# FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE
Annual report
1 October 2021 - 30 September 2022

#### The management company of the fund is entitled to create unit classes with different rights in relation to the units. Details of the current unit classes are as follows:
|  | Unit class I | Unit class R | Unit class IT | Unit class RT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A0M43T | A0M43U | A14ULS | A14ULT |
| ISIN: | LU0323577840 | LU0323577923 | LU1245470080 | LU1245470163 |
| 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: | 0.78% p.a. | 1.53% p.a. | 0.78% p.a. | 1.53% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | 1,000,000.00 EUR | none |
| Use of income: | distributing | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | EUR | EUR |
|  | Unit class ET | Unit class H | Unit class HT | Unit class QT 1) |
| Securities ID No. (WKN): | A14ULW | A14ULU | A14ULV | A3CV3Y |
| ISIN: | LU1245470593 | LU1245470247 | LU1245470320 | LU2369861955 |
| Subscription fee: | up to 1.00% | none | none | up to 3.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 1.93% p.a. | 0.88% p.a. | 0.88% p.a. | 0.78 % p.a |
| Minimum initial investment: | none | none | none | 25,000,000.00 EUR |
| Use of income: | accumulating | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | EUR | EUR |

1) Unit class QT has been launched on 1 October 2021.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Geographical breakdown by country 1) |
| United States of America | 31.36 % |
| Germany | 24.54 % |
| Ireland | 7.85 % |
| Netherlands | 7.11 % |
| France | 2.71 % |
| European Community | 2.15 % |
| Canada | 2.03 % |
| Luxembourg | 1.99 % |
| United Kingdom | 1.51 % |
| Switzerland | 1.45 % |
| Belgium | 1.40 % |
| European Financial Stability Facility | 1.07 % |
| Sweden | 1.01 % |
| Denmark | 0.68 % |
| Austria | 0.63 % |
| Cayman Islands | 0.50 % |
| Japan | 0.28 % |
| Spain | 0.27 % |
| Securities holdings | 88.54 % |
| Futures contracts | 0.38 % |
| Bank balances 2) | 11.67 % |
| Balance of other receivables and payables | -0.59 % |
|  | 100.00 % |

1) Due to rounding differences in individual amounts, totals may differ from the actual value.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Breakdown by economic sector 1) |
| Government bonds | 16.05 % |
| Raw materials and supplies | 7.97 % |
| Software and services | 7.57 % |
| Banks | 7.51 % |
| Diversified financial services | 7.51 % |
| Healthcare: equipment and services | 5.21 % |
| Automobiles and components | 5.00 % |
| Capital goods | 3.74 % |
| Wholesale and retail | 3.73 % |
| Media and entertainment | 3.10 % |
| Pharmaceuticals, biotechnology and life sciences | 2.89 % |
| Insurance | 2.82 % |
| Foodstuffs, beverages and tobacco | 2.34 % |
| Hardware and equipment | 2.17 % |
| Public utilities | 1.87 % |
| Real estate | 1.85 % |
| Household items and body care products | 1.82 % |
| Industrial services and operating materials | 1.43 % |
| Consumer goods and clothing | 1.33 % |
| Other | 1.07 % |
| Investment fund holdings | 0.51 % |
| Transport | 0.36 % |
| Energy | 0.34 % |
| Semi-conductors and semi-conductor production equipment | 0.26 % |
| Consumer services | 0.09 % |
| Securities holdings | 88.54 % |
| Futures contracts | 0.38 % |
| Bank balances 2) | 11.67 % |
| Balance of other receivables and payables | -0.59 % |
|  | 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 | 333.23 | 2,343,123 | 12,606.75 | 142.22 |
| 30.09.2021 | 217.53 | 1,495,768 | -120,927.31 | 145.43 |
| 30.09.2022 | 182.59 | 1,380,918 | -12,762.98 | 132.23 |

| 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 | 1,034.38 | 7,575,129 | 131,470.91 | 136.55 |
| 30.09.2021 | 959.89 | 6,928,567 | -88,362.17 | 138.54 |
| 30.09.2022 | 811.20 | 6,491,289 | -57,290.01 | 124.97 |

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

#### Performance over the last 3 financial years (continued)
Unit class IT
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| --- | --- | --- | --- | --- |
| 30.09.2020 | 375.24 | 3,169,402 | 110,725.92 | 118.39 |
| 30.09.2021 | 240.92 | 1,971,709 | -141,510.72 | 122.19 |
| 30.09.2022 | 52.94 | 472,355 | -182,048.53 | 112.09 |

| 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 | 29.07 | 255,650 | 9,675.89 | 113.70 |
| 30.09.2021 | 25.60 | 219,835 | -4,061.80 | 116.47 |
| 30.09.2022 | 23.36 | 220,267 | 150.53 | 106.04 |
| Unit class ET |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 30.09.2020 | 393.11 | 3,527,447 | 196,485.16 | 111.44 |
| 30.09.2021 | 323.64 | 2,846,294 | -75,148.16 | 113.71 |
| 30.09.2022 | 238.58 | 2,313,784 | -56,479.73 | 103.11 |
| 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 | 7.17 | 67,863 | 5,488.38 | 105.60 |
| 30.09.2021 | 7.83 | 72,630 | 522.50 | 107.85 |
| 30.09.2022 | 4.86 | 49,648 | -2,352.58 | 97.93 |
| 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 | 16.68 | 155,234 | 11,091.38 | 107.48 |
| 30.09.2021 | 30.98 | 279,553 | 13,523.16 | 110.81 |
| 30.09.2022 | 31.33 | 308,552 | 3,480.60 | 101.54 |
| Performance since | launch |  |  |  |
| Unit class QT |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 01.10.2021 | Launch | - | - | 100.00 |
| 30.09.2022 | 111.10 | 1,211,221 | 121,566.91 | 91.72 |

FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	1,288,726,273.52
(acquisition cost of securities: EUR 1,319,033,798.53)
Bank balances 1)	169,879,906.78
Unrealised profits on futures contracts	5,434,904.62
Interest receivables	4,080,286.11
Dividend receivables	193,409.50
Receivable on subscriptions	742,535.55
1,469,057,316.08
Payable on redemptions	-2,626,553.80
Unrealised losses from forward exchange transactions	-8,528,489.52
Other liabilities 2)	-1,942,435.91
-13,097,479.23
Net sub-fund assets	1,455,959,836.85

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	182,594,682.52 EUR
Units outstanding	1,380,917.957
Unit value	132.23 EUR
Unit class R
Proportion of net sub-fund assets	811,196,396.80 EUR
Units outstanding	6,491,289.031
Unit value	124.97 EUR
Unit class IT
Proportion of net sub-fund assets	52,944,277.56 EUR
Units outstanding	472,355.437
Unit value	112.09 EUR
Unit class RT
Proportion of net sub-fund assets	23,356,639.38 EUR
Units outstanding	220,267.478
Unit value	106.04 EUR
Unit class ET
Proportion of net sub-fund assets	238,579,784.44 EUR
Units outstanding	2,313,783.930
Unit value	103.11 EUR
Unit class H
Proportion of net sub-fund assets	4,861,805.16 EUR
Units outstanding	49,648.122
Unit value	97.93 EUR
Unit class HT
Proportion of net sub-fund assets	31,330,411.39 EUR
Units outstanding	308,552.328
Unit value	101.54 EUR
1) See the notes to the annual report.
2) This item mainly comprises management fees and subscription tax (taxe d’abonnement).
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Allocation to the unit classes  (continued) |
| Unit class QT |  |  |  |
| Proportion of net sub-fund assets |  |  | 111,095,839.60 EUR |
| Units outstanding |  |  | 1,211,220.608 |
| Unit value |  |  | 91.72 EUR |
| Change in net sub-fund assets |  |  |  |
| in the reporting period from 1 October 2021 to 30 September 2022 |  |  |  |
| Total | Unit class I | Unit class R | Unit class IT |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period	1,806,400,157.08 | 217,529,716.82 | 959,893,114.76 | 240,920,781.81 |
| Ordinary net expenditure	-7,261,618.60 | 294,548.97 | -5,199,298.92 | 87,255.70 |
| Income and expense equalisation	-660,795.41 | 87,501.50 | -276,413.16 | 16,198.86 |
| Cash inflows from the sale of units	400,467,000.48 | 53,905,399.57 | 94,089,260.73 | 15,815,953.31 |
| Cash outflows from the redemption of units	-586,202,780.41 | -66,668,376.92 | -151,379,267.97 | -197,864,483.78 |
| Realised profits	120,636,548.60 | 15,695,607.01 | 64,670,964.44 | 5,369,386.58 |
| Realised losses	-128,677,650.83 | -16,440,061.39 | -69,241,491.24 | -5,729,170.81 |
| Net change in unrealised profits	-47,111,276.53 | -6,737,846.30 | -25,085,030.61 | -1,638,317.03 |
| Net change in unrealised losses	-90,659,798.74 | -13,161,664.88 | -47,288,582.76 | -4,033,327.08 |
| Distribution	-10,969,948.79 | -1,910,141.86 | -8,986,858.47 | 0.00 |
| Net sub-fund assets at the end of the reporting period	1,455,959,836.85 | 182,594,682.52 | 811,196,396.80 | 52,944,277.56 |
|  |  |  |  |
| Unit class RT | Unit class ET | Unit class H | Unit class HT |
| EUR | EUR | EUR | EUR |
| Net sub-fund assets at the beginning of the reporting period	25,604,025.25 | 323,642,750.25 | 7,832,774.41 | 30,976,993.78 |
| Ordinary net expenditure	-149,475.59 | -2,545,665.72 | 2,725.56 | 16,754.27 |
| Income and expense equalisation	-2,936.27 | -495,576.66 | -454.44 | -958.24 |
| Cash inflows from the sale of units	4,681,422.80 | 77,386,985.65 | 906,652.05 | 17,537,062.07 |
| Cash outflows from the redemption of units	-4,530,892.21 | -133,866,713.71 | -3,259,228.36 | -14,056,461.59 |
| Realised profits	1,849,546.16 | 21,037,505.05 | 462,691.00 | 2,509,654.22 |
| Realised losses	-1,979,325.53 | -22,435,707.54 | -492,335.40 | -2,689,608.34 |
| Net change in unrealised profits	-754,431.44 | -8,139,681.02 | -160,063.52 | -1,075,767.41 |
| Net change in unrealised losses	-1,361,293.79 | -16,004,111.86 | -358,007.68 | -1,887,257.37 |
| Distribution0.00 | 0.00 | -72,948.46 | 0.00 |
| Net sub-fund assets at the end of the reporting period	23,356,639.38 | 238,579,784.44 | 4,861,805.16 | 31,330,411.39 |

FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE

#### Change in net sub-fund assets 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
Unit class QT 1)
|  | EUR |  |
| --- | --- | --- |
| Net sub-fund assets at the beginning of the reporting period | 0.00 |
| Ordinary net expenditure | 231,537.13 |
| Income and expense equalisation | 11,843.00 |
| Cash inflows from the sale of units | 136,144,264.30 |
| Cash outflows from the redemption of units | -14,577,355.87 |
| Realised profits | 9,041,194.14 |
| Realised losses | -9,669,950.58 |
| Net change in unrealised profits | -3,520,139.20 |
| Net change in unrealised losses | -6,565,553.32 |
| Distribution | 0.00 |
| Net sub-fund assets at the end of the reporting period | 111,095,839.60 |
| Changes in number of units in circulation |  |
|  | Unit class I No. of units | Unit class R No. of units | Unit class IT No. of units | Unit class RT No. of units |
| Units outstanding at the beginning of the reporting period | 1,495,767.562 | 6,928,566.909 | 1,971,708.758 | 219,834.599 |
| Units issued | 372,841.606 | 692,888.207 | 129,531.357 | 40,637.059 |
| Units redeemed | -487,691.211 | -1,130,166.085 | -1,628,884.678 | -40,204.180 |
| Units outstanding at the end of reporting period | 1,380,917.957 | 6,491,289.031 | 472,355.437 | 220,267.478 |
|  |  |  |  |  |
|  | Unit class ET No. of units | Unit class H No. of units | Unit class HT No. of units | Unit class QT 1) No. of units |
| Units outstanding at the beginning of the reporting period | 2,846,294.446 | 72,629.572 | 279,552.675 | 0.000 |
| Units issued | 683,454.201 | 8,413.950 | 159,196.579 | 1,361,442.643 |
| Units redeemed | -1,215,964.717 | -31,395.400 | -130,196.926 | -150,222.035 |
| Units outstanding at the end of reporting period | 2,313,783.930 | 49,648.122 | 308,552.328 | 1,211,220.608 |

1) Unit class QT has been launched on 1 October 2021.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Performance as a per cent 1) |
| As at: 30.09.2022 |
|  | ISIN | Unit class |  |  |  |  | since |
| Funds | WKN | currency | 6 months | 1 year | 3 years | 10 years | launch |
| Flossbach von Storch - Multi Asset - Defensive I since 23.10.2007 2) | LU0323577840 A0M43T | EUR | -7.19% | -8.27% | -4.98% | 29.23% | 51.88% |
| Flossbach von Storch - Multi Asset - Defensive R since 23.10.2007 2) | LU0323577923 A0M43U | EUR | -7.54% | -8.96% | -7.09% | 20.67% | 40.74% |
| Flossbach von Storch - Multi Asset - Defensive IT | LU1245470080 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULS | EUR | -7.19% | -8.27% | -4.98% | — | 12.09% |
| Flossbach von Storch - Multi Asset - Defensive RT | LU1245470163 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULT | EUR | -7.53% | -8.96% | -7.09% | — | 6.04% |
| Flossbach von Storch - Multi Asset - Defensive ET | LU1245470593 |  |  |  |  |  |  |
| since 10.07.2015 | A14ULW | EUR | -7.72% | -9.32% | -8.20% | — | 3.11% |
| Flossbach von Storch - Multi Asset - Defensive H | LU1245470247 |  |  |  |  |  |  |
| since 05.02.2018 | A14ULU | EUR | -7.23% | -8.36% | -5.27% | — | 1.54% |
| Flossbach von Storch - Multi Asset - Defensive HT | LU1245470320 |  |  |  |  |  |  |
| since 05.02.2018 | A14ULV | EUR | -7.23% | -8.36% | -5.27% | — | 1.54% |
| Flossbach von Storch - Multi Asset - Defensive QT | LU2369861955 |  |  |  |  |  |  |
| since 01.10.2021 | A3CV3Y | EUR | -7.17% | — | — | — | -8.28% |

1) Based on published unit values (BVI method), ultimately corresponds to the guidelines on the "Calculation and publication of performance data of collective investment schemes" issued by the Asset Management Association Switzerland on 16 May 2008 (version dated 5 August 2021).
Past performance is not an indicator of current or future performance. The performance data do not include the commissions and charges that are levied when shares are issued and redeemed.
2) The Flossbach von Storch SICAV - Defensiv sub-fund was merged into the Flossbach von Storch - Multi Asset - Defensive sub-fund on 1 July 2015. The histories of unit classes LU0323577840/A0M43T and LU0323577923/A0M43U are still shown in the performance chart.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Statement of income and expenses |
| in the reporting period from 1 October 2021 to 30 September 2022 |
| Total | Unit class I | Unit class R | Unit class IT |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	6,669,295.12 | 909,652.53 | 3,534,409.35 | 294,935.79 |
| Income from investment fund units	68,000.00 | 8,059.54 | 36,044.74 | 3,378.78 |
| Interest on bonds	11,396,034.40 | 1,464,345.68 | 6,088,168.80 | 523,064.42 |
| Income from withholding tax reimbursement	32,530.20 | 4,620.96 | 17,193.37 | 1,399.61 |
| Bank interest	-763,864.32 | -98,756.29 | -403,610.83 | -36,460.80 |
| Trailer fees	30,969.15 | 3,940.71 | 16,575.99 | 1,384.00 |
| Other income	1,825.90 | 224.18 | 1,006.92 | 73.83 |
| Income equalisation	-1,467,466.38 | -294,200.22 | -382,661.11 | -209,213.91 |
| Total income	15,967,324.07 | 1,997,887.09 | 8,907,127.23 | 578,561.72 |
| Expenses |  |  |  |
| Interest expense	-41,411.90 | -5,376.46 | -22,214.33 | -1,824.59 |
| Management fee / fund management fee	-23,755,770.19 | -1,699,691.02 | -13,880,427.78 | -610,723.49 |
| Depositary fee	-288,882.50 | -37,047.55 | -154,216.13 | -13,309.00 |
| Central administration agent fee	-123,294.03 | -15,809.49 | -65,822.84 | -5,679.50 |
| Taxe d’abonnement	-771,774.44 | -104,182.10 | -442,020.90 | -35,617.59 |
| Publication and auditing costs	-24,361.45 | -3,071.64 | -12,963.80 | -1,135.08 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-5,523.79 | -711.78 | -2,950.95 | -248.52 |
| Registrar and transfer agent fee	-41,959.61 | -5,337.98 | -22,439.39 | -1,906.82 |
| State fees	-7,677.09 | -960.92 | -4,060.35 | -368.46 |
| Other expenses 1)	-296,549.46 | -37,847.90 | -158,383.95 | -13,508.02 |
| Expense equalisation	2,128,261.79 | 206,698.72 | 659,074.27 | 193,015.05 |
| Total expenses	-23,228,942.67 | -1,703,338.12 | -14,106,426.15 | -491,306.02 |
| Ordinary net expenditure	-7,261,618.60 | 294,548.97 | -5,199,298.92 | 87,255.70 |
| Total transaction costs during the financial year 2)	268,526.35 |  |  |  |
| Total expense ratio in per cent 2) | 0.87 | 1.62 | 0.87 |
| Ongoing charges in per cent 2) | 0.87 | 1.62 | 0.87 |

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

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
|  | Unit class RT | Unit class ET | Unit class H | Unit class HT |
| --- | --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |  |
| Dividends | 101,549.54 | 1,170,017.47 | 25,817.28 | 138,088.17 |
| Income from investment fund units | 970.30 | 12,668.97 | 296.58 | 1,488.44 |
| Interest on bonds | 172,191.07 | 2,016,932.61 | 45,084.44 | 237,575.76 |
| Income from withholding tax reimbursement | 493.81 | 5,634.09 | 121.86 | 651.74 |
| Bank interest | -11,288.52 | -138,116.98 | -3,169.70 | -15,925.73 |
| Trailer fees | 462.46 | 5,503.78 | 121.83 | 653.38 |
| Other income | 29.04 | 305.66 | 6.31 | 38.11 |
| Income equalisation | -8,287.58 | -451,992.08 | -15,055.50 | -20,034.22 |
| Total income | 256,120.12 | 2,620,953.52 | 53,223.10 | 342,535.65 |
| Expenses |  |  |  |  |
| Interest expense | -631.73 | -7,230.17 | -159.82 | -858.27 |
| Management fee / fund management fee | -391,630.23 | -5,822,453.88 | -59,544.23 | -311,874.86 |
| Depositary fee | -4,351.90 | -51,259.61 | -1,149.38 | -6,022.83 |
| Central administration agent fee | -1,857.55 | -21,876.22 | -490.46 | -2,570.80 |
| Taxe d’abonnement | -12,663.60 | -144,404.18 | -3,165.78 | -17,507.19 |
| Publication and auditing costs | -363.31 | -4,397.32 | -98.67 | -515.53 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -84.04 | -977.31 | -21.71 | -115.98 |
| Registrar and transfer agent fee | -634.75 | -7,450.90 | -166.69 | -880.76 |
| State fees | -111.74 | -1,406.98 | -32.28 | -166.52 |
| Other expenses 1) | -4,490.71 | -52,731.41 | -1,178.46 | -6,261.10 |
| Expense equalisation | 11,223.85 | 947,568.74 | 15,509.94 | 20,992.46 |
| Total expenses | -405,595.71 | -5,166,619.24 | -50,497.54 | -325,781.38 |
| Ordinary net expenditure | -149,475.59 | -2,545,665.72 | 2,725.56 | 16,754.27 |
| Total expense ratio in per cent 2) | 1.62 | 2.02 | 0.97 | 0.97 |
| Ongoing charges in per cent 2) | 1.62 | 2.02 | 0.97 | 0.97 |

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

#### Statement of income and expenses 
(continued)
in the reporting period from 1 October 2021 to 30 September 2022
Unit class QT 1)
|  | EUR |
| --- | --- |
| Income |  |
| Dividends | 494,824.99 |
| Income from investment fund units | 5,092.65 |
| Interest on bonds | 848,671.62 |
| Income from withholding tax reimbursement | 2,414.76 |
| Bank interest | -56,535.47 |
| Trailer fees | 2,327.00 |
| Other income | 141.85 |
| Income equalisation | -86,021.76 |
| Total income | 1,210,915.64 |
| Expenses |  |
| Interest expense | -3,116.53 |
| Management fee / fund management fee | -979,424.70 |
| Depositary fee | -21,526.10 |
| Central administration agent fee | -9,187.17 |
| Taxe d’abonnement | -12,213.10 |
| Publication and auditing costs | -1,816.10 |
| Typesetting, printing and dispatch costs for the annual and semi- annual reports | -413.50 |
| Registrar and transfer agent fee | -3,142.32 |
| State fees | -569.84 |
| Other expenses 2) | -22,147.91 |
| Expense equalisation | 74,178.76 |
| Total expenses | -979,378.51 |
| Ordinary net expenditure | 231,537.13 |
| Total expense ratio in per cent 3) | 0.82 |
| Ongoing charges in per cent 3) | 0.83 |

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

#### Statement of assets as at 30 September 2022
Additions
in the
Disposals
in the
Market value
% share
of
ISIN	Securities
| Cayman Islands |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 161,400 | 268,600 | 77.9500 | 2,731,483.85 | 0.19 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 169,000 | 128,000 | 266.4000 | 4,448,572.77 | 0.31 |
|  |  |  |  |  |  |  | 7,180,056.62 | 0.50 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 2,900 | 35,600 | 42,300 | 764.7000 | 4,349,969.74 | 0.30 |
|  |  |  |  |  |  |  | 4,349,969.74 | 0.30 |
| Germany |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 0 | 11,000 | 32,400 | 159.6200 | 5,171,688.00 | 0.36 |
| DE0005810055 | Dte. Börse AG | EUR | 400 | 51,800 | 48,600 | 167.9000 | 8,159,940.00 | 0.56 |
| DE0005552004 | Dte. Post AG | EUR | 35,057 | 25,900 | 174,157 | 30.4650 | 5,305,693.01 | 0.36 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 19,800 | 73,414 | 67,886 | 58.7800 | 3,990,339.08 | 0.27 |
| DE0007164600 | SAP SE | EUR | 0 | 23,000 | 77,000 | 81.8700 | 6,303,990.00 | 0.43 |
| DE0008303504 | TAG Immobilien AG | EUR | 169,067 | 114,019 | 55,048 | 7.7850 | 428,548.68 | 0.03 |
|  |  |  |  |  |  |  | 29,360,198.77 | 2.01 |
| France |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 121,900 | 17,300 | 104,600 | 34.2350 | 3,580,981.00 | 0.25 |
| FR0010307819 | Legrand S.A. | EUR | 4,700 | 7,100 | 52,600 | 64.9600 | 3,416,896.00 | 0.23 |
| FR0000120321 | L'Oréal S.A. | EUR | 15,900 | 2,100 | 13,800 | 323.3500 | 4,462,230.00 | 0.31 |
|  |  |  |  |  |  |  | 11,460,107.00 | 0.79 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 23,300 | 56,700 | 82.2700 | 4,776,967.74 | 0.33 |
|  |  |  |  |  |  |  | 4,776,967.74 | 0.33 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 32,400 | 3,900 | 28,500 | 20,260.0000 | 4,089,815.73 | 0.28 |
|  |  |  |  |  |  |  | 4,089,815.73 | 0.28 |
| Canada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 55,300 | 84,700 | 41.4300 | 3,593,569.89 | 0.25 |
| CA21037X1006 | Constellation Software Inc. | CAD | 300 | 3,900 | 11,400 | 1,931.5000 | 16,443,208.12 | 1.13 |
|  |  |  |  |  |  |  | 20,036,778.01 | 1.38 |
| Netherlands |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 10,600 | 1,800 | 8,800 | 431.9000 | 3,800,720.00 | 0.26 |
|  |  |  |  |  |  |  | 3,800,720.00 | 0.26 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 5,000 | 73,568 | 131,432 | 106.5600 | 14,622,461.81 | 1.00 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 22,700 | 19,800 | 320.2500 | 6,620,327.83 | 0.45 |
|  |  |  |  |  |  |  | 21,242,789.64 | 1.45 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 50,000 | 9,500 | 40,500 | 98.2900 | 4,076,543.78 | 0.28 |
| US00507V1098 | Activision Blizzard Inc. | USD | 0 | 91,146 | 78,854 | 74.8700 | 6,045,877.09 | 0.42 |
| US00724F1012 | Adobe Inc. | USD | 14,800 | 1,500 | 13,300 | 278.2500 | 3,789,784.95 | 0.26 |
| US02079K3059 | Alphabet Inc. | USD | 185,550 | 4,450 | 195,000 | 97.4200 | 19,454,070.66 | 1.34 |
| US0231351067 | Amazon.com Inc. | USD | 95,000 | 15,000 | 85,000 | 114.8000 | 9,992,831.54 | 0.69 |

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

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities |  | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0258161092 | American Express Co. | USD | 22,500 | 4,200 | 18,300 | 137.7900 | 2,582,239.63 | 0.18 |
| US0311001004 | AMETEK Inc. | USD | 0 | 23,300 | 56,700 | 113.2800 | 6,577,548.39 | 0.45 |
| US0320951017 | Amphenol Corporation | USD | 0 | 26,400 | 133,600 | 67.9200 | 9,292,485.41 | 0.64 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 9,300 | 11,700 | 52,600 | 269.5800 | 14,521,155.15 | 1.00 |
| US09247X1019 | Blackrock Inc. | USD | 7,600 | 2,600 | 12,700 | 563.9200 | 7,334,136.20 | 0.50 |
| US8085131055 | Charles Schwab Corporation | USD | 48,000 | 24,100 | 123,900 | 72.6400 | 9,216,688.17 | 0.63 |
| US2172041061 | Copart Inc. | USD | 47,000 | 8,500 | 38,500 | 109.7800 | 4,328,243.73 | 0.30 |
| US2358511028 | Danaher Corporation | USD | 1,400 | 17,800 | 48,600 | 262.1500 | 13,047,096.77 | 0.90 |
| US2566771059 | Dollar General Corporation | USD | 21,000 | 32,500 | 48,500 | 239.4700 | 11,893,799.28 | 0.82 |
| US29786A1060 | Etsy Inc. | USD | 35,200 | 6,000 | 29,200 | 101.5200 | 3,035,723.50 | 0.21 |
| US34959J1088 | Fortive Corporation | USD | 9,500 | 22,900 | 91,600 | 59.2100 | 5,554,158.73 | 0.38 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 7,500 | 42,500 | 183.8800 | 8,002,969.79 | 0.55 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 11,400 | 52,100 | 90.7500 | 4,841,858.68 | 0.33 |
| US4612021034 | Intuit Inc. | USD | 4,800 | 8,200 | 12,100 | 396.8100 | 4,916,949.31 | 0.34 |
| US4781601046 | Johnson & Johnson | USD | 0 | 36,300 | 68,700 | 164.5300 | 11,575,228.88 | 0.80 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 9,055 | 17,945 | 286.7700 | 5,269,931.03 | 0.36 |
| US57667L1070 | Match Group Inc. | USD | 59,000 | 8,500 | 50,500 | 48.2500 | 2,495,263.70 | 0.17 |
| US30303M1027 | Meta Platforms Inc. | USD | 25,000 | 12,900 | 57,100 | 136.4100 | 7,976,457.76 | 0.55 |
| US5949181045 | Microsoft Corporation | USD | 2,000 | 15,400 | 65,600 | 237.5000 | 15,954,941.12 | 1.10 |
| US6153691059 | Moody's Corporation | USD | 14,600 | 12,300 | 27,300 | 246.5600 | 6,893,075.27 | 0.47 |
| US55354G1004 | MSCI Inc. | USD | 13,900 | 1,600 | 12,300 | 423.2200 | 5,330,881.72 | 0.37 |
| US6516391066 | Newmont Corporation | USD | 125,000 | 57,100 | 67,900 | 41.7600 | 2,903,741.94 | 0.20 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 63,400 | 27,800 | 60,600 | 88.7000 | 5,504,577.57 | 0.38 |
| US7134481081 | PepsiCo Inc. | USD | 12,400 | 27,478 | 44,922 | 166.6100 | 7,664,571.86 | 0.53 |
| US72352L1061 | Pinterest Inc. | USD | 80,500 | 25,100 | 190,400 | 23.1900 | 4,521,634.41 | 0.31 |
| US7766961061 | Roper Technologies Inc. | USD | 4,800 | 10,000 | 7,800 | 366.7500 | 2,929,493.09 | 0.20 |
| US79466L3024 | Salesforce Inc. | USD | 0 | 11,500 | 23,500 | 146.8100 | 3,533,061.96 | 0.24 |
| US8636671013 | Stryker Corporation | USD | 0 | 13,300 | 20,200 | 205.4800 | 4,250,584.74 | 0.29 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 13,400 | 1,300 | 12,100 | 516.6100 | 6,401,414.23 | 0.44 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 0 | 32,230 | 44,270 | 173.5500 | 7,867,955.45 | 0.54 |
| US92826C8394 | VISA Inc. | USD | 2,482 | 4,000 | 30,482 | 180.0600 | 5,620,674.78 | 0.39 |
| US88579Y1010 | 3M Co. | USD | 0 | 27,032 | 71,968 | 112.3000 | 8,276,504.25 | 0.57 |
|  |  |  |  |  |  |  | 263,474,154.52 | 18.13 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 5,500 | 134,200 | 156,300 | 61.2400 | 10,818,051.54 | 0.74 |
| GB00B10RZP78 | Unilever Plc. | EUR | 8,600 | 205,358 | 243,242 | 45.9200 | 11,169,672.64 | 0.77 |
|  |  |  |  |  |  |  | 21,987,724.18 | 1.51 |

| Exchange-traded securities | 391,759,281.95 | 26.94 |
| --- | --- | --- |
| Equities, rights and participation certificates | 391,759,281.95 | 26.94 |
| Bonds |  |  |
| Exchange-traded securities |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2462324232 | 1.949% | Bank of America Corporation EMTN Reg. S. Fix-to-Float v.22(2026) | 8,100,000 | 0 | 8,100,000 | 93.9370 | 7,608,897.00 | 0.52 |
| XS1200679071 | 1.125% | Berkshire Hathaway Inc. v.15(2027) | 8,700,000 | 0 | 8,700,000 | 90.1330 | 7,841,571.00 | 0.54 |

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

#### Statement of assets as at 30 September 2022 (continued)
| ISIN | Securities | Additions in the reporting period | Disposals in the reporting period | Quantity | Price | Market value EUR | % share of NSFA 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS2133056114 | 0.000% | Berkshire Hathaway Inc. v.20(2025) | 0 | 0 | 3,150,000 | 92.6280 | 2,917,782.00 | 0.20 |  |
| XS2447564332 | 1.000% | BMWFinance NVEMTNReg.S. v.22(2028) | 6,000,000 | 0 | 6,000,000 | 87.4780 | 5,248,680.00 | 0.36 |  |
| DE0001102358 | 1.500% | Federal Republic of Germany Reg.S. v.14 (2024) | 70,000,000 | 15,000,000 | 55,000,000 | 99.8620 | 54,924,100.00 | 3.77 |  |
| DE0001102366 | 1.000% | Federal Republic of Germany Reg.S. v.14 (2024) | 80,000,000 | 15,000,000 | 65,000,000 | 98.7690 | 64,199,850.00 | 4.41 |  |
| DE0001102333 | 1.750% | Federal Republic of Germany Reg.S. v.14 (2024) | 70,000,000 | 0 | 70,000,000 | 100.2400 | 70,168,000.00 | 4.82 |  |
| DE0001141851 | 0.000% | Federal Republic of Germany Reg.S. v.22 (2027) | 30,000,000 | 15,700,000 | 14,300,000 | 91.4760 | 13,081,068.00 | 0.90 |  |
| FR0013460607 | 1.125% | Bureau Veritas SA Reg.S. v.19(2027) | 0 | 0 | 10,000,000 | 86.3690 | 8,636,900.00 | 0.59 |  |
| XS2348237871 | 1.500% | Cellnex Finance Company S.A. EMTNReg. S. v.21(2028) | 0 | 0 | 5,000,000 | 78.3400 | 3,917,000.00 | 0.27 |  |
| XS2481287394 | 1.101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22(2024) | 2,700,000 | 0 | 2,700,000 | 100.2360 | 2,706,372.00 | 0.19 |  |
| DE000CZ45VS1 | 0.010% | Commerzbank AG EMTN Pfe. v.20(2030) | 0 | 0 | 10,000,000 | 79.4970 | 7,949,700.00 | 0.55 |  |
| DE000CZ45W99 | 2.250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 8,000,000 | 0 | 8,000,000 | 91.8690 | 7,349,520.00 | 0.50 |  |
| XS2239553048 | 1.250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 4,000,000 | 6,250,000 | 87.1530 | 5,447,062.50 | 0.37 |  |
| XS2050404636 | 0.200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 0 | 12,000,000 | 89.7000 | 10,764,000.00 | 0.74 |  |
| XS2050404800 | 0.450% | DH Europe Finance II S.a.r.L. v.19(2028) | 0 | 0 | 3,100,000 | 84.3780 | 2,615,718.00 | 0.18 |  |
| DE000A289N78 | 1.250% | Dte. Börse AG Reg.S. Fix-to-Float v.20 (2047) | 9,000,000 | 0 | 9,000,000 | 83.0010 | 7,470,090.00 | 0.51 |  |
| DE000A2GSP56 | 0.875% | DZ HYPAG EMTN Reg.S. Pfe. v.18(2028) | 0 | 0 | 7,500,000 | 89.1870 | 6,689,025.00 | 0.46 |  |
| DE000A2TSDW4 | 0.010% | DZ HYPAG EMTN Reg.S. Pfe. v.19(2027) | 0 | 0 | 10,000,000 | 88.0770 | 8,807,700.00 | 0.60 |  |
| XS2035564975 | 1.125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 9,500,000 | 0 | 9,500,000 | 85.6250 | 8,134,375.00 | 0.56 |  |
| EU000A287074 | 0.000% | European Union Reg.S. Social Bond v.21 (2028) | 36,500,000 | 0 | 36,500,000 | 85.6800 | 31,273,200.00 | 2.15 |  |
| EU000A1G0BN7 | 2.125% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.14(2024) | 0 | 0 | 10,000,000 | 99.7070 | 9,970,700.00 | 0.68 |  |
| EU000A1G0ED2 | 0.875% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.19(2035) | 0 | 0 | 7,400,000 | 76.5520 | 5,664,848.00 | 0.39 |  |
| XS2412258522 | 0.875% | GNStore Nord ASEMTNReg.S. v.21(2024) | 6,100,000 | 0 | 6,100,000 | 90.2870 | 5,507,507.00 | 0.38 |  |
| BE0002595735 | 1.875% | Groupe Bruxelles Lambert S.A.[GBL] Reg. S. v.18(2025) | 0 | 0 | 10,000,000 | 96.1760 | 9,617,600.00 | 0.66 |  |
| BE0002684653 | 0.010% | ING Belgium S.A./NV Reg.S. Pfe. v.20 (2030) | 0 | 0 | 10,000,000 | 79.2590 | 7,925,900.00 | 0.54 |  |
| DE000A1KRJV6 | 0.010% | ING-DiBaAGEMTNReg.S.Pfe.GreenBond v.21(2028) | 4,000,000 | 0 | 4,000,000 | 83.2490 | 3,329,960.00 | 0.23 |  |
| DE000A2TSTS8 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.19(2024) | 0 | 0 | 10,000,000 | 96.2340 | 9,623,400.00 | 0.66 |  |
| DE000A3E5VK1 | 0.750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10,000,000 | 5,000,000 | 5,000,000 | 69.1560 | 3,457,800.00 | 0.24 |  |
| FR0013482817 | 0.000% | LVMH Moët Hennessy Louis Vuitton SE EMTN Reg.S. v.20(2024) | 0 | 0 | 20,000,000 | 96.9015 | 19,380,300.00 | 1.33 |  |
| XS1403264374 | 1.000% | McDonald's Corporation Reg.S. v.16 (2023) | 1,300,000 | 0 | 1,300,000 | 97.6950 | 1,270,035.00 | 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 – MULTI ASSET – DEFENSIVE

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| XS1960678255 | 1.125% | Medtronic Global Holdings SCA v.19 (2027) | 9,000,000 | 0 | 9,000,000 | 90.6760 | 8,160,840.00 | 0.56 |  |
| DE000A2R9ZT1 | 0.250% | Mercedes-Benz International Finance B. V. EMTN Reg.S. v.19(2023) | 0 | 0 | 10,000,000 | 97.1100 | 9,711,000.00 | 0.67 |  |
| XS2031862076 | 0.125% | Royal Bank of Canada Reg.S. v.19(2024) | 0 | 0 | 10,000,000 | 94.5040 | 9,450,400.00 | 0.65 |  |
| XS2523390271 | 2.500% | RWE AG Reg.S. v.22(2025) | 15,000,000 | 0 | 15,000,000 | 97.1240 | 14,568,600.00 | 1.00 |  |
| XS2526839175 | 2.250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 15,000,000 | 0 | 15,000,000 | 98.1200 | 14,718,000.00 | 1.01 |  |
| XS1002121454 | 6.500% | Stichting AK Rabobank Certificaten Reg. S. FRN Perp. | 9,899,025 | 2,000,000 | 10,000,000 | 90.8720 | 9,087,200.00 | 0.62 |  |
| XS1914502304 | 2.125% | Stryker Corporation v.18(2027) | 8,500,000 | 0 | 8,500,000 | 92.2010 | 7,837,085.00 | 0.54 |  |
| XS1914502643 | 2.625% | Stryker Corporation v.18(2030) | 0 | 1,800,000 | 8,000,000 | 89.5290 | 7,162,320.00 | 0.49 |  |
| XS2049582542 | 0.050% | Svenska Handelsbanken AB[publ] Reg.S. v.19(2026) | 0 | 0 | 17,000,000 | 86.4980 | 14,704,660.00 | 1.01 |  |
| XS2207430120 | 2.374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 5,000,000 | 0 | 5,000,000 | 90.2350 | 4,511,750.00 | 0.31 |  |
| XS1458408561 | 1.625% | TheGoldmanSachsGroupInc.EMTNReg. S. v.16(2026) | 0 | 0 | 15,000,000 | 91.5130 | 13,726,950.00 | 0.94 |  |
| XS1614198262 | 1.375% | TheGoldmanSachsGroupInc.EMTNReg. S. v.17(2024) | 0 | 0 | 10,000,000 | 97.2300 | 9,723,000.00 | 0.67 |  |
| XS2058556536 | 0.500% | Thermo Fisher Scientific Inc. v.19(2028) | 9,000,000 | 0 | 9,000,000 | 85.3540 | 7,681,860.00 | 0.53 |  |
| XS2102948994 | 0.250% | Toyota Motor Credit Corporation EMTN Reg.S. v.20(2026) | 0 | 0 | 12,800,000 | 88.5970 | 11,340,416.00 | 0.78 |  |
| AT000B122031 | 0.375% | Volksbank Wien AG EMTN Reg.S. Pfe. v.19 (2026) | 0 | 0 | 10,000,000 | 91.3890 | 9,138,900.00 | 0.63 |  |
| XS2374595044 | 0.125% | Volkswagen Financial Services AG EMTN Reg.S. v.21(2027) | 9,600,000 | 0 | 9,600,000 | 83.8900 | 8,053,440.00 | 0.55 |  |
| XS1910947941 | 1.883% | Volkswagen International Finance NV- Reg.S. FRN v.18(2024) | 0 | 0 | 5,000,000 | 101.3590 | 5,067,950.00 | 0.35 |  |
| XS1586555945 | 1.875% | Volkswagen International Finance NV- Reg.S. v.17(2027) | 0 | 0 | 10,000,000 | 89.8930 | 8,989,300.00 | 0.62 |  |
| DE000A3MQS56 | 1.375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 13,000,000 | 0 | 13,000,000 | 90.5050 | 11,765,650.00 | 0.81 |  |
| XS2338564870 | 2.000% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2027) | 14,000,000 | 0 | 14,000,000 | 76.6250 | 10,727,500.00 | 0.74 |  |
| XS2262961076 2.750% ZF Finance GmbH EMTN Reg.S. v.20	14,000,000 (2027) | 7,000,000 | 7,000,000 | 78.7500 | 5,512,500.00 | 0.38 |  |
|  |  |  |  | 615,137,981.50 | 42.25 |  |
| USD |  |  |  |  |  |  |
| US615369AW51 2.000% Moody's Corporation v.21(2031)0 | 0 | 6,300,000 | 76.1650 | 4,913,870.97 | 0.34 |  |
|  |  |  |  | 4,913,870.97 | 0.34 |  |
| Exchange-traded securities |  |  |  | 620,051,852.47 | 42.59 |  |
| Securities admitted to trading or included in organised markets |
| EUR |  |  |  |  |  |  |  |  |
| XS2114413565 | 2.875% | AT & T Inc. Fix-to-Float Perp. | 0 | 1,000,000 19,000,000 | 88.2600 | 16,769,400.00 | 1.15 |  |
| XS2197945251 | 0.010% | Coöperatieve Rabobank U.A. EMTN Reg. S. Pfe. v.20(2030) | 0 | 0 10,000,000 | 78.8260 | 7,882,600.00 | 0.54 |  |
| XS2466172280 | 1.250% | Daimler Truck International Finance B.V. EMTN Reg.S. v.22(2025) | 8,500,000 | 0 8,500,000 | 94.3660 | 8,021,110.00 | 0.55 |  |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE
| 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) |
| BE0002876572 | 3.125% | Groupe Bruxelles Lambert S.A.[GBL] Reg. | 3,100,000 | 0 | 3,100,000 | 94.4290 | 2,927,299.00 | 0.20 |  |
|  |  | S. v.22(2029) |  |  |  |  |  |  |  |
| DE000A19HCX8 | 2.000% | JAB Holdings BV Reg.S. v.17(2028) | 0 | 0 | 7,000,000 | 85.0730 | 5,955,110.00 | 0.41 |  |
| XS1989380172 | 3.875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 3,000,000 | 5,000,000 | 87.7500 | 4,387,500.00 | 0.30 |  |
| XS2360853332 | 1.288% | Prosus NV Reg.S. v.21(2029) | 0 | 6,500,000 | 3,000,000 | 70.7760 | 2,123,280.00 | 0.15 |  |
| XS2430287362 | 2.085% | Prosus NV Reg.S. v.22(2030) | 3,000,000 | 0 | 3,000,000 | 71.9770 | 2,159,310.00 | 0.15 |  |
| XS2407914394 | 0.000% | ThermoFisherScientific[FinanceI] | 8,900,000 | 0 | 8,900,000 | 90.4440 | 8,049,516.00 | 0.55 |  |
|  |  | BV Sustainability Bond v.21(2025) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 58,275,125.00 | 4.00 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US037833DU14 | 1.650% | Apple Inc. v.20(2030) | 0 | 0 | 9,000,000 | 80.2770 | 7,398,801.84 | 0.51 |  |
| US037833DY36 | 1.250% | Apple Inc. v.20(2030) | 0 | 0 | 20,000,000 | 77.1710 | 15,805,632.36 | 1.09 |  |
| US037833EJ59 | 1.700% | Apple Inc. v.21(2031) | 0 | 2,100,000 | 10,000,000 | 78.3140 | 8,019,866.87 | 0.55 |  |
| US084664CW92 | 1.450% | Berkshire Hathaway Finance | 0 | 0 | 13,300,000 | 77.3280 | 10,532,129.03 | 0.72 |  |
|  |  | Corporation v.20(2030) |  |  |  |  |  |  |  |
| US256677AK14 | 4.625% | Dollar General Corporation v.22(2027) | 7,800,000 | 0 | 7,800,000 | 97.5770 | 7,794,168.97 | 0.54 |  |
| US594918BY93 | 3.300% | Microsoft Corporation v.17(2027) | 5,000,000 | 0 | 5,000,000 | 95.3920 | 4,884,383.00 | 0.34 |  |
| US55354GAL41 | 3.875% | MSCI Inc. 144A v.20(2031) | 0 | 0 | 12,700,000 | 83.2180 | 10,823,027.14 | 0.74 |  |
| US771196BW19 | 1.930% | Roche Holdings Inc. 144A v.21(2028) | 8,900,000 | 0 | 8,900,000 | 84.4560 | 7,697,474.65 | 0.53 |  |
| US855244BC24 | 3.000% | Starbucks Corporation v.22(2032) | 9,450,000 | 0 | 9,450,000 | 82.6070 | 7,994,225.81 | 0.55 |  |
| US191216DP21 | 2.250% | The Coca-Cola Co. v.21(2032) | 0 | 0 | 7,750,000 | 81.5590 | 6,472,936.51 | 0.44 |  |
| US437076CM21 | 2.700% | The Home Depot Inc. v.22(2025) | 1,950,000 | 0 | 1,950,000 | 95.5390 | 1,907,844.85 | 0.13 |  |
|  |  |  |  |  |  |  | 89,330,491.03 | 6.14 |  |
| Securities admitted to trading or included in organised markets | 147,605,616.03 | 10.14 |  |
| Bonds | 767,657,468.50 | 52.73 |  |
| Convertible bonds |  |  |  |
| Exchange-traded securities |  |  |  |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A2LQRA1 | 0.000% | RAG-Stiftung/Evonik Industries AG | 5,400,000 | 0 | 5,400,000 | 92.6770 | 5,004,558.00 | 0.34 |  |
|  |  | Reg.S. CV v.18(2024) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 5,004,558.00 | 0.34 |  |
| Exchange-traded securities	5,004,558.000.34 Securities admitted to trading or included in organised markets |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A3E46Y9 | 0.625% | TAG Immobilien AG/TAG | 0 | 0 | 9,900,000 | 73.9590 | 7,321,941.00 | 0.50 |  |
|  |  | Immobilien AG Reg.S. CV v.20 |  |  |  |  |  |  |  |
|  |  | (2026) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 7,321,941.00 | 0.50 |  |
| Securities admitted to trading or included in organised markets | 7,321,941.00 | 0.50 |  |
| Convertible bonds | 12,326,499.00 | 0.84 |  |

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

#### Statement of assets as at 30 September 2022 (continued)
|  | Additions | Disposals |  |  |  | % share |
| --- | --- | --- | --- | --- | --- | --- |
| in the | in the |  |  | Market value | of |
| ISIN | Securities | reporting period | reporting period | Quantity | Price | EUR | NSFA 1) |

Investment fund holdings 2)
Luxembourg
LU1012014905 Flossbach von Storch - Global
Emerging Markets Equities I
EUR	0	21,673	46,327	160.6400	7,441,969.280.51
7,441,969.28	0.51
Investment fund holdings	7,441,969.280.51
Certificates
Exchange-traded securities Ireland
| IE00B579F325 | Invesco Physical Markets Plc./Gold | USD | 0 | 492,000 | 668,000 | 160.1300 | 109,541,054.79 | 7.52 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ounce Cert. v.09(2100) |  |  |  |  |  |  |  |
|  |  |  |  |  |  | 109,541,054.79 | 7.52 |
| Exchange-traded securities |  |  |  |  |  | 109,541,054.79 | 7.52 |
| Certificates |  |  |  |  |  | 109,541,054.79 | 7.52 |
| Securities holdings |  |  |  |  |  | 1,288,726,273.52 | 88.54 |
| Futures contracts |  |  |  |  |  |  |  |
| Short positions |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 |  | 643 | 1,140 | -497 |  | 4,171,783.21 | 0.29 |
|  |  |  |  |  |  | 4,171,783.21 | 0.29 |
| USD |  |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future December 2022 |  | 266 | 510 | -244 |  | 1,263,121.41 | 0.09 |
|  |  |  |  |  |  | 1,263,121.41 | 0.09 |
| Short positions |  |  |  |  |  | 5,434,904.62 | 0.38 |
| Futures contracts |  |  |  |  |  | 5,434,904.62 | 0.38 |
| Bank balances - current account 3) |  |  |  |  |  | 169,879,906.78 | 11.67 |
| Balance of other receivables and payables |  |  |  |  |  | -8,081,248.07 | -0.59 |
| Net sub-fund assets in EUR |  |  |  |  |  | 1,455,959,836.85 | 100.00 |


#### Forward exchange transactions
As at 30 September 2022, the following forward exchange transactions were outstanding:
Currency	Counterparty	Currency amount
Market value
EUR
% share
of NSFA 1)
EUR/USD	DZ PRIVATBANK S.A.	Currency sales	57,700,000.00	58,882,778.374.04
EUR/USD	J.P. Morgan SE	Currency sales	118,000,000.00	120,663,650.088.29
1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
2) Details of issue surcharges, redemption fees and the maximum amount of the management fee for target fund units are available on request at the registered offices of the management company, the depositary and the paying agents.
3) See the notes to the annual report.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Futures contracts |
|  |  | Commitments | % share of |
|  | Quantity | EUR | NSFA 1) |
| Short positions |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future December 2022 | -497 | -65,211,370.00 | -4.48 |
|  |  | -65,211,370.00 | -4.48 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future December 2022 | -244 | -28,098,886.33 | -1.93 |
|  |  | -28,098,886.33 | -1.93 |
| Short positions |  | -93,310,256.33 | -6.41 |
| Futures contracts |  | -93,310,256.33 | -6.41 |


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

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

Translation (ENDE, 2022-09-30):
# FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE
Jahresbericht
1. Oktober 2021 - 30. September 2022
Die Verwaltungsgesellschaft des Fonds ist berechtigt, Anteilklassen mit unterschiedlichen Rechten hinsichtlich der Anteile zu bilden. Derzeit bestehen die folgenden Anteilklassen mit den Ausgestaltungsmerkmalen:
|  | Anteilklasse I | Anteilklasse R | Anteilklasse IT | Anteilklasse RT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A0M43T | A0M43U | A14ULS | A14ULT |
| ISIN-Code: | LU0323577840 | LU0323577923 | LU1245470080 | LU1245470163 |
| Ausgabeaufschlag: | bis zu 3,00 % | bis zu 3,00 % | bis zu 3,00 % | bis zu 3,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,78 % p.a. | 1,53 % p.a. | 0,78 % p.a. | 1,53 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | 1.000.000,00 EUR | keine |
| Ertragsverwendung: | ausschüttend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |
|  | Anteilklasse ET | Anteilklasse H | Anteilklasse HT | Anteilklasse QT 1) |
| WP-Kenn-Nr.: | A14ULW | A14ULU | A14ULV | A3CV3Y |
| ISIN-Code: | LU1245470593 | LU1245470247 | LU1245470320 | LU2369861955 |
| Ausgabeaufschlag: | bis zu 1,00 % | keiner | keiner | bis zu 3,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 1,93 % p.a. | 0,88 % p.a. | 0,88 % p.a. | 0.78 % p.a |
| Mindesterstanlage: | keine | keine | keine | 25.000.000,00 EUR |
| Ertragsverwendung: | thesaurierend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Vereinigte Staaten von Amerika | 31,36 % |
| Deutschland | 24,54 % |
| Irland | 7,85 % |
| Niederlande | 7,11 % |
| Frankreich | 2,71 % |
| Europäische Gemeinschaft | 2,15 % |
| Kanada | 2,03 % |
| Luxemburg | 1,99 % |
| Vereinigtes Königreich | 1,51 % |
| Schweiz | 1,45 % |
| Belgien | 1,40 % |
| Europäische Finanzstabilisierungsfazilität | 1,07 % |
| Schweden | 1,01 % |
| Dänemark | 0,68 % |
| Österreich | 0,63 % |
| Cayman Inseln | 0,50 % |
| Japan | 0,28 % |
| Spanien | 0,27 % |
| Wertpapiervermögen | 88,54 % |
| Terminkontrakte | 0,38 % |
| Bankguthaben 2) | 11,67 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,59 % |
|  | 100,00 % |

1) Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Branchenaufteilung 1) |
| Staatsanleihen | 16,05 % |
| Roh-, Hilfs- & Betriebsstoffe | 7,97 % |
| Software & Dienste | 7,57 % |
| Banken | 7,51 % |
| Diversifizierte Finanzdienste | 7,51 % |
| Gesundheitswesen: Ausstattung & Dienste | 5,21 % |
| Automobile & Komponenten | 5,00 % |
| Investitionsgüter | 3,74 % |
| Groß- und Einzelhandel | 3,73 % |
| Media & Entertainment | 3,10 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 2,89 % |
| Versicherungen | 2,82 % |
| Lebensmittel, Getränke & Tabak | 2,34 % |
| Hardware & Ausrüstung | 2,17 % |
| Versorgungsbetriebe | 1,87 % |
| Immobilien | 1,85 % |
| Haushaltsartikel & Körperpflegeprodukte | 1,82 % |
| Gewerbliche Dienste & Betriebsstoffe | 1,43 % |
| Gebrauchsgüter & Bekleidung | 1,33 % |
| Sonstiges | 1,07 % |
| Investmentfondsanteile | 0,51 % |
| Transportwesen | 0,36 % |
| Energie | 0,34 % |
| Halbleiter & Geräte zur Halbleiterproduktion | 0,26 % |
| Verbraucherdienste | 0,09 % |
| Wertpapiervermögen | 88,54 % |
| Terminkontrakte | 0,38 % |
| Bankguthaben 2) | 11,67 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,59 % |
|  | 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 | 333,23 | 2.343.123 | 12.606,75 | 142,22 |
| 30.09.2021 | 217,53 | 1.495.768 | -120.927,31 | 145,43 |
| 30.09.2022 | 182,59 | 1.380.918 | -12.762,98 | 132,23 |

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

#### Entwicklung der letzten 3 Geschäftsjahre 
(Fortsetzung)
Anteilklasse R
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 1.034,38 | 7.575.129 | 131.470,91 | 136,55 |
| 30.09.2021 | 959,89 | 6.928.567 | -88.362,17 | 138,54 |
| 30.09.2022 | 811,20 | 6.491.289 | -57.290,01 | 124,97 |

| Anteilklasse IT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 375,24 | 3.169.402 | 110.725,92 | 118,39 |
| 30.09.2021 | 240,92 | 1.971.709 | -141.510,72 | 122,19 |
| 30.09.2022 | 52,94 | 472.355 | -182.048,53 | 112,09 |

| Anteilklasse RT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 29,07 | 255.650 | 9.675,89 | 113,70 |
| 30.09.2021 | 25,60 | 219.835 | -4.061,80 | 116,47 |
| 30.09.2022 | 23,36 | 220.267 | 150,53 | 106,04 |

| Anteilklasse ET |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 393,11 | 3.527.447 | 196.485,16 | 111,44 |
| 30.09.2021 | 323,64 | 2.846.294 | -75.148,16 | 113,71 |
| 30.09.2022 | 238,58 | 2.313.784 | -56.479,73 | 103,11 |

| Anteilklasse H |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 7,17 | 67.863 | 5.488,38 | 105,60 |
| 30.09.2021 | 7,83 | 72.630 | 522,50 | 107,85 |
| 30.09.2022 | 4,86 | 49.648 | -2.352,58 | 97,93 |

| Anteilklasse HT |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 16,68 | 155.234 | 11.091,38 | 107,48 |
| 30.09.2021 | 30,98 | 279.553 | 13.523,16 | 110,81 |
| 30.09.2022 | 31,33 | 308.552 | 3.480,60 | 101,54 |

FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE

#### Entwicklung seit Auflegung
Anteilklasse QT
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 01.10.2021 | Auflegung | - | - | 100,00 |
| 30.09.2022 | 111,10 | 1.211.221 | 121.566,91 | 91,72 |


#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	1.288.726.273,52
(Wertpapiereinstandskosten: EUR 1.319.033.798,53)
Bankguthaben 1)	169.879.906,78
Nicht realisierte Gewinne aus Terminkontrakten	5.434.904,62
Zinsforderungen	4.080.286,11
Dividendenforderungen	193.409,50
Forderungen aus Absatz von Anteilen	742.535,55
1.469.057.316,08
Verbindlichkeiten aus Rücknahmen von Anteilen	-2.626.553,80
Nicht realisierte Verluste aus Devisentermingeschäften	-8.528.489,52
Sonstige Passiva 2)	-1.942.435,91
-13.097.479,23
Netto-Teilfondsvermögen	1.455.959.836,85

#### Zurechnung auf die Anteilklassen
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	182.594.682,52 EUR
Umlaufende Anteile	1.380.917,957
Anteilwert	132,23 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	811.196.396,80 EUR
Umlaufende Anteile	6.491.289,031
Anteilwert	124,97 EUR
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	52.944.277,56 EUR
Umlaufende Anteile	472.355,437
Anteilwert	112,09 EUR
Anteilklasse RT
Anteiliges Netto-Teilfondsvermögen	23.356.639,38 EUR
Umlaufende Anteile	220.267,478
Anteilwert	106,04 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Zurechnung auf die Anteilklassen  (Fortsetzung) |
| Anteilklasse ET |  |  |  |
| Anteiliges Netto-Teilfondsvermögen |  |  | 238.579.784,44 EUR |
| Umlaufende Anteile |  |  | 2.313.783,930 |
| Anteilwert |  |  | 103,11 EUR |
| Anteilklasse H |  |  |  |
| Anteiliges Netto-Teilfondsvermögen |  |  | 4.861.805,16 EUR |
| Umlaufende Anteile |  |  | 49.648,122 |
| Anteilwert |  |  | 97,93 EUR |
| Anteilklasse HT |  |  |  |
| Anteiliges Netto-Teilfondsvermögen |  |  | 31.330.411,39 EUR |
| Umlaufende Anteile |  |  | 308.552,328 |
| Anteilwert |  |  | 101,54 EUR |
| Anteilklasse QT |  |  |  |
| Anteiliges Netto-Teilfondsvermögen |  |  | 111.095.839,60 EUR |
| Umlaufende Anteile |  |  | 1.211.220,608 |
| Anteilwert |  |  | 91,72 EUR |
| Veränderung des Netto-Teilfondsvermögens |  |  |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |  |  |  |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse IT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	1.806.400.157,08 | 217.529.716,82 | 959.893.114,76 | 240.920.781,81 |
| Ordentlicher Nettoaufwand	-7.261.618,60 | 294.548,97 | -5.199.298,92 | 87.255,70 |
| Ertrags- und Aufwandsausgleich	-660.795,41 | 87.501,50 | -276.413,16 | 16.198,86 |
| Mittelzuflüsse aus Anteilverkäufen	400.467.000,48 | 53.905.399,57 | 94.089.260,73 | 15.815.953,31 |
| Mittelabflüsse aus Anteilrücknahmen	-586.202.780,41 | -66.668.376,92 | -151.379.267,97 | -197.864.483,78 |
| Realisierte Gewinne	120.636.548,60 | 15.695.607,01 | 64.670.964,44 | 5.369.386,58 |
| Realisierte Verluste	-128.677.650,83 | -16.440.061,39 | -69.241.491,24 | -5.729.170,81 |
| Nettoveränderung nicht realisierter Gewinne	-47.111.276,53 | -6.737.846,30 | -25.085.030,61 | -1.638.317,03 |
| Nettoveränderung nicht realisierter Verluste	-90.659.798,74 | -13.161.664,88 | -47.288.582,76 | -4.033.327,08 |
| Ausschüttung	-10.969.948,79 | -1.910.141,86 | -8.986.858,47 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	1.455.959.836,85 | 182.594.682,52 | 811.196.396,80 | 52.944.277,56 |
|  |  |  |  |
| Anteilklasse RT | Anteilklasse ET | Anteilklasse H | Anteilklasse HT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	25.604.025,25 | 323.642.750,25 | 7.832.774,41 | 30.976.993,78 |
| Ordentlicher Nettoaufwand	-149.475,59 | -2.545.665,72 | 2.725,56 | 16.754,27 |
| Ertrags- und Aufwandsausgleich	-2.936,27 | -495.576,66 | -454,44 | -958,24 |
| Mittelzuflüsse aus Anteilverkäufen	4.681.422,80 | 77.386.985,65 | 906.652,05 | 17.537.062,07 |
| Mittelabflüsse aus Anteilrücknahmen	-4.530.892,21 | -133.866.713,71 | -3.259.228,36 | -14.056.461,59 |
| Realisierte Gewinne	1.849.546,16 | 21.037.505,05 | 462.691,00 | 2.509.654,22 |
| Realisierte Verluste	-1.979.325,53 | -22.435.707,54 | -492.335,40 | -2.689.608,34 |
| Nettoveränderung nicht realisierter Gewinne	-754.431,44 | -8.139.681,02 | -160.063,52 | -1.075.767,41 |
| Nettoveränderung nicht realisierter Verluste	-1.361.293,79 | -16.004.111,86 | -358.007,68 | -1.887.257,37 |
| Ausschüttung	0,00 | 0,00 | -72.948,46 | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	23.356.639,38 | 238.579.784,44 | 4.861.805,16 | 31.330.411,39 |

FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE

#### Veränderung des Netto-Teilfondsvermögens 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
Anteilklasse QT 1)
|  | EUR |  |
| --- | --- | --- |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes | 0,00 |
| Ordentlicher Nettoaufwand | 231.537,13 |
| Ertrags- und Aufwandsausgleich | 11.843,00 |
| Mittelzuflüsse aus Anteilverkäufen | 136.144.264,30 |
| Mittelabflüsse aus Anteilrücknahmen | -14.577.355,87 |
| Realisierte Gewinne | 9.041.194,14 |
| Realisierte Verluste | -9.669.950,58 |
| Nettoveränderung nicht realisierter Gewinne | -3.520.139,20 |
| Nettoveränderung nicht realisierter Verluste | -6.565.553,32 |
| Ausschüttung | 0,00 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes | 111.095.839,60 |
| Entwicklung der Anzahl der Anteile im Umlauf |  |
|  | Anteilklasse I Stück | Anteilklasse R Stück | Anteilklasse IT Stück | Anteilklasse RT Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 1.495.767,562 | 6.928.566,909 | 1.971.708,758 | 219.834,599 |
| Ausgegebene Anteile | 372.841,606 | 692.888,207 | 129.531,357 | 40.637,059 |
| Zurückgenommene Anteile | -487.691,211 | -1.130.166,085 | -1.628.884,678 | -40.204,180 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 1.380.917,957 | 6.491.289,031 | 472.355,437 | 220.267,478 |
|  |  |  |  |  |
|  | Anteilklasse ET Stück | Anteilklasse H Stück | Anteilklasse HT Stück | Anteilklasse QT 1) Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes | 2.846.294,446 | 72.629,572 | 279.552,675 | 0,000 |
| Ausgegebene Anteile | 683.454,201 | 8.413,950 | 159.196,579 | 1.361.442,643 |
| Zurückgenommene Anteile | -1.215.964,717 | -31.395,400 | -130.196,926 | -150.222,035 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes | 2.313.783,930 | 49.648,122 | 308.552,328 | 1.211.220,608 |

1) Die Anteilklasse QT wurde zum 1. Oktober 2021 aufgelegt.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Wertentwicklung in Prozent 1) |
| Stand: 30.09.2022 |
|  | ISIN | Anteilklassen- |  |  |  |  | seit |
| Fonds | WKN | währung | 6 Monate | 1 Jahr | 3 Jahre | 10 Jahre | Auflegung |
| Flossbach von Storch - Multi Asset - Defensive I seit 23.10.2007 2) | LU0323577840 A0M43T | EUR | -7,19% | -8,27% | -4,98% | 29,23% | 51,88% |
| Flossbach von Storch - Multi Asset - Defensive R seit 23.10.2007 2) | LU0323577923 A0M43U | EUR | -7,54% | -8,96% | -7,09% | 20,67% | 40,74% |
| Flossbach von Storch - Multi Asset - Defensive IT | LU1245470080 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULS | EUR | -7,19% | -8,27% | -4,98% | — | 12,09% |
| Flossbach von Storch - Multi Asset - Defensive RT | LU1245470163 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULT | EUR | -7,53% | -8,96% | -7,09% | — | 6,04% |
| Flossbach von Storch - Multi Asset - Defensive ET | LU1245470593 |  |  |  |  |  |  |
| seit 10.07.2015 | A14ULW | EUR | -7,72% | -9,32% | -8,20% | — | 3,11% |
| Flossbach von Storch - Multi Asset - Defensive H | LU1245470247 |  |  |  |  |  |  |
| seit 05.02.2018 | A14ULU | EUR | -7,23% | -8,36% | -5,27% | — | 1,54% |
| Flossbach von Storch - Multi Asset - Defensive HT | LU1245470320 |  |  |  |  |  |  |
| seit 05.02.2018 | A14ULV | EUR | -7,23% | -8,36% | -5,27% | — | 1,54% |
| Flossbach von Storch - Multi Asset - Defensive QT | LU2369861955 |  |  |  |  |  |  |
| seit 01.10.2021 | A3CV3Y | EUR | -7,17% | — | — | — | -8,28% |

1) Auf Basis veröffentlichter Anteilwerte (BVI-Methode), entspricht im Ergebnis der Richtlinie zur “Berechnung und Publikation der Performance von kollektiven Kapitalanlagen“ der Asset Management Association Switzerland vom 16. Mai 2008 (Fassung vom 5. August 2021).
Die historische Performance stellt keinen Indikator für die laufende oder zukünftige Performance dar. Die Performancedaten lassen die bei der Ausgabe und Rücknahme der Anteile erhobenen Kommissionen und Kosten unberücksichtigt.
2) Der Teilfonds Flossbach von Storch SICAV - Defensiv wurde zum 1. Juli 2015 in den Teilfonds Flossbach von Storch - Multi Asset - Defensive fusioniert. Die Historien der Anteilklassen LU0323577840 / A0M43T und LU0323577923 / A0M43U wurden im Rahmen der Wertentwicklung beibehalten.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Ertrags- und Aufwandsrechnung |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse IT |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	6.669.295,12 | 909.652,53 | 3.534.409,35 | 294.935,79 |
| Erträge aus Investmentanteilen	68.000,00 | 8.059,54 | 36.044,74 | 3.378,78 |
| Zinsen auf Anleihen	11.396.034,40 | 1.464.345,68 | 6.088.168,80 | 523.064,42 |
| Erträge aus Quellensteuerrückerstattung	32.530,20 | 4.620,96 | 17.193,37 | 1.399,61 |
| Bankzinsen	-763.864,32 | -98.756,29 | -403.610,83 | -36.460,80 |
| Bestandsprovisionen	30.969,15 | 3.940,71 | 16.575,99 | 1.384,00 |
| Sonstige Erträge	1.825,90 | 224,18 | 1.006,92 | 73,83 |
| Ertragsausgleich	-1.467.466,38 | -294.200,22 | -382.661,11 | -209.213,91 |
| Erträge insgesamt	15.967.324,07 | 1.997.887,09 | 8.907.127,23 | 578.561,72 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-41.411,90 | -5.376,46 | -22.214,33 | -1.824,59 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-23.755.770,19 | -1.699.691,02 | -13.880.427,78 | -610.723,49 |
| Verwahrstellenvergütung	-288.882,50 | -37.047,55 | -154.216,13 | -13.309,00 |
| Zentralverwaltungsstellenvergütung	-123.294,03 | -15.809,49 | -65.822,84 | -5.679,50 |
| Taxe d'abonnement	-771.774,44 | -104.182,10 | -442.020,90 | -35.617,59 |
| Veröffentlichungs- und Prüfungskosten	-24.361,45 | -3.071,64 | -12.963,80 | -1.135,08 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-5.523,79 | -711,78 | -2.950,95 | -248,52 |
| Register- und Transferstellenvergütung	-41.959,61 | -5.337,98 | -22.439,39 | -1.906,82 |
| Staatliche Gebühren	-7.677,09 | -960,92 | -4.060,35 | -368,46 |
| Sonstige Aufwendungen 1)	-296.549,46 | -37.847,90 | -158.383,95 | -13.508,02 |
| Aufwandsausgleich	2.128.261,79 | 206.698,72 | 659.074,27 | 193.015,05 |
| Aufwendungen insgesamt	-23.228.942,67 | -1.703.338,12 | -14.106.426,15 | -491.306,02 |
| Ordentlicher Nettoaufwand	-7.261.618,60 | 294.548,97 | -5.199.298,92 | 87.255,70 |
| Transaktionskosten im Geschäftsjahr gesamt 2)	268.526,35 |  |  |  |
| Total Expense Ratio in Prozent 2) | 0,87 | 1,62 | 0,87 |
| Laufende Kosten in Prozent 2) | 0,87 | 1,62 | 0,87 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
| Anteilklasse RT | Anteilklasse ET | Anteilklasse H | Anteilklasse HT |
| --- | --- | --- | --- |
| EUR | EUR | EUR | EUR |
| Erträge |  |  |  |
| Dividenden	101.549,54 | 1.170.017,47 | 25.817,28 | 138.088,17 |
| Erträge aus Investmentanteilen	970,30 | 12.668,97 | 296,58 | 1.488,44 |
| Zinsen auf Anleihen	172.191,07 | 2.016.932,61 | 45.084,44 | 237.575,76 |
| Erträge aus Quellensteuerrückerstattung	493,81 | 5.634,09 | 121,86 | 651,74 |
| Bankzinsen	-11.288,52 | -138.116,98 | -3.169,70 | -15.925,73 |
| Bestandsprovisionen	462,46 | 5.503,78 | 121,83 | 653,38 |
| Sonstige Erträge	29,04 | 305,66 | 6,31 | 38,11 |
| Ertragsausgleich	-8.287,58 | -451.992,08 | -15.055,50 | -20.034,22 |
| Erträge insgesamt	256.120,12 | 2.620.953,52 | 53.223,10 | 342.535,65 |
| Aufwendungen |  |  |  |
| Zinsaufwendungen	-631,73 | -7.230,17 | -159,82 | -858,27 |
| Verwaltungsvergütung / Fondsmanagementvergütung	-391.630,23 | -5.822.453,88 | -59.544,23 | -311.874,86 |
| Verwahrstellenvergütung	-4.351,90 | -51.259,61 | -1.149,38 | -6.022,83 |
| Zentralverwaltungsstellenvergütung	-1.857,55 | -21.876,22 | -490,46 | -2.570,80 |
| Taxe d'abonnement	-12.663,60 | -144.404,18 | -3.165,78 | -17.507,19 |
| Veröffentlichungs- und Prüfungskosten	-363,31 | -4.397,32 | -98,67 | -515,53 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-84,04 | -977,31 | -21,71 | -115,98 |
| Register- und Transferstellenvergütung	-634,75 | -7.450,90 | -166,69 | -880,76 |
| Staatliche Gebühren	-111,74 | -1.406,98 | -32,28 | -166,52 |
| Sonstige Aufwendungen 1)	-4.490,71 | -52.731,41 | -1.178,46 | -6.261,10 |
| Aufwandsausgleich	11.223,85 | 947.568,74 | 15.509,94 | 20.992,46 |
| Aufwendungen insgesamt	-405.595,71 | -5.166.619,24 | -50.497,54 | -325.781,38 |
| Ordentlicher Nettoaufwand	-149.475,59 | -2.545.665,72 | 2.725,56 | 16.754,27 |
| Total Expense Ratio in Prozent 2)	1,62 | 2,02 | 0,97 | 0,97 |
| Laufende Kosten in Prozent 2)	1,62 | 2,02 | 0,97 | 0,97 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
Anteilklasse QT 1)
|  | EUR |
| --- | --- |
| Erträge |  |
| Dividenden | 494.824,99 |
| Erträge aus Investmentanteilen | 5.092,65 |
| Zinsen auf Anleihen | 848.671,62 |
| Erträge aus Quellensteuerrückerstattung | 2.414,76 |
| Bankzinsen | -56.535,47 |
| Bestandsprovisionen | 2.327,00 |
| Sonstige Erträge | 141,85 |
| Ertragsausgleich | -86.021,76 |
| Erträge insgesamt | 1.210.915,64 |
| Aufwendungen |  |
| Zinsaufwendungen | -3.116,53 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -979.424,70 |
| Verwahrstellenvergütung | -21.526,10 |
| Zentralverwaltungsstellenvergütung | -9.187,17 |
| Taxe d'abonnement | -12.213,10 |
| Veröffentlichungs- und Prüfungskosten | -1.816,10 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -413,50 |
| Register- und Transferstellenvergütung | -3.142,32 |
| Staatliche Gebühren | -569,84 |
| Sonstige Aufwendungen 2) | -22.147,91 |
| Aufwandsausgleich | 74.178,76 |
| Aufwendungen insgesamt | -979.378,51 |
| Ordentlicher Nettoaufwand | 231.537,13 |
| Total Expense Ratio in Prozent 3) | 0,82 |
| Laufende Kosten in Prozent 3) | 0,83 |

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

#### Vermögensaufstellung zum 30. September 2022
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
| Cayman Inseln |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 0 | 161.400 | 268.600 | 77,9500 | 2.731.483,85 | 0,19 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 0 | 169.000 | 128.000 | 266,4000 | 4.448.572,77 | 0,31 |
|  |  |  |  |  |  |  | 7.180.056,62 | 0,50 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 2.900 | 35.600 | 42.300 | 764,7000 | 4.349.969,74 | 0,30 |
|  |  |  |  |  |  |  | 4.349.969,74 | 0,30 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0008404005 | Allianz SE | EUR | 0 | 11.000 | 32.400 | 159,6200 | 5.171.688,00 | 0,36 |
| DE0005810055 | Dte. Börse AG | EUR | 400 | 51.800 | 48.600 | 167,9000 | 8.159.940,00 | 0,56 |
| DE0005552004 | Dte. Post AG | EUR | 35.057 | 25.900 | 174.157 | 30,4650 | 5.305.693,01 | 0,36 |
| DE000LEG1110 | LEG Immobilien SE | EUR | 19.800 | 73.414 | 67.886 | 58,7800 | 3.990.339,08 | 0,27 |
| DE0007164600 | SAP SE | EUR | 0 | 23.000 | 77.000 | 81,8700 | 6.303.990,00 | 0,43 |
| DE0008303504 | TAG Immobilien AG | EUR | 169.067 | 114.019 | 55.048 | 7,7850 | 428.548,68 | 0,03 |
|  |  |  |  |  |  |  | 29.360.198,77 | 2,01 |
| Frankreich |  |  |  |  |  |  |  |  |
| FR0014003TT8 | Dassault Systemes SE | EUR | 121.900 | 17.300 | 104.600 | 34,2350 | 3.580.981,00 | 0,25 |
| FR0010307819 | Legrand S.A. | EUR | 4.700 | 7.100 | 52.600 | 64,9600 | 3.416.896,00 | 0,23 |
| FR0000120321 | L'Oréal S.A. | EUR | 15.900 | 2.100 | 13.800 | 323,3500 | 4.462.230,00 | 0,31 |
|  |  |  |  |  |  |  | 11.460.107,00 | 0,79 |
| Irland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 0 | 23.300 | 56.700 | 82,2700 | 4.776.967,74 | 0,33 |
|  |  |  |  |  |  |  | 4.776.967,74 | 0,33 |
| Japan |  |  |  |  |  |  |  |  |
| JP3802400006 | Fanuc Corporation | JPY | 32.400 | 3.900 | 28.500 | 20.260,0000 | 4.089.815,73 | 0,28 |
|  |  |  |  |  |  |  | 4.089.815,73 | 0,28 |
| Kanada |  |  |  |  |  |  |  |  |
| CA0084741085 | Agnico Eagle Mines Ltd. | USD | 0 | 55.300 | 84.700 | 41,4300 | 3.593.569,89 | 0,25 |
| CA21037X1006 | Constellation Software Inc. | CAD | 300 | 3.900 | 11.400 | 1.931,5000 | 16.443.208,12 | 1,13 |
|  |  |  |  |  |  |  | 20.036.778,01 | 1,38 |
| Niederlande |  |  |  |  |  |  |  |  |
| NL0010273215 | ASML Holding NV | EUR | 10.600 | 1.800 | 8.800 | 431,9000 | 3.800.720,00 | 0,26 |
|  |  |  |  |  |  |  | 3.800.720,00 | 0,26 |
| Schweiz |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 5.000 | 73.568 | 131.432 | 106,5600 | 14.622.461,81 | 1,00 |
| CH0012032048 | Roche Holding AG Genussscheine | CHF | 0 | 22.700 | 19.800 | 320,2500 | 6.620.327,83 | 0,45 |
|  |  |  |  |  |  |  | 21.242.789,64 | 1,45 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 50.000 | 9.500 | 40.500 | 98,2900 | 4.076.543,78 | 0,28 |
| US00507V1098 Activision Blizzard Inc. | USD | 0 | 91.146 | 78.854 | 74,8700 | 6.045.877,09 | 0,42 |
| US00724F1012 Adobe Inc. | USD | 14.800 | 1.500 | 13.300 | 278,2500 | 3.789.784,95 | 0,26 |
| US02079K3059 Alphabet Inc. | USD | 185.550 | 4.450 | 195.000 | 97,4200 | 19.454.070,66 | 1,34 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere |  | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US0231351067 | Amazon.com Inc. | USD | 95.000 | 15.000 | 85.000 | 114,8000 | 9.992.831,54 | 0,69 |
| US0258161092 | American Express Co. | USD | 22.500 | 4.200 | 18.300 | 137,7900 | 2.582.239,63 | 0,18 |
| US0311001004 | AMETEK Inc. | USD | 0 | 23.300 | 56.700 | 113,2800 | 6.577.548,39 | 0,45 |
| US0320951017 | Amphenol Corporation | USD | 0 | 26.400 | 133.600 | 67,9200 | 9.292.485,41 | 0,64 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 9.300 | 11.700 | 52.600 | 269,5800 | 14.521.155,15 | 1,00 |
| US09247X1019 | Blackrock Inc. | USD | 7.600 | 2.600 | 12.700 | 563,9200 | 7.334.136,20 | 0,50 |
| US8085131055 | Charles Schwab Corporation | USD | 48.000 | 24.100 | 123.900 | 72,6400 | 9.216.688,17 | 0,63 |
| US2172041061 | Copart Inc. | USD | 47.000 | 8.500 | 38.500 | 109,7800 | 4.328.243,73 | 0,30 |
| US2358511028 | Danaher Corporation | USD | 1.400 | 17.800 | 48.600 | 262,1500 | 13.047.096,77 | 0,90 |
| US2566771059 | Dollar General Corporation | USD | 21.000 | 32.500 | 48.500 | 239,4700 | 11.893.799,28 | 0,82 |
| US29786A1060 | Etsy Inc. | USD | 35.200 | 6.000 | 29.200 | 101,5200 | 3.035.723,50 | 0,21 |
| US34959J1088 | Fortive Corporation | USD | 9.500 | 22.900 | 91.600 | 59,2100 | 5.554.158,73 | 0,38 |
| US4523081093 | Illinois Tool Works Inc. | USD | 0 | 7.500 | 42.500 | 183,8800 | 8.002.969,79 | 0,55 |
| US45866F1049 | Intercontinental Exchange Inc. | USD | 0 | 11.400 | 52.100 | 90,7500 | 4.841.858,68 | 0,33 |
| US4612021034 | Intuit Inc. | USD | 4.800 | 8.200 | 12.100 | 396,8100 | 4.916.949,31 | 0,34 |
| US4781601046 | Johnson & Johnson | USD | 0 | 36.300 | 68.700 | 164,5300 | 11.575.228,88 | 0,80 |
| US57636Q1040 | Mastercard Inc. | USD | 0 | 9.055 | 17.945 | 286,7700 | 5.269.931,03 | 0,36 |
| US57667L1070 | Match Group Inc. | USD | 59.000 | 8.500 | 50.500 | 48,2500 | 2.495.263,70 | 0,17 |
| US30303M1027 | Meta Platforms Inc. | USD | 25.000 | 12.900 | 57.100 | 136,4100 | 7.976.457,76 | 0,55 |
| US5949181045 | Microsoft Corporation | USD | 2.000 | 15.400 | 65.600 | 237,5000 | 15.954.941,12 | 1,10 |
| US6153691059 | Moody's Corporation | USD | 14.600 | 12.300 | 27.300 | 246,5600 | 6.893.075,27 | 0,47 |
| US55354G1004 | MSCI Inc. | USD | 13.900 | 1.600 | 12.300 | 423,2200 | 5.330.881,72 | 0,37 |
| US6516391066 | Newmont Corporation | USD | 125.000 | 57.100 | 67.900 | 41,7600 | 2.903.741,94 | 0,20 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 63.400 | 27.800 | 60.600 | 88,7000 | 5.504.577,57 | 0,38 |
| US7134481081 | PepsiCo Inc. | USD | 12.400 | 27.478 | 44.922 | 166,6100 | 7.664.571,86 | 0,53 |
| US72352L1061 | Pinterest Inc. | USD | 80.500 | 25.100 | 190.400 | 23,1900 | 4.521.634,41 | 0,31 |
| US7766961061 | Roper Technologies Inc. | USD | 4.800 | 10.000 | 7.800 | 366,7500 | 2.929.493,09 | 0,20 |
| US79466L3024 | Salesforce Inc. | USD | 0 | 11.500 | 23.500 | 146,8100 | 3.533.061,96 | 0,24 |
| US8636671013 | Stryker Corporation | USD | 0 | 13.300 | 20.200 | 205,4800 | 4.250.584,74 | 0,29 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 13.400 | 1.300 | 12.100 | 516,6100 | 6.401.414,23 | 0,44 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 0 | 32.230 | 44.270 | 173,5500 | 7.867.955,45 | 0,54 |
| US92826C8394 | VISA Inc. | USD | 2.482 | 4.000 | 30.482 | 180,0600 | 5.620.674,78 | 0,39 |
| US88579Y1010 | 3M Co. | USD | 0 | 27.032 | 71.968 | 112,3000 | 8.276.504,25 | 0,57 |
|  |  |  |  |  |  |  | 263.474.154,52 | 18,13 |
| Vereinigtes Königreich |  |  |  |  |  |  |  |  |
| GB00B24CGK77 Reckitt Benckiser Group Plc. | GBP | 5.500 | 134.200 | 156.300 | 61,2400 | 10.818.051,54 | 0,74 |  |
| GB00B10RZP78 Unilever Plc. | EUR | 8.600 | 205.358 | 243.242 | 45,9200 | 11.169.672,64 | 0,77 |  |
|  |  |  |  |  |  | 21.987.724,18 | 1,51 |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 391.759.281,95 | 26,94 |  |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  | 391.759.281,95 | 26,94 |  |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| Anleihen |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| XS2462324232 | 1,949% | Bank of America Corporation EMTN Reg. S. Fix-to-Float v.22(2026) | 8.100.000 | 0 | 8.100.000 | 93,9370 | 7.608.897,00 | 0,52 |  |
| XS1200679071 | 1,125% | Berkshire Hathaway Inc. v.15(2027) | 8.700.000 | 0 | 8.700.000 | 90,1330 | 7.841.571,00 | 0,54 |  |
| XS2133056114 | 0,000% | Berkshire Hathaway Inc. v.20(2025) | 0 | 0 | 3.150.000 | 92,6280 | 2.917.782,00 | 0,20 |  |
| XS2447564332 | 1,000% | BMWFinance NVEMTNReg.S. v.22(2028) | 6.000.000 | 0 | 6.000.000 | 87,4780 | 5.248.680,00 | 0,36 |  |
| DE0001102358 | 1,500% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 70.000.000 | 15.000.000 | 55.000.000 | 99,8620 | 54.924.100,00 | 3,77 |  |
| DE0001102366 | 1,000% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 80.000.000 | 15.000.000 | 65.000.000 | 98,7690 | 64.199.850,00 | 4,41 |  |
| DE0001102333 | 1,750% | BundesrepublikDeutschlandReg.S.v.14 (2024) | 70.000.000 | 0 | 70.000.000 | 100,2400 | 70.168.000,00 | 4,82 |  |
| DE0001141851 | 0,000% | BundesrepublikDeutschlandReg.S.v.22 (2027) | 30.000.000 | 15.700.000 | 14.300.000 | 91,4760 | 13.081.068,00 | 0,90 |  |
| FR0013460607 | 1,125% | Bureau Veritas SA Reg.S. v.19(2027) | 0 | 0 | 10.000.000 | 86,3690 | 8.636.900,00 | 0,59 |  |
| XS2348237871 | 1,500% | CellnexFinance CompanyS.A.EMTNReg. S. v.21(2028) | 0 | 0 | 5.000.000 | 78,3400 | 3.917.000,00 | 0,27 |  |
| XS2481287394 | 1,101% | Coloplast Finance B.V. EMTN Reg.S. FRN v.22(2024) | 2.700.000 | 0 | 2.700.000 | 100,2360 | 2.706.372,00 | 0,19 |  |
| DE000CZ45VS1 | 0,010% | Commerzbank AG EMTN Pfe. v.20(2030) | 0 | 0 | 10.000.000 | 79,4970 | 7.949.700,00 | 0,55 |  |
| DE000CZ45W99 | 2,250% | Commerzbank AG EMTN Reg.S. Pfe. v.22 (2032) | 8.000.000 | 0 | 8.000.000 | 91,8690 | 7.349.520,00 | 0,50 |  |
| XS2239553048 | 1,250% | Davide Campari-Milano NV Reg.S. v.20 (2027) | 0 | 4.000.000 | 6.250.000 | 87,1530 | 5.447.062,50 | 0,37 |  |
| XS2050404636 | 0,200% | DH Europe Finance II S.a.r.L. v.19(2026) | 0 | 0 | 12.000.000 | 89,7000 | 10.764.000,00 | 0,74 |  |
| XS2050404800 | 0,450% | DH Europe Finance II S.a.r.L. v.19(2028) | 0 | 0 | 3.100.000 | 84,3780 | 2.615.718,00 | 0,18 |  |
| DE000A289N78 | 1,250% | Dte. Börse AG Reg.S. Fix-to-Float v.20 (2047) | 9.000.000 | 0 | 9.000.000 | 83,0010 | 7.470.090,00 | 0,51 |  |
| DE000A2GSP56 | 0,875% | DZ HYPAG EMTN Reg.S. Pfe. v.18(2028) | 0 | 0 | 7.500.000 | 89,1870 | 6.689.025,00 | 0,46 |  |
| DE000A2TSDW4 | 0,010% | DZ HYPAG EMTN Reg.S. Pfe. v.19(2027) | 0 | 0 | 10.000.000 | 88,0770 | 8.807.700,00 | 0,60 |  |
| XS2035564975 | 1,125% | EnBW Energie Baden-Württemberg AG Reg.S. Fix-to-Float Green Bond v.19 (2079) | 9.500.000 | 0 | 9.500.000 | 85,6250 | 8.134.375,00 | 0,56 |  |
| EU000A287074 | 0,000% | Europäische Union Reg.S. Social Bond v.21(2028) | 36.500.000 | 0 | 36.500.000 | 85,6800 | 31.273.200,00 | 2,15 |  |
| EU000A1G0BN7 | 2,125% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.14(2024) | 0 | 0 | 10.000.000 | 99,7070 | 9.970.700,00 | 0,68 |  |
| EU000A1G0ED2 | 0,875% | European Financial Stability Facility [EFSF] EMTN Reg.S. v.19(2035) | 0 | 0 | 7.400.000 | 76,5520 | 5.664.848,00 | 0,39 |  |
| XS2412258522 | 0,875% | GNStore Nord ASEMTNReg.S. v.21(2024) | 6.100.000 | 0 | 6.100.000 | 90,2870 | 5.507.507,00 | 0,38 |  |
| BE0002595735 | 1,875% | GroupeBruxellesLambert S.A.[GBL]Reg. S. v.18(2025) | 0 | 0 | 10.000.000 | 96,1760 | 9.617.600,00 | 0,66 |  |
| BE0002684653 | 0,010% | ING Belgium S.A./NV Reg.S. Pfe. v.20 (2030) | 0 | 0 | 10.000.000 | 79,2590 | 7.925.900,00 | 0,54 |  |
| DE000A1KRJV6 | 0,010% | ING-DiBaAGEMTNReg.S.Pfe.GreenBond v.21(2028) | 4.000.000 | 0 | 4.000.000 | 83,2490 | 3.329.960,00 | 0,23 |  |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| DE000A2TSTS8 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg.S. v.19(2024) | 0 | 0 10.000.000 | 96,2340 | 9.623.400,00 | 0,66 |  |
| DE000A3E5VK1 | 0,750% | LEG Immobilien SE EMTN Reg.S. Sustainability Bondv.21(2031) | 10.000.000 | 5.000.000 5.000.000 | 69,1560 | 3.457.800,00 | 0,24 |  |
| FR0013482817 | 0,000% | LVMH Moët Hennessy Louis Vuitton SE EMTN Reg.S. v.20(2024) | 0 | 0 20.000.000 | 96,9015 | 19.380.300,00 | 1,33 |  |
| XS1403264374 | 1,000% | McDonald's Corporation Reg.S. v.16 (2023) | 1.300.000 | 0 1.300.000 | 97,6950 | 1.270.035,00 | 0,09 |  |
| XS1960678255 | 1,125% | Medtronic Global Holdings SCA v.19 (2027) | 9.000.000 | 0 9.000.000 | 90,6760 | 8.160.840,00 | 0,56 |  |
| DE000A2R9ZT1 | 0,250% | Mercedes-Benz International Finance B. V. EMTN Reg.S. v.19(2023) | 0 | 0 10.000.000 | 97,1100 | 9.711.000,00 | 0,67 |  |
| XS2031862076 | 0,125% | Royal Bank of Canada Reg.S. v.19(2024) | 0 | 0 10.000.000 | 94,5040 | 9.450.400,00 | 0,65 |  |
| XS2523390271 | 2,500% | RWE AG Reg.S. v.22(2025) | 15.000.000 | 0 15.000.000 | 97,1240 | 14.568.600,00 | 1,00 |  |
| XS2526839175 | 2,250% | Siemens Financieringsmaatschappij NV EMTN Reg.S. v.22(2025) | 15.000.000 | 0 15.000.000 | 98,1200 | 14.718.000,00 | 1,01 |  |
| XS1002121454 | 6,500% | Stichting AK Rabobank Certificaten Reg. S. FRN Perp. | 9.899.025 | 2.000.000 10.000.000 | 90,8720 | 9.087.200,00 | 0,62 |  |
| XS1914502304 | 2,125% | Stryker Corporation v.18(2027) | 8.500.000 | 0 8.500.000 | 92,2010 | 7.837.085,00 | 0,54 |  |
| XS1914502643 | 2,625% | Stryker Corporation v.18(2030) | 0 | 1.800.000 8.000.000 | 89,5290 | 7.162.320,00 | 0,49 |  |
| XS2049582542 | 0,050% | SvenskaHandelsbankenAB[publ]Reg.S. v.19(2026) | 0 | 0 17.000.000 | 86,4980 | 14.704.660,00 | 1,01 |  |
| XS2207430120 | 2,374% | TenneT Holding BV Reg.S. Fix-to-Float Green Bond Perp. | 5.000.000 | 0 5.000.000 | 90,2350 | 4.511.750,00 | 0,31 |  |
| XS1458408561 | 1,625% | The Goldman Sachs Group Inc. EMTN Reg.S. v.16(2026) | 0 | 0 15.000.000 | 91,5130 | 13.726.950,00 | 0,94 |  |
| XS1614198262 | 1,375% | The Goldman Sachs Group Inc. EMTN Reg.S. v.17(2024) | 0 | 0 10.000.000 | 97,2300 | 9.723.000,00 | 0,67 |  |
| XS2058556536 | 0,500% | Thermo Fisher Scientific Inc. v.19(2028) | 9.000.000 | 0 9.000.000 | 85,3540 | 7.681.860,00 | 0,53 |  |
| XS2102948994 | 0,250% | Toyota Motor Credit Corporation EMTN Reg.S. v.20(2026) | 0 | 0 12.800.000 | 88,5970 | 11.340.416,00 | 0,78 |  |
| AT000B122031 | 0,375% | Volksbank Wien AG EMTN Reg.S. Pfe. v.19 (2026) | 0 | 0 10.000.000 | 91,3890 | 9.138.900,00 | 0,63 |  |
| XS2374595044 | 0,125% | Volkswagen Financial Services AG EMTN Reg.S. v.21(2027) | 9.600.000 | 0 9.600.000 | 83,8900 | 8.053.440,00 | 0,55 |  |
| XS1910947941 | 1,883% | Volkswagen International Finance NV- Reg.S. FRN v.18(2024) | 0 | 0 5.000.000 | 101,3590 | 5.067.950,00 | 0,35 |  |
| XS1586555945 | 1,875% | Volkswagen International Finance NV- Reg.S. v.17(2027) | 0 | 0 10.000.000 | 89,8930 | 8.989.300,00 | 0,62 |  |
| DE000A3MQS56 | 1,375% | Vonovia SE EMTN Reg.S. Social Bond v.22 (2026) | 13.000.000 | 0 13.000.000 | 90,5050 | 11.765.650,00 | 0,81 |  |
| XS2338564870 | 2,000% | ZF Finance GmbH EMTN Reg.S. Green Bond v.21(2027) | 14.000.000 | 0 14.000.000 | 76,6250 | 10.727.500,00 | 0,74 |  |
| XS2262961076 | 2,750% | ZF Finance GmbH EMTN Reg.S. v.20 (2027) | 14.000.000 | 7.000.000 7.000.000 | 78,7500 | 5.512.500,00 | 0,38 |  |
|  |  |  |  |  |  | 615.137.981,50 | 42,25 |  |

1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE
| Zugänge	Abgänge im	im ISIN	Wertpapiere	Berichtszeitraum Berichtszeitraum | Kurswert Bestand	Kurs	EUR | %-Anteil vom NTFV |
| --- | --- | --- |
| USD |  |  |  |  |  |  |
| US615369AW51 2,000% Moody's Corporation v.21(2031) | 0 | 0 | 6.300.000 | 76,1650 | 4.913.870,97 | 0,34 |
|  |  |  |  |  | 4.913.870,97 | 0,34 |
| Börsengehandelte Wertpapiere |  |  |  |  | 620.051.852,47 | 42,59 |
| An organisierten Märkten zugelassene oder in diese einbezogene | Wertpapiere |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| XS2114413565 | 2,875% | AT & T Inc. Fix-to-Float Perp. | 0 | 1.000.000 | 19.000.000 | 88,2600 | 16.769.400,00 | 1,15 |
| XS2197945251 | 0,010% | Coöperatieve Rabobank U.A. EMTN Reg. S. Pfe. v.20(2030) | 0 | 0 | 10.000.000 | 78,8260 | 7.882.600,00 | 0,54 |
| XS2466172280 | 1,250% | Daimler Truck International Finance B.V. EMTN Reg.S. v.22(2025) | 8.500.000 | 0 | 8.500.000 | 94,3660 | 8.021.110,00 | 0,55 |
| BE0002876572 | 3,125% | GroupeBruxellesLambert S.A.[GBL]Reg. S. v.22(2029) | 3.100.000 | 0 | 3.100.000 | 94,4290 | 2.927.299,00 | 0,20 |
| DE000A19HCX8 | 2,000% | JAB Holdings BV Reg.S. v.17(2028) | 0 | 0 | 7.000.000 | 85,0730 | 5.955.110,00 | 0,41 |
| XS1989380172 | 3,875% | Netflix Inc. Reg.S. v.19(2029) | 0 | 3.000.000 | 5.000.000 | 87,7500 | 4.387.500,00 | 0,30 |
| XS2360853332 | 1,288% | Prosus NV Reg.S. v.21(2029) | 0 | 6.500.000 | 3.000.000 | 70,7760 | 2.123.280,00 | 0,15 |
| XS2430287362 | 2,085% | Prosus NV Reg.S. v.22(2030) | 3.000.000 | 0 | 3.000.000 | 71,9770 | 2.159.310,00 | 0,15 |
| XS2407914394 | 0,000% | Thermo Fisher Scientific [Finance I] BV Sustainability Bond v.21 (2025) | 8.900.000 | 0 | 8.900.000 | 90,4440 | 8.049.516,00 | 0,55 |
|  |  |  |  |  |  |  | 58.275.125,00 | 4,00 |
| USD |  |  |  |  |  |  |  |  |
| US037833DU14 | 1,650% | Apple Inc. v.20(2030) | 0 | 0 | 9.000.000 | 80,2770 | 7.398.801,84 | 0,51 |
| US037833DY36 | 1,250% | Apple Inc. v.20(2030) | 0 | 0 | 20.000.000 | 77,1710 | 15.805.632,36 | 1,09 |
| US037833EJ59 | 1,700% | Apple Inc. v.21(2031) | 0 | 2.100.000 | 10.000.000 | 78,3140 | 8.019.866,87 | 0,55 |
| US084664CW92 | 1,450% | Berkshire Hathaway Finance Corporation v.20(2030) | 0 | 0 | 13.300.000 | 77,3280 | 10.532.129,03 | 0,72 |
| US256677AK14 | 4,625% | Dollar General Corporation v.22(2027) | 7.800.000 | 0 | 7.800.000 | 97,5770 | 7.794.168,97 | 0,54 |
| US594918BY93 | 3,300% | Microsoft Corporation v.17(2027) | 5.000.000 | 0 | 5.000.000 | 95,3920 | 4.884.383,00 | 0,34 |
| US55354GAL41 | 3,875% | MSCI Inc. 144A v.20(2031) | 0 | 0 | 12.700.000 | 83,2180 | 10.823.027,14 | 0,74 |
| US771196BW19 | 1,930% | Roche Holdings Inc. 144A v.21(2028) | 8.900.000 | 0 | 8.900.000 | 84,4560 | 7.697.474,65 | 0,53 |
| US855244BC24 | 3,000% | Starbucks Corporation v.22(2032) | 9.450.000 | 0 | 9.450.000 | 82,6070 | 7.994.225,81 | 0,55 |
| US191216DP21 | 2,250% | The Coca-Cola Co. v.21(2032) | 0 | 0 | 7.750.000 | 81,5590 | 6.472.936,51 | 0,44 |
| US437076CM21 | 2,700% | The Home Depot Inc. v.22(2025) | 1.950.000 | 0 | 1.950.000 | 95,5390 | 1.907.844,85 | 0,13 |
|  |  |  |  |  |  |  | 89.330.491,03 | 6,14 |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 147.605.616,03 | 10,14 |
| Anleihen | 767.657.468,50 | 52,73 |
| Wandelanleihen |  |  |
| Börsengehandelte Wertpapiere |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A2LQRA1 | 0,000% | RAG-Stiftung/Evonik Industries AG Reg.S. CV v.18(2024) | 5.400.000 | 0 | 5.400.000 | 92,6770 | 5.004.558,00 | 0,34 |
|  |  |  |  |  |  |  | 5.004.558,00 | 0,34 |


#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
1)
Börsengehandelte Wertpapiere	5.004.558,00	0,34
1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
| ISIN | Wertpapiere | Zugänge im Berichtszeitraum | Abgänge im Berichtszeitraum | Bestand | Kurs | Kurswert EUR | %-Anteil vom NTFV 1) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |
| EUR |  |  |  |  |  |  |  |  |  |
| DE000A3E46Y9 | 0,625% | TAG Immobilien AG/TAG | 0 | 0 | 9.900.000 | 73,9590 | 7.321.941,00 | 0,50 |  |
|  |  | Immobilien AG Reg.S. CV v.20 |  |  |  |  |  |  |  |
|  |  | (2026) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 7.321.941,00 | 0,50 |  |
| An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere | 7.321.941,00 | 0,50 |  |
| Wandelanleihen | 12.326.499,00 | 0,84 |  |
| Investmentfondsanteile 2) |  |  |  |
| Luxemburg |  |  |  |
| LU1012014905 | Flossbach von Storch - Global Emerging Markets Equities I | EUR | 0 | 21.673 | 46.327 | 160,6400 | 7.441.969,28 | 0,51 |  |

7.441.969,28	0,51
Investmentfondsanteile	7.441.969,28	0,51
| IE00B579F325 | Invesco Physical Markets Plc./Gold | USD | 0 | 492.000 | 668.000 | 160,1300 | 109.541.054,79 | 7,52 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Unze Zert. v.09(2100) |  |  |  |  |  |  |
|  |  |  |  |  | 109.541.054,79 | 7,52 |
| Börsengehandelte Wertpapiere |  |  |  |  | 109.541.054,79 | 7,52 |
| Zertifikate |  |  |  |  | 109.541.054,79 | 7,52 |
| Wertpapiervermögen |  |  |  |  | 1.288.726.273,52 | 88,54 |
| Terminkontrakte |  |  |  |  |  |  |
| Short-Positionen |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 | 643 | 1.140 | -497 |  | 4.171.783,21 | 0,29 |
|  |  |  |  |  | 4.171.783,21 | 0,29 |
| USD |  |  |  |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 | 266 | 510 | -244 |  | 1.263.121,41 | 0,09 |
|  |  |  |  |  | 1.263.121,41 | 0,09 |
| Short-Positionen |  |  |  |  | 5.434.904,62 | 0,38 |
| Terminkontrakte |  |  |  |  | 5.434.904,62 | 0,38 |
| Bankguthaben - Kontokorrent 3) |  |  |  |  | 169.879.906,78 | 11,67 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  |  | -8.081.248,07 | -0,59 |
| Netto-Teilfondsvermögen in EUR |  |  |  |  | 1.455.959.836,85 | 100,00 |

Zertifikate
Börsengehandelte Wertpapiere Irland
1) NTFV = Netto-Teilfondsvermögen. Aufgrund von Rundungsdifferenzen in den Einzelpositionen können die Summen vom tatsächlichen Wert abweichen.
2) Angaben zu Ausgabeaufschlägen, Rücknahmeabschlägen sowie der maximalen Höhe der Verwaltungsvergütung für Zielfondsanteile sind auf Anfrage am Sitz der Verwaltungsgesellschaft, der Verwahrstelle und bei den Zahlstellen kostenlos erhältlich.
3) Siehe Erläuterungen zum Jahresbericht.
| FLOSSBACH VON STORCH – MULTI ASSET – DEFENSIVE |  |
| --- | --- |
| Devisentermingeschäfte |
| Zum 30. September 2022 standen folgende offene Devisentermingeschäfte aus: |
|  |  | Kurswert | %-Anteil vom |
| Währung	Kontrahent | Währungsbetrag | EUR | NTFV 1) |
| EUR/USD	DZ PRIVATBANK S.A.	Währungsverkäufe | 57.700.000,00 | 58.882.778,37 | 4,04 |
| EUR/USD	J.P. Morgan SE	Währungsverkäufe | 118.000.000,00 | 120.663.650,08 | 8,29 |
| Terminkontrakte |  |  |  |
|  |  | Verpflichtungen | %-Anteil vom |
|  |  | Bestand	EUR | NTFV 1) |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 10YR Euro-OAT Future Dezember 2022 |  | -497	-65.211.370,00 | -4,48 |
|  |  | -65.211.370,00 | -4,48 |
| USD |  |  |  |
| CBT 10YR US T-Bond Future Dezember 2022 |  | -244	-28.098.886,33 | -1,93 |
|  |  | -28.098.886,33 | -1,93 |
| Short-Positionen |  | -93.310.256,33 | -6,41 |
| Terminkontrakte |  | -93.310.256,33 | -6,41 |


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

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