# FLOSSBACH VON STORCH – BOND OPPORTUNITIES
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 CHF-IT | Unit class IT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A0RCKM | A0RCKL | A14UL7 | A2AQKH |
| ISIN: | LU0399027886 | LU0399027613 | LU1245471724 | LU1481584016 |
| Subscription fee: | up to 3.00% | up to 3.00% | up to 3.00% | up to 3.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.43% p.a. | 0.93% p.a. | 0.43% p.a. | 0.43% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | 1,000,000.00 CHF | 1,000,000.00 EUR |
| Use of income: | distributing | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | CHF | EUR |
|  | Unit class RT | Unit class H | Unit class HT | Unit class GBP-IT |
| Securities ID No. (WKN): | A2AQKG | A2JA9E | A2JA9F | A2PPDQ |
| ISIN: | LU1481583711 | LU1748855753 | LU1748855837 | LU2035371660 |
| Subscription fee: | up to 3.00% | none | none | up to 3.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.93% p.a. | 0.63% p.a. | 0.63% p.a. | 0.43% p.a. |
| Minimum initial investment: | none | none | none | 1,000,000.00 GBP |
| Use of income: | accumulating | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | EUR | GBP |
|  | Unit class USD-IT | Unit class USD-RT | Unit class CHF-RT | Unit class X |
| Securities ID No. (WKN): | A2PPDR | A2P8KN | A2P8JS | A2QA0X |
| ISIN: | LU2035372049 | LU2206381894 | LU2206381621 | LU2212481985 |
| Subscription fee: | up to 3.00% | up to 3.00% | up to 3.00% | none |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.43% p.a. | 0.93% p.a. | 0.93% p.a. | none 1) |
| Minimum initial investment: | 1,000,000.00 USD | none | none | 50,000,000.00 EUR |
| Use of income: | accumulating | accumulating | accumulating | distributing |
| Currency: | USD | USD | CHF | EUR |

1) The management fee is stipulated separately in a written agreement with each investor and invoiced to the investor by the management company.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES
|  | Unit class XT | Unit class CHF-H | Unit class Q | Unit class QT 1) |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A2QAFH | A2QQ1C | A2QQ1D | A3CV8E |
| ISIN: | LU2212482017 | LU2312730182 | LU2312730265 | LU2369862177 |
| Subscription fee: | none | none | up to 3.00% | up to 3.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | none 2) | 0.63% p.a. | 0.43% p.a. | 0.43% p.a. |
| Minimum initial investment: | 50,000,000.00 EUR | none | 25,000,000.00 EUR | 25,000,000.00 EUR |
| Use of income: | accumulating | distributing | distributing | accumulating |
| Currency: | EUR | CHF | EUR | EUR |
| Geographical breakdown by country 3) |  |  |  |  |
| Germany |  |  |  | 35.18 % |
| United States of America |  |  |  | 29.30 % |
| Netherlands |  |  |  | 13.22 % |
| Australia |  |  |  | 5.61 % |
| Sweden |  |  |  | 2.27 % |
| Canada |  |  |  | 2.04 % |
| Spain |  |  |  | 1.66 % |
| United Kingdom |  |  |  | 1.38 % |
| France |  |  |  | 1.07 % |
| Italy |  |  |  | 0.67 % |
| European Community |  |  |  | 0.63 % |
| Belgium |  |  |  | 0.57 % |
| Finland |  |  |  | 0.44 % |
| Virgin Islands (GB) |  |  |  | 0.43 % |
| Denmark |  |  |  | 0.32 % |
| Luxembourg |  |  |  | 0.26 % |
| Norway |  |  |  | 0.19 % |
| Poland |  |  |  | 0.19 % |
| Securities holdings |  |  |  | 95.43 % |
| Futures contracts |  |  |  | 0.87 % |
| Bank balances 4) |  |  |  | 6.44 % |
| Balance of other receivables and payables |  |  |  | -2.74 % |
|  |  |  |  | 100.00 % |

1) Unit class QT was launched on 1 October 2021.
2) The management fee is stipulated separately in a written agreement with each investor and invoiced to the investor by the management company.
3) Due to rounding differences in individual amounts, totals may differ from the actual value.
4) See the notes to the annual report.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Breakdown by economic sector 1) |
| Business and public services 2) | 27.67 % |
| Banks | 22.53 % |
| Real estate | 7.02 % |
| Wholesale and retail | 5.56 % |
| Diversified financial services | 5.18 % |
| Automobiles and components | 3.85 % |
| Telecommunications services | 3.35 % |
| Healthcare: equipment and services | 2.71 % |
| Capital goods | 2.60 % |
| Foodstuffs, beverages and tobacco | 2.32 % |
| Public utilities | 2.29 % |
| Insurance | 2.06 % |
| Raw materials and supplies | 1.87 % |
| Semi-conductors and semi-conductor production equipment | 1.83 % |
| Hardware and equipment | 1.72 % |
| Transport | 1.62 % |
| Software and services | 0.62 % |
| Energy | 0.29 % |
| Pharmaceuticals, biotechnology and life sciences | 0.25 % |
| Media and entertainment | 0.09 % |
| Securities holdings | 95.43 % |
| Futures contracts | 0.87 % |
| Bank balances 3) | 6.44 % |
| Balance of other receivables and payables | -2.74 % |
|  | 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 | 1,083.52 | 7,406,263 | 458,796.06 | 146.30 |
| 30.09.2021 | 1,202.65 | 8,170,701 | 117,244.95 | 147.19 |
| 30.09.2022 | 875.99 | 6,805,730 | -188,326.57 | 128.71 |

| 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 | 962.49 | 6,731,064 | 434,215.57 | 142.99 |
| 30.09.2021 | 1,604.73 | 11,212,702 | 645,637.74 | 143.12 |
| 30.09.2022 | 1,194.08 | 9,590,702 | -215,316.20 | 124.50 |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) Including government bonds
3) See the notes to the annual report.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Performance over the last 3 financial years (continued)
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 | 349.85 | 2,765,767 | 215,431.05 | 126.49 1) | 136.74 |
| 30.09.2021 | 665.02 | 5,215,641 | 308,815.86 | 127.51 2) | 138.20 |
| 30.09.2022 | 621.53 | 4,909,455 | -39,848.05 | 126.60 3) | 121.26 |
| 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 | 1,170.35 | 9,590,995 | 763,524.03 |  | 122.03 |
| 30.09.2021 | 1,033.40 | 8,349,933 | -145,785.33 |  | 123.76 |
| 30.09.2022 | 812.45 | 7,460,885 | -112,839.93 |  | 108.90 |
| 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 | 401.61 | 3,356,254 | 321,095.13 |  | 119.66 |
| 30.09.2021 | 410.97 | 3,403,307 | 8,443.78 |  | 120.76 |
| 30.09.2022 | 266.68 | 2,522,432 | -103,923.45 |  | 105.72 |
| Unit class H |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 30.09.2020 | 96.43 | 838,014 | 56,037.21 |  | 115.07 |
| 30.09.2021 | 176.05 | 1,523,156 | 79,781.28 |  | 115.58 |
| 30.09.2022 | 98.82 | 979,521 | -57,938.83 |  | 100.88 |
| 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 | 73.15 | 625,887 | 49,700.39 |  | 116.87 |
| 30.09.2021 | 86.11 | 727,951 | 12,545.52 |  | 118.30 |
| 30.09.2022 | 64.70 | 622,809 | -12,340.93 |  | 103.88 |

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 – BOND OPPORTUNITIES

#### Performance over the last 3 financial years (continued)
Unit class GBP-IT
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value GBP |
| --- | --- | --- | --- | --- | --- |
| 30.09.2020 | 3.84 | 33,163 | 3,842.33 | 115.94 1) | 105.89 |
| 30.09.2021 | 7.72 | 61,813 | 3,473.51 | 124.95 2) | 108.08 |
| 30.09.2022 | 5.18 | 47,728 | -1,737.86 | 108.57 3) | 96.06 |
| Unit class USD-IT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value USD |
| 30.09.2020 | 95.13 | 1,022,430 | 89,870.45 | 93.04 4) | 109.14 |
| 30.09.2021 | 71.07 | 739,403 | -25,981.88 | 96.12 5) | 111.63 |
| 30.09.2022 | 57.20 | 559,668 | -17,665.47 | 102.21 6) | 99.81 |
| Unit class USD-RT |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value USD |
| 30.09.2020 | 4.17 | 47,750 | 4,166.22 | 87.24 4) | 102.33 |
| 30.09.2021 | 10.32 | 114,930 | 5,854.22 | 89.79 5) | 104.28 |
| 30.09.2022 | 9.24 | 97,581 | -1,524.61 | 94.67 6) | 92.45 |
| 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 | 2.81 | 30,384 | 2,835.28 | 92.61 7) | 100.11 |
| 30.09.2021 | 13.60 | 146,351 | 10,848.87 | 92.94 8) | 100.73 |
| 30.09.2022 | 11.44 | 124,435 | -1,994.67 | 91.92 9) | 88.04 |
| Unit class X |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 30.09.2020 | 227.55 | 2,276,680 | 228,553.24 |  | 99.95 |
| 30.09.2021 | 265.43 | 2,606,260 | 33,164.43 |  | 101.84 |
| 30.09.2022 | 309.81 | 3,465,126 | 83,899.92 |  | 89.41 |

1) Exchange rates converted to euros as at 30 September 2020 1 EUR = 0.9133 GBP
2) Exchange rates converted to euros as at 30 September 2021 1 EUR = 0.8650 GBP
3) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.8848 GBP
4) Exchange rates converted to euros as at 30 September 2020 1 EUR = 1.1730 USD
5) Exchange rates converted to euros as at 30 September 2021 1 EUR = 1.1614 USD
6) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9765 USD
7) Exchange rates converted to euros as at 30 September 2020 1 EUR = 1.0810 CHF
8) Exchange rates converted to euros as at 30 September 2021 1 EUR = 1.0838 CHF
9) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Performance over the last 3 financial years (continued)
Unit class XT
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| --- | --- | --- | --- | --- | --- |
| 30.09.2020 | 37.28 | 373,024 | 37,453.38 |  | 99.95 |
| 30.09.2021 | 34.73 | 341,008 | -3,216.53 |  | 101.85 |
| 30.09.2022 | 32.05 | 356,001 | 1,550.99 |  | 90.04 |
| Performance since | launch |  |  |  |  |
| Unit class CHF-H |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR | Unit value CHF |
| 15.03.2021 | Launch | - | - | 90.19 1) | 100.00 |
| 30.09.2021 | 15.91 | 170,462 | 15,413.38 | 93.32 2) | 101.14 |
| 30.09.2022 | 16.71 | 180,826 | 965.99 | 92.41 3) | 88.51 |
| Unit class Q |  |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands |  | Unit value EUR |
| 15.03.2021 | Launch | - | - |  | 100.00 |
| 30.09.2021 | 113.26 | 1,112,063 | 111,428.31 |  | 101.85 |
| 30.09.2022 | 100.70 | 1,131,088 | 1,811.56 |  | 89.03 |
| 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 | 53.76 | 610,514 | 61,354.39 |  | 88.05 |

1) Exchange rates converted to euros as at 15 March 2021 1 EUR = 1.1088 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 – BOND OPPORTUNITIES

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	4,321,139,687.99
(acquisition cost of securities: EUR 4,848,575,776.48)
Bank balances 1)	291,744,957.96
Unrealised profits on futures contracts	39,150,612.25
Interest receivables	29,262,652.63
Receivable on subscriptions	3,574,833.83
Receivables from securities transactions	7,314,386.31
4,692,187,130.97
Payable on redemptions	-4,840,460.77
Unrealised losses from forward exchange transactions	-138,644,792.12
Payables from securities transactions	-15,566,543.02
Other liabilities 2)	-2,803,521.42
-161,855,317.33
Net sub-fund assets	4,530,331,813.64

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	875,991,676.99 EUR
Units outstanding	6,805,729.802
Unit value	128.71 EUR
Unit class R
Proportion of net sub-fund assets	1,194,077,227.91 EUR
Units outstanding	9,590,701.930
Unit value	124.50 EUR
Unit class CHF-IT
Proportion of net sub-fund assets	621,527,387.36 EUR
Units outstanding	4,909,454.606
Unit value	126.60 EUR 3)
Unit value	121.26 CHF
Unit class IT
Proportion of net sub-fund assets	812,454,225.90 EUR
Units outstanding	7,460,885.106
Unit value	108.90 EUR
Unit class RT
Proportion of net sub-fund assets	266,675,173.25 EUR
Units outstanding	2,522,432.283
Unit value	105.72 EUR
Unit class H
Proportion of net sub-fund assets	98,815,482.11 EUR
Units outstanding	979,520.578
Unit value	100.88 EUR
1) See the notes to the annual report.
2) This item mainly comprises management fees and subscription tax (taxe d’abonnement).
3) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Allocation to the unit classes  (continued) |
| Unit class HT |  |
| Proportion of net sub-fund assets | 64,696,182.17 EUR |
| Units outstanding | 622,808.534 |
| Unit value | 103.88 EUR |
| Unit class GBP-IT |  |
| Proportion of net sub-fund assets | 5,181,713.79 EUR |
| Units outstanding | 47,727.663 |
| Unit value | 108.57 EUR 1) |
| Unit value | 96.06 GBP |
| Unit class USD-IT |  |
| Proportion of net sub-fund assets | 57,204,653.87 EUR |
| Units outstanding | 559,668.167 |
| Unit value | 102.21 EUR 2) |
| Unit value | 99.81 USD |
| Unit class USD-RT |  |
| Proportion of net sub-fund assets | 9,237,767.08 EUR |
| Units outstanding | 97,580.541 |
| Unit value | 94.67 EUR 2) |
| Unit value | 92.45 USD |
| Unit class CHF-RT |  |
| Proportion of net sub-fund assets | 11,438,596.51 EUR |
| Units outstanding | 124,435.478 |
| Unit value | 91.92 EUR 3) |
| Unit value | 88.04 CHF |
| Unit class X |  |
| Proportion of net sub-fund assets | 309,811,558.62 EUR |
| Units outstanding | 3,465,126.429 |
| Unit value | 89.41 EUR |
| Unit class XT |  |
| Proportion of net sub-fund assets | 32,053,210.11 EUR |
| Units outstanding | 356,000.535 |
| Unit value | 90.04 EUR |
| Unit class CHF-H |  |
| Proportion of net sub-fund assets | 16,710,283.72 EUR |
| Units outstanding | 180,826.205 |
| Unit value | 92.41 EUR 3) |
| Unit value | 88.51 CHF |
| Unit class Q |  |
| Proportion of net sub-fund assets | 100,700,449.12 EUR |
| Units outstanding | 1,131,088.000 |
| Unit value | 89.03 EUR |

1) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.8848 GBP
2) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9765 USD
3) Exchange rates converted to euros as at 30 September 2022 1 EUR = 0.9578 CHF
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Allocation to the unit classes  (continued) |
| Unit class QT |  |  |  |
| Proportion of net sub-fund assets |  |  | 53,756,225.13 EUR |
| Units outstanding |  |  | 610,514.288 |
| Unit value |  |  | 88.05 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 CHF-IT |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period	5,710,991,414.60 | 1,202,653,714.57 | 1,604,730,417.83 | 665,021,910.79 |
| Ordinary net income	41,399,026.62 | 9,378,481.16 | 6,357,136.05 | 6,230,955.73 |
| Income and expense equalisation	1,377,697.83 | 901,727.00 | 516,700.42 | 313,066.64 |
| Cash inflows from the sale of units	1,171,230,471.63 | 165,440,085.71 | 164,812,980.82 | 128,005,036.25 |
| Cash outflows from the redemption of units	-1,775,104,208.01 | -353,766,657.91 | -380,129,183.72 | -167,853,085.60 |
| Realised profits	679,986,132.24 | 116,767,841.40 | 157,567,160.38 | 158,750,511.87 |
| Realised losses	-718,973,150.41 | -141,881,578.30 | -191,782,606.21 | -106,105,370.88 |
| Net change in unrealised profits	21,401,716.94 | 2,245,396.25 | 3,812,926.37 | 11,022,122.20 |
| Net change in unrealised losses	-581,112,909.98 | -118,605,969.01 | -161,712,038.51 | -73,857,759.64 |
| Distribution	-20,864,377.82 | -7,141,363.88 | -10,096,265.52 | 0.00 |
| Net sub-fund assets at the end of the reporting period	4,530,331,813.64 | 875,991,676.99 | 1,194,077,227.91 | 621,527,387.36 |
|  |  |  |  |
| Unit class IT | Unit class RT | Unit class H | Unit class HT |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period	1,033,402,715.43 | 410,967,879.75 | 176,053,873.92 | 86,113,709.48 |
| Ordinary net income	8,680,926.59 | 1,421,565.34 | 847,822.05 | 552,551.24 |
| Income and expense equalisation	-258,732.47 | 93,023.18 | 267,663.71 | 8,601.83 |
| Cash inflows from the sale of units	350,013,579.56 | 82,426,658.06 | 29,859,573.05 | 28,646,541.63 |
| Cash outflows from the redemption of units	-462,853,508.51 | -186,350,110.55 | -87,798,401.12 | -40,987,476.45 |
| Realised profits	97,989,567.30 | 33,781,143.66 | 15,269,305.43 | 7,769,408.54 |
| Realised losses	-119,064,680.57 | -41,565,973.23 | -18,609,857.49 | -9,538,683.68 |
| Net change in unrealised profits	12,263.16 | 841,055.93 | 768,354.17 | 189,399.69 |
| Net change in unrealised losses	-95,467,904.59 | -34,940,068.89 | -16,798,157.97 | -8,057,870.11 |
| Distribution0.00 | 0.00 | -1,044,693.64 | 0.00 |
| Net sub-fund assets at the end of the reporting period	812,454,225.90 | 266,675,173.25 | 98,815,482.11 | 64,696,182.17 |

FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Change in net sub-fund assets 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class GBP-IT EUR | Unit class USD-IT EUR | Unit class USD-RT EUR | Unit class CHF-RT EUR |
| --- | --- | --- | --- | --- |
| Net sub-fund assets at the beginning of the reporting period | 7,723,367.82 | 71,069,516.67 | 10,319,622.54 | 13,601,863.67 |
| Ordinary net income | 57,618.51 | 547,825.01 | 44,143.48 | 57,131.49 |
| Income and expense equalisation | 6,106.02 | 95,703.18 | 1,129.04 | 6,155.29 |
| Cash inflows from the sale of units | 455,003.61 | 9,223,212.37 | 2,405,748.94 | 1,733,819.72 |
| Cash outflows from the redemption of units | -2,192,867.60 | -26,888,683.68 | -3,930,360.58 | -3,728,486.68 |
| Realised profits | 1,138,698.09 | 21,344,739.11 | 3,011,526.92 | 3,193,832.70 |
| Realised losses | -1,213,863.99 | -11,883,478.96 | -1,712,189.62 | -2,162,130.44 |
| Net change in unrealised profits | -55,416.84 | 1,071,628.00 | 139,266.00 | 182,649.66 |
| Net change in unrealised losses | -736,931.83 | -7,375,807.83 | -1,041,119.64 | -1,446,238.90 |
| Distribution | 0.00 | 0.00 | 0.00 | 0.00 |
| Net sub-fund assets at the end of the reporting period | 5,181,713.79 | 57,204,653.87 | 9,237,767.08 | 11,438,596.51 |

|  | Unit class X | Unit class XT | Unit class CHF-H | Unit class Q |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period | 265,430,908.08 | 34,731,567.14 | 15,907,069.45 | 113,263,277.46 |
| Ordinary net income | 4,869,672.64 | 503,235.72 | 133,847.56 | 1,119,394.76 |
| Income and expense equalisation | -591,585.36 | 2,620.22 | -1,543.94 | -8,939.05 |
| Cash inflows from the sale of units | 133,706,240.61 | 2,552,330.41 | 3,894,843.99 | 1,811,560.50 |
| Cash outflows from the redemption of units | -49,806,321.03 | -1,001,342.10 | -2,928,851.81 | 0.00 |
| Realised profits | 35,688,104.08 | 4,015,447.39 | 4,292,761.93 | 12,507,109.09 |
| Realised losses | -42,244,972.67 | -4,865,376.23 | -2,820,969.01 | -15,157,643.71 |
| Net change in unrealised profits | 802,718.15 | 45,233.89 | 122,008.01 | 130,253.44 |
| Net change in unrealised losses | -36,239,595.20 | -3,930,506.33 | -1,888,882.46 | -12,186,119.27 |
| Distribution | -1,803,610.68 | 0.00 | 0.00 | -778,444.10 |
| Net sub-fund assets at the end of the reporting period | 309,811,558.62 | 32,053,210.11 | 16,710,283.72 | 100,700,449.12 |

Unit class QT 1)
|  | EUR |
| --- | --- |
| Net sub-fund assets at the beginning of the reporting period | 0.00 |
| Ordinary net income | 596,719.29 |
| Income and expense equalisation | 26,002.12 |
| Cash inflows from the sale of units | 66,243,256.40 |
| Cash outflows from the redemption of units | -4,888,870.67 |
| Realised profits | 6,898,974.35 |
| Realised losses | -8,363,775.42 |
| Net change in unrealised profits | 71,858.86 |
| Net change in unrealised losses | -6,827,939.80 |
| Distribution | 0.00 |
| Net sub-fund assets at the end of the reporting period | 53,756,225.13 |

1) Unit class QT has been launched on 1 October 2021.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Changes in number of units in circulation |
|  | Unit class I No. of units | Unit class R No. of units | Unit class CHF-IT No. of units | Unit class IT No. of units |
| Units outstanding at the beginning of the reporting period | 8,170,701.173 | 11,212,701.586 | 5,215,640.819 | 8,349,932.698 |
| Units issued | 1,172,138.261 | 1,197,164.213 | 1,006,295.627 | 2,992,587.772 |
| Units redeemed | -2,537,109.632 | -2,819,163.869 | -1,312,481.840 | -3,881,635.364 |
| Units outstanding at the end of reporting period | 6,805,729.802 | 9,590,701.930 | 4,909,454.606 | 7,460,885.106 |
|  |  |  |  |  |
|  | Unit class RT No. of units | Unit class H No. of units | Unit class HT No. of units | Unit class GBP-IT No. of units |
| Units outstanding at the beginning of the reporting period | 3,403,306.994 | 1,523,155.903 | 727,950.590 | 61,812.504 |
| Units issued | 728,979.132 | 270,273.318 | 257,408.910 | 3,684.830 |
| Units redeemed | -1,609,853.843 | -813,908.643 | -362,550.966 | -17,769.671 |
| Units outstanding at the end of reporting period | 2,522,432.283 | 979,520.578 | 622,808.534 | 47,727.663 |
|  |  |  |  |  |
|  | Unit class USD-IT No. of units | Unit class USD-RT No. of units | Unit class CHF-RT No. of units | Unit class X No. of units |
| Units outstanding at the beginning of the reporting period | 739,402.830 | 114,930.013 | 146,350.994 | 2,606,260.227 |
| Units issued | 95,425.006 | 26,196.049 | 18,389.672 | 1,385,706.699 |
| Units redeemed | -275,159.669 | -43,545.521 | -40,305.188 | -526,840.497 |
| Units outstanding at the end of reporting period | 559,668.167 | 97,580.541 | 124,435.478 | 3,465,126.429 |
|  |  |  |  |  |
|  | Unit class XT No. of units | Unit class CHF-H No. of units | Unit class Q No. of units | Unit class QT 1) No. of units |
| Units outstanding at the beginning of the reporting period | 341,007.602 | 170,461.515 | 1,112,063.000 | 0.000 |
| Units issued | 25,249.433 | 41,597.516 | 19,025.000 | 662,432.564 |
| Units redeemed | -10,256.500 | -31,232.826 | 0.000 | -51,918.276 |
| Units outstanding at the end of reporting period | 356,000.535 | 180,826.205 | 1,131,088.000 | 610,514.288 |

1) Unit class QT has been launched on 1 October 2021.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| 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 - Bond Opportunities I since 04.06.2009 | LU0399027886 A0RCKM | EUR | -6.41% | -12.01% | -4.61% | 40.39% | 71.68% |
| Flossbach von Storch - Bond Opportunities R since 04.06.2009 | LU0399027613 A0RCKL | EUR | -6.64% | -12.45% | -6.03% | 33.36% | 59.89% |
| Flossbach von Storch - Bond Opportunities CHF-IT since 15.07.2015 | LU1245471724 A14UL7 | CHF | -6.41% | -12.25% | -5.72% | — | 21.26% |
| Flossbach von Storch - Bond Opportunities IT since 17.10.2016 | LU1481584016 A2AQKH | EUR | -6.41% | -12.01% | -4.61% | — | 8.90% |
| Flossbach von Storch - Bond Opportunities RT since 17.10.2016 | LU1481583711 A2AQKG | EUR | -6.64% | -12.45% | -6.03% | — | 5.72% |
| Flossbach von Storch - Bond Opportunities H since 05.02.2018 | LU1748855753 A2JA9E | EUR | -6.50% | -12.19% | -5.18% | — | 3.88% |
| Flossbach von Storch - Bond Opportunities HT since 05.02.2018 | LU1748855837 A2JA9F | EUR | -6.50% | -12.19% | -5.18% | — | 3.88% |
| Flossbach von Storch - Bond Opportunities GBP-IT since 01.10.2019 | LU2035371660 A2PPDQ | GBP | -5.76% | -11.12% | — | — | -3.94% |
| Flossbach von Storch - Bond Opportunities USD-IT since 21.08.2019 | LU2035372049 A2PPDR | USD | -5.37% | -10.59% | -0.23% | — | -0.19% |
| Flossbach von Storch - Bond Opportunities USD-RT since 22.07.2020 | LU2206381894 A2P8KN | USD | -5.85% | -11.35% | — | — | -7.55% |
| Flossbach von Storch - Bond Opportunities CHF-RT since 22.07.2020 | LU2206381621 A2P8JS | CHF | -6.54% | -12.59% | — | — | -11.96% |
| Flossbach von Storch - Bond Opportunities - X since 31.08.2020 | LU2212481985 A2QA0X | EUR | -6.19% | -11.60% | — | — | -9.97% |
| Flossbach von Storch - Bond Opportunities - XT since 31.08.2020 | LU2212482017 A2QAFH | EUR | -6.19% | -11.60% | — | — | -9.96% |
| Flossbach von Storch - Bond Opportunities CHF-H since 15.03.2021 | LU2312730182 A2QQ1C | CHF | -6.52% | -12.48% | — | — | -11.49% |
| Flossbach von Storch - Bond Opportunities Q since 15.03.2021 | LU2312730265 A2QQ1D | EUR | -6.39% | -11.98% | — | — | -10.37% |
| Flossbach von Storch - Bond Opportunities QT since 01.10.2021 | LU2369862177 A3CV8E | EUR | -6.39% | — | — | — | -11.95% |

1) Based on published unit values (BVI method), ultimately corresponds to the guidelines on the "Calculation and publication of performance data of collective investment schemes" issued by the Asset Management Association Switzerland on 16 May 2008 (version dated 5 August 2021).
Past performance is not an indicator of current or future performance. The performance data do not include the commissions and charges that are levied when shares are issued and redeemed.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| 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 CHF-IT |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Interest on bonds	78,437,957.82 | 16,008,266.25 | 21,741,836.53 | 10,183,288.39 |
| Income from withholding tax reimbursement	232,714.51 | 47,278.73 | 63,394.18 | 31,168.67 |
| Bank interest	-906,053.65 | -189,917.23 | -257,463.75 | -114,273.91 |
| Income equalisation	-3,832,736.40 | -1,423,083.02 | -1,811,622.50 | -495,570.06 |
| Total income	73,931,882.28 | 14,442,544.73 | 19,736,144.46 | 9,604,613.09 |
| Expenses |  |  |  |
| Interest expense	-676,478.32 | -137,941.25 | -187,243.78 | -88,208.50 |
| Management fee / fund management fee	-29,764,396.16 | -4,483,623.58 | -13,175,438.36 | -2,843,193.13 |
| Depositary fee	-864,156.19 | -176,574.74 | -239,900.44 | -112,013.94 |
| Central administration agent fee	-368,801.94 | -75,353.62 | -102,375.55 | -47,811.11 |
| Taxe d’abonnement	-2,268,876.21 | -498,853.48 | -679,054.52 | -327,574.32 |
| Publication and auditing costs	-37,258.46 | -7,588.69 | -10,305.26 | -4,887.92 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-9,828.18 | -2,008.75 | -2,736.79 | -1,279.83 |
| Registrar and transfer agent fee	-149,069.63 | -30,555.76 | -41,468.09 | -19,248.12 |
| State fees	-15,350.34 | -3,181.87 | -4,339.94 | -1,970.40 |
| Other expenses 1)	-833,678.80 | -169,737.85 | -231,067.76 | -109,973.51 |
| Expense equalisation	2,455,038.57 | 521,356.02 | 1,294,922.08 | 182,503.42 |
| Total expenses	-32,532,855.66 | -5,064,063.57 | -13,379,008.41 | -3,373,657.36 |
| Ordinary net income	41,399,026.62 | 9,378,481.16 | 6,357,136.05 | 6,230,955.73 |
| Total transaction costs during the financial year 2)	901,042.12 |  |  |  |
| Total expense ratio in per cent 2) | 0.52 | 1.02 | 0.53 |
| Ongoing charges in per cent 2) | 0.52 | 1.03 | 0.53 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |  |  |
| --- | --- | --- | --- |
| Statement of income and expenses  (continued) |  |  |  |
| in the reporting period from 1 October 2021 to 30 September 2022 |  |  |  |
| Unit class IT | Unit class RT | Unit class H | Unit class HT |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Interest on bonds	13,080,783.30 | 4,800,134.06 | 2,192,068.50 | 1,097,654.67 |
| Income from withholding tax reimbursement	38,983.22 | 13,023.04 | 5,820.18 | 3,096.22 |
| Bank interest	-143,425.23 | -55,840.41 | -28,174.77 | -12,362.12 |
| Income equalisation	403,212.91 | -354,883.97 | -538,977.02 | -21,915.15 |
| Total income	13,379,554.20 | 4,402,432.72 | 1,630,736.89 | 1,066,473.62 |
| Expenses |  |  |  |
| Interest expense	-112,999.07 | -40,523.26 | -18,808.26 | -9,343.46 |
| Management fee / fund management fee	-3,649,078.17 | -2,916,512.93 | -905,079.88 | -451,211.38 |
| Depositary fee	-143,792.53 | -53,094.32 | -24,308.25 | -12,127.73 |
| Central administration agent fee	-61,371.09 | -22,653.87 | -10,370.83 | -5,174.58 |
| Taxe d’abonnement	-413,177.58 | -146,485.59 | -66,270.64 | -34,709.99 |
| Publication and auditing costs	-6,248.30 | -2,253.95 | -1,018.60 | -520.91 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-1,630.23 | -595.45 | -276.50 | -137.14 |
| Registrar and transfer agent fee	-24,866.05 | -9,057.63 | -4,177.36 | -2,102.60 |
| State fees	-2,484.64 | -961.52 | -456.22 | -223.39 |
| Other expenses 1)	-138,499.51 | -50,589.65 | -23,461.61 | -11,684.52 |
| Expense equalisation	-144,480.44 | 261,860.79 | 271,313.31 | 13,313.32 |
| Total expenses	-4,698,627.61 | -2,980,867.38 | -782,914.84 | -513,922.38 |
| Ordinary net income	8,680,926.59 | 1,421,565.34 | 847,822.05 | 552,551.24 |
| Total expense ratio in per cent 2)0.52 | 1.02 | 0.72 | 0.72 |
| Ongoing charges in per cent 2)0.53 | 1.02 | 0.72 | 0.72 |

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

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
| Unit | class GBP-IT EUR | Unit class USD-IT EUR | Unit class USD-RT EUR | Unit class CHF-RT EUR |
| --- | --- | --- | --- | --- |
| Income |  |  |  |  |
| Interest on bonds | 99,229.31 | 1,001,593.46 | 142,614.13 | 199,842.24 |
| Income from withholding tax reimbursement | 269.62 | 3,082.68 | 418.88 | 565.91 |
| Bank interest | -1,164.98 | -11,790.60 | -1,567.87 | -2,257.79 |
| Income equalisation | -9,717.36 | -150,026.93 | -4,749.97 | -21,139.52 |
| Total income | 88,616.59 | 842,858.61 | 136,715.17 | 177,010.84 |
| Expenses |  |  |  |  |
| Interest expense | -848.06 | -8,714.12 | -1,225.21 | -1,716.99 |
| Management fee / fund management fee | -27,866.43 | -279,953.54 | -86,193.18 | -120,973.74 |
| Depositary fee | -1,097.20 | -11,029.31 | -1,570.10 | -2,202.93 |
| Central administration agent fee | -468.13 | -4,706.90 | -670.21 | -940.13 |
| Taxe d’abonnement | -2,985.73 | -31,588.89 | -4,590.82 | -6,327.58 |
| Publication and auditing costs | -47.00 | -476.78 | -67.61 | -95.08 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -12.61 | -125.39 | -17.92 | -25.32 |
| Registrar and transfer agent fee | -190.21 | -1,928.13 | -272.45 | -379.58 |
| State fees | -20.56 | -194.69 | -27.65 | -40.28 |
| Other expenses 1) | -1,073.49 | -10,639.60 | -1,557.47 | -2,161.95 |
| Expense equalisation | 3,611.34 | 54,323.75 | 3,620.93 | 14,984.23 |
| Total expenses | -30,998.08 | -295,033.60 | -92,571.69 | -119,879.35 |
| Ordinary net income | 57,618.51 | 547,825.01 | 44,143.48 | 57,131.49 |
| Total expense ratio in per cent 2) | 0.52 | 0.52 | 1.02 | 1.02 |
| Ongoing charges in per cent 2) | 0.52 | 0.52 | 1.03 | 1.03 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Statement of income and expenses  (continued) |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Unit class X | Unit class XT | Unit class CHF-H | Unit class Q |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Interest on bonds	4,510,665.84 | 533,802.75 | 257,246.34 | 1,660,122.70 |
| Income from withholding tax reimbursement	15,102.69 | 1,647.20 | 824.20 | 5,196.93 |
| Bank interest	-49,540.25 | -6,041.35 | -2,793.77 | -18,743.10 |
| Income equalisation	620,647.91 | -2,771.23 | 3,233.00 | 13,611.41 |
| Total income	5,096,876.19 | 526,637.37 | 258,509.77 | 1,660,187.94 |
| Expenses |  |  |  |
| Interest expense	-39,443.20 | -4,650.36 | -2,244.47 | -14,487.46 |
| Management fee / fund management fee0.00 | 0.00 | -104,902.95 | -463,002.36 |
| Depositary fee	-49,278.68 | -5,867.99 | -2,822.01 | -18,244.56 |
| Central administration agent fee	-21,043.02 | -2,504.83 | -1,204.68 | -7,787.05 |
| Taxe d’abonnement	-29,207.72 | -3,399.14 | -8,335.72 | -10,521.71 |
| Publication and auditing costs	-2,129.93 | -256.26 | -123.72 | -794.09 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-555.57 | -67.55 | -32.52 | -209.40 |
| Registrar and transfer agent fee	-8,362.17 | -1,021.74 | -488.88 | -3,170.93 |
| State fees	-797.61 | -104.45 | -48.12 | -317.23 |
| Other expenses 1)	-47,323.10 | -5,680.34 | -2,770.08 | -17,586.03 |
| Expense equalisation	-29,062.55 | 151.01 | -1,689.06 | -4,672.36 |
| Total expenses	-227,203.55 | -23,401.65 | -124,662.21 | -540,793.18 |
| Ordinary net income	4,869,672.64 | 503,235.72 | 133,847.56 | 1,119,394.76 |
| Total expense ratio in per cent 2)0.05 | 0.05 | 0.73 | 0.49 |
| Ongoing charges in per cent 2)0.06 | 0.06 | 0.73 | 0.49 |

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

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
Unit class QT 1)
|  | EUR |
| --- | --- |
| Income |  |
| Interest on bonds | 928,809.35 |
| Income from withholding tax reimbursement | 2,842.16 |
| Bank interest | -10,696.52 |
| Income equalisation | -38,984.90 |
| Total income | 881,970.09 |
| Expenses |  |
| Interest expense | -8,080.87 |
| Management fee / fund management fee | -257,366.53 |
| Depositary fee | -10,231.46 |
| Central administration agent fee | -4,366.34 |
| Taxe d’abonnement | -5,792.78 |
| Publication and auditing costs | -444.36 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -117.21 |
| Registrar and transfer agent fee | -1,779.93 |
| State fees | -181.77 |
| Other expenses 2) | -9,872.33 |
| Expense equalisation | 12,982.78 |
| Total expenses | -285,250.80 |
| Ordinary net income | 596,719.29 |
| Total expense ratio in per cent 3) | 0.48 |
| Ongoing charges in per cent 3) | 0.48 |

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 – BOND OPPORTUNITIES |  |
| --- | --- |
| Statement of assets as at 30 September 2022 |
|  | Additions in the | Disposals in the |  |  | Market value | % share of |
| ISIN	Securities | reporting period | reporting period | Quantity | Price | EUR | NSFA 1) |
| Bonds |  |  |  |  |  |  |
| Exchange-traded securities |  |  |  |  |  |  |
| AUD |  |  |  |  |  |  |  |  |  |
| AU3TB0000135 | 4.750% | Australia Reg.S. v.11(2027) | 75,000,000 | 0 | 90,000,000 | 104.2760 | 62,250,198.99 | 1.37 |  |
| AU000XCLWAR9 | 2.250% | Australia Reg.S. v.15(2028) | 50,000,000 | 0 | 75,000,000 | 92.5440 | 46,038,737.07 | 1.02 |  |
| AU000XCLWAX7 | 2.750% | Australia Reg.S. v.17(2029) | 0 | 0 | 45,000,000 | 93.3330 | 27,858,749.01 | 0.61 |  |
|  |  |  |  |  |  |  | 136,147,685.07 | 3.00 |  |
| CAD |  |  |  |  |  |  |  |  |  |
| CA135087E679 | 1.500% | Canada v.15(2026) | 45,000,000 | 145,000,000 | 25,000,000 | 93.2580 | 17,410,574.27 | 0.38 |  |
| CA135087F825 | 1.000% | Canada v.16(2027) | 25,000,000 | 75,000,000 | 25,000,000 | 90.0860 | 16,818,385.48 | 0.37 |  |
|  |  |  |  |  |  |  | 34,228,959.75 | 0.75 |  |
| EUR |  |  |  |  |  |  |  |  |  |
| FR0013426368 | 1.125% | AéroportsdeParisS.A.Reg.S.v.19(2034) | 10,000,000 | 0 | 10,000,000 | 69.4620 | 6,946,200.00 | 0.15 |  |
| XS0866310088 | 3.550% | AT & T Inc. v.12(2032) | 20,000,000 | 10,000,000 | 10,000,000 | 93.3700 | 9,337,000.00 | 0.21 |  |
| XS1076018305 | 3.375% | AT & T Inc. v.14(2034) | 5,000,000 | 0 | 5,000,000 | 89.6590 | 4,482,950.00 | 0.10 |  |
| XS1196380031 | 2.450% | AT & T Inc. v.15(2035) | 20,000,000 | 10,000,000 | 10,000,000 | 79.4080 | 7,940,800.00 | 0.18 |  |
| XS1629866432 | 3.150% | AT & T Inc. v.17(2036) | 27,500,000 | 13,750,000 | 13,750,000 | 84.8070 | 11,660,962.50 | 0.26 |  |
| XS2288925568 | 1.000% | Balder Finland Oyj EMTN Reg.S. v.21 (2029) | 0 | 0 | 11,500,000 | 69.5000 | 7,992,500.00 | 0.18 |  |
| XS2432565005 | 1.000% | Balder Finland Oyj EMTN Reg.S. v.22 (2027) | 15,000,000 | 0 | 15,000,000 | 77.3680 | 11,605,200.00 | 0.26 |  |
| XS1602547264 | 1.776% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.17(2027) | 0 | 25,000,000 | 10,000,000 | 92.2740 | 9,227,400.00 | 0.20 |  |
| XS1811435251 | 1.662% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.18(2028) | 25,000,000 | 30,000,000 | 15,000,000 | 89.3530 | 13,402,950.00 | 0.30 |  |
| XS2038039074 | 0.580% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.19(2029) | 15,000,000 | 0 | 15,000,000 | 80.1050 | 12,015,750.00 | 0.27 |  |
| XS1991265395 | 1.381% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.19(2030) | 25,000,000 | 0 | 25,000,000 | 82.1330 | 20,533,250.00 | 0.45 |  |
| XS2462323853 | 2.824% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.22(2033) | 18,000,000 | 8,000,000 | 10,000,000 | 85.5590 | 8,555,900.00 | 0.19 |  |
| DE000BLB6JM4 | 0.200% | Bayer. Landesbank EMTN Reg.S. Pfe. v.22 (2030) | 10,000,000 | 0 | 10,000,000 | 80.6140 | 8,061,400.00 | 0.18 |  |
| XS1200679667 | 1.625% | Berkshire Hathaway Inc. v.15(2035) | 30,000,000 | 7,300,000 | 40,000,000 | 74.6780 | 29,871,200.00 | 0.66 |  |
| XS1380334224 | 2.150% | Berkshire Hathaway Inc. v.16(2028) | 21,900,000 | 15,000,000 | 6,900,000 | 92.5110 | 6,383,259.00 | 0.14 |  |
| XS1979490239 | 1.500% | Blackstone Holdings Finance Co. LLC Reg.S. v.19(2029) | 15,000,000 | 0 | 15,000,000 | 84.3710 | 12,655,650.00 | 0.28 |  |
| XS2485132760 | 3.500% | Blackstone Holdings Finance Co. LLC Reg.S. v.22(2034) | 17,250,000 | 0 | 17,250,000 | 86.3950 | 14,903,137.50 | 0.33 |  |
| XS1897486632 | 1.500% | BNG Bank NV EMTN Reg.S. v.18(2039) | 30,000,000 | 0 | 30,000,000 | 78.2410 | 23,472,300.00 | 0.52 |  |
| XS2240278692 | 0.010% | BNG Bank NV EMTN Reg.S. v.20(2032) | 0 | 32,500,000 | 22,500,000 | 73.4460 | 16,525,350.00 | 0.36 |  |
| XS2463550702 | 1.250% | BNG Bank NV EMTN Reg.S. v.22(2037) | 35,000,000 | 15,000,000 | 20,000,000 | 76.9080 | 15,381,600.00 | 0.34 |  |
| XS2500674887 | 1.875% | BNG Bank NV EMTN Sustainability Bond v.22(2032) | 25,000,000 | 0 | 25,000,000 | 89.4140 | 22,353,500.00 | 0.49 |  |
| XS2102284622 | 0.100% | BNG Bank NV Reg.S. v.20(2030) | 10,000,000 | 0 | 10,000,000 | 80.8490 | 8,084,900.00 | 0.18 |  |
| XS2199719233 | 0.125% | BNG Bank NV Reg.S. v.20(2035) | 42,500,000 | 10,000,000 | 42,500,000 | 68.2600 | 29,010,500.00 | 0.64 |  |
| XS2308322002 | 0.500% | Booking Holdings Inc. v.21(2028) | 4,000,000 | 0 | 4,000,000 | 83.5180 | 3,340,720.00 | 0.07 |  |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE0001030559 | 0.500% | Federal Republic of Germany Reg.S. ILB v.14(2030) 2) | 70,000,000 | 30,000,000 | 40,000,000 | 104.5070 | 49,293,025.70 | 1.09 |  |
| DE0001104842 | 0.000% | FederalRepublicofGermanyReg.S.v.21 (2023) | 325,000,000 | 175,000,000 | 150,000,000 | 99.1420 | 148,713,000.00 | 3.28 |  |
| XS2010331440 | 1.650% | Capital One Financial Corporation v.19 (2029) | 4,100,000 | 11,500,000 | 4,100,000 | 78.7460 | 3,228,586.00 | 0.07 |  |
| XS2385393405 | 1.000% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2027) | 28,500,000 | 0 | 28,500,000 | 79.2390 | 22,583,115.00 | 0.50 |  |
| XS2348237871 | 1.500% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2028) | 5,000,000 | 0 | 26,000,000 | 78.3400 | 20,368,400.00 | 0.45 |  |
| XS2300292963 | 1.250% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2029) | 5,000,000 | 5,000,000 | 22,500,000 | 73.9170 | 16,631,325.00 | 0.37 |  |
| XS2193658619 | 1.875% | Cellnex Telecom S.A. v.20(2029) | 22,500,000 | 2,000,000 | 20,500,000 | 75.1320 | 15,402,060.00 | 0.34 |  |
| XS2536364081 | 3.713% | Citigroup Inc. Reg.S. Fix-to-Float v.22 (2028) | 9,000,000 | 0 | 9,000,000 | 97.4940 | 8,774,460.00 | 0.19 |  |
| XS2536362622 | 4.112% | Citigroup Inc. Reg.S. Fix-to-Float v.22 (2033) | 11,000,000 | 0 | 11,000,000 | 95.0150 | 10,451,650.00 | 0.23 |  |
| XS2481287808 | 2.250% | Coloplast Finance B.V. EMTN Reg.S. v.22 (2027) | 23,500,000 | 0 | 23,500,000 | 93.6960 | 22,018,560.00 | 0.49 |  |
| XS2481288525 | 2.750% | Coloplast Finance B.V. EMTN Reg.S. v.22 (2030) | 28,850,000 | 5,850,000 | 23,000,000 | 91.9960 | 21,159,080.00 | 0.47 |  |
| DE000CZ45VF8 | 0.050% | CommerzbankAGEMTNPfe.v.19(2029) | 0 | 20,000,000 | 10,000,000 | 81.9620 | 8,196,200.00 | 0.18 |  |
| DE000CZ45VS1 | 0.010% | CommerzbankAGEMTNPfe.v.20(2030) | 8,500,000 | 5,000,000 | 35,000,000 | 79.4970 | 27,823,950.00 | 0.61 |  |
| DE000CZ40MQ5 | 0.875% | Commerzbank AG EMTN Reg.S. Pfe. v.18 (2028) | 25,000,000 | 0 | 25,000,000 | 88.8000 | 22,200,000.00 | 0.49 |  |
| DE000CZ45W16 | 0.500% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2027) | 32,000,000 | 12,000,000 | 20,000,000 | 89.5220 | 17,904,400.00 | 0.40 |  |
| DE000CZ45W99 | 2.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 20,900,000 | 0 | 20,900,000 | 91.8690 | 19,200,621.00 | 0.42 |  |
| DE000CZ45WY7 | 0.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 20,000,000 | 0 | 20,000,000 | 76.7430 | 15,348,600.00 | 0.34 |  |
| XS1991126431 | 1.125% | Coöperatieve RabobankU.A.Reg.S.v.19 (2031) | 10,000,000 | 0 | 10,000,000 | 77.4170 | 7,741,700.00 | 0.17 |  |
| XS1772374770 | 1.625% | Dte. Bahn Finance GmbH EMTN Reg.S. Green Bond v.18(2033) | 5,000,000 | 12,500,000 | 15,000,000 | 80.9710 | 12,145,650.00 | 0.27 |  |
| XS1626600040 | 1.500% | Dte. Bahn Finance GmbH EMTN Reg.S. v.17(2032) | 10,000,000 | 0 | 10,000,000 | 81.4830 | 8,148,300.00 | 0.18 |  |
| DE000A30VPC2 | 2.250% | Dte.BankAGEMTNReg.S.Pfe.v.22(2027) | 12,500,000 | 0 | 12,500,000 | 96.5100 | 12,063,750.00 | 0.27 |  |
| DE000A30VPD0 | 2.500% | Dte.BankAGEMTNReg.S.Pfe.v.22(2032) | 17,500,000 | 0 | 17,500,000 | 93.8750 | 16,428,125.00 | 0.36 |  |
| DE000DKB0432 | 0.500% | Dte. Kreditbank AG Reg.S. Pfe. v.15 (2027) | 20,300,000 | 10,000,000 | 10,300,000 | 89.7810 | 9,247,443.00 | 0.20 |  |
| DE000SCB0039 | 1.625% | Dte. Kreditbank AG Reg.S. Pfe. v.22 (2032) | 17,000,000 | 0 | 17,000,000 | 87.6800 | 14,905,600.00 | 0.33 |  |
| DE000A3MP619 | 0.750% | DZ HYP AG EMTN Reg.S. Pfe. Green Bond v.22(2029) | 16,800,000 | 0 | 16,800,000 | 85.0990 | 14,296,632.00 | 0.32 |  |
| DE000A2TSDY0 | 0.010% | DZ HYP AG EMTN Reg.S. Pfe. v.19(2027) | 13,400,000 | 0 | 13,400,000 | 85.9030 | 11,511,002.00 | 0.25 |  |
| DE000A2TSDW4 | 0.010% | DZ HYP AG EMTN Reg.S. Pfe. v.19(2027) | 14,000,000 | 16,600,000 | 10,000,000 | 88.0770 | 8,807,700.00 | 0.19 |  |
| DE000A289PH2 | 0.010% | DZ HYP AG EMTN Reg.S. Pfe. v.20(2028) | 0 | 10,000,000 | 10,000,000 | 83.1190 | 8,311,900.00 | 0.18 |  |
| DE000A3MQUX3 | 2.500% | DZ HYP AG EMTN Reg.S. Pfe. v.22(2031) | 20,000,000 | 0 | 20,000,000 | 94.4670 | 18,893,400.00 | 0.42 |  |
| DE000A3MP684 | 1.625% | DZ HYP AG Reg.S. Pfe. v.22(2031) | 20,000,000 | 0 | 20,000,000 | 88.5660 | 17,713,200.00 | 0.39 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) This security is an inflation-linked bond with an inflation index factor of 1.1792.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2035564629 | 1.625% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 12,500,000 | 0 | 12,500,000 | 75.0000 | 9,375,000.00 | 0.21 |  |
| XS2196328608 | 1.875% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.20 (2080) | 12,500,000 | 0 | 12,500,000 | 81.3670 | 10,170,875.00 | 0.22 |  |
| XS2381277008 | 2.125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float v.21(2081) | 10,000,000 | 0 | 10,000,000 | 61.6250 | 6,162,500.00 | 0.14 |  |
| DE000A3E5WW4 | 1.375% | Evonik Industries AG Reg.S. Fix-to-Float Green Bond v.21(2081) | 17,500,000 | 0 | 17,500,000 | 76.2950 | 13,351,625.00 | 0.29 |  |
| XS2050448336 | 1.125% | Fastighets AB Balder EMTN Reg.S. v.19 (2027) | 18,000,000 | 5,000,000 | 13,000,000 | 76.0000 | 9,880,000.00 | 0.22 |  |
| XS2482872251 | 2.875% | FreseniusSE&Co.KGaAEMTNReg.S.v.22 (2030) | 11,500,000 | 0 | 11,500,000 | 89.5200 | 10,294,800.00 | 0.23 |  |
| BE0002767482 | 0.125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.21(2031) | 8,500,000 | 3,500,000 | 5,000,000 | 71.6360 | 3,581,800.00 | 0.08 |  |
| DE000A3MQYT3 | 0.750% | Hamburger Sparkasse AG Reg.S. Pfe. v.22(2027) | 12,200,000 | 0 | 12,200,000 | 90.6550 | 11,059,910.00 | 0.24 |  |
| XS2384269366 | 0.750% | Heimstaden Bostad Treasury BV EMTN Reg.S. v.21(2029) | 10,000,000 | 0 | 10,000,000 | 68.0880 | 6,808,800.00 | 0.15 |  |
| XS2225207468 | 1.375% | Heimstaden Bostad Treasury BV EMTN v.20(2027) | 14,000,000 | 3,700,000 | 10,300,000 | 82.2390 | 8,470,617.00 | 0.19 |  |
| XS1028954870 | 3.000% | Illinois Tool Works Inc. v.14(2034) | 5,000,000 | 0 | 5,000,000 | 89.5730 | 4,478,650.00 | 0.10 |  |
| XS2056730323 | 2.875% | Infineon Technologies AG EMTN Reg.S. Fix-to-Float Perp. | 17,500,000 | 2,500,000 | 15,000,000 | 91.7500 | 13,762,500.00 | 0.30 |  |
| XS2056730679 | 3.625% | Infineon Technologies AG Reg.S. Fix-to- Float Perp. | 0 | 0 | 10,000,000 | 87.6000 | 8,760,000.00 | 0.19 |  |
| DE000A1KRJV6 | 0.010% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.21(2028) | 55,000,000 | 15,000,000 | 40,000,000 | 83.2490 | 33,299,600.00 | 0.74 |  |
| DE000A2YNWB9 | 2.375% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.22(2030) | 17,500,000 | 0 | 17,500,000 | 94.8240 | 16,594,200.00 | 0.37 |  |
| DE000A2YNWA1 | 0.625% | ING-DiBaAGEMTNReg.S.Pfe.v.22(2029) | 43,700,000 | 13,700,000 | 30,000,000 | 85.8400 | 25,752,000.00 | 0.57 |  |
| XS2250024010 | 0.375% | Investor AB EMTN Reg.S. v.20(2035) | 24,000,000 | 17,000,000 | 25,000,000 | 61.9930 | 15,498,250.00 | 0.34 |  |
| XS2481287634 | 2.750% | Investor AB Reg.S. v.22(2032) | 25,000,000 | 5,000,000 | 20,000,000 | 90.5590 | 18,111,800.00 | 0.40 |  |
| XS1615079974 | 1.638% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.17(2028) | 10,000,000 | 20,000,000 | 20,000,000 | 89.0980 | 17,819,600.00 | 0.39 |  |
| XS1835955474 | 1.812% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.18(2029) | 20,000,000 | 20,000,000 | 20,000,000 | 87.1140 | 17,422,800.00 | 0.38 |  |
| XS2123320033 | 0.389% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.20(2028) | 15,000,000 | 10,000,000 | 25,000,000 | 84.5960 | 21,149,000.00 | 0.47 |  |
| XS2461234622 | 1.963% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.22(2030) | 55,000,000 | 30,000,000 | 25,000,000 | 86.1760 | 21,544,000.00 | 0.48 |  |
| XS2388457264 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. Green Bond v.21(2031) | 15,000,000 | 0 | 15,000,000 | 77.8940 | 11,684,100.00 | 0.26 |  |
| DE000A2GSE59 | 1.125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.17(2032) | 20,000,000 | 0 | 20,000,000 | 84.6270 | 16,925,400.00 | 0.37 |  |
| DE000A289RK2 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.20(2030) | 43,000,000 | 15,000,000 | 28,000,000 | 80.3080 | 22,486,240.00 | 0.50 |  |
| DE000A3H2ZF6 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.21(2031) | 45,000,000 | 0 | 45,000,000 | 79.1760 | 35,629,200.00 | 0.79 |  |
| DE000A3E5XN1 | 0.125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.22(2032) | 75,000,000 | 0 | 75,000,000 | 77.9030 | 58,427,250.00 | 1.29 |  |
| DE000A3MP7K3 | 1.125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.22(2037) | 30,000,000 | 0 | 30,000,000 | 77.6370 | 23,291,100.00 | 0.51 |  |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE000LB2ZSM3 | 0.125% | Landesbank Baden-Württemberg EMTN Reg.S. Pfe. v.22(2029) | 32,800,000 | 10,000,000 | 22,800,000 | 81.9840 | 18,692,352.00 | 0.41 |  |
| DE000LB2ZV93 | 1.750% | Landesbank Baden-Württemberg Reg. S. Pfe. Green Bond v.22(2028) | 15,000,000 | 0 | 15,000,000 | 93.9760 | 14,096,400.00 | 0.31 |  |
| XS2433240764 | 0.500% | Landesbank Hessen-Thüringen Girozentrale EMTN Reg.S. Pfe. v.22 (2037) | 20,000,000 | 0 | 20,000,000 | 69.0000 | 13,800,000.00 | 0.30 |  |
| DE000A3E5VK1 | 0.750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10,000,000 | 0 | 10,000,000 | 69.1560 | 6,915,600.00 | 0.15 |  |
| DE000A254P51 | 0.875% | LEG Immobilien SE EMTN Reg.S. v.19 (2027) | 17,000,000 | 0 | 17,000,000 | 82.0780 | 13,953,260.00 | 0.31 |  |
| DE000A254P69 | 1.625% | LEG Immobilien SE EMTN Reg.S. v.19 (2034) | 5,000,000 | 0 | 12,500,000 | 64.4260 | 8,053,250.00 | 0.18 |  |
| DE000A3MQNN9 | 0.375% | LEG Immobilien SE EMTN Reg.S. v.22 (2026) | 7,500,000 | 0 | 7,500,000 | 86.8590 | 6,514,425.00 | 0.14 |  |
| DE000A3MQNP4 | 0.875% | LEG Immobilien SE EMTN Reg.S. v.22 (2029) | 25,100,000 | 0 | 25,100,000 | 77.1930 | 19,375,443.00 | 0.43 |  |
| DE000A3MQNQ2 | 1.500% | LEG Immobilien SE EMTN Reg.S. v.22 (2034) | 2,400,000 | 0 | 2,400,000 | 66.0570 | 1,585,368.00 | 0.03 |  |
| DE000A3MQMD2 | 1.000% | LEG Immobilien SE Reg.S. v.21(2032) | 22,200,000 | 0 | 22,200,000 | 63.9510 | 14,197,122.00 | 0.31 |  |
| XS2218405772 | 1.625% | Merck KGaA Reg.S. Fix-to-Float v.20 (2080) | 13,000,000 | 0 | 13,000,000 | 87.0000 | 11,310,000.00 | 0.25 |  |
| XS1197273755 | 2.375% | Mondelez International Inc. v.15(2035) | 10,000,000 | 0 | 10,000,000 | 80.5330 | 8,053,300.00 | 0.18 |  |
| XS2312723138 | 0.750% | Mondelez International Inc. v.21(2033) | 20,000,000 | 25,500,000 | 7,500,000 | 70.6940 | 5,302,050.00 | 0.12 |  |
| DE000MHB30J1 | 1.250% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. Green Bond v.22(2030) | 22,000,000 | 0 | 22,000,000 | 88.1190 | 19,386,180.00 | 0.43 |  |
| DE000MHB25J1 | 0.125% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.20(2035) | 10,000,000 | 0 | 10,000,000 | 67.0090 | 6,700,900.00 | 0.15 |  |
| DE000MHB29J3 | 0.125% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.22(2029) | 33,500,000 | 10,000,000 | 23,500,000 | 83.1700 | 19,544,950.00 | 0.43 |  |
| DE000MHB31J9 | 1.875% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.22(2032) | 27,500,000 | 0 | 27,500,000 | 89.0850 | 24,498,375.00 | 0.54 |  |
| DE000MHB28J5 | 0.250% | Münchener Hypothekenbank eG Reg. S. Pfe. v.21(2036) | 10,000,000 | 0 | 10,000,000 | 67.3200 | 6,732,000.00 | 0.15 |  |
| XS2291793813 | 0.000% | Nederlandse Waterschapsbank NV EMTN Reg.S. v.21(2037) | 25,000,000 | 5,000,000 | 20,000,000 | 63.5950 | 12,719,000.00 | 0.28 |  |
| XS2109606603 | 0.050% | Nederlandse Waterschapsbank NV Reg.S. v.20(2030) | 5,000,000 | 0 | 5,000,000 | 80.8520 | 4,042,600.00 | 0.09 |  |
| DE000NRW0LZ0 | 0.000% | Nordrhein-Westfalen EMTN Reg.S. v.19 (2029) | 8,000,000 | 0 | 8,000,000 | 81.4790 | 6,518,320.00 | 0.14 |  |
| FR00140005L7 | 1.750% | Orange S.A. EMTN Reg.S. Fix-to-Float Perp. | 10,000,000 | 0 | 10,000,000 | 78.7500 | 7,875,000.00 | 0.17 |  |
| XS1115498260 | 5.000% | Orange S.A. EMTN Reg.S. Fix-to-Float Perp. | 32,500,000 | 42,500,000 | 5,000,000 | 98.3750 | 4,918,750.00 | 0.11 |  |
| FR0013414919 | 3.375% | Orano S.A. EMTN Reg.S. v.19(2026) | 0 | 14,400,000 | 15,000,000 | 92.7500 | 13,912,500.00 | 0.31 |  |
| FR0013533031 | 2.750% | Orano S.A. EMTN Reg.S. v.20(2028) | 0 | 10,000,000 | 12,700,000 | 86.9250 | 11,039,475.00 | 0.24 |  |
| XS2531569965 | 3.250% | Orsted A/SEMTN Reg.S. Green Bondv.22 (2031) | 10,000,000 | 0 | 10,000,000 | 95.5930 | 9,559,300.00 | 0.21 |  |
| XS2490472102 | 2.875% | Orsted A/SEMTN Reg.S. Green Bondv.22 (2033) | 1,500,000 | 0 | 1,500,000 | 91.0400 | 1,365,600.00 | 0.03 |  |
| XS2293075680 | 1.500% | Orsted A/S Reg.S. Fix-to-Float Green Bond v.21(3021) | 5,000,000 | 0 | 5,000,000 | 73.8750 | 3,693,750.00 | 0.08 |  |
| XS2447602793 | 2.750% | Polen EMTN Reg.S. v.22(2032) | 20,000,000 | 10,000,000 | 10,000,000 | 85.5440 | 8,554,400.00 | 0.19 |  |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2439004412 | 1.000% | Prologis Euro Finance LLC EMTN v.22 (2029) | 11,500,000 | 0 | 11,500,000 | 81.5920 | 9,383,080.00 | 0.21 |  |
| XS2439004685 | 1.500% | Prologis Euro Finance LLC Green Bond v.22(2034) | 21,000,000 | 11,000,000 | 10,000,000 | 72.2320 | 7,223,200.00 | 0.16 |  |
| XS2296204444 | 0.500% | Prologis Euro Finance LLC v.21(2032) | 18,000,000 | 17,500,000 | 12,500,000 | 69.5350 | 8,691,875.00 | 0.19 |  |
| XS2211183244 | 1.539% | Prosus NV Reg.S. v.20(2028) | 15,500,000 | 0 | 15,500,000 | 75.3700 | 11,682,350.00 | 0.26 |  |
| XS2211183756 | 2.031% | Prosus NV Reg.S. v.20(2032) | 0 | 15,500,000 | 14,900,000 | 64.2500 | 9,573,250.00 | 0.21 |  |
| DE000RLP1254 | 0.010% | Rheinland-Pfalz Reg.S. v.21(2031) | 8,000,000 | 0 | 8,000,000 | 78.3040 | 6,264,320.00 | 0.14 |  |
| XS2333391485 | 0.750% | Royal Schiphol Group NV EMTN Reg.S. v.21(2033) | 23,000,000 | 0 | 23,000,000 | 70.6760 | 16,255,480.00 | 0.36 |  |
| XS2526839506 | 3.000% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2033) | 10,000,000 | 0 | 10,000,000 | 92.8840 | 9,288,400.00 | 0.21 |  |
| XS1207005023 | 1.500% | Statkraft AS EMTN Reg.S. v.15(2030) | 10,000,000 | 0 | 10,000,000 | 85.9020 | 8,590,200.00 | 0.19 |  |
| XS1002121454 | 6.500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 32,500,000 | 40,700,000 | 5,057,375 | 90.8720 | 4,595,737.81 | 0.10 |  |
| XS1914502643 | 2.625% | Stryker Corporation v.18(2030) | 10,000,000 | 0 | 10,000,000 | 89.5290 | 8,952,900.00 | 0.20 |  |
| XS2087639626 | 0.750% | Stryker Corporation v.19(2029) | 18,500,000 | 11,000,000 | 7,500,000 | 81.6490 | 6,123,675.00 | 0.14 |  |
| XS2087643651 | 1.000% | Stryker Corporation v.19(2031) | 5,600,000 | 0 | 5,600,000 | 75.4370 | 4,224,472.00 | 0.09 |  |
| XS1828037827 | 2.000% | TenneT Holding BV EMTN Reg.S. Green Bond v.18(2034) | 15,000,000 | 0 | 15,000,000 | 81.1860 | 12,177,900.00 | 0.27 |  |
| XS2406569579 | 0.875% | TenneT Holding BV EMTN Reg.S. Green Bond v.21(2035) | 5,000,000 | 0 | 5,000,000 | 68.6780 | 3,433,900.00 | 0.08 |  |
| XS2478299469 | 2.750% | TenneT Holding BV EMTN Reg.S. Green Bond v.22(2042) | 15,000,000 | 0 | 15,000,000 | 82.1460 | 12,321,900.00 | 0.27 |  |
| XS2262065159 | 0.125% | TenneT Holding BV EMTN Reg.S. v.20 (2032) | 20,000,000 | 5,000,000 | 15,000,000 | 68.7210 | 10,308,150.00 | 0.23 |  |
| XS2207430120 | 2.374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 33,000,000 | 30,300,000 | 18,000,000 | 90.2350 | 16,242,300.00 | 0.36 |  |
| XS1197833137 | 1.625% | The Coca-Cola Co. v.15(2035) | 15,000,000 | 5,000,000 | 10,000,000 | 78.4460 | 7,844,600.00 | 0.17 |  |
| XS2339398971 | 0.400% | The Coca-Cola Co. v.21(2030) | 10,000,000 | 0 | 10,000,000 | 79.4690 | 7,946,900.00 | 0.18 |  |
| XS2339399359 | 0.950% | The Coca-Cola Co. v.21(2036) | 17,500,000 | 25,000,000 | 10,000,000 | 69.1020 | 6,910,200.00 | 0.15 |  |
| XS2441552192 | 1.250% | The Goldman Sachs Group Inc. EMTN Reg.S. v.22(2029) | 23,000,000 | 8,000,000 | 15,000,000 | 81.6730 | 12,250,950.00 | 0.27 |  |
| XS2536502227 | 4.000% | The Goldman Sachs Group Inc. EMTN Reg.S. v.22(2029) | 10,000,000 | 0 | 10,000,000 | 95.8160 | 9,581,600.00 | 0.21 |  |
| XS1651072099 | 2.875% | Thermo Fisher Scientific Inc.v.17(2037) | 15,000,000 | 5,000,000 | 10,000,000 | 85.4410 | 8,544,100.00 | 0.19 |  |
| DE000A3KNQA0 | 1.250% | TRATON Finance Luxembourg S.A. EMTN Reg.S. v.21(2033) | 17,500,000 | 0 | 17,500,000 | 68.3060 | 11,953,550.00 | 0.26 |  |
| FR0014000O87 | 0.878% | Ubisoft Entertainment S.A. Reg.S. v.20 (2027) | 9,900,000 | 4,900,000 | 5,000,000 | 77.7550 | 3,887,750.00 | 0.09 |  |
| DE000HV2AYD5 | 0.010% | UniCredit Bank AG EMTN Reg.S. Pfe. v.21 (2031) | 6,000,000 | 0 | 6,000,000 | 76.9370 | 4,616,220.00 | 0.10 |  |
| DE000HV2AYU9 | 0.500% | UniCredit Bank AG EMTN Reg.S. Pfe. v.22 (2027) | 26,000,000 | 13,000,000 | 13,000,000 | 89.7340 | 11,665,420.00 | 0.26 |  |
| XS2052320954 | 0.875% | Verizon Communications Inc. v.19 (2032) | 15,000,000 | 5,000,000 | 10,000,000 | 75.2710 | 7,527,100.00 | 0.17 |  |
| XS2320760114 | 1.125% | Verizon Communications Inc. v.21 (2035) | 17,000,000 | 2,000,000 | 15,000,000 | 69.0880 | 10,363,200.00 | 0.23 |  |
| XS1888179550 | 4.200% | Vodafone Group Plc. Reg.S. Fix-to-Float v.18(2078) | 23,500,000 | 5,000,000 | 23,500,000 | 87.0000 | 20,445,000.00 | 0.45 |  |
| XS2225204010 | 3.000% | Vodafone Group Plc. Reg.S. Fix-to-Float v.20(2080) | 30,000,000 | 15,000,000 | 15,000,000 | 74.0000 | 11,100,000.00 | 0.25 |  |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2225157424 | 2.625% | Vodafone Group Plc. Reg.S. Fix-to-Float v.20(2080) | 10,000,000 | 20,000,000 | 25,000,000 | 85.5000 | 21,375,000.00 | 0.47 |  |
| XS2152061904 | 3.375% | VolkswagenFinancialServicesAGEMTN Reg.S. v.20(2028) | 25,000,000 | 15,000,000 | 10,000,000 | 95.2430 | 9,524,300.00 | 0.21 |  |
| XS2374595044 | 0.125% | VolkswagenFinancialServicesAGEMTN Reg.S. v.21(2027) | 20,000,000 | 0 | 20,000,000 | 83.8900 | 16,778,000.00 | 0.37 |  |
| XS2342732562 | 3.748% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 20,000,000 | 0 | 20,000,000 | 84.4640 | 16,892,800.00 | 0.37 |  |
| XS1629774230 | 3.875% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 10,000,000 | 25,000,000 | 17,500,000 | 85.5000 | 14,962,500.00 | 0.33 |  |
| XS2187689380 | 3.875% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 20,000,000 | 5,000,000 | 15,000,000 | 81.0000 | 12,150,000.00 | 0.27 |  |
| XS2491738949 | 3.750% | Volkswagen International Finance NV- Reg.S. Green Bond v.22(2027) | 8,000,000 | 0 | 8,000,000 | 97.5640 | 7,805,120.00 | 0.17 |  |
| XS2282095970 | 0.500% | VolkswagenLeasingGmbHEMTNReg.S. v.21(2029) | 13,000,000 | 20,500,000 | 5,000,000 | 78.1510 | 3,907,550.00 | 0.09 |  |
| DE000A2R7JE1 | 1.125% | Vonovia Finance BV EMTN Reg.S. v.19 (2034) | 10,200,000 | 0 | 10,200,000 | 61.2350 | 6,245,970.00 | 0.14 |  |
| DE000A28ZQQ5 | 1.000% | Vonovia Finance BV EMTN Reg.S. v.20 (2030) | 5,000,000 | 0 | 5,000,000 | 73.1170 | 3,655,850.00 | 0.08 |  |
| DE000A28VQD2 | 2.250% | Vonovia Finance BV Reg.S. v.20(2030) | 5,000,000 | 0 | 5,000,000 | 81.3470 | 4,067,350.00 | 0.09 |  |
| DE000A3E5MG8 | 0.375% | Vonovia SE EMTN Reg.S. v.21(2027) | 15,000,000 | 0 | 15,000,000 | 81.2230 | 12,183,450.00 | 0.27 |  |
| DE000A3MP4U9 | 0.250% | Vonovia SE EMTN Reg.S. v.21(2028) | 20,000,000 | 0 | 20,000,000 | 75.9430 | 15,188,600.00 | 0.34 |  |
| DE000A3E5MH6 | 0.625% | Vonovia SE EMTN Reg.S. v.21(2029) | 35,100,000 | 0 | 35,100,000 | 72.7220 | 25,525,422.00 | 0.56 |  |
| DE000A3MP4V7 | 0.750% | Vonovia SE EMTN Reg.S. v.21(2032) | 25,000,000 | 5,000,000 | 20,000,000 | 64.8340 | 12,966,800.00 | 0.29 |  |
| DE000A3E5MJ2 | 1.000% | Vonovia SE Reg.S. v.21(2033) | 32,500,000 | 0 | 32,500,000 | 63.6520 | 20,686,900.00 | 0.46 |  |
| XS2010039381 | 2.000% | ZF Europe Finance BV v.19(2026) | 0 | 5,000,000 | 16,000,000 | 82.8790 | 13,260,640.00 | 0.29 |  |
| XS2010039977 | 2.500% | ZF Europe Finance BV v.19(2027) | 4,000,000 | 0 | 16,800,000 | 76.0000 | 12,768,000.00 | 0.28 |  |
| XS2338564870 | 2.000% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2027) | 10,000,000 | 0 | 14,700,000 | 76.6250 | 11,263,875.00 | 0.25 |  |
| XS2399851901 | 2.250% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2028) | 23,100,000 | 5,000,000 | 18,100,000 | 73.0000 | 13,213,000.00 | 0.29 |  |
| XS2262961076 | 2.750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 12,500,000 | 0 | 12,500,000 | 78.7500 | 9,843,750.00 | 0.22 |  |
| XS2231331260 | 3.750% | ZF Finance GmbH EMTN Reg.S. v.20 (2028) | 7,500,000 | 10,000,000 | 26,200,000 | 77.5000 | 20,305,000.00 | 0.45 |  |
|  |  |  |  |  |  |  | 2,282,496,657.51 | 50.42 |  |
| USD |  |  |  |  |  |  |  |  |  |
| USG91139AE82 | 1.375% | TSMC Global Ltd. Reg.S. v.20(2030) | 0 | 5,000,000 | 20,000,000 | 74.6720 | 15,293,804.40 | 0.34 |  |
| US912810RA88 | 0.625% | United States of America ILB v.13(2043) 2) | 65,000,000 | 0 | 65,000,000 | 78.0078 | 66,910,971.93 | 1.48 |  |
| US912828Z377 | 0.125% | United States of America ILB v.20(2030) 3) | 75,000,000 | 25,000,000 | 50,000,000 | 89.1719 | 52,576,248.88 | 1.16 |  |
| US91282CEJ62 | 0.125% | United States of America ILB v.22(2027) 4) | 90,000,000 | 0 | 90,000,000 | 92.5313 | 89,485,820.56 | 1.98 |  |
| US91282CEZ05 | 0.625% | United States of America ILB v.22(2032) 5) | 25,000,000 | 0 | 25,000,000 | 91.1758 | 23,801,640.71 | 0.53 |  |
| US91282CDK45 | 1.250% | United States of America v.21(2026) | 130,000,000 | 90,000,000 | 40,000,000 | 89.0859 | 36,491,935.69 | 0.81 |  |
| US91282CDF59 | 1.375% | United States of America v.21(2028) | 200,000,000 | 120,000,000 | 80,000,000 | 85.7148 | 70,222,094.42 | 1.55 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) This security is an inflation-linked bond with an inflation index factor of 1.2886.
3) This security is an inflation-linked bond with an inflation index factor of 1.1515.
4) This security is an inflation-linked bond with an inflation index factor of 1.0493.
5) This security is an inflation-linked bond with an inflation index factor of 1.0197.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| US912810TH14 | 3.250% | United States of America v.22(2042) | 160,000,000 | 35,000,000 125,000,000 | 89.1016 | 114,057,300.31 | 2.52 |  |
| XS1888180640 | 6.250% | Vodafone Group Plc. Reg.S. Fix-to-Float v.18(2078) | 0 | 20,900,000 10,000,000 | 93.7850 | 9,604,198.67 | 0.21 |  |
|  |  |  |  |  |  | 478,444,015.57 | 10.58 |  |

Exchange-traded securities	2,931,317,317.9064.75
Securities admitted to trading or included in organised markets
| AUD |  |
| --- | --- |
| AU0000106411 | 0.500% | Australia Reg.S. v.20(2026) | 0 | 25,000,000 | 100,000,000 | 88.2800 | 58,556,646.33 | 1.29 |
|  |  |  |  |  |  |  | 58,556,646.33 | 1.29 |
| EUR |  |  |  |  |  |  |  |  |
| XS2114413565 | 2.875% | AT & T Inc. Fix-to-Float Perp. | 17,500,000 | 18,300,000 | 50,000,000 | 88.2600 | 44,130,000.00 | 0.97 |
| XS2456839013 | 1.500% | Berkshire Hathaway Finance Corporation v.22(2030) | 41,000,000 | 6,000,000 | 35,000,000 | 83.5230 | 29,233,050.00 | 0.65 |
| XS2456839369 | 2.000% | Berkshire Hathaway Finance Corporation v.22(2034) | 35,000,000 | 0 | 35,000,000 | 79.2060 | 27,722,100.00 | 0.61 |
| DE0001030435 | 0.000% | FederalRepublicofGermanyReg.S.v.21 (2022) | 200,000,000 | 25,000,000 | 175,000,000 | 99.9100 | 174,842,500.00 | 3.86 |
| DE0001030864 | 0.000% | FederalRepublicofGermanyReg.S.v.22 (2023) | 300,000,000 | 150,000,000 | 150,000,000 | 98.7430 | 148,114,500.00 | 3.27 |
| XS2197945251 | 0.010% | CoöperatieveRabobankU.A.EMTNReg. S. Pfe. v.20(2030) | 20,000,000 | 0 | 20,000,000 | 78.8260 | 15,765,200.00 | 0.35 |
| XS2449505820 | 0.750% | CoöperatieveRabobankU.A.EMTNReg. S. Pfe. v.22(2032) | 40,000,000 | 5,000,000 | 35,000,000 | 80.3460 | 28,121,100.00 | 0.62 |
| XS2100664114 | 1.500% | Digital Dutch Finco B.V. Reg.S. Green Bond v.20(2030) | 0 | 15,000,000 | 12,500,000 | 76.6230 | 9,577,875.00 | 0.21 |
| XS2191362859 | 1.250% | Digital Dutch Finco B.V. Reg.S. v.20 (2031) | 0 | 25,000,000 | 5,000,000 | 71.9370 | 3,596,850.00 | 0.08 |
| XS2063495811 | 1.125% | Digital Euro Finco LLC Reg.S. v.19(2028) | 15,000,000 | 0 | 15,000,000 | 80.6300 | 12,094,500.00 | 0.27 |
| XS2280835260 | 0.625% | DigitalIntrepidHoldingBVReg.S.Green Bond v.21(2031) | 5,000,000 | 11,000,000 | 15,000,000 | 66.4810 | 9,972,150.00 | 0.22 |
| XS2331271242 | 0.625% | Dte. Bahn Finance GmbH EMTN Reg.S. v.21(2036) | 5,000,000 | 38,400,000 | 15,000,000 | 66.4300 | 9,964,500.00 | 0.22 |
| XS2484327999 | 1.875% | Dte. Bahn Finance GmbH EMTN Reg.S. v.22(2030) | 15,000,000 | 0 | 15,000,000 | 90.2830 | 13,542,450.00 | 0.30 |
| XS2451376219 | 1.375% | Dte. Bahn Finance GmbH EMTN Reg.S. v.22(2034) | 15,000,000 | 0 | 15,000,000 | 76.9170 | 11,537,550.00 | 0.25 |
| XS2010039548 | 1.600% | Dte. Bahn Finance GmbH Fix-to-Float Perp. | 20,000,000 | 5,000,000 | 15,000,000 | 74.6250 | 11,193,750.00 | 0.25 |
| XS2338570331 | 0.875% | EQT AB Reg.S. v.21(2031) | 7,400,000 | 5,000,000 | 19,700,000 | 68.3540 | 13,465,738.00 | 0.30 |
| XS2463988795 | 2.375% | EQT AB Reg.S. v.22(2028) | 16,000,000 | 0 | 16,000,000 | 86.6970 | 13,871,520.00 | 0.31 |
| XS2463990775 | 2.875% | EQT AB Reg.S. v.22(2032) | 24,000,000 | 0 | 24,000,000 | 78.8470 | 18,923,280.00 | 0.42 |
| EU000A2SCAC2 | 2.375% | European Financial Stability Facility [EFSF] Reg.S. v.22(2032) | 30,000,000 | 0 | 30,000,000 | 94.7310 | 28,419,300.00 | 0.63 |
| BE0002876572 | 3.125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.22(2029) | 23,500,000 | 0 | 23,500,000 | 94.4290 | 22,190,815.00 | 0.49 |
| XS2125121769 | 3.375% | Heimstaden Bostad AB Reg.S. Fix-to- Float Perp. | 10,000,000 | 0 | 10,000,000 | 66.4700 | 6,647,000.00 | 0.15 |
| XS2294155739 | 2.625% | Heimstaden Bostad AB Reg.S. Fix-to- Float Perp. | 17,500,000 | 7,500,000 | 10,000,000 | 58.7960 | 5,879,600.00 | 0.13 |
| XS2418730995 | 0.125% | INGBankNVEMTNReg.S.Pfe.v.21(2031) | 10,000,000 | 0 | 10,000,000 | 75.9210 | 7,592,100.00 | 0.17 |
| XS2534912485 | 2.500% | ING Bank NV Reg.S. Pfe. v.22(2030) | 10,000,000 | 0 | 10,000,000 | 95.8070 | 9,580,700.00 | 0.21 |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2354444023 | 0.000% | JDE Peets BV EMTN Reg.S. v.21(2026) | 15,000,000 | 0 | 15,000,000 | 87.1420 | 13,071,300.00 | 0.29 |  |
| XS2407010656 | 0.625% | JDE Peets BV EMTN Reg.S. v.21(2028) | 16,000,000 | 0 | 16,000,000 | 80.6170 | 12,898,720.00 | 0.28 |  |
| XS2354569407 | 0.500% | JDE Peets BV EMTN Reg.S. v.21(2029) | 40,000,000 | 20,000,000 | 30,000,000 | 76.0010 | 22,800,300.00 | 0.50 |  |
| XS2354444379 | 1.125% | JDE Peets BV EMTN Reg.S. v.21(2033) | 39,200,000 | 30,000,000 | 19,200,000 | 65.8710 | 12,647,232.00 | 0.28 |  |
| XS2384723263 | 0.250% | Mondelez International Holdings Netherlands BV Reg.S. Green Bond v.21 (2029) | 10,000,000 | 0 | 10,000,000 | 78.0720 | 7,807,200.00 | 0.17 |  |
| XS1989380172 | 3.875% | Netflix Inc. Reg.S. v.19(2029) | 30,000,000 | 8,000,000 | 30,000,000 | 87.7500 | 26,325,000.00 | 0.58 |  |
| XS2072829794 | 3.625% | Netflix Inc. Reg.S. v.19(2030) | 22,500,000 | 5,000,000 | 17,500,000 | 85.2780 | 14,923,650.00 | 0.33 |  |
| XS1821883102 | 3.625% | Netflix Inc. v.17(2027) | 12,500,000 | 10,000,000 | 27,500,000 | 93.7500 | 25,781,250.00 | 0.57 |  |
| XS2076099865 | 4.625% | Netflix Inc. v.18(2029) | 35,000,000 | 13,400,000 | 30,000,000 | 93.1530 | 27,945,900.00 | 0.62 |  |
| XS2332589972 | 1.625% | Nexi S.p.A. Reg.S. v.21(2026) | 25,000,000 | 5,000,000 | 20,000,000 | 84.4460 | 16,889,200.00 | 0.37 |  |
| XS2332590475 | 2.125% | Nexi S.p.A. Reg.S. v.21(2029) | 18,000,000 | 5,000,000 | 13,000,000 | 75.3210 | 9,791,730.00 | 0.22 |  |
| XS2112475921 | 1.000% | Prologis Euro Finance LLC v.20(2035) | 5,000,000 | 25,000,000 | 8,000,000 | 66.2550 | 5,300,400.00 | 0.12 |  |
| XS2360853332 | 1.288% | Prosus NV Reg.S. v.21(2029) | 0 | 0 | 17,450,000 | 70.7760 | 12,350,412.00 | 0.27 |  |
| XS2430287529 | 1.207% | Prosus NV Reg.S. v.22(2026) | 13,000,000 | 0 | 13,000,000 | 84.7670 | 11,019,710.00 | 0.24 |  |
| XS2430287362 | 2.085% | Prosus NV Reg.S. v.22(2030) | 20,000,000 | 0 | 20,000,000 | 71.9770 | 14,395,400.00 | 0.32 |  |
| XS2227050379 | 0.875% | Royal Schiphol Group NV EMTN Reg.S. Green Bond v.20(2032) | 17,000,000 | 0 | 17,000,000 | 72.6780 | 12,355,260.00 | 0.27 |  |
|  |  |  |  |  |  |  | 922,280,792.00 | 20.37 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US11135FBK66 | 3.419% | Broadcom Inc. 144A v.21(2033) | 0 | 0 | 10,000,000 | 76.6010 | 7,844,444.44 | 0.17 |  |
| US11135FBL40 | 3.469% | Broadcom Inc. 144A v.21(2034) | 10,000,000 | 0 | 10,000,000 | 75.0110 | 7,681,618.02 | 0.17 |  |
| US256677AL96 | 5.000% | Dollar General Corporation v.22(2032) | 15,000,000 | 0 | 15,000,000 | 95.7980 | 14,715,514.59 | 0.32 |  |
| US30251GBE61 | 6.125% | FMG Resources [August 2006] Pty Ltd. 144A Green Bond v.22(2032) | 3,000,000 | 0 | 3,000,000 | 85.9660 | 2,641,044.55 | 0.06 |  |
| US30251GBA40 | 4.500% | FMG Resources [August 2006] Pty Ltd. 144A v.19(2027) | 10,000,000 | 0 | 22,500,000 | 87.6250 | 20,190,092.17 | 0.45 |  |
| US35805BAB45 | 2.375% | Fresenius Medical Care US Finance III Inc. 144A v.20(2031) | 0 | 0 | 35,000,000 | 70.8330 | 25,388,172.04 | 0.56 |  |
| US35805BAE83 | 3.000% | Fresenius Medical Care US Finance III Inc. 144A v.21(2031) | 0 | 0 | 20,000,000 | 74.9060 | 15,341,730.67 | 0.34 |  |
| US548661EL74 | 5.000% | Lowe's Companies Inc. v.22(2033) | 15,000,000 | 0 | 15,000,000 | 93.8511 | 14,416,451.61 | 0.32 |  |
| US58733RAF91 | 3.125% | Mercadolibre Inc. v.21(2031) | 0 | 5,000,000 | 16,000,000 | 71.0880 | 11,647,803.38 | 0.26 |  |
| US55354GAH39 | 4.000% | MSCI Inc. 144A v.19(2029) | 0 | 27,000,000 | 15,200,000 | 84.1250 | 13,094,726.06 | 0.29 |  |
| US55354GAK67 | 3.625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 24,400,000 | 82.3290 | 20,571,711.21 | 0.45 |  |
| US55354GAL41 | 3.875% | MSCI Inc. 144A v.20(2031) | 0 | 10,000,000 | 20,000,000 | 83.2180 | 17,044,137.22 | 0.38 |  |
| US55354GAQ38 | 3.250% | MSCI Inc. 144A v.21(2033) | 10,000,000 | 4,000,000 | 6,000,000 | 75.4130 | 4,633,671.28 | 0.10 |  |
| US776743AJ55 | 2.000% | Roper Technologies Inc. v.20(2030) | 6,700,000 | 0 | 16,700,000 | 76.4780 | 13,079,186.89 | 0.29 |  |
| US776743AL02 | 1.750% | Roper Technologies Inc. v.20(2031) | 7,500,000 | 15,000,000 | 20,000,000 | 73.8850 | 15,132,616.49 | 0.33 |  |
| US437076CS90 | 4.500% | The Home Depot Inc. v.22(2032) | 15,000,000 | 0 | 15,000,000 | 95.3150 | 14,641,321.04 | 0.32 |  |
| US872898AC52 | 2.500% | TSMC Arizona Corporation v.21(2031) | 25,000,000 | 5,000,000 | 20,000,000 | 80.0650 | 16,398,361.50 | 0.36 |  |
| US872898AH40 | 4.250% | TSMC Arizona Corporation v.22(2032) | 10,000,000 | 0 | 10,000,000 | 93.0080 | 9,524,628.78 | 0.21 |  |
| USG91139AH14 | 2.250% | TSMC Global Ltd. Reg.S. v.21(2031) | 20,000,000 | 15,000,000 | 5,000,000 | 79.2270 | 4,056,682.03 | 0.09 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES
| 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) |
| US90353TAE01 | 7.500% | UberTechnologiesInc.144Av.19(2027) | 25,000,000 | 12,000,000 | 13,000,000 | 98.0580 | 13,054,316.44 | 0.29 |  |
| US90353TAK60 | 4.500% | UberTechnologiesInc.144Av.21(2029) | 15,000,000 | 0 | 15,000,000 | 83.1000 | 12,764,976.96 | 0.28 |  |
|  |  |  |  |  |  |  | 273,863,207.37 | 6.04 |  |
| Securities admitted to trading or included in organised markets	1,254,700,645.7027.70 Unlisted securities |
| CAD |  |  |  |  |  |  |  |  |  |
| CA07813ZCA09 | 3.800% | Bell Canada v.18(2028) | 20,000,000 | 0 | 20,000,000 | 93.2060 | 13,920,693.00 | 0.31 |  |
| CA07813ZCE21 | 2.500% | Bell Canada v.20(2030) | 0 | 0 | 20,000,000 | 83.1260 | 12,415,204.24 | 0.27 |  |
| CA07813ZCG78 | 3.000% | Bell Canada v.21(2031) | 0 | 0 | 10,000,000 | 84.5765 | 6,315,921.14 | 0.14 |  |
| CA87971MBV42 | 2.850% | TELUS Corporation Reg.S. v.21(2031) | 10,000,000 | 16,700,000 | 20,000,000 | 82.1172 | 12,264,535.88 | 0.27 |  |
| CA87971MBJ14 | 3.300% | TELUS Corporation v.19(2029) | 20,000,000 | 10,000,000 | 20,000,000 | 89.5540 | 13,375,252.03 | 0.30 |  |
|  |  |  |  |  |  |  | 58,291,606.29 | 1.29 |  |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A3H3JU7 | 0.875% | LEG Immobilien SE EMTN Reg.S. v.21 (2033) | 0 | 0 | 30,000,000 | 63.0400 | 18,912,000.00 | 0.42 |  |
|  |  |  |  |  |  |  | 18,912,000.00 | 0.42 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US30251GBC06 | 4.375% | FMG Resources [August 2006] Pty Ltd. 144A v.21(2031) | 5,000,000 | 5,000,000 | 29,650,000 | 77.2500 | 23,455,837.17 | 0.52 |  |
| US30251GBD88 | 5.875% | FMG Resources [August 2006] Pty Ltd. 144A v.22(2030) | 15,000,000 | 0 | 15,000,000 | 86.9080 | 13,349,923.20 | 0.29 |  |
|  |  |  |  |  |  |  | 36,805,760.37 | 0.81 |  |
| Unlisted securities | 114,009,366.66 | 2.52 |  |
| Bonds | 4,300,027,330.26 | 94.97 |  |
| Convertible bonds |  |  |  |
| Securities admitted to trading or included in organised markets |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A289T23 | 0.400% | LEG Immobilien SE/LEG Immobilien SE Reg.S. CV v.20(2028) | 9,000,000 | 4,000,000 | 5,000,000 | 73.8010 | 3,690,050.00 | 0.08 |  |
| XS2305842903 | 0.000% | Nexi S.p.A./Nexi S.p.A. Reg.S. CV v.21 (2028) | 17,000,000 | 12,000,000 | 5,000,000 | 69.3800 | 3,469,000.00 | 0.08 |  |
|  |  |  |  |  |  |  | 7,159,050.00 | 0.16 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US83304AAF30 | 0.000% | Snap Inc./Snap Inc. CV v.21(2027) | 9,900,000 | 0 | 9,900,000 | 69.1950 | 7,015,161.29 | 0.15 |  |
| US83304AAG13 | 0.125% | Snap Inc./Snap Inc. CV v.22(2028) | 10,000,000 | 0 | 10,000,000 | 67.7510 | 6,938,146.44 | 0.15 |  |
|  |  |  |  |  |  |  | 13,953,307.73 | 0.30 |  |
| Securities admitted to trading or included in organised markets |  |  |  | 21,112,357.73 | 0.46 |  |
| Convertible bonds |  |  |  | 21,112,357.73 | 0.46 |  |
| Securities holdings |  |  |  | 4,321,139,687.99 | 95.43 |  |
| Futures contracts |  |  |  |  |  |  |
| Long positions |  |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | 2,725 | 0 | 2,725 | -10,633,560.54 | -0.23 |  |
| CBT 10YR US Ultra Bond Future December 2022 | 150 | 0 | 150 | 79,205.07 | 0.00 |  |
| CBT 5YR US T-Bond Future December 2022 | 4,470 | 0 | 4,470 | -12,718,050.28 | -0.28 |  |
|  |  |  |  | -23,272,405.75 | -0.51 |  |
| Long positions |  |  |  | -23,272,405.75 | -0.51 |  |

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

#### 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)
| Short positions |  |
| --- | --- |
| EUR |  |  |  |  |  |
| EUX 10YR Euro-Bund Future December 2022 | 0 | 4,150 | -4,150 | 30,902,874.00 | 0.68 |
| EUX 30YR Euro-Buxl Future December 2022 | 350 | 1,500 | -1,150 | 15,831,130.00 | 0.35 |
| EUX 5YR Euro-Bobl Future December 2022 | 0 | 4,400 | -4,400 | 15,689,014.00 | 0.35 |
|  |  |  |  | 62,423,018.00 | 1.38 |
| Short positions |  |  |  | 62,423,018.00 | 1.38 |
| Futures contracts |  |  |  | 39,150,612.25 | 0.87 |
| Bank balances - current account 2) |  |  |  | 291,744,957.96 | 6.44 |
| Balance of other receivables and payables |  |  |  | -121,703,444.56 | -2.74 |
| Net sub-fund assets in EUR |  |  |  | 4,530,331,813.64 | 100.00 |


#### Forward exchange transactions
As at 30 September 2022, the following forward exchange transactions were outstanding:
Market value
% share
of
| Currency | Counterparty |  | Currency amount | EUR	NSFA |
| --- | --- | --- | --- | --- |
| CAD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 21,500,000.00 | 15,921,515.07 | 0.35 |
| CAD/EUR | J.P. Morgan SE | Currency purchases | 35,000,000.00 | 26,124,725.41 | 0.58 |
| CHF/EUR | DZ PRIVATBANK S.A. | Currency purchases | 639,500,000.00 | 668,372,595.96 | 14.75 |
| GBP/EUR | DZ PRIVATBANK S.A. | Currency purchases | 4,700,000.00 | 5,284,574.33 | 0.12 |
| JPY/EUR | J.P. Morgan SE | Currency purchases | 1,500,000,000.00 | 10,630,753.20 | 0.23 |
| USD/EUR | DZ PRIVATBANK S.A. | Currency purchases | 362,300,000.00 | 369,865,036.41 | 8.16 |
| USD/EUR | J.P. Morgan SE | Currency purchases | 15,000,000.00 | 15,280,379.69 | 0.34 |
| EUR/AUD | DZ PRIVATBANK S.A. | Currency sales | 210,000,000.00 | 139,116,886.01 | 3.07 |
| EUR/AUD | J.P. Morgan SE | Currency sales | 100,000,000.00 | 66,129,917.05 | 1.46 |
| EUR/CAD | DZ PRIVATBANK S.A. | Currency sales | 255,000,000.00 | 189,042,554.10 | 4.17 |
| EUR/CHF | DZ PRIVATBANK S.A. | Currency sales | 620,000.00 | 647,527.02 | 0.01 |
| EUR/JPY | J.P. Morgan SE | Currency sales | 1,500,000,000.00 | 10,630,753.20 | 0.23 |
| EUR/USD | DZ PRIVATBANK S.A. | Currency sales | 465,000,000.00 | 474,543,077.30 | 10.47 |
| EUR/USD | J.P. Morgan SE | Currency sales | 500,000,000.00 | 509,345,989.56 | 11.24 |
| EUR/USD | J.P. Morgan SE | Currency sales | 185,000,000.00 | 188,458,016.13 | 4.16 |

1)
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 – BOND OPPORTUNITIES

#### Futures contracts
Commitments
% share
of
|  | Quantity | EUR	NSFA |
| --- | --- | --- |
| Long positions |  |  |  |
| USD |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | 2,725 | 313,809,283.79 | 6.93 |
| CBT 10YR US Ultra Bond Future December 2022 | 150 | 18,277,169.74 | 0.40 |
| CBT 5YR US T-Bond Future December 2022 | 4,470 | 493,340,776.10 | 10.89 |
|  |  | 825,427,229.63 | 18.22 |
| Long positions |  | 825,427,229.63 | 18.22 |
| Short positions |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-Bund Future December 2022 | -4,150 | -570,625,000.00 | -12.60 |
| EUX 30YR Euro-Buxl Future December 2022 | -1,150 | -167,348,000.00 | -3.69 |
| EUX 5YR Euro-Bobl Future December 2022 | -4,400 | -524,304,000.00 | -11.57 |
|  |  | -1,262,277,000.00 | -27.86 |
| Short positions |  | -1,262,277,000.00 | -27.86 |
| Futures contracts |  | -436,849,770.37 | -9.64 |

1)

#### 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.
| Australian dollar | AUD | 1 | 1.5076 |
| --- | --- | --- | --- |
| British pound | GBP | 1 | 0.8848 |
| Japanese yen | JPY | 1 | 141.1824 |
| Canadian dollar | CAD | 1 | 1.3391 |
| Mexican peso | MXN | 1 | 19.7344 |
| New Zealand dollar | NZD | 1 | 1.7171 |
| Norwegian krone | NOK | 1 | 10.4984 |
| Polish zloty | PLN | 1 | 4.8580 |
| Swedish krona | SEK | 1 | 10.9534 |
| 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.

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – BOND OPPORTUNITIES
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 CHF-IT | Anteilklasse IT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A0RCKM | A0RCKL | A14UL7 | A2AQKH |
| ISIN-Code: | LU0399027886 | LU0399027613 | LU1245471724 | LU1481584016 |
| Ausgabeaufschlag: | bis zu 3,00 % | bis zu 3,00 % | bis zu 3,00 % | bis zu 3,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,43 % p.a. | 0,93 % p.a. | 0,43 % p.a. | 0,43 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | 1.000.000,00 CHF | 1.000.000,00 EUR |
| Ertragsverwendung: | ausschüttend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | CHF | EUR |
|  | Anteilklasse RT | Anteilklasse H | Anteilklasse HT | Anteilklasse GBP-IT |
| WP-Kenn-Nr.: | A2AQKG | A2JA9E | A2JA9F | A2PPDQ |
| ISIN-Code: | LU1481583711 | LU1748855753 | LU1748855837 | LU2035371660 |
| Ausgabeaufschlag: | bis zu 3,00 % | keiner | keiner | bis zu 3,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,93 % p.a. | 0,63 % p.a. | 0,63 % p.a. | 0,43 % p.a. |
| Mindesterstanlage: | keine | keine | keine | 1.000.000,00 GBP |
| Ertragsverwendung: | thesaurierend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | EUR | GBP |
|  | Anteilklasse USD-IT | Anteilklasse USD-RT | Anteilklasse CHF-RT | Anteilklasse X |
| WP-Kenn-Nr.: | A2PPDR | A2P8KN | A2P8JS | A2QA0X |
| ISIN-Code: | LU2035372049 | LU2206381894 | LU2206381621 | LU2212481985 |
| Ausgabeaufschlag: | bis zu 3,00 % | bis zu 3,00 % | bis zu 3,00 % | keiner |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,43 % p.a. | 0,93 % p.a. | 0,93 % p.a. | keine 1) |
| Mindesterstanlage: | 1.000.000,00 USD | keine | keine | 50.000.000,00 EUR |
| Ertragsverwendung: | thesaurierend | thesaurierend | thesaurierend | ausschüttend |
| Währung: | USD | USD | CHF | EUR |

1) Die Verwaltungsvergütung wird mittels eines schriftlichen Vertrages mit jedem Anleger separat festgelegt und dem Anleger durch die Verwaltungsgesellschaft in Rechnung gestellt.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES
| Anteilklasse XT | Anteilklasse CHF-H | Anteilklasse Q | Anteilklasse QT 1) |
| --- | --- | --- | --- |
| WP-Kenn-Nr.:	A2QAFH | A2QQ1C | A2QQ1D | A3CV8E |
| ISIN-Code:	LU2212482017 | LU2312730182 | LU2312730265 | LU2369862177 |
| Ausgabeaufschlag:	keiner | keiner | bis zu 3,00 % | bis zu 3,00 % |
| Rücknahmeabschlag:	keiner | keiner | keiner | keiner |
| Verwaltungsvergütung:	keine 2) | 0,63 % p.a. | 0,43 % p.a. | 0,43 % p.a. |
| Mindesterstanlage:	50.000.000,00 EUR | keine | 25.000.000,00 EUR | 25.000.000,00 EUR |
| Ertragsverwendung:	thesaurierend | ausschüttend | ausschüttend | thesaurierend |
| Währung:	EUR | CHF | EUR | EUR |
| Geografische Länderaufteilung 3) |  |  |  |
| Deutschland |  |  | 35,18 % |
| Vereinigte Staaten von Amerika |  |  | 29,30 % |
| Niederlande |  |  | 13,22 % |
| Australien |  |  | 5,61 % |
| Schweden |  |  | 2,27 % |
| Kanada |  |  | 2,04 % |
| Spanien |  |  | 1,66 % |
| Vereinigtes Königreich |  |  | 1,38 % |
| Frankreich |  |  | 1,07 % |
| Italien |  |  | 0,67 % |
| Europäische Gemeinschaft |  |  | 0,63 % |
| Belgien |  |  | 0,57 % |
| Finnland |  |  | 0,44 % |
| Jungferninseln (GB) |  |  | 0,43 % |
| Dänemark |  |  | 0,32 % |
| Luxemburg |  |  | 0,26 % |
| Norwegen |  |  | 0,19 % |
| Polen |  |  | 0,19 % |
| Wertpapiervermögen |  |  | 95,43 % |
| Terminkontrakte |  |  | 0,87 % |
| Bankguthaben 4) |  |  | 6,44 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  | -2,74 % |
|  |  |  | 100,00 % |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
2) Die Verwaltungsvergütung wird mittels eines schriftlichen Vertrages mit jedem Anleger separat festgelegt und dem Anleger durch die Verwaltungsgesellschaft in Rechnung gestellt.
3) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
4) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Branchenaufteilung 1) |
| Geschäfts- und öffentliche Dienstleistungen 2) | 27,67 % |
| Banken | 22,53 % |
| Immobilien | 7,02 % |
| Groß- und Einzelhandel | 5,56 % |
| Diversifizierte Finanzdienste | 5,18 % |
| Automobile & Komponenten | 3,85 % |
| Telekommunikationsdienste | 3,35 % |
| Gesundheitswesen: Ausstattung & Dienste | 2,71 % |
| Investitionsgüter | 2,60 % |
| Lebensmittel, Getränke & Tabak | 2,32 % |
| Versorgungsbetriebe | 2,29 % |
| Versicherungen | 2,06 % |
| Roh-, Hilfs- & Betriebsstoffe | 1,87 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 1,83 % |
| Hardware & Ausrüstung | 1,72 % |
| Transportwesen | 1,62 % |
| Software & Dienste | 0,62 % |
| Energie | 0,29 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 0,25 % |
| Media & Entertainment | 0,09 % |
| Wertpapiervermögen | 95,43 % |
| Terminkontrakte | 0,87 % |
| Bankguthaben 3) | 6,44 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -2,74 % |
|  | 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 | 1.083,52 | 7.406.263 | 458.796,06 | 146,30 |
| 30.09.2021 | 1.202,65 | 8.170.701 | 117.244,95 | 147,19 |
| 30.09.2022 | 875,99 | 6.805.730 | -188.326,57 | 128,71 |

| Anteilklasse R |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 962,49 | 6.731.064 | 434.215,57 | 142,99 |
| 30.09.2021 | 1.604,73 | 11.212.702 | 645.637,74 | 143,12 |
| 30.09.2022 | 1.194,08 | 9.590.702 | -215.316,20 | 124,50 |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Inkl. Staatsanleihen.
3) Siehe Erläuterungen zum Jahresbericht.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse CHF-IT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 30.09.2020 | 349,85 | 2.765.767 | 215.431,05 | 126,49 1) | 136,74 |
| 30.09.2021 | 665,02 | 5.215.641 | 308.815,86 | 127,51 2) | 138,20 |
| 30.09.2022 | 621,53 | 4.909.455 | -39.848,05 | 126,60 3) | 121,26 |
| Anteilklasse IT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 1.170,35 | 9.590.995 | 763.524,03 |  | 122,03 |
| 30.09.2021 | 1.033,40 | 8.349.933 | -145.785,33 |  | 123,76 |
| 30.09.2022 | 812,45 | 7.460.885 | -112.839,93 |  | 108,90 |
| Anteilklasse RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 401,61 | 3.356.254 | 321.095,13 |  | 119,66 |
| 30.09.2021 | 410,97 | 3.403.307 | 8.443,78 |  | 120,76 |
| 30.09.2022 | 266,68 | 2.522.432 | -103.923,45 |  | 105,72 |
| Anteilklasse H |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 96,43 | 838.014 | 56.037,21 |  | 115,07 |
| 30.09.2021 | 176,05 | 1.523.156 | 79.781,28 |  | 115,58 |
| 30.09.2022 | 98,82 | 979.521 | -57.938,83 |  | 100,88 |
| Anteilklasse HT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 73,15 | 625.887 | 49.700,39 |  | 116,87 |
| 30.09.2021 | 86,11 | 727.951 | 12.545,52 |  | 118,30 |
| 30.09.2022 | 64,70 | 622.809 | -12.340,93 |  | 103,88 |

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 – BOND OPPORTUNITIES

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse GBP-IT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | GBP |
| 30.09.2020 | 3,84 | 33.163 | 3.842,33 | 115,94 1) | 105,89 |
| 30.09.2021 | 7,72 | 61.813 | 3.473,51 | 124,95 2) | 108,08 |
| 30.09.2022 | 5,18 | 47.728 | -1.737,86 | 108,57 3) | 96,06 |
| Anteilklasse USD-IT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | USD |
| 30.09.2020 | 95,13 | 1.022.430 | 89.870,45 | 93,04 4) | 109,14 |
| 30.09.2021 | 71,07 | 739.403 | -25.981,88 | 96,12 5) | 111,63 |
| 30.09.2022 | 57,20 | 559.668 | -17.665,47 | 102,21 6) | 99,81 |
| Anteilklasse USD-RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | USD |
| 30.09.2020 | 4,17 | 47.750 | 4.166,22 | 87,24 4) | 102,33 |
| 30.09.2021 | 10,32 | 114.930 | 5.854,22 | 89,79 5) | 104,28 |
| 30.09.2022 | 9,24 | 97.581 | -1.524,61 | 94,67 6) | 92,45 |
| Anteilklasse CHF-RT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 30.09.2020 | 2,81 | 30.384 | 2.835,28 | 92,61 7) | 100,11 |
| 30.09.2021 | 13,60 | 146.351 | 10.848,87 | 92,94 8) | 100,73 |
| 30.09.2022 | 11,44 | 124.435 | -1.994,67 | 91,92 9) | 88,04 |
| Anteilklasse X |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 227,55 | 2.276.680 | 228.553,24 |  | 99,95 |
| 30.09.2021 | 265,43 | 2.606.260 | 33.164,43 |  | 101,84 |
| 30.09.2022 | 309,81 | 3.465.126 | 83.899,92 |  | 89,41 |

1) umgerechnet Devisenkurse in Euro per 30. September 2020 1 EUR = 0,9133 GBP
2) umgerechnet Devisenkurse in Euro per 30. September 2021 1 EUR = 0,8650 GBP
3) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,8848 GBP
4) umgerechnet Devisenkurse in Euro per 30. September 2020 1 EUR = 1,1730 USD
5) umgerechnet Devisenkurse in Euro per 30. September 2021 1 EUR = 1,1614 USD
6) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9765 USD
7) umgerechnet Devisenkurse in Euro per 30. September 2020 1 EUR = 1,0810 CHF
8) umgerechnet Devisenkurse in Euro per 30. September 2021 1 EUR = 1,0838 CHF
9) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse XT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| --- | --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 30.09.2020 | 37,28 | 373.024 | 37.453,38 |  | 99,95 |
| 30.09.2021 | 34,73 | 341.008 | -3.216,53 |  | 101,85 |
| 30.09.2022 | 32,05 | 356.001 | 1.550,99 |  | 90,04 |
| Entwicklung seit | Auflegung |  |  |  |  |
| Anteilklasse CHF-H |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR | CHF |
| 15.03.2021 | Auflegung | - | - | 90,19 1) | 100,00 |
| 30.09.2021 | 15,91 | 170.462 | 15.413,38 | 93,32 2) | 101,14 |
| 30.09.2022 | 16,71 | 180.826 | 965,99 | 92,41 3) | 88,51 |
| Anteilklasse Q |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 15.03.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2021 | 113,26 | 1.112.063 | 111.428,31 |  | 101,85 |
| 30.09.2022 | 100,70 | 1.131.088 | 1.811,56 |  | 89,03 |
| Anteilklasse QT |  |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen |  | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR |  | EUR |
| 01.10.2021 | Auflegung | - | - |  | 100,00 |
| 30.09.2022 | 53,76 | 610.514 | 61.354,39 |  | 88,05 |

1) umgerechnet Devisenkurse in Euro per 15. März 2021 1 EUR = 1,1088 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 – BOND OPPORTUNITIES

#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	4.321.139.687,99
(Wertpapiereinstandskosten: EUR 4.848.575.776,48)
Bankguthaben 1)	291.744.957,96
Nicht realisierte Gewinne aus Terminkontrakten	39.150.612,25
Zinsforderungen	29.262.652,63
Forderungen aus Absatz von Anteilen	3.574.833,83
Forderungen aus Wertpapiergeschäften	7.314.386,31
4.692.187.130,97
Verbindlichkeiten aus Rücknahmen von Anteilen	-4.840.460,77
Nicht realisierte Verluste aus Devisentermingeschäften	-138.644.792,12
Verbindlichkeiten aus Wertpapiergeschäften	-15.566.543,02
Sonstige Passiva 2)	-2.803.521,42
-161.855.317,33
Netto-Teilfondsvermögen	4.530.331.813,64

#### Zurechnung auf die Anteilklassen
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	875.991.676,99 EUR
Umlaufende Anteile	6.805.729,802
Anteilwert	128,71 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	1.194.077.227,91 EUR
Umlaufende Anteile	9.590.701,930
Anteilwert	124,50 EUR
Anteilklasse CHF-IT
Anteiliges Netto-Teilfondsvermögen	621.527.387,36 EUR
Umlaufende Anteile	4.909.454,606
Anteilwert	126,60 EUR 3)
Anteilwert	121,26 CHF
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	812.454.225,90 EUR
Umlaufende Anteile	7.460.885,106
Anteilwert	108,90 EUR
Anteilklasse RT
Anteiliges Netto-Teilfondsvermögen	266.675.173,25 EUR
Umlaufende Anteile	2.522.432,283
Anteilwert	105,72 EUR
Anteilklasse H
Anteiliges Netto-Teilfondsvermögen	98.815.482,11 EUR
Umlaufende Anteile	979.520,578
Anteilwert	100,88 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
3) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Zurechnung auf die Anteilklassen  (Fortsetzung) |
| Anteilklasse HT |  |
| Anteiliges Netto-Teilfondsvermögen | 64.696.182,17 EUR |
| Umlaufende Anteile | 622.808,534 |
| Anteilwert | 103,88 EUR |
| Anteilklasse GBP-IT |  |
| Anteiliges Netto-Teilfondsvermögen | 5.181.713,79 EUR |
| Umlaufende Anteile | 47.727,663 |
| Anteilwert | 108,57 EUR 1) |
| Anteilwert | 96,06 GBP |
| Anteilklasse USD-IT |  |
| Anteiliges Netto-Teilfondsvermögen | 57.204.653,87 EUR |
| Umlaufende Anteile | 559.668,167 |
| Anteilwert | 102,21 EUR 2) |
| Anteilwert | 99,81 USD |
| Anteilklasse USD-RT |  |
| Anteiliges Netto-Teilfondsvermögen | 9.237.767,08 EUR |
| Umlaufende Anteile | 97.580,541 |
| Anteilwert | 94,67 EUR 2) |
| Anteilwert | 92,45 USD |
| Anteilklasse CHF-RT |  |
| Anteiliges Netto-Teilfondsvermögen | 11.438.596,51 EUR |
| Umlaufende Anteile | 124.435,478 |
| Anteilwert | 91,92 EUR 3) |
| Anteilwert | 88,04 CHF |
| Anteilklasse X |  |
| Anteiliges Netto-Teilfondsvermögen | 309.811.558,62 EUR |
| Umlaufende Anteile | 3.465.126,429 |
| Anteilwert | 89,41 EUR |
| Anteilklasse XT |  |
| Anteiliges Netto-Teilfondsvermögen | 32.053.210,11 EUR |
| Umlaufende Anteile | 356.000,535 |
| Anteilwert | 90,04 EUR |
| Anteilklasse CHF-H |  |
| Anteiliges Netto-Teilfondsvermögen | 16.710.283,72 EUR |
| Umlaufende Anteile | 180.826,205 |
| Anteilwert | 92,41 EUR 3) |
| Anteilwert | 88,51 CHF |
| Anteilklasse Q |  |
| Anteiliges Netto-Teilfondsvermögen | 100.700.449,12 EUR |
| Umlaufende Anteile | 1.131.088,000 |
| Anteilwert | 89,03 EUR |

1) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,8848 GBP
2) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9765 USD
3) umgerechnet Devisenkurse in Euro per 30. September 2022 1 EUR = 0,9578 CHF
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Zurechnung auf die Anteilklassen  (Fortsetzung) |
| Anteilklasse QT |  |  |  |
| Anteiliges Netto-Teilfondsvermögen |  |  | 53.756.225,13 EUR |
| Umlaufende Anteile |  |  | 610.514,288 |
| Anteilwert |  |  | 88,05 EUR |
| Veränderung des Netto-Teilfondsvermögens |  |  |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |  |  |  |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse CHF-IT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	5.710.991.414,60 | 1.202.653.714,57 | 1.604.730.417,83 | 665.021.910,79 |
| Ordentlicher Nettoertrag	41.399.026,62 | 9.378.481,16 | 6.357.136,05 | 6.230.955,73 |
| Ertrags- und Aufwandsausgleich	1.377.697,83 | 901.727,00 | 516.700,42 | 313.066,64 |
| Mittelzuflüsse aus Anteilverkäufen	1.171.230.471,63 | 165.440.085,71 | 164.812.980,82 | 128.005.036,25 |
| Mittelabflüsse aus Anteilrücknahmen	-1.775.104.208,01 | -353.766.657,91 | -380.129.183,72 | -167.853.085,60 |
| Realisierte Gewinne	679.986.132,24 | 116.767.841,40 | 157.567.160,38 | 158.750.511,87 |
| Realisierte Verluste	-718.973.150,41 | -141.881.578,30 | -191.782.606,21 | -106.105.370,88 |
| Nettoveränderung nicht realisierter Gewinne	21.401.716,94 | 2.245.396,25 | 3.812.926,37 | 11.022.122,20 |
| Nettoveränderung nicht realisierter Verluste	-581.112.909,98 | -118.605.969,01 | -161.712.038,51 | -73.857.759,64 |
| Ausschüttung	-20.864.377,82 | -7.141.363,88 | -10.096.265,52 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	4.530.331.813,64 | 875.991.676,99 | 1.194.077.227,91 | 621.527.387,36 |
|  |  |  |  |
| Anteilklasse IT | Anteilklasse RT | Anteilklasse H | Anteilklasse HT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	1.033.402.715,43 | 410.967.879,75 | 176.053.873,92 | 86.113.709,48 |
| Ordentlicher Nettoertrag	8.680.926,59 | 1.421.565,34 | 847.822,05 | 552.551,24 |
| Ertrags- und Aufwandsausgleich	-258.732,47 | 93.023,18 | 267.663,71 | 8.601,83 |
| Mittelzuflüsse aus Anteilverkäufen	350.013.579,56 | 82.426.658,06 | 29.859.573,05 | 28.646.541,63 |
| Mittelabflüsse aus Anteilrücknahmen	-462.853.508,51 | -186.350.110,55 | -87.798.401,12 | -40.987.476,45 |
| Realisierte Gewinne	97.989.567,30 | 33.781.143,66 | 15.269.305,43 | 7.769.408,54 |
| Realisierte Verluste	-119.064.680,57 | -41.565.973,23 | -18.609.857,49 | -9.538.683,68 |
| Nettoveränderung nicht realisierter Gewinne	12.263,16 | 841.055,93 | 768.354,17 | 189.399,69 |
| Nettoveränderung nicht realisierter Verluste	-95.467.904,59 | -34.940.068,89 | -16.798.157,97 | -8.057.870,11 |
| Ausschüttung	0,00 | 0,00 | -1.044.693,64 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	812.454.225,90 | 266.675.173,25 | 98.815.482,11 | 64.696.182,17 |

FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Veränderung des Netto-Teilfondsvermögens 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse GBP-IT | Anteilklasse USD-IT | Anteilklasse USD-RT | Anteilklasse CHF-RT |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes | 7.723.367,82 | 71.069.516,67 | 10.319.622,54 | 13.601.863,67 |
| Ordentlicher Nettoertrag | 57.618,51 | 547.825,01 | 44.143,48 | 57.131,49 |
| Ertrags- und Aufwandsausgleich | 6.106,02 | 95.703,18 | 1.129,04 | 6.155,29 |
| Mittelzuflüsse aus Anteilverkäufen | 455.003,61 | 9.223.212,37 | 2.405.748,94 | 1.733.819,72 |
| Mittelabflüsse aus Anteilrücknahmen | -2.192.867,60 | -26.888.683,68 | -3.930.360,58 | -3.728.486,68 |
| Realisierte Gewinne | 1.138.698,09 | 21.344.739,11 | 3.011.526,92 | 3.193.832,70 |
| Realisierte Verluste | -1.213.863,99 | -11.883.478,96 | -1.712.189,62 | -2.162.130,44 |
| Nettoveränderung nicht realisierter Gewinne | -55.416,84 | 1.071.628,00 | 139.266,00 | 182.649,66 |
| Nettoveränderung nicht realisierter Verluste | -736.931,83 | -7.375.807,83 | -1.041.119,64 | -1.446.238,90 |
| Ausschüttung | 0,00 | 0,00 | 0,00 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes | 5.181.713,79 | 57.204.653,87 | 9.237.767,08 | 11.438.596,51 |

|  | Anteilklasse X | Anteilklasse XT | Anteilklasse CHF-H | Anteilklasse Q |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes | 265.430.908,08 | 34.731.567,14 | 15.907.069,45 | 113.263.277,46 |
| Ordentlicher Nettoertrag | 4.869.672,64 | 503.235,72 | 133.847,56 | 1.119.394,76 |
| Ertrags- und Aufwandsausgleich | -591.585,36 | 2.620,22 | -1.543,94 | -8.939,05 |
| Mittelzuflüsse aus Anteilverkäufen | 133.706.240,61 | 2.552.330,41 | 3.894.843,99 | 1.811.560,50 |
| Mittelabflüsse aus Anteilrücknahmen | -49.806.321,03 | -1.001.342,10 | -2.928.851,81 | 0,00 |
| Realisierte Gewinne | 35.688.104,08 | 4.015.447,39 | 4.292.761,93 | 12.507.109,09 |
| Realisierte Verluste | -42.244.972,67 | -4.865.376,23 | -2.820.969,01 | -15.157.643,71 |
| Nettoveränderung nicht realisierter Gewinne | 802.718,15 | 45.233,89 | 122.008,01 | 130.253,44 |
| Nettoveränderung nicht realisierter Verluste | -36.239.595,20 | -3.930.506,33 | -1.888.882,46 | -12.186.119,27 |
| Ausschüttung | -1.803.610,68 | 0,00 | 0,00 | -778.444,10 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes | 309.811.558,62 | 32.053.210,11 | 16.710.283,72 | 100.700.449,12 |

Anteilklasse QT 1)
|  | EUR |
| --- | --- |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes | 0,00 |
| Ordentlicher Nettoertrag | 596.719,29 |
| Ertrags- und Aufwandsausgleich | 26.002,12 |
| Mittelzuflüsse aus Anteilverkäufen | 66.243.256,40 |
| Mittelabflüsse aus Anteilrücknahmen | -4.888.870,67 |
| Realisierte Gewinne | 6.898.974,35 |
| Realisierte Verluste | -8.363.775,42 |
| Nettoveränderung nicht realisierter Gewinne | 71.858,86 |
| Nettoveränderung nicht realisierter Verluste | -6.827.939,80 |
| Ausschüttung | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes | 53.756.225,13 |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Entwicklung der Anzahl der Anteile im Umlauf |
|  | Anteilklasse I Stück | Anteilklasse R Stück | Anteilklasse CHF-IT Stück | Anteilklasse IT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 8.170.701,173 | 11.212.701,586 | 5.215.640,819 | 8.349.932,698 |
| Ausgegebene Anteile | 1.172.138,261 | 1.197.164,213 | 1.006.295,627 | 2.992.587,772 |
| Zurückgenommene Anteile | -2.537.109,632 | -2.819.163,869 | -1.312.481,840 | -3.881.635,364 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 6.805.729,802 | 9.590.701,930 | 4.909.454,606 | 7.460.885,106 |
|  |  |  |  |  |
|  | Anteilklasse RT Stück | Anteilklasse H Stück | Anteilklasse HT Stück | Anteilklasse GBP-IT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 3.403.306,994 | 1.523.155,903 | 727.950,590 | 61.812,504 |
| Ausgegebene Anteile | 728.979,132 | 270.273,318 | 257.408,910 | 3.684,830 |
| Zurückgenommene Anteile | -1.609.853,843 | -813.908,643 | -362.550,966 | -17.769,671 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 2.522.432,283 | 979.520,578 | 622.808,534 | 47.727,663 |
|  |  |  |  |  |
|  | Anteilklasse USD-IT Stück | Anteilklasse USD-RT Stück | Anteilklasse CHF-RT Stück | Anteilklasse X Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 739.402,830 | 114.930,013 | 146.350,994 | 2.606.260,227 |
| Ausgegebene Anteile | 95.425,006 | 26.196,049 | 18.389,672 | 1.385.706,699 |
| Zurückgenommene Anteile | -275.159,669 | -43.545,521 | -40.305,188 | -526.840,497 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 559.668,167 | 97.580,541 | 124.435,478 | 3.465.126,429 |
|  |  |  |  |  |
|  | Anteilklasse XT Stück | Anteilklasse CHF-H Stück | Anteilklasse Q Stück | Anteilklasse QT 1) Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 341.007,602 | 170.461,515 | 1.112.063,000 | 0,000 |
| Ausgegebene Anteile | 25.249,433 | 41.597,516 | 19.025,000 | 662.432,564 |
| Zurückgenommene Anteile | -10.256,500 | -31.232,826 | 0,000 | -51.918,276 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 356.000,535 | 180.826,205 | 1.131.088,000 | 610.514,288 |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| 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 - Bond Opportunities I seit 04.06.2009 | LU0399027886 A0RCKM | EUR | -6,41% | -12,01% | -4,61% | 40,39% | 71,68% |
| Flossbach von Storch - Bond Opportunities R seit 04.06.2009 | LU0399027613 A0RCKL | EUR | -6,64% | -12,45% | -6,03% | 33,36% | 59,89% |
| Flossbach von Storch - Bond Opportunities CHF-IT seit 15.07.2015 | LU1245471724 A14UL7 | CHF | -6,41% | -12,25% | -5,72% | — | 21,26% |
| Flossbach von Storch - Bond Opportunities IT seit 17.10.2016 | LU1481584016 A2AQKH | EUR | -6,41% | -12,01% | -4,61% | — | 8,90% |
| Flossbach von Storch - Bond Opportunities RT seit 17.10.2016 | LU1481583711 A2AQKG | EUR | -6,64% | -12,45% | -6,03% | — | 5,72% |
| Flossbach von Storch - Bond Opportunities H seit 05.02.2018 | LU1748855753 A2JA9E | EUR | -6,50% | -12,19% | -5,18% | — | 3,88% |
| Flossbach von Storch - Bond Opportunities HT seit 05.02.2018 | LU1748855837 A2JA9F | EUR | -6,50% | -12,19% | -5,18% | — | 3,88% |
| Flossbach von Storch - Bond Opportunities GBP-IT seit 01.10.2019 | LU2035371660 A2PPDQ | GBP | -5,76% | -11,12% | — | — | -3,94% |
| Flossbach von Storch - Bond Opportunities USD-IT seit 21.08.2019 | LU2035372049 A2PPDR | USD | -5,37% | -10,59% | -0,23% | — | -0,19% |
| Flossbach von Storch - Bond Opportunities USD-RT seit 22.07.2020 | LU2206381894 A2P8KN | USD | -5,85% | -11,35% | — | — | -7,55% |
| Flossbach von Storch - Bond Opportunities CHF-RT seit 22.07.2020 | LU2206381621 A2P8JS | CHF | -6,54% | -12,59% | — | — | -11,96% |
| Flossbach von Storch - Bond Opportunities - X seit 31.08.2020 | LU2212481985 A2QA0X | EUR | -6,19% | -11,60% | — | — | -9,97% |
| Flossbach von Storch - Bond Opportunities - XT seit 31.08.2020 | LU2212482017 A2QAFH | EUR | -6,19% | -11,60% | — | — | -9,96% |
| Flossbach von Storch - Bond Opportunities CHF-H seit 15.03.2021 | LU2312730182 A2QQ1C | CHF | -6,52% | -12,48% | — | — | -11,49% |
| Flossbach von Storch - Bond Opportunities Q seit 15.03.2021 | LU2312730265 A2QQ1D | EUR | -6,39% | -11,98% | — | — | -10,37% |
| Flossbach von Storch - Bond Opportunities QT seit 01.10.2021 | LU2369862177 A3CV8E | EUR | -6,39% | — | — | — | -11,95% |

1) Auf Basis veröffentlichter Anteilwerte (BVI-Methode), entspricht im Ergebnis der Richtlinie zur “Berechnung und Publikation der Performance von kollektiven Kapitalanlagen“ der Asset Management Association Switzerland vom 16. Mai 2008 (Fassung vom 5. August 2021).
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt.
| FLOSSBACH VON STORCH – BOND OPPORTUNITIES |  |
| --- | --- |
| Ertrags- und Aufwandsrechnung |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse CHF-IT |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Zinsen auf Anleihen	78.437.957,82 | 16.008.266,25 | 21.741.836,53 | 10.183.288,39 |
| Erträge aus Quellensteuerrückerstattung	232.714,51 | 47.278,73 | 63.394,18 | 31.168,67 |
| Bankzinsen	-906.053,65 | -189.917,23 | -257.463,75 | -114.273,91 |
| Ertragsausgleich	-3.832.736,40 | -1.423.083,02 | -1.811.622,50 | -495.570,06 |
| Erträge insgesamt	73.931.882,28 | 14.442.544,73 | 19.736.144,46 | 9.604.613,09 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-676.478,32 | -137.941,25 | -187.243,78 | -88.208,50 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-29.764.396,16 | -4.483.623,58 | -13.175.438,36 | -2.843.193,13 |
| Verwahrstellenvergütung	-864.156,19 | -176.574,74 | -239.900,44 | -112.013,94 |
| Zentralverwaltungsstellenvergütung	-368.801,94 | -75.353,62 | -102.375,55 | -47.811,11 |
| Taxe d'abonnement	-2.268.876,21 | -498.853,48 | -679.054,52 | -327.574,32 |
| Veröffentlichungs- und Prüfungskosten	-37.258,46 | -7.588,69 | -10.305,26 | -4.887,92 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-9.828,18 | -2.008,75 | -2.736,79 | -1.279,83 |
| Register- und Transferstellenvergütung	-149.069,63 | -30.555,76 | -41.468,09 | -19.248,12 |
| Staatliche Gebühren	-15.350,34 | -3.181,87 | -4.339,94 | -1.970,40 |
| Sonstige Aufwendungen 1)	-833.678,80 | -169.737,85 | -231.067,76 | -109.973,51 |
| Aufwandsausgleich	2.455.038,57 | 521.356,02 | 1.294.922,08 | 182.503,42 |
| Aufwendungen insgesamt	-32.532.855,66 | -5.064.063,57 | -13.379.008,41 | -3.373.657,36 |
| Ordentlicher Nettoertrag	41.399.026,62 | 9.378.481,16 | 6.357.136,05 | 6.230.955,73 |
| Transaktionskosten im Geschäftsjahr gesamt 2)	901.042,12 |  |  |  |
| Total Expense Ratio in Prozent 2) | 0,52 | 1,02 | 0,53 |
| Laufende Kosten in Prozent 2) | 0,52 | 1,03 | 0,53 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse IT | Anteilklasse RT | Anteilklasse H | Anteilklasse HT |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |  |
| Zinsen auf Anleihen | 13.080.783,30 | 4.800.134,06 | 2.192.068,50 | 1.097.654,67 |
| Erträge aus Quellensteuerrückerstattung | 38.983,22 | 13.023,04 | 5.820,18 | 3.096,22 |
| Bankzinsen | -143.425,23 | -55.840,41 | -28.174,77 | -12.362,12 |
| Ertragsausgleich | 403.212,91 | -354.883,97 | -538.977,02 | -21.915,15 |
| Erträge insgesamt | 13.379.554,20 | 4.402.432,72 | 1.630.736,89 | 1.066.473,62 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -112.999,07 | -40.523,26 | -18.808,26 | -9.343,46 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -3.649.078,17 | -2.916.512,93 | -905.079,88 | -451.211,38 |
| Verwahrstellenvergütung | -143.792,53 | -53.094,32 | -24.308,25 | -12.127,73 |
| Zentralverwaltungsstellenvergütung | -61.371,09 | -22.653,87 | -10.370,83 | -5.174,58 |
| Taxe d'abonnement | -413.177,58 | -146.485,59 | -66.270,64 | -34.709,99 |
| Veröffentlichungs- und Prüfungskosten | -6.248,30 | -2.253,95 | -1.018,60 | -520,91 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-1.630,23 | -595,45 | -276,50 | -137,14 |
| Register- und Transferstellenvergütung | -24.866,05 | -9.057,63 | -4.177,36 | -2.102,60 |
| Staatliche Gebühren | -2.484,64 | -961,52 | -456,22 | -223,39 |
| Sonstige Aufwendungen 1) | -138.499,51 | -50.589,65 | -23.461,61 | -11.684,52 |
| Aufwandsausgleich | -144.480,44 | 261.860,79 | 271.313,31 | 13.313,32 |
| Aufwendungen insgesamt | -4.698.627,61 | -2.980.867,38 | -782.914,84 | -513.922,38 |
| Ordentlicher Nettoertrag | 8.680.926,59 | 1.421.565,34 | 847.822,05 | 552.551,24 |
| Total Expense Ratio in Prozent 2) | 0,52 | 1,02 | 0,72 | 0,72 |
| Laufende Kosten in Prozent 2) | 0,53 | 1,02 | 0,72 | 0,72 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse GBP-IT | Anteilklasse USD-IT | Anteilklasse USD-RT | Anteilklasse CHF-RT |
| --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Zinsen auf Anleihen	99.229,31 | 1.001.593,46 | 142.614,13 | 199.842,24 |
| Erträge aus Quellensteuerrückerstattung	269,62 | 3.082,68 | 418,88 | 565,91 |
| Bankzinsen	-1.164,98 | -11.790,60 | -1.567,87 | -2.257,79 |
| Ertragsausgleich	-9.717,36 | -150.026,93 | -4.749,97 | -21.139,52 |
| Erträge insgesamt	88.616,59 | 842.858,61 | 136.715,17 | 177.010,84 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-848,06 | -8.714,12 | -1.225,21 | -1.716,99 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-27.866,43 | -279.953,54 | -86.193,18 | -120.973,74 |
| Verwahrstellenvergütung	-1.097,20 | -11.029,31 | -1.570,10 | -2.202,93 |
| Zentralverwaltungsstellenvergütung	-468,13 | -4.706,90 | -670,21 | -940,13 |
| Taxe d'abonnement	-2.985,73 | -31.588,89 | -4.590,82 | -6.327,58 |
| Veröffentlichungs- und Prüfungskosten	-47,00 | -476,78 | -67,61 | -95,08 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-12,61 | -125,39 | -17,92 | -25,32 |
| Register- und Transferstellenvergütung	-190,21 | -1.928,13 | -272,45 | -379,58 |
| Staatliche Gebühren	-20,56 | -194,69 | -27,65 | -40,28 |
| Sonstige Aufwendungen 1)	-1.073,49 | -10.639,60 | -1.557,47 | -2.161,95 |
| Aufwandsausgleich	3.611,34 | 54.323,75 | 3.620,93 | 14.984,23 |
| Aufwendungen insgesamt	-30.998,08 | -295.033,60 | -92.571,69 | -119.879,35 |
| Ordentlicher Nettoertrag	57.618,51 | 547.825,01 | 44.143,48 | 57.131,49 |
| Total Expense Ratio in Prozent 2)	0,52 | 0,52 | 1,02 | 1,02 |
| Laufende Kosten in Prozent 2)	0,52 | 0,52 | 1,03 | 1,03 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse X | Anteilklasse XT | Anteilklasse CHF-H | Anteilklasse Q |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |  |
| Zinsen auf Anleihen | 4.510.665,84 | 533.802,75 | 257.246,34 | 1.660.122,70 |
| Erträge aus Quellensteuerrückerstattung | 15.102,69 | 1.647,20 | 824,20 | 5.196,93 |
| Bankzinsen | -49.540,25 | -6.041,35 | -2.793,77 | -18.743,10 |
| Ertragsausgleich | 620.647,91 | -2.771,23 | 3.233,00 | 13.611,41 |
| Erträge insgesamt | 5.096.876,19 | 526.637,37 | 258.509,77 | 1.660.187,94 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -39.443,20 | -4.650,36 | -2.244,47 | -14.487,46 |
| Verwaltungsvergütung / Fondsmanagementvergütung | 0,00 | 0,00 | -104.902,95 | -463.002,36 |
| Verwahrstellenvergütung | -49.278,68 | -5.867,99 | -2.822,01 | -18.244,56 |
| Zentralverwaltungsstellenvergütung | -21.043,02 | -2.504,83 | -1.204,68 | -7.787,05 |
| Taxe d'abonnement | -29.207,72 | -3.399,14 | -8.335,72 | -10.521,71 |
| Veröffentlichungs- und Prüfungskosten | -2.129,93 | -256,26 | -123,72 | -794,09 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -555,57 | -67,55 | -32,52 | -209,40 |
| Register- und Transferstellenvergütung | -8.362,17 | -1.021,74 | -488,88 | -3.170,93 |
| Staatliche Gebühren | -797,61 | -104,45 | -48,12 | -317,23 |
| Sonstige Aufwendungen 1) | -47.323,10 | -5.680,34 | -2.770,08 | -17.586,03 |
| Aufwandsausgleich | -29.062,55 | 151,01 | -1.689,06 | -4.672,36 |
| Aufwendungen insgesamt | -227.203,55 | -23.401,65 | -124.662,21 | -540.793,18 |
| Ordentlicher Nettoertrag | 4.869.672,64 | 503.235,72 | 133.847,56 | 1.119.394,76 |
| Total Expense Ratio in Prozent 2) | 0,05 | 0,05 | 0,73 | 0,49 |
| Laufende Kosten in Prozent 2) | 0,06 | 0,06 | 0,73 | 0,49 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
Anteilklasse QT 1)
|  | EUR |
| --- | --- |
| Erträge |  |
| Zinsen auf Anleihen | 928.809,35 |
| Erträge aus Quellensteuerrückerstattung | 2.842,16 |
| Bankzinsen | -10.696,52 |
| Ertragsausgleich | -38.984,90 |
| Erträge insgesamt | 881.970,09 |
| Aufwendungen |  |
| Zinsaufwendungen | -8.080,87 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -257.366,53 |
| Verwahrstellenvergütung | -10.231,46 |
| Zentralverwaltungsstellenvergütung | -4.366,34 |
| Taxe d'abonnement | -5.792,78 |
| Veröffentlichungs- und Prüfungskosten | -444,36 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -117,21 |
| Register- und Transferstellenvergütung | -1.779,93 |
| Staatliche Gebühren | -181,77 |
| Sonstige Aufwendungen 2) | -9.872,33 |
| Aufwandsausgleich | 12.982,78 |
| Aufwendungen insgesamt | -285.250,80 |
| Ordentlicher Nettoertrag | 596.719,29 |
| Total Expense Ratio in Prozent 3) | 0,48 |
| Laufende Kosten in Prozent 3) | 0,48 |

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 – BOND OPPORTUNITIES

#### Vermögensaufstellung zum 30. September 2022
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Anleihen |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |
| AUD |  |  |  |  |  |  |  |  |  |
| AU3TB0000135 | 4,750% | Australien Reg.S. v.11(2027) | 75.000.000 | 0 | 90.000.000 | 104,2760 | 62.250.198,99 | 1,37 |  |
| AU000XCLWAR9 | 2,250% | Australien Reg.S. v.15(2028) | 50.000.000 | 0 | 75.000.000 | 92,5440 | 46.038.737,07 | 1,02 |  |
| AU000XCLWAX7 | 2,750% | Australien Reg.S. v.17(2029) | 0 | 0 | 45.000.000 | 93,3330 | 27.858.749,01 | 0,61 |  |
|  |  |  |  |  |  |  | 136.147.685,07 | 3,00 |  |
| CAD |  |  |  |  |  |  |  |  |  |
| CA135087E679 | 1,500% | Kanada v.15(2026) | 45.000.000 | 145.000.000 | 25.000.000 | 93,2580 | 17.410.574,27 | 0,38 |  |
| CA135087F825 | 1,000% | Kanada v.16(2027) | 25.000.000 | 75.000.000 | 25.000.000 | 90,0860 | 16.818.385,48 | 0,37 |  |
|  |  |  |  |  |  |  | 34.228.959,75 | 0,75 |  |
| EUR |  |  |  |  |  |  |  |  |  |
| FR0013426368 | 1,125% | AéroportsdeParisS.A.Reg.S.v.19(2034) | 10.000.000 | 0 | 10.000.000 | 69,4620 | 6.946.200,00 | 0,15 |  |
| XS0866310088 | 3,550% | AT & T Inc. v.12(2032) | 20.000.000 | 10.000.000 | 10.000.000 | 93,3700 | 9.337.000,00 | 0,21 |  |
| XS1076018305 | 3,375% | AT & T Inc. v.14(2034) | 5.000.000 | 0 | 5.000.000 | 89,6590 | 4.482.950,00 | 0,10 |  |
| XS1196380031 | 2,450% | AT & T Inc. v.15(2035) | 20.000.000 | 10.000.000 | 10.000.000 | 79,4080 | 7.940.800,00 | 0,18 |  |
| XS1629866432 | 3,150% | AT & T Inc. v.17(2036) | 27.500.000 | 13.750.000 | 13.750.000 | 84,8070 | 11.660.962,50 | 0,26 |  |
| XS2288925568 | 1,000% | Balder Finland Oyj EMTN Reg.S. v.21 (2029) | 0 | 0 | 11.500.000 | 69,5000 | 7.992.500,00 | 0,18 |  |
| XS2432565005 | 1,000% | Balder Finland Oyj EMTN Reg.S. v.22 (2027) | 15.000.000 | 0 | 15.000.000 | 77,3680 | 11.605.200,00 | 0,26 |  |
| XS1602547264 | 1,776% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.17(2027) | 0 | 25.000.000 | 10.000.000 | 92,2740 | 9.227.400,00 | 0,20 |  |
| XS1811435251 | 1,662% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.18(2028) | 25.000.000 | 30.000.000 | 15.000.000 | 89,3530 | 13.402.950,00 | 0,30 |  |
| XS2038039074 | 0,580% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.19(2029) | 15.000.000 | 0 | 15.000.000 | 80,1050 | 12.015.750,00 | 0,27 |  |
| XS1991265395 | 1,381% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.19(2030) | 25.000.000 | 0 | 25.000.000 | 82,1330 | 20.533.250,00 | 0,45 |  |
| XS2462323853 | 2,824% | BankofAmericaCorporationEMTNReg. S. Fix-to-Float v.22(2033) | 18.000.000 | 8.000.000 | 10.000.000 | 85,5590 | 8.555.900,00 | 0,19 |  |
| DE000BLB6JM4 | 0,200% | Bayer. Landesbank EMTN Reg.S. Pfe. v.22 (2030) | 10.000.000 | 0 | 10.000.000 | 80,6140 | 8.061.400,00 | 0,18 |  |
| XS1200679667 | 1,625% | Berkshire Hathaway Inc. v.15(2035) | 30.000.000 | 7.300.000 | 40.000.000 | 74,6780 | 29.871.200,00 | 0,66 |  |
| XS1380334224 | 2,150% | Berkshire Hathaway Inc. v.16(2028) | 21.900.000 | 15.000.000 | 6.900.000 | 92,5110 | 6.383.259,00 | 0,14 |  |
| XS1979490239 | 1,500% | Blackstone Holdings Finance Co. LLC Reg.S. v.19(2029) | 15.000.000 | 0 | 15.000.000 | 84,3710 | 12.655.650,00 | 0,28 |  |
| XS2485132760 | 3,500% | Blackstone Holdings Finance Co. LLC Reg.S. v.22(2034) | 17.250.000 | 0 | 17.250.000 | 86,3950 | 14.903.137,50 | 0,33 |  |
| XS1897486632 | 1,500% | BNG Bank NV EMTN Reg.S. v.18(2039) | 30.000.000 | 0 | 30.000.000 | 78,2410 | 23.472.300,00 | 0,52 |  |
| XS2240278692 | 0,010% | BNG Bank NV EMTN Reg.S. v.20(2032) | 0 | 32.500.000 | 22.500.000 | 73,4460 | 16.525.350,00 | 0,36 |  |
| XS2463550702 | 1,250% | BNG Bank NV EMTN Reg.S. v.22(2037) | 35.000.000 | 15.000.000 | 20.000.000 | 76,9080 | 15.381.600,00 | 0,34 |  |
| XS2500674887 | 1,875% | BNG Bank NV EMTN Sustainability Bond v.22(2032) | 25.000.000 | 0 | 25.000.000 | 89,4140 | 22.353.500,00 | 0,49 |  |
| XS2102284622 | 0,100% | BNG Bank NV Reg.S. v.20(2030) | 10.000.000 | 0 | 10.000.000 | 80,8490 | 8.084.900,00 | 0,18 |  |
| XS2199719233 | 0,125% | BNG Bank NV Reg.S. v.20(2035) | 42.500.000 | 10.000.000 | 42.500.000 | 68,2600 | 29.010.500,00 | 0,64 |  |
| XS2308322002 | 0,500% | Booking Holdings Inc. v.21(2028) | 4.000.000 | 0 | 4.000.000 | 83,5180 | 3.340.720,00 | 0,07 |  |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| DE0001030559 | 0,500% | BundesrepublikDeutschlandReg.S.ILB v.14(2030) 2) | 70.000.000 | 30.000.000 | 40.000.000 | 104,5070 | 49.293.025,70 | 1,09 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DE0001104842 | 0,000% | Bundesrepublik Deutschland Reg.S. v.21(2023) | 325.000.000 | 175.000.000 | 150.000.000 | 99,1420 | 148.713.000,00 | 3,28 |
| XS2010331440 | 1,650% | Capital One Financial Corporation v.19 (2029) | 4.100.000 | 11.500.000 | 4.100.000 | 78,7460 | 3.228.586,00 | 0,07 |
| XS2385393405 | 1,000% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2027) | 28.500.000 | 0 | 28.500.000 | 79,2390 | 22.583.115,00 | 0,50 |
| XS2348237871 | 1,500% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2028) | 5.000.000 | 0 | 26.000.000 | 78,3400 | 20.368.400,00 | 0,45 |
| XS2300292963 | 1,250% | Cellnex Finance Company S.A. EMTN Reg.S. v.21(2029) | 5.000.000 | 5.000.000 | 22.500.000 | 73,9170 | 16.631.325,00 | 0,37 |
| XS2193658619 | 1,875% | Cellnex Telecom S.A. v.20(2029) | 22.500.000 | 2.000.000 | 20.500.000 | 75,1320 | 15.402.060,00 | 0,34 |
| XS2536364081 | 3,713% | Citigroup Inc. Reg.S. Fix-to-Float v.22 (2028) | 9.000.000 | 0 | 9.000.000 | 97,4940 | 8.774.460,00 | 0,19 |
| XS2536362622 | 4,112% | Citigroup Inc. Reg.S. Fix-to-Float v.22 (2033) | 11.000.000 | 0 | 11.000.000 | 95,0150 | 10.451.650,00 | 0,23 |
| XS2481287808 | 2,250% | Coloplast Finance B.V. EMTN Reg.S. v.22 (2027) | 23.500.000 | 0 | 23.500.000 | 93,6960 | 22.018.560,00 | 0,49 |
| XS2481288525 | 2,750% | Coloplast Finance B.V. EMTN Reg.S. v.22 (2030) | 28.850.000 | 5.850.000 | 23.000.000 | 91,9960 | 21.159.080,00 | 0,47 |
| DE000CZ45VF8 | 0,050% | CommerzbankAGEMTNPfe.v.19(2029) | 0 | 20.000.000 | 10.000.000 | 81,9620 | 8.196.200,00 | 0,18 |
| DE000CZ45VS1 | 0,010% | CommerzbankAGEMTNPfe.v.20(2030) | 8.500.000 | 5.000.000 | 35.000.000 | 79,4970 | 27.823.950,00 | 0,61 |
| DE000CZ40MQ5 | 0,875% | Commerzbank AG EMTN Reg.S. Pfe. v.18 (2028) | 25.000.000 | 0 | 25.000.000 | 88,8000 | 22.200.000,00 | 0,49 |
| DE000CZ45W16 | 0,500% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2027) | 32.000.000 | 12.000.000 | 20.000.000 | 89,5220 | 17.904.400,00 | 0,40 |
| DE000CZ45W99 | 2,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 20.900.000 | 0 | 20.900.000 | 91,8690 | 19.200.621,00 | 0,42 |
| DE000CZ45WY7 | 0,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 20.000.000 | 0 | 20.000.000 | 76,7430 | 15.348.600,00 | 0,34 |
| XS1991126431 | 1,125% | Coöperatieve RabobankU.A.Reg.S.v.19 (2031) | 10.000.000 | 0 | 10.000.000 | 77,4170 | 7.741.700,00 | 0,17 |
| XS1772374770 | 1,625% | Dte. Bahn Finance GmbH EMTN Reg.S. Green Bond v.18(2033) | 5.000.000 | 12.500.000 | 15.000.000 | 80,9710 | 12.145.650,00 | 0,27 |
| XS1626600040 | 1,500% | Dte. Bahn Finance GmbH EMTN Reg.S. v.17(2032) | 10.000.000 | 0 | 10.000.000 | 81,4830 | 8.148.300,00 | 0,18 |
| DE000A30VPC2 | 2,250% | Dte.BankAGEMTNReg.S.Pfe.v.22(2027) | 12.500.000 | 0 | 12.500.000 | 96,5100 | 12.063.750,00 | 0,27 |
| DE000A30VPD0 | 2,500% | Dte.BankAGEMTNReg.S.Pfe.v.22(2032) | 17.500.000 | 0 | 17.500.000 | 93,8750 | 16.428.125,00 | 0,36 |
| DE000DKB0432 | 0,500% | Dte. Kreditbank AG Reg.S. Pfe. v.15 (2027) | 20.300.000 | 10.000.000 | 10.300.000 | 89,7810 | 9.247.443,00 | 0,20 |
| DE000SCB0039 | 1,625% | Dte. Kreditbank AG Reg.S. Pfe. v.22 (2032) | 17.000.000 | 0 | 17.000.000 | 87,6800 | 14.905.600,00 | 0,33 |
| DE000A3MP619 | 0,750% | DZ HYP AG EMTN Reg.S. Pfe. Green Bond v.22(2029) | 16.800.000 | 0 | 16.800.000 | 85,0990 | 14.296.632,00 | 0,32 |
| DE000A2TSDY0 | 0,010% | DZ HYP AG EMTN Reg.S. Pfe. v.19(2027) | 13.400.000 | 0 | 13.400.000 | 85,9030 | 11.511.002,00 | 0,25 |
| DE000A2TSDW4 | 0,010% | DZ HYP AG EMTN Reg.S. Pfe. v.19(2027) | 14.000.000 | 16.600.000 | 10.000.000 | 88,0770 | 8.807.700,00 | 0,19 |
| DE000A289PH2 | 0,010% | DZ HYP AG EMTN Reg.S. Pfe. v.20(2028) | 0 | 10.000.000 | 10.000.000 | 83,1190 | 8.311.900,00 | 0,18 |
| DE000A3MQUX3 | 2,500% | DZ HYP AG EMTN Reg.S. Pfe. v.22(2031) | 20.000.000 | 0 | 20.000.000 | 94,4670 | 18.893.400,00 | 0,42 |
| DE000A3MP684 | 1,625% | DZ HYP AG Reg.S. Pfe. v.22(2031) | 20.000.000 | 0 | 20.000.000 | 88,5660 | 17.713.200,00 | 0,39 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Bei diesem Wertpapier handelt es sich um eine inflationsindexierte Anleihe mit einem Inflationsfaktor von 1,1792.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| XS2035564629 | 1,625% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 12.500.000 | 0 | 12.500.000 | 75,0000 | 9.375.000,00 | 0,21 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| XS2196328608 | 1,875% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.20 (2080) | 12.500.000 | 0 | 12.500.000 | 81,3670 | 10.170.875,00 | 0,22 |
| XS2381277008 | 2,125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float v.21(2081) | 10.000.000 | 0 | 10.000.000 | 61,6250 | 6.162.500,00 | 0,14 |
| DE000A3E5WW4 | 1,375% | Evonik Industries AG Reg.S. Fix-to-Float Green Bond v.21(2081) | 17.500.000 | 0 | 17.500.000 | 76,2950 | 13.351.625,00 | 0,29 |
| XS2050448336 | 1,125% | Fastighets AB Balder EMTN Reg.S. v.19 (2027) | 18.000.000 | 5.000.000 | 13.000.000 | 76,0000 | 9.880.000,00 | 0,22 |
| XS2482872251 | 2,875% | FreseniusSE&Co.KGaAEMTNReg.S.v.22 (2030) | 11.500.000 | 0 | 11.500.000 | 89,5200 | 10.294.800,00 | 0,23 |
| BE0002767482 | 0,125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.21(2031) | 8.500.000 | 3.500.000 | 5.000.000 | 71,6360 | 3.581.800,00 | 0,08 |
| DE000A3MQYT3 | 0,750% | Hamburger Sparkasse AG Reg.S. Pfe. v.22(2027) | 12.200.000 | 0 | 12.200.000 | 90,6550 | 11.059.910,00 | 0,24 |
| XS2384269366 | 0,750% | Heimstaden Bostad Treasury BV EMTN Reg.S. v.21(2029) | 10.000.000 | 0 | 10.000.000 | 68,0880 | 6.808.800,00 | 0,15 |
| XS2225207468 | 1,375% | Heimstaden Bostad Treasury BV EMTN v.20(2027) | 14.000.000 | 3.700.000 | 10.300.000 | 82,2390 | 8.470.617,00 | 0,19 |
| XS1028954870 | 3,000% | Illinois Tool Works Inc. v.14(2034) | 5.000.000 | 0 | 5.000.000 | 89,5730 | 4.478.650,00 | 0,10 |
| XS2056730323 | 2,875% | Infineon Technologies AG EMTN Reg.S. Fix-to-Float Perp. | 17.500.000 | 2.500.000 | 15.000.000 | 91,7500 | 13.762.500,00 | 0,30 |
| XS2056730679 | 3,625% | Infineon Technologies AG Reg.S. Fix-to- Float Perp. | 0 | 0 | 10.000.000 | 87,6000 | 8.760.000,00 | 0,19 |
| DE000A1KRJV6 | 0,010% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.21(2028) | 55.000.000 | 15.000.000 | 40.000.000 | 83,2490 | 33.299.600,00 | 0,74 |
| DE000A2YNWB9 | 2,375% | ING-DiBa AG EMTN Reg.S. Pfe. Green Bond v.22(2030) | 17.500.000 | 0 | 17.500.000 | 94,8240 | 16.594.200,00 | 0,37 |
| DE000A2YNWA1 | 0,625% | ING-DiBaAGEMTNReg.S.Pfe.v.22(2029) | 43.700.000 | 13.700.000 | 30.000.000 | 85,8400 | 25.752.000,00 | 0,57 |
| XS2250024010 | 0,375% | Investor AB EMTN Reg.S. v.20(2035) | 24.000.000 | 17.000.000 | 25.000.000 | 61,9930 | 15.498.250,00 | 0,34 |
| XS2481287634 | 2,750% | Investor AB Reg.S. v.22(2032) | 25.000.000 | 5.000.000 | 20.000.000 | 90,5590 | 18.111.800,00 | 0,40 |
| XS1615079974 | 1,638% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.17(2028) | 10.000.000 | 20.000.000 | 20.000.000 | 89,0980 | 17.819.600,00 | 0,39 |
| XS1835955474 | 1,812% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.18(2029) | 20.000.000 | 20.000.000 | 20.000.000 | 87,1140 | 17.422.800,00 | 0,38 |
| XS2123320033 | 0,389% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.20(2028) | 15.000.000 | 10.000.000 | 25.000.000 | 84,5960 | 21.149.000,00 | 0,47 |
| XS2461234622 | 1,963% | JPMorgan Chase & Co. EMTN Reg.S. Fix- to-Float v.22(2030) | 55.000.000 | 30.000.000 | 25.000.000 | 86,1760 | 21.544.000,00 | 0,48 |
| XS2388457264 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. Green Bond v.21(2031) | 15.000.000 | 0 | 15.000.000 | 77,8940 | 11.684.100,00 | 0,26 |
| DE000A2GSE59 | 1,125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.17(2032) | 20.000.000 | 0 | 20.000.000 | 84,6270 | 16.925.400,00 | 0,37 |
| DE000A289RK2 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.20(2030) | 43.000.000 | 15.000.000 | 28.000.000 | 80,3080 | 22.486.240,00 | 0,50 |
| DE000A3H2ZF6 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.21(2031) | 45.000.000 | 0 | 45.000.000 | 79,1760 | 35.629.200,00 | 0,79 |
| DE000A3E5XN1 | 0,125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.22(2032) | 75.000.000 | 0 | 75.000.000 | 77,9030 | 58.427.250,00 | 1,29 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| DE000A3MP7K3 | 1,125% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.22(2037) | 30.000.000 | 0 | 30.000.000 | 77,6370 | 23.291.100,00 | 0,51 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DE000LB2ZSM3 | 0,125% | Landesbank Baden-Württemberg EMTN Reg.S. Pfe. v.22(2029) | 32.800.000 | 10.000.000 | 22.800.000 | 81,9840 | 18.692.352,00 | 0,41 |
| DE000LB2ZV93 | 1,750% | Landesbank Baden-Württemberg Reg. S. Pfe. Green Bond v.22(2028) | 15.000.000 | 0 | 15.000.000 | 93,9760 | 14.096.400,00 | 0,31 |
| XS2433240764 | 0,500% | Landesbank Hessen-Thüringen Girozentrale EMTN Reg.S. Pfe. v.22 (2037) | 20.000.000 | 0 | 20.000.000 | 69,0000 | 13.800.000,00 | 0,30 |
| DE000A3E5VK1 | 0,750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10.000.000 | 0 | 10.000.000 | 69,1560 | 6.915.600,00 | 0,15 |
| DE000A254P51 | 0,875% | LEG Immobilien SE EMTN Reg.S. v.19 (2027) | 17.000.000 | 0 | 17.000.000 | 82,0780 | 13.953.260,00 | 0,31 |
| DE000A254P69 | 1,625% | LEG Immobilien SE EMTN Reg.S. v.19 (2034) | 5.000.000 | 0 | 12.500.000 | 64,4260 | 8.053.250,00 | 0,18 |
| DE000A3MQNN9 | 0,375% | LEG Immobilien SE EMTN Reg.S. v.22 (2026) | 7.500.000 | 0 | 7.500.000 | 86,8590 | 6.514.425,00 | 0,14 |
| DE000A3MQNP4 | 0,875% | LEG Immobilien SE EMTN Reg.S. v.22 (2029) | 25.100.000 | 0 | 25.100.000 | 77,1930 | 19.375.443,00 | 0,43 |
| DE000A3MQNQ2 | 1,500% | LEG Immobilien SE EMTN Reg.S. v.22 (2034) | 2.400.000 | 0 | 2.400.000 | 66,0570 | 1.585.368,00 | 0,03 |
| DE000A3MQMD2 | 1,000% | LEG Immobilien SE Reg.S. v.21(2032) | 22.200.000 | 0 | 22.200.000 | 63,9510 | 14.197.122,00 | 0,31 |
| XS2218405772 | 1,625% | Merck KGaA Reg.S. Fix-to-Float v.20 (2080) | 13.000.000 | 0 | 13.000.000 | 87,0000 | 11.310.000,00 | 0,25 |
| XS1197273755 | 2,375% | Mondelez International Inc. v.15(2035) | 10.000.000 | 0 | 10.000.000 | 80,5330 | 8.053.300,00 | 0,18 |
| XS2312723138 | 0,750% | Mondelez International Inc. v.21(2033) | 20.000.000 | 25.500.000 | 7.500.000 | 70,6940 | 5.302.050,00 | 0,12 |
| DE000MHB30J1 | 1,250% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. Green Bond v.22(2030) | 22.000.000 | 0 | 22.000.000 | 88,1190 | 19.386.180,00 | 0,43 |
| DE000MHB25J1 | 0,125% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.20(2035) | 10.000.000 | 0 | 10.000.000 | 67,0090 | 6.700.900,00 | 0,15 |
| DE000MHB29J3 | 0,125% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.22(2029) | 33.500.000 | 10.000.000 | 23.500.000 | 83,1700 | 19.544.950,00 | 0,43 |
| DE000MHB31J9 | 1,875% | MünchenerHypothekenbankeGEMTN Reg.S. Pfe. v.22(2032) | 27.500.000 | 0 | 27.500.000 | 89,0850 | 24.498.375,00 | 0,54 |
| DE000MHB28J5 | 0,250% | Münchener Hypothekenbank eG Reg. S. Pfe. v.21(2036) | 10.000.000 | 0 | 10.000.000 | 67,3200 | 6.732.000,00 | 0,15 |
| XS2291793813 | 0,000% | Nederlandse Waterschapsbank NV EMTN Reg.S. v.21(2037) | 25.000.000 | 5.000.000 | 20.000.000 | 63,5950 | 12.719.000,00 | 0,28 |
| XS2109606603 | 0,050% | Nederlandse Waterschapsbank NV Reg.S. v.20(2030) | 5.000.000 | 0 | 5.000.000 | 80,8520 | 4.042.600,00 | 0,09 |
| DE000NRW0LZ0 | 0,000% | Nordrhein-Westfalen EMTN Reg.S. v.19 (2029) | 8.000.000 | 0 | 8.000.000 | 81,4790 | 6.518.320,00 | 0,14 |
| FR00140005L7 | 1,750% | Orange S.A. EMTN Reg.S. Fix-to-Float Perp. | 10.000.000 | 0 | 10.000.000 | 78,7500 | 7.875.000,00 | 0,17 |
| XS1115498260 | 5,000% | Orange S.A. EMTN Reg.S. Fix-to-Float Perp. | 32.500.000 | 42.500.000 | 5.000.000 | 98,3750 | 4.918.750,00 | 0,11 |
| FR0013414919 | 3,375% | Orano S.A. EMTN Reg.S. v.19(2026) | 0 | 14.400.000 | 15.000.000 | 92,7500 | 13.912.500,00 | 0,31 |
| FR0013533031 | 2,750% | Orano S.A. EMTN Reg.S. v.20(2028) | 0 | 10.000.000 | 12.700.000 | 86,9250 | 11.039.475,00 | 0,24 |
| XS2531569965 | 3,250% | Orsted A/SEMTN Reg.S. Green Bondv.22 (2031) | 10.000.000 | 0 | 10.000.000 | 95,5930 | 9.559.300,00 | 0,21 |
| XS2490472102 | 2,875% | Orsted A/SEMTN Reg.S. Green Bondv.22 (2033) | 1.500.000 | 0 | 1.500.000 | 91,0400 | 1.365.600,00 | 0,03 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| XS2293075680 | 1,500% | Orsted A/S Reg.S. Fix-to-Float Green Bond v.21(3021) | 5.000.000 | 0 | 5.000.000 | 73,8750 | 3.693.750,00 | 0,08 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| XS2447602793 | 2,750% | Polen EMTN Reg.S. v.22(2032) | 20.000.000 | 10.000.000 | 10.000.000 | 85,5440 | 8.554.400,00 | 0,19 |
| XS2439004412 | 1,000% | Prologis Euro Finance LLC EMTN v.22 (2029) | 11.500.000 | 0 | 11.500.000 | 81,5920 | 9.383.080,00 | 0,21 |
| XS2439004685 | 1,500% | Prologis Euro Finance LLC Green Bond v.22(2034) | 21.000.000 | 11.000.000 | 10.000.000 | 72,2320 | 7.223.200,00 | 0,16 |
| XS2296204444 | 0,500% | Prologis Euro Finance LLC v.21(2032) | 18.000.000 | 17.500.000 | 12.500.000 | 69,5350 | 8.691.875,00 | 0,19 |
| XS2211183244 | 1,539% | Prosus NV Reg.S. v.20(2028) | 15.500.000 | 0 | 15.500.000 | 75,3700 | 11.682.350,00 | 0,26 |
| XS2211183756 | 2,031% | Prosus NV Reg.S. v.20(2032) | 0 | 15.500.000 | 14.900.000 | 64,2500 | 9.573.250,00 | 0,21 |
| DE000RLP1254 | 0,010% | Rheinland-Pfalz Reg.S. v.21(2031) | 8.000.000 | 0 | 8.000.000 | 78,3040 | 6.264.320,00 | 0,14 |
| XS2333391485 | 0,750% | Royal Schiphol Group NV EMTN Reg.S. v.21(2033) | 23.000.000 | 0 | 23.000.000 | 70,6760 | 16.255.480,00 | 0,36 |
| XS2526839506 | 3,000% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2033) | 10.000.000 | 0 | 10.000.000 | 92,8840 | 9.288.400,00 | 0,21 |
| XS1207005023 | 1,500% | Statkraft AS EMTN Reg.S. v.15(2030) | 10.000.000 | 0 | 10.000.000 | 85,9020 | 8.590.200,00 | 0,19 |
| XS1002121454 | 6,500% | Stichting AK Rabobank Certificaten Reg.S. FRN Perp. | 32.500.000 | 40.700.000 | 5.057.375 | 90,8720 | 4.595.737,81 | 0,10 |
| XS1914502643 | 2,625% | Stryker Corporation v.18(2030) | 10.000.000 | 0 | 10.000.000 | 89,5290 | 8.952.900,00 | 0,20 |
| XS2087639626 | 0,750% | Stryker Corporation v.19(2029) | 18.500.000 | 11.000.000 | 7.500.000 | 81,6490 | 6.123.675,00 | 0,14 |
| XS2087643651 | 1,000% | Stryker Corporation v.19(2031) | 5.600.000 | 0 | 5.600.000 | 75,4370 | 4.224.472,00 | 0,09 |
| XS1828037827 | 2,000% | TenneT Holding BV EMTN Reg.S. Green Bond v.18(2034) | 15.000.000 | 0 | 15.000.000 | 81,1860 | 12.177.900,00 | 0,27 |
| XS2406569579 | 0,875% | TenneT Holding BV EMTN Reg.S. Green Bond v.21(2035) | 5.000.000 | 0 | 5.000.000 | 68,6780 | 3.433.900,00 | 0,08 |
| XS2478299469 | 2,750% | TenneT Holding BV EMTN Reg.S. Green Bond v.22(2042) | 15.000.000 | 0 | 15.000.000 | 82,1460 | 12.321.900,00 | 0,27 |
| XS2262065159 | 0,125% | TenneT Holding BV EMTN Reg.S. v.20 (2032) | 20.000.000 | 5.000.000 | 15.000.000 | 68,7210 | 10.308.150,00 | 0,23 |
| XS2207430120 | 2,374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 33.000.000 | 30.300.000 | 18.000.000 | 90,2350 | 16.242.300,00 | 0,36 |
| XS1197833137 | 1,625% | The Coca-Cola Co. v.15(2035) | 15.000.000 | 5.000.000 | 10.000.000 | 78,4460 | 7.844.600,00 | 0,17 |
| XS2339398971 | 0,400% | The Coca-Cola Co. v.21(2030) | 10.000.000 | 0 | 10.000.000 | 79,4690 | 7.946.900,00 | 0,18 |
| XS2339399359 | 0,950% | The Coca-Cola Co. v.21(2036) | 17.500.000 | 25.000.000 | 10.000.000 | 69,1020 | 6.910.200,00 | 0,15 |
| XS2441552192 | 1,250% | The Goldman Sachs Group Inc. EMTN Reg.S. v.22(2029) | 23.000.000 | 8.000.000 | 15.000.000 | 81,6730 | 12.250.950,00 | 0,27 |
| XS2536502227 | 4,000% | The Goldman Sachs Group Inc. EMTN Reg.S. v.22(2029) | 10.000.000 | 0 | 10.000.000 | 95,8160 | 9.581.600,00 | 0,21 |
| XS1651072099 | 2,875% | Thermo Fisher Scientific Inc.v.17(2037) | 15.000.000 | 5.000.000 | 10.000.000 | 85,4410 | 8.544.100,00 | 0,19 |
| DE000A3KNQA0 | 1,250% | TRATON Finance Luxembourg S.A. EMTN Reg.S. v.21(2033) | 17.500.000 | 0 | 17.500.000 | 68,3060 | 11.953.550,00 | 0,26 |
| FR0014000O87 | 0,878% | Ubisoft Entertainment S.A. Reg.S. v.20 (2027) | 9.900.000 | 4.900.000 | 5.000.000 | 77,7550 | 3.887.750,00 | 0,09 |
| DE000HV2AYD5 | 0,010% | UniCredit Bank AG EMTN Reg.S. Pfe. v.21 (2031) | 6.000.000 | 0 | 6.000.000 | 76,9370 | 4.616.220,00 | 0,10 |
| DE000HV2AYU9 | 0,500% | UniCredit Bank AG EMTN Reg.S. Pfe. v.22 (2027) | 26.000.000 | 13.000.000 | 13.000.000 | 89,7340 | 11.665.420,00 | 0,26 |
| XS2052320954 | 0,875% | Verizon Communications Inc. v.19 (2032) | 15.000.000 | 5.000.000 | 10.000.000 | 75,2710 | 7.527.100,00 | 0,17 |
| XS2320760114 | 1,125% | Verizon Communications Inc. v.21 (2035) | 17.000.000 | 2.000.000 | 15.000.000 | 69,0880 | 10.363.200,00 | 0,23 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| XS1888179550 | 4,200% | Vodafone Group Plc. Reg.S. Fix-to-Float v.18(2078) | 23.500.000 | 5.000.000 | 23.500.000 | 87,0000 | 20.445.000,00 | 0,45 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| XS2225204010 | 3,000% | Vodafone Group Plc. Reg.S. Fix-to-Float v.20(2080) | 30.000.000 | 15.000.000 | 15.000.000 | 74,0000 | 11.100.000,00 | 0,25 |
| XS2225157424 | 2,625% | Vodafone Group Plc. Reg.S. Fix-to-Float v.20(2080) | 10.000.000 | 20.000.000 | 25.000.000 | 85,5000 | 21.375.000,00 | 0,47 |
| XS2152061904 | 3,375% | VolkswagenFinancialServicesAGEMTN Reg.S. v.20(2028) | 25.000.000 | 15.000.000 | 10.000.000 | 95,2430 | 9.524.300,00 | 0,21 |
| XS2374595044 | 0,125% | VolkswagenFinancialServicesAGEMTN Reg.S. v.21(2027) | 20.000.000 | 0 | 20.000.000 | 83,8900 | 16.778.000,00 | 0,37 |
| XS2342732562 | 3,748% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 20.000.000 | 0 | 20.000.000 | 84,4640 | 16.892.800,00 | 0,37 |
| XS1629774230 | 3,875% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 10.000.000 | 25.000.000 | 17.500.000 | 85,5000 | 14.962.500,00 | 0,33 |
| XS2187689380 | 3,875% | Volkswagen International Finance NV- Reg.S. Fix-to-Float Perp. | 20.000.000 | 5.000.000 | 15.000.000 | 81,0000 | 12.150.000,00 | 0,27 |
| XS2491738949 | 3,750% | Volkswagen International Finance NV- Reg.S. Green Bond v.22(2027) | 8.000.000 | 0 | 8.000.000 | 97,5640 | 7.805.120,00 | 0,17 |
| XS2282095970 | 0,500% | VolkswagenLeasingGmbHEMTNReg.S. v.21(2029) | 13.000.000 | 20.500.000 | 5.000.000 | 78,1510 | 3.907.550,00 | 0,09 |
| DE000A2R7JE1 | 1,125% | Vonovia Finance BV EMTN Reg.S. v.19 (2034) | 10.200.000 | 0 | 10.200.000 | 61,2350 | 6.245.970,00 | 0,14 |
| DE000A28ZQQ5 | 1,000% | Vonovia Finance BV EMTN Reg.S. v.20 (2030) | 5.000.000 | 0 | 5.000.000 | 73,1170 | 3.655.850,00 | 0,08 |
| DE000A28VQD2 | 2,250% | Vonovia Finance BV Reg.S. v.20(2030) | 5.000.000 | 0 | 5.000.000 | 81,3470 | 4.067.350,00 | 0,09 |
| DE000A3E5MG8 | 0,375% | Vonovia SE EMTN Reg.S. v.21(2027) | 15.000.000 | 0 | 15.000.000 | 81,2230 | 12.183.450,00 | 0,27 |
| DE000A3MP4U9 | 0,250% | Vonovia SE EMTN Reg.S. v.21(2028) | 20.000.000 | 0 | 20.000.000 | 75,9430 | 15.188.600,00 | 0,34 |
| DE000A3E5MH6 | 0,625% | Vonovia SE EMTN Reg.S. v.21(2029) | 35.100.000 | 0 | 35.100.000 | 72,7220 | 25.525.422,00 | 0,56 |
| DE000A3MP4V7 | 0,750% | Vonovia SE EMTN Reg.S. v.21(2032) | 25.000.000 | 5.000.000 | 20.000.000 | 64,8340 | 12.966.800,00 | 0,29 |
| DE000A3E5MJ2 | 1,000% | Vonovia SE Reg.S. v.21(2033) | 32.500.000 | 0 | 32.500.000 | 63,6520 | 20.686.900,00 | 0,46 |
| XS2010039381 | 2,000% | ZF Europe Finance BV v.19(2026) | 0 | 5.000.000 | 16.000.000 | 82,8790 | 13.260.640,00 | 0,29 |
| XS2010039977 | 2,500% | ZF Europe Finance BV v.19(2027) | 4.000.000 | 0 | 16.800.000 | 76,0000 | 12.768.000,00 | 0,28 |
| XS2338564870 | 2,000% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2027) | 10.000.000 | 0 | 14.700.000 | 76,6250 | 11.263.875,00 | 0,25 |
| XS2399851901 | 2,250% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2028) | 23.100.000 | 5.000.000 | 18.100.000 | 73,0000 | 13.213.000,00 | 0,29 |
| XS2262961076 | 2,750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 12.500.000 | 0 | 12.500.000 | 78,7500 | 9.843.750,00 | 0,22 |
| XS2231331260 | 3,750% | ZF Finance GmbH EMTN Reg.S. v.20 (2028) | 7.500.000 | 10.000.000 | 26.200.000 | 77,5000 | 20.305.000,00 | 0,45 |
|  |  |  |  |  |  |  | 2.282.496.657,51 | 50,42 |
| USD |  |  |  |  |  |  |  |  |
| USG91139AE82 | 1,375% | TSMC Global Ltd. Reg.S. v.20(2030) | 0 | 5.000.000 | 20.000.000 | 74,6720 | 15.293.804,40 | 0,34 |
| US912810RA88 | 0,625% | VereinigteStaaten von Amerika ILBv.13 (2043) 2) | 65.000.000 | 0 | 65.000.000 | 78,0078 | 66.910.971,93 | 1,48 |
| US912828Z377 | 0,125% | VereinigteStaaten von Amerika ILBv.20 (2030) 3) | 75.000.000 | 25.000.000 | 50.000.000 | 89,1719 | 52.576.248,88 | 1,16 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Bei diesem Wertpapier handelt es sich um eine inflationsindexierte Anleihe mit einem Inflationsfaktor von 1,2886.
3) Bei diesem Wertpapier handelt es sich um eine inflationsindexierte Anleihe mit einem Inflationsfaktor von 1,1515.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| US91282CEJ62 | 0,125% | VereinigteStaaten von Amerika ILBv.22 (2027) 2) | 90.000.000 | 0 | 90.000.000 | 92,5313 | 89.485.820,56 | 1,98 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US91282CEZ05 | 0,625% | VereinigteStaaten von Amerika ILBv.22 (2032) 3) | 25.000.000 | 0 | 25.000.000 | 91,1758 | 23.801.640,71 | 0,53 |
| US91282CDK45 | 1,250% | Vereinigte Staaten von Amerika v.21 (2026) | 130.000.000 | 90.000.000 | 40.000.000 | 89,0859 | 36.491.935,69 | 0,81 |
| US91282CDF59 | 1,375% | Vereinigte Staaten von Amerika v.21 (2028) | 200.000.000 | 120.000.000 | 80.000.000 | 85,7148 | 70.222.094,42 | 1,55 |
| US912810TH14 | 3,250% | Vereinigte Staaten von Amerika v.22 (2042) | 160.000.000 | 35.000.000 | 125.000.000 | 89,1016 | 114.057.300,31 | 2,52 |
| XS1888180640 | 6,250% | Vodafone Group Plc. Reg.S. Fix-to-Float v.18(2078) | 0 | 20.900.000 | 10.000.000 | 93,7850 | 9.604.198,67 | 0,21 |
|  |  |  |  |  |  |  | 478.444.015,57 | 10,58 |

Börsengehandelte Wertpapiere	2.931.317.317,90	64,75
An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere
| AUD |  |
| --- | --- |
| AU0000106411 | 0,500% | Australien Reg.S. v.20(2026) | 0 | 25.000.000 | 100.000.000 | 88,2800 | 58.556.646,33 | 1,29 |
|  |  |  |  |  |  |  | 58.556.646,33 | 1,29 |
| EUR |  |  |  |  |  |  |  |  |
| XS2114413565 | 2,875% | AT & T Inc. Fix-to-Float Perp. | 17.500.000 | 18.300.000 | 50.000.000 | 88,2600 | 44.130.000,00 | 0,97 |
| XS2456839013 | 1,500% | Berkshire Hathaway Finance Corporation v.22(2030) | 41.000.000 | 6.000.000 | 35.000.000 | 83,5230 | 29.233.050,00 | 0,65 |
| XS2456839369 | 2,000% | Berkshire Hathaway Finance Corporation v.22(2034) | 35.000.000 | 0 | 35.000.000 | 79,2060 | 27.722.100,00 | 0,61 |
| DE0001030435 | 0,000% | Bundesrepublik Deutschland Reg.S. v.21(2022) | 200.000.000 | 25.000.000 | 175.000.000 | 99,9100 | 174.842.500,00 | 3,86 |
| DE0001030864 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22(2023) | 300.000.000 | 150.000.000 | 150.000.000 | 98,7430 | 148.114.500,00 | 3,27 |
| XS2197945251 | 0,010% | CoöperatieveRabobankU.A.EMTNReg. S. Pfe. v.20(2030) | 20.000.000 | 0 | 20.000.000 | 78,8260 | 15.765.200,00 | 0,35 |
| XS2449505820 | 0,750% | CoöperatieveRabobankU.A.EMTNReg. S. Pfe. v.22(2032) | 40.000.000 | 5.000.000 | 35.000.000 | 80,3460 | 28.121.100,00 | 0,62 |
| XS2100664114 | 1,500% | Digital Dutch Finco B.V. Reg.S. Green Bond v.20(2030) | 0 | 15.000.000 | 12.500.000 | 76,6230 | 9.577.875,00 | 0,21 |
| XS2191362859 | 1,250% | Digital Dutch Finco B.V. Reg.S. v.20 (2031) | 0 | 25.000.000 | 5.000.000 | 71,9370 | 3.596.850,00 | 0,08 |
| XS2063495811 | 1,125% | Digital Euro Finco LLC Reg.S. v.19(2028) | 15.000.000 | 0 | 15.000.000 | 80,6300 | 12.094.500,00 | 0,27 |
| XS2280835260 | 0,625% | DigitalIntrepidHoldingBVReg.S.Green Bond v.21(2031) | 5.000.000 | 11.000.000 | 15.000.000 | 66,4810 | 9.972.150,00 | 0,22 |
| XS2331271242 | 0,625% | Dte. Bahn Finance GmbH EMTN Reg.S. v.21(2036) | 5.000.000 | 38.400.000 | 15.000.000 | 66,4300 | 9.964.500,00 | 0,22 |
| XS2484327999 | 1,875% | Dte. Bahn Finance GmbH EMTN Reg.S. v.22(2030) | 15.000.000 | 0 | 15.000.000 | 90,2830 | 13.542.450,00 | 0,30 |
| XS2451376219 | 1,375% | Dte. Bahn Finance GmbH EMTN Reg.S. v.22(2034) | 15.000.000 | 0 | 15.000.000 | 76,9170 | 11.537.550,00 | 0,25 |
| XS2010039548 | 1,600% | Dte. Bahn Finance GmbH Fix-to-Float Perp. | 20.000.000 | 5.000.000 | 15.000.000 | 74,6250 | 11.193.750,00 | 0,25 |
| XS2338570331 | 0,875% | EQT AB Reg.S. v.21(2031) | 7.400.000 | 5.000.000 | 19.700.000 | 68,3540 | 13.465.738,00 | 0,30 |
| XS2463988795 | 2,375% | EQT AB Reg.S. v.22(2028) | 16.000.000 | 0 | 16.000.000 | 86,6970 | 13.871.520,00 | 0,31 |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Bei diesem Wertpapier handelt es sich um eine inflationsindexierte Anleihe mit einem Inflationsfaktor von 1,0493.
3) Bei diesem Wertpapier handelt es sich um eine inflationsindexierte Anleihe mit einem Inflationsfaktor von 1,0197.
FLOSSBACH VON STORCH – BOND OPPORTUNITIES

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| XS2463990775 | 2,875% | EQT AB Reg.S. v.22(2032) | 24.000.000 | 0 | 24.000.000 | 78,8470 | 18.923.280,00 | 0,42 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| EU000A2SCAC2 | 2,375% | European Financial Stability Facility [EFSF] Reg.S. v.22(2032) | 30.000.000 | 0 | 30.000.000 | 94,7310 | 28.419.300,00 | 0,63 |
| BE0002876572 | 3,125% | Groupe Bruxelles Lambert S.A. [GBL] Reg.S. v.22(2029) | 23.500.000 | 0 | 23.500.000 | 94,4290 | 22.190.815,00 | 0,49 |
| XS2125121769 | 3,375% | Heimstaden Bostad AB Reg.S. Fix-to- Float Perp. | 10.000.000 | 0 | 10.000.000 | 66,4700 | 6.647.000,00 | 0,15 |
| XS2294155739 | 2,625% | Heimstaden Bostad AB Reg.S. Fix-to- Float Perp. | 17.500.000 | 7.500.000 | 10.000.000 | 58,7960 | 5.879.600,00 | 0,13 |
| XS2418730995 | 0,125% | INGBankNVEMTNReg.S.Pfe.v.21(2031) | 10.000.000 | 0 | 10.000.000 | 75,9210 | 7.592.100,00 | 0,17 |
| XS2534912485 | 2,500% | ING Bank NV Reg.S. Pfe. v.22(2030) | 10.000.000 | 0 | 10.000.000 | 95,8070 | 9.580.700,00 | 0,21 |
| XS2354444023 | 0,000% | JDE Peets BV EMTN Reg.S. v.21(2026) | 15.000.000 | 0 | 15.000.000 | 87,1420 | 13.071.300,00 | 0,29 |
| XS2407010656 | 0,625% | JDE Peets BV EMTN Reg.S. v.21(2028) | 16.000.000 | 0 | 16.000.000 | 80,6170 | 12.898.720,00 | 0,28 |
| XS2354569407 | 0,500% | JDE Peets BV EMTN Reg.S. v.21(2029) | 40.000.000 | 20.000.000 | 30.000.000 | 76,0010 | 22.800.300,00 | 0,50 |
| XS2354444379 | 1,125% | JDE Peets BV EMTN Reg.S. v.21(2033) | 39.200.000 | 30.000.000 | 19.200.000 | 65,8710 | 12.647.232,00 | 0,28 |
| XS2384723263 | 0,250% | Mondelez International Holdings Netherlands BV Reg.S. Green Bond v.21 (2029) | 10.000.000 | 0 | 10.000.000 | 78,0720 | 7.807.200,00 | 0,17 |
| XS1989380172 | 3,875% | Netflix Inc. Reg.S. v.19(2029) | 30.000.000 | 8.000.000 | 30.000.000 | 87,7500 | 26.325.000,00 | 0,58 |
| XS2072829794 | 3,625% | Netflix Inc. Reg.S. v.19(2030) | 22.500.000 | 5.000.000 | 17.500.000 | 85,2780 | 14.923.650,00 | 0,33 |
| XS1821883102 | 3,625% | Netflix Inc. v.17(2027) | 12.500.000 | 10.000.000 | 27.500.000 | 93,7500 | 25.781.250,00 | 0,57 |
| XS2076099865 | 4,625% | Netflix Inc. v.18(2029) | 35.000.000 | 13.400.000 | 30.000.000 | 93,1530 | 27.945.900,00 | 0,62 |
| XS2332589972 | 1,625% | Nexi S.p.A. Reg.S. v.21(2026) | 25.000.000 | 5.000.000 | 20.000.000 | 84,4460 | 16.889.200,00 | 0,37 |
| XS2332590475 | 2,125% | Nexi S.p.A. Reg.S. v.21(2029) | 18.000.000 | 5.000.000 | 13.000.000 | 75,3210 | 9.791.730,00 | 0,22 |
| XS2112475921 | 1,000% | Prologis Euro Finance LLC v.20(2035) | 5.000.000 | 25.000.000 | 8.000.000 | 66,2550 | 5.300.400,00 | 0,12 |
| XS2360853332 | 1,288% | Prosus NV Reg.S. v.21(2029) | 0 | 0 | 17.450.000 | 70,7760 | 12.350.412,00 | 0,27 |
| XS2430287529 | 1,207% | Prosus NV Reg.S. v.22(2026) | 13.000.000 | 0 | 13.000.000 | 84,7670 | 11.019.710,00 | 0,24 |
| XS2430287362 | 2,085% | Prosus NV Reg.S. v.22(2030) | 20.000.000 | 0 | 20.000.000 | 71,9770 | 14.395.400,00 | 0,32 |
| XS2227050379 | 0,875% | Royal Schiphol Group NV EMTN Reg.S. Green Bond v.20(2032) | 17.000.000 | 0 | 17.000.000 | 72,6780 | 12.355.260,00 | 0,27 |
|  |  |  |  |  |  |  | 922.280.792,00 | 20,37 |
| USD |  |  |  |  |  |  |  |  |
| US11135FBK66 | 3,419% | Broadcom Inc. 144A v.21(2033) | 0 | 0 | 10.000.000 | 76,6010 | 7.844.444,44 | 0,17 |
| US11135FBL40 | 3,469% | Broadcom Inc. 144A v.21(2034) | 10.000.000 | 0 | 10.000.000 | 75,0110 | 7.681.618,02 | 0,17 |
| US256677AL96 | 5,000% | Dollar General Corporation v.22(2032) | 15.000.000 | 0 | 15.000.000 | 95,7980 | 14.715.514,59 | 0,32 |
| US30251GBE61 | 6,125% | FMG Resources [August 2006] Pty Ltd. 144A Green Bond v.22(2032) | 3.000.000 | 0 | 3.000.000 | 85,9660 | 2.641.044,55 | 0,06 |
| US30251GBA40 | 4,500% | FMG Resources [August 2006] Pty Ltd. 144A v.19(2027) | 10.000.000 | 0 | 22.500.000 | 87,6250 | 20.190.092,17 | 0,45 |
| US35805BAB45 | 2,375% | Fresenius Medical Care US Finance III Inc. 144A v.20(2031) | 0 | 0 | 35.000.000 | 70,8330 | 25.388.172,04 | 0,56 |
| US35805BAE83 | 3,000% | Fresenius Medical Care US Finance III Inc. 144A v.21(2031) | 0 | 0 | 20.000.000 | 74,9060 | 15.341.730,67 | 0,34 |
| US548661EL74 | 5,000% | Lowe's Companies Inc. v.22(2033) | 15.000.000 | 0 | 15.000.000 | 93,8511 | 14.416.451,61 | 0,32 |
| US58733RAF91 | 3,125% | Mercadolibre Inc. v.21(2031) | 0 | 5.000.000 | 16.000.000 | 71,0880 | 11.647.803,38 | 0,26 |
| US55354GAH39 | 4,000% | MSCI Inc. 144A v.19(2029) | 0 | 27.000.000 | 15.200.000 | 84,1250 | 13.094.726,06 | 0,29 |
| US55354GAK67 | 3,625% | MSCI Inc. 144A v.20(2030) | 0 | 0 | 24.400.000 | 82,3290 | 20.571.711,21 | 0,45 |
| US55354GAL41 | 3,875% | MSCI Inc. 144A v.20(2031) | 0 | 10.000.000 | 20.000.000 | 83,2180 | 17.044.137,22 | 0,38 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| US55354GAQ38 | 3,250% | MSCI Inc. 144A v.21(2033) | 10.000.000 | 4.000.000 | 6.000.000 | 75,4130 | 4.633.671,28 | 0,10 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US776743AJ55 | 2,000% | Roper Technologies Inc. v.20(2030) | 6.700.000 | 0 | 16.700.000 | 76,4780 | 13.079.186,89 | 0,29 |
| US776743AL02 | 1,750% | Roper Technologies Inc. v.20(2031) | 7.500.000 | 15.000.000 | 20.000.000 | 73,8850 | 15.132.616,49 | 0,33 |
| US437076CS90 | 4,500% | The Home Depot Inc. v.22(2032) | 15.000.000 | 0 | 15.000.000 | 95,3150 | 14.641.321,04 | 0,32 |
| US872898AC52 | 2,500% | TSMC Arizona Corporation v.21(2031) | 25.000.000 | 5.000.000 | 20.000.000 | 80,0650 | 16.398.361,50 | 0,36 |
| US872898AH40 | 4,250% | TSMC Arizona Corporation v.22(2032) | 10.000.000 | 0 | 10.000.000 | 93,0080 | 9.524.628,78 | 0,21 |
| USG91139AH14 | 2,250% | TSMC Global Ltd. Reg.S. v.21(2031) | 20.000.000 | 15.000.000 | 5.000.000 | 79,2270 | 4.056.682,03 | 0,09 |
| US90353TAE01 | 7,500% | UberTechnologiesInc.144Av.19(2027) | 25.000.000 | 12.000.000 | 13.000.000 | 98,0580 | 13.054.316,44 | 0,29 |
| US90353TAK60 | 4,500% | UberTechnologiesInc.144Av.21(2029) | 15.000.000 | 0 | 15.000.000 | 83,1000 | 12.764.976,96 | 0,28 |
|  |  |  |  |  |  |  | 273.863.207,37 | 6,04 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere	1.254.700.645,70	27,70 Nicht notierte Wertpapiere |
| CAD |  |  |  |  |  |  |  |  |
| CA07813ZCA09 | 3,800% | Bell Canada v.18(2028) | 20.000.000 | 0 | 20.000.000 | 93,2060 | 13.920.693,00 | 0,31 |
| CA07813ZCE21 | 2,500% | Bell Canada v.20(2030) | 0 | 0 | 20.000.000 | 83,1260 | 12.415.204,24 | 0,27 |
| CA07813ZCG78 | 3,000% | Bell Canada v.21(2031) | 0 | 0 | 10.000.000 | 84,5765 | 6.315.921,14 | 0,14 |
| CA87971MBV42 | 2,850% | TELUS Corporation Reg.S. v.21(2031) | 10.000.000 | 16.700.000 | 20.000.000 | 82,1172 | 12.264.535,88 | 0,27 |
| CA87971MBJ14 | 3,300% | TELUS Corporation v.19(2029) | 20.000.000 | 10.000.000 | 20.000.000 | 89,5540 | 13.375.252,03 | 0,30 |
|  |  |  |  |  |  |  | 58.291.606,29 | 1,29 |
| EUR |  |  |  |  |  |  |  |  |
| DE000A3H3JU7 | 0,875% | LEG Immobilien SE EMTN Reg.S. v.21 (2033) | 0 | 0 | 30.000.000 | 63,0400 | 18.912.000,00 | 0,42 |
|  |  |  |  |  |  |  | 18.912.000,00 | 0,42 |
| USD |  |  |  |  |  |  |  |  |
| US30251GBC06 | 4,375% | FMG Resources [August 2006] Pty Ltd. 144A v.21(2031) | 5.000.000 | 5.000.000 | 29.650.000 | 77,2500 | 23.455.837,17 | 0,52 |
| US30251GBD88 | 5,875% | FMG Resources [August 2006] Pty Ltd. 144A v.22(2030) | 15.000.000 | 0 | 15.000.000 | 86,9080 | 13.349.923,20 | 0,29 |
|  |  |  |  |  |  |  | 36.805.760,37 | 0,81 |
| Nicht notierte Wertpapiere | 114.009.366,66 | 2,52 |
| Anleihen | 4.300.027.330,26 | 94,97 |
| Wandelanleihen |  |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A289T23 | 0,400% | LEG Immobilien SE/LEG Immobilien SE Reg.S. CV v.20(2028) | 9.000.000 | 4.000.000 | 5.000.000 | 73,8010 | 3.690.050,00 | 0,08 |
| XS2305842903 | 0,000% | Nexi S.p.A./Nexi S.p.A. Reg.S. CV v.21 (2028) | 17.000.000 | 12.000.000 | 5.000.000 | 69,3800 | 3.469.000,00 | 0,08 |
|  |  |  |  |  |  |  | 7.159.050,00 | 0,16 |
| USD |  |  |  |  |  |  |  |  |
| US83304AAF30 | 0,000% | Snap Inc./Snap Inc. CV v.21(2027) | 9.900.000 | 0 | 9.900.000 | 69,1950 | 7.015.161,29 | 0,15 |
| US83304AAG13 | 0,125% | Snap Inc./Snap Inc. CV v.22(2028) | 10.000.000 | 0 | 10.000.000 | 67,7510 | 6.938.146,44 | 0,15 |
|  |  |  |  |  |  |  | 13.953.307,73 | 0,30 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 21.112.357,73 | 0,46 |
| Wandelanleihen | 21.112.357,73 | 0,46 |
| Wertpapiervermögen | 4.321.139.687,99 | 95,43 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum
Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| Terminkontrakte |  |
| --- | --- |
| Long-Positionen |  |  |  |  |  |
| USD |  |  |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | 2.725 | 0 | 2.725 | -10.633.560,54 | -0,23 |
| CBT 10YR US Ultra Bond Future Dezember 2022 | 150 | 0 | 150 | 79.205,07 | 0,00 |
| CBT 5YR US T-Bond Future Dezember 2022 | 4.470 | 0 | 4.470 | -12.718.050,28 | -0,28 |
|  |  |  |  | -23.272.405,75 | -0,51 |
| Long-Positionen |  |  |  | -23.272.405,75 | -0,51 |
| Short-Positionen |  |  |  |  |  |
| EUR |  |  |  |  |  |
| EUX 10YR Euro-Bund Future Dezember 2022 | 0 | 4.150 | -4.150 | 30.902.874,00 | 0,68 |
| EUX 30YR Euro-Buxl Future Dezember 2022 | 350 | 1.500 | -1.150 | 15.831.130,00 | 0,35 |
| EUX 5YR Euro-Bobl Future Dezember 2022 | 0 | 4.400 | -4.400 | 15.689.014,00 | 0,35 |
|  |  |  |  | 62.423.018,00 | 1,38 |
| Short-Positionen |  |  |  | 62.423.018,00 | 1,38 |
| Terminkontrakte |  |  |  | 39.150.612,25 | 0,87 |
| Bankguthaben - Kontokorrent 2) |  |  |  | 291.744.957,96 | 6,44 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | -121.703.444,56 | -2,74 |
| Netto-Teilfondsvermögen in EUR |  |  |  | 4.530.331.813,64 | 100,00 |


#### Devisentermingeschäfte
Zum 30. September 2022 standen folgende offene Devisentermingeschäfte aus:
Währung	Kontrahent	Währungsbetrag
Kurswert
EUR
%-Anteil
vom NTFV 1)
| CAD/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 21.500.000,00 | 15.921.515,07 | 0,35 |
| --- | --- | --- | --- | --- | --- |
| CAD/EUR | J.P. Morgan SE | Währungskäufe | 35.000.000,00 | 26.124.725,41 | 0,58 |
| CHF/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 639.500.000,00 | 668.372.595,96 | 14,75 |
| GBP/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 4.700.000,00 | 5.284.574,33 | 0,12 |
| JPY/EUR | J.P. Morgan SE | Währungskäufe | 1.500.000.000,00 | 10.630.753,20 | 0,23 |
| USD/EUR | DZ PRIVATBANK S.A. | Währungskäufe | 362.300.000,00 | 369.865.036,41 | 8,16 |
| USD/EUR | J.P. Morgan SE | Währungskäufe | 15.000.000,00 | 15.280.379,69 | 0,34 |
| EUR/AUD | DZ PRIVATBANK S.A. | Währungsverkäufe | 210.000.000,00 | 139.116.886,01 | 3,07 |
| EUR/AUD | J.P. Morgan SE | Währungsverkäufe | 100.000.000,00 | 66.129.917,05 | 1,46 |
| EUR/CAD | DZ PRIVATBANK S.A. | Währungsverkäufe | 255.000.000,00 | 189.042.554,10 | 4,17 |
| EUR/CHF | DZ PRIVATBANK S.A. | Währungsverkäufe | 620.000,00 | 647.527,02 | 0,01 |
| EUR/JPY | J.P. Morgan SE | Währungsverkäufe | 1.500.000.000,00 | 10.630.753,20 | 0,23 |
| EUR/USD | DZ PRIVATBANK S.A. | Währungsverkäufe | 465.000.000,00 | 474.543.077,30 | 10,47 |
| EUR/USD | J.P. Morgan SE | Währungsverkäufe | 500.000.000,00 | 509.345.989,56 | 11,24 |
| EUR/USD | J.P. Morgan SE | Währungsverkäufe | 185.000.000,00 | 188.458.016,13 | 4,16 |

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 – BOND OPPORTUNITIES

#### Terminkontrakte
Verpflichtungen
%-Anteil
vom
|  | Bestand | EUR	NTFV |
| --- | --- | --- |
| Long-Positionen |  |  |  |
| USD |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | 2.725 | 313.809.283,79 | 6,93 |
| CBT 10YR US Ultra Bond Future Dezember 2022 | 150 | 18.277.169,74 | 0,40 |
| CBT 5YR US T-Bond Future Dezember 2022 | 4.470 | 493.340.776,10 | 10,89 |
|  |  | 825.427.229,63 | 18,22 |
| Long-Positionen |  | 825.427.229,63 | 18,22 |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-Bund Future Dezember 2022 | -4.150 | -570.625.000,00 | -12,60 |
| EUX 30YR Euro-Buxl Future Dezember 2022 | -1.150 | -167.348.000,00 | -3,69 |
| EUX 5YR Euro-Bobl Future Dezember 2022 | -4.400 | -524.304.000,00 | -11,57 |
|  |  | -1.262.277.000,00 | -27,86 |
| Short-Positionen |  | -1.262.277.000,00 | -27,86 |
| Terminkontrakte |  | -436.849.770,37 | -9,64 |

1)

#### Devisenkurse
Für die Bewertung von Vermögenswerten in fremder Währung wurde zum nachstehenden Devisenkurs zum 30. September 2022 in Euro umgerechnet.
| Australischer Dollar | AUD | 1 | 1,5076 |
| --- | --- | --- | --- |
| Britisches Pfund | GBP | 1 | 0,8848 |
| Japanischer Yen | JPY | 1 | 141,1824 |
| Kanadischer Dollar | CAD | 1 | 1,3391 |
| Mexikanischer Peso | MXN | 1 | 19,7344 |
| Neuseeländischer Dollar | NZD | 1 | 1,7171 |
| Norwegische Krone | NOK | 1 | 10,4984 |
| Polnischer Zloty | PLN | 1 | 4,8580 |
| Schwedische Krone | SEK | 1 | 10,9534 |
| 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.