# FLOSSBACH VON STORCH – DER ERSTE SCHRITT
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 HT | Unit class IT |
| --- | --- | --- | --- | --- |
| Securities ID No. (WKN): | A1W17V | A1W17W | A2P9FU | A2QLWA |
| ISIN: | LU0952573052 | LU0952573136 | LU2207302121 | LU2279688183 |
| Subscription fee: | up to 1.00% | up to 1.00% | up to 1.00% | up to 1.00% |
| Redemption fee: | none | none | none | none |
| Management fee: | 0.43% p.a. | 0.83% p.a. | 0.53% p.a. | 0.43% p.a. |
| Minimum initial investment: | 1,000,000.00 EUR | none | none | 1,000,000.00 EUR |
| Use of income: | distributing | distributing | accumulating | accumulating |
| Currency: | EUR | EUR | EUR | EUR |
|  | Unit class RT |  |
| Securities ID No. (WKN): | A2QLWB |
| ISIN: | LU2279688266 |
| Subscription fee: | up to 1.00% |
| Redemption fee: | none |
| Management fee: | 0.83% p.a. |
| Minimum initial investment: | none |
| Use of income: | accumulating |
| Currency: | EUR |

| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| Geographical breakdown by country 1) |
| Germany | 46.53 % |
| United States of America | 12.30 % |
| France | 11.66 % |
| Netherlands | 5.96 % |
| European Community | 1.17 % |
| Poland | 0.64 % |
| United Kingdom | 0.50 % |
| Austria | 0.49 % |
| Canada | 0.45 % |
| Switzerland | 0.37 % |
| Cayman Islands | 0.28 % |
| Denmark | 0.23 % |
| Hong Kong | 0.15 % |
| Ireland | 0.10 % |
| India | 0.06 % |
| Luxembourg | 0.01 % |
| Securities holdings | 80.90 % |
| Futures contracts | 1.64 % |
| Bank balances 2) | 18.04 % |
| Balance of other receivables and payables | -0.58 % |
|  | 100.00 % |

| Breakdown by economic sector 1) |  |
| --- | --- |
| Government bonds | 50.58 % |
| Banks | 20.12 % |
| Software and services | 2.50 % |
| Pharmaceuticals, biotechnology and life sciences | 1.15 % |
| Capital goods | 0.97 % |
| Diversified financial services | 0.93 % |
| Wholesale and retail | 0.87 % |
| Media and entertainment | 0.81 % |
| Household items and body care products | 0.63 % |
| Healthcare: equipment and services | 0.60 % |
| Insurance | 0.57 % |
| Foodstuffs, beverages and tobacco | 0.45 % |
| Industrial services and operating materials | 0.40 % |
| Hardware and equipment | 0.32 % |
| Securities holdings | 80.90 % |
| Futures contracts | 1.64 % |
| Bank balances 2) | 18.04 % |
| Balance of other receivables and payables | -0.58 % |
|  | 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 – DER ERSTE SCHRITT

#### 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 | 233.68 | 2,064,843 | 12,000.29 | 113.17 |
| 30.09.2021 | 286.30 | 2,516,983 | 51,318.73 | 113.75 |
| 30.09.2022 | 377.40 | 3,488,260 | 108,607.87 | 108.19 |
| 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 | 156.60 | 1,406,342 | 113,370.83 | 111.35 |
| 30.09.2021 | 222.97 | 2,000,314 | 66,190.12 | 111.47 |
| 30.09.2022 | 153.26 | 1,451,276 | -59,458.81 | 105.60 |
| 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 | 13.03 | 130,586 | 13,044.36 | 99.81 |
| 30.09.2021 | 89.77 | 894,230 | 76,498.63 | 100.39 |
| 30.09.2022 | 127.00 | 1,331,245 | 43,912.29 | 95.40 |
| Performance since | launch |  |  |  |
| Unit class IT |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 10.02.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 0.09 | 850 | 84.40 | 100.14 |
| 30.09.2022 | 0.08 | 850 | 0.00 | 95.25 |
| Unit class RT |  |  |  |  |
| Date | Net unit class assets EUR millions | Units in circulation | Net inflow of funds EUR thousands | Unit value EUR |
| 10.02.2021 | Launch | - | - | 100.00 |
| 30.09.2021 | 0.01 | 100 | 10.00 | 99.89 |
| 30.09.2022 | 0.01 | 100 | 0.00 | 94.65 |

FLOSSBACH VON STORCH – DER ERSTE SCHRITT

#### Composition of net sub-fund assets
as at 30 September 2022
EUR
Securities holdings	531,698,274.47
(acquisition cost of securities: EUR 562,242,383.62)
Bank balances 1)	118,648,073.56
Unrealised profits on futures contracts	10,785,161.90
Interest receivables	587,703.07
Dividend receivables	33,167.52
Receivable on subscriptions	347,867.69
662,100,248.21
Payable on redemptions	-396,914.06
Unrealised losses from forward exchange transactions	-3,559,596.24
Other liabilities 2)	-401,379.08
-4,357,889.38
Net sub-fund assets	657,742,358.83

#### Allocation to the unit classes
Unit class I
Proportion of net sub-fund assets	377,401,394.09 EUR
Units outstanding	3,488,260.066
Unit value	108.19 EUR
Unit class R
Proportion of net sub-fund assets	153,255,307.25 EUR
Units outstanding	1,451,275.674
Unit value	105.60 EUR
Unit class HT
Proportion of net sub-fund assets	126,995,233.40 EUR
Units outstanding	1,331,245.020
Unit value	95.40 EUR
Unit class IT
Proportion of net sub-fund assets	80,959.48 EUR
Units outstanding850.000
Unit value	95.25 EUR
Unit class RT
Proportion of net sub-fund assets	9,464.61 EUR
Units outstanding100.000
Unit value	94.65 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 – DER ERSTE SCHRITT |  |  |
| --- | --- | --- |
| Change in net sub-fund assets |  |
| in the reporting period from 1 October 2021 to 30 September | 2022 |
|  | Total EUR | Unit class I EUR | Unit class R EUR | Unit class HT EUR |
| Net sub-fund assets at the beginning of the reporting period | 599,130,954.12 | 286,295,022.97 | 222,966,742.10 | 89,774,083.59 |
| Ordinary net expenditure | -689,159.17 | 41,618.35 | -614,217.96 | -116,530.75 |
| Income and expense equalisation | -148,062.58 | -27,655.38 | -113,339.88 | -7,067.32 |
| Cash inflows from the sale of units | 276,740,117.57 | 136,524,355.11 | 27,337,600.70 | 112,878,161.76 |
| Cash outflows from the redemption of units | -183,678,766.09 | -27,916,484.06 | -86,796,409.49 | -68,965,872.54 |
| Realised profits | 72,813,903.65 | 39,517,922.78 | 19,450,472.10 | 13,835,674.15 |
| Realised losses | -78,098,394.13 | -42,138,601.39 | -21,279,750.57 | -14,669,279.76 |
| Net change in unrealised profits | 4,652,446.20 | 2,162,787.94 | 1,642,785.05 | 846,126.12 |
| Net change in unrealised losses | -32,980,680.74 | -17,057,572.23 | -9,338,574.80 | -6,580,061.85 |
| Net sub-fund assets at the end of the reporting period | 657,742,358.83 | 377,401,394.09 | 153,255,307.25 | 126,995,233.40 |
|  |  |  |  |  |
|  | Unit class IT EUR | Unit class RT EUR |  |  |
| Net sub-fund assets at the beginning of the reporting period | 85,116.22 | 9,989.24 |  |  |
| Ordinary net expenditure | 8.21 | -37.02 |  |  |
| Income and expense equalisation | 0.00 | 0.00 |  |  |
| Cash inflows from the sale of units | 0.00 | 0.00 |  |  |
| Cash outflows from the redemption of units | 0.00 | 0.00 |  |  |
| Realised profits | 8,806.45 | 1,028.17 |  |  |
| Realised losses | -9,637.14 | -1,125.27 |  |  |
| Net change in unrealised profits | 668.78 | 78.31 |  |  |
| Net change in unrealised losses | -4,003.04 | -468.82 |  |  |
| Net sub-fund assets at the end of the reporting period | 80,959.48 | 9,464.61 |  |  |
| Changes in number of units in circulation |  |  |  |  |
|  | Unit class I No. of units | Unit class R No. of units | Unit class HT No. of units | Unit class IT No. of units |
| Units outstanding at the beginning of the reporting period | 2,516,982.755 | 2,000,314.151 | 894,230.303 | 850.000 |
| Units issued | 1,222,815.436 | 249,127.072 | 1,140,031.894 | 0.000 |
| Units redeemed | -251,538.125 | -798,165.549 | -703,017.177 | 0.000 |
| Units outstanding at the end of reporting period | 3,488,260.066 | 1,451,275.674 | 1,331,245.020 | 850.000 |
|  |  |  |  |  |
|  | Unit class RT No. of units |  |  |  |
| Units outstanding at the beginning of the reporting period | 100.000 |  |  |  |
| Units issued | 0.000 |  |  |  |
| Units redeemed | 0.000 |  |  |  |
| Units outstanding at the end of reporting period | 100.000 |  |  |  |

| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| 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 - Der erste Schritt I since 01.10.2013 | LU0952573052 A1W17V | EUR | -1.78% | -4.88% | -3.21% | — | 16.89% |
| Flossbach von Storch - Der erste Schritt R since 01.10.2013 | LU0952573136 A1W17W | EUR | -1.98% | -5.26% | -4.36% | — | 12.62% |
| Flossbach von Storch - Der erste Schritt HT since 22.07.2020 | LU2207302121 A2P9FU | EUR | -1.83% | -4.98% | — | — | -4.60% |
| Flossbach von Storch - Der erste Schritt IT since 10.02.2021 | LU2279688183 A2QLWA | EUR | -1.78% | -4.88% | — | — | -4.75% |
| Flossbach von Storch - Der erste Schritt RT since 10.02.2021 | LU2279688266 A2QLWB | EUR | -1.97% | -5.25% | — | — | -5.35% |

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 – DER ERSTE SCHRITT |  |
| --- | --- |
| 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 HT |
| EUR | EUR | EUR | EUR |
| Income |  |  |  |
| Dividends	693,016.67 | 374,437.18 | 187,721.21 | 130,764.95 |
| Interest on bonds	3,105,995.02 | 1,603,200.88 | 928,332.58 | 574,025.73 |
| Income from withholding tax reimbursement	14,725.34 | 8,203.29 | 3,717.85 | 2,802.27 |
| Bank interest	-150,485.11 | -73,242.18 | -49,904.78 | -27,317.13 |
| Income equalisation	56,023.95 | 220,140.22 | -201,897.72 | 37,781.45 |
| Total income	3,719,275.87 | 2,132,739.39 | 867,969.14 | 718,057.27 |
| Expenses |  |  |  |
| Interest expense	-18,143.43 | -9,631.82 | -5,130.24 | -3,378.86 |
| Management fee / fund management fee	-3,770,738.66 | -1,516,482.58 | -1,588,088.57 | -665,728.62 |
| Depositary fee	-113,478.04 | -59,796.17 | -32,381.07 | -21,285.75 |
| Central administration agent fee	-48,465.82 | -25,542.99 | -13,823.86 | -9,091.77 |
| Taxe d’abonnement	-338,229.28 | -177,874.67 | -96,871.62 | -63,436.48 |
| Publication and auditing costs	-17,954.94 | -9,189.31 | -5,332.17 | -3,431.62 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |  |
| annual reports	-8,380.08 | -4,409.36 | -2,410.31 | -1,559.28 |
| Registrar and transfer agent fee	-10,803.67 | -5,671.48 | -3,024.01 | -2,106.71 |
| State fees	-3,129.84 | -1,555.33 | -948.95 | -625.12 |
| Other expenses 1)	-171,149.91 | -88,482.49 | -49,413.90 | -33,229.68 |
| Expense equalisation	92,038.63 | -192,484.84 | 315,237.60 | -30,714.13 |
| Total expenses	-4,408,435.04 | -2,091,121.04 | -1,482,187.10 | -834,588.02 |
| Ordinary net expenditure	-689,159.17 | 41,618.35 | -614,217.96 | -116,530.75 |
| Total transaction costs during the financial year 2)	190,316.26 |  |  |  |
| Total expense ratio in per cent 2) | 0.54 | 0.94 | 0.64 |
| Ongoing charges in per cent 2) | 0.54 | 0.94 | 0.64 |

1) This item mainly comprises sub-depositary fees and general administrative expenses.
2) See the notes to the annual report.
| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| Statement of income and expenses  (continued) |
| in the reporting period from 1 October 2021 to 30 September 2022 |
|  | Unit class IT EUR | Unit class RT EUR |
| Income |  |  |
| Dividends | 83.53 | 9.80 |
| Interest on bonds | 390.70 | 45.13 |
| Income from withholding tax reimbursement | 1.73 | 0.20 |
| Bank interest | -18.77 | -2.25 |
| Income equalisation | 0.00 | 0.00 |
| Total income | 457.19 | 52.88 |
| Expenses |  |  |
| Interest expense | -2.25 | -0.26 |
| Management fee / fund management fee | -357.70 | -81.19 |
| Depositary fee | -14.44 | -0.61 |
| Central administration agent fee | -6.68 | -0.52 |
| Taxe d’abonnement | -42.05 | -4.46 |
| Publication and auditing costs | -1.72 | -0.12 |
| Typesetting, printing and dispatch costs for the annual and semi- |  |  |
| annual reports | -1.04 | -0.09 |
| Registrar and transfer agent fee | -1.34 | -0.13 |
| State fees | -0.40 | -0.04 |
| Other expenses 1) | -21.36 | -2.48 |
| Expense equalisation | 0.00 | 0.00 |
| Total expenses | -448.98 | -89.90 |
| Ordinary net expenditure | 8.21 | -37.02 |
| Total expense ratio in per cent 2) | 0.54 | 0.92 |
| Ongoing charges in per cent 2) | 0.54 | 0.94 |

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

#### 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 | 32,900 | 0 | 76,500 | 77.9500 | 777,954.26 | 0.12 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 4,400 | 3,500 | 29,400 | 266.4000 | 1,021,781.56 | 0.16 |
|  |  |  |  |  |  |  | 1,799,735.82 | 0.28 |
| Denmark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 600 | 6,532 | 14,568 | 764.7000 | 1,498,117.24 | 0.23 |
|  |  |  |  |  |  |  | 1,498,117.24 | 0.23 |
| Germany |  |  |  |  |  |  |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 3,300 | 252 | 9,748 | 167.9000 | 1,636,689.20 | 0.25 |
| DE0007164600 | SAP SE | EUR | 2,753 | 0 | 13,253 | 81.8700 | 1,085,023.11 | 0.16 |
|  |  |  |  |  |  |  | 2,721,712.31 | 0.41 |
| France |  |  |  |  |  |  |  |  |
| FR0010307819 | Legrand S.A. | EUR | 5,996 | 0 | 17,196 | 64.9600 | 1,117,052.16 | 0.17 |
| FR0000120321 | L'Oréal S.A. | EUR | 279 | 350 | 2,629 | 323.3500 | 850,087.15 | 0.13 |
|  |  |  |  |  |  |  | 1,967,139.31 | 0.30 |
| Hong Kong |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 32,400 | 0 | 113,400 | 65.4500 | 968,276.11 | 0.15 |
|  |  |  |  |  |  |  | 968,276.11 | 0.15 |
| India |  |  |  |  |  |  |  |  |
| US40415F1012 | HDFC Bank Ltd. ADR | USD | 8,000 | 23,757 | 6,243 | 56.8500 | 363,455.76 | 0.06 |
|  |  |  |  |  |  |  | 363,455.76 | 0.06 |
| Ireland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 200 | 110 | 7,890 | 82.2700 | 664,731.49 | 0.10 |
|  |  |  |  |  |  |  | 664,731.49 | 0.10 |
| Canada |  |  |  |  |  |  |  |  |
| CA21037X1006 | Constellation Software Inc. | CAD | 195 | 150 | 2,070 | 1,931.5000 | 2,985,740.42 | 0.45 |
|  |  |  |  |  |  |  | 2,985,740.42 | 0.45 |
| Switzerland |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 450 | 1,292 | 14,458 | 106.5600 | 1,608,524.20 | 0.24 |
| CH0012005267 | Novartis AG | CHF | 1,800 | 4,628 | 11,172 | 74.9200 | 873,884.15 | 0.13 |
|  |  |  |  |  |  |  | 2,482,408.35 | 0.37 |
| United States of | America |  |  |  |  |  |  |  |
| US0028241000 | Abbott Laboratories | USD | 500 | 895 | 8,105 | 98.2900 | 815,812.03 | 0.12 |
| US00507V1098 | Activision Blizzard Inc. | USD | 6,700 | 1,761 | 14,239 | 74.8700 | 1,091,729.58 | 0.17 |
| US02079K3059 | Alphabet Inc. | USD | 23,695 | 185 | 24,760 | 97.4200 | 2,470,168.15 | 0.38 |
| US0231351067 | Amazon.com Inc. | USD | 15,501 | 0 | 16,101 | 114.8000 | 1,892,877.42 | 0.29 |
| US0311001004 | AMETEK Inc. | USD | 2,799 | 0 | 11,899 | 113.2800 | 1,380,357.11 | 0.21 |
| US0320951017 | Amphenol Corporation | USD | 11,221 | 0 | 30,121 | 67.9200 | 2,095,052.04 | 0.32 |
| US0846707026 | Berkshire Hathaway Inc. | USD | 1,120 | 407 | 9,913 | 269.5800 | 2,736,658.00 | 0.42 |
| US09247X1019 | Blackrock Inc. | USD | 531 | 0 | 2,081 | 563.9200 | 1,201,758.85 | 0.18 |
| US2172041061 | Copart Inc. | USD | 10,077 | 0 | 10,077 | 109.7800 | 1,132,875.64 | 0.17 |
| US2358511028 | Danaher Corporation | USD | 527 | 0 | 7,777 | 262.1500 | 2,087,803.94 | 0.32 |
| US2566771059 | Dollar General Corporation | USD | 6,000 | 471 | 9,529 | 239.4700 | 2,336,825.02 | 0.36 |

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 – DER ERSTE SCHRITT

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US34959J1088 | Fortive Corporation | USD | 900 | 670 | 18,730 | 59.2100 | 1,135,692.06 | 0.17 |
| US4523081093 | Illinois Tool Works Inc. | USD | 580 | 380 | 6,900 | 183.8800 | 1,299,305.68 | 0.20 |
| US4612021034 | Intuit Inc. | USD | 1,695 | 0 | 3,395 | 396.8100 | 1,379,590.32 | 0.21 |
| US4781601046 | Johnson & Johnson | USD | 1,000 | 2,704 | 10,296 | 164.5300 | 1,734,767.93 | 0.26 |
| US57636Q1040 | Mastercard Inc. | USD | 1,800 | 438 | 4,162 | 286.7700 | 1,222,259.85 | 0.19 |
| US30303M1027 | Meta Platforms Inc. | USD | 160 | 700 | 4,860 | 136.4100 | 678,906.91 | 0.10 |
| US5949181045 | Microsoft Corporation | USD | 300 | 3,023 | 7,777 | 237.5000 | 1,891,487.46 | 0.29 |
| US6153691059 | Moody's Corporation | USD | 2,505 | 0 | 7,005 | 246.5600 | 1,768,717.67 | 0.27 |
| US55354G1004 | MSCI Inc. | USD | 1,972 | 0 | 1,972 | 423.2200 | 854,674.70 | 0.13 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 10,514 | 0 | 14,239 | 88.7000 | 1,293,394.06 | 0.20 |
| US7134481081 | PepsiCo Inc. | USD | 1,000 | 3,285 | 8,215 | 166.6100 | 1,401,639.68 | 0.21 |
| US7766961061 | Roper Technologies Inc. | USD | 450 | 448 | 1,752 | 366.7500 | 658,009.22 | 0.10 |
| US79466L3024 | Salesforce Inc. | USD | 4,593 | 0 | 8,543 | 146.8100 | 1,284,380.78 | 0.20 |
| US78409V1044 | S&P Global Inc. | USD | 1,972 | 0 | 1,972 | 310.4300 | 626,900.11 | 0.10 |
| US8636671013 | Stryker Corporation | USD | 2,100 | 0 | 6,500 | 205.4800 | 1,367,762.42 | 0.21 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 1,229 | 0 | 2,629 | 516.6100 | 1,390,852.73 | 0.21 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 1,550 | 422 | 8,428 | 173.5500 | 1,497,879.57 | 0.23 |
| US92826C8394 | VISA Inc. | USD | 600 | 465 | 4,135 | 180.0600 | 762,466.05 | 0.12 |
| US88579Y1010 | 3M Co. | USD | 2,000 | 0 | 12,750 | 112.3000 | 1,466,282.64 | 0.22 |
|  |  |  |  |  |  |  | 42,956,887.62 | 6.56 |
| United Kingdom |  |  |  |  |  |  |  |  |
| GB00B24CGK77 | Reckitt Benckiser Group Plc. | GBP | 3,200 | 2,075 | 22,125 | 61.2400 | 1,531,346.07 | 0.23 |
| GB00B10RZP78 | Unilever Plc. | EUR | 10,300 | 2,573 | 38,627 | 45.9200 | 1,773,751.84 | 0.27 |
|  |  |  |  |  |  |  | 3,305,097.91 | 0.50 |

| Exchange-traded securities | 61,713,302.34 | 9.41 |
| --- | --- | --- |
| Equities, rights and participation certificates | 61,713,302.34 | 9.41 |
| Bonds |  |  |
| Exchange-traded securities |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A14JZN7 | 0.010% | Baden-Württemberg Reg.S. v.20(2027) | 0 | 8,000,000 | 2,000,000 | 87.3780 | 1,747,560.00 | 0.27 |
| XS1632891138 | 0.625% | BNG Bank NV EMTN Reg.S. v.17(2027) | 0 | 0 | 13,000,000 | 90.4160 | 11,754,080.00 | 1.79 |
| DE0001102390 | 0.500% | Federal Republic of Germany Reg.S. v.16 (2026) | 11,000,000 | 14,300,000 | 5,000,000 | 95.7130 | 4,785,650.00 | 0.73 |
| DE0001102416 | 0.250% | Federal Republic of Germany Reg.S. v.17 (2027) | 60,000,000 | 40,000,000 | 20,000,000 | 92.5350 | 18,507,000.00 | 2.81 |
| DE0001102440 | 0.500% | Federal Republic of Germany Reg.S. v.18 (2028) | 10,000,000 | 0 | 10,000,000 | 92.2860 | 9,228,600.00 | 1.40 |
| DE0001141851 | 0.000% | Federal Republic of Germany Reg.S. v.22 (2027) | 40,000,000 | 20,000,000 | 20,000,000 | 91.4760 | 18,295,200.00 | 2.78 |
| DE0001102606 | 1.700% | Federal Republic of Germany Reg.S. v.22 (2032) | 20,000,000 | 0 | 20,000,000 | 95.7790 | 19,155,800.00 | 2.91 |
| XS2050406177 | 1.350% | DH Europe Finance II S.a.r.L. v.19(2039) | 0 | 0 | 100,000 | 65.5430 | 65,543.00 | 0.01 |
| EU000A287074 | 0.000% | European Union Reg.S. Social Bond v.21 (2028) | 9,000,000 | 0 | 9,000,000 | 85.6800 | 7,711,200.00 | 1.17 |
| DE000A1RQCP0 | 0.250% | Hessen Reg.S. v.15(2025) | 0 | 0 | 7,000,000 | 93.8270 | 6,567,890.00 | 1.00 |
| DE000A2YNWA1 | 0.625% | ING-DiBa AG EMTN Reg.S. Pfe. v.22(2029) | 8,200,000 | 0 | 8,200,000 | 85.8400 | 7,038,880.00 | 1.07 |

1) NSFA = net sub-fund assets. Due to rounding differences in individual amounts, totals may differ from the actual value.
FLOSSBACH VON STORCH – DER ERSTE SCHRITT
| 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) |
| XS2388457264 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg. | 25,000,000 | 0 | 25,000,000 | 77.8940 | 19,473,500.00 | 2.96 |  |
|  |  | S. Green Bond v.21(2031) |  |  |  |  |  |  |  |
| DE000A3H2ZF6 | 0.000% | Kreditanstalt für Wiederaufbau EMTN Reg. | 25,000,000 | 0 | 25,000,000 | 79.1760 | 19,794,000.00 | 3.01 |  |
|  |  | S. v.21(2031) |  |  |  |  |  |  |  |
| DE000A2DAR65 | 0.625% | Kreditanstalt für Wiederaufbau v.17(2027) | 0 | 0 | 11,000,000 | 91.9130 | 10,110,430.00 | 1.54 |  |
| DE000LB1DSM2 | 0.375% | Landesbank Baden-Württemberg EMTN | 0 | 0 | 5,500,000 | 94.3650 | 5,190,075.00 | 0.79 |  |
|  |  | Reg.S. Pfe. v.17(2025) |  |  |  |  |  |  |  |
| XS2106576494 | 0.010% | Landesbank Hessen-Thüringen | 0 | 0 | 5,400,000 | 93.7870 | 5,064,498.00 | 0.77 |  |
|  |  | Girozentrale EMTN Reg.S. Pfe. v.20(2025) |  |  |  |  |  |  |  |
| DE000A13R9M1 | 0.375% | Landeskreditbank Baden-Württemberg - | 5,000,000 | 0 | 5,000,000 | 91.7530 | 4,587,650.00 | 0.70 |  |
|  |  | Förderbank EMTN Reg.S. v.16(2026) |  |  |  |  |  |  |  |
| DE000A3MQPJ2 | 0.375% | Landeskreditbank Baden-Württemberg - | 30,000,000 | 20,000,000 | 10,000,000 | 89.7440 | 8,974,400.00 | 1.36 |  |
|  |  | Förderbank EMTN Reg.S. v.22(2027) |  |  |  |  |  |  |  |
| XS2386139732 | 0.000% | Landwirtschaftliche Rentenbank EMTN | 15,000,000 | 0 | 15,000,000 | 83.9800 | 12,597,000.00 | 1.92 |  |
|  |  | Reg.S. v.21(2028) |  |  |  |  |  |  |  |
| XS1379610675 | 0.375% | Landwirtschaftliche Rentenbank EMTN | 4,500,000 | 0 | 20,000,000 | 92.3750 | 18,475,000.00 | 2.81 |  |
|  |  | v.16(2026) |  |  |  |  |  |  |  |
| DE000MHB29J3 | 0.125% | Münchener Hypothekenbank eG EMTN | 6,700,000 | 0 | 6,700,000 | 83.1700 | 5,572,390.00 | 0.85 |  |
|  |  | Reg.S. Pfe. v.22(2029) |  |  |  |  |  |  |  |
| NL0015000RP1 | 0.500% | Niederlande Reg.S. v.22(2032) | 15,000,000 | 0 | 15,000,000 | 82.8380 | 12,425,700.00 | 1.89 |  |
| NL0015000VR9 | 0.000% | Niederlande v.22(2022) | 15,000,000 | 0 | 15,000,000 | 99.9230 | 14,988,450.00 | 2.28 |  |
| DE000A2TR8W8 | 0.375% | Niedersachsen Reg.S. v.19(2029) | 0 | 0 | 5,000,000 | 84.9650 | 4,248,250.00 | 0.65 |  |
| DE000A3H20D1 | 0.010% | Niedersachsen Reg.S. v.20(2027) | 16,500,000 | 10,000,000 | 6,500,000 | 86.6980 | 5,635,370.00 | 0.86 |  |
| DE000A3MP7P2 | 0.010% | Sachsen-Anhalt Reg.S. v.21(2026) | 15,000,000 | 0 | 15,000,000 | 89.2690 | 13,390,350.00 | 2.04 |  |
| DE000SHFM824 | 0.010% | Schleswig-Holstein v.21(2026) | 12,000,000 | 0 | 12,000,000 | 89.4250 | 10,731,000.00 | 1.63 |  |
| AT000B122031 | 0.375% | Volksbank Wien AG EMTN Reg.S. Pfe. | 0 | 2,000,000 | 3,500,000 | 91.3890 | 3,198,615.00 | 0.49 |  |
|  |  | v.19(2026) |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  | 279,314,081.00 | 42.49 |  |
| PLN |  |  |  |  |  |  |  |  |  |
| PL0000113460 | 0.250% | Poland v.20(2026) | 27,000,000 | 0 | 27,000,000 | 75.1540 | 4,176,941.13 | 0.64 |  |
|  |  |  |  |  |  |  | 4,176,941.13 | 0.64 |  |
| USD |  |  |  |  |  |  |  |  |  |
| US9128286B18 | 2.625% | United States of America v.19(2029) | 16,000,000 | 0 | 16,000,000 | 92.2422 | 15,113,927.37 | 2.30 |  |
| US91282CBQ33 | 0.500% | United States of America v.21(2026) | 0 | 10,000,000 | 4,500,000 | 88.3672 | 4,072,220.65 | 0.62 |  |
| US91282CDY49 | 1.875% | United States of America v.22(2032) | 15,000,000 | 0 | 15,000,000 | 84.7734 | 13,022,033.49 | 1.98 |  |
|  |  |  |  |  |  |  | 32,208,181.51 | 4.90 |  |
| Exchange-traded securities	315,699,203.6448.03 Securities admitted to trading or included in organised markets |
| EUR |  |  |  |  |  |  |  |  |
| DE0001030815 | 0.000% | Federal Republic of Germany Reg.S. v.22 | 20,000,000 | 0 20,000,000 | 99.6340 | 19,926,800.00 | 3.03 |  |
|  |  | (2023) |  |  |  |  |  |  |
| DE0001030849 | 0.000% | Federal Republic of Germany Reg.S. v.22 | 25,000,000 | 0 25,000,000 | 99.1080 | 24,777,000.00 | 3.77 |  |
|  |  | (2023) |  |  |  |  |  |  |
| DE0001030807 | 0.000% | Federal Republic of Germany Reg.S. v.22 | 29,400,000 | 0 29,400,000 | 99.8020 | 29,341,788.00 | 4.46 |  |
|  |  | (2023) |  |  |  |  |  |  |
| FR0127034694 | 0.000% | France Reg.S. v.22(2023) | 25,000,000 | 0 25,000,000 | 99.8310 | 24,957,750.00 | 3.79 |  |

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

#### 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) |
| --- | --- | --- | --- | --- | --- | --- | --- |
| FR0127034702 | 0.000% | France Reg.S. v.22(2023) | 25,000,000 | 0 | 25,000,000 | 99.7320 24,933,000.00 | 3.79 |  |
| FR0127034710 | 0.000% | France Reg.S. v.22(2023) | 25,000,000 | 0 | 25,000,000 | 99.5750 24,893,750.00 | 3.78 |  |
|  |  |  |  |  |  | 148,830,088.00 | 22.62 |  |
| USD |  |  |  |  |  |  |  |  |
| US037833BZ29 | 2.450% | Apple Inc. v.16(2026) | 0 | 12,000,000 | 4,000,000 | 92.4000	3,784,946.24 | 0.58 |  |
| US771196BW19 | 1.930% | Roche Holdings Inc. 144A v.21(2028) | 1,200,000 | 0 | 1,200,000 | 84.4560	1,037,861.75 | 0.16 |  |
|  |  |  |  |  |  | 4,822,807.99 | 0.74 |  |
| Securities admitted to trading or included in organised markets | 153,652,895.99 | 23.36 |  |
| Bonds | 469,352,099.63 | 71.39 |  |
| Convertible bonds |  |  |  |
| Securities admitted to trading or included in organised markets |  |  |  |
| USD |  |  |  |  |  |  |  |  |  |
| US29786AAN63 | 0.250% | Etsy Inc./Etsy Inc. CV v.21(2028) | 800,000 | 0 | 800,000 | 77.2500 | 632,872.50 | 0.10 |  |
|  |  |  |  | 632,872.50 | 0.10 |  |
| Securities admitted to trading or included in organised markets |  |  |  | 632,872.50 | 0.10 |  |
| Convertible bonds |  |  |  | 632,872.50 | 0.10 |  |
| Securities holdings |  |  |  | 531,698,274.47 | 80.90 |  |
| Futures contracts |  |  |  |  |  |  |
| Long positions |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| EUX 30YR Euro-Buxl Future December 2022 | 10 | 0 | 10 | -134,400.00 | -0.02 |  |
|  |  |  |  | -134,400.00 | -0.02 |  |
| USD |  |  |  |  |  |  |
| CBT 30YR US Ultra Bond Future December 2022 | 20 | 0 | 20 | -93,072.61 | -0.01 |  |
|  |  |  |  | -93,072.61 | -0.01 |  |
| Long positions |  |  |  | -227,472.61 | -0.03 |  |
| Short positions |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future December 2022 | 0 | 70 | -70 | 136,550.00 | 0.02 |  |
| EUX 10YR Euro-OAT Future December 2022 | 0 | 727 | -727 | 5,271,971.36 | 0.80 |  |
| EUX 2YR Euro-Schatz Future December 2022 | 0 | 132 | -132 | 155,760.00 | 0.02 |  |
| EUX 5YR Euro-Bobl Future December 2022 | 100 | 741 | -641 | 2,375,308.83 | 0.36 |  |
|  |  |  |  | 7,939,590.19 | 1.20 |  |
| JPY |  |  |  |  |  |  |
| TIF 10YR Japan-Bond Future December 2022 | 0 | 10 | -10 | 48,164.64 | 0.01 |  |
|  |  |  |  | 48,164.64 | 0.01 |  |
| USD |  |  |  |  |  |  |
| E-Mini S&P 500 Index Future December 2022 | 0 | 145 | -145 | 2,018,858.17 | 0.31 |  |
| Nasdaq 100 Index Future December 2022 | 0 | 57 | -57 | 1,006,021.51 | 0.15 |  |
|  |  |  |  | 3,024,879.68 | 0.46 |  |
| Short positions |  |  |  | 11,012,634.51 | 1.67 |  |
| Futures contracts |  |  |  | 10,785,161.90 | 1.64 |  |
| Bank balances - current account 2) |  |  |  | 118,648,073.56 | 18.04 |  |
| Balance of other receivables and payables |  |  |  | -3,389,151.10 | -0.58 |  |
| Net sub-fund assets in EUR |  |  |  | 657,742,358.83 | 100.00 |  |

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 – DER ERSTE SCHRITT

#### 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/PLN | DZ PRIVATBANK S.A. | Currency sales | 22,600,000.00 | 4,645,287.11 | 0.71 |
| --- | --- | --- | --- | --- | --- |
| EUR/USD | J.P. Morgan SE | Currency sales | 135,000,000.00 | 137,494,003.73 | 20.90 |


#### Futures contracts
Commitments
% share
of
|  | Quantity | EUR	NSFA |
| --- | --- | --- |
| Long positions |  |  |  |
| EUR |  |  |  |
| EUX 30YR Euro-Buxl Future December 2022 | 10 | 1,455,200.00 | 0.22 |
|  |  | 1,455,200.00 | 0.22 |
| USD |  |  |  |
| CBT 30YR US Ultra Bond Future December 2022 | 20 | 2,839,221.71 | 0.43 |
|  |  | 2,839,221.71 | 0.43 |
| Long positions |  | 4,294,421.71 | 0.65 |
| Short positions |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future December 2022 | -70 | -2,287,600.00 | -0.35 |
| EUX 10YR Euro-OAT Future December 2022 | -727 | -95,389,670.00 | -14.50 |
| EUX 2YR Euro-Schatz Future December 2022 | -132 | -14,122,020.00 | -2.15 |
| EUX 5YR Euro-Bobl Future December 2022 | -641 | -76,381,560.00 | -11.61 |
|  |  | -188,180,850.00 | -28.61 |
| JPY |  |  |  |
| TIF 10YR Japan-Bond Future December 2022 | -10 | -10,489,976.09 | -1.59 |
|  |  | -10,489,976.09 | -1.59 |
| USD |  |  |  |
| E-Mini S&P 500 Index Future December 2022 | -145 | -27,130,888.38 | -4.12 |
| Nasdaq 100 Index Future December 2022 | -57 | -13,108,248.85 | -1.99 |
|  |  | -40,239,137.23 | -6.11 |
| Short positions |  | -238,909,963.32 | -36.31 |
| Futures contracts |  | -234,615,541.61 | -35.66 |

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 |
| 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 |
| 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 – DER ERSTE SCHRITT
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 HT | Anteilklasse IT |
| --- | --- | --- | --- | --- |
| WP-Kenn-Nr.: | A1W17V | A1W17W | A2P9FU | A2QLWA |
| ISIN-Code: | LU0952573052 | LU0952573136 | LU2207302121 | LU2279688183 |
| Ausgabeaufschlag: | bis zu 1,00 % | bis zu 1,00 % | bis zu 1,00 % | bis zu 1,00 % |
| Rücknahmeabschlag: | keiner | keiner | keiner | keiner |
| Verwaltungsvergütung: | 0,43 % p.a. | 0,83 % p.a. | 0,53 % p.a. | 0,43 % p.a. |
| Mindesterstanlage: | 1.000.000,00 EUR | keine | keine | 1.000.000,00 EUR |
| Ertragsverwendung: | ausschüttend | ausschüttend | thesaurierend | thesaurierend |
| Währung: | EUR | EUR | EUR | EUR |
|  | Anteilklasse RT |  |
| WP-Kenn-Nr.: | A2QLWB |
| ISIN-Code: | LU2279688266 |
| Ausgabeaufschlag: | bis zu 1,00 % |
| Rücknahmeabschlag: | keiner |
| Verwaltungsvergütung: | 0,83 % p.a. |
| Mindesterstanlage: | keine |
| Ertragsverwendung: | thesaurierend |
| Währung: | EUR |

| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| Geografische Länderaufteilung 1) |
| Deutschland | 46,53 % |
| Vereinigte Staaten von Amerika | 12,30 % |
| Frankreich | 11,66 % |
| Niederlande | 5,96 % |
| Europäische Gemeinschaft | 1,17 % |
| Polen | 0,64 % |
| Vereinigtes Königreich | 0,50 % |
| Österreich | 0,49 % |
| Kanada | 0,45 % |
| Schweiz | 0,37 % |
| Cayman Inseln | 0,28 % |
| Dänemark | 0,23 % |
| Hongkong | 0,15 % |
| Irland | 0,10 % |
| Indien | 0,06 % |
| Luxemburg | 0,01 % |
| Wertpapiervermögen | 80,90 % |
| Terminkontrakte | 1,64 % |
| Bankguthaben 2) | 18,04 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,58 % |
|  | 100,00 % |

| Branchenaufteilung 1) |  |
| --- | --- |
| Staatsanleihen | 50,58 % |
| Banken | 20,12 % |
| Software & Dienste | 2,50 % |
| Pharmazeutika, Biotechnologie & Biowissenschaften | 1,15 % |
| Investitionsgüter | 0,97 % |
| Diversifizierte Finanzdienste | 0,93 % |
| Groß- und Einzelhandel | 0,87 % |
| Media & Entertainment | 0,81 % |
| Haushaltsartikel & Körperpflegeprodukte | 0,63 % |
| Gesundheitswesen: Ausstattung & Dienste | 0,60 % |
| Versicherungen | 0,57 % |
| Lebensmittel, Getränke & Tabak | 0,45 % |
| Gewerbliche Dienste & Betriebsstoffe | 0,40 % |
| Hardware & Ausrüstung | 0,32 % |
| Wertpapiervermögen | 80,90 % |
| Terminkontrakte | 1,64 % |
| Bankguthaben 2) | 18,04 % |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten | -0,58 % |
|  | 100,00 % |

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

#### Entwicklung der letzten 3 Geschäftsjahre
Anteilklasse I
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| --- | --- | --- | --- | --- |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 233,68 | 2.064.843 | 12.000,29 | 113,17 |
| 30.09.2021 | 286,30 | 2.516.983 | 51.318,73 | 113,75 |
| 30.09.2022 | 377,40 | 3.488.260 | 108.607,87 | 108,19 |

| Anteilklasse R |  |
| --- | --- |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 156,60 | 1.406.342 | 113.370,83 | 111,35 |
| 30.09.2021 | 222,97 | 2.000.314 | 66.190,12 | 111,47 |
| 30.09.2022 | 153,26 | 1.451.276 | -59.458,81 | 105,60 |
| Anteilklasse HT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 30.09.2020 | 13,03 | 130.586 | 13.044,36 | 99,81 |
| 30.09.2021 | 89,77 | 894.230 | 76.498,63 | 100,39 |
| 30.09.2022 | 127,00 | 1.331.245 | 43.912,29 | 95,40 |
| Entwicklung seit | Auflegung |  |  |  |
| Anteilklasse IT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 10.02.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 0,09 | 850 | 84,40 | 100,14 |
| 30.09.2022 | 0,08 | 850 | 0,00 | 95,25 |
| Anteilklasse RT |  |  |  |  |
|  | Netto- Anteilklassenvermögen |  | Netto- Mittelaufkommen | Anteilwert |
| Datum | Mio. EUR | Umlaufende Anteile | Tsd. EUR | EUR |
| 10.02.2021 | Auflegung | - | - | 100,00 |
| 30.09.2021 | 0,01 | 100 | 10,00 | 99,89 |
| 30.09.2022 | 0,01 | 100 | 0,00 | 94,65 |

FLOSSBACH VON STORCH – DER ERSTE SCHRITT

#### Zusammensetzung des Netto-Teilfondsvermögens
zum 30. September 2022
EUR
Wertpapiervermögen	531.698.274,47
(Wertpapiereinstandskosten: EUR 562.242.383,62)
Bankguthaben 1)	118.648.073,56
Nicht realisierte Gewinne aus Terminkontrakten	10.785.161,90
Zinsforderungen	587.703,07
Dividendenforderungen	33.167,52
Forderungen aus Absatz von Anteilen	347.867,69
662.100.248,21
Verbindlichkeiten aus Rücknahmen von Anteilen	-396.914,06
Nicht realisierte Verluste aus Devisentermingeschäften	-3.559.596,24
Sonstige Passiva 2)	-401.379,08
-4.357.889,38
Netto-Teilfondsvermögen	657.742.358,83

#### Zurechnung auf die Anteilklassen
Anteilklasse I
Anteiliges Netto-Teilfondsvermögen	377.401.394,09 EUR
Umlaufende Anteile	3.488.260,066
Anteilwert	108,19 EUR
Anteilklasse R
Anteiliges Netto-Teilfondsvermögen	153.255.307,25 EUR
Umlaufende Anteile	1.451.275,674
Anteilwert	105,60 EUR
Anteilklasse HT
Anteiliges Netto-Teilfondsvermögen	126.995.233,40 EUR
Umlaufende Anteile	1.331.245,020
Anteilwert	95,40 EUR
Anteilklasse IT
Anteiliges Netto-Teilfondsvermögen	80.959,48 EUR
Umlaufende Anteile	850,000
Anteilwert	95,25 EUR
Anteilklasse RT
Anteiliges Netto-Teilfondsvermögen	9.464,61 EUR
Umlaufende Anteile	100,000
Anteilwert	94,65 EUR
1) Siehe Erläuterungen zum Jahresbericht.
2) Diese Position setzt sich im Wesentlichen zusammen aus Verwaltungsvergütung und Taxe d'abonnement.
| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| Veränderung des Netto-Teilfondsvermögens |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022 |
| Total | Anteilklasse I | Anteilklasse R | Anteilklasse HT |
| EUR | EUR | EUR | EUR |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	599.130.954,12 | 286.295.022,97 | 222.966.742,10 | 89.774.083,59 |
| Ordentlicher Nettoaufwand	-689.159,17 | 41.618,35 | -614.217,96 | -116.530,75 |
| Ertrags- und Aufwandsausgleich	-148.062,58 | -27.655,38 | -113.339,88 | -7.067,32 |
| Mittelzuflüsse aus Anteilverkäufen	276.740.117,57 | 136.524.355,11 | 27.337.600,70 | 112.878.161,76 |
| Mittelabflüsse aus Anteilrücknahmen	-183.678.766,09 | -27.916.484,06 | -86.796.409,49 | -68.965.872,54 |
| Realisierte Gewinne	72.813.903,65 | 39.517.922,78 | 19.450.472,10 | 13.835.674,15 |
| Realisierte Verluste	-78.098.394,13 | -42.138.601,39 | -21.279.750,57 | -14.669.279,76 |
| Nettoveränderung nicht realisierter Gewinne	4.652.446,20 | 2.162.787,94 | 1.642.785,05 | 846.126,12 |
| Nettoveränderung nicht realisierter Verluste	-32.980.680,74 | -17.057.572,23 | -9.338.574,80 | -6.580.061,85 |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	657.742.358,83 | 377.401.394,09 | 153.255.307,25 | 126.995.233,40 |
|  |  |  |  |
| Anteilklasse IT EUR | Anteilklasse RT EUR |  |  |
| Netto-Teilfondsvermögen zu Beginn des Berichtszeitraumes	85.116,22 | 9.989,24 |  |  |
| Ordentlicher Nettoaufwand	8,21 | -37,02 |  |  |
| Ertrags- und Aufwandsausgleich	0,00 | 0,00 |  |  |
| Mittelzuflüsse aus Anteilverkäufen	0,00 | 0,00 |  |  |
| Mittelabflüsse aus Anteilrücknahmen	0,00 | 0,00 |  |  |
| Realisierte Gewinne	8.806,45 | 1.028,17 |  |  |
| Realisierte Verluste	-9.637,14 | -1.125,27 |  |  |
| Nettoveränderung nicht realisierter Gewinne	668,78 | 78,31 |  |  |
| Nettoveränderung nicht realisierter Verluste	-4.003,04 | -468,82 |  |  |
| Netto-Teilfondsvermögen zum Ende des Berichtszeitraumes	80.959,48 | 9.464,61 |  |  |
| Entwicklung der Anzahl der Anteile im Umlauf |  |  |  |
| Anteilklasse I | Anteilklasse R | Anteilklasse HT | Anteilklasse IT |
| Stück | Stück | Stück | Stück |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	2.516.982,755 | 2.000.314,151 | 894.230,303 | 850,000 |
| Ausgegebene Anteile	1.222.815,436 | 249.127,072 | 1.140.031,894 | 0,000 |
| Zurückgenommene Anteile	-251.538,125 | -798.165,549 | -703.017,177 | 0,000 |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	3.488.260,066 | 1.451.275,674 | 1.331.245,020 | 850,000 |
|  |  |  |  |
| Anteilklasse RT Stück |  |  |  |
| Umlaufende Anteile zu Beginn des Berichtszeitraumes	100,000 |  |  |  |
| Ausgegebene Anteile	0,000 |  |  |  |
| Zurückgenommene Anteile	0,000 |  |  |  |
| Umlaufende Anteile zum Ende des Berichtszeitraumes	100,000 |  |  |  |

| FLOSSBACH VON STORCH – DER ERSTE SCHRITT |  |
| --- | --- |
| 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 - Der erste Schritt I seit 01.10.2013 | LU0952573052 A1W17V | EUR | -1,78% | -4,88% | -3,21% | — | 16,89% |
| Flossbach von Storch - Der erste Schritt R seit 01.10.2013 | LU0952573136 A1W17W | EUR | -1,98% | -5,26% | -4,36% | — | 12,62% |
| Flossbach von Storch - Der erste Schritt HT seit 22.07.2020 | LU2207302121 A2P9FU | EUR | -1,83% | -4,98% | — | — | -4,60% |
| Flossbach von Storch - Der erste Schritt IT seit 10.02.2021 | LU2279688183 A2QLWA | EUR | -1,78% | -4,88% | — | — | -4,75% |
| Flossbach von Storch - Der erste Schritt RT seit 10.02.2021 | LU2279688266 A2QLWB | EUR | -1,97% | -5,25% | — | — | -5,35% |

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 – DER ERSTE SCHRITT |  |  |
| --- | --- | --- |
| Ertrags- und Aufwandsrechnung |  |
| im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September | 2022 |
|  | Total EUR | Anteilklasse I EUR | Anteilklasse R EUR | Anteilklasse HT EUR |
| Erträge |  |  |  |  |
| Dividenden | 693.016,67 | 374.437,18 | 187.721,21 | 130.764,95 |
| Zinsen auf Anleihen | 3.105.995,02 | 1.603.200,88 | 928.332,58 | 574.025,73 |
| Erträge aus Quellensteuerrückerstattung | 14.725,34 | 8.203,29 | 3.717,85 | 2.802,27 |
| Bankzinsen | -150.485,11 | -73.242,18 | -49.904,78 | -27.317,13 |
| Ertragsausgleich | 56.023,95 | 220.140,22 | -201.897,72 | 37.781,45 |
| Erträge insgesamt | 3.719.275,87 | 2.132.739,39 | 867.969,14 | 718.057,27 |
| Aufwendungen |  |  |  |  |
| Zinsaufwendungen | -18.143,43 | -9.631,82 | -5.130,24 | -3.378,86 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -3.770.738,66 | -1.516.482,58 | -1.588.088,57 | -665.728,62 |
| Verwahrstellenvergütung | -113.478,04 | -59.796,17 | -32.381,07 | -21.285,75 |
| Zentralverwaltungsstellenvergütung | -48.465,82 | -25.542,99 | -13.823,86 | -9.091,77 |
| Taxe d'abonnement | -338.229,28 | -177.874,67 | -96.871,62 | -63.436,48 |
| Veröffentlichungs- und Prüfungskosten | -17.954,94 | -9.189,31 | -5.332,17 | -3.431,62 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte | -8.380,08 | -4.409,36 | -2.410,31 | -1.559,28 |
| Register- und Transferstellenvergütung | -10.803,67 | -5.671,48 | -3.024,01 | -2.106,71 |
| Staatliche Gebühren | -3.129,84 | -1.555,33 | -948,95 | -625,12 |
| Sonstige Aufwendungen 1) | -171.149,91 | -88.482,49 | -49.413,90 | -33.229,68 |
| Aufwandsausgleich | 92.038,63 | -192.484,84 | 315.237,60 | -30.714,13 |
| Aufwendungen insgesamt | -4.408.435,04 | -2.091.121,04 | -1.482.187,10 | -834.588,02 |
| Ordentlicher Nettoaufwand | -689.159,17 | 41.618,35 | -614.217,96 | -116.530,75 |
| Transaktionskosten im Geschäftsjahr gesamt 2) | 190.316,26 |  |  |  |
| Total Expense Ratio in Prozent 2) |  | 0,54 | 0,94 | 0,64 |
| Laufende Kosten in Prozent 2) |  | 0,54 | 0,94 | 0,64 |

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

#### Ertrags- und Aufwandsrechnung 
(Fortsetzung)
im Berichtszeitraum vom 1. Oktober 2021 bis zum 30. September 2022
|  | Anteilklasse IT | Anteilklasse RT |
| --- | --- | --- |
| EUR | EUR |
| Erträge |  |  |
| Dividenden | 83,53 | 9,80 |
| Zinsen auf Anleihen | 390,70 | 45,13 |
| Erträge aus Quellensteuerrückerstattung | 1,73 | 0,20 |
| Bankzinsen | -18,77 | -2,25 |
| Ertragsausgleich | 0,00 | 0,00 |
| Erträge insgesamt | 457,19 | 52,88 |
| Aufwendungen |  |  |
| Zinsaufwendungen | -2,25 | -0,26 |
| Verwaltungsvergütung / Fondsmanagementvergütung | -357,70 | -81,19 |
| Verwahrstellenvergütung | -14,44 | -0,61 |
| Zentralverwaltungsstellenvergütung | -6,68 | -0,52 |
| Taxe d'abonnement | -42,05 | -4,46 |
| Veröffentlichungs- und Prüfungskosten | -1,72 | -0,12 |
| Satz-, Druck- und Versandkosten der Jahres- und Halbjahresberichte	-1,04 | -0,09 |
| Register- und Transferstellenvergütung | -1,34 | -0,13 |
| Staatliche Gebühren | -0,40 | -0,04 |
| Sonstige Aufwendungen 1) | -21,36 | -2,48 |
| Aufwandsausgleich | 0,00 | 0,00 |
| Aufwendungen insgesamt | -448,98 | -89,90 |
| Ordentlicher Nettoaufwand | 8,21 | -37,02 |
| Total Expense Ratio in Prozent 2) | 0,54 | 0,92 |
| Laufende Kosten in Prozent 2) | 0,54 | 0,94 |

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

#### Vermögensaufstellung zum 30. September 2022
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
| Cayman Inseln |  |
| --- | --- |
| KYG017191142 | Alibaba Group Holding Ltd. | HKD | 32.900 | 0 | 76.500 | 77,9500 | 777.954,26 | 0,12 |
| KYG875721634 | Tencent Holdings Ltd. | HKD | 4.400 | 3.500 | 29.400 | 266,4000 | 1.021.781,56 | 0,16 |
|  |  |  |  |  |  |  | 1.799.735,82 | 0,28 |
| Dänemark |  |  |  |  |  |  |  |  |
| DK0060534915 | Novo-Nordisk AS | DKK | 600 | 6.532 | 14.568 | 764,7000 | 1.498.117,24 | 0,23 |
|  |  |  |  |  |  |  | 1.498.117,24 | 0,23 |
| Deutschland |  |  |  |  |  |  |  |  |
| DE0005810055 | Dte. Börse AG | EUR | 3.300 | 252 | 9.748 | 167,9000 | 1.636.689,20 | 0,25 |
| DE0007164600 | SAP SE | EUR | 2.753 | 0 | 13.253 | 81,8700 | 1.085.023,11 | 0,16 |
|  |  |  |  |  |  |  | 2.721.712,31 | 0,41 |
| Frankreich |  |  |  |  |  |  |  |  |
| FR0010307819 | Legrand S.A. | EUR | 5.996 | 0 | 17.196 | 64,9600 | 1.117.052,16 | 0,17 |
| FR0000120321 | L'Oréal S.A. | EUR | 279 | 350 | 2.629 | 323,3500 | 850.087,15 | 0,13 |
|  |  |  |  |  |  |  | 1.967.139,31 | 0,30 |
| Hongkong |  |  |  |  |  |  |  |  |
| HK0000069689 | AIA Group Ltd. | HKD | 32.400 | 0 | 113.400 | 65,4500 | 968.276,11 | 0,15 |
|  |  |  |  |  |  |  | 968.276,11 | 0,15 |
| Indien |  |  |  |  |  |  |  |  |
| US40415F1012 | HDFC Bank Ltd. ADR | USD | 8.000 | 23.757 | 6.243 | 56,8500 | 363.455,76 | 0,06 |
|  |  |  |  |  |  |  | 363.455,76 | 0,06 |
| Irland |  |  |  |  |  |  |  |  |
| IE00BTN1Y115 | Medtronic Plc. | USD | 200 | 110 | 7.890 | 82,2700 | 664.731,49 | 0,10 |
|  |  |  |  |  |  |  | 664.731,49 | 0,10 |
| Kanada |  |  |  |  |  |  |  |  |
| CA21037X1006 | Constellation Software Inc. | CAD | 195 | 150 | 2.070 | 1.931,5000 | 2.985.740,42 | 0,45 |
|  |  |  |  |  |  |  | 2.985.740,42 | 0,45 |
| Schweiz |  |  |  |  |  |  |  |  |
| CH0038863350 | Nestlé S.A. | CHF | 450 | 1.292 | 14.458 | 106,5600 | 1.608.524,20 | 0,24 |
| CH0012005267 | Novartis AG | CHF | 1.800 | 4.628 | 11.172 | 74,9200 | 873.884,15 | 0,13 |
|  |  |  |  |  |  |  | 2.482.408,35 | 0,37 |
| Vereinigte Staaten von Amerika |  |  |  |  |  |  |  |
| US0028241000 Abbott Laboratories | USD | 500 | 895 | 8.105 | 98,2900 | 815.812,03 | 0,12 |
| US00507V1098 Activision Blizzard Inc. | USD | 6.700 | 1.761 | 14.239 | 74,8700 | 1.091.729,58 | 0,17 |
| US02079K3059 Alphabet Inc. | USD | 23.695 | 185 | 24.760 | 97,4200 | 2.470.168,15 | 0,38 |
| US0231351067 Amazon.com Inc. | USD | 15.501 | 0 | 16.101 | 114,8000 | 1.892.877,42 | 0,29 |
| US0311001004 AMETEK Inc. | USD | 2.799 | 0 | 11.899 | 113,2800 | 1.380.357,11 | 0,21 |
| US0320951017 Amphenol Corporation | USD | 11.221 | 0 | 30.121 | 67,9200 | 2.095.052,04 | 0,32 |
| US0846707026 Berkshire Hathaway Inc. | USD | 1.120 | 407 | 9.913 | 269,5800 | 2.736.658,00 | 0,42 |
| US09247X1019 Blackrock Inc. | USD | 531 | 0 | 2.081 | 563,9200 | 1.201.758,85 | 0,18 |
| US2172041061 Copart Inc. | USD | 10.077 | 0 | 10.077 | 109,7800 | 1.132.875,64 | 0,17 |
| US2358511028 Danaher Corporation | USD | 527 | 0 | 7.777 | 262,1500 | 2.087.803,94 | 0,32 |

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 – DER ERSTE SCHRITT

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| US2566771059 | Dollar General Corporation | USD | 6.000 | 471 | 9.529 | 239,4700 | 2.336.825,02 | 0,36 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| US34959J1088 | Fortive Corporation | USD | 900 | 670 | 18.730 | 59,2100 | 1.135.692,06 | 0,17 |
| US4523081093 | Illinois Tool Works Inc. | USD | 580 | 380 | 6.900 | 183,8800 | 1.299.305,68 | 0,20 |
| US4612021034 | Intuit Inc. | USD | 1.695 | 0 | 3.395 | 396,8100 | 1.379.590,32 | 0,21 |
| US4781601046 | Johnson & Johnson | USD | 1.000 | 2.704 | 10.296 | 164,5300 | 1.734.767,93 | 0,26 |
| US57636Q1040 | Mastercard Inc. | USD | 1.800 | 438 | 4.162 | 286,7700 | 1.222.259,85 | 0,19 |
| US30303M1027 | Meta Platforms Inc. | USD | 160 | 700 | 4.860 | 136,4100 | 678.906,91 | 0,10 |
| US5949181045 | Microsoft Corporation | USD | 300 | 3.023 | 7.777 | 237,5000 | 1.891.487,46 | 0,29 |
| US6153691059 | Moody's Corporation | USD | 2.505 | 0 | 7.005 | 246,5600 | 1.768.717,67 | 0,27 |
| US55354G1004 | MSCI Inc. | USD | 1.972 | 0 | 1.972 | 423,2200 | 854.674,70 | 0,13 |
| US70450Y1038 | PayPal Holdings Inc. | USD | 10.514 | 0 | 14.239 | 88,7000 | 1.293.394,06 | 0,20 |
| US7134481081 | PepsiCo Inc. | USD | 1.000 | 3.285 | 8.215 | 166,6100 | 1.401.639,68 | 0,21 |
| US7766961061 | Roper Technologies Inc. | USD | 450 | 448 | 1.752 | 366,7500 | 658.009,22 | 0,10 |
| US79466L3024 | Salesforce Inc. | USD | 4.593 | 0 | 8.543 | 146,8100 | 1.284.380,78 | 0,20 |
| US78409V1044 | S&P Global Inc. | USD | 1.972 | 0 | 1.972 | 310,4300 | 626.900,11 | 0,10 |
| US8636671013 | Stryker Corporation | USD | 2.100 | 0 | 6.500 | 205,4800 | 1.367.762,42 | 0,21 |
| US8835561023 | Thermo Fisher Scientific Inc. | USD | 1.229 | 0 | 2.629 | 516,6100 | 1.390.852,73 | 0,21 |
| US92345Y1064 | Verisk Analytics Inc. | USD | 1.550 | 422 | 8.428 | 173,5500 | 1.497.879,57 | 0,23 |
| US92826C8394 | VISA Inc. | USD | 600 | 465 | 4.135 | 180,0600 | 762.466,05 | 0,12 |
| US88579Y1010 | 3M Co. | USD | 2.000 | 0 | 12.750 | 112,3000 | 1.466.282,64 | 0,22 |
|  |  |  |  |  |  |  | 42.956.887,62 | 6,56 |
| Vereinigtes Königreich |  |  |  |  |  |  |  |
| GB00B24CGK77 Reckitt Benckiser Group Plc. | GBP | 3.200 | 2.075 | 22.125 | 61,2400 | 1.531.346,07 | 0,23 |
| GB00B10RZP78 Unilever Plc. | EUR | 10.300 | 2.573 | 38.627 | 45,9200 | 1.773.751,84 | 0,27 |
|  |  |  |  |  |  | 3.305.097,91 | 0,50 |
| Börsengehandelte Wertpapiere |  |  |  |  |  | 61.713.302,34 | 9,41 |
| Aktien, Anrechte und Genussscheine |  |  |  |  |  | 61.713.302,34 | 9,41 |
| Anleihen |  |  |  |  |  |  |  |
| Börsengehandelte Wertpapiere |  |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |  |  |
| DE000A14JZN7 | 0,010% | Baden-Württemberg Reg.S. v.20(2027) | 0 | 8.000.000 | 2.000.000 | 87,3780 | 1.747.560,00 | 0,27 |
| XS1632891138 | 0,625% | BNG Bank NV EMTN Reg.S. v.17(2027) | 0 | 0 | 13.000.000 | 90,4160 | 11.754.080,00 | 1,79 |
| DE0001102390 | 0,500% | Bundesrepublik Deutschland Reg.S. v.16 (2026) | 11.000.000 | 14.300.000 | 5.000.000 | 95,7130 | 4.785.650,00 | 0,73 |
| DE0001102416 | 0,250% | Bundesrepublik Deutschland Reg.S. v.17 (2027) | 60.000.000 | 40.000.000 | 20.000.000 | 92,5350 | 18.507.000,00 | 2,81 |
| DE0001102440 | 0,500% | Bundesrepublik Deutschland Reg.S. v.18 (2028) | 10.000.000 | 0 | 10.000.000 | 92,2860 | 9.228.600,00 | 1,40 |
| DE0001141851 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2027) | 40.000.000 | 20.000.000 | 20.000.000 | 91,4760 | 18.295.200,00 | 2,78 |
| DE0001102606 | 1,700% | Bundesrepublik Deutschland Reg.S. v.22 (2032) | 20.000.000 | 0 | 20.000.000 | 95,7790 | 19.155.800,00 | 2,91 |
| XS2050406177 | 1,350% | DH Europe Finance II S.a.r.L. v.19(2039) | 0 | 0 | 100.000 | 65,5430 | 65.543,00 | 0,01 |
| EU000A287074 | 0,000% | Europäische Union Reg.S. Social Bond v.21 (2028) | 9.000.000 | 0 | 9.000.000 | 85,6800 | 7.711.200,00 | 1,17 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| DE000A1RQCP0 | 0,250% | Hessen Reg.S. v.15(2025) | 0 | 0 | 7.000.000 | 93,8270 | 6.567.890,00 | 1,00 |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| DE000A2YNWA1 | 0,625% | ING-DiBa AG EMTN Reg.S. Pfe. v.22(2029) | 8.200.000 | 0 | 8.200.000 | 85,8400 | 7.038.880,00 | 1,07 |
| XS2388457264 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg. S. Green Bond v.21(2031) | 25.000.000 | 0 | 25.000.000 | 77,8940 | 19.473.500,00 | 2,96 |
| DE000A3H2ZF6 | 0,000% | Kreditanstalt für Wiederaufbau EMTN Reg. S. v.21(2031) | 25.000.000 | 0 | 25.000.000 | 79,1760 | 19.794.000,00 | 3,01 |
| DE000A2DAR65 | 0,625% | Kreditanstalt für Wiederaufbauv.17(2027) | 0 | 0 | 11.000.000 | 91,9130 | 10.110.430,00 | 1,54 |
| DE000LB1DSM2 | 0,375% | Landesbank Baden-Württemberg EMTN Reg.S. Pfe. v.17(2025) | 0 | 0 | 5.500.000 | 94,3650 | 5.190.075,00 | 0,79 |
| XS2106576494 | 0,010% | Landesbank Hessen-Thüringen Girozentrale EMTN Reg.S. Pfe. v.20(2025) | 0 | 0 | 5.400.000 | 93,7870 | 5.064.498,00 | 0,77 |
| DE000A13R9M1 | 0,375% | Landeskreditbank Baden-Württemberg - Förderbank EMTN Reg.S. v.16(2026) | 5.000.000 | 0 | 5.000.000 | 91,7530 | 4.587.650,00 | 0,70 |
| DE000A3MQPJ2 | 0,375% | Landeskreditbank Baden-Württemberg - Förderbank EMTN Reg.S. v.22(2027) | 30.000.000 | 20.000.000 | 10.000.000 | 89,7440 | 8.974.400,00 | 1,36 |
| XS2386139732 | 0,000% | Landwirtschaftliche Rentenbank EMTN Reg.S. v.21(2028) | 15.000.000 | 0 | 15.000.000 | 83,9800 | 12.597.000,00 | 1,92 |
| XS1379610675 | 0,375% | Landwirtschaftliche Rentenbank EMTN v.16(2026) | 4.500.000 | 0 | 20.000.000 | 92,3750 | 18.475.000,00 | 2,81 |
| DE000MHB29J3 | 0,125% | Münchener Hypothekenbank eG EMTN Reg.S. Pfe. v.22(2029) | 6.700.000 | 0 | 6.700.000 | 83,1700 | 5.572.390,00 | 0,85 |
| NL0015000RP1 | 0,500% | Niederlande Reg.S. v.22(2032) | 15.000.000 | 0 | 15.000.000 | 82,8380 | 12.425.700,00 | 1,89 |
| NL0015000VR9 | 0,000% | Niederlande v.22(2022) | 15.000.000 | 0 | 15.000.000 | 99,9230 | 14.988.450,00 | 2,28 |
| DE000A2TR8W8 | 0,375% | Niedersachsen Reg.S. v.19(2029) | 0 | 0 | 5.000.000 | 84,9650 | 4.248.250,00 | 0,65 |
| DE000A3H20D1 | 0,010% | Niedersachsen Reg.S. v.20(2027) | 16.500.000 | 10.000.000 | 6.500.000 | 86,6980 | 5.635.370,00 | 0,86 |
| DE000A3MP7P2 | 0,010% | Sachsen-Anhalt Reg.S. v.21(2026) | 15.000.000 | 0 | 15.000.000 | 89,2690 | 13.390.350,00 | 2,04 |
| DE000SHFM824 | 0,010% | Schleswig-Holstein v.21(2026) | 12.000.000 | 0 | 12.000.000 | 89,4250 | 10.731.000,00 | 1,63 |
| AT000B122031 | 0,375% | Volksbank Wien AG EMTN Reg.S. Pfe. v.19(2026) | 0 | 2.000.000 | 3.500.000 | 91,3890 | 3.198.615,00 | 0,49 |
|  |  |  |  |  |  |  | 279.314.081,00 | 42,49 |
| PLN |  |  |  |  |  |  |  |  |
| PL0000113460 | 0,250% | Polen v.20(2026) | 27.000.000 | 0 | 27.000.000 | 75,1540 | 4.176.941,13 | 0,64 |
|  |  |  |  |  |  |  | 4.176.941,13 | 0,64 |
| USD |  |  |  |  |  |  |  |  |
| US9128286B18 | 2,625% | Vereinigte Staatenvon Amerikav.19(2029) | 16.000.000 | 0 | 16.000.000 | 92,2422 | 15.113.927,37 | 2,30 |
| US91282CBQ33 | 0,500% | Vereinigte Staatenvon Amerikav.21(2026) | 0 | 10.000.000 | 4.500.000 | 88,3672 | 4.072.220,65 | 0,62 |
| US91282CDY49 | 1,875% | Vereinigte Staaten von Amerika v.22 (2032) | 15.000.000 | 0 | 15.000.000 | 84,7734 | 13.022.033,49 | 1,98 |
|  |  |  |  |  |  |  | 32.208.181,51 | 4,90 |
| Börsengehandelte Wertpapiere	315.699.203,64	48,03 An organisierten Märkten zugelassene oder in diese einbezogene Wertpapiere |
| EUR |  |  |  |  |  |  |  |
| DE0001030815 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2023) | 20.000.000 | 0 20.000.000 | 99,6340 | 19.926.800,00 | 3,03 |
| DE0001030849 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2023) | 25.000.000 | 0 25.000.000 | 99,1080 | 24.777.000,00 | 3,77 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
im
Abgänge
im
Kurswert
%-Anteil
vom
ISIN	Wertpapiere
Berichtszeitraum Berichtszeitraum	Bestand	Kurs
EUR
NTFV 1)
| DE0001030807 | 0,000% | Bundesrepublik Deutschland Reg.S. v.22 (2023) | 29.400.000 | 0 29.400.000 | 99,8020 | 29.341.788,00 | 4,46 |
| --- | --- | --- | --- | --- | --- | --- | --- |
| FR0127034694 | 0,000% | Frankreich Reg.S. v.22(2023) | 25.000.000 | 0 25.000.000 | 99,8310 | 24.957.750,00 | 3,79 |
| FR0127034702 | 0,000% | Frankreich Reg.S. v.22(2023) | 25.000.000 | 0 25.000.000 | 99,7320 | 24.933.000,00 | 3,79 |
| FR0127034710 | 0,000% | Frankreich Reg.S. v.22(2023) | 25.000.000 | 0 25.000.000 | 99,5750 | 24.893.750,00 | 3,78 |
|  |  |  |  |  |  | 148.830.088,00 | 22,62 |
| USD |  |  |  |  |  |  |  |
| US037833BZ29 | 2,450% | Apple Inc. v.16(2026) | 0 | 12.000.000 4.000.000 | 92,4000 | 3.784.946,24 | 0,58 |
| US771196BW19 | 1,930% | Roche Holdings Inc. 144A v.21(2028) | 1.200.000 | 0 1.200.000 | 84,4560 | 1.037.861,75 | 0,16 |
|  |  |  |  |  |  | 4.822.807,99 | 0,74 |
| An organisierten Märkten zugelassene oder in diese einbezogene | Wertpapiere |  |  |  | 153.652.895,99 | 23,36 |
| Anleihen |  |  |  |  | 469.352.099,63 | 71,39 |
| Wandelanleihen |  |  |  |  |  |  |
| An organisierten Märkten zugelassene oder in diese einbezogene | Wertpapiere |  |  |  |  |  |
| USD |  |  |  |  |  |  |
| US29786AAN63 0,250% Etsy Inc./Etsy Inc. CV v.21(2028) | 800.000 | 0 | 800.000 | 77,2500 | 632.872,50 | 0,10 |
|  |  |  |  |  | 632.872,50 | 0,10 |
| An organisierten Märkten zugelassene oder in diese einbezogene | Wertpapiere |  |  |  | 632.872,50 | 0,10 |
| Wandelanleihen |  |  |  |  | 632.872,50 | 0,10 |
| Wertpapiervermögen |  |  |  |  | 531.698.274,47 | 80,90 |
| Terminkontrakte |  |  |  |  |  |  |
| Long-Positionen |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| EUX 30YR Euro-Buxl Future Dezember 2022 | 10 | 0 | 10 |  | -134.400,00 | -0,02 |
|  |  |  |  |  | -134.400,00 | -0,02 |
| USD |  |  |  |  |  |  |
| CBT 30YR US Ultra Bond Future Dezember 2022 | 20 | 0 | 20 |  | -93.072,61 | -0,01 |
|  |  |  |  |  | -93.072,61 | -0,01 |
| Long-Positionen |  |  |  |  | -227.472,61 | -0,03 |
| Short-Positionen |  |  |  |  |  |  |
| EUR |  |  |  |  |  |  |
| Euro Stoxx 50 Price Index Future Dezember 2022 | 0 | 70 | -70 |  | 136.550,00 | 0,02 |
| EUX 10YR Euro-OAT Future Dezember 2022 | 0 | 727 | -727 |  | 5.271.971,36 | 0,80 |
| EUX 2YR Euro-Schatz Future Dezember 2022 | 0 | 132 | -132 |  | 155.760,00 | 0,02 |
| EUX 5YR Euro-Bobl Future Dezember 2022 | 100 | 741 | -641 |  | 2.375.308,83 | 0,36 |
|  |  |  |  |  | 7.939.590,19 | 1,20 |
| JPY |  |  |  |  |  |  |
| TIF 10YR Japan-Bond Future Dezember 2022 | 0 | 10 | -10 |  | 48.164,64 | 0,01 |
|  |  |  |  |  | 48.164,64 | 0,01 |

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

#### Vermögensaufstellung zum 30. September 2022 
(Fortsetzung)
Zugänge
| ISIN	Wertpapiere	Berichtszeitraum Berichtszeitraum	Bestand | Kurs | EUR	NTFV |
| --- | --- | --- |
| USD |  |  |  |  |  |
| E-Mini S&P 500 Index Future Dezember 2022 | 0 | 145 | -145 | 2.018.858,17 | 0,31 |
| Nasdaq 100 Index Future Dezember 2022 | 0 | 57 | -57 | 1.006.021,51 | 0,15 |
|  |  |  |  | 3.024.879,68 | 0,46 |
| Short-Positionen |  |  |  | 11.012.634,51 | 1,67 |
| Terminkontrakte |  |  |  | 10.785.161,90 | 1,64 |
| Bankguthaben - Kontokorrent 2) |  |  |  | 118.648.073,56 | 18,04 |
| Saldo aus sonstigen Forderungen und Verbindlichkeiten |  |  |  | -3.389.151,10 | -0,58 |
| Netto-Teilfondsvermögen in EUR |  |  |  | 657.742.358,83 | 100,00 |

im
Abgänge
im
Kurswert
%-Anteil
vom
1)

#### Devisentermingeschäfte
Zum 30. September 2022 standen folgende offene Devisentermingeschäfte aus:
Währung	Kontrahent	Währungsbetrag
Kurswert
EUR
%-Anteil
vom NTFV 1)
| EUR/PLN | DZ PRIVATBANK S.A. | Währungsverkäufe | 22.600.000,00 | 4.645.287,11 | 0,71 |
| --- | --- | --- | --- | --- | --- |
| EUR/USD | J.P. Morgan SE | Währungsverkäufe | 135.000.000,00 | 137.494.003,73 | 20,90 |

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 – DER ERSTE SCHRITT

#### Terminkontrakte
Verpflichtungen
%-Anteil
vom
|  | Bestand | EUR	NTFV |
| --- | --- | --- |
| Long-Positionen |  |  |  |
| EUR |  |  |  |
| EUX 30YR Euro-Buxl Future Dezember 2022 | 10 | 1.455.200,00 | 0,22 |
|  |  | 1.455.200,00 | 0,22 |
| USD |  |  |  |
| CBT 30YR US Ultra Bond Future Dezember 2022 | 20 | 2.839.221,71 | 0,43 |
|  |  | 2.839.221,71 | 0,43 |
| Long-Positionen |  | 4.294.421,71 | 0,65 |
| Short-Positionen |  |  |  |
| EUR |  |  |  |
| Euro Stoxx 50 Price Index Future Dezember 2022 | -70 | -2.287.600,00 | -0,35 |
| EUX 10YR Euro-OAT Future Dezember 2022 | -727 | -95.389.670,00 | -14,50 |
| EUX 2YR Euro-Schatz Future Dezember 2022 | -132 | -14.122.020,00 | -2,15 |
| EUX 5YR Euro-Bobl Future Dezember 2022 | -641 | -76.381.560,00 | -11,61 |
|  |  | -188.180.850,00 | -28,61 |
| JPY |  |  |  |
| TIF 10YR Japan-Bond Future Dezember 2022 | -10 | -10.489.976,09 | -1,59 |
|  |  | -10.489.976,09 | -1,59 |
| USD |  |  |  |
| E-Mini S&P 500 Index Future Dezember 2022 | -145 | -27.130.888,38 | -4,12 |
| Nasdaq 100 Index Future Dezember 2022 | -57 | -13.108.248,85 | -1,99 |
|  |  | -40.239.137,23 | -6,11 |
| Short-Positionen |  | -238.909.963,32 | -36,31 |
| Terminkontrakte |  | -234.615.541,61 | -35,66 |

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 |
| Dänische Krone | DKK | 1 | 7,4361 |
| Hongkong Dollar | HKD | 1 | 7,6652 |
| Japanischer Yen | JPY | 1 | 141,1824 |
| Kanadischer Dollar | CAD | 1 | 1,3391 |
| 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.