# FLOSSBACH VON STORCH – MULTI ASSET – BALANCED
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): | A0M43V | A0M43W | A14ULX | A14ULY |
| ISIN: | LU0323578061 | LU0323578145 | LU1245470676 | LU1245470759 |
| 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 CHF-IT | Unit class CHF-RT | Unit class HT |
| Securities ID No. (WKN): | A14UL1 | A14ULZ | A14UL0 | A2JA9B |
| ISIN: | LU1245471054 | LU1245470833 | LU1245470916 | LU1748855324 |
| Subscription fee: | up to 1.00% | up to 5.00% | up to 5.00% | none |
| Redemption fee: | none | none | none | none |
| Management fee: | 1.93% p.a. | 0.78% p.a. | 1.53% p.a. | 0.88% p.a. |
| Minimum initial investment: | none | 1,000,000.00 CHF | none | none |
| Use of income: | accumulating | accumulating | accumulating | accumulating |
| Currency: | EUR | CHF | CHF | EUR |

Unit class QT 1)
Securities ID No. (WKN):	A3CV3Z
ISIN:	LU2369862094
Subscription fee:	up to 5.00%
Redemption fee:	none
Management fee:	0.78% p.a.
Minimum initial investment:	25,000,000.00 EUR
Use of income:	accumulating
Currency:	EUR
1) Unit class QT has been launched on 1 October 2021.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| Geographical breakdown by country 1) |
| United States of America | 40.20 % |
| Germany | 21.00 % |
| Ireland | 9.03 % |
| Netherlands | 4.16 % |
| United Kingdom | 2.64 % |
| Switzerland | 2.56 % |
| Canada | 2.42 % |
| France | 1.71 % |
| European Community | 1.57 % |
| Luxembourg | 1.40 % |
| Sweden | 1.10 % |
| Cayman Islands | 0.87 % |
| Denmark | 0.60 % |
| Japan | 0.49 % |
| Belgium | 0.40 % |
| Spain | 0.36 % |
| Securities holdings | 90.51 % |
| Futures contracts | 0.26 % |
| Bank balances 2) | 9.83 % |
| Balance of other receivables and payables | -0.60 % |
|  | 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 – BALANCED |  |
| --- | --- |
| Breakdown by economic sector 1) |
| Government bonds | 13.21 % |
| Software and services | 10.41 % |
| Raw materials and supplies | 9.24 % |
| Diversified financial services | 7.80 % |
| Media and entertainment | 5.41 % |
| Capital goods | 5.23 % |
| Pharmaceuticals, biotechnology and life sciences | 5.10 % |
| Wholesale and retail | 4.90 % |
| Healthcare: equipment and services | 3.55 % |
| Insurance | 3.34 % |
| Foodstuffs, beverages and tobacco | 3.29 % |
| Household items and body care products | 3.19 % |
| Automobiles and components | 3.12 % |
| Banks | 3.09 % |
| Hardware and equipment | 2.17 % |
| Real estate | 2.03 % |
| Industrial services and operating materials | 1.82 % |
| Public utilities | 1.21 % |
| Investment fund holdings | 0.87 % |
| Transport | 0.64 % |
| Semi-conductors and semi-conductor production equipment | 0.46 % |
| Energy | 0.34 % |
| Consumer services | 0.09 % |
| Securities holdings | 90.51 % |
| Futures contracts | 0.26 % |
| Bank balances 2) | 9.83 % |
| Balance of other receivables and payables | -0.60 % |
|  | 100.00 % |
| 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 | 1,466.56 | 8,526,445 | 196,085.93 | 172.00 |
| 30.09.2021 | 1,397.20 | 7,726,696 | -139,524.83 | 180.83 |
| 30.09.2022 | 1,160.30 | 7,111,205 | -97,716.30 | 163.16 |

| 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 | 777.29 | 4,811,264 | 97,640.24 | 161.56 |
| 30.09.2021 | 794.03 | 4,709,841 | -16,301.59 | 168.59 |
| 30.09.2022 | 660.54 | 4,374,920 | -53,522.73 | 150.98 |

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 – BALANCED

#### Performance over the last 3 financial years (continued)
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 | 95.87 | 759,472 | 43,669.39 |  | 126.23 |
| 30.09.2021 | 95.47 | 712,686 | -5,869.08 |  | 133.95 |
| 30.09.2022 | 35.72 | 292,967 | -55,702.76 |  | 121.93 |
| 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 | 22.38 | 184,276 | 7,712.77 |  | 121.47 |
| 30.09.2021 | 22.96 | 179,442 | -580.62 |  | 127.95 |
| 30.09.2022 | 19.00 | 164,343 | -1,891.88 |  | 115.59 |
| 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 | 56.28 | 472,859 | 18,891.80 |  | 119.02 |
| 30.09.2021 | 48.02 | 384,580 | -10,412.68 |  | 124.87 |
| 30.09.2022 | 34.36 | 305,742 | -9,530.30 |  | 112.37 |
| Unit class CHF-IT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value CHF |
| 30.09.2020 | 2.27 | 19,797 | -1,131.16 | 114.54 1) | 123.82 |
| 30.09.2021 | 2.01 | 16,620 | -353.10 | 120.72 2) | 130.84 |
| 30.09.2022 | 1.64 | 13,262 | -416.59 | 123.69 3) | 118.47 |
| Unit class CHF-RT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value CHF |
| 30.09.2020 | 2.88 | 26,150 | -6,372.38 | 110.19 1) | 119.12 |
| 30.09.2021 | 3.07 | 26,604 | 54.33 | 115.49 2) | 125.17 |
| 30.09.2022 | 3.28 | 27,831 | 144.88 | 117.93 3) | 112.95 |
| 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 | 19.62 | 177,381 | 7,651.35 |  | 110.59 |
| 30.09.2021 | 16.97 | 144,720 | -3,685.58 |  | 117.24 |
| 30.09.2022 | 13.30 | 124,793 | -2,277.80 |  | 106.60 |

1) Exchange rates converted to euros as at 30 September 2020 1 EUR = 1.0810 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 – MULTI ASSET – BALANCED

#### Performance since launch
Unit class QT
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 01.10.2021 | Launch | - | - | 100.00 |
| 30.09.2022 | 38.50 | 422,614 | 42,262.62 | 91.10 |


#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	1,781,034,311.48
(acquisition cost of securities: EUR 1,760,441,728.00)
Bank balances 1)	193,367,423.10
Unrealised profits on futures contracts	5,008,919.72
Interest receivables	3,803,452.42
Dividend receivables	461,346.09
Receivable on subscriptions	56,173.52
1,983,731,626.33
Payable on redemptions	-2,550,295.74
Unrealised losses from forward exchange transactions	-12,478,286.72
Other liabilities 2)	-2,066,659.80
-17,095,242.26
Net sub-fund assets	1,966,636,384.07

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	1,160,295,312.30 EUR
Units outstanding	7,111,205.349
Unit value	163.16 EUR
Unit class R
Proportion of net sub-fund assets	660,542,545.93 EUR
Units outstanding	4,374,919.924
Unit value	150.98 EUR
Unit class IT
Proportion of net sub-fund assets	35,721,263.53 EUR
Units outstanding	292,966.836
Unit value	121.93 EUR
Unit class RT
Proportion of net sub-fund assets	18,996,464.50 EUR
Units outstanding	164,343.286
Unit value	115.59 EUR
Unit class ET
Proportion of net sub-fund assets	34,355,614.58 EUR
Units outstanding	305,742.044
Unit value	112.37 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 – BALANCED |  |
| --- | --- |
| Allocation to the unit classes  (continued) |
| Unit class CHF-IT |  |  |  |
| Proportion of net sub-fund assets |  |  | 1,640,322.45 EUR |
| Units outstanding |  |  | 13,261.522 |
| Unit value |  |  | 123.69 EUR 1) |
| Unit value |  |  | 118.47 CHF |
| Unit class CHF-RT |  |  |  |
| Proportion of net sub-fund assets |  |  | 3,281,989.78 EUR |
| Units outstanding |  |  | 27,831.098 |
| Unit value |  |  | 117.93 EUR 1) |
| Unit value |  |  | 112.95 CHF |
| Unit class HT |  |  |  |
| Proportion of net sub-fund assets |  |  | 13,302,838.72 EUR |
| Units outstanding |  |  | 124,792.714 |
| Unit value |  |  | 106.60 EUR |
| Unit class QT |  |  |  |
| Proportion of net sub-fund assets |  |  | 38,500,032.28 EUR |
| Units outstanding |  |  | 422,613.582 |
| Unit value |  |  | 91.10 EUR |
| Change in net sub-fund assets |  |  |  |
| 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 |
| Net sub-fund assets at the beginning of the reporting period	2,379,728,617.24 | 1,397,203,487.13 | 794,030,436.77 | 95,467,223.62 |
| Ordinary net expenditure	-1,320,883.07 | 2,710,439.67 | -3,773,052.27 | 84,605.34 |
| Income and expense equalisation	73,600.74 | 360,628.60 | -230,085.82 | 2,141.73 |
| Cash inflows from the sale of units	273,371,292.62 | 147,250,765.60 | 60,692,242.15 | 9,125,978.71 |
| Cash outflows from the redemption of units	-452,022,159.12 | -244,967,065.19 | -114,214,974.21 | -64,828,734.85 |
| Realised profits	147,080,374.69 | 86,888,011.99 | 48,303,053.51 | 2,976,919.20 |
| Realised losses	-171,783,710.57 | -101,619,279.46 | -56,906,715.18 | -3,425,992.62 |
| Net change in unrealised profits	-57,038,466.56 | -35,467,737.43 | -17,783,865.22 | -1,016,190.82 |
| Net change in unrealised losses	-132,173,822.59 | -79,879,330.16 | -42,480,642.94 | -2,664,686.78 |
| Distribution	-19,278,459.31 | -12,184,608.45 | -7,093,850.86 | 0.00 |
| Net sub-fund assets at the end of the reporting period	1,966,636,384.07 | 1,160,295,312.30 | 660,542,545.93 | 35,721,263.53 |

1) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
FLOSSBACH VON STORCH – MULTI ASSET – BALANCED

#### Change in net sub-fund assets 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class RT EUR | Unit class ET EUR | Unit class CHF-IT EUR | Unit class CHF-RT EUR |
| --- | --- | --- | --- | --- |
| Net sub-fund assets at the beginning of the reporting period | 22,958,796.13 | 48,023,466.16 | 2,006,327.49 | 3,072,607.85 |
| Ordinary net expenditure | -108,205.74 | -343,245.35 | 2,659.49 | -19,464.50 |
| Income and expense equalisation | -7,029.61 | -56,711.59 | 39.72 | 685.58 |
| Cash inflows from the sale of units | 1,977,685.81 | 4,504,763.24 | 296,533.70 | 530,302.20 |
| Cash outflows from the redemption of units | -3,869,567.59 | -14,035,062.42 | -713,128.41 | -385,420.97 |
| Realised profits | 1,383,927.72 | 2,665,082.67 | 389,447.77 | 707,778.17 |
| Realised losses | -1,632,723.26 | -3,116,611.45 | -231,525.19 | -404,505.84 |
| Net change in unrealised profits | -491,043.62 | -869,462.72 | -11,523.29 | -38,794.47 |
| Net change in unrealised losses | -1,215,375.34 | -2,416,603.96 | -98,508.83 | -181,198.24 |
| Distribution | 0.00 | 0.00 | 0.00 | 0.00 |
| Net sub-fund assets at the end of the reporting period | 18,996,464.50 | 34,355,614.58 | 1,640,322.45 | 3,281,989.78 |
|  |  |  |  |  |
|  | Unit class HT EUR | Unit class QT 1) EUR |  |  |
| Net sub-fund assets at the beginning of the reporting period | 16,966,272.09 | 0.00 |  |  |
| Ordinary net expenditure | 16,920.48 | 108,459.81 |  |  |
| Income and expense equalisation | 1,201.54 | 2,730.59 |  |  |
| Cash inflows from the sale of units | 2,315,650.41 | 46,677,370.80 |  |  |
| Cash outflows from the redemption of units | -4,593,455.21 | -4,414,750.27 |  |  |
| Realised profits | 1,021,414.80 | 2,744,738.86 |  |  |
| Realised losses | -1,201,117.84 | -3,245,239.73 |  |  |
| Net change in unrealised profits | -347,282.30 | -1,012,566.69 |  |  |
| Net change in unrealised losses | -876,765.25 | -2,360,711.09 |  |  |
| Distribution | 0.00 | 0.00 |  |  |
| Net sub-fund assets at the end of the reporting period | 13,302,838.72 | 38,500,032.28 |  |  |
| 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 | 7,726,696.125 | 4,709,841.018 | 712,685.618 | 179,441.540 |
| Units issued | 823,881.433 | 366,647.199 | 69,324.834 | 15,665.967 |
| Units redeemed | -1,439,372.209 | -701,568.293 | -489,043.616 | -30,764.221 |
| Units outstanding at the end of reporting period | 7,111,205.349 | 4,374,919.924 | 292,966.836 | 164,343.286 |
|  |  |  |  |  |
|  | Unit class ET No. of units | Unit class CHF-IT No. of units | Unit class CHF-RT No. of units | Unit class HT No. of units |
| Units outstanding at the beginning of the reporting period | 384,580.274 | 16,619.842 | 26,603.995 | 144,719.998 |
| Units issued | 36,004.874 | 2,395.843 | 4,440.782 | 19,908.475 |
| Units redeemed | -114,843.104 | -5,754.163 | -3,213.679 | -39,835.759 |
| Units outstanding at the end of reporting period | 305,742.044 | 13,261.522 | 27,831.098 | 124,792.714 |
| 1) Unit class QT has been launched on 1 October 2021. |  |  |  |  |

FLOSSBACH VON STORCH – MULTI ASSET – BALANCED

#### Changes in number of units in circulation 
(continued)
Unit class QT 1)
|  | No. of units |
| --- | --- |
| Units outstanding at the beginning of the reporting period | 0.000 |
| Units issued | 467,829.658 |
| Units redeemed | -45,216.076 |
| Units outstanding at the end of reporting period | 422,613.582 |

| Performance as a per cent 2) |  |
| --- | --- |
| 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 - Balanced I since 23.10.2007 3) | LU0323578061 A0M43V | EUR | -8.40% | -8.98% | -2.41% | 50.30% | 84.69% |
| Flossbach von Storch - Multi Asset - Balanced R since 23.10.2007 3) | LU0323578145 A0M43W | EUR | -8.75% | -9.66% | -4.57% | 40.36% | 67.76% |
| Flossbach von Storch - Multi Asset - Balanced IT | LU1245470676 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULX | EUR | -8.40% | -8.98% | -2.40% | — | 21.93% |
| Flossbach von Storch - Multi Asset - Balanced RT | LU1245470759 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULY | EUR | -8.75% | -9.66% | -4.57% | — | 15.59% |
| Flossbach von Storch - Multi Asset - Balanced ET | LU1245471054 |  |  |  |  |  |  |
| since 10.07.2015 | A14UL1 | EUR | -8.93% | -10.01% | -5.69% | — | 12.37% |
| Flossbach von Storch - Multi Asset - Balanced CHF-IT | LU1245470833 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULZ | CHF | -8.69% | -9.45% | -3.98% | — | 18.47% |
| Flossbach von Storch - Multi Asset - Balanced CHF-RT | LU1245470916 |  |  |  |  |  |  |
| since 10.07.2015 | A14UL0 | CHF | -8.79% | -9.77% | -5.96% | — | 12.95% |
| Flossbach von Storch - Multi Asset - Balanced HT | LU1748855324 |  |  |  |  |  |  |
| since 05.02.2018 | A2JA9B | EUR | -8.45% | -9.07% | -2.70% | — | 6.60% |
| Flossbach von Storch - Multi Asset - Balanced QT | LU2369862094 |  |  |  |  |  |  |
| since 01.10.2021 | A3CV3Z | EUR | -8.39% | — | — | — | -8.90% |

1) Unit class QT has been launched on 1 October 2021.
2) 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.
3) The Flossbach von Storch SICAV - Ausgewogen sub-fund was merged into the Flossbach von Storch - Multi Asset - Balanced sub-fund on 1 July 2015. The histories of unit classes LU0323578061/A0M43V and LU0323578145/A0M43W are still shown in the performance chart.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| 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	14,169,221.10 | 8,524,229.02 | 4,603,043.66 | 266,639.24 |
| Income from investment fund units	135,000.00 | 78,898.96 | 45,387.24 | 2,919.06 |
| Interest on bonds	11,104,828.38 | 6,605,602.65 | 3,662,751.34 | 218,726.49 |
| Income from withholding tax reimbursement	43,373.60 | 26,505.82 | 13,777.47 | 780.06 |
| Bank interest	-769,534.20 | -459,365.76 | -252,124.32 | -15,344.57 |
| Trailer fees	41,715.73 | 24,951.18 | 13,653.90 | 814.70 |
| Other income461.76 | 271.88 | 155.65 | 8.27 |
| Income equalisation	-1,719,107.69 | -1,241,308.26 | -340,969.49 | -57,557.45 |
| Total income	23,005,958.68 | 13,559,785.49 | 7,745,675.45 | 416,985.80 |
| Expenses |  |  |  |
| Interest expense	-56,386.61 | -33,620.67 | -18,567.24 | -1,073.38 |
| Management fee / fund management fee	-23,854,465.77 | -10,461,967.03 | -11,386,135.72 | -346,641.74 |
| Depositary fee	-384,992.29 | -228,939.50 | -127,028.80 | -7,586.89 |
| Central administration agent fee	-164,321.73 | -97,716.07 | -54,218.19 | -3,238.11 |
| Taxe d’abonnement	-1,078,701.77 | -651,479.36 | -361,958.02 | -20,695.86 |
| Publication and auditing costs	-33,797.71 | -20,079.72 | -11,171.59 | -663.77 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-7,099.28 | -4,225.53 | -2,342.83 | -136.35 |
| Registrar and transfer agent fee	-30,840.58 | -18,432.16 | -10,105.43 | -602.00 |
| State fees	-10,435.57 | -6,171.15 | -3,465.27 | -215.74 |
| Other expenses 1)	-351,307.39 | -207,394.29 | -114,789.94 | -6,942.34 |
| Expense equalisation	1,645,506.95 | 880,679.66 | 571,055.31 | 55,415.72 |
| Total expenses	-24,326,841.75 | -10,849,345.82 | -11,518,727.72 | -332,380.46 |
| Ordinary net expenditure	-1,320,883.07 | 2,710,439.67 | -3,773,052.27 | 84,605.34 |
| Total transaction costs during the financial year 2)	382,503.73 |  |  |  |
| Total expense ratio in per cent 2) | 0.87 | 1.61 | 0.86 |
| Ongoing charges in per cent 2) | 0.87 | 1.61 | 0.86 |

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 – BALANCED

#### 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 CHF-IT | Unit class CHF-RT |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |  |
| Dividends | 131,166.83 | 253,923.33 | 10,627.87 | 20,158.48 |
| Income from investment fund units | 1,304.79 | 2,787.99 | 100.03 | 183.25 |
| Interest on bonds | 104,939.48 | 206,429.40 | 8,481.32 | 15,800.59 |
| Income from withholding tax reimbursement | 389.34 | 742.12 | 28.26 | 61.05 |
| Bank interest | -7,211.67 | -14,458.22 | -578.06 | -1,049.15 |
| Trailer fees | 391.03 | 762.89 | 29.97 | 59.75 |
| Other income | 4.47 | 8.13 | 0.36 | 0.75 |
| Income equalisation | -8,479.67 | -47,066.20 | -706.51 | 826.57 |
| Total income | 222,504.60 | 403,129.44 | 17,983.24 | 36,041.29 |
| Expenses |  |  |  |  |
| Interest expense | -530.26 | -1,024.22 | -42.12 | -81.90 |
| Management fee / fund management fee | -326,034.48 | -810,881.96 | -13,436.26 | -48,991.73 |
| Depositary fee | -3,637.23 | -7,168.98 | -294.01 | -546.82 |
| Central administration agent fee | -1,552.54 | -3,059.40 | -125.49 | -233.41 |
| Taxe d’abonnement | -10,404.50 | -20,015.19 | -842.51 | -1,620.62 |
| Publication and auditing costs | -318.97 | -624.30 | -25.65 | -48.42 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -67.21 | -129.92 | -5.42 | -10.29 |
| Registrar and transfer agent fee | -288.77 | -563.31 | -22.65 | -43.75 |
| State fees | -99.29 | -198.81 | -7.86 | -14.71 |
| Other expenses 1) | -3,286.37 | -6,486.49 | -1,188.57 | -2,401.99 |
| Expense equalisation | 15,509.28 | 103,777.79 | 666.79 | -1,512.15 |
| Total expenses | -330,710.34 | -746,374.79 | -15,323.75 | -55,505.79 |
| Ordinary net expenditure | -108,205.74 | -343,245.35 | 2,659.49 | -19,464.50 |
| Total expense ratio in per cent 2) | 1.61 | 2.01 | 0.92 | 1.67 |
| Ongoing charges in per cent 2) | 1.61 | 2.01 | 0.92 | 1.67 |

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 – BALANCED

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class HT | Unit class QT 1) |
| --- | --- | --- |
| EUR | EUR |
| Income |  |  |
| Dividends | 97,253.66 | 262,179.01 |
| Income from investment fund units | 977.54 | 2,441.14 |
| Interest on bonds | 76,871.68 | 205,225.43 |
| Income from withholding tax reimbursement | 295.91 | 793.57 |
| Bank interest | -5,335.72 | -14,066.73 |
| Trailer fees | 290.56 | 761.75 |
| Other income | 3.25 | 9.00 |
| Income equalisation | -14,997.63 | -8,849.05 |
| Total income | 155,359.25 | 448,494.12 |
| Expenses |  |  |
| Interest expense | -392.49 | -1,054.33 |
| Management fee / fund management fee | -137,492.10 | -322,884.75 |
| Depositary fee | -2,667.03 | -7,123.03 |
| Central administration agent fee | -1,138.25 | -3,040.27 |
| Taxe d’abonnement | -7,592.58 | -4,093.13 |
| Publication and auditing costs | -235.34 | -629.95 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -49.06 | -132.67 |
| Registrar and transfer agent fee | -211.20 | -571.31 |
| State fees | -71.97 | -190.77 |
| Other expenses 2) | -2,384.84 | -6,432.56 |
| Expense equalisation | 13,796.09 | 6,118.46 |
| Total expenses | -138,438.77 | -340,034.31 |
| Ordinary net expenditure | 16,920.48 | 108,459.81 |
| Total expense ratio in per cent 3) | 0.97 | 0.82 |
| Ongoing charges in per cent 3) | 0.97 | 0.82 |

1) Unit class QT has been launched on 1 October 2021.
2) This item mainly comprises sub-depositary fees and general administrative expenses.
3) See the notes to the annual report.
FLOSSBACH VON STORCH – MULTI ASSET – BALANCED

#### 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 | 264,300 | 635,700 | 77.9500 | 6,464,647.37 | 0.33 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 317,000 | 303,000 | 266.4000 | 10,530,605.86 | 0.54 |
|  |  |  |  |  |  |  | 16,995,253.23 | 0.87 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 0 | 54,200 | 114,800 | 764.7000 | 11,805,591.64 | 0.60 |
|  |  |  |  |  |  |  | 11,805,591.64 | 0.60 |
| Germany |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 0 | 20,300 | 76,700 | 159.6200 | 12,242,854.00 | 0.62 |
| DE0005810055 | Dte. Börse AG | EUR | 0 | 4,900 | 115,100 | 167.9000 | 19,325,290.00 | 0.98 |
| DE0005552004 | Dte. Post AG | EUR | 90,000 | 17,700 | 412,300 | 30.4650 | 12,560,719.50 | 0.64 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 41,000 | 145,051 | 160,949 | 58.7800 | 9,460,582.22 | 0.48 |
| DE0007164600 | SAP SE | EUR | 0 | 7,800 | 182,200 | 81.8700 | 14,916,714.00 | 0.76 |
| DE0008303504 | TAG Immobilien AG | EUR | 374,802 | 244,516 | 130,286 | 7.7850 | 1,014,276.51 | 0.05 |
|  |  |  |  |  |  |  | 69,520,436.23 | 3.53 |
| France |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 257,500 | 7,100 | 250,400 | 34.2350 | 8,572,444.00 | 0.44 |
| FR0010307819 | Legrand S.A. | EUR | 0 | 5,400 | 124,600 | 64.9600 | 8,094,016.00 | 0.41 |
| FR0000120321 | L'Oréal S.A. | EUR | 34,400 | 800 | 33,600 | 323.3500 | 10,864,560.00 | 0.55 |
|  |  |  |  |  |  |  | 27,531,020.00 | 1.40 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 5,800 | 134,200 | 82.2700 | 11,306,332.82 | 0.57 |
|  |  |  |  |  |  |  | 11,306,332.82 | 0.57 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 70,400 | 2,900 | 67,500 | 20,260.0000 | 9,686,405.67 | 0.49 |
|  |  |  |  |  |  |  | 9,686,405.67 | 0.49 |
| Canada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 48,900 | 200,580 | 41.4300 | 8,510,014.75 | 0.43 |
| CA21037X1006 | Constellation Software Inc. | CAD | 0 | 4,400 | 27,100 | 1,931.5000 | 39,088,678.96 | 1.99 |
|  |  |  |  |  |  |  | 47,598,693.71 | 2.42 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 21,400 | 600 | 20,800 | 431.9000 | 8,983,520.00 | 0.46 |
|  |  |  |  |  |  |  | 8,983,520.00 | 0.46 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 0 | 89,004 | 310,996 | 106.5600 | 34,599,847.32 | 1.76 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 23,000 | 47,000 | 320.2500 | 15,714,919.61 | 0.80 |
|  |  |  |  |  |  |  | 50,314,766.93 | 2.56 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 100,000 | 4,100 | 95,900 | 98.2900 | 9,652,853.05 | 0.49 |
| US00507V1098 | Activision Blizzard Inc. | USD | 0 | 124,702 | 200,298 | 74.8700 | 15,357,205.59 | 0.78 |
| US00724F1012 | Adobe Inc. | USD | 31,600 | 0 | 31,600 | 278.2500 | 9,004,301.08 | 0.46 |
| US02079K3059 | Alphabet Inc. | USD | 437,950 | 5,250 | 461,000 | 97.4200 | 45,991,418.33 | 2.34 |
| US0231351067 | Amazon.com Inc. | USD | 199,500 | 8,700 | 201,300 | 114.8000 | 23,665,376.34 | 1.20 |

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 – BALANCED

#### 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 | 45,200 | 1,900 | 43,300 | 137.7900 | 6,109,889.40 | 0.31 |
| US0311001004 | AMETEK Inc. | USD | 0 | 5,800 | 134,200 | 113.2800 | 15,568,024.58 | 0.79 |
| US0320951017 | Amphenol Corporation | USD | 0 | 13,600 | 316,400 | 67.9200 | 22,007,053.76 | 1.12 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 0 | 5,400 | 124,600 | 269.5800 | 34,398,021.51 | 1.75 |
| US09247X1019 | Blackrock Inc. | USD | 17,000 | 1,300 | 30,200 | 563.9200 | 17,440,229.39 | 0.89 |
| US8085131055 | Charles Schwab Corporation | USD | 91,900 | 10,500 | 281,400 | 72.6400 | 20,932,817.20 | 1.06 |
| US2172041061 | Copart Inc. | USD | 95,000 | 3,900 | 91,100 | 109.7800 | 10,241,636.46 | 0.52 |
| US2358511028 | Danaher Corporation | USD | 0 | 4,900 | 115,100 | 262.1500 | 30,899,605.73 | 1.57 |
| US2566771059 | Dollar General Corporation | USD | 50,532 | 41,000 | 114,532 | 239.4700 | 28,087,023.08 | 1.43 |
| US29786A1060 | Etsy Inc. | USD | 72,000 | 3,000 | 69,000 | 101.5200 | 7,173,456.22 | 0.36 |
| US34959J1088 | Fortive Corporation | USD | 36,000 | 9,300 | 216,700 | 59.2100 | 13,139,587.30 | 0.67 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 4,300 | 100,700 | 183.8800 | 18,962,330.77 | 0.96 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 5,300 | 123,200 | 90.7500 | 11,449,462.37 | 0.58 |
| US4612021034 | Intuit Inc. | USD | 12,100 | 12,700 | 29,400 | 396.8100 | 11,946,967.74 | 0.61 |
| US4781601046 | Johnson & Johnson | USD | 0 | 22,300 | 162,700 | 164.5300 | 27,413,242.19 | 1.39 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 13,996 | 39,504 | 286.7700 | 11,601,190.05 | 0.59 |
| US57667L1070 | Match Group Inc. | USD | 105,000 | 3,700 | 101,300 | 48.2500 | 5,005,350.74 | 0.25 |
| US30303M1027 | Meta Platforms Inc. | USD | 41,000 | 5,800 | 135,200 | 136.4100 | 18,886,463.90 | 0.96 |
| US5949181045 | Microsoft Corporation | USD | 0 | 6,700 | 155,300 | 237.5000 | 37,771,377.37 | 1.92 |
| US6153691059 | Moody's Corporation | USD | 0 | 12,400 | 69,600 | 246.5600 | 17,573,554.53 | 0.89 |
| US55354G1004 | MSCI Inc. | USD | 28,900 | 600 | 28,300 | 423.2200 | 12,265,362.01 | 0.62 |
| US6516391066 | Newmont Corporation | USD | 255,000 | 94,400 | 160,600 | 41.7600 | 6,868,055.30 | 0.35 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 135,900 | 37,300 | 143,600 | 88.7000 | 13,043,850.49 | 0.66 |
| US7134481081 | PepsiCo Inc. | USD | 0 | 40,458 | 109,542 | 166.6100 | 18,690,007.80 | 0.95 |
| US72352L1061 | Pinterest Inc. | USD | 175,000 | 19,400 | 450,600 | 23.1900 | 10,700,884.79 | 0.54 |
| US7766961061 | Roper Technologies Inc. | USD | 0 | 21,300 | 15,700 | 366.7500 | 5,896,543.78 | 0.30 |
| US79466L3024 | Salesforce Inc. | USD | 0 | 2,400 | 55,600 | 146.8100 | 8,359,074.24 | 0.43 |
| US8636671013 | Stryker Corporation | USD | 0 | 2,100 | 47,900 | 205.4800 | 10,079,356.89 | 0.51 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 28,000 | 600 | 27,400 | 516.6100 | 14,495,764.46 | 0.74 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 0 | 55,958 | 109,042 | 173.5500 | 19,379,661.14 | 0.99 |
| US92826C8394 | VISA Inc. | USD | 0 | 2,900 | 67,600 | 180.0600 | 12,464,983.10 | 0.63 |
| US88579Y1010 | 3M Co. | USD | 0 | 30,007 | 179,993 | 112.3000 | 20,699,655.81 | 1.05 |
|  |  |  |  |  |  |  | 623,221,638.49 | 31.66 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 0 | 190,115 | 369,885 | 61.2400 | 25,600,991.64 | 1.30 |
| GB00B10RZP78 | Unilever Plc. | EUR | 0 | 174,153 | 575,847 | 45.9200 | 26,442,894.24 | 1.34 |
|  |  |  |  |  |  |  | 52,043,885.88 | 2.64 |

| Exchange-traded securities | 929,007,544.60 | 47.20 |
| --- | --- | --- |
| Equities, rights and participation certificates | 929,007,544.60 | 47.20 |
| Bonds |  |  |
| Exchange-traded securities |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2462324232 | 1.949% | Bank of America Corporation EMTN Reg. S. Fix-to-Float v.22(2026) | 7,400,000 | 0 | 7,400,000 | 93.9370 | 6,951,338.00 | 0.35 |
| XS1200679071 | 1.125% | Berkshire Hathaway Inc. v.15(2027) | 7,400,000 | 0 | 7,400,000 | 90.1330 | 6,669,842.00 | 0.34 |

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 – BALANCED

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2133056114 | 0.000% | Berkshire Hathaway Inc. v.20(2025) | 0 | 0 | 3,150,000 | 92.6280 | 2,917,782.00 | 0.15 |  |
| DE0001102358 | 1.500% | Federal Republic of Germany Reg.S. v.14 (2024) | 80,000,000 | 20,000,000 | 60,000,000 | 99.8620 | 59,917,200.00 | 3.05 |  |
| DE0001102333 | 1.750% | Federal Republic of Germany Reg.S. v.14 (2024) | 80,000,000 | 0 | 80,000,000 | 100.2400 | 80,192,000.00 | 4.08 |  |
| DE0001102366 | 1.000% | Federal Republic of Germany Reg.S. v.14 (2024) | 90,000,000 | 30,000,000 | 60,000,000 | 98.7690 | 59,261,400.00 | 3.01 |  |
| DE0001141851 | 0.000% | Federal Republic of Germany Reg.S. v.22 (2027) | 52,000,000 | 27,000,000 | 25,000,000 | 91.4760 | 22,869,000.00 | 1.16 |  |
| FR0013460607 | 1.125% | Bureau Veritas SA Reg.S. v.19(2027) | 0 | 0 | 7,100,000 | 86.3690 | 6,132,199.00 | 0.31 |  |
| XS2348237871 | 1.500% | Cellnex Finance Company S.A. EMTNReg. S. v.21(2028) | 5,000,000 | 1,000,000 | 9,000,000 | 78.3400 | 7,050,600.00 | 0.36 |  |
| XS2481287394 | 1.101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22(2024) | 3,800,000 | 0 | 3,800,000 | 100.2360 | 3,808,968.00 | 0.19 |  |
| DE000CZ45W99 | 2.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 11,900,000 | 0 | 11,900,000 | 91.8690 | 10,932,411.00 | 0.56 |  |
| XS2239553048 | 1.250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 4,650,000 | 5,600,000 | 87.1530 | 4,880,568.00 | 0.25 |  |
| XS2050404636 | 0.200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 800,000 | 4,000,000 | 89.7000 | 3,588,000.00 | 0.18 |  |
| XS2050404800 | 0.450% | DH Europe Finance II S.a.r.L. v.19(2028) | 5,000,000 | 0 | 8,100,000 | 84.3780 | 6,834,618.00 | 0.35 |  |
| DE000A289N78 | 1.250% | Dte. Börse AG Reg.S. Fix-to-Float v.20 (2047) | 12,000,000 | 1,000,000 | 11,000,000 | 83.0010 | 9,130,110.00 | 0.46 |  |
| XS2035564975 | 1.125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 3,000,000 | 0 | 3,000,000 | 85.6250 | 2,568,750.00 | 0.13 |  |
| EU000A287074 | 0.000% | European Union Reg.S. Social Bond v.21 (2028) | 36,000,000 | 0 | 36,000,000 | 85.6800 | 30,844,800.00 | 1.57 |  |
| BE0002684653 | 0.010% | ING Belgium S.A./NV Reg.S. Pfe. v.20 (2030) | 0 | 0 | 5,000,000 | 79.2590 | 3,962,950.00 | 0.20 |  |
| DE000A1KRJV6 | 0.010% | ING-DiBaAGEMTNReg.S.Pfe.GreenBond v.21(2028) | 12,000,000 | 0 | 12,000,000 | 83.2490 | 9,989,880.00 | 0.51 |  |
| DE000A3E5VK1 | 0.750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10,000,000 | 5,000,000 | 5,000,000 | 69.1560 | 3,457,800.00 | 0.18 |  |
| DE000A254P51 | 0.875% | LEG Immobilien SE EMTN Reg.S. v.19 (2027) | 1,700,000 | 0 | 10,000,000 | 82.0780 | 8,207,800.00 | 0.42 |  |
| XS1403264374 | 1.000% | McDonald's Corporation Reg.S. v.16 (2023) | 1,800,000 | 0 | 1,800,000 | 97.6950 | 1,758,510.00 | 0.09 |  |
| DE000A2R9ZT1 | 0.250% | Mercedes-Benz International Finance B. V. EMTN Reg.S. v.19(2023) | 0 | 0 | 5,000,000 | 97.1100 | 4,855,500.00 | 0.25 |  |
| XS2523390271 | 2.500% | RWE AG Reg.S. v.22(2025) | 15,000,000 | 0 | 15,000,000 | 97.1240 | 14,568,600.00 | 0.74 |  |
| XS2526839175 | 2.250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 10,000,000 | 0 | 10,000,000 | 98.1200 | 9,812,000.00 | 0.50 |  |
| XS1002121454 | 6.500% | Stichting AK Rabobank Certificaten Reg. S. FRN Perp. | 5,373,775 | 0 | 8,000,000 | 90.8720 | 7,269,760.00 | 0.37 |  |
| XS1914502643 | 2.625% | Stryker Corporation v.18(2030) | 10,000,000 | 0 | 10,000,000 | 89.5290 | 8,952,900.00 | 0.46 |  |
| XS2049582542 | 0.050% | Svenska Handelsbanken AB[publ] Reg.S. v.19(2026) | 0 | 0 | 25,000,000 | 86.4980 | 21,624,500.00 | 1.10 |  |
| XS2207430120 | 2.374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 7,500,000 | 0 | 7,500,000 | 90.2350 | 6,767,625.00 | 0.34 |  |
| XS2233154538 | 0.125% | The Coca-Cola Co. v.20(2029) | 8,000,000 | 0 | 8,000,000 | 80.7480 | 6,459,840.00 | 0.33 |  |

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 – BALANCED
| 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) |
| XS2102948994 | 0.250% | Toyota Motor Credit Corporation EMTN | 8,000,000 | 0 | 8,000,000 | 88.5970 | 7,087,760.00 | 0.36 |  |
|  |  | Reg.S. v.20(2026) |  |  |  |  |  |  |  |
| XS1893631330 | 1.375% | Volkswagen Financial Services AG EMTN | 0 | 0 | 10,500,000 | 97.8500 | 10,274,250.00 | 0.52 |  |
|  |  | Reg.S. v.18(2023) |  |  |  |  |  |  |  |
| XS2374595044 | 0.125% | Volkswagen Financial Services AG EMTN | 8,500,000 | 0 | 8,500,000 | 83.8900 | 7,130,650.00 | 0.36 |  |
|  |  | Reg.S. v.21(2027) |  |  |  |  |  |  |  |
| XS1910947941 | 1.883% | Volkswagen International Finance NV- | 10,500,000 | 0 | 10,500,000 | 101.3590 | 10,642,695.00 | 0.54 |  |
|  |  | Reg.S. FRN v.18(2024) |  |  |  |  |  |  |  |
| DE000A3MQS56 | 1.375% | Vonovia SE EMTN Reg.S. Social Bond v.22 | 11,500,000 | 0 | 11,500,000 | 90.5050 | 10,408,075.00 | 0.53 |  |
|  |  | (2026) |  |  |  |  |  |  |  |
| XS2338564870 | 2.000% | ZF Finance GmbH EMTN Reg.S. Green | 12,500,000 | 1,500,000 | 11,000,000 | 76.6250 | 8,428,750.00 | 0.43 |  |
|  |  | Bond v.21(2027) |  |  |  |  |  |  |  |
| XS2262961076 2.750% ZF Finance GmbH EMTN Reg.S. v.20	12,000,000 (2027) | 5,000,000 | 7,000,000 | 78.7500 | 5,512,500.00 | 0.28 |  |
|  |  |  |  | 491,721,931.00 | 25.01 |  |
| USD |  |  |  |  |  |  |
| US615369AW51 2.000% Moody's Corporation v.21(2031)0 | 0 | 8,000,000 | 76.1650 | 6,239,836.15 | 0.32 |  |
|  |  |  |  | 6,239,836.15 | 0.32 |  |
| Exchange-traded securities |  |  |  | 497,961,767.15 | 25.33 |  |
| New issues intended for | exchange trading |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A3MP5P6 0.010% | Bundesländer-Konsortium Nr. 61 | 7,600,000 | 0 | 7,600,000 | 86.9830 | 6,610,708.00 | 0.34 |  |
|  | Reg.S. v.21(2027) |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 6,610,708.00 | 0.34 |  |
| New issues intended for exchange trading	6,610,708.000.34 Securities admitted to trading or included in organised markets |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2114413565 | 2.875% | AT & T Inc. Fix-to-Float Perp. | 0 | 1,500,000 | 23,500,000 | 88.2600 | 20,741,100.00 | 1.05 |  |
| XS2466172280 | 1.250% | Daimler Truck International Finance B.V. | 8,000,000 | 0 | 8,000,000 | 94.3660 | 7,549,280.00 | 0.38 |  |
|  |  | EMTN Reg.S. v.22(2025) |  |  |  |  |  |  |  |
| BE0002876572 | 3.125% | Groupe Bruxelles Lambert S.A.[GBL] Reg. | 4,100,000 | 0 | 4,100,000 | 94.4290 | 3,871,589.00 | 0.20 |  |
|  |  | S. v.22(2029) |  |  |  |  |  |  |  |
| DE000A19HCX8 | 2.000% | JAB Holdings BV Reg.S. v.17(2028) | 0 | 0 | 3,100,000 | 85.0730 | 2,637,263.00 | 0.13 |  |
| XS1989380172 | 3.875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 500,000 | 9,500,000 | 87.7500 | 8,336,250.00 | 0.42 |  |
| XS2360853332 | 1.288% | Prosus NV Reg.S. v.21(2029) | 0 | 8,000,000 | 4,000,000 | 70.7760 | 2,831,040.00 | 0.14 |  |
| XS2430287362 | 2.085% | Prosus NV Reg.S. v.22(2030) | 6,700,000 | 0 | 6,700,000 | 71.9770 | 4,822,459.00 | 0.25 |  |
| XS2407914394 | 0.000% | ThermoFisherScientific[FinanceI] | 7,900,000 | 0 | 7,900,000 | 90.4440 | 7,145,076.00 | 0.36 |  |
|  |  | BV Sustainability Bond v.21(2025) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 57,934,057.00 | 2.93 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833DU14 | 1.650% | Apple Inc. v.20(2030) | 0 | 0 | 6,000,000 | 80.2770 | 4,932,534.56 | 0.25 |  |
| US037833DY36 | 1.250% | Apple Inc. v.20(2030) | 0 | 0 | 20,000,000 | 77.1710 | 15,805,632.36 | 0.80 |  |
| US037833EJ59 | 1.700% | Apple Inc. v.21(2031) | 0 | 1,900,000 | 14,000,000 | 78.3140 | 11,227,813.62 | 0.57 |  |
| US084664CW92 | 1.450% | Berkshire Hathaway Finance | 0 | 1,300,000 | 12,000,000 | 77.3280 | 9,502,672.81 | 0.48 |  |
|  |  | Corporation v.20(2030) |  |  |  |  |  |  |  |
| US256677AK14 | 4.625% | Dollar General Corporation v.22(2027) | 6,600,000 | 0 | 6,600,000 | 97.5770 | 6,595,066.05 | 0.34 |  |
| US55354GAK67 | 3.625% | MSCI Inc. 144A v.20(2030) | 0 | 700,000 | 14,000,000 | 82.3290 | 11,803,440.86 | 0.60 |  |
| US55354GAL41 | 3.875% | MSCI Inc. 144A v.20(2031) | 0 | 1,200,000 | 17,500,000 | 83.2180 | 14,913,620.07 | 0.76 |  |

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 – BALANCED

#### Statement of assets as at 30 September 2022 (continued)
Additions
in the
Disposals
in the
Market value
% share
of
ISIN	Securities
reporting period reporting period	Quantity	Price
EUR
NSFA 1)
| US771196BW19 1.930% | Roche Holdings Inc. 144A v.21(2028) | 9,900,000 | 0 | 9,900,000 | 84.4560 | 8,562,359.45 | 0.44 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| US855244BC24 | 3.000% | Starbucks Corporation v.22(2032) | 8,200,000 | 0 | 8,200,000 | 82.6070 | 6,936,788.53 | 0.35 |
| US437076CM21 | 2.700% | The Home Depot Inc. v.22(2025) | 1,700,000 | 0 | 1,700,000 | 95.5390 | 1,663,249.36 | 0.08 |
|  |  |  |  |  |  |  | 91,943,177.67 | 4.67 |
| Securities admitted to trading or included in organised markets |  |  |  |  | 149,877,234.67 | 7.60 |
| Bonds |  |  |  |  | 654,449,709.82 | 33.27 |
| Convertible bonds |  |  |  |  |  |  |
| Exchange-traded securities |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A2LQRA1 0.000%  RAG-Stiftung/Evonik Industries AG | 7,200,000 | 0 | 7,200,000 | 92.6770 | 6,672,744.00 | 0.34 |
| Reg.S. CV v.18(2024) |  |  |  |  |  |  |
|  |  |  |  |  | 6,672,744.00 | 0.34 |
| Exchange-traded securities |  |  |  |  | 6,672,744.00 | 0.34 |
| Securities admitted to trading or included in organised markets |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| DE000A3E46Y9 0.625% TAG Immobilien AG/TAG | 0 | 0 | 9,900,000 | 73.9590 | 7,321,941.00 | 0.37 |
| Immobilien AG Reg.S. CV v.20 |  |  |  |  |  |  |
| (2026) |  |  |  |  |  |  |
|  |  |  |  |  | 7,321,941.00 | 0.37 |
| Securities admitted to trading or included in organised markets |  |  |  |  | 7,321,941.00 | 0.37 |
| Convertible bonds |  |  |  |  | 13,994,685.00 | 0.71 |
| Investment fund holdings 2) |  |  |  |  |  |  |
| Luxembourg |  |  |  |  |  |  |
| LU1012014905 | Flossbach von Storch - Global Emerging Markets Equities I | EUR | 0 | 28,308 | 106,692 | 160.6400 | 17,139,002.88 | 0.87 |

17,139,002.88	0.87
Investment fund holdings	17,139,002.880.87
| IE00B579F325 | Invesco Physical Markets Plc./Gold | USD | 10,550 | 548,250 | 1,015,000 | 160.1300 | 166,443,369.18 | 8.46 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ounce Cert. v.09(2100) |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 166,443,369.18 | 8.46 |
| Exchange-traded securities |  |  |  |  |  | 166,443,369.18 | 8.46 |
| Certificates |  |  |  |  |  | 166,443,369.18 | 8.46 |
| Securities holdings |  |  |  |  |  | 1,781,034,311.48 | 90.51 |
| Futures contracts |  |  |  |  |  |  |  |
| Short positions |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 |  | 531 | 968 | -437 |  | 3,668,147.41 | 0.19 |
|  |  |  |  |  |  | 3,668,147.41 | 0.19 |

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 – BALANCED

#### Statement of assets as at 30 September 2022 (continued)
Additions
in the
Disposals
in the
Market value
% share
of
ISIN	Securities
reporting period reporting period	Quantity	Price
EUR
NSFA 1)
| USD |  |
| --- | --- |
| CBT 10YR US T-Bond Future December 2022 | 274 | 533 | -259 | 1,340,772.31 | 0.07 |
|  |  |  |  | 1,340,772.31 | 0.07 |
| Short positions |  |  |  | 5,008,919.72 | 0.26 |
| Futures contracts |  |  |  | 5,008,919.72 | 0.26 |
| Bank balances - current account 2) |  |  |  | 193,367,423.10 | 9.83 |
| Balance of other receivables and payables |  |  |  | -12,774,270.23 | -0.60 |
| Net sub-fund assets in EUR |  |  |  | 1,966,636,384.07 | 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 | 4,900,000.00 | 5,121,296.34 | 0.26 |
| --- | --- | --- | --- | --- | --- |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 45,300,000.00 | 46,228,593.76 | 2.35 |
| EUR/USD | J.P. Morgan SE | Currency sales | 193,000,000.00 | 197,356,648.00 | 10.04 |

| Futures contracts |  |
| --- | --- |
|  |  | Commitments | % share of |
|  | Quantity | EUR | NSFA 1) |
| Short positions |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 | -437 | -57,338,770.00 | -2.92 |
|  |  | -57,338,770.00 | -2.92 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | -259 | -29,826,276.88 | -1.52 |
|  |  | -29,826,276.88 | -1.52 |
| Short positions |  | -87,165,046.88 | -4.44 |
| Futures contracts |  | -87,165,046.88 | -4.44 |


#### 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 |

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.

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – MULTI ASSET – BALANCED
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.: | A0M43V | A0M43W | A14ULX | A14ULY |
| ISIN-Code: | LU0323578061 | LU0323578145 | LU1245470676 | LU1245470759 |
| 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 CHF-IT | Anteilklasse CHF-RT | Anteilklasse HT |
| WP-Kenn-Nr.: | A14UL1 | A14ULZ | A14UL0 | A2JA9B |
| ISIN-Code: | LU1245471054 | LU1245470833 | LU1245470916 | LU1748855324 |
| Ausgabeaufschlag: | bis zu 1,00 % | bis zu 5,00 % | bis zu 5,00 % | keiner |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 1,93 % p.a. | 0,78 % p.a. | 1,53 % p.a. | 0,88 % p.a. |
| Mindesterstanlage: | keine | 1.000.000,00 CHF | keine | keine |
| Ertragsverwendung: | thesaurierend | thesaurierend | thesaurierend | thesaurierend |
| Währung: | EUR | CHF | CHF | EUR |

Anteilklasse QT 1)
WP-Kenn-Nr.:	A3CV3Z
ISIN-Code:	LU2369862094
Ausgabeaufschlag:	bis zu 5,00 %
Rücknahmeabschlag:	keiner
Verwaltungsvergütung:	0,78 % p.a.
Mindesterstanlage:	25.000.000,00 EUR
Ertragsverwendung:	thesaurierend
Währung:	EUR
1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Vereinigte Staaten von Amerika | 40,20 % |
| Deutschland | 21,00 % |
| Irland | 9,03 % |
| Niederlande | 4,16 % |
| Vereinigtes Königreich | 2,64 % |
| Schweiz | 2,56 % |
| Kanada | 2,42 % |
| Frankreich | 1,71 % |
| Europäische Gemeinschaft | 1,57 % |
| Luxemburg | 1,40 % |
| Schweden | 1,10 % |
| Cayman Inseln | 0,87 % |
| Dänemark | 0,60 % |
| Japan | 0,49 % |
| Belgien | 0,40 % |
| Spanien | 0,36 % |
| Wertpapiervermögen | 90,51 % |
| Terminkontrakte | 0,26 % |
| Bankguthaben 2) | 9,83 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,60 % |
|  | 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 – BALANCED |  |
| --- | --- |
| Branchenaufteilung 1) |
| Staatsanleihen | 13,21 % |
| Software & Dienste | 10,41 % |
| Roh-, Hilfs- & Betriebsstoffe | 9,24 % |
| Diversifizierte Finanzdienste | 7,80 % |
| Media & Entertainment | 5,41 % |
| Investitionsgüter | 5,23 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 5,10 % |
| Groß- und Einzelhandel | 4,90 % |
| Gesundheitswesen: Ausstattung & Dienste | 3,55 % |
| Versicherungen | 3,34 % |
| Lebensmittel, Getränke & Tabak | 3,29 % |
| Haushaltsartikel & Körperpflegeprodukte | 3,19 % |
| Automobile & Komponenten | 3,12 % |
| Banken | 3,09 % |
| Hardware & Ausrüstung | 2,17 % |
| Immobilien | 2,03 % |
| Gewerbliche Dienste & Betriebsstoffe | 1,82 % |
| Versorgungsbetriebe | 1,21 % |
| Investmentfondsanteile | 0,87 % |
| Transportwesen | 0,64 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 0,46 % |
| Energie | 0,34 % |
| Verbraucherdienste | 0,09 % |
| Wertpapiervermögen | 90,51 % |
| Terminkontrakte | 0,26 % |
| Bankguthaben 2) | 9,83 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,60 % |
|  | 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 | 1.466,56 | 8.526.445 | 196.085,93 | 172,00 |
| 30.09.2021 | 1.397,20 | 7.726.696 | -139.524,83 | 180,83 |
| 30.09.2022 | 1.160,30 | 7.111.205 | -97.716,30 | 163,16 |

| Anteilklasse R |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 777,29 | 4.811.264 | 97.640,24 | 161,56 |
| 30.09.2021 | 794,03 | 4.709.841 | -16.301,59 | 168,59 |
| 30.09.2022 | 660,54 | 4.374.920 | -53.522,73 | 150,98 |

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

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse IT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 95,87 | 759.472 | 43.669,39 |  | 126,23 |
| 30.09.2021 | 95,47 | 712.686 | -5.869,08 |  | 133,95 |
| 30.09.2022 | 35,72 | 292.967 | -55.702,76 |  | 121,93 |
| Anteilklasse RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 22,38 | 184.276 | 7.712,77 |  | 121,47 |
| 30.09.2021 | 22,96 | 179.442 | -580,62 |  | 127,95 |
| 30.09.2022 | 19,00 | 164.343 | -1.891,88 |  | 115,59 |
| Anteilklasse ET |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 56,28 | 472.859 | 18.891,80 |  | 119,02 |
| 30.09.2021 | 48,02 | 384.580 | -10.412,68 |  | 124,87 |
| 30.09.2022 | 34,36 | 305.742 | -9.530,30 |  | 112,37 |
| Anteilklasse CHF-IT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 30.09.2020 | 2,27 | 19.797 | -1.131,16 | 114,54 1) | 123,82 |
| 30.09.2021 | 2,01 | 16.620 | -353,10 | 120,72 2) | 130,84 |
| 30.09.2022 | 1,64 | 13.262 | -416,59 | 123,69 3) | 118,47 |
| Anteilklasse CHF-RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 30.09.2020 | 2,88 | 26.150 | -6.372,38 | 110,19 1) | 119,12 |
| 30.09.2021 | 3,07 | 26.604 | 54,33 | 115,49 2) | 125,17 |
| 30.09.2022 | 3,28 | 27.831 | 144,88 | 117,93 3) | 112,95 |

1) umgerechnet Devisenkurse in Euro per 30. September 2020 1 EUR = 1,0810 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 – MULTI ASSET – BALANCED

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse HT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 19,62 | 177.381 | 7.651,35 | 110,59 |
| 30.09.2021 | 16,97 | 144.720 | -3.685,58 | 117,24 |
| 30.09.2022 | 13,30 | 124.793 | -2.277,80 | 106,60 |
| Entwicklung seit | Auflegung |  |  |  |
| Anteilklasse QT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 01.10.2021 | Auflegung | - | - | 100,00 |
| 30.09.2022 | 38,50 | 422.614 | 42.262,62 | 91,10 |


#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	1.781.034.311,48
(Wertpapiereinstandskosten: EUR 1.760.441.728,00)
| Bankguthaben 1) | 193.367.423,10 |
| --- | --- |
| Nicht realisierte Gewinne aus Terminkontrakten | 5.008.919,72 |
| Zinsforderungen | 3.803.452,42 |
| Dividendenforderungen | 461.346,09 |
| Forderungen aus Absatz von Anteilen | 56.173,52 |
|  | 1.983.731.626,33 |
| Verbindlichkeiten aus Rücknahmen von Anteilen | -2.550.295,74 |
| Nicht realisierte Verluste aus Devisentermingeschäften | -12.478.286,72 |
| Sonstige Passiva 2) | -2.066.659,80 |
|  | -17.095.242,26 |
| Netto-Teilfondsvermögen | 1.966.636.384,07 |
| Zurechnung auf die Anteilklassen |  |
| Anteilklasse I |  |
| Anteiliges Netto-Teilfondsvermögen | 1.160.295.312,30 EUR |
| Umlaufende Anteile | 7.111.205,349 |
| Anteilwert | 163,16 EUR |
| Anteilklasse R |  |
| Anteiliges Netto-Teilfondsvermögen | 660.542.545,93 EUR |
| Umlaufende Anteile | 4.374.919,924 |
| Anteilwert | 150,98 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 – BALANCED |  |
| --- | --- |
| Zurechnung auf die Anteilklassen  (Fortsetzung) |  |
| Anteilklasse IT |  |
| Anteiliges Netto-Teilfondsvermögen | 35.721.263,53 EUR |
| Umlaufende Anteile | 292.966,836 |
| Anteilwert | 121,93 EUR |
| Anteilklasse RT |  |
| Anteiliges Netto-Teilfondsvermögen | 18.996.464,50 EUR |
| Umlaufende Anteile | 164.343,286 |
| Anteilwert | 115,59 EUR |
| Anteilklasse ET |  |
| Anteiliges Netto-Teilfondsvermögen | 34.355.614,58 EUR |
| Umlaufende Anteile | 305.742,044 |
| Anteilwert | 112,37 EUR |
| Anteilklasse CHF-IT |  |
| Anteiliges Netto-Teilfondsvermögen | 1.640.322,45 EUR |
| Umlaufende Anteile | 13.261,522 |
| Anteilwert | 123,69 EUR 1) |
| Anteilwert | 118,47 CHF |
| Anteilklasse CHF-RT |  |
| Anteiliges Netto-Teilfondsvermögen | 3.281.989,78 EUR |
| Umlaufende Anteile | 27.831,098 |
| Anteilwert | 117,93 EUR 1) |
| Anteilwert | 112,95 CHF |
| Anteilklasse HT |  |
| Anteiliges Netto-Teilfondsvermögen | 13.302.838,72 EUR |
| Umlaufende Anteile | 124.792,714 |
| Anteilwert | 106,60 EUR |
| Anteilklasse QT |  |
| Anteiliges Netto-Teilfondsvermögen | 38.500.032,28 EUR |
| Umlaufende Anteile | 422.613,582 |
| Anteilwert | 91,10 EUR |

1) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| 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	2.379.728.617,24 | 1.397.203.487,13 | 794.030.436,77 | 95.467.223,62 |
| Ordentlicher Nettoaufwand	-1.320.883,07 | 2.710.439,67 | -3.773.052,27 | 84.605,34 |
| Ertrags- und Aufwandsausgleich	73.600,74 | 360.628,60 | -230.085,82 | 2.141,73 |
| Mittelzuflüsse aus Anteilverkäufen	273.371.292,62 | 147.250.765,60 | 60.692.242,15 | 9.125.978,71 |
| Mittelabflüsse aus Anteilrücknahmen	-452.022.159,12 | -244.967.065,19 | -114.214.974,21 | -64.828.734,85 |
| Realisierte Gewinne	147.080.374,69 | 86.888.011,99 | 48.303.053,51 | 2.976.919,20 |
| Realisierte Verluste	-171.783.710,57 | -101.619.279,46 | -56.906.715,18 | -3.425.992,62 |
| Nettoveränderung nicht realisierter Gewinne	-57.038.466,56 | -35.467.737,43 | -17.783.865,22 | -1.016.190,82 |
| Nettoveränderung nicht realisierter Verluste	-132.173.822,59 | -79.879.330,16 | -42.480.642,94 | -2.664.686,78 |
| Ausschüttung	-19.278.459,31 | -12.184.608,45 | -7.093.850,86 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	1.966.636.384,07 | 1.160.295.312,30 | 660.542.545,93 | 35.721.263,53 |
|  |  |  |  |
| Anteilklasse RT | Anteilklasse ET | Anteilklasse CHF-IT | Anteilklasse CHF-RT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	22.958.796,13 | 48.023.466,16 | 2.006.327,49 | 3.072.607,85 |
| Ordentlicher Nettoaufwand	-108.205,74 | -343.245,35 | 2.659,49 | -19.464,50 |
| Ertrags- und Aufwandsausgleich	-7.029,61 | -56.711,59 | 39,72 | 685,58 |
| Mittelzuflüsse aus Anteilverkäufen	1.977.685,81 | 4.504.763,24 | 296.533,70 | 530.302,20 |
| Mittelabflüsse aus Anteilrücknahmen	-3.869.567,59 | -14.035.062,42 | -713.128,41 | -385.420,97 |
| Realisierte Gewinne	1.383.927,72 | 2.665.082,67 | 389.447,77 | 707.778,17 |
| Realisierte Verluste	-1.632.723,26 | -3.116.611,45 | -231.525,19 | -404.505,84 |
| Nettoveränderung nicht realisierter Gewinne	-491.043,62 | -869.462,72 | -11.523,29 | -38.794,47 |
| Nettoveränderung nicht realisierter Verluste	-1.215.375,34 | -2.416.603,96 | -98.508,83 | -181.198,24 |
| Ausschüttung	0,00 | 0,00 | 0,00 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	18.996.464,50 | 34.355.614,58 | 1.640.322,45 | 3.281.989,78 |
|  |  |  |  |
| Anteilklasse HT EUR | Anteilklasse QT 1) EUR |  |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	16.966.272,09 | 0,00 |  |  |
| Ordentlicher Nettoaufwand	16.920,48 | 108.459,81 |  |  |
| Ertrags- und Aufwandsausgleich	1.201,54 | 2.730,59 |  |  |
| Mittelzuflüsse aus Anteilverkäufen	2.315.650,41 | 46.677.370,80 |  |  |
| Mittelabflüsse aus Anteilrücknahmen	-4.593.455,21 | -4.414.750,27 |  |  |
| Realisierte Gewinne	1.021.414,80 | 2.744.738,86 |  |  |
| Realisierte Verluste	-1.201.117,84 | -3.245.239,73 |  |  |
| Nettoveränderung nicht realisierter Gewinne	-347.282,30 | -1.012.566,69 |  |  |
| Nettoveränderung nicht realisierter Verluste	-876.765,25 | -2.360.711,09 |  |  |
| Ausschüttung	0,00 | 0,00 |  |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	13.302.838,72 | 38.500.032,28 |  |  |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| Entwicklung der Anzahl der Anteile im Umlauf |
|  | Anteilklasse I Stück | Anteilklasse R Stück | Anteilklasse IT Stück | Anteilklasse RT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 7.726.696,125 | 4.709.841,018 | 712.685,618 | 179.441,540 |
| Ausgegebene Anteile | 823.881,433 | 366.647,199 | 69.324,834 | 15.665,967 |
| Zurückgenommene Anteile | -1.439.372,209 | -701.568,293 | -489.043,616 | -30.764,221 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 7.111.205,349 | 4.374.919,924 | 292.966,836 | 164.343,286 |
|  |  |  |  |  |
|  | Anteilklasse ET Stück | Anteilklasse CHF-IT Stück | Anteilklasse CHF-RT Stück | Anteilklasse HT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 384.580,274 | 16.619,842 | 26.603,995 | 144.719,998 |
| Ausgegebene Anteile | 36.004,874 | 2.395,843 | 4.440,782 | 19.908,475 |
| Zurückgenommene Anteile | -114.843,104 | -5.754,163 | -3.213,679 | -39.835,759 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 305.742,044 | 13.261,522 | 27.831,098 | 124.792,714 |

Anteilklasse QT 1)
|  | Stück |
| --- | --- |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 0,000 |
| Ausgegebene Anteile | 467.829,658 |
| Zurückgenommene Anteile | -45.216,076 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 422.613,582 |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| 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 - Balanced I seit 23.10.2007 2) | LU0323578061 A0M43V | EUR | -8,40% | -8,98% | -2,41% | 50,30% | 84,69% |
| Flossbach von Storch - Multi Asset - Balanced R seit 23.10.2007 2) | LU0323578145 A0M43W | EUR | -8,75% | -9,66% | -4,57% | 40,36% | 67,76% |
| Flossbach von Storch - Multi Asset - Balanced IT | LU1245470676 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULX | EUR | -8,40% | -8,98% | -2,40% | — | 21,93% |
| Flossbach von Storch - Multi Asset - Balanced RT | LU1245470759 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULY | EUR | -8,75% | -9,66% | -4,57% | — | 15,59% |
| Flossbach von Storch - Multi Asset - Balanced ET | LU1245471054 |  |  |  |  |  |  |
| seit 10.07.2015 | A14UL1 | EUR | -8,93% | -10,01% | -5,69% | — | 12,37% |
| Flossbach von Storch - Multi Asset - Balanced CHF-IT | LU1245470833 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULZ | CHF | -8,69% | -9,45% | -3,98% | — | 18,47% |
| Flossbach von Storch - Multi Asset - Balanced CHF-RT | LU1245470916 |  |  |  |  |  |  |
| seit 10.07.2015 | A14UL0 | CHF | -8,79% | -9,77% | -5,96% | — | 12,95% |
| Flossbach von Storch - Multi Asset - Balanced HT | LU1748855324 |  |  |  |  |  |  |
| seit 05.02.2018 | A2JA9B | EUR | -8,45% | -9,07% | -2,70% | — | 6,60% |
| Flossbach von Storch - Multi Asset - Balanced QT | LU2369862094 |  |  |  |  |  |  |
| seit 01.10.2021 | A3CV3Z | EUR | -8,39% | — | — | — | -8,90% |

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 - Ausgewogen wurde zum 1. Juli 2015 in den Teilfonds Flossbach von Storch - Multi Asset - Balanced fusioniert. Die Historien der Anteilklassen LU0323578061 / A0M43V und LU0323578145 / A0M43W wurden im Rahmen der Wertentwicklung beibehalten.
| FLOSSBACH VON STORCH – MULTI ASSET – BALANCED |  |
| --- | --- |
| Ertrags- und Aufwandsrechnung |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse IT |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	14.169.221,10 | 8.524.229,02 | 4.603.043,66 | 266.639,24 |
| Erträge aus Investmentanteilen	135.000,00 | 78.898,96 | 45.387,24 | 2.919,06 |
| Zinsen auf Anleihen	11.104.828,38 | 6.605.602,65 | 3.662.751,34 | 218.726,49 |
| Erträge aus Quellensteuerrückerstattung	43.373,60 | 26.505,82 | 13.777,47 | 780,06 |
| Bankzinsen	-769.534,20 | -459.365,76 | -252.124,32 | -15.344,57 |
| Bestandsprovisionen	41.715,73 | 24.951,18 | 13.653,90 | 814,70 |
| Sonstige Erträge	461,76 | 271,88 | 155,65 | 8,27 |
| Ertragsausgleich	-1.719.107,69 | -1.241.308,26 | -340.969,49 | -57.557,45 |
| Erträge insgesamt	23.005.958,68 | 13.559.785,49 | 7.745.675,45 | 416.985,80 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-56.386,61 | -33.620,67 | -18.567,24 | -1.073,38 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-23.854.465,77 | -10.461.967,03 | -11.386.135,72 | -346.641,74 |
| Verwahrstellenvergütung	-384.992,29 | -228.939,50 | -127.028,80 | -7.586,89 |
| Zentralverwaltungsstellenvergütung	-164.321,73 | -97.716,07 | -54.218,19 | -3.238,11 |
| Taxe d'abonnement	-1.078.701,77 | -651.479,36 | -361.958,02 | -20.695,86 |
| Veröffentlichungs- und Prüfungskosten	-33.797,71 | -20.079,72 | -11.171,59 | -663,77 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-7.099,28 | -4.225,53 | -2.342,83 | -136,35 |
| Register- und Transferstellenvergütung	-30.840,58 | -18.432,16 | -10.105,43 | -602,00 |
| Staatliche Gebühren	-10.435,57 | -6.171,15 | -3.465,27 | -215,74 |
| Sonstige Aufwendungen 1)	-351.307,39 | -207.394,29 | -114.789,94 | -6.942,34 |
| Aufwandsausgleich	1.645.506,95 | 880.679,66 | 571.055,31 | 55.415,72 |
| Aufwendungen insgesamt	-24.326.841,75 | -10.849.345,82 | -11.518.727,72 | -332.380,46 |
| Ordentlicher Nettoaufwand	-1.320.883,07 | 2.710.439,67 | -3.773.052,27 | 84.605,34 |
| Transaktionskosten im Geschäftsjahr gesamt 2)	382.503,73 |  |  |  |
| Total Expense Ratio in Prozent 2) | 0,87 | 1,61 | 0,86 |
| Laufende Kosten in Prozent 2) | 0,87 | 1,61 | 0,86 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse RT | Anteilklasse ET | Anteilklasse CHF-IT | Anteilklasse CHF-RT |
| --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	131.166,83 | 253.923,33 | 10.627,87 | 20.158,48 |
| Erträge aus Investmentanteilen	1.304,79 | 2.787,99 | 100,03 | 183,25 |
| Zinsen auf Anleihen	104.939,48 | 206.429,40 | 8.481,32 | 15.800,59 |
| Erträge aus Quellensteuerrückerstattung	389,34 | 742,12 | 28,26 | 61,05 |
| Bankzinsen	-7.211,67 | -14.458,22 | -578,06 | -1.049,15 |
| Bestandsprovisionen	391,03 | 762,89 | 29,97 | 59,75 |
| Sonstige Erträge	4,47 | 8,13 | 0,36 | 0,75 |
| Ertragsausgleich	-8.479,67 | -47.066,20 | -706,51 | 826,57 |
| Erträge insgesamt	222.504,60 | 403.129,44 | 17.983,24 | 36.041,29 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-530,26 | -1.024,22 | -42,12 | -81,90 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-326.034,48 | -810.881,96 | -13.436,26 | -48.991,73 |
| Verwahrstellenvergütung	-3.637,23 | -7.168,98 | -294,01 | -546,82 |
| Zentralverwaltungsstellenvergütung	-1.552,54 | -3.059,40 | -125,49 | -233,41 |
| Taxe d'abonnement	-10.404,50 | -20.015,19 | -842,51 | -1.620,62 |
| Veröffentlichungs- und Prüfungskosten	-318,97 | -624,30 | -25,65 | -48,42 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-67,21 | -129,92 | -5,42 | -10,29 |
| Register- und Transferstellenvergütung	-288,77 | -563,31 | -22,65 | -43,75 |
| Staatliche Gebühren	-99,29 | -198,81 | -7,86 | -14,71 |
| Sonstige Aufwendungen 1)	-3.286,37 | -6.486,49 | -1.188,57 | -2.401,99 |
| Aufwandsausgleich	15.509,28 | 103.777,79 | 666,79 | -1.512,15 |
| Aufwendungen insgesamt	-330.710,34 | -746.374,79 | -15.323,75 | -55.505,79 |
| Ordentlicher Nettoaufwand	-108.205,74 | -343.245,35 | 2.659,49 | -19.464,50 |
| Total Expense Ratio in Prozent 2)	1,61 | 2,01 | 0,92 | 1,67 |
| Laufende Kosten in Prozent 2)	1,61 | 2,01 | 0,92 | 1,67 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse HT | Anteilklasse QT 1) |
| --- | --- |
| EUR | EUR |
| Erträge |  |
| Dividenden	97.253,66 | 262.179,01 |
| Erträge aus Investmentanteilen	977,54 | 2.441,14 |
| Zinsen auf Anleihen	76.871,68 | 205.225,43 |
| Erträge aus Quellensteuerrückerstattung	295,91 | 793,57 |
| Bankzinsen	-5.335,72 | -14.066,73 |
| Bestandsprovisionen	290,56 | 761,75 |
| Sonstige Erträge	3,25 | 9,00 |
| Ertragsausgleich	-14.997,63 | -8.849,05 |
| Erträge insgesamt	155.359,25 | 448.494,12 |
| Aufwendungen |  |
| Zinsaufwendungen	-392,49 | -1.054,33 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-137.492,10 | -322.884,75 |
| Verwahrstellenvergütung	-2.667,03 | -7.123,03 |
| Zentralverwaltungsstellenvergütung	-1.138,25 | -3.040,27 |
| Taxe d'abonnement	-7.592,58 | -4.093,13 |
| Veröffentlichungs- und Prüfungskosten	-235,34 | -629,95 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-49,06 | -132,67 |
| Register- und Transferstellenvergütung	-211,20 | -571,31 |
| Staatliche Gebühren	-71,97 | -190,77 |
| Sonstige Aufwendungen 2)	-2.384,84 | -6.432,56 |
| Aufwandsausgleich	13.796,09 | 6.118,46 |
| Aufwendungen insgesamt	-138.438,77 | -340.034,31 |
| Ordentlicher Nettoaufwand	16.920,48 | 108.459,81 |
| Total Expense Ratio in Prozent 3)	0,97 | 0,82 |
| Laufende Kosten in Prozent 3)	0,97 | 0,82 |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
2) Die Position setzt sich im Wesentlichen zusammen aus Lagerstellengebühren und allgemeinen Verwaltungskosten.
3) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – MULTI ASSET – BALANCED

#### Vermögensaufstellung zum 30. September 2022
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
| Cayman Inseln |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 264.300 | 635.700 | 77,9500 | 6.464.647,37 | 0,33 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 317.000 | 303.000 | 266,4000 | 10.530.605,86 | 0,54 |
|  |  |  |  |  |  |  | 16.995.253,23 | 0,87 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 0 | 54.200 | 114.800 | 764,7000 | 11.805.591,64 | 0,60 |
|  |  |  |  |  |  |  | 11.805.591,64 | 0,60 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 0 | 20.300 | 76.700 | 159,6200 | 12.242.854,00 | 0,62 |
| DE0005810055 | Dte. Börse AG | EUR | 0 | 4.900 | 115.100 | 167,9000 | 19.325.290,00 | 0,98 |
| DE0005552004 | Dte. Post AG | EUR | 90.000 | 17.700 | 412.300 | 30,4650 | 12.560.719,50 | 0,64 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 41.000 | 145.051 | 160.949 | 58,7800 | 9.460.582,22 | 0,48 |
| DE0007164600 | SAP SE | EUR | 0 | 7.800 | 182.200 | 81,8700 | 14.916.714,00 | 0,76 |
| DE0008303504 | TAG Immobilien AG | EUR | 374.802 | 244.516 | 130.286 | 7,7850 | 1.014.276,51 | 0,05 |
|  |  |  |  |  |  |  | 69.520.436,23 | 3,53 |
| Frankreich |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 257.500 | 7.100 | 250.400 | 34,2350 | 8.572.444,00 | 0,44 |
| FR0010307819 | Legrand S.A. | EUR | 0 | 5.400 | 124.600 | 64,9600 | 8.094.016,00 | 0,41 |
| FR0000120321 | L'Oréal S.A. | EUR | 34.400 | 800 | 33.600 | 323,3500 | 10.864.560,00 | 0,55 |
|  |  |  |  |  |  |  | 27.531.020,00 | 1,40 |
| Irland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 5.800 | 134.200 | 82,2700 | 11.306.332,82 | 0,57 |
|  |  |  |  |  |  |  | 11.306.332,82 | 0,57 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 70.400 | 2.900 | 67.500 | 20.260,0000 | 9.686.405,67 | 0,49 |
|  |  |  |  |  |  |  | 9.686.405,67 | 0,49 |
| Kanada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 48.900 | 200.580 | 41,4300 | 8.510.014,75 | 0,43 |
| CA21037X1006 | Constellation Software Inc. | CAD | 0 | 4.400 | 27.100 | 1.931,5000 | 39.088.678,96 | 1,99 |
|  |  |  |  |  |  |  | 47.598.693,71 | 2,42 |
| Niederlande |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 21.400 | 600 | 20.800 | 431,9000 | 8.983.520,00 | 0,46 |
|  |  |  |  |  |  |  | 8.983.520,00 | 0,46 |
| Schweiz |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 0 | 89.004 | 310.996 | 106,5600 | 34.599.847,32 | 1,76 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 23.000 | 47.000 | 320,2500 | 15.714.919,61 | 0,80 |
|  |  |  |  |  |  |  | 50.314.766,93 | 2,56 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 100.000 | 4.100 | 95.900 | 98,2900 | 9.652.853,05 | 0,49 |
| US00507V1098 Activision Blizzard Inc. | USD | 0 | 124.702 | 200.298 | 74,8700 | 15.357.205,59 | 0,78 |
| US00724F1012 Adobe Inc. | USD | 31.600 | 0 | 31.600 | 278,2500 | 9.004.301,08 | 0,46 |
| US02079K3059 Alphabet Inc. | USD | 437.950 | 5.250 | 461.000 | 97,4200 | 45.991.418,33 | 2,34 |

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 – BALANCED

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0231351067 | Amazon.com Inc. | USD | 199.500 | 8.700 | 201.300 | 114,8000 | 23.665.376,34 | 1,20 |
| US0258161092 | American Express Co. | USD | 45.200 | 1.900 | 43.300 | 137,7900 | 6.109.889,40 | 0,31 |
| US0311001004 | AMETEK Inc. | USD | 0 | 5.800 | 134.200 | 113,2800 | 15.568.024,58 | 0,79 |
| US0320951017 | Amphenol Corporation | USD | 0 | 13.600 | 316.400 | 67,9200 | 22.007.053,76 | 1,12 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 0 | 5.400 | 124.600 | 269,5800 | 34.398.021,51 | 1,75 |
| US09247X1019 | Blackrock Inc. | USD | 17.000 | 1.300 | 30.200 | 563,9200 | 17.440.229,39 | 0,89 |
| US8085131055 | Charles Schwab Corporation | USD | 91.900 | 10.500 | 281.400 | 72,6400 | 20.932.817,20 | 1,06 |
| US2172041061 | Copart Inc. | USD | 95.000 | 3.900 | 91.100 | 109,7800 | 10.241.636,46 | 0,52 |
| US2358511028 | Danaher Corporation | USD | 0 | 4.900 | 115.100 | 262,1500 | 30.899.605,73 | 1,57 |
| US2566771059 | Dollar General Corporation | USD | 50.532 | 41.000 | 114.532 | 239,4700 | 28.087.023,08 | 1,43 |
| US29786A1060 | Etsy Inc. | USD | 72.000 | 3.000 | 69.000 | 101,5200 | 7.173.456,22 | 0,36 |
| US34959J1088 | Fortive Corporation | USD | 36.000 | 9.300 | 216.700 | 59,2100 | 13.139.587,30 | 0,67 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 4.300 | 100.700 | 183,8800 | 18.962.330,77 | 0,96 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 5.300 | 123.200 | 90,7500 | 11.449.462,37 | 0,58 |
| US4612021034 | Intuit Inc. | USD | 12.100 | 12.700 | 29.400 | 396,8100 | 11.946.967,74 | 0,61 |
| US4781601046 | Johnson & Johnson | USD | 0 | 22.300 | 162.700 | 164,5300 | 27.413.242,19 | 1,39 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 13.996 | 39.504 | 286,7700 | 11.601.190,05 | 0,59 |
| US57667L1070 | Match Group Inc. | USD | 105.000 | 3.700 | 101.300 | 48,2500 | 5.005.350,74 | 0,25 |
| US30303M1027 | Meta Platforms Inc. | USD | 41.000 | 5.800 | 135.200 | 136,4100 | 18.886.463,90 | 0,96 |
| US5949181045 | Microsoft Corporation | USD | 0 | 6.700 | 155.300 | 237,5000 | 37.771.377,37 | 1,92 |
| US6153691059 | Moody's Corporation | USD | 0 | 12.400 | 69.600 | 246,5600 | 17.573.554,53 | 0,89 |
| US55354G1004 | MSCI Inc. | USD | 28.900 | 600 | 28.300 | 423,2200 | 12.265.362,01 | 0,62 |
| US6516391066 | Newmont Corporation | USD | 255.000 | 94.400 | 160.600 | 41,7600 | 6.868.055,30 | 0,35 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 135.900 | 37.300 | 143.600 | 88,7000 | 13.043.850,49 | 0,66 |
| US7134481081 | PepsiCo Inc. | USD | 0 | 40.458 | 109.542 | 166,6100 | 18.690.007,80 | 0,95 |
| US72352L1061 | Pinterest Inc. | USD | 175.000 | 19.400 | 450.600 | 23,1900 | 10.700.884,79 | 0,54 |
| US7766961061 | Roper Technologies Inc. | USD | 0 | 21.300 | 15.700 | 366,7500 | 5.896.543,78 | 0,30 |
| US79466L3024 | Salesforce Inc. | USD | 0 | 2.400 | 55.600 | 146,8100 | 8.359.074,24 | 0,43 |
| US8636671013 | Stryker Corporation | USD | 0 | 2.100 | 47.900 | 205,4800 | 10.079.356,89 | 0,51 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 28.000 | 600 | 27.400 | 516,6100 | 14.495.764,46 | 0,74 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 0 | 55.958 | 109.042 | 173,5500 | 19.379.661,14 | 0,99 |
| US92826C8394 | VISA Inc. | USD | 0 | 2.900 | 67.600 | 180,0600 | 12.464.983,10 | 0,63 |
| US88579Y1010 | 3M Co. | USD | 0 | 30.007 | 179.993 | 112,3000 | 20.699.655,81 | 1,05 |
|  |  |  |  |  |  |  | 623.221.638,49 | 31,66 |
| Vereinigtes Königreich |  |  |  |  |  |  |  |  |
| GB00B24CGK77 Reckitt Benckiser Group Plc. | GBP | 0 | 190.115 | 369.885 | 61,2400 | 25.600.991,64 | 1,30 |  |
| GB00B10RZP78 Unilever Plc. | EUR | 0 | 174.153 | 575.847 | 45,9200 | 26.442.894,24 | 1,34 |  |
|  |  |  |  |  |  | 52.043.885,88 | 2,64 |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 929.007.544,60 | 47,20 |  |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  | 929.007.544,60 | 47,20 |  |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Anleihen |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2462324232 | 1,949% | Bank of America Corporation EMTN Reg. S. Fix-to-Float v.22(2026) | 7.400.000 | 0 | 7.400.000 | 93,9370 | 6.951.338,00 | 0,35 |  |
| XS1200679071 | 1,125% | Berkshire Hathaway Inc. v.15(2027) | 7.400.000 | 0 | 7.400.000 | 90,1330 | 6.669.842,00 | 0,34 |  |
| XS2133056114 | 0,000% | Berkshire Hathaway Inc. v.20(2025) | 0 | 0 | 3.150.000 | 92,6280 | 2.917.782,00 | 0,15 |  |
| DE0001102358 | 1,500% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 80.000.000 | 20.000.000 | 60.000.000 | 99,8620 | 59.917.200,00 | 3,05 |  |
| DE0001102333 | 1,750% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 80.000.000 | 0 | 80.000.000 | 100,2400 | 80.192.000,00 | 4,08 |  |
| DE0001102366 | 1,000% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 90.000.000 | 30.000.000 | 60.000.000 | 98,7690 | 59.261.400,00 | 3,01 |  |
| DE0001141851 | 0,000% | BundesrepublikDeutschlandReg.S.v.22 (2027) | 52.000.000 | 27.000.000 | 25.000.000 | 91,4760 | 22.869.000,00 | 1,16 |  |
| FR0013460607 | 1,125% | Bureau Veritas SA Reg.S. v.19(2027) | 0 | 0 | 7.100.000 | 86,3690 | 6.132.199,00 | 0,31 |  |
| XS2348237871 | 1,500% | CellnexFinance CompanyS.A.EMTNReg. S. v.21(2028) | 5.000.000 | 1.000.000 | 9.000.000 | 78,3400 | 7.050.600,00 | 0,36 |  |
| XS2481287394 | 1,101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22(2024) | 3.800.000 | 0 | 3.800.000 | 100,2360 | 3.808.968,00 | 0,19 |  |
| DE000CZ45W99 | 2,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 11.900.000 | 0 | 11.900.000 | 91,8690 | 10.932.411,00 | 0,56 |  |
| XS2239553048 | 1,250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 4.650.000 | 5.600.000 | 87,1530 | 4.880.568,00 | 0,25 |  |
| XS2050404636 | 0,200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 800.000 | 4.000.000 | 89,7000 | 3.588.000,00 | 0,18 |  |
| XS2050404800 | 0,450% | DH Europe Finance II S.a.r.L. v.19(2028) | 5.000.000 | 0 | 8.100.000 | 84,3780 | 6.834.618,00 | 0,35 |  |
| DE000A289N78 | 1,250% | Dte. Börse AG Reg.S. Fix-to-Float v.20 (2047) | 12.000.000 | 1.000.000 | 11.000.000 | 83,0010 | 9.130.110,00 | 0,46 |  |
| XS2035564975 | 1,125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 3.000.000 | 0 | 3.000.000 | 85,6250 | 2.568.750,00 | 0,13 |  |
| EU000A287074 | 0,000% | Europäische Union Reg.S. Social Bond v.21(2028) | 36.000.000 | 0 | 36.000.000 | 85,6800 | 30.844.800,00 | 1,57 |  |
| BE0002684653 | 0,010% | ING Belgium S.A./NV Reg.S. Pfe. v.20 (2030) | 0 | 0 | 5.000.000 | 79,2590 | 3.962.950,00 | 0,20 |  |
| DE000A1KRJV6 | 0,010% | ING-DiBaAGEMTNReg.S.Pfe.GreenBond v.21(2028) | 12.000.000 | 0 | 12.000.000 | 83,2490 | 9.989.880,00 | 0,51 |  |
| DE000A3E5VK1 | 0,750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10.000.000 | 5.000.000 | 5.000.000 | 69,1560 | 3.457.800,00 | 0,18 |  |
| DE000A254P51 | 0,875% | LEG Immobilien SE EMTN Reg.S. v.19 (2027) | 1.700.000 | 0 | 10.000.000 | 82,0780 | 8.207.800,00 | 0,42 |  |
| XS1403264374 | 1,000% | McDonald's Corporation Reg.S. v.16 (2023) | 1.800.000 | 0 | 1.800.000 | 97,6950 | 1.758.510,00 | 0,09 |  |
| DE000A2R9ZT1 | 0,250% | Mercedes-Benz International Finance B. V. EMTN Reg.S. v.19(2023) | 0 | 0 | 5.000.000 | 97,1100 | 4.855.500,00 | 0,25 |  |
| XS2523390271 | 2,500% | RWE AG Reg.S. v.22(2025) | 15.000.000 | 0 | 15.000.000 | 97,1240 | 14.568.600,00 | 0,74 |  |
| XS2526839175 | 2,250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 10.000.000 | 0 | 10.000.000 | 98,1200 | 9.812.000,00 | 0,50 |  |
| XS1002121454 | 6,500% | Stichting AK Rabobank Certificaten Reg. S. FRN Perp. | 5.373.775 | 0 | 8.000.000 | 90,8720 | 7.269.760,00 | 0,37 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – MULTI ASSET – BALANCED
| Vermögensaufstellung zum 30. September 2022  (Fortsetzung) |
| --- |
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| XS1914502643 | 2,625% | Stryker Corporation v.18(2030) | 10.000.000 | 0 | 10.000.000 | 89,5290 | 8.952.900,00 | 0,46 |  |
| XS2049582542 | 0,050% | SvenskaHandelsbankenAB[publ]Reg.S. | 0 | 0 | 25.000.000 | 86,4980 | 21.624.500,00 | 1,10 |  |
|  |  | v.19(2026) |  |  |  |  |  |  |  |
| XS2207430120 | 2,374% | TenneT Holding BV Reg.S. Fix-to-Float | 7.500.000 | 0 | 7.500.000 | 90,2350 | 6.767.625,00 | 0,34 |  |
|  |  | Green Bond Perp. |  |  |  |  |  |  |  |
| XS2233154538 | 0,125% | The Coca-Cola Co. v.20(2029) | 8.000.000 | 0 | 8.000.000 | 80,7480 | 6.459.840,00 | 0,33 |  |
| XS2102948994 | 0,250% | Toyota Motor Credit Corporation EMTN | 8.000.000 | 0 | 8.000.000 | 88,5970 | 7.087.760,00 | 0,36 |  |
|  |  | Reg.S. v.20(2026) |  |  |  |  |  |  |  |
| XS1893631330 | 1,375% | Volkswagen Financial Services AG EMTN | 0 | 0 | 10.500.000 | 97,8500 | 10.274.250,00 | 0,52 |  |
|  |  | Reg.S. v.18(2023) |  |  |  |  |  |  |  |
| XS2374595044 | 0,125% | Volkswagen Financial Services AG EMTN | 8.500.000 | 0 | 8.500.000 | 83,8900 | 7.130.650,00 | 0,36 |  |
|  |  | Reg.S. v.21(2027) |  |  |  |  |  |  |  |
| XS1910947941 | 1,883% | Volkswagen International Finance NV- | 10.500.000 | 0 | 10.500.000 | 101,3590 | 10.642.695,00 | 0,54 |  |
|  |  | Reg.S. FRN v.18(2024) |  |  |  |  |  |  |  |
| DE000A3MQS56 | 1,375% | Vonovia SE EMTN Reg.S. Social Bond v.22 | 11.500.000 | 0 | 11.500.000 | 90,5050 | 10.408.075,00 | 0,53 |  |
|  |  | (2026) |  |  |  |  |  |  |  |
| XS2338564870 | 2,000% | ZF Finance GmbH EMTN Reg.S. Green | 12.500.000 | 1.500.000 | 11.000.000 | 76,6250 | 8.428.750,00 | 0,43 |  |
|  |  | Bond v.21(2027) |  |  |  |  |  |  |  |
| XS2262961076 2,750% ZF Finance GmbH EMTN Reg.S. v.2012.000.000 (2027) | 5.000.000 | 7.000.000 | 78,7500 | 5.512.500,00 | 0,28 |  |
|  |  |  |  | 491.721.931,00 | 25,01 |  |
| USD |  |  |  |  |  |  |
| US615369AW51 2,000% Moody's Corporation v.21(2031)0 | 0 | 8.000.000 | 76,1650 | 6.239.836,15 | 0,32 |  |
|  |  |  |  | 6.239.836,15 | 0,32 |  |
| Börsengehandelte Wertpapiere |  |  |  | 497.961.767,15 | 25,33 |  |
| Neuemissionen, | die zum Börsenhandel vorgesehen sind |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A3MP5P6 | 0,010% Bundesländer-Konsortium Nr. 61 | 7.600.000 | 0 | 7.600.000 | 86,9830 | 6.610.708,00 | 0,34 |  |
|  | Reg.S. v.21(2027) |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 6.610.708,00 | 0,34 |  |
| Neuemissionen, die zum Börsenhandel vorgesehen sind	6.610.708,00	0,34 An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2114413565 | 2,875% | AT & T Inc. Fix-to-Float Perp. | 0 | 1.500.000 | 23.500.000 | 88,2600 | 20.741.100,00 | 1,05 |  |
| XS2466172280 | 1,250% | Daimler Truck International Finance B.V. | 8.000.000 | 0 | 8.000.000 | 94,3660 | 7.549.280,00 | 0,38 |  |
|  |  | EMTN Reg.S. v.22(2025) |  |  |  |  |  |  |  |
| BE0002876572 | 3,125% | GroupeBruxellesLambert S.A.[GBL]Reg. | 4.100.000 | 0 | 4.100.000 | 94,4290 | 3.871.589,00 | 0,20 |  |
|  |  | S. v.22(2029) |  |  |  |  |  |  |  |
| DE000A19HCX8 | 2,000% | JAB Holdings BV Reg.S. v.17(2028) | 0 | 0 | 3.100.000 | 85,0730 | 2.637.263,00 | 0,13 |  |
| XS1989380172 | 3,875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 500.000 | 9.500.000 | 87,7500 | 8.336.250,00 | 0,42 |  |
| XS2360853332 | 1,288% | Prosus NV Reg.S. v.21(2029) | 0 | 8.000.000 | 4.000.000 | 70,7760 | 2.831.040,00 | 0,14 |  |
| XS2430287362 | 2,085% | Prosus NV Reg.S. v.22(2030) | 6.700.000 | 0 | 6.700.000 | 71,9770 | 4.822.459,00 | 0,25 |  |
| XS2407914394 | 0,000% | Thermo Fisher Scientific [Finance | 7.900.000 | 0 | 7.900.000 | 90,4440 | 7.145.076,00 | 0,36 |  |
|  |  | I] BV Sustainability Bond v.21 |  |  |  |  |  |  |  |
|  |  | (2025) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 57.934.057,00 | 2,93 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833DU14 | 1,650% | Apple Inc. v.20(2030) | 0 | 0 | 6.000.000 | 80,2770 | 4.932.534,56 | 0,25 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – MULTI ASSET – BALANCED
| Vermögensaufstellung zum 30. September 2022  (Fortsetzung) |
| --- |
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| US037833DY36 | 1,250% | Apple Inc. v.20(2030) | 0 | 0 20.000.000 | 77,1710 | 15.805.632,36 | 0,80 |  |
| US037833EJ59 | 1,700% | Apple Inc. v.21(2031) | 0 | 1.900.000 14.000.000 | 78,3140 | 11.227.813,62 | 0,57 |  |
| US084664CW92 | 1,450% | Berkshire Hathaway Finance | 0 | 1.300.000 12.000.000 | 77,3280 | 9.502.672,81 | 0,48 |  |
|  |  | Corporation v.20(2030) |  |  |  |  |  |  |
| US256677AK14 | 4,625% | Dollar General Corporation v.22(2027) | 6.600.000 | 0 6.600.000 | 97,5770 | 6.595.066,05 | 0,34 |  |
| US55354GAK67 | 3,625% | MSCI Inc. 144A v.20(2030) | 0 | 700.000 14.000.000 | 82,3290 | 11.803.440,86 | 0,60 |  |
| US55354GAL41 | 3,875% | MSCI Inc. 144A v.20(2031) | 0 | 1.200.000 17.500.000 | 83,2180 | 14.913.620,07 | 0,76 |  |
| US771196BW19 | 1,930% | Roche Holdings Inc. 144A v.21(2028) | 9.900.000 | 0 9.900.000 | 84,4560 | 8.562.359,45 | 0,44 |  |
| US855244BC24 | 3,000% | Starbucks Corporation v.22(2032) | 8.200.000 | 0 8.200.000 | 82,6070 | 6.936.788,53 | 0,35 |  |
| US437076CM21 | 2,700% | The Home Depot Inc. v.22(2025) | 1.700.000 | 0 1.700.000 | 95,5390 | 1.663.249,36 | 0,08 |  |
|  |  |  |  |  |  | 91.943.177,67 | 4,67 |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 149.877.234,67 | 7,60 |  |
| Anleihen | 654.449.709,82 | 33,27 |  |
| Wandelanleihen |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A2LQRA1 | 0,000% | RAG-Stiftung/Evonik Industries AG | 7.200.000 | 0 | 7.200.000 | 92,6770 | 6.672.744,00 | 0,34 |  |
|  |  | Reg.S. CV v.18(2024) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 6.672.744,00 | 0,34 |  |
| Börsengehandelte Wertpapiere	6.672.744,00	0,34 An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A3E46Y9 | 0,625% | TAG Immobilien AG/TAG | 0 | 0 | 9.900.000 | 73,9590 | 7.321.941,00 | 0,37 |  |
|  |  | Immobilien AG Reg.S. CV v.20 |  |  |  |  |  |  |  |
|  |  | (2026) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 7.321.941,00 | 0,37 |  |

| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 7.321.941,00 | 0,37 |
| --- | --- | --- |
| Wandelanleihen | 13.994.685,00 | 0,71 |
| Investmentfondsanteile 2) |  |  |
| Luxemburg |  |  |  |  |  |  |  |  |
| LU1012014905 | Flossbach von Storch - Global Emerging Markets Equities I | EUR | 0 | 28.308 | 106.692 | 160,6400 | 17.139.002,88 | 0,87 |
|  |  |  |  |  |  |  | 17.139.002,88 | 0,87 |
| Investmentfondsanteile | 17.139.002,88 | 0,87 |
| Zertifikate |  |  |
| Börsengehandelte Wertpapiere |  |  |
| Irland |  |  |
| IE00B579F325 Invesco Physical Markets Plc./Gold	USD Unze Zert. v.09(2100) | 10.550 | 548.250 | 1.015.000 | 160,1300 | 166.443.369,18 | 8,46 |
|  |  |  |  |  | 166.443.369,18 | 8,46 |
| Börsengehandelte Wertpapiere |  |  |  |  | 166.443.369,18 | 8,46 |
| Zertifikate |  |  |  |  | 166.443.369,18 | 8,46 |
| Wertpapiervermögen |  |  |  |  | 1.781.034.311,48 | 90,51 |

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 – BALANCED

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| Terminkontrakte |  |
| --- | --- |
| Short-Positionen |  |  |  |  |  |
| EUR |  |  |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 | 531 | 968 | -437 | 3.668.147,41 | 0,19 |
|  |  |  |  | 3.668.147,41 | 0,19 |
| USD |  |  |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | 274 | 533 | -259 | 1.340.772,31 | 0,07 |
|  |  |  |  | 1.340.772,31 | 0,07 |
| Short-Positionen |  |  |  | 5.008.919,72 | 0,26 |
| Terminkontrakte |  |  |  | 5.008.919,72 | 0,26 |
| Bankguthaben - Kontokorrent 2) |  |  |  | 193.367.423,10 | 9,83 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | -12.774.270,23 | -0,60 |
| Netto-Teilfondsvermögen in EUR |  |  |  | 1.966.636.384,07 | 100,00 |


#### Devisentermingeschäfte
Zum 30. September 2022 standen folgende offene Devisentermingeschäfte aus:
Währung	Kontrahent	Währungsbetrag
Kurswert
EUR
%-Anteil
vom NTFV 1)
| CHF/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 4.900.000,00 | 5.121.296,34 | 0,26 |
| --- | --- | --- | --- | --- | --- |
| EUR/USD | DZ PRIVATBANK S.A. | Währungsverkäufe | 45.300.000,00 | 46.228.593,76 | 2,35 |
| EUR/USD | J.P. Morgan SE | Währungsverkäufe | 193.000.000,00 | 197.356.648,00 | 10,04 |

| Terminkontrakte |  |
| --- | --- |
|  |  | Verpflichtungen | %-Anteil vom |
|  | Bestand | EUR | NTFV 1) |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 | -437 | -57.338.770,00 | -2,92 |
|  |  | -57.338.770,00 | -2,92 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | -259 | -29.826.276,88 | -1,52 |
|  |  | -29.826.276,88 | -1,52 |
| Short-Positionen |  | -87.165.046,88 | -4,44 |
| Terminkontrakte |  | -87.165.046,88 | -4,44 |

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 – BALANCED

#### 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 |