# FLOSSBACH VON STORCH – MULTI ASSET – 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 I | Unit class R | Unit class IT | Unit class RT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A0M43X | A0M43Y | A14UL2 | A14UL3 |
| ISIN: | LU0323578228 | LU0323578491 | LU1245471138 | LU1245471211 |
| Subscription fee: | up to 5.00% | up to 5.00% | up to 5.00% | up to 5.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.78% p.a. | 1.53% p.a. | 0.78% p.a. | 1.53% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | 1,000,000.00 EUR | none |
| Use of income: | distributing | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | EUR | EUR |
|  | Unit class ET | Unit class HT |  |  |
| Securities ID No. (WKN): | A14UL6 | A14UL5 |  |  |
| ISIN: | LU1245471567 | LU1245471484 |  |  |
| 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 – MULTI ASSET – GROWTH |  |
| --- | --- |
| Geographical breakdown by country 1) |
| United States of America | 49.07 % |
| Germany | 10.79 % |
| Ireland | 10.23 % |
| United Kingdom | 3.37 % |
| Netherlands | 3.31 % |
| Switzerland | 3.29 % |
| Canada | 3.26 % |
| France | 1.91 % |
| Cayman Islands | 1.13 % |
| Luxembourg | 1.13 % |
| Denmark | 0.76 % |
| European Community | 0.72 % |
| Japan | 0.65 % |
| Spain | 0.48 % |
| Belgium | 0.47 % |
| Securities holdings | 90.57 % |
| Futures contracts | 0.15 % |
| Bank balances 2) | 9.59 % |
| Balance of other receivables and payables | -0.31 % |
|  | 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 – MULTI ASSET – GROWTH |  |
| --- | --- |
| Breakdown by economic sector 1) |
| Software and services | 12.50 % |
| Raw materials and supplies | 10.54 % |
| Diversified financial services | 9.54 % |
| Media and entertainment | 7.26 % |
| Capital goods | 6.72 % |
| Pharmaceuticals, biotechnology and life sciences | 6.66 % |
| Wholesale and retail | 5.52 % |
| Government bonds | 4.33 % |
| Household items and body care products | 4.11 % |
| Foodstuffs, beverages and tobacco | 4.10 % |
| Insurance | 3.93 % |
| Hardware and equipment | 2.45 % |
| Healthcare: equipment and services | 2.44 % |
| Banks | 2.18 % |
| Industrial services and operating materials | 2.16 % |
| Public utilities | 1.24 % |
| Investment fund holdings | 1.13 % |
| Real estate | 0.97 % |
| Automobiles and components | 0.92 % |
| Transport | 0.84 % |
| Semi-conductors and semi-conductor production equipment | 0.59 % |
| Energy | 0.34 % |
| Consumer services | 0.10 % |
| Securities holdings | 90.57 % |
| Futures contracts | 0.15 % |
| Bank balances 2) | 9.59 % |
| Balance of other receivables and payables | -0.31 % |
|  | 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 – MULTI ASSET – GROWTH

#### Performance over the last 3 financial years
Unit class I
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 30.09.2020 | 596.19 | 3,060,826 | 110,119.25 | 194.78 |
| 30.09.2021 | 664.36 | 3,167,135 | 21,413.41 | 209.77 |
| 30.09.2022 | 619.94 | 3,283,487 | 24,558.80 | 188.80 |

| Unit class R |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 146.60 | 799,178 | 29,814.03 | 183.43 |
| 30.09.2021 | 182.06 | 928,498 | 24,817.07 | 196.08 |
| 30.09.2022 | 168.32 | 960,921 | 7,003.08 | 175.16 |

| Unit class IT |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 64.19 | 491,195 | 19,957.58 | 130.68 |
| 30.09.2021 | 58.84 | 414,204 | -11,235.17 | 142.05 |
| 30.09.2022 | 14.01 | 108,692 | -44,636.83 | 128.93 |

| Unit class RT |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 8.76 | 69,566 | 3,410.47 | 125.95 |
| 30.09.2021 | 11.36 | 83,564 | 1,744.88 | 135.90 |
| 30.09.2022 | 11.30 | 92,307 | 1,193.59 | 122.43 |

| Unit class ET |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 1.97 | 15,972 | 1,248.15 | 123.50 |
| 30.09.2021 | 1.69 | 12,697 | -424.29 | 132.72 |
| 30.09.2022 | 1.31 | 11,004 | -206.70 | 119.10 |

| Unit class HT |  |
| --- | --- |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 4.00 | 35,450 | 3,404.65 | 112.70 |
| 30.09.2021 | 7.26 | 59,291 | 2,859.42 | 122.37 |
| 30.09.2022 | 5.75 | 51,830 | -858.07 | 110.96 |

FLOSSBACH VON STORCH – MULTI ASSET – GROWTH

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	742,983,562.34
(acquisition cost of securities: EUR 725,198,572.18)
Bank balances 1)	78,666,989.82
Unrealised profits on futures contracts	1,266,955.81
Interest receivables	890,609.88
Dividend receivables	256,407.32
Receivable on subscriptions	379,301.05
824,443,826.22
Payable on redemptions	-171,532.60
Unrealised losses from forward exchange transactions	-2,851,010.29
Other liabilities 2)	-788,780.72
-3,811,323.61
Net sub-fund assets	820,632,502.61

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	619,938,190.31 EUR
Units outstanding	3,283,487.147
Unit value	188.80 EUR
Unit class R
Proportion of net sub-fund assets	168,318,198.26 EUR
Units outstanding	960,920.575
Unit value	175.16 EUR
Unit class IT
Proportion of net sub-fund assets	14,013,546.64 EUR
Units outstanding	108,692.114
Unit value	128.93 EUR
Unit class RT
Proportion of net sub-fund assets	11,301,055.76 EUR
Units outstanding	92,306.524
Unit value	122.43 EUR
Unit class ET
Proportion of net sub-fund assets	1,310,548.80 EUR
Units outstanding	11,003.826
Unit value	119.10 EUR
Unit class HT
Proportion of net sub-fund assets	5,750,962.84 EUR
Units outstanding	51,829.620
Unit value	110.96 EUR
1) See the notes to the annual report.
2) This item mainly comprises management fees and subscription tax (taxe d’abonnement).
| FLOSSBACH VON STORCH – MULTI ASSET – GROWTH |  |  |
| --- | --- | --- |
| Change in net sub-fund assets |  |
| in the reporting period from 1 October 2021 to 30 September | 2022 |
|  | Total EUR | Unit class I EUR | Unit class R EUR | Unit class IT EUR |
| Net sub-fund assets at the beginning of the reporting period | 925,559,224.29 | 664,364,604.50 | 182,060,824.88 | 58,837,020.39 |
| Ordinary net income | 311,789.31 | 1,345,381.76 | -991,068.94 | 30,782.39 |
| Income and expense equalisation | -5,909.47 | 6,976.51 | 8,379.02 | -24,744.17 |
| Cash inflows from the sale of units | 130,950,063.67 | 58,873,593.41 | 53,079,780.79 | 15,599,187.09 |
| Cash outflows from the redemption of units | -143,896,185.69 | -34,314,795.16 | -46,076,698.83 | -60,236,015.70 |
| Realised profits | 44,474,274.41 | 33,373,867.21 | 9,153,444.87 | 934,945.21 |
| Realised losses | -55,408,911.92 | -41,633,965.39 | -11,396,058.13 | -1,127,303.40 |
| Net change in unrealised profits | -21,166,932.44 | -16,707,133.75 | -4,899,538.89 | 976,585.82 |
| Net change in unrealised losses | -52,684,348.77 | -39,488,278.37 | -11,002,366.14 | -976,910.99 |
| Distribution | -7,500,560.78 | -5,882,060.41 | -1,618,500.37 | 0.00 |
| Net sub-fund assets at the end of the reporting period | 820,632,502.61 | 619,938,190.31 | 168,318,198.26 | 14,013,546.64 |
|  |  |  |  |  |
|  | Unit class RT EUR | Unit class ET EUR | Unit class HT EUR |  |
| Net sub-fund assets at the beginning of the reporting period | 11,355,879.67 | 1,685,209.82 | 7,255,685.03 |  |
| Ordinary net income | -66,330.57 | -13,341.85 | 6,366.52 |  |
| Income and expense equalisation | 3,686.59 | -1,503.16 | 1,295.74 |  |
| Cash inflows from the sale of units | 2,013,426.80 | 216,524.40 | 1,167,551.18 |  |
| Cash outflows from the redemption of units | -819,837.50 | -423,220.58 | -2,025,617.92 |  |
| Realised profits | 589,415.58 | 77,386.65 | 345,214.89 |  |
| Realised losses | -738,668.56 | -92,771.85 | -420,144.59 |  |
| Net change in unrealised profits | -331,553.38 | -39,222.04 | -166,070.20 |  |
| Net change in unrealised losses | -704,962.87 | -98,512.59 | -413,317.81 |  |
| Distribution | 0.00 | 0.00 | 0.00 |  |
| Net sub-fund assets at the end of the reporting period | 11,301,055.76 | 1,310,548.80 | 5,750,962.84 |  |
| Changes in number of units in circulation |  |  |  |  |
|  | Unit class I No. of units | Unit class R No. of units | Unit class IT No. of units | Unit class RT No. of units |
| Units outstanding at the beginning of the reporting period | 3,167,135.151 | 928,498.047 | 414,203.728 | 83,563.580 |
| Units issued | 283,972.069 | 277,968.560 | 111,325.980 | 14,963.314 |
| Units redeemed | -167,620.073 | -245,546.032 | -416,837.594 | -6,220.370 |
| Units outstanding at the end of reporting period | 3,283,487.147 | 960,920.575 | 108,692.114 | 92,306.524 |
|  |  |  |  |  |
|  | Unit class ET No. of units | Unit class HT No. of units |  |  |
| Units outstanding at the beginning of the reporting period | 12,697.321 | 59,291.374 |  |  |
| Units issued | 1,642.388 | 9,422.007 |  |  |
| Units redeemed | -3,335.883 | -16,883.761 |  |  |
| Units outstanding at the end of reporting period | 11,003.826 | 51,829.620 |  |  |

| FLOSSBACH VON STORCH – MULTI ASSET – 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 - Multi Asset - Growth I since 23.10.2007 2) | LU0323578228 A0M43X | EUR | -9.34% | -9.24% | 2.13% | 69.91% | 109.53% |
| Flossbach von Storch - Multi Asset - Growth R since 23.10.2007 2) | LU0323578491 A0M43Y | EUR | -9.68% | -9.91% | -0.12% | 58.73% | 90.83% |
| Flossbach von Storch - Multi Asset - Growth IT | LU1245471138 |  |  |  |  |  |  |
| since 10.07.2015 | A14UL2 | EUR | -9.34% | -9.24% | 2.13% | — | 28.93% |
| Flossbach von Storch - Multi Asset - Growth RT | LU1245471211 |  |  |  |  |  |  |
| since 10.07.2015 | A14UL3 | EUR | -9.68% | -9.91% | -0.12% | — | 22.43% |
| Flossbach von Storch - Multi Asset - Growth ET | LU1245471567 |  |  |  |  |  |  |
| since 10.07.2015 | A14UL6 | EUR | -9.86% | -10.26% | -1.30% | — | 19.10% |
| Flossbach von Storch - Multi Asset - Growth HT | LU1245471484 |  |  |  |  |  |  |
| since 05.02.2018 | A14UL5 | EUR | -9.39% | -9.33% | 1.82% | — | 10.96% |

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.
2) The Flossbach von Storch SICAV - Wachstum sub-fund was merged into the Flossbach von Storch - Multi Asset - Growth sub-fund on 1 July 2015. The histories of unit classes LU0323578228/A0M43X and LU0323578491/A0M43Y are still shown in the performance chart.
| FLOSSBACH VON STORCH – MULTI ASSET – GROWTH |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class I | Unit class R | Unit class IT |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	7,444,801.82 | 5,600,543.85 | 1,537,060.42 | 136,739.21 |
| Income from investment fund units	69,000.00 | 51,839.00 | 14,119.14 | 1,481.70 |
| Interest on bonds	2,251,348.51 | 1,685,752.86 | 460,935.33 | 53,714.18 |
| Bank interest	-247,519.34 | -185,222.65 | -50,659.27 | -5,981.54 |
| Trailer fees	16,292.23 | 12,250.75 | 3,358.77 | 312.29 |
| Income equalisation	-26,020.76 | 12,517.92 | -9,632.50 | -24,165.65 |
| Total income	9,507,902.46 | 7,177,681.73 | 1,955,181.89 | 162,100.19 |
| Expenses |  |  |  |
| Interest expense	-13,871.68 | -10,421.81 | -2,853.51 | -282.26 |
| Management fee / fund management fee	-8,355,922.23 | -5,159,205.97 | -2,768,686.15 | -160,295.67 |
| Depositary fee	-151,266.46 | -113,318.47 | -31,001.20 | -3,520.82 |
| Central administration agent fee	-64,572.33 | -48,372.22 | -13,233.57 | -1,503.93 |
| Taxe d’abonnement	-432,636.80 | -324,107.78 | -88,638.78 | -10,090.00 |
| Publication and auditing costs	-21,897.82 | -16,421.48 | -4,497.10 | -481.18 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-3,797.73 | -2,853.38 | -781.05 | -77.41 |
| Registrar and transfer agent fee	-15,487.69 | -11,637.78 | -3,190.43 | -306.47 |
| State fees	-6,149.29 | -4,618.23 | -1,262.02 | -128.67 |
| Other expenses 1)	-162,441.35 | -121,848.42 | -33,360.50 | -3,541.21 |
| Expense equalisation	31,930.23 | -19,494.43 | 1,253.48 | 48,909.82 |
| Total expenses	-9,196,113.15 | -5,832,299.97 | -2,946,250.83 | -131,317.80 |
| Ordinary net income	311,789.31 | 1,345,381.76 | -991,068.94 | 30,782.39 |
| Total transaction costs during the financial year 2)	204,883.58 |  |  |  |
| Total expense ratio in per cent 2) | 0.87 | 1.61 | 0.87 |
| Ongoing charges in per cent 2) | 0.87 | 1.61 | 0.87 |

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

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class RT | Unit class ET | Unit class HT |
| --- | --- | --- | --- |
| EUR | EUR | EUR |
| Income |  |  |  |
| Dividends | 99,237.80 | 12,743.82 | 58,476.72 |
| Income from investment fund units | 896.92 | 133.28 | 529.96 |
| Interest on bonds | 29,666.37 | 3,913.18 | 17,366.59 |
| Bank interest | -3,238.90 | -435.00 | -1,981.98 |
| Trailer fees | 216.48 | 28.71 | 125.23 |
| Income equalisation | 4,371.52 | -1,148.70 | -7,963.35 |
| Total income | 131,150.19 | 15,235.29 | 66,553.17 |
| Expenses |  |  |  |
| Interest expense | -183.57 | -23.50 | -107.03 |
| Management fee / fund management fee | -177,928.17 | -29,705.00 | -60,101.27 |
| Depositary fee | -1,992.45 | -263.46 | -1,170.06 |
| Central administration agent fee | -850.59 | -112.54 | -499.48 |
| Taxe d’abonnement | -5,694.97 | -755.06 | -3,350.21 |
| Publication and auditing costs | -287.99 | -39.31 | -170.76 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -50.19 | -6.54 | -29.16 |
| Registrar and transfer agent fee | -205.87 | -26.24 | -120.90 |
| State fees | -80.81 | -11.38 | -48.18 |
| Other expenses 1) | -2,148.04 | -285.97 | -1,257.21 |
| Expense equalisation | -8,058.11 | 2,651.86 | 6,667.61 |
| Total expenses | -197,480.76 | -28,577.14 | -60,186.65 |
| Ordinary net income | -66,330.57 | -13,341.85 | 6,366.52 |
| Total expense ratio in per cent 2) | 1.61 | 2.01 | 0.97 |
| Ongoing charges in per cent 2) | 1.61 | 2.01 | 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 – MULTI ASSET – 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 | 0 | 162,000 | 348,000 | 77.9500 | 3,538,929.19 | 0.43 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 16,000 | 163,000 | 166,000 | 266.4000 | 5,769,242.81 | 0.70 |
|  |  |  |  |  |  |  | 9,308,172.00 | 1.13 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 10,000 | 29,200 | 60,800 | 764.7000 | 6,252,438.78 | 0.76 |
|  |  |  |  |  |  |  | 6,252,438.78 | 0.76 |
| Germany |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 5,500 | 9,000 | 42,500 | 159.6200 | 6,783,850.00 | 0.83 |
| DE0005810055 | Dte. Börse AG | EUR | 0 | 22,000 | 63,000 | 167.9000 | 10,577,700.00 | 1.29 |
| DE0005552004 | Dte. Post AG | EUR | 54,000 | 38,000 | 226,000 | 30.4650 | 6,885,090.00 | 0.84 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 58,800 | 75,592 | 86,708 | 58.7800 | 5,096,696.24 | 0.62 |
| DE0007164600 | SAP SE | EUR | 12,863 | 0 | 100,000 | 81.8700 | 8,187,000.00 | 1.00 |
| DE0008303504 | TAG Immobilien AG | EUR | 207,257 | 132,623 | 74,634 | 7.7850 | 581,025.69 | 0.07 |
|  |  |  |  |  |  |  | 38,111,361.93 | 4.65 |
| France |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 149,000 | 0 | 149,000 | 34.2350 | 5,101,015.00 | 0.62 |
| FR0010307819 | Legrand S.A. | EUR | 0 | 0 | 69,000 | 64.9600 | 4,482,240.00 | 0.55 |
| FR0000120321 | L'Oréal S.A. | EUR | 18,900 | 0 | 18,900 | 323.3500 | 6,111,315.00 | 0.74 |
|  |  |  |  |  |  |  | 15,694,570.00 | 1.91 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 0 | 70,000 | 82.2700 | 5,897,491.04 | 0.72 |
|  |  |  |  |  |  |  | 5,897,491.04 | 0.72 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 37,300 | 0 | 37,300 | 20,260.0000 | 5,352,636.02 | 0.65 |
|  |  |  |  |  |  |  | 5,352,636.02 | 0.65 |
| Canada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 53,800 | 111,200 | 41.4300 | 4,717,886.33 | 0.57 |
| CA21037X1006 | Constellation Software Inc. | CAD | 0 | 1,800 | 15,300 | 1,931.5000 | 22,068,516.17 | 2.69 |
|  |  |  |  |  |  |  | 26,786,402.50 | 3.26 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 11,200 | 0 | 11,200 | 431.9000 | 4,837,280.00 | 0.59 |
|  |  |  |  |  |  |  | 4,837,280.00 | 0.59 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 42,000 | 41,934 | 170,066 | 106.5600 | 18,920,685.91 | 2.31 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 10,500 | 24,000 | 320.2500 | 8,024,639.80 | 0.98 |
|  |  |  |  |  |  |  | 26,945,325.71 | 3.29 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 50,000 | 0 | 50,000 | 98.2900 | 5,032,770.10 | 0.61 |
| US00507V1098 | Activision Blizzard Inc. | USD | 0 | 67,903 | 112,097 | 74.8700 | 8,594,677.31 | 1.05 |
| US00724F1012 | Adobe Inc. | USD | 17,200 | 0 | 17,200 | 278.2500 | 4,901,075.27 | 0.60 |
| US02079K3059 | Alphabet Inc. | USD | 240,350 | 2,200 | 253,000 | 97.4200 | 25,240,409.63 | 3.08 |
| US0231351067 | Amazon.com Inc. | USD | 107,350 | 0 | 113,000 | 114.8000 | 13,284,587.81 | 1.62 |

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 – MULTI ASSET – 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0258161092 | American Express Co. | USD | 23,000 | 0 | 23,000 | 137.7900 | 3,245,437.79 | 0.40 |
| US0311001004 | AMETEK Inc. | USD | 4,500 | 0 | 74,500 | 113.2800 | 8,642,457.76 | 1.05 |
| US0320951017 | Amphenol Corporation | USD | 0 | 0 | 175,000 | 67.9200 | 12,172,043.01 | 1.48 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 8,000 | 0 | 69,000 | 269.5800 | 19,048,663.59 | 2.32 |
| US09247X1019 | Blackrock Inc. | USD | 9,700 | 0 | 16,700 | 563.9200 | 9,644,100.36 | 1.18 |
| US8085131055 | Charles Schwab Corporation | USD | 64,000 | 0 | 164,000 | 72.6400 | 12,199,651.82 | 1.49 |
| US2172041061 | Copart Inc. | USD | 56,000 | 0 | 56,000 | 109.7800 | 6,295,627.24 | 0.77 |
| US2358511028 | Danaher Corporation | USD | 3,500 | 0 | 63,500 | 262.1500 | 17,047,132.62 | 2.08 |
| US2566771059 | Dollar General Corporation | USD | 29,556 | 16,200 | 65,356 | 239.4700 | 16,027,446.31 | 1.95 |
| US29786A1060 | Etsy Inc. | USD | 38,200 | 0 | 38,200 | 101.5200 | 3,971,391.71 | 0.48 |
| US34959J1088 | Fortive Corporation | USD | 28,000 | 0 | 123,000 | 59.2100 | 7,458,095.24 | 0.91 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 10,000 | 55,000 | 183.8800 | 10,356,784.43 | 1.26 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 0 | 68,500 | 90.7500 | 6,365,975.42 | 0.78 |
| US4612021034 | Intuit Inc. | USD | 7,500 | 6,000 | 16,500 | 396.8100 | 6,704,930.88 | 0.82 |
| US4781601046 | Johnson & Johnson | USD | 0 | 39,800 | 90,200 | 164.5300 | 15,197,753.20 | 1.85 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 8,041 | 22,959 | 286.7700 | 6,742,398.80 | 0.82 |
| US57667L1070 | Match Group Inc. | USD | 57,000 | 0 | 57,000 | 48.2500 | 2,816,436.25 | 0.34 |
| US30303M1027 | Meta Platforms Inc. | USD | 20,500 | 0 | 73,500 | 136.4100 | 10,267,419.35 | 1.25 |
| US5949181045 | Microsoft Corporation | USD | 0 | 0 | 86,000 | 237.5000 | 20,916,538.66 | 2.55 |
| US6153691059 | Moody's Corporation | USD | 5,500 | 5,700 | 37,800 | 246.5600 | 9,544,258.06 | 1.16 |
| US55354G1004 | MSCI Inc. | USD | 19,600 | 0 | 19,600 | 423.2200 | 8,494,738.35 | 1.04 |
| US6516391066 | Newmont Corporation | USD | 135,000 | 45,900 | 89,100 | 41.7600 | 3,810,359.45 | 0.46 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 73,700 | 24,100 | 79,600 | 88.7000 | 7,230,435.23 | 0.88 |
| US7134481081 | PepsiCo Inc. | USD | 9,500 | 15,640 | 63,860 | 166.6100 | 10,895,765.08 | 1.33 |
| US72352L1061 | Pinterest Inc. | USD | 120,000 | 0 | 290,000 | 23.1900 | 6,886,943.16 | 0.84 |
| US7766961061 | Roper Technologies Inc. | USD | 0 | 11,400 | 8,600 | 366.7500 | 3,229,953.92 | 0.39 |
| US79466L3024 | Salesforce Inc. | USD | 8,000 | 0 | 36,000 | 146.8100 | 5,412,350.23 | 0.66 |
| US8636671013 | Stryker Corporation | USD | 4,000 | 0 | 26,500 | 205.4800 | 5,576,262.16 | 0.68 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 15,400 | 0 | 15,400 | 516.6100 | 8,147,254.48 | 0.99 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 4,500 | 23,423 | 64,077 | 173.5500 | 11,388,185.71 | 1.39 |
| US92826C8394 | VISA Inc. | USD | 2,999 | 9,000 | 38,999 | 180.0600 | 7,191,152.01 | 0.88 |
| US88579Y1010 | 3M Co. | USD | 0 | 15,563 | 94,437 | 112.3000 | 10,860,496.77 | 1.32 |
|  |  |  |  |  |  |  | 350,841,959.17 | 42.76 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 0 | 105,809 | 189,191 | 61.2400 | 13,094,548.87 | 1.60 |
| GB00B10RZP78 | Unilever Plc. | EUR | 0 | 113,193 | 316,807 | 45.9200 | 14,547,777.44 | 1.77 |
|  |  |  |  |  |  |  | 27,642,326.31 | 3.37 |

| Exchange-traded securities | 517,669,963.46 | 63.09 |
| --- | --- | --- |
| Equities, rights and participation certificates | 517,669,963.46 | 63.09 |
| Bonds |  |  |
| Exchange-traded securities |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2462324232 | 1.949% | Bank of America Corporation EMTN Reg.S. Fix-to-Float v.22(2026) | 2,000,000 | 0 | 2,000,000 | 93.9370 | 1,878,740.00 | 0.23 |
| XS1200679071 | 1.125% | Berkshire Hathaway Inc. v.15(2027) | 1,200,000 | 0 | 1,200,000 | 90.1330 | 1,081,596.00 | 0.13 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – MULTI ASSET – 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE0001102333 | 1.750% | Federal Republic of Germany Reg.S. v.14 (2024) | 10,000,000 | 0 | 10,000,000 | 100.2400 | 10,024,000.00 | 1.22 |  |
| DE0001102358 | 1.500% | Federal Republic of Germany Reg.S. v.14 (2024) | 10,000,000 | 2,500,000 | 7,500,000 | 99.8620 | 7,489,650.00 | 0.91 |  |
| DE0001102366 | 1.000% | Federal Republic of Germany Reg.S. v.14 (2024) | 20,000,000 | 10,000,000 | 10,000,000 | 98.7690 | 9,876,900.00 | 1.20 |  |
| DE0001141851 | 0.000% | Federal Republic of Germany Reg.S. v.22 (2027) | 5,000,000 | 2,500,000 | 2,500,000 | 91.4760 | 2,286,900.00 | 0.28 |  |
| XS2348237871 | 1.500% | Cellnex Finance Company S.A. EMTNReg.S. v.21(2028) | 2,000,000 | 0 | 5,000,000 | 78.3400 | 3,917,000.00 | 0.48 |  |
| XS2481287394 | 1.101% | Coloplast FinanceB.V. EMTNReg.S. FRNv.22 (2024) | 1,600,000 | 0 | 1,600,000 | 100.2360 | 1,603,776.00 | 0.20 |  |
| DE000CZ45W99 | 2.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 6,400,000 | 0 | 6,400,000 | 91.8690 | 5,879,616.00 | 0.72 |  |
| XS2239553048 | 1.250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 2,600,000 | 4,300,000 | 87.1530 | 3,747,579.00 | 0.46 |  |
| DE000A289N78 | 1.250% | Dte.BörseAGReg.S.Fix-to-Floatv.20(2047) | 1,500,000 | 0 | 1,500,000 | 83.0010 | 1,245,015.00 | 0.15 |  |
| XS2035564975 | 1.125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19(2079) | 1,500,000 | 0 | 1,500,000 | 85.6250 | 1,284,375.00 | 0.16 |  |
| EU000A287074 | 0.000% | European Union Reg.S. Social Bond v.21 (2028) | 6,900,000 | 0 | 6,900,000 | 85.6800 | 5,911,920.00 | 0.72 |  |
| BE0002684653 | 0.010% | ING Belgium S.A./NV Reg.S. Pfe. v.20(2030) | 0 | 0 | 2,500,000 | 79.2590 | 1,981,475.00 | 0.24 |  |
| XS2123320033 | 0.389% | JPMorgan Chase & Co. EMTN Reg.S. Fix-to- Float v.20(2028) | 0 | 0 | 8,000,000 | 84.5960 | 6,767,680.00 | 0.82 |  |
| XS1403264374 | 1.000% | McDonald's Corporation Reg.S. v.16(2023) | 800,000 | 0 | 800,000 | 97.6950 | 781,560.00 | 0.10 |  |
| XS2523390271 | 2.500% | RWE AG Reg.S. v.22(2025) | 5,000,000 | 0 | 5,000,000 | 97.1240 | 4,856,200.00 | 0.59 |  |
| XS2526839175 | 2.250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 4,200,000 | 0 | 4,200,000 | 98.1200 | 4,121,040.00 | 0.50 |  |
| XS1002121454 | 6.500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 1,500,000 | 0 | 1,500,000 | 90.8720 | 1,363,080.00 | 0.17 |  |
| XS1914502643 | 2.625% | Stryker Corporation v.18(2030) | 0 | 0 | 2,100,000 | 89.5290 | 1,880,109.00 | 0.23 |  |
| XS2207430120 | 2.374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 4,500,000 | 0 | 4,500,000 | 90.2350 | 4,060,575.00 | 0.49 |  |
| XS1458408561 | 1.625% | TheGoldmanSachsGroupInc.EMTNReg.S. v.16(2026) | 0 | 0 | 5,000,000 | 91.5130 | 4,575,650.00 | 0.56 |  |
| XS1910947941 | 1.883% | Volkswagen International Finance NV- Reg.S. FRN v.18(2024) | 3,500,000 | 0 | 3,500,000 | 101.3590 | 3,547,565.00 | 0.43 |  |
| DE000A3MQS56 | 1.375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 2,500,000 | 0 | 2,500,000 | 90.5050 | 2,262,625.00 | 0.28 |  |
| XS2262961076 | 2.750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 0 | 2,000,000 | 3,000,000 | 78.7500 | 2,362,500.00 | 0.29 |  |
|  |  |  |  |  |  |  | 94,787,126.00 | 11.56 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US615369AW51 | 2.000% | Moody's Corporation v.21(2031) | 0 | 0 | 3,000,000 | 76.1650 | 2,339,938.56 | 0.29 |  |
|  |  |  |  |  |  |  | 2,339,938.56 | 0.29 |  |
| Exchange-traded securities |  |  |  |  | 97,127,064.56 | 11.85 |  |
| Securities admitted to trading or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |
| XS2114413565  2.875% AT & T Inc. Fix-to-Float Perp. | 0 | 0 | 9,000,000 | 88.2600 | 7,943,400.00 | 0.97 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – MULTI ASSET – 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2466172280 | 1.250% | Daimler Truck International Finance B.V. EMTN Reg.S. v.22(2025) | 1,700,000 | 0 | 1,700,000 | 94.3660 | 1,604,222.00 | 0.20 |  |
| BE0002876572 | 3.125% | Groupe Bruxelles Lambert S.A.[GBL] Reg.S. v.22(2029) | 2,000,000 | 0 | 2,000,000 | 94.4290 | 1,888,580.00 | 0.23 |  |
| XS1989380172 | 3.875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 0 | 4,000,000 | 87.7500 | 3,510,000.00 | 0.43 |  |
| XS2360853332 | 1.288% | Prosus NV Reg.S. v.21(2029) | 0 | 3,500,000 | 1,500,000 | 70.7760 | 1,061,640.00 | 0.13 |  |
| XS2430287362 | 2.085% | Prosus NV Reg.S. v.22(2030) | 1,600,000 | 0 | 1,600,000 | 71.9770 | 1,151,632.00 | 0.14 |  |
|  |  |  |  |  |  |  | 17,159,474.00 | 2.10 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833EJ59 | 1.700% | Apple Inc. v.21(2031) | 0 | 0 | 6,000,000 | 78.3140 | 4,811,920.12 | 0.59 |  |
| US084664CW92 | 1.450% | Berkshire Hathaway Finance Corporation v.20(2030) | 0 | 0 | 6,700,000 | 77.3280 | 5,305,658.99 | 0.65 |  |
| US256677AK14 | 4.625% | Dollar General Corporation v.22(2027) | 1,300,000 | 0 | 1,300,000 | 97.5770 | 1,299,028.16 | 0.16 |  |
| US55354GAK67 | 3.625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 4,900,000 | 82.3290 | 4,131,204.30 | 0.50 |  |
| US55354GAL41 | 3.875% | MSCI Inc. 144A v.20(2031) | 0 | 0 | 4,500,000 | 83.2180 | 3,834,930.88 | 0.47 |  |
| US855244BC24 | 3.000% | Starbucks Corporation v.22(2032) | 1,350,000 | 0 | 1,350,000 | 82.6070 | 1,142,032.26 | 0.14 |  |
| US437076CM21 | 2.700% | The Home Depot Inc. v.22(2025) | 350,000 | 0 | 350,000 | 95.5390 | 342,433.69 | 0.04 |  |
|  |  |  |  |  |  |  | 20,867,208.40 | 2.55 |  |

| Securities admitted to trading or included in organised markets |  |  |  |  | 38,026,682.40 | 4.65 |
| --- | --- | --- | --- | --- | --- | --- |
| Bonds |  |  |  |  | 135,153,746.96 | 16.50 |
| Convertible bonds |  |  |  |  |  |  |
| Exchange-traded securities |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A2LQRA1 0.000%  RAG-Stiftung/Evonik Industries AG | 3,000,000 | 0 | 3,000,000 | 92.6770 | 2,780,310.00 | 0.34 |
| Reg.S. CV v.18(2024) |  |  |  |  |  |  |
|  |  |  |  |  | 2,780,310.00 | 0.34 |
| Exchange-traded securities |  |  |  |  | 2,780,310.00 | 0.34 |
| Convertible bonds |  |  |  |  | 2,780,310.00 | 0.34 |
| Investment fund holdings 2) |  |  |  |  |  |  |
| Luxembourg |  |  |  |  |  |  |
| LU1012014905 | Flossbach von Storch - Global Emerging Markets Equities I | EUR | 9,000 | 11,046 | 57,954 | 160.6400 | 9,309,730.56 | 1.13 |

9,309,730.56	1.13
Investment fund holdings	9,309,730.561.13
| IE00B579F325 Invesco Physical Markets Plc./Gold	USD Ounce Cert. v.09(2100) | 19,329 | 146,246 | 476,083 | 160.1300 | 78,069,811.36 | 9.51 |
| --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  | 78,069,811.36 | 9.51 |
| Exchange-traded securities |  |  |  |  | 78,069,811.36 | 9.51 |
| Certificates |  |  |  |  | 78,069,811.36 | 9.51 |
| Securities holdings |  |  |  |  | 742,983,562.34 | 90.57 |

Certificates
Exchange-traded securities Ireland
1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) Details of issue surcharges, redemption fees and the maximum amount of the management fee for target fund units are available on request at the registered offices of the management company, the depositary and the paying agents.
FLOSSBACH VON STORCH – MULTI ASSET – 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Futures contracts |  |  |  |  |  |  |
| Short positions |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 | 105 | 214 | -109 | 914,938.37 | 0.11 |  |
|  |  |  |  | 914,938.37 | 0.11 |  |
| USD |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | 65 | 133 | -68 | 352,017.44 | 0.04 |  |
|  |  |  |  | 352,017.44 | 0.04 |  |
| Short positions |  |  |  | 1,266,955.81 | 0.15 |  |
| Futures contracts |  |  |  | 1,266,955.81 | 0.15 |  |
| Bank balances - current account 2) |  |  |  | 78,666,989.82 | 9.59 |  |
| Balance of other receivables and payables |  |  |  | -2,285,005.36 | -0.31 |  |
| Net sub-fund assets in EUR |  |  |  | 820,632,502.61 | 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)
EUR/USD	DZ PRIVATBANK S.A.	Currency sales	65,800,000.00	67,148,818.318.18
EUR/USD	J.P. Morgan SE	Currency sales	17,000,000.00	17,383,746.202.12
| Futures contracts |  |
| --- | --- |
|  |  | Commitments | % share of |
|  | Quantity | EUR | NSFA 1) |
| Short positions |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 | -109 | -14,301,890.00 | -1.74 |
|  |  | -14,301,890.00 | -1.74 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | -68 | -7,830,837.17 | -0.95 |
|  |  | -7,830,837.17 | -0.95 |
| Short positions |  | -22,132,727.17 | -2.69 |
| Futures contracts |  | -22,132,727.17 | -2.69 |

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 – MULTI ASSET – 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 – MULTI ASSET – 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 I | Anteilklasse R | Anteilklasse IT | Anteilklasse RT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A0M43X | A0M43Y | A14UL2 | A14UL3 |
| ISIN-Code: | LU0323578228 | LU0323578491 | LU1245471138 | LU1245471211 |
| Ausgabeaufschlag: | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % | bis zu 5,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,78 % p.a. | 1,53 % p.a. | 0,78 % p.a. | 1,53 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | 1.000.000,00 EUR | keine |
| Ertragsverwendung: | ausschüttend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |
|  | Anteilklasse ET | Anteilklasse HT |  |  |
| WP-Kenn-Nr.: | A14UL6 | A14UL5 |  |  |
| ISIN-Code: | LU1245471567 | LU1245471484 |  |  |
| 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 – MULTI ASSET – GROWTH |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Vereinigte Staaten von Amerika | 49,07 % |
| Deutschland | 10,79 % |
| Irland | 10,23 % |
| Vereinigtes Königreich | 3,37 % |
| Niederlande | 3,31 % |
| Schweiz | 3,29 % |
| Kanada | 3,26 % |
| Frankreich | 1,91 % |
| Cayman Inseln | 1,13 % |
| Luxemburg | 1,13 % |
| Dänemark | 0,76 % |
| Europäische Gemeinschaft | 0,72 % |
| Japan | 0,65 % |
| Spanien | 0,48 % |
| Belgien | 0,47 % |
| Wertpapiervermögen | 90,57 % |
| Terminkontrakte | 0,15 % |
| Bankguthaben 2) | 9,59 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,31 % |
|  | 100,00 % |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – MULTI ASSET – GROWTH |  |
| --- | --- |
| Branchenaufteilung 1) |
| Software & Dienste | 12,50 % |
| Roh-, Hilfs- & Betriebsstoffe | 10,54 % |
| Diversifizierte Finanzdienste | 9,54 % |
| Media & Entertainment | 7,26 % |
| Investitionsgüter | 6,72 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 6,66 % |
| Groß- und Einzelhandel | 5,52 % |
| Staatsanleihen | 4,33 % |
| Haushaltsartikel & Körperpflegeprodukte | 4,11 % |
| Lebensmittel, Getränke & Tabak | 4,10 % |
| Versicherungen | 3,93 % |
| Hardware & Ausrüstung | 2,45 % |
| Gesundheitswesen: Ausstattung & Dienste | 2,44 % |
| Banken | 2,18 % |
| Gewerbliche Dienste & Betriebsstoffe | 2,16 % |
| Versorgungsbetriebe | 1,24 % |
| Investmentfondsanteile | 1,13 % |
| Immobilien | 0,97 % |
| Automobile & Komponenten | 0,92 % |
| Transportwesen | 0,84 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 0,59 % |
| Energie | 0,34 % |
| Verbraucherdienste | 0,10 % |
| Wertpapiervermögen | 90,57 % |
| Terminkontrakte | 0,15 % |
| Bankguthaben 2) | 9,59 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,31 % |
|  | 100,00 % |
| Entwicklung der letzten 3 Geschäftsjahre |  |
| Anteilklasse I |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 596,19 | 3.060.826 | 110.119,25 | 194,78 |
| 30.09.2021 | 664,36 | 3.167.135 | 21.413,41 | 209,77 |
| 30.09.2022 | 619,94 | 3.283.487 | 24.558,80 | 188,80 |

| Anteilklasse R |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 146,60 | 799.178 | 29.814,03 | 183,43 |
| 30.09.2021 | 182,06 | 928.498 | 24.817,07 | 196,08 |
| 30.09.2022 | 168,32 | 960.921 | 7.003,08 | 175,16 |

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

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse IT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 64,19 | 491.195 | 19.957,58 | 130,68 |
| 30.09.2021 | 58,84 | 414.204 | -11.235,17 | 142,05 |
| 30.09.2022 | 14,01 | 108.692 | -44.636,83 | 128,93 |

| Anteilklasse RT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 8,76 | 69.566 | 3.410,47 | 125,95 |
| 30.09.2021 | 11,36 | 83.564 | 1.744,88 | 135,90 |
| 30.09.2022 | 11,30 | 92.307 | 1.193,59 | 122,43 |

| Anteilklasse ET |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 1,97 | 15.972 | 1.248,15 | 123,50 |
| 30.09.2021 | 1,69 | 12.697 | -424,29 | 132,72 |
| 30.09.2022 | 1,31 | 11.004 | -206,70 | 119,10 |

| Anteilklasse HT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 4,00 | 35.450 | 3.404,65 | 112,70 |
| 30.09.2021 | 7,26 | 59.291 | 2.859,42 | 122,37 |
| 30.09.2022 | 5,75 | 51.830 | -858,07 | 110,96 |

FLOSSBACH VON STORCH – MULTI ASSET – GROWTH

#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	742.983.562,34
(Wertpapiereinstandskosten: EUR 725.198.572,18)
Bankguthaben 1)	78.666.989,82
Nicht realisierte Gewinne aus Terminkontrakten	1.266.955,81
Zinsforderungen	890.609,88
Dividendenforderungen	256.407,32
Forderungen aus Absatz von Anteilen	379.301,05
824.443.826,22
Verbindlichkeiten aus Rücknahmen von Anteilen	-171.532,60
Nicht realisierte Verluste aus Devisentermingeschäften	-2.851.010,29
Sonstige Passiva 2)	-788.780,72
-3.811.323,61
Netto-Teilfondsvermögen	820.632.502,61

#### Zurechnung auf die Anteilklassen
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	619.938.190,31 EUR
Umlaufende Anteile	3.283.487,147
Anteilwert	188,80 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	168.318.198,26 EUR
Umlaufende Anteile	960.920,575
Anteilwert	175,16 EUR
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	14.013.546,64 EUR
Umlaufende Anteile	108.692,114
Anteilwert	128,93 EUR
Anteilklasse RT
Anteiliges Netto-Teilfondsvermögen	11.301.055,76 EUR
Umlaufende Anteile	92.306,524
Anteilwert	122,43 EUR
Anteilklasse ET
Anteiliges Netto-Teilfondsvermögen	1.310.548,80 EUR
Umlaufende Anteile	11.003,826
Anteilwert	119,10 EUR
Anteilklasse HT
Anteiliges Netto-Teilfondsvermögen	5.750.962,84 EUR
Umlaufende Anteile	51.829,620
Anteilwert	110,96 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
| FLOSSBACH VON STORCH – MULTI ASSET – GROWTH |  |
| --- | --- |
| Veränderung des Netto-Teilfondsvermögens |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse IT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	925.559.224,29 | 664.364.604,50 | 182.060.824,88 | 58.837.020,39 |
| Ordentlicher Nettoertrag	311.789,31 | 1.345.381,76 | -991.068,94 | 30.782,39 |
| Ertrags- und Aufwandsausgleich	-5.909,47 | 6.976,51 | 8.379,02 | -24.744,17 |
| Mittelzuflüsse aus Anteilverkäufen	130.950.063,67 | 58.873.593,41 | 53.079.780,79 | 15.599.187,09 |
| Mittelabflüsse aus Anteilrücknahmen	-143.896.185,69 | -34.314.795,16 | -46.076.698,83 | -60.236.015,70 |
| Realisierte Gewinne	44.474.274,41 | 33.373.867,21 | 9.153.444,87 | 934.945,21 |
| Realisierte Verluste	-55.408.911,92 | -41.633.965,39 | -11.396.058,13 | -1.127.303,40 |
| Nettoveränderung nicht realisierter Gewinne	-21.166.932,44 | -16.707.133,75 | -4.899.538,89 | 976.585,82 |
| Nettoveränderung nicht realisierter Verluste	-52.684.348,77 | -39.488.278,37 | -11.002.366,14 | -976.910,99 |
| Ausschüttung	-7.500.560,78 | -5.882.060,41 | -1.618.500,37 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	820.632.502,61 | 619.938.190,31 | 168.318.198,26 | 14.013.546,64 |
|  |  |  |  |
| Anteilklasse RT EUR | Anteilklasse ET EUR | Anteilklasse HT EUR |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	11.355.879,67 | 1.685.209,82 | 7.255.685,03 |  |
| Ordentlicher Nettoertrag	-66.330,57 | -13.341,85 | 6.366,52 |  |
| Ertrags- und Aufwandsausgleich	3.686,59 | -1.503,16 | 1.295,74 |  |
| Mittelzuflüsse aus Anteilverkäufen	2.013.426,80 | 216.524,40 | 1.167.551,18 |  |
| Mittelabflüsse aus Anteilrücknahmen	-819.837,50 | -423.220,58 | -2.025.617,92 |  |
| Realisierte Gewinne	589.415,58 | 77.386,65 | 345.214,89 |  |
| Realisierte Verluste	-738.668,56 | -92.771,85 | -420.144,59 |  |
| Nettoveränderung nicht realisierter Gewinne	-331.553,38 | -39.222,04 | -166.070,20 |  |
| Nettoveränderung nicht realisierter Verluste	-704.962,87 | -98.512,59 | -413.317,81 |  |
| Ausschüttung	0,00 | 0,00 | 0,00 |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	11.301.055,76 | 1.310.548,80 | 5.750.962,84 |  |
| Entwicklung der Anzahl der Anteile im Umlauf |  |  |  |
| Anteilklasse I | Anteilklasse R | Anteilklasse IT | Anteilklasse RT |
| Stück | Stück | Stück | Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	3.167.135,151 | 928.498,047 | 414.203,728 | 83.563,580 |
| Ausgegebene Anteile	283.972,069 | 277.968,560 | 111.325,980 | 14.963,314 |
| Zurückgenommene Anteile	-167.620,073 | -245.546,032 | -416.837,594 | -6.220,370 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	3.283.487,147 | 960.920,575 | 108.692,114 | 92.306,524 |
|  |  |  |  |
| Anteilklasse ET Stück | Anteilklasse HT Stück |  |  |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	12.697,321 | 59.291,374 |  |  |
| Ausgegebene Anteile	1.642,388 | 9.422,007 |  |  |
| Zurückgenommene Anteile	-3.335,883 | -16.883,761 |  |  |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	11.003,826 | 51.829,620 |  |  |

| FLOSSBACH VON STORCH – MULTI ASSET – 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 - Multi Asset - Growth I seit 23.10.2007 2) | LU0323578228 A0M43X | EUR | -9,34% | -9,24% | 2,13% | 69,91% | 109,53% |
| Flossbach von Storch - Multi Asset - Growth R seit 23.10.2007 2) | LU0323578491 A0M43Y | EUR | -9,68% | -9,91% | -0,12% | 58,73% | 90,83% |
| Flossbach von Storch - Multi Asset - Growth IT | LU1245471138 |  |  |  |  |  |  |
| seit 10.07.2015 | A14UL2 | EUR | -9,34% | -9,24% | 2,13% | — | 28,93% |
| Flossbach von Storch - Multi Asset - Growth RT | LU1245471211 |  |  |  |  |  |  |
| seit 10.07.2015 | A14UL3 | EUR | -9,68% | -9,91% | -0,12% | — | 22,43% |
| Flossbach von Storch - Multi Asset - Growth ET | LU1245471567 |  |  |  |  |  |  |
| seit 10.07.2015 | A14UL6 | EUR | -9,86% | -10,26% | -1,30% | — | 19,10% |
| Flossbach von Storch - Multi Asset - Growth HT | LU1245471484 |  |  |  |  |  |  |
| seit 05.02.2018 | A14UL5 | EUR | -9,39% | -9,33% | 1,82% | — | 10,96% |

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.
2) Der Teilfonds Flossbach von Storch SICAV - Wachstum wurde zum 1. Juli 2015 in den Teilfonds Flossbach von Storch - Multi Asset - Growth fusioniert. Die Historien der Anteilklassen LU0323578228 / A0M43X und LU0323578491 / A0M43Y wurden im Rahmen der Wertentwicklung beibehalten.
| FLOSSBACH VON STORCH – MULTI ASSET – GROWTH |  |  |
| --- | --- | --- |
| Ertrags- und Aufwandsrechnung |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September | 2022 |
|  | Total EUR | Anteilklasse I EUR | Anteilklasse R EUR | Anteilklasse IT EUR |
| Erträge |  |  |  |  |
| Dividenden | 7.444.801,82 | 5.600.543,85 | 1.537.060,42 | 136.739,21 |
| Erträge aus Investmentanteilen | 69.000,00 | 51.839,00 | 14.119,14 | 1.481,70 |
| Zinsen auf Anleihen | 2.251.348,51 | 1.685.752,86 | 460.935,33 | 53.714,18 |
| Bankzinsen | -247.519,34 | -185.222,65 | -50.659,27 | -5.981,54 |
| Bestandsprovisionen | 16.292,23 | 12.250,75 | 3.358,77 | 312,29 |
| Ertragsausgleich | -26.020,76 | 12.517,92 | -9.632,50 | -24.165,65 |
| Erträge insgesamt | 9.507.902,46 | 7.177.681,73 | 1.955.181,89 | 162.100,19 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -13.871,68 | -10.421,81 | -2.853,51 | -282,26 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -8.355.922,23 | -5.159.205,97 | -2.768.686,15 | -160.295,67 |
| Verwahrstellenvergütung | -151.266,46 | -113.318,47 | -31.001,20 | -3.520,82 |
| Zentralverwaltungsstellenvergütung | -64.572,33 | -48.372,22 | -13.233,57 | -1.503,93 |
| Taxe d'abonnement | -432.636,80 | -324.107,78 | -88.638,78 | -10.090,00 |
| Veröffentlichungs- und Prüfungskosten | -21.897,82 | -16.421,48 | -4.497,10 | -481,18 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -3.797,73 | -2.853,38 | -781,05 | -77,41 |
| Register- und Transferstellenvergütung | -15.487,69 | -11.637,78 | -3.190,43 | -306,47 |
| Staatliche Gebühren | -6.149,29 | -4.618,23 | -1.262,02 | -128,67 |
| Sonstige Aufwendungen 1) | -162.441,35 | -121.848,42 | -33.360,50 | -3.541,21 |
| Aufwandsausgleich | 31.930,23 | -19.494,43 | 1.253,48 | 48.909,82 |
| Aufwendungen insgesamt | -9.196.113,15 | -5.832.299,97 | -2.946.250,83 | -131.317,80 |
| Ordentlicher Nettoertrag | 311.789,31 | 1.345.381,76 | -991.068,94 | 30.782,39 |
| Transaktionskosten im Geschäftsjahr gesamt 2) | 204.883,58 |  |  |  |
| Total Expense Ratio in Prozent 2) |  | 0,87 | 1,61 | 0,87 |
| Laufende Kosten in Prozent 2) |  | 0,87 | 1,61 | 0,87 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse RT | Anteilklasse ET | Anteilklasse HT |
| --- | --- | --- |
| EUR | EUR | EUR |
| Erträge |  |  |
| Dividenden	99.237,80 | 12.743,82 | 58.476,72 |
| Erträge aus Investmentanteilen	896,92 | 133,28 | 529,96 |
| Zinsen auf Anleihen	29.666,37 | 3.913,18 | 17.366,59 |
| Bankzinsen	-3.238,90 | -435,00 | -1.981,98 |
| Bestandsprovisionen	216,48 | 28,71 | 125,23 |
| Ertragsausgleich	4.371,52 | -1.148,70 | -7.963,35 |
| Erträge insgesamt	131.150,19 | 15.235,29 | 66.553,17 |
| Aufwendungen |  |  |
| Zinsaufwendungen	-183,57 | -23,50 | -107,03 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-177.928,17 | -29.705,00 | -60.101,27 |
| Verwahrstellenvergütung	-1.992,45 | -263,46 | -1.170,06 |
| Zentralverwaltungsstellenvergütung	-850,59 | -112,54 | -499,48 |
| Taxe d'abonnement	-5.694,97 | -755,06 | -3.350,21 |
| Veröffentlichungs- und Prüfungskosten	-287,99 | -39,31 | -170,76 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-50,19 | -6,54 | -29,16 |
| Register- und Transferstellenvergütung	-205,87 | -26,24 | -120,90 |
| Staatliche Gebühren	-80,81 | -11,38 | -48,18 |
| Sonstige Aufwendungen 1)	-2.148,04 | -285,97 | -1.257,21 |
| Aufwandsausgleich	-8.058,11 | 2.651,86 | 6.667,61 |
| Aufwendungen insgesamt	-197.480,76 | -28.577,14 | -60.186,65 |
| Ordentlicher Nettoertrag	-66.330,57 | -13.341,85 | 6.366,52 |
| Total Expense Ratio in Prozent 2)	1,61 | 2,01 | 0,97 |
| Laufende Kosten in Prozent 2)	1,61 | 2,01 | 0,97 |

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

#### Vermögensaufstellung zum 30. September 2022
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
| Cayman Inseln |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 162.000 | 348.000 | 77,9500 | 3.538.929,19 | 0,43 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 16.000 | 163.000 | 166.000 | 266,4000 | 5.769.242,81 | 0,70 |
|  |  |  |  |  |  |  | 9.308.172,00 | 1,13 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 10.000 | 29.200 | 60.800 | 764,7000 | 6.252.438,78 | 0,76 |
|  |  |  |  |  |  |  | 6.252.438,78 | 0,76 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 5.500 | 9.000 | 42.500 | 159,6200 | 6.783.850,00 | 0,83 |
| DE0005810055 | Dte. Börse AG | EUR | 0 | 22.000 | 63.000 | 167,9000 | 10.577.700,00 | 1,29 |
| DE0005552004 | Dte. Post AG | EUR | 54.000 | 38.000 | 226.000 | 30,4650 | 6.885.090,00 | 0,84 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 58.800 | 75.592 | 86.708 | 58,7800 | 5.096.696,24 | 0,62 |
| DE0007164600 | SAP SE | EUR | 12.863 | 0 | 100.000 | 81,8700 | 8.187.000,00 | 1,00 |
| DE0008303504 | TAG Immobilien AG | EUR | 207.257 | 132.623 | 74.634 | 7,7850 | 581.025,69 | 0,07 |
|  |  |  |  |  |  |  | 38.111.361,93 | 4,65 |
| Frankreich |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 149.000 | 0 | 149.000 | 34,2350 | 5.101.015,00 | 0,62 |
| FR0010307819 | Legrand S.A. | EUR | 0 | 0 | 69.000 | 64,9600 | 4.482.240,00 | 0,55 |
| FR0000120321 | L'Oréal S.A. | EUR | 18.900 | 0 | 18.900 | 323,3500 | 6.111.315,00 | 0,74 |
|  |  |  |  |  |  |  | 15.694.570,00 | 1,91 |
| Irland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 0 | 70.000 | 82,2700 | 5.897.491,04 | 0,72 |
|  |  |  |  |  |  |  | 5.897.491,04 | 0,72 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 37.300 | 0 | 37.300 | 20.260,0000 | 5.352.636,02 | 0,65 |
|  |  |  |  |  |  |  | 5.352.636,02 | 0,65 |
| Kanada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 53.800 | 111.200 | 41,4300 | 4.717.886,33 | 0,57 |
| CA21037X1006 | Constellation Software Inc. | CAD | 0 | 1.800 | 15.300 | 1.931,5000 | 22.068.516,17 | 2,69 |
|  |  |  |  |  |  |  | 26.786.402,50 | 3,26 |
| Niederlande |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 11.200 | 0 | 11.200 | 431,9000 | 4.837.280,00 | 0,59 |
|  |  |  |  |  |  |  | 4.837.280,00 | 0,59 |
| Schweiz |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 42.000 | 41.934 | 170.066 | 106,5600 | 18.920.685,91 | 2,31 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 10.500 | 24.000 | 320,2500 | 8.024.639,80 | 0,98 |
|  |  |  |  |  |  |  | 26.945.325,71 | 3,29 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 50.000 | 0 | 50.000 | 98,2900 | 5.032.770,10 | 0,61 |
| US00507V1098 Activision Blizzard Inc. | USD | 0 | 67.903 | 112.097 | 74,8700 | 8.594.677,31 | 1,05 |
| US00724F1012 Adobe Inc. | USD | 17.200 | 0 | 17.200 | 278,2500 | 4.901.075,27 | 0,60 |
| US02079K3059 Alphabet Inc. | USD | 240.350 | 2.200 | 253.000 | 97,4200 | 25.240.409,63 | 3,08 |

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 – MULTI ASSET – GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| US0231351067 | Amazon.com Inc. | USD | 107.350 | 0 | 113.000 | 114,8000 | 13.284.587,81 | 1,62 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0258161092 | American Express Co. | USD | 23.000 | 0 | 23.000 | 137,7900 | 3.245.437,79 | 0,40 |
| US0311001004 | AMETEK Inc. | USD | 4.500 | 0 | 74.500 | 113,2800 | 8.642.457,76 | 1,05 |
| US0320951017 | Amphenol Corporation | USD | 0 | 0 | 175.000 | 67,9200 | 12.172.043,01 | 1,48 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 8.000 | 0 | 69.000 | 269,5800 | 19.048.663,59 | 2,32 |
| US09247X1019 | Blackrock Inc. | USD | 9.700 | 0 | 16.700 | 563,9200 | 9.644.100,36 | 1,18 |
| US8085131055 | Charles Schwab Corporation | USD | 64.000 | 0 | 164.000 | 72,6400 | 12.199.651,82 | 1,49 |
| US2172041061 | Copart Inc. | USD | 56.000 | 0 | 56.000 | 109,7800 | 6.295.627,24 | 0,77 |
| US2358511028 | Danaher Corporation | USD | 3.500 | 0 | 63.500 | 262,1500 | 17.047.132,62 | 2,08 |
| US2566771059 | Dollar General Corporation | USD | 29.556 | 16.200 | 65.356 | 239,4700 | 16.027.446,31 | 1,95 |
| US29786A1060 | Etsy Inc. | USD | 38.200 | 0 | 38.200 | 101,5200 | 3.971.391,71 | 0,48 |
| US34959J1088 | Fortive Corporation | USD | 28.000 | 0 | 123.000 | 59,2100 | 7.458.095,24 | 0,91 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 10.000 | 55.000 | 183,8800 | 10.356.784,43 | 1,26 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 0 | 68.500 | 90,7500 | 6.365.975,42 | 0,78 |
| US4612021034 | Intuit Inc. | USD | 7.500 | 6.000 | 16.500 | 396,8100 | 6.704.930,88 | 0,82 |
| US4781601046 | Johnson & Johnson | USD | 0 | 39.800 | 90.200 | 164,5300 | 15.197.753,20 | 1,85 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 8.041 | 22.959 | 286,7700 | 6.742.398,80 | 0,82 |
| US57667L1070 | Match Group Inc. | USD | 57.000 | 0 | 57.000 | 48,2500 | 2.816.436,25 | 0,34 |
| US30303M1027 | Meta Platforms Inc. | USD | 20.500 | 0 | 73.500 | 136,4100 | 10.267.419,35 | 1,25 |
| US5949181045 | Microsoft Corporation | USD | 0 | 0 | 86.000 | 237,5000 | 20.916.538,66 | 2,55 |
| US6153691059 | Moody's Corporation | USD | 5.500 | 5.700 | 37.800 | 246,5600 | 9.544.258,06 | 1,16 |
| US55354G1004 | MSCI Inc. | USD | 19.600 | 0 | 19.600 | 423,2200 | 8.494.738,35 | 1,04 |
| US6516391066 | Newmont Corporation | USD | 135.000 | 45.900 | 89.100 | 41,7600 | 3.810.359,45 | 0,46 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 73.700 | 24.100 | 79.600 | 88,7000 | 7.230.435,23 | 0,88 |
| US7134481081 | PepsiCo Inc. | USD | 9.500 | 15.640 | 63.860 | 166,6100 | 10.895.765,08 | 1,33 |
| US72352L1061 | Pinterest Inc. | USD | 120.000 | 0 | 290.000 | 23,1900 | 6.886.943,16 | 0,84 |
| US7766961061 | Roper Technologies Inc. | USD | 0 | 11.400 | 8.600 | 366,7500 | 3.229.953,92 | 0,39 |
| US79466L3024 | Salesforce Inc. | USD | 8.000 | 0 | 36.000 | 146,8100 | 5.412.350,23 | 0,66 |
| US8636671013 | Stryker Corporation | USD | 4.000 | 0 | 26.500 | 205,4800 | 5.576.262,16 | 0,68 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 15.400 | 0 | 15.400 | 516,6100 | 8.147.254,48 | 0,99 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 4.500 | 23.423 | 64.077 | 173,5500 | 11.388.185,71 | 1,39 |
| US92826C8394 | VISA Inc. | USD | 2.999 | 9.000 | 38.999 | 180,0600 | 7.191.152,01 | 0,88 |
| US88579Y1010 | 3M Co. | USD | 0 | 15.563 | 94.437 | 112,3000 | 10.860.496,77 | 1,32 |
|  |  |  |  |  |  |  | 350.841.959,17 | 42,76 |
| Vereinigtes Königreich |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 0 | 105.809 | 189.191 | 61,2400 | 13.094.548,87 | 1,60 |
| GB00B10RZP78 | Unilever Plc. | EUR | 0 | 113.193 | 316.807 | 45,9200 | 14.547.777,44 | 1,77 |
|  |  |  |  |  |  |  | 27.642.326,31 | 3,37 |
| Börsengehandelte Wertpapiere | 517.669.963,46 | 63,09 |
| Aktien, Anrechte und Genussscheine | 517.669.963,46 | 63,09 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Anleihen
Börsengehandelte Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| EUR |  |
| --- | --- |
| XS2462324232 | 1,949% | Bank of America Corporation EMTN Reg.S. Fix-to-Float v.22(2026) | 2.000.000 | 0 | 2.000.000 | 93,9370 | 1.878.740,00 | 0,23 |
| XS1200679071 | 1,125% | Berkshire Hathaway Inc. v.15(2027) | 1.200.000 | 0 | 1.200.000 | 90,1330 | 1.081.596,00 | 0,13 |
| DE0001102333 | 1,750% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 10.000.000 | 0 | 10.000.000 | 100,2400 | 10.024.000,00 | 1,22 |
| DE0001102358 | 1,500% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 10.000.000 | 2.500.000 | 7.500.000 | 99,8620 | 7.489.650,00 | 0,91 |
| DE0001102366 | 1,000% | Bundesrepublik Deutschland Reg.S. v.14 (2024) | 20.000.000 | 10.000.000 | 10.000.000 | 98,7690 | 9.876.900,00 | 1,20 |
| DE0001141851 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2027) | 5.000.000 | 2.500.000 | 2.500.000 | 91,4760 | 2.286.900,00 | 0,28 |
| XS2348237871 | 1,500% | Cellnex Finance Company S.A. EMTNReg.S. v.21(2028) | 2.000.000 | 0 | 5.000.000 | 78,3400 | 3.917.000,00 | 0,48 |
| XS2481287394 | 1,101% | ColoplastFinanceB.V.EMTNReg.S.FRNv.22 (2024) | 1.600.000 | 0 | 1.600.000 | 100,2360 | 1.603.776,00 | 0,20 |
| DE000CZ45W99 | 2,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 6.400.000 | 0 | 6.400.000 | 91,8690 | 5.879.616,00 | 0,72 |
| XS2239553048 | 1,250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 2.600.000 | 4.300.000 | 87,1530 | 3.747.579,00 | 0,46 |
| DE000A289N78 | 1,250% | Dte. Börse AG Reg.S. Fix-to-Float v.20 (2047) | 1.500.000 | 0 | 1.500.000 | 83,0010 | 1.245.015,00 | 0,15 |
| XS2035564975 | 1,125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19(2079) | 1.500.000 | 0 | 1.500.000 | 85,6250 | 1.284.375,00 | 0,16 |
| EU000A287074 | 0,000% | Europäische Union Reg.S. Social Bondv.21 (2028) | 6.900.000 | 0 | 6.900.000 | 85,6800 | 5.911.920,00 | 0,72 |
| BE0002684653 | 0,010% | ING Belgium S.A./NV Reg.S. Pfe. v.20(2030) | 0 | 0 | 2.500.000 | 79,2590 | 1.981.475,00 | 0,24 |
| XS2123320033 | 0,389% | JPMorgan Chase & Co. EMTN Reg.S. Fix-to- Float v.20(2028) | 0 | 0 | 8.000.000 | 84,5960 | 6.767.680,00 | 0,82 |
| XS1403264374 | 1,000% | McDonald'sCorporationReg.S.v.16(2023) | 800.000 | 0 | 800.000 | 97,6950 | 781.560,00 | 0,10 |
| XS2523390271 | 2,500% | RWE AG Reg.S. v.22(2025) | 5.000.000 | 0 | 5.000.000 | 97,1240 | 4.856.200,00 | 0,59 |
| XS2526839175 | 2,250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 4.200.000 | 0 | 4.200.000 | 98,1200 | 4.121.040,00 | 0,50 |
| XS1002121454 | 6,500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 1.500.000 | 0 | 1.500.000 | 90,8720 | 1.363.080,00 | 0,17 |
| XS1914502643 | 2,625% | Stryker Corporation v.18(2030) | 0 | 0 | 2.100.000 | 89,5290 | 1.880.109,00 | 0,23 |
| XS2207430120 | 2,374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 4.500.000 | 0 | 4.500.000 | 90,2350 | 4.060.575,00 | 0,49 |
| XS1458408561 | 1,625% | The Goldman Sachs Group Inc. EMTN Reg. S. v.16(2026) | 0 | 0 | 5.000.000 | 91,5130 | 4.575.650,00 | 0,56 |
| XS1910947941 | 1,883% | Volkswagen International Finance NV- Reg.S. FRN v.18(2024) | 3.500.000 | 0 | 3.500.000 | 101,3590 | 3.547.565,00 | 0,43 |
| DE000A3MQS56 | 1,375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 2.500.000 | 0 | 2.500.000 | 90,5050 | 2.262.625,00 | 0,28 |
| XS2262961076 | 2,750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 0 | 2.000.000 | 3.000.000 | 78,7500 | 2.362.500,00 | 0,29 |
|  |  |  |  |  |  |  | 94.787.126,00 | 11,56 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| USD |  |
| --- | --- |
| US615369AW51 2,000% Moody's Corporation v.21(2031) | 0 | 0 | 3.000.000 | 76,1650 | 2.339.938,56 | 0,29 |
|  |  |  |  |  | 2.339.938,56 | 0,29 |
| Börsengehandelte Wertpapiere |  |  |  |  | 97.127.064,56 | 11,85 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2114413565 | 2,875% | AT & T Inc. Fix-to-Float Perp. | 0 | 0 | 9.000.000 | 88,2600 | 7.943.400,00 | 0,97 |
| XS2466172280 | 1,250% | Daimler Truck International Finance B.V. | 1.700.000 | 0 | 1.700.000 | 94,3660 | 1.604.222,00 | 0,20 |
|  |  | EMTN Reg.S. v.22(2025) |  |  |  |  |  |  |
| BE0002876572 | 3,125% | GroupeBruxelles Lambert S.A.[GBL]Reg.S. | 2.000.000 | 0 | 2.000.000 | 94,4290 | 1.888.580,00 | 0,23 |
|  |  | v.22(2029) |  |  |  |  |  |  |
| XS1989380172 | 3,875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 0 | 4.000.000 | 87,7500 | 3.510.000,00 | 0,43 |
| XS2360853332 | 1,288% | Prosus NV Reg.S. v.21(2029) | 0 | 3.500.000 | 1.500.000 | 70,7760 | 1.061.640,00 | 0,13 |
| XS2430287362 | 2,085% | Prosus NV Reg.S. v.22(2030) | 1.600.000 | 0 | 1.600.000 | 71,9770 | 1.151.632,00 | 0,14 |
|  |  |  |  |  |  |  | 17.159.474,00 | 2,10 |
| USD |  |  |  |  |  |  |  |  |
| US037833EJ59 | 1,700% | Apple Inc. v.21(2031) | 0 | 0 | 6.000.000 | 78,3140 | 4.811.920,12 | 0,59 |
| US084664CW92 | 1,450% | Berkshire Hathaway Finance Corporation | 0 | 0 | 6.700.000 | 77,3280 | 5.305.658,99 | 0,65 |
|  |  | v.20(2030) |  |  |  |  |  |  |
| US256677AK14 | 4,625% | Dollar General Corporation v.22(2027) | 1.300.000 | 0 | 1.300.000 | 97,5770 | 1.299.028,16 | 0,16 |
| US55354GAK67 | 3,625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 4.900.000 | 82,3290 | 4.131.204,30 | 0,50 |
| US55354GAL41 | 3,875% | MSCI Inc. 144A v.20(2031) | 0 | 0 | 4.500.000 | 83,2180 | 3.834.930,88 | 0,47 |
| US855244BC24 | 3,000% | Starbucks Corporation v.22(2032) | 1.350.000 | 0 | 1.350.000 | 82,6070 | 1.142.032,26 | 0,14 |
| US437076CM21 | 2,700% | The Home Depot Inc. v.22(2025) | 350.000 | 0 | 350.000 | 95,5390 | 342.433,69 | 0,04 |
|  |  |  |  |  |  |  | 20.867.208,40 | 2,55 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |  | 38.026.682,40 | 4,65 |
| Anleihen |  |  |  | 135.153.746,96 | 16,50 |
| Wandelanleihen |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |
| EUR |  |  |  |  |  |
| DE000A2LQRA1 0,000%  RAG-Stiftung/Evonik Industries AG3.000.000 | 0 | 3.000.000 | 92,6770 | 2.780.310,00 | 0,34 |
| Reg.S. CV v.18(2024) |  |  |  |  |  |
|  |  |  |  | 2.780.310,00 | 0,34 |
| Börsengehandelte Wertpapiere |  |  |  | 2.780.310,00 | 0,34 |
| Wandelanleihen |  |  |  | 2.780.310,00 | 0,34 |
| Investmentfondsanteile 2) |  |  |  |  |  |
| Luxemburg |  |  |  |  |  |
| LU1012014905 | Flossbach von Storch - Global Emerging Markets Equities I | EUR | 9.000 | 11.046 | 57.954 | 160,6400 | 9.309.730,56 | 1,13 |

9.309.730,56	1,13
Investmentfondsanteile	9.309.730,56	1,13
1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Angaben zu Ausgabeaufschlägen, Rücknahmeabschlägen sowie der maximalen Höhe der Verwaltungsvergütung für Zielfondsanteile sind auf Anfrage am Sitz der Verwaltungsgesellschaft, der Verwahrstelle und bei den Zahlstellen kostenlos erhältlich.
FLOSSBACH VON STORCH – MULTI ASSET – GROWTH

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Zertifikate
| IE00B579F325 | Invesco Physical Markets Plc./Gold | USD | 19.329 | 146.246 | 476.083 | 160,1300 | 78.069.811,36 | 9,51 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Unze Zert. v.09(2100) |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 78.069.811,36 | 9,51 |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 78.069.811,36 | 9,51 |
| Zertifikate |  |  |  |  |  | 78.069.811,36 | 9,51 |
| Wertpapiervermögen |  |  |  |  |  | 742.983.562,34 | 90,57 |
| Terminkontrakte |  |  |  |  |  |  |  |
| Short-Positionen |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 |  | 105 | 214 | -109 |  | 914.938,37 | 0,11 |
|  |  |  |  |  |  | 914.938,37 | 0,11 |
| USD |  |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 |  | 65 | 133 | -68 |  | 352.017,44 | 0,04 |
|  |  |  |  |  |  | 352.017,44 | 0,04 |
| Short-Positionen |  |  |  |  |  | 1.266.955,81 | 0,15 |
| Terminkontrakte |  |  |  |  |  | 1.266.955,81 | 0,15 |
| Bankguthaben - Kontokorrent 2) |  |  |  |  |  | 78.666.989,82 | 9,59 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  |  |  | -2.285.005,36 | -0,31 |
| Netto-Teilfondsvermögen in EUR |  |  |  |  |  | 820.632.502,61 | 100,00 |

Börsengehandelte Wertpapiere Irland
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)

#### Devisentermingeschäfte
Zum 30. September 2022 standen folgende offene Devisentermingeschäfte aus:
Währung	Kontrahent	Währungsbetrag
Kurswert
EUR
%-Anteil
vom NTFV 1)
EUR/USD	DZ PRIVATBANK S.A.	Währungsverkäufe	65.800.000,00	67.148.818,31	8,18
EUR/USD	J.P. Morgan SE	Währungsverkäufe	17.000.000,00	17.383.746,20	2,12
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 – MULTI ASSET – GROWTH |  |
| --- | --- |
| Terminkontrakte |
|  |  | Verpflichtungen | %-Anteil vom |
|  | Bestand | EUR | NTFV 1) |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 | -109 | -14.301.890,00 | -1,74 |
|  |  | -14.301.890,00 | -1,74 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | -68 | -7.830.837,17 | -0,95 |
|  |  | -7.830.837,17 | -0,95 |
| Short-Positionen |  | -22.132.727,17 | -2,69 |
| Terminkontrakte |  | -22.132.727,17 | -2,69 |


#### 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.