |
| US2172041061 | Copart Inc. | USD | 7,114 | 0 | 7,114 | 109.7800 | 799,769.50 | 0.64 |
| US2358511028 | Danaher Corporation | USD | 5,370 | 0 | 7,820 | 262.1500 | 2,099,347.67 | 1.69 |
| US2566771059 | Dollar General Corporation | USD | 5,106 | 0 | 9,906 | 239.4700 | 2,429,277.85 | 1.96 |
| US29786A1060 | Etsy Inc. | USD | 6,017 | 0 | 6,017 | 101.5200 | 625,546.18 | 0.50 |
| US34959J1088 | Fortive Corporation | USD | 9,912 | 0 | 19,662 | 59.2100 | 1,192,203.81 | 0.96 |
| US4523081093 | Illinois Tool Works Inc. | USD | 3,420 | 0 | 6,220 | 183.8800 | 1,171,258.17 | 0.94 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 1,870 | 0 | 9,720 | 90.7500 | 903,317.97 | 0.73 |
| US4612021034 | Intuit Inc. | USD | 2,490 | 0 | 2,490 | 396.8100 | 1,011,835.02 | 0.82 |
| US4781601046 | Johnson & Johnson | USD | 3,693 | 2,400 | 19,693 | 164.5300 | 3,318,063.79 | 2.67 |
| US57636Q1040 | Mastercard Inc. | USD | 618 | 378 | 3,790 | 286.7700 | 1,113,014.13 | 0.90 |
| US57667L1070 | Match Group Inc. | USD | 12,895 | 0 | 12,895 | 48.2500 | 637,156.94 | 0.51 |
| US30303M1027 | Meta Platforms Inc. | USD | 8,785 | 0 | 8,785 | 136.4100 | 1,227,201.08 | 0.99 |
| US5949181045 | Microsoft Corporation | USD | 2,727 | 0 | 11,327 | 237.5000 | 2,754,902.71 | 2.22 |
| US6153691059 | Moody's Corporation | USD | 1,309 | 2,000 | 5,659 | 246.5600 | 1,428,861.28 | 1.15 |
| US55354G1004 | MSCI Inc. | USD | 2,881 | 0 | 2,881 | 423.2200 | 1,248,639.86 | 1.01 |
| US6516391066 | Newmont Corporation | USD | 6,901 | 9,100 | 13,901 | 41.7600 | 594,475.94 | 0.48 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 12,125 | 2,400 | 12,625 | 88.7000 | 1,146,786.99 | 0.92 |
| US7134481081 | PepsiCo Inc. | USD | 4,470 | 6,385 | 11,985 | 166.6100 | 2,044,875.42 | 1.65 |
| US72352L1061 | Pinterest Inc. | USD | 42,314 | 0 | 42,314 | 23.1900 | 1,004,876.25 | 0.81 |
| US7766961061 | Roper Technologies Inc. | USD | 2,649 | 1,100 | 1,549 | 366.7500 | 581,767.28 | 0.47 |
| US79466L3024 | Salesforce Inc. | USD | 7,530 | 0 | 7,530 | 146.8100 | 1,132,083.26 | 0.91 |
| US8636671013 | Stryker Corporation | USD | 3,960 | 0 | 3,960 | 205.4800 | 833,282.95 | 0.67 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 513 | 0 | 3,163 | 516.6100 | 1,673,361.42 | 1.35 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 1,703 | 1,683 | 9,520 | 173.5500 | 1,691,956.99 | 1.36 |
| US92826C8394 | VISA Inc. | USD | 5,666 | 834 | 7,382 | 180.0600 | 1,361,190.91 | 1.10 |
| US88579Y1010 | 3M Co. | USD | 7,733 | 6,053 | 14,730 | 112.3000 | 1,693,987.71 | 1.36 |
|  |  |  |  |  |  |  | 50,381,005.02 | 40.59 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 14,082 | 15,332 | 30,750 | 61.2400 | 2,128,311.48 | 1.71 |
| GB00B10RZP78 | Unilever Plc. | EUR | 12,828 | 11,442 | 53,386 | 45.9200 | 2,451,485.12 | 1.98 |
|  |  |  |  |  |  |  | 4,579,796.60 | 3.69 |

| Exchange-traded securities | 79,697,293.93 | 64.21 |
| --- | --- | --- |
| Equities, rights and participation certificates | 79,697,293.93 | 64.21 |
| Bonds |  |  |
| Exchange-traded securities |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2462324232 | 1.949% | Bank of America Corporation EMTN Reg.S. Fix-to-Float v.22(2026) | 200,000 | 0 | 200,000 | 93.9370 | 187,874.00 | 0.15 |
| XS1200679071 | 1.125% | Berkshire Hathaway Inc. v.15(2027) | 300,000 | 0 | 300,000 | 90.1330 | 270,399.00 | 0.22 |
| DE0001102333 | 1.750% | Federal Republic of Germany Reg.S. v.14 (2024) | 2,000,000 | 0 | 2,000,000 | 100.2400 | 2,004,800.00 | 1.62 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE0001102358 | 1.500% | Federal Republic of Germany Reg.S. v.14 (2024) | 1,500,000 | 500,000 | 1,000,000 | 99.8620 | 998,620.00 | 0.80 |  |
| DE0001102366 | 1.000% | Federal Republic of Germany Reg.S. v.14 (2024) | 3,000,000 | 1,500,000 | 1,500,000 | 98.7690 | 1,481,535.00 | 1.19 |  |
| DE0001141851 | 0.000% | Federal Republic of Germany Reg.S. v.22 (2027) | 300,000 | 0 | 300,000 | 91.4760 | 274,428.00 | 0.22 |  |
| XS2348237871 | 1.500% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2028) | 300,000 | 0 | 800,000 | 78.3400 | 626,720.00 | 0.51 |  |
| XS2481287394 | 1.101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22 (2024) | 300,000 | 0 | 300,000 | 100.2360 | 300,708.00 | 0.24 |  |
| DE000CZ45W99 | 2.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 800,000 | 0 | 800,000 | 91.8690 | 734,952.00 | 0.59 |  |
| XS2050404636 | 0.200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 0 | 500,000 | 89.7000 | 448,500.00 | 0.36 |  |
| XS2050404800 | 0.450% | DH Europe Finance II S.a.r.L. v.19(2028) | 0 | 0 | 500,000 | 84.3780 | 421,890.00 | 0.34 |  |
| DE000A289N78 | 1.250% | Dte. Börse AG Reg.S. Fix-to-Float v.20(2047) | 400,000 | 0 | 400,000 | 83.0010 | 332,004.00 | 0.27 |  |
| DE000A3MP619 | 0.750% | DZ HYPAG EMTN Reg.S. Pfe. Green Bond v.22 (2029) | 250,000 | 0 | 250,000 | 85.0990 | 212,747.50 | 0.17 |  |
| XS2035564975 | 1.125% | EnBWEnergieBaden-WürttembergAGReg. S. Fix-to-Float Green Bond v.19(2079) | 200,000 | 0 | 200,000 | 85.6250 | 171,250.00 | 0.14 |  |
| EU000A287074 | 0.000% | European Union Reg.S. Social Bond v.21 (2028) | 900,000 | 0 | 900,000 | 85.6800 | 771,120.00 | 0.62 |  |
| EU000A1G0BN7 | 2.125% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.14(2024) | 0 | 0 | 800,000 | 99.7070 | 797,656.00 | 0.64 |  |
| DE000A1KRJV6 | 0.010% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.21(2028) | 500,000 | 0 | 500,000 | 83.2490 | 416,245.00 | 0.34 |  |
| XS2209794408 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg. S. Green Bond v.20(2028) | 0 | 0 | 400,000 | 85.6190 | 342,476.00 | 0.28 |  |
| DE000A3E5VK1 | 0.750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 0 | 100,000 | 200,000 | 69.1560 | 138,312.00 | 0.11 |  |
| XS1403264374 | 1.000% | McDonald's Corporation Reg.S. v.16(2023) | 100,000 | 0 | 100,000 | 97.6950 | 97,695.00 | 0.08 |  |
| XS2523390271 | 2.500% | RWE AG Reg.S. v.22(2025) | 750,000 | 0 | 750,000 | 97.1240 | 728,430.00 | 0.59 |  |
| XS2526839175 | 2.250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 600,000 | 0 | 600,000 | 98.1200 | 588,720.00 | 0.47 |  |
| XS1002121454 | 6.500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 0 | 0 | 400,000 | 90.8720 | 363,488.00 | 0.29 |  |
| XS2207430120 | 2.374% | TenneTHoldingBVReg.S.Fix-to-FloatGreen Bond Perp. | 700,000 | 0 | 700,000 | 90.2350 | 631,645.00 | 0.51 |  |
| XS2102948994 | 0.250% | ToyotaMotorCreditCorporationEMTNReg. S. v.20(2026) | 200,000 | 0 | 200,000 | 88.5970 | 177,194.00 | 0.14 |  |
| XS2374595044 | 0.125% | Volkswagen Financial Services AG EMTN Reg.S. v.21(2027) | 200,000 | 0 | 200,000 | 83.8900 | 167,780.00 | 0.14 |  |
| XS1910947941 | 1.883% | Volkswagen International Finance NV- Reg. S. FRN v.18(2024) | 1,000,000 | 0 | 1,000,000 | 101.3590 | 1,013,590.00 | 0.82 |  |
| DE000A3MQS56 | 1.375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 300,000 | 0 | 300,000 | 90.5050 | 271,515.00 | 0.22 |  |
| XS2338564870 | 2.000% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2027) | 100,000 | 0 | 300,000 | 76.6250 | 229,875.00 | 0.19 |  |
| XS2262961076 | 2.750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 300,000 | 100,000 | 200,000 | 78.7500 | 157,500.00 | 0.13 |  |
|  |  |  |  |  |  |  | 15,359,668.50 | 12.39 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| USD |  |  |  |  |  |  |  |
| US615369AW51 2.000% Moody's Corporation v.21(2031) | 200,000 | 0 | 500,000 | 76.1650 | 389,989.76 | 0.31 |  |
|  |  |  |  |  | 389,989.76 | 0.31 |  |
| Exchange-traded securities |  |  |  |  | 15,749,658.26 | 12.70 |  |
| Securities admitted to trading or included in organised markets |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2114413565 | 2.875% | AT & T Inc. Fix-to-Float Perp. | 0 | 0 | 800,000 | 88.2600 | 706,080.00 | 0.57 |  |
| XS2466172280 | 1.250% | Daimler Truck International Finance B.V. EMTN Reg.S. v.22(2025) | 200,000 | 0 | 200,000 | 94.3660 | 188,732.00 | 0.15 |  |
| XS2338570331 | 0.875% | EQT AB Reg.S. v.21(2031) | 0 | 0 | 500,000 | 68.3540 | 341,770.00 | 0.28 |  |
| BE0002876572 | 3.125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.22(2029) | 300,000 | 0 | 300,000 | 94.4290 | 283,287.00 | 0.23 |  |
| XS0922885362 | 2.625% | Microsoft Corporation v.13(2033) | 0 | 0 | 300,000 | 93.5720 | 280,716.00 | 0.23 |  |
| XS1821883102 | 3.625% | Netflix Inc. v.17(2027) | 0 | 400,000 | 350,000 | 93.7500 | 328,125.00 | 0.26 |  |
| XS2388182573 | 0.500% | Smurfit Kappa Treasury PUC Reg.S. Green Bond v.21(2029) | 0 | 0 | 250,000 | 75.0850 | 187,712.50 | 0.15 |  |
| XS2407914394 | 0.000% | Thermo Fisher Scientific[FinanceI] BV Sustainability Bond v.21(2025) | 300,000 | 0 | 300,000 | 90.4440 | 271,332.00 | 0.22 |  |
|  |  |  |  |  |  |  | 2,587,754.50 | 2.09 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833DY36 | 1.250% | Apple Inc. v.20(2030) | 0 | 0 | 250,000 | 77.1710 | 197,570.40 | 0.16 |  |
| US037833EJ59 | 1.700% | Apple Inc. v.21(2031) | 0 | 0 | 800,000 | 78.3140 | 641,589.35 | 0.52 |  |
| US256677AK14 | 4.625% | Dollar General Corporation v.22(2027) | 200,000 | 0 | 200,000 | 97.5770 | 199,850.49 | 0.16 |  |
| US594918BY93 | 3.300% | Microsoft Corporation v.17(2027) | 0 | 0 | 215,000 | 95.3920 | 210,028.47 | 0.17 |  |
| US55354GAK67 | 3.625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 600,000 | 82.3290 | 505,861.75 | 0.41 |  |
| US855244BC24 | 3.000% | Starbucks Corporation v.22(2032) | 150,000 | 0 | 150,000 | 82.6070 | 126,892.47 | 0.10 |  |
| US437076CM21 | 2.700% | The Home Depot Inc. v.22(2025) | 50,000 | 0 | 50,000 | 95.5390 | 48,919.10 | 0.04 |  |
| US92343VGH15 | 2.100% | Verizon Communications Inc. v.21 (2028) | 0 | 0 | 500,000 | 83.9780 | 429,994.88 | 0.35 |  |
|  |  |  |  |  |  |  | 2,360,706.91 | 1.91 |  |
| Securities admitted to trading or included in organised markets | 4,948,461.41 | 4.00 |  |
| Bonds | 20,698,119.67 | 16.70 |  |
| Convertible bonds |  |  |  |
| Exchange-traded securities |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A2LQRA1 | 0.000% | RAG-Stiftung/Evonik Industries AG Reg.S. CV v.18(2024) | 500,000 | 0 | 500,000 | 92.6770 | 463,385.00 | 0.37 |  |
|  |  |  |  |  |  |  | 463,385.00 | 0.37 |  |
| Exchange-traded securities | 463,385.00 | 0.37 |  |
| Convertible bonds | 463,385.00 | 0.37 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – FOUNDATION GROWTH
| Statement of assets as at 30 September 2022  (continued) |
| --- |
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| Certificates |  |  |  |  |  |  |  |
| Exchange-traded securities Ireland |
| IE00B579F325 | Invesco Physical Markets Plc./Gold | USD | 17,344 | 7,144 | 71,700 | 160.1300 | 11,757,625.19 | 9.47 |  |
| Ounce Cert. v.09(2100) |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 11,757,625.19 | 9.47 |  |
| Exchange-traded securities |  |  |  |  |  | 11,757,625.19 | 9.47 |  |
| Certificates |  |  |  |  |  | 11,757,625.19 | 9.47 |  |
| Securities holdings |  |  |  |  |  | 112,616,423.79 | 90.75 |  |
| Futures contracts |  |  |  |  |  |  |  |  |
| Short positions |  |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 |  | 17 | 35 | -18 |  | 151,090.74 | 0.12 |  |
|  |  |  |  |  |  | 151,090.74 | 0.12 |  |
| USD |  |  |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future December 2022 |  | 8 | 14 | -6 |  | 31,060.36 | 0.03 |  |
|  |  |  |  |  |  | 31,060.36 | 0.03 |  |
| Short positions |  |  |  |  |  | 182,151.10 | 0.15 |  |
| Futures contracts |  |  |  |  |  | 182,151.10 | 0.15 |  |
| Bank balances - current account 2) |  |  |  |  |  | 11,486,489.39 | 9.26 |  |
| Balance of other receivables and payables |  |  |  |  |  | -182,951.03 | -0.16 |  |
| Net sub-fund assets in EUR |  |  |  |  |  | 124,102,113.25 | 100.00 |  |


#### Forward exchange transactions
As at 30 September 2022, the following forward exchange transactions were outstanding:
Currency	Counterparty	Currency amount
Market value
EUR
% share
of NSFA 1)
CHF/EUR	DZ PRIVATBANK S.A.	Currency purchases	238,000.00	248,748.680.20
EUR/USD	DZ PRIVATBANK S.A.	Currency sales	7,600,000.00	7,755,790.576.25
| Futures contracts |  |
| --- | --- |
|  |  | Commitments | % share of |
|  | Quantity | EUR | NSFA 1) |
| Short positions |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 | -18 | -2,361,780.00 | -1.90 |
|  |  | -2,361,780.00 | -1.90 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | -6 | -690,956.22 | -0.56 |
|  |  | -690,956.22 | -0.56 |
| Short positions |  | -3,052,736.22 | -2.46 |
| Futures contracts |  | -3,052,736.22 | -2.46 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Exchange rates
The values of assets denominated in foreign currencies are given in euro, applying the exchange rates prevailing on 30 September 2022 as stated below.
| British pound | GBP | 1 | 0.8848 |
| --- | --- | --- | --- |
| Danish krone | DKK | 1 | 7.4361 |
| Hong Kong dollar | HKD | 1 | 7.6652 |
| Japanese yen | JPY | 1 | 141.1824 |
| Canadian dollar | CAD | 1 | 1.3391 |
| Swiss franc | CHF | 1 | 0.9578 |
| US dollar | USD | 1 | 0.9765 |

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – FOUNDATION GROWTH
Jahresbericht
1. Oktober 2021 - 30. September 2022
Die Verwaltungsgesellschaft des Fonds ist berechtigt, Anteilklassen mit unterschiedlichen Rechten hinsichtlich der Anteile zu bilden. Derzeit bestehen die folgenden Anteilklassen mit den Ausgestaltungsmerkmalen:
|  | Anteilklasse SI | Anteilklasse SR | Anteilklasse R | Anteilklasse RT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A2QFWT | A2QFWU | A2QFWK | A2QFWL |
| ISIN-Code: | LU2243567224 | LU2243567497 | LU2243567570 | LU2243567653 |
| Ausgabeaufschlag: | bis zu 3,00 % | bis zu 3,00 % | bis zu 5,00 % | bis zu 5,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,40 % p.a. | 0,80 % p.a. | 1,53 % p.a. | 1,53 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | keine | keine |
| Ertragsverwendung: | ausschüttend | ausschüttend | ausschüttend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |
|  | Anteilklasse CHF-R | Anteilklasse I | Anteilklasse IT | Anteilklasse E |
| WP-Kenn-Nr.: | A2QFWM | A2QFWN | A2QFWP | A2QFWQ |
| ISIN-Code: | LU2243567737 | LU2243567810 | LU2243567901 | LU2243568032 |
| Ausgabeaufschlag: | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % | bis zu 1,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 1,53 % p.a. | 0,78 % p.a. | 0,78 % p.a. | 1,93 % p.a. |
| Mindesterstanlage: | keine | 1.000.000,00 EUR | 1.000.000,00 EUR | keine |
| Ertragsverwendung: | ausschüttend | ausschüttend | thesaurierend | ausschüttend |
| Währung: | CHF | EUR | EUR | EUR |
|  | Anteilklasse ET | Anteilklasse HT |  |  |
| WP-Kenn-Nr.: | A2QFWR | A2QFWS |  |  |
| ISIN-Code: | LU2243568115 | LU2243568206 |  |  |
| Ausgabeaufschlag: | bis zu 1,00 % | keiner |  |  |
| Rücknahmeabschlag: | keiner | keiner |  |  |
| Verwaltungsvergütung: | 1,93 % p.a. | 0,88 % p.a. |  |  |
| Mindesterstanlage: | keine | keine |  |  |
| Ertragsverwendung: | thesaurierend | thesaurierend |  |  |
| Währung: | EUR | EUR |  |  |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Vereinigte Staaten von Amerika | 44,46 % |
| Deutschland | 12,90 % |
| Irland | 10,35 % |
| Schweiz | 4,24 % |
| Vereinigtes Königreich | 3,69 % |
| Kanada | 3,40 % |
| Niederlande | 3,33 % |
| Frankreich | 2,61 % |
| Japan | 1,16 % |
| Cayman Inseln | 0,89 % |
| Dänemark | 0,74 % |
| Luxemburg | 0,70 % |
| Europäische Finanzstabilisierungsfazilität | 0,64 % |
| Europäische Gemeinschaft | 0,62 % |
| Spanien | 0,51 % |
| Schweden | 0,28 % |
| Belgien | 0,23 % |
| Wertpapiervermögen | 90,75 % |
| Terminkontrakte | 0,15 % |
| Bankguthaben 2) | 9,26 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,16 % |
|  | 100,00 % |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Branchenaufteilung 1) |
| Software & Dienste | 13,58 % |
| Roh-, Hilfs- & Betriebsstoffe | 10,72 % |
| Diversifizierte Finanzdienste | 9,10 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 8,31 % |
| Investitionsgüter | 7,03 % |
| Groß- und Einzelhandel | 5,06 % |
| Media & Entertainment | 4,82 % |
| Haushaltsartikel & Körperpflegeprodukte | 4,79 % |
| Staatsanleihen | 4,45 % |
| Lebensmittel, Getränke & Tabak | 4,03 % |
| Gesundheitswesen: Ausstattung & Dienste | 3,28 % |
| Versicherungen | 2,44 % |
| Hardware & Ausrüstung | 2,13 % |
| Gewerbliche Dienste & Betriebsstoffe | 2,00 % |
| Banken | 1,82 % |
| Automobile & Komponenten | 1,57 % |
| Versorgungsbetriebe | 1,24 % |
| Immobilien | 1,17 % |
| Transportwesen | 1,14 % |
| Sonstiges | 0,64 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 0,63 % |
| Energie | 0,37 % |
| Telekommunikationsdienste | 0,35 % |
| Verbraucherdienste | 0,08 % |
| Wertpapiervermögen | 90,75 % |
| Terminkontrakte | 0,15 % |
| Bankguthaben 2) | 9,26 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,16 % |
|  | 100,00 % |
| Entwicklung seit Auflegung |  |
| Anteilklasse SI |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 05.01.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 24,15 | 221.289 | 22.797,30 | 109,13 |
| 30.09.2022 | 39,54 | 391.488 | 18.462,29 | 101,00 |

| Anteilklasse SR |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 05.01.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 6,10 | 56.031 | 6.003,08 | 108,81 |
| 30.09.2022 | 8,96 | 88.980 | 3.575,71 | 100,66 |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Entwicklung seit Auflegung 
(Fortsetzung)
Anteilklasse R
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 05.01.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 18,73 | 173.055 | 18.648,97 |  | 108,21 |
| 30.09.2022 | 26,01 | 261.307 | 9.517,46 |  | 99,53 |
| Anteilklasse RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 05.01.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 1,90 | 17.523 | 1.887,84 |  | 108,21 |
| 30.09.2022 | 2,65 | 26.342 | 963,14 |  | 100,78 |
| Anteilklasse CHF-R |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 05.01.2021 | Auflegung | - | - | 92,65 1) | 100,00 |
| 30.09.2021 | 0,17 | 1.695 | 161,58 | 99,96 2) | 108,34 |
| 30.09.2022 | 0,24 | 2.314 | 66,14 | 103,46 3) | 99,09 |
| Anteilklasse I |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 05.01.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 1,15 | 10.555 | 1.150,52 |  | 108,80 |
| 30.09.2022 | 5,02 | 49.911 | 4.334,34 |  | 100,65 |
| Anteilklasse IT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 05.01.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 41,97 | 385.754 | 39.149,83 |  | 108,80 |
| 30.09.2022 | 41,49 | 406.322 | 2.248,41 |  | 102,10 |

1) umgerechnet Devisenkurse in Euro per 5. Januar 2021 1 EUR = 1,0793 CHF
2) umgerechnet Devisenkurse in Euro per 30. September 2021 1 EUR = 1,0838 CHF
3) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Entwicklung seit Auflegung 
(Fortsetzung)
Anteilklasse E
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 05.01.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 0,08 | 709 | 70,11 | 107,89 |
| 30.09.2022 | 0,01 | 112 | -60,59 | 98,84 |

| Anteilklasse ET |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 05.01.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 0,02 | 182 | 18,98 | 107,89 |
| 30.09.2022 | 0,04 | 356 | 19,38 | 100,09 |

| Anteilklasse HT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 05.01.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 0,15 | 1.352 | 141,67 | 108,73 |
| 30.09.2022 | 0,15 | 1.438 | 9,38 | 101,93 |


#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	112.616.423,79
(Wertpapiereinstandskosten: EUR 117.279.856,06)
| Bankguthaben 1) | 11.486.489,39 |
| --- | --- |
| Nicht realisierte Gewinne aus Terminkontrakten | 182.151,10 |
| Zinsforderungen | 112.662,57 |
| Dividendenforderungen | 37.205,62 |
| Forderungen aus Absatz von Anteilen | 1.842,16 |
|  | 124.436.774,63 |
| Verbindlichkeiten aus Rücknahmen von Anteilen | -1.888,77 |
| Nicht realisierte Verluste aus Devisentermingeschäften | -210.301,89 |
| Sonstige Passiva 2) | -122.470,72 |
|  | -334.661,38 |
| Netto-Teilfondsvermögen | 124.102.113,25 |

1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Prüfungskosten.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Zurechnung auf die Anteilklassen |
| Anteilklasse SI |  |
| Anteiliges Netto-Teilfondsvermögen | 39.541.169,01 EUR |
| Umlaufende Anteile | 391.487,595 |
| Anteilwert | 101,00 EUR |
| Anteilklasse SR |  |
| Anteiliges Netto-Teilfondsvermögen | 8.956.920,64 EUR |
| Umlaufende Anteile | 88.980,323 |
| Anteilwert | 100,66 EUR |
| Anteilklasse R |  |
| Anteiliges Netto-Teilfondsvermögen | 26.007.593,17 EUR |
| Umlaufende Anteile | 261.306,886 |
| Anteilwert | 99,53 EUR |
| Anteilklasse RT |  |
| Anteiliges Netto-Teilfondsvermögen | 2.654.831,39 EUR |
| Umlaufende Anteile | 26.341,935 |
| Anteilwert | 100,78 EUR |
| Anteilklasse CHF-R |  |
| Anteiliges Netto-Teilfondsvermögen | 239.425,33 EUR |
| Umlaufende Anteile | 2.314,291 |
| Anteilwert | 103,46 EUR 1) |
| Anteilwert | 99,09 CHF |
| Anteilklasse I |  |
| Anteiliges Netto-Teilfondsvermögen | 5.023.764,87 EUR |
| Umlaufende Anteile | 49.910,998 |
| Anteilwert | 100,65 EUR |
| Anteilklasse IT |  |
| Anteiliges Netto-Teilfondsvermögen | 41.485.137,59 EUR |
| Umlaufende Anteile | 406.322,345 |
| Anteilwert | 102,10 EUR |
| Anteilklasse E |  |
| Anteiliges Netto-Teilfondsvermögen | 11.095,79 EUR |
| Umlaufende Anteile | 112,265 |
| Anteilwert | 98,84 EUR |
| Anteilklasse ET |  |
| Anteiliges Netto-Teilfondsvermögen | 35.598,87 EUR |
| Umlaufende Anteile | 355,686 |
| Anteilwert | 100,09 EUR |
| Anteilklasse HT |  |
| Anteiliges Netto-Teilfondsvermögen | 146.576,59 EUR |
| Umlaufende Anteile | 1.438,000 |
| Anteilwert | 101,93 EUR |

1) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Veränderung des Netto-Teilfondsvermögens |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse SI | Anteilklasse SR | Anteilklasse R |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	94.398.056,46 | 24.148.705,85 | 6.096.803,41 | 18.725.721,66 |
| Ordentlicher Nettoertrag	209.972,01 | 255.231,80 | 19.515,97 | -151.571,63 |
| Ertrags- und Aufwandsausgleich	4.738,14 | -37.328,47 | 201,58 | 33.323,37 |
| Mittelzuflüsse aus Anteilverkäufen	41.454.249,09 | 18.704.347,42 | 3.697.786,88 | 10.490.117,91 |
| Mittelabflüsse aus Anteilrücknahmen	-2.318.590,86 | -242.055,78 | -122.072,12 | -972.658,28 |
| Realisierte Gewinne	3.860.142,01 | 1.132.369,77 | 275.054,02 | 787.042,10 |
| Realisierte Verluste	-5.019.021,06 | -1.484.977,12 | -361.220,14 | -1.033.192,34 |
| Nettoveränderung nicht realisierter Gewinne	1.493.161,46 | 228.408,92 | 95.212,20 | 267.367,13 |
| Nettoveränderung nicht realisierter Verluste	-9.084.786,22 | -2.683.540,81 | -641.916,36 | -1.866.955,47 |
| Ausschüttung	-895.807,78 | -479.992,57 | -102.444,80 | -271.601,28 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	124.102.113,25 | 39.541.169,01 | 8.956.920,64 | 26.007.593,17 |
|  |  |  |  |
| Anteilklasse RT | Anteilklasse CHF-R | Anteilklasse I | Anteilklasse IT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	1.896.109,53 | 169.388,23 | 1.148.338,55 | 41.969.911,39 |
| Ordentlicher Nettoertrag	-15.409,77 | -1.313,19 | 11.196,05 | 92.625,75 |
| Ertrags- und Aufwandsausgleich	3.044,12 | 224,12 | 2.986,17 | 2.782,94 |
| Mittelzuflüsse aus Anteilverkäufen	1.161.677,12 | 86.914,30 | 4.552.307,60 | 2.723.411,24 |
| Mittelabflüsse aus Anteilrücknahmen	-198.533,41 | -20.773,91 | -217.970,50 | -475.006,05 |
| Realisierte Gewinne	83.631,05 | 38.118,83 | 144.706,03 | 1.390.820,02 |
| Realisierte Verluste	-109.574,13 | -20.081,03 | -187.988,58 | -1.810.990,45 |
| Nettoveränderung nicht realisierter Gewinne	29.195,27 | 6.030,27 | -59.122,08 | 920.528,02 |
| Nettoveränderung nicht realisierter Verluste	-195.308,39 | -16.693,09 | -332.314,47 | -3.328.945,27 |
| Ausschüttung	0,00 | -2.389,20 | -38.373,90 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	2.654.831,39 | 239.425,33 | 5.023.764,87 | 41.485.137,59 |
|  |  |  |  |
| Anteilklasse E EUR | Anteilklasse ET EUR | Anteilklasse HT EUR |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	76.448,38 | 19.628,08 | 147.001,38 |  |
| Ordentlicher Nettoertrag	-112,60 | -360,86 | 170,49 |  |
| Ertrags- und Aufwandsausgleich	-581,10 | 67,43 | 17,98 |  |
| Mittelzuflüsse aus Anteilverkäufen	1.276,42 | 25.889,50 | 10.520,70 |  |
| Mittelabflüsse aus Anteilrücknahmen	-61.871,29 | -6.512,62 | -1.136,90 |  |
| Realisierte Gewinne	2.359,23 | 1.124,98 | 4.915,98 |  |
| Realisierte Verluste	-3.140,19 | -1.457,10 | -6.399,98 |  |
| Nettoveränderung nicht realisierter Gewinne	2.238,65 | 28,66 | 3.274,42 |  |
| Nettoveränderung nicht realisierter Verluste	-4.515,68 | -2.809,20 | -11.787,48 |  |
| Ausschüttung	-1.006,03 | 0,00 | 0,00 |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	11.095,79 | 35.598,87 | 146.576,59 |  |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Entwicklung der Anzahl der Anteile im Umlauf |
|  | Anteilklasse SI Stück | Anteilklasse SR Stück | Anteilklasse R Stück | Anteilklasse RT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 221.289,287 | 56.031,000 | 173.055,377 | 17.523,143 |
| Ausgegebene Anteile | 172.404,308 | 34.078,715 | 97.270,297 | 10.599,627 |
| Zurückgenommene Anteile | -2.206,000 | -1.129,392 | -9.018,788 | -1.780,835 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 391.487,595 | 88.980,323 | 261.306,886 | 26.341,935 |

|  | Anteilklasse CHF-R Stück | Anteilklasse I Stück | Anteilklasse IT Stück | Anteilklasse E Stück |
| --- | --- | --- | --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 1.694,624 | 10.554,690 | 385.753,631 | 708,594 |
| Ausgegebene Anteile | 819,667 | 41.526,308 | 24.810,403 | 11,265 |
| Zurückgenommene Anteile | -200,000 | -2.170,000 | -4.241,689 | -607,594 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 2.314,291 | 49.910,998 | 406.322,345 | 112,265 |

|  | Anteilklasse ET Stück | Anteilklasse HT Stück |
| --- | --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 181,924 | 1.352,000 |
| Ausgegebene Anteile | 233,238 | 96,000 |
| Zurückgenommene Anteile | -59,476 | -10,000 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 355,686 | 1.438,000 |

| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Wertentwicklung in Prozent 1) |
| Stand: 30.09.2022 |
|  | ISIN | Anteilklassen- |  |  |  |  | seit |
| Fonds | WKN | währung | 6 Monate | 1 Jahr | 3 Jahre | 10 Jahre | Auflegung |
| Flossbach von Storch - Foundation Growth SI seit 05.01.2021 | LU2243567224 A2QFWT | EUR | -8,32% | -5,79% | — | — | 2,81% |
| Flossbach von Storch - Foundation Growth SR seit 05.01.2021 | LU2243567497 A2QFWU | EUR | -8,50% | -6,16% | — | — | 2,10% |
| Flossbach von Storch - Foundation Growth R seit 05.01.2021 | LU2243567570 A2QFWK | EUR | -8,84% | -6,86% | — | — | 0,78% |
| Flossbach von Storch - Foundation Growth RT seit 05.01.2021 | LU2243567653 A2QFWL | EUR | -8,84% | -6,86% | — | — | 0,78% |
| Flossbach von Storch - Foundation Growth CHF-R seit 05.01.2021 | LU2243567737 A2QFWM | CHF | -9,10% | -7,38% | — | — | 0,33% |
| Flossbach von Storch - Foundation Growth I seit 05.01.2021 | LU2243567810 A2QFWN | EUR | -8,49% | -6,16% | — | — | 2,10% |
| Flossbach von Storch - Foundation Growth IT seit 05.01.2021 | LU2243567901 A2QFWP | EUR | -8,49% | -6,16% | — | — | 2,10% |
| Flossbach von Storch - Foundation Growth E seit 05.01.2021 | LU2243568032 A2QFWQ | EUR | -9,02% | -7,23% | — | — | 0,09% |
| Flossbach von Storch - Foundation Growth ET seit 05.01.2021 | LU2243568115 A2QFWR | EUR | -9,02% | -7,24% | — | — | 0,09% |
| Flossbach von Storch - Foundation Growth HT seit 05.01.2021 | LU2243568206 A2QFWS | EUR | -8,54% | -6,25% | — | — | 1,93% |

1) Auf Basis veröffentlichter Anteilwerte (BVI-Methode), entspricht im Ergebnis der Richtlinie zur “Berechnung und Publikation der Performance von kollektiven Kapitalanlagen“ der Asset Management Association Switzerland vom 16. Mai 2008 (Fassung vom 5. August 2021).
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |  |
| --- | --- | --- |
| Ertrags- und Aufwandsrechnung |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September | 2022 |
|  | Total EUR | Anteilklasse SI EUR | Anteilklasse SR EUR | Anteilklasse R EUR |
| Erträge |  |  |  |  |
| Dividenden | 1.082.405,56 | 318.094,83 | 76.899,96 | 221.653,84 |
| Zinsen auf Anleihen | 311.339,44 | 89.160,84 | 21.980,04 | 63.743,48 |
| Bankzinsen | -34.235,62 | -9.668,01 | -2.410,31 | -6.956,73 |
| Bestandsprovisionen | 3.418,92 | 1.002,67 | 244,54 | 704,13 |
| Ertragsausgleich | 165.949,58 | 88.167,67 | 13.691,70 | 42.426,03 |
| Erträge insgesamt | 1.528.877,88 | 486.758,00 | 110.405,93 | 321.570,75 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -714,99 | -215,03 | -51,97 | -146,92 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -979.362,97 | -132.167,21 | -65.039,56 | -362.812,69 |
| Verwahrstellenvergütung | -19.442,76 | -5.600,97 | -1.377,86 | -3.982,68 |
| Zentralverwaltungsstellenvergütung | -8.306,99 | -2.393,65 | -588,76 | -1.701,59 |
| Taxe d'abonnement | -59.143,45 | -17.003,64 | -4.186,99 | -12.108,03 |
| Veröffentlichungs- und Prüfungskosten | -11.911,51 | -3.429,62 | -841,03 | -2.442,13 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -3.907,07 | -1.126,46 | -276,41 | -798,26 |
| Register- und Transferstellenvergütung | -3.946,86 | -1.141,15 | -282,47 | -811,45 |
| Staatliche Gebühren | -5.068,19 | -1.377,00 | -354,82 | -1.043,65 |
| Sonstige Aufwendungen 1) | -56.413,36 | -16.232,27 | -3.996,81 | -11.545,58 |
| Aufwandsausgleich | -170.687,72 | -50.839,20 | -13.893,28 | -75.749,40 |
| Aufwendungen insgesamt | -1.318.905,87 | -231.526,20 | -90.889,96 | -473.142,38 |
| Ordentlicher Nettoertrag | 209.972,01 | 255.231,80 | 19.515,97 | -151.571,63 |
| Transaktionskosten im Geschäftsjahr gesamt 2) | 73.265,21 |  |  |  |
| Total Expense Ratio in Prozent 2) |  | 0,55 | 0,95 | 1,69 |
| Laufende Kosten in Prozent 2) |  | 0,57 | 0,97 | 1,72 |

1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse RT | Anteilklasse CHF-R | Anteilklasse I | Anteilklasse IT |
| --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	23.442,63 | 1.917,91 | 41.093,56 | 396.896,64 |
| Zinsen auf Anleihen	6.698,48 | 566,32 | 10.213,81 | 118.267,22 |
| Bankzinsen	-739,66 | -60,53 | -1.118,90 | -13.200,24 |
| Bestandsprovisionen	74,78 | 6,01 | 137,22 | 1.241,97 |
| Ertragsausgleich	3.290,98 | 346,09 | 11.594,57 | 7.092,98 |
| Erträge insgesamt	32.767,21 | 2.775,80 | 61.920,26 | 510.298,57 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-15,65 | -1,27 | -29,72 | -252,90 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-38.183,14 | -3.213,16 | -30.494,79 | -343.997,74 |
| Verwahrstellenvergütung	-419,26 | -35,33 | -655,30 | -7.327,09 |
| Zentralverwaltungsstellenvergütung	-179,12 | -15,07 | -280,16 | -3.129,11 |
| Taxe d'abonnement	-1.275,49 | -107,11 | -1.972,76 | -22.354,87 |
| Veröffentlichungs- und Prüfungskosten	-256,88 | -21,05 | -418,22 | -4.475,22 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-84,29 | -7,06 | -134,32 | -1.471,36 |
| Register- und Transferstellenvergütung	-86,20 | -7,05 | -140,81 | -1.468,84 |
| Staatliche Gebühren	-111,07 | -9,25 | -151,18 | -2.008,99 |
| Sonstige Aufwendungen 1)	-1.230,78 | -102,43 | -1.866,21 | -21.310,78 |
| Aufwandsausgleich	-6.335,10 | -570,21 | -14.580,74 | -9.875,92 |
| Aufwendungen insgesamt	-48.176,98 | -4.088,99 | -50.724,21 | -417.672,82 |
| Ordentlicher Nettoertrag	-15.409,77 | -1.313,19 | 11.196,05 | 92.625,75 |
| Total Expense Ratio in Prozent 2)	1,69 | 1,69 | 0,94 | 0,94 |
| Laufende Kosten in Prozent 2)	1,72 | 1,71 | 0,97 | 0,97 |

1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse E | Anteilklasse ET | Anteilklasse HT |
| --- | --- | --- | --- |
| EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden | 682,40 | 316,65 | 1.407,14 |
| Zinsen auf Anleihen | 203,45 | 88,41 | 417,39 |
| Bankzinsen | -24,92 | -9,72 | -46,60 |
| Bestandsprovisionen | 2,18 | 1,01 | 4,41 |
| Ertragsausgleich | -725,58 | 43,84 | 21,30 |
| Erträge insgesamt | 137,53 | 440,19 | 1.803,64 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen | -0,43 | -0,21 | -0,89 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -1.446,30 | -640,08 | -1.368,30 |
| Verwahrstellenvergütung | -12,42 | -5,88 | -25,97 |
| Zentralverwaltungsstellenvergütung | -5,79 | -2,78 | -10,96 |
| Taxe d'abonnement | -38,59 | -16,94 | -79,03 |
| Veröffentlichungs- und Prüfungskosten | -7,71 | -3,79 | -15,86 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -2,60 | -1,12 | -5,19 |
| Register- und Transferstellenvergütung | -2,60 | -1,10 | -5,19 |
| Staatliche Gebühren | -3,61 | -1,50 | -7,12 |
| Sonstige Aufwendungen 1) | -36,76 | -16,38 | -75,36 |
| Aufwandsausgleich | 1.306,68 | -111,27 | -39,28 |
| Aufwendungen insgesamt | -250,13 | -801,05 | -1.633,15 |
| Ordentlicher Nettoertrag | -112,60 | -360,86 | 170,49 |
| Total Expense Ratio in Prozent 2) | 2,10 | 2,09 | 1,04 |
| Laufende Kosten in Prozent 2) | 2,12 | 2,12 | 1,07 |

1) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
2) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Vermögensaufstellung zum 30. September 2022
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
| Cayman Inseln |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 56.300 | 16.000 | 108.200 | 77,9500 | 1.100.322,24 | 0,89 |
|  |  |  |  |  |  |  | 1.100.322,24 | 0,89 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 3.508 | 5.500 | 8.908 | 764,7000 | 916.064,55 | 0,74 |
|  |  |  |  |  |  |  | 916.064,55 | 0,74 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 2.034 | 5.000 | 6.434 | 159,6200 | 1.026.995,08 | 0,83 |
| DE0005810055 | Dte. Börse AG | EUR | 4.415 | 5.900 | 11.715 | 167,9000 | 1.966.948,50 | 1,58 |
| DE0005552004 | Dte. Post AG | EUR | 16.992 | 0 | 46.592 | 30,4650 | 1.419.425,28 | 1,14 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 7.938 | 7.038 | 12.550 | 58,7800 | 737.689,00 | 0,59 |
| DE0007164600 | SAP SE | EUR | 8.515 | 6.100 | 17.215 | 81,8700 | 1.409.392,05 | 1,14 |
| DE0008303504 | TAG Immobilien AG | EUR | 72.461 | 71.964 | 40.497 | 7,7850 | 315.269,15 | 0,25 |
|  |  |  |  |  |  |  | 6.875.719,06 | 5,53 |
| Frankreich |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 21.919 | 0 | 21.919 | 34,2350 | 750.396,97 | 0,60 |
| FR0010307819 | Legrand S.A. | EUR | 4.678 | 0 | 17.378 | 64,9600 | 1.128.874,88 | 0,91 |
| FR0000120321 | L'Oréal S.A. | EUR | 4.223 | 0 | 4.223 | 323,3500 | 1.365.507,05 | 1,10 |
|  |  |  |  |  |  |  | 3.244.778,90 | 2,61 |
| Irland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 10.684 | 0 | 10.684 | 82,2700 | 900.125,63 | 0,73 |
|  |  |  |  |  |  |  | 900.125,63 | 0,73 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 10.000 | 0 | 10.000 | 20.260,0000 | 1.435.023,06 | 1,16 |
|  |  |  |  |  |  |  | 1.435.023,06 | 1,16 |
| Kanada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 3.319 | 0 | 18.119 | 41,4300 | 768.735,45 | 0,62 |
| CA21037X1006 | Constellation Software Inc. | CAD | 557 | 135 | 2.392 | 1.931,5000 | 3.450.188,93 | 2,78 |
|  |  |  |  |  |  |  | 4.218.924,38 | 3,40 |
| Niederlande |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 1.818 | 0 | 1.818 | 431,9000 | 785.194,20 | 0,63 |
|  |  |  |  |  |  |  | 785.194,20 | 0,63 |
| Schweiz |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 6.388 | 5.910 | 26.578 | 106,5600 | 2.956.934,31 | 2,38 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 1.839 | 1.100 | 6.889 | 320,2500 | 2.303.405,98 | 1,86 |
|  |  |  |  |  |  |  | 5.260.340,29 | 4,24 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 8.816 | 0 | 8.816 | 98,2900 | 887.378,02 | 0,72 |
| US00724F1012 Adobe Inc. | USD | 2.800 | 0 | 2.800 | 278,2500 | 797.849,46 | 0,64 |
| US02079K3059 Alphabet Inc. | USD | 29.894 | 170 | 31.164 | 97,4200 | 3.109.059,78 | 2,51 |
| US0231351067 Amazon.com Inc. | USD | 11.883 | 0 | 12.133 | 114,8000 | 1.426.388,53 | 1,15 |
| US0258161092 American Express Co. | USD | 3.960 | 0 | 3.960 | 137,7900 | 558.779,72 | 0,45 |

Aktien, Anrechte und Genussscheine Börsengehandelte Wertpapiere
Berichtszeitraum Berichtszeitraum  Bestand	Kurs
EUR
NTFV 1)
1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0311001004 | AMETEK Inc. | USD | 7.755 | 0 | 7.755 | 113,2800 | 899.627,65 | 0,72 |
| US0320951017 | Amphenol Corporation | USD | 10.274 | 0 | 27.774 | 67,9200 | 1.931.807,56 | 1,56 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 2.142 | 0 | 6.242 | 269,5800 | 1.723.213,89 | 1,39 |
| US09247X1019 | Blackrock Inc. | USD | 1.011 | 0 | 2.511 | 563,9200 | 1.450.080,00 | 1,17 |
| US8085131055 | Charles Schwab Corporation | USD | 14.843 | 0 | 25.243 | 72,6400 | 1.877.779,33 | 1,51 |
| US2172041061 | Copart Inc. | USD | 7.114 | 0 | 7.114 | 109,7800 | 799.769,50 | 0,64 |
| US2358511028 | Danaher Corporation | USD | 5.370 | 0 | 7.820 | 262,1500 | 2.099.347,67 | 1,69 |
| US2566771059 | Dollar General Corporation | USD | 5.106 | 0 | 9.906 | 239,4700 | 2.429.277,85 | 1,96 |
| US29786A1060 | Etsy Inc. | USD | 6.017 | 0 | 6.017 | 101,5200 | 625.546,18 | 0,50 |
| US34959J1088 | Fortive Corporation | USD | 9.912 | 0 | 19.662 | 59,2100 | 1.192.203,81 | 0,96 |
| US4523081093 | Illinois Tool Works Inc. | USD | 3.420 | 0 | 6.220 | 183,8800 | 1.171.258,17 | 0,94 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 1.870 | 0 | 9.720 | 90,7500 | 903.317,97 | 0,73 |
| US4612021034 | Intuit Inc. | USD | 2.490 | 0 | 2.490 | 396,8100 | 1.011.835,02 | 0,82 |
| US4781601046 | Johnson & Johnson | USD | 3.693 | 2.400 | 19.693 | 164,5300 | 3.318.063,79 | 2,67 |
| US57636Q1040 | Mastercard Inc. | USD | 618 | 378 | 3.790 | 286,7700 | 1.113.014,13 | 0,90 |
| US57667L1070 | Match Group Inc. | USD | 12.895 | 0 | 12.895 | 48,2500 | 637.156,94 | 0,51 |
| US30303M1027 | Meta Platforms Inc. | USD | 8.785 | 0 | 8.785 | 136,4100 | 1.227.201,08 | 0,99 |
| US5949181045 | Microsoft Corporation | USD | 2.727 | 0 | 11.327 | 237,5000 | 2.754.902,71 | 2,22 |
| US6153691059 | Moody's Corporation | USD | 1.309 | 2.000 | 5.659 | 246,5600 | 1.428.861,28 | 1,15 |
| US55354G1004 | MSCI Inc. | USD | 2.881 | 0 | 2.881 | 423,2200 | 1.248.639,86 | 1,01 |
| US6516391066 | Newmont Corporation | USD | 6.901 | 9.100 | 13.901 | 41,7600 | 594.475,94 | 0,48 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 12.125 | 2.400 | 12.625 | 88,7000 | 1.146.786,99 | 0,92 |
| US7134481081 | PepsiCo Inc. | USD | 4.470 | 6.385 | 11.985 | 166,6100 | 2.044.875,42 | 1,65 |
| US72352L1061 | Pinterest Inc. | USD | 42.314 | 0 | 42.314 | 23,1900 | 1.004.876,25 | 0,81 |
| US7766961061 | Roper Technologies Inc. | USD | 2.649 | 1.100 | 1.549 | 366,7500 | 581.767,28 | 0,47 |
| US79466L3024 | Salesforce Inc. | USD | 7.530 | 0 | 7.530 | 146,8100 | 1.132.083,26 | 0,91 |
| US8636671013 | Stryker Corporation | USD | 3.960 | 0 | 3.960 | 205,4800 | 833.282,95 | 0,67 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 513 | 0 | 3.163 | 516,6100 | 1.673.361,42 | 1,35 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 1.703 | 1.683 | 9.520 | 173,5500 | 1.691.956,99 | 1,36 |
| US92826C8394 | VISA Inc. | USD | 5.666 | 834 | 7.382 | 180,0600 | 1.361.190,91 | 1,10 |
| US88579Y1010 | 3M Co. | USD | 7.733 | 6.053 | 14.730 | 112,3000 | 1.693.987,71 | 1,36 |
|  |  |  |  |  |  |  | 50.381.005,02 | 40,59 |
| Vereinigtes Königreich |  |  |  |  |  |  |  |  |
| GB00B24CGK77 Reckitt Benckiser Group Plc. | GBP | 14.082 | 15.332 | 30.750 | 61,2400 | 2.128.311,48 | 1,71 |  |
| GB00B10RZP78 Unilever Plc. | EUR | 12.828 | 11.442 | 53.386 | 45,9200 | 2.451.485,12 | 1,98 |  |
|  |  |  |  |  |  | 4.579.796,60 | 3,69 |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 79.697.293,93 | 64,21 |  |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  | 79.697.293,93 | 64,21 |  |
| Anleihen |  |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2462324232 | 1,949% | Bank of America Corporation EMTN Reg.S. Fix-to-Float v.22(2026) | 200.000 | 0 | 200.000 | 93,9370 | 187.874,00 | 0,15 |  |
| XS1200679071 | 1,125% | Berkshire Hathaway Inc. v.15(2027) | 300.000 | 0 | 300.000 | 90,1330 | 270.399,00 | 0,22 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE0001102333 | 1,750% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 2.000.000 | 0 | 2.000.000 | 100,2400 | 2.004.800,00 | 1,62 |  |
| DE0001102358 | 1,500% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 1.500.000 | 500.000 | 1.000.000 | 99,8620 | 998.620,00 | 0,80 |  |
| DE0001102366 | 1,000% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 3.000.000 | 1.500.000 | 1.500.000 | 98,7690 | 1.481.535,00 | 1,19 |  |
| DE0001141851 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2027) | 300.000 | 0 | 300.000 | 91,4760 | 274.428,00 | 0,22 |  |
| XS2348237871 | 1,500% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2028) | 300.000 | 0 | 800.000 | 78,3400 | 626.720,00 | 0,51 |  |
| XS2481287394 | 1,101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22 (2024) | 300.000 | 0 | 300.000 | 100,2360 | 300.708,00 | 0,24 |  |
| DE000CZ45W99 | 2,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 800.000 | 0 | 800.000 | 91,8690 | 734.952,00 | 0,59 |  |
| XS2050404636 | 0,200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 0 | 500.000 | 89,7000 | 448.500,00 | 0,36 |  |
| XS2050404800 | 0,450% | DH Europe Finance II S.a.r.L. v.19(2028) | 0 | 0 | 500.000 | 84,3780 | 421.890,00 | 0,34 |  |
| DE000A289N78 | 1,250% | Dte. Börse AG Reg.S. Fix-to-Float v.20(2047) | 400.000 | 0 | 400.000 | 83,0010 | 332.004,00 | 0,27 |  |
| DE000A3MP619 | 0,750% | DZHYPAG EMTNReg.S. Pfe. Green Bond v.22 (2029) | 250.000 | 0 | 250.000 | 85,0990 | 212.747,50 | 0,17 |  |
| XS2035564975 | 1,125% | EnBWEnergieBaden-WürttembergAGReg. S. Fix-to-Float Green Bond v.19(2079) | 200.000 | 0 | 200.000 | 85,6250 | 171.250,00 | 0,14 |  |
| EU000A287074 | 0,000% | Europäische Union Reg.S. Social Bond v.21 (2028) | 900.000 | 0 | 900.000 | 85,6800 | 771.120,00 | 0,62 |  |
| EU000A1G0BN7 | 2,125% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.14(2024) | 0 | 0 | 800.000 | 99,7070 | 797.656,00 | 0,64 |  |
| DE000A1KRJV6 | 0,010% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.21(2028) | 500.000 | 0 | 500.000 | 83,2490 | 416.245,00 | 0,34 |  |
| XS2209794408 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg. S. Green Bond v.20(2028) | 0 | 0 | 400.000 | 85,6190 | 342.476,00 | 0,28 |  |
| DE000A3E5VK1 | 0,750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 0 | 100.000 | 200.000 | 69,1560 | 138.312,00 | 0,11 |  |
| XS1403264374 | 1,000% | McDonald's Corporation Reg.S. v.16(2023) | 100.000 | 0 | 100.000 | 97,6950 | 97.695,00 | 0,08 |  |
| XS2523390271 | 2,500% | RWE AG Reg.S. v.22(2025) | 750.000 | 0 | 750.000 | 97,1240 | 728.430,00 | 0,59 |  |
| XS2526839175 | 2,250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 600.000 | 0 | 600.000 | 98,1200 | 588.720,00 | 0,47 |  |
| XS1002121454 | 6,500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 0 | 0 | 400.000 | 90,8720 | 363.488,00 | 0,29 |  |
| XS2207430120 | 2,374% | TenneTHoldingBVReg.S.Fix-to-FloatGreen Bond Perp. | 700.000 | 0 | 700.000 | 90,2350 | 631.645,00 | 0,51 |  |
| XS2102948994 | 0,250% | ToyotaMotorCreditCorporationEMTNReg. S. v.20(2026) | 200.000 | 0 | 200.000 | 88,5970 | 177.194,00 | 0,14 |  |
| XS2374595044 | 0,125% | Volkswagen Financial Services AG EMTN Reg.S. v.21(2027) | 200.000 | 0 | 200.000 | 83,8900 | 167.780,00 | 0,14 |  |
| XS1910947941 | 1,883% | Volkswagen International Finance NV- Reg. S. FRN v.18(2024) | 1.000.000 | 0 | 1.000.000 | 101,3590 | 1.013.590,00 | 0,82 |  |
| DE000A3MQS56 | 1,375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 300.000 | 0 | 300.000 | 90,5050 | 271.515,00 | 0,22 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2338564870 2,000% ZF Finance GmbH EMTN Reg.S. Green Bond100.000 v.21(2027) | 0 | 300.000 | 76,6250 | 229.875,00 | 0,19 |  |
| XS2262961076 2,750% ZF Finance GmbH EMTN Reg.S. v.20300.000 (2027) | 100.000 | 200.000 | 78,7500 | 157.500,00 | 0,13 |  |
|  |  |  |  | 15.359.668,50 | 12,39 |  |
| USD |  |  |  |  |  |  |
| US615369AW51 2,000% Moody's Corporation v.21(2031)200.000 | 0 | 500.000 | 76,1650 | 389.989,76 | 0,31 |  |
|  |  |  |  | 389.989,76 | 0,31 |  |
| Börsengehandelte Wertpapiere |  |  |  | 15.749.658,26 | 12,70 |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2114413565 | 2,875% | AT & T Inc. Fix-to-Float Perp. | 0 | 0 | 800.000 | 88,2600 | 706.080,00 | 0,57 |  |
| XS2466172280 | 1,250% | Daimler Truck International Finance B.V. EMTN Reg.S. v.22(2025) | 200.000 | 0 | 200.000 | 94,3660 | 188.732,00 | 0,15 |  |
| XS2338570331 | 0,875% | EQT AB Reg.S. v.21(2031) | 0 | 0 | 500.000 | 68,3540 | 341.770,00 | 0,28 |  |
| BE0002876572 | 3,125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.22(2029) | 300.000 | 0 | 300.000 | 94,4290 | 283.287,00 | 0,23 |  |
| XS0922885362 | 2,625% | Microsoft Corporation v.13(2033) | 0 | 0 | 300.000 | 93,5720 | 280.716,00 | 0,23 |  |
| XS1821883102 | 3,625% | Netflix Inc. v.17(2027) | 0 | 400.000 | 350.000 | 93,7500 | 328.125,00 | 0,26 |  |
| XS2388182573 | 0,500% | Smurfit Kappa Treasury PUC Reg.S. Green Bond v.21(2029) | 0 | 0 | 250.000 | 75,0850 | 187.712,50 | 0,15 |  |
| XS2407914394 | 0,000% | ThermoFisherScientific[FinanceI]BV Sustainability Bond v.21(2025) | 300.000 | 0 | 300.000 | 90,4440 | 271.332,00 | 0,22 |  |
|  |  |  |  |  |  |  | 2.587.754,50 | 2,09 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833DY36 | 1,250% | Apple Inc. v.20(2030) | 0 | 0 | 250.000 | 77,1710 | 197.570,40 | 0,16 |  |
| US037833EJ59 | 1,700% | Apple Inc. v.21(2031) | 0 | 0 | 800.000 | 78,3140 | 641.589,35 | 0,52 |  |
| US256677AK14 | 4,625% | Dollar General Corporation v.22(2027) | 200.000 | 0 | 200.000 | 97,5770 | 199.850,49 | 0,16 |  |
| US594918BY93 | 3,300% | Microsoft Corporation v.17(2027) | 0 | 0 | 215.000 | 95,3920 | 210.028,47 | 0,17 |  |
| US55354GAK67 | 3,625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 600.000 | 82,3290 | 505.861,75 | 0,41 |  |
| US855244BC24 | 3,000% | Starbucks Corporation v.22(2032) | 150.000 | 0 | 150.000 | 82,6070 | 126.892,47 | 0,10 |  |
| US437076CM21 | 2,700% | The Home Depot Inc. v.22(2025) | 50.000 | 0 | 50.000 | 95,5390 | 48.919,10 | 0,04 |  |
| US92343VGH15 | 2,100% | Verizon Communications Inc. v.21 (2028) | 0 | 0 | 500.000 | 83,9780 | 429.994,88 | 0,35 |  |
|  |  |  |  |  |  |  | 2.360.706,91 | 1,91 |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 4.948.461,41 | 4,00 |  |
| Anleihen |  |  |  | 20.698.119,67 | 16,70 |  |
| Wandelanleihen |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A2LQRA1 0,000%  RAG-Stiftung/Evonik Industries AG500.000 Reg.S. CV v.18(2024) | 0 | 500.000 | 92,6770 | 463.385,00 | 0,37 |  |
|  |  |  |  | 463.385,00 | 0,37 |  |
| Börsengehandelte Wertpapiere |  |  |  | 463.385,00 | 0,37 |  |
| Wandelanleihen |  |  |  | 463.385,00 | 0,37 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – FOUNDATION GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Zertifikate |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere Irland |
| IE00B579F325 | Invesco Physical Markets Plc./Gold Unze | USD | 17.344 | 7.144 | 71.700 | 160,1300 | 11.757.625,19 | 9,47 |  |
| Zert. v.09(2100) |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 11.757.625,19 | 9,47 |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 11.757.625,19 | 9,47 |  |
| Zertifikate |  |  |  |  |  | 11.757.625,19 | 9,47 |  |
| Wertpapiervermögen |  |  |  |  |  | 112.616.423,79 | 90,75 |  |
| Terminkontrakte |  |  |  |  |  |  |  |  |
| Short-Positionen |  |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 |  | 17 | 35 | -18 |  | 151.090,74 | 0,12 |  |
|  |  |  |  |  |  | 151.090,74 | 0,12 |  |
| USD |  |  |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 |  | 8 | 14 | -6 |  | 31.060,36 | 0,03 |  |
|  |  |  |  |  |  | 31.060,36 | 0,03 |  |
| Short-Positionen |  |  |  |  |  | 182.151,10 | 0,15 |  |
| Terminkontrakte |  |  |  |  |  | 182.151,10 | 0,15 |  |
| Bankguthaben - Kontokorrent 2) |  |  |  |  |  | 11.486.489,39 | 9,26 |  |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  |  |  | -182.951,03 | -0,16 |  |
| Netto-Teilfondsvermögen in EUR |  |  |  |  |  | 124.102.113,25 | 100,00 |  |

| Devisentermingeschäfte |  |  |
| --- | --- | --- |
| Zum 30. September 2022 standen folgende offene | Devisentermingeschäfte aus: |
|  |  |  | Kurswert | %-Anteil vom |
| Währung	Kontrahent |  | Währungsbetrag | EUR | NTFV 1) |
| CHF/EUR	DZ PRIVATBANK S.A. | Währungskäufe | 238.000,00 | 248.748,68 | 0,20 |
| EUR/USD	DZ PRIVATBANK S.A. | Währungsverkäufe | 7.600.000,00 | 7.755.790,57 | 6,25 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – FOUNDATION GROWTH |  |
| --- | --- |
| Terminkontrakte |
|  |  | Verpflichtungen | %-Anteil vom |
|  | Bestand | EUR | NTFV 1) |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 | -18 | -2.361.780,00 | -1,90 |
|  |  | -2.361.780,00 | -1,90 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | -6 | -690.956,22 | -0,56 |
|  |  | -690.956,22 | -0,56 |
| Short-Positionen |  | -3.052.736,22 | -2,46 |
| Terminkontrakte |  | -3.052.736,22 | -2,46 |


#### Devisenkurse
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum 30. September 2022 in Euro umgerechnet.
| Britisches Pfund | GBP | 1 | 0,8848 |
| --- | --- | --- | --- |
| Dänische Krone | DKK | 1 | 7,4361 |
| Hongkong Dollar | HKD | 1 | 7,6652 |
| Japanischer Yen | JPY | 1 | 141,1824 |
| Kanadischer Dollar | CAD | 1 | 1,3391 |
| Schweizer Franken | CHF | 1 | 0,9578 |
| US-Dollar | USD | 1 | 0,9765 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.