# Statement of assets as at 30/06/2020
| Name | ISIN |
| --- | --- |

Quantity or	holding  Currency	Rate	Market value	%
Units or	30.06.2020	in EUR	of fund
% of 1,000	assets *)
| -420,013.24 | -0.19 |
| --- | --- |


## Liabilities	EUR
| Management fee |
| --- |
| Depositary fee |
| Portfolio management fee |
| Auditing and publication costs |
| Taxe d’abonnement |
| Other liabilities |

| -56,766.85 | EUR |
| --- | --- |
| -48,979.88 | EUR |
| -278,384.75 | EUR |
| -9,750.00 | EUR |
| -18,935.93 | EUR |
| -7,195.83 | EUR |

| -56,766.85 | -0.03 |
| --- | --- |
| -48,979.88 | -0.02 |
| -278,384.75 | -0.13 |
| -9,750.00 | 0.00 |
| -18,935.93 | -0.01 |
| -7,195.83 | 0.00 |

| 	EUR	220,977,167.38	 | 100.00 |
| --- | --- |

Fund assets
Berenberg European Focus Fund - R
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

| EUR |
| --- |
| EUR |
| EUR |
| QTY |

| 125.85 |
| --- |
| 132.14 |
| 125.85 |
| 410,647.886 |

Berenberg European Focus Fund - M
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

| EUR |
| --- |
| EUR |
| EUR |
| QTY |

| 127.72 |
| --- |
| 127.72 |
| 127.72 |
| 373,601.952 |

Berenberg European Focus Fund - B
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

| EUR |
| --- |
| EUR |
| EUR |
| QTY |

| 130.71 |
| --- |
| 130.71 |
| 130.71 |
| 277,657.000 |

Berenberg European Focus Fund - I
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

| EUR |
| --- |
| EUR |
| EUR |
| QTY |

| 149.74 |
| --- |
| 149.74 |
| 149.74 |
| 569,568.161 |

*) Minor rounding differences may arise due to rounding of the share percentages during calculation.
| Berenberg European Focus Fund - R |
| --- |
| Comparative overview since launch |

| Financial year | Units in circulation at the |
| --- | --- |
|  | end of the financial year |

| Fund assets at the |
| --- |
| end of the financial year |

| Unit value at the |
| --- |
| end of the financial year |

| 2017/2018 *) | Quantity | 253,431.405 |
| --- | --- | --- |

| EUR | 22,766,745.85 |
| --- | --- |

| EUR | 89.83 |
| --- | --- |

| 2018/2019 | Quantity | 279,354.399 |
| --- | --- | --- |

| EUR | 35,055,000.88 |
| --- | --- |

| EUR | 125.49 |
| --- | --- |

| 30.06.2020 | Quantity | 410,647.886 |
| --- | --- | --- |

| EUR | 51,680,787.94 |
| --- | --- |

| EUR | 125.85 |
| --- | --- |

*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period	Quantity
| Units outstanding at the start of the reporting period |
| --- |
| Units issued |
| Units redeemed |

| 279,354.399 |
| --- |
| 198,132.238 |
| -66,838.751 |

Units outstanding at the end of the reporting period	410,647.886
| Berenberg European Focus Fund - M |
| --- |
| Comparative overview since launch |

| Financial year | Units in circulation at the |
| --- | --- |
|  | end of the financial year |

| Fund assets at the |
| --- |
| end of the financial year |

| Unit value at the |
| --- |
| end of the financial year |

| 2017/2018 *) | Quantity | 94,116.000 |
| --- | --- | --- |

| EUR | 8,496,742.53 |
| --- | --- |

| EUR | 90.28 |
| --- | --- |

| 2018/2019 | Quantity | 509,664.122 |
| --- | --- | --- |

| EUR | 64,635,860.63 |
| --- | --- |

| EUR | 126.82 |
| --- | --- |

| 30.06.2020 | Quantity | 373,601.952 |
| --- | --- | --- |

| EUR | 47,716,670.56 |
| --- | --- |

| EUR | 127.72 |
| --- | --- |

*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period	Quantity
| Units outstanding at the start of the reporting period |
| --- |
| Units issued |
| Units redeemed |

| 509,664.122 |
| --- |
| 363,220.754 |
| -499,282.924 |

Units outstanding at the end of the reporting period	373,601.952
| Berenberg European Focus Fund - B |
| --- |
| Comparative overview since launch |

| Financial year | Units in circulation at the |
| --- | --- |
|  | end of the financial year |

| Fund assets at the |
| --- |
| end of the financial year |

| Unit value at the |
| --- |
| end of the financial year |

| 2017/2018 *) | Quantity | 176,444.000 |
| --- | --- | --- |

| EUR | 16,152,840.62 |
| --- | --- |

| EUR | 91.55 |
| --- | --- |

| 2018/2019 | Quantity | 271,144.000 |
| --- | --- | --- |

| EUR | 35,094,437.62 |
| --- | --- |

| EUR | 129.43 |
| --- | --- |

| 30.06.2020 | Quantity | 277,657.000 |
| --- | --- | --- |

| EUR | 36,291,460.34 |
| --- | --- |

| EUR | 130.71 |
| --- | --- |

*) Launch date: 02/10/2017
Performance of units outstanding during the reporting period	Quantity
| Units outstanding at the start of the reporting period |
| --- |
| Units issued |
| Units redeemed |

| 271,144.000 |
| --- |
| 35,096.000 |
| -28,583.000 |

Units outstanding at the end of the reporting period	277,657.000
| Berenberg European Focus Fund - I |
| --- |
| Comparative overview since launch |

| Financial year | Units in circulation at the |
| --- | --- |
|  | end of the financial year |

| Fund assets at the |
| --- |
| end of the financial year |

| Unit value at the |
| --- |
| end of the financial year |

| 30/06/2020 *) | Quantity | 569,568.161 |
| --- | --- | --- |

| EUR | 85,288,248.54 |
| --- | --- |

| EUR | 149.74 |
| --- | --- |

*) Launch date: 18/03/2020
Performance of units outstanding during the reporting period	Quantity
| Units outstanding at the start of the reporting period |
| --- |
| Units issued |
| Units redeemed |

| 0.000 |
| --- |
| 610,762.161 |
| -41,194.000 |

Units outstanding at the end of the reporting period	569,568.161

Translation (ENDE, 2020-06-30):
# Vermögensaufstellung zum 30.06.2020
| Gattungsbezeichnung | ISIN |
| --- | --- |

Stück bzw.		Bestand Währung	Kurs	Kurswert		% Anteile bzw.	30.06.2020			in EUR	des Fonds-
% in 1.000	vermögens *)
| -420.013,24 | -0,19 |
| --- | --- |


## Verbindlichkeiten	EUR
| Verwaltungsvergütung |
| --- |
| Verwahrstellenvergütung |
| Portfoliomanagervergütung |
| Prüfungs- und Veröffentlichungskosten |
| Taxe d'abonnement |
| Sonstige Verbindlichkeiten |

| -56.766,85 | EUR |
| --- | --- |
| -48.979,88 | EUR |
| -278.384,75 | EUR |
| -9.750,00 | EUR |
| -18.935,93 | EUR |
| -7.195,83 | EUR |

| -56.766,85 | -0,03 |
| --- | --- |
| -48.979,88 | -0,02 |
| -278.384,75 | -0,13 |
| -9.750,00 | 0,00 |
| -18.935,93 | -0,01 |
| -7.195,83 | 0,00 |

| 	EUR	220.977.167,38	 | 100,00 |
| --- | --- |

Fondsvermögen
Berenberg European Focus Fund - R
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

| EUR |
| --- |
| EUR |
| EUR |
| STK |

| 125,85 |
| --- |
| 132,14 |
| 125,85 |
| 410.647,886 |

Berenberg European Focus Fund - M
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

| EUR |
| --- |
| EUR |
| EUR |
| STK |

| 127,72 |
| --- |
| 127,72 |
| 127,72 |
| 373.601,952 |

Berenberg European Focus Fund - B
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

| EUR |
| --- |
| EUR |
| EUR |
| STK |

| 130,71 |
| --- |
| 130,71 |
| 130,71 |
| 277.657,000 |

Berenberg European Focus Fund - I
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

| EUR |
| --- |
| EUR |
| EUR |
| STK |

| 149,74 |
| --- |
| 149,74 |
| 149,74 |
| 569.568,161 |

*) Durch Rundung der Prozent-Anteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Berenberg European Focus Fund - R |
| --- |
| Vergleichende Übersicht seit Auflegung |

| Geschäftsjahr | Umlaufende Anteile am |
| --- | --- |
|  | Ende des Geschäftsjahres |

| Fondsvermögen am |
| --- |
| Ende des Geschäftsjahres |

| Anteilwert am |
| --- |
| Ende des Geschäftsjahres |

| 2017/2018 *) | Stück | 253.431,405 |
| --- | --- | --- |

| EUR | 22.766.745,85 |
| --- | --- |

| EUR | 89,83 |
| --- | --- |

| 2018/2019 | Stück | 279.354,399 |
| --- | --- | --- |

| EUR | 35.055.000,88 |
| --- | --- |

| EUR | 125,49 |
| --- | --- |

| 30.06.2020 | Stück | 410.647,886 |
| --- | --- | --- |

| EUR | 51.680.787,94 |
| --- | --- |

| EUR | 125,85 |
| --- | --- |

*) Auflagedatum 02.10.2017
Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 279.354,399 |
| --- |
| 198.132,238 |
| -66.838,751 |

Anteilumlauf am Ende des Berichtszeitraumes	410.647,886
| Berenberg European Focus Fund - M |
| --- |
| Vergleichende Übersicht seit Auflegung |

| Geschäftsjahr | Umlaufende Anteile am |
| --- | --- |
|  | Ende des Geschäftsjahres |

| Fondsvermögen am |
| --- |
| Ende des Geschäftsjahres |

| Anteilwert am |
| --- |
| Ende des Geschäftsjahres |

| 2017/2018 *) | Stück | 94.116,000 |
| --- | --- | --- |

| EUR | 8.496.742,53 |
| --- | --- |

| EUR | 90,28 |
| --- | --- |

| 2018/2019 | Stück | 509.664,122 |
| --- | --- | --- |

| EUR | 64.635.860,63 |
| --- | --- |

| EUR | 126,82 |
| --- | --- |

| 30.06.2020 | Stück | 373.601,952 |
| --- | --- | --- |

| EUR | 47.716.670,56 |
| --- | --- |

| EUR | 127,72 |
| --- | --- |

*) Auflagedatum 02.10.2017
Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 509.664,122 |
| --- |
| 363.220,754 |
| -499.282,924 |

Anteilumlauf am Ende des Berichtszeitraumes	373.601,952
| Berenberg European Focus Fund - B |
| --- |
| Vergleichende Übersicht seit Auflegung |

| Geschäftsjahr | Umlaufende Anteile am |
| --- | --- |
|  | Ende des Geschäftsjahres |

| Fondsvermögen am |
| --- |
| Ende des Geschäftsjahres |

| Anteilwert am |
| --- |
| Ende des Geschäftsjahres |

| 2017/2018 *) | Stück | 176.444,000 |
| --- | --- | --- |

| EUR | 16.152.840,62 |
| --- | --- |

| EUR | 91,55 |
| --- | --- |

| 2018/2019 | Stück | 271.144,000 |
| --- | --- | --- |

| EUR | 35.094.437,62 |
| --- | --- |

| EUR | 129,43 |
| --- | --- |

| 30.06.2020 | Stück | 277.657,000 |
| --- | --- | --- |

| EUR | 36.291.460,34 |
| --- | --- |

| EUR | 130,71 |
| --- | --- |

*) Auflagedatum 02.10.2017
Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 271.144,000 |
| --- |
| 35.096,000 |
| -28.583,000 |

Anteilumlauf am Ende des Berichtszeitraumes	277.657,000
| Berenberg European Focus Fund - I |
| --- |
| Vergleichende Übersicht seit Auflegung |

| Geschäftsjahr | Umlaufende Anteile am |
| --- | --- |
|  | Ende des Geschäftsjahres |

| Fondsvermögen am |
| --- |
| Ende des Geschäftsjahres |

| Anteilwert am |
| --- |
| Ende des Geschäftsjahres |

| 30.06.2020 *) | Stück | 569.568,161 |
| --- | --- | --- |

| EUR | 85.288.248,54 |
| --- | --- |

| EUR | 149,74 |
| --- | --- |

*) Auflagedatum 18.03.2020
Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 0,000 |
| --- |
| 610.762,161 |
| -41.194,000 |

Anteilumlauf am Ende des Berichtszeitraumes	569.568,161