# 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 *)
| -6,708,014.11 | -1.48 |
| --- | --- |


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

| -134,057.64 | EUR |
| --- | --- |
| -83,349.02 | EUR |
| -6,420,999.52 | EUR |
| -3,250.00 | EUR |
| -56,612.10 | EUR |
| -9,745.83 | EUR |

| -134,057.64 | -0.03 |
| --- | --- |
| -83,349.02 | -0.02 |
| -6,420,999.52 | -1.42 |
| -3,250.00 | 0.00 |
| -56,612.10 | -0.01 |
| -9,745.83 | 0.00 |

Fund assets
| 	EUR	454,281,846.29	 | 100.00 |
| --- | --- |


### Berenberg European Micro Cap - R
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 114.46 |
| --- |
| 120.18 |
| 114.46 |
| 312,495.414 |


### Berenberg European Micro Cap - M (previously I)
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 116.80 |
| --- |
| 116.80 |
| 116.80 |
| 3,420,187.955 |


### Berenberg European Micro Cap - B
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 118.24 |
| --- |
| 118.24 |
| 118.24 |
| 161,073.000 |


### *) Minor rounding differences may arise due to rounding of the share percentages during calculation.
| Berenberg European Micro Cap - 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 | 426,351.022 |
| --- | --- | --- |

| EUR | 38,981,901.46 |
| --- | --- |

| EUR | 91.43 |
| --- | --- |

| 2019 | Quantity | 385,483.427 |
| --- | --- | --- |

| EUR | 46,620,151.41 |
| --- | --- |

| EUR | 120.94 |
| --- | --- |

| 30.06.2020 | Quantity | 312,495.414 |
| --- | --- | --- |

| EUR | 35,769,101.55 |
| --- | --- |

| EUR | 114.46 |
| --- | --- |


### *) 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 |

| 385,483.427 |
| --- |
| 28,270.355 |
| -101,258.368 |


### Units outstanding at the end of the reporting period	312,495.414
| Berenberg European Micro Cap - M (previously 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 |

| 2017/2018 *) | Quantity | 3,365,508.692 |
| --- | --- | --- |

| EUR | 311,127,161.30 |
| --- | --- |

| EUR | 92.45 |
| --- | --- |

| 2019 | Quantity | 3,449,622.376 |
| --- | --- | --- |

| EUR | 424,560,351.40 |
| --- | --- |

| EUR | 123.07 |
| --- | --- |

| 30.06.2020 | Quantity | 3,420,187.955 |
| --- | --- | --- |

| EUR | 399,466,918.27 |
| --- | --- |

| EUR | 116.80 |
| --- | --- |


### *) 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 |

| 3,449,622.376 |
| --- |
| 314,930.000 |
| -344,364.421 |


### Units outstanding at the end of the reporting period	3,420,187.955
| Berenberg European Micro Cap - 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 | 286,764.000 |
| --- | --- | --- |

| EUR | 26,699,590.40 |
| --- | --- |

| EUR | 93.11 |
| --- | --- |

| 2019 | Quantity | 163,097.000 |
| --- | --- | --- |

| EUR | 20,246,243.48 |
| --- | --- |

| EUR | 124.14 |
| --- | --- |

| 30.06.2020 | Quantity | 161,073.000 |
| --- | --- | --- |

| EUR | 19,045,826.47 |
| --- | --- |

| EUR | 118.24 |
| --- | --- |


### *) 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 |

| 163,097.000 |
| --- |
| 20,353.000 |
| -22,377.000 |


### Units outstanding at the end of the reporting period	161,073.000
|  Supplementary information for investors in Switzerland as at 30 June 2020 (unaudited)	 |
| --- |
| Legal status and country of origin of the investment fund |


### The collective investment scheme Berenberg European Micro Cap with unit classes R and M (previously I) is a directive-compliant special fund under Luxembourg law.

### Representative and paying agent
| Representative: | 1741 Fund Solutions AG | Paying agent: | Tellco AG |
| --- | --- | --- | --- |
|  | Burggraben 16 |  | Bahnhofstrasse 4 |
|  | CH - 9000 St. Gallen |  | CH - 6431 Schwyz |
|  | Tel. +41 58 458 48 00 |  | Tel. +41 58 442 12 91 |
|  | Fax +41 58 458 48 10 |  | info@tellco.ch |
|  | info@1741fs.com |  |  |


### How to obtain relevant documents
The detailed Sales Prospectus, including the General and Special Investment Terms and Conditions, the Key Investor Information document (KIID), the annual and semi-annual reports, as well as the list of purchases/sales, can be obtained free of charge from the representative in Switzerland.

### Place of performance and jurisdiction

### The place of performance and jurisdiction for units distributed in and from Switzerland is the representative's registered office.

### Publications
| Publications relating to the Investment Fund are published in Switzerland on the electronic platform of fundinfo AG (www.fundinfo.com). It contains, in particular, important notices for unitholders, such as changes to the Sales Prospectus or Management Regulations and the liquidation of the Investment Fund. The Sales Prospectus, including the Management Regulations, Key Investor Information Document (KIID) and annual and semi-annual reports, can be obtained free of charge from the representative in Switzerland. |
| --- |
| The Issue, Redemption and Conversion Prices and/or Net Asset Value with the note "exclusive of commission" are published daily on the electronic platform fundinfo AG www.fundinfo.com. |


### Portfolio Turnover Rate (PTR)

### The portfolio turnover rate (PTR) for the period from 01 January 2020 to 30 June 2020 stood at 28.29%.
Supplementary information for investors in Switzerland as at 30 June 2020 (unaudited)

### Total expense ratio (TER) *)

### The total expense ratio (TER) for the period from 01 July 2019 to 30 June 2020 amounted to:
| Unit class	TER inclusive of the performance fee % | TER without performance fee in % |
| --- | --- |

| Berenberg European Micro Cap - R |
| --- |
| Berenberg European Micro Cap - M (previously I) |

| 3.78 | 1.65 |
| --- | --- |
| 3.19 | 0.87 |


### *) If the financial year is shortened or lengthened, the TER is annualised.

### Performance **)

### The performance of the investment fund for the period from 01 January 2020 to 30 June 2020 was:

### Unit class	Performance in %
| Berenberg European Micro Cap - R |
| --- |
| Berenberg European Micro Cap - M (previously I) |

| -5.36 |
| --- |
| -4.75 |


### The performance of the investment fund for the period since the launch to 30 June 2020 stood at:
| Berenberg European Micro Cap - R |
| --- |
| Berenberg European Micro Cap - M (previously I) |

| 14.46 |
| --- |
| 18.24 |


### **) Performance using the SFAMA guideline (excluding issuing surcharges). Past performance is no guarantee of similar results in the future. These are not possible to predict.

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 *)
| -6.708.014,11 | -1,48 |
| --- | --- |


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

| -134.057,64 | EUR |
| --- | --- |
| -83.349,02 | EUR |
| -6.420.999,52 | EUR |
| -3.250,00 | EUR |
| -56.612,10 | EUR |
| -9.745,83 | EUR |

| -134.057,64 | -0,03 |
| --- | --- |
| -83.349,02 | -0,02 |
| -6.420.999,52 | -1,42 |
| -3.250,00 | 0,00 |
| -56.612,10 | -0,01 |
| -9.745,83 | 0,00 |

Fondsvermögen
| 	EUR	454.281.846,29	 | 100,00 |
| --- | --- |


### Berenberg European Micro Cap - R
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

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

| 114,46 |
| --- |
| 120,18 |
| 114,46 |
| 312.495,414 |


### Berenberg European Micro Cap - M (vormals I)
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

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

| 116,80 |
| --- |
| 116,80 |
| 116,80 |
| 3.420.187,955 |


### Berenberg European Micro Cap - B
| Anteilwert |
| --- |
| Ausgabepreis |
| Rücknahmepreis |
| Anteile im Umlauf |

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

| 118,24 |
| --- |
| 118,24 |
| 118,24 |
| 161.073,000 |


### *) Durch Rundung der Prozent-Anteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.
| Berenberg European Micro Cap - 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 | 426.351,022 |
| --- | --- | --- |

| EUR | 38.981.901,46 |
| --- | --- |

| EUR | 91,43 |
| --- | --- |

| 2019 | Stück | 385.483,427 |
| --- | --- | --- |

| EUR | 46.620.151,41 |
| --- | --- |

| EUR | 120,94 |
| --- | --- |

| 30.06.2020 | Stück | 312.495,414 |
| --- | --- | --- |

| EUR | 35.769.101,55 |
| --- | --- |

| EUR | 114,46 |
| --- | --- |


### *) Auflagedatum 02.10.2017

### Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 385.483,427 |
| --- |
| 28.270,355 |
| -101.258,368 |


### Anteilumlauf am Ende des Berichtszeitraumes	312.495,414
| Berenberg European Micro Cap - M (vormals I) |
| --- |
| Vergleichende Übersicht seit Auflegung |

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

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

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

| 2017/2018 *) | Stück | 3.365.508,692 |
| --- | --- | --- |

| EUR | 311.127.161,30 |
| --- | --- |

| EUR | 92,45 |
| --- | --- |

| 2019 | Stück | 3.449.622,376 |
| --- | --- | --- |

| EUR | 424.560.351,40 |
| --- | --- |

| EUR | 123,07 |
| --- | --- |

| 30.06.2020 | Stück | 3.420.187,955 |
| --- | --- | --- |

| EUR | 399.466.918,27 |
| --- | --- |

| EUR | 116,80 |
| --- | --- |


### *) Auflagedatum 02.10.2017

### Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 3.449.622,376 |
| --- |
| 314.930,000 |
| -344.364,421 |


### Anteilumlauf am Ende des Berichtszeitraumes	3.420.187,955
| Berenberg European Micro Cap - 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 | 286.764,000 |
| --- | --- | --- |

| EUR | 26.699.590,40 |
| --- | --- |

| EUR | 93,11 |
| --- | --- |

| 2019 | Stück | 163.097,000 |
| --- | --- | --- |

| EUR | 20.246.243,48 |
| --- | --- |

| EUR | 124,14 |
| --- | --- |

| 30.06.2020 | Stück | 161.073,000 |
| --- | --- | --- |

| EUR | 19.045.826,47 |
| --- | --- |

| EUR | 118,24 |
| --- | --- |


### *) Auflagedatum 02.10.2017

### Entwicklung des Anteilumlaufs im Berichtszeitraum	Stücke
| Anteilumlauf zu Beginn des Berichtszeitraumes |
| --- |
| Ausgegebene Anteile |
| Zurückgenommene Anteile |

| 163.097,000 |
| --- |
| 20.353,000 |
| -22.377,000 |


### Anteilumlauf am Ende des Berichtszeitraumes	161.073,000