# Statement of assets as at 31/12/2019
| Quantity or | holding Currency | Rate | Market value | % |
| --- | --- | --- | --- | --- |
| Units or | 31.12.2019 |  | in EUR | of fund assets *) |
| % in 1.000 |  |  |  |  |

| -392,107.84 | -0.29 |
| --- | --- |


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

| -42,759.99 | EUR |
| --- | --- |
| -273,015.53 | EUR |
| -40,105.02 | EUR |
| -13,000.00 | EUR |
| -10,481.47 | EUR |
| -12,745.83 | EUR |

| -42,759.99 | -0.03 |
| --- | --- |
| -273,015.53 | -0.20 |
| -40,105.02 | -0.03 |
| -13,000.00 | -0.01 |
| -10,481.47 | -0.01 |
| -12,745.83 | -0.01 |

| 	EUR	134,785,299.13	 | 100.00 |
| --- | --- |

Fund assets
| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 125.49 |
| --- |
| 131.76 |
| 125.49 |
| 279,354.399 |

| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 126.82 |
| --- |
| 126.82 |
| 126.82 |
| 509,664.122 |

| Unit value |
| --- |
| Issuing price |
| Redemption price |
| Units in circulation |

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

| 129.43 |
| --- |
| 129.43 |
| 129.43 |
| 271,144.000 |

*) Minor rounding differences may arise due to rounding of the share percentages during calculation.
| Total revenues |
| --- |
| II. Expenditure |
| - Interest on short-term loans |
| - Management fee |
| Portfolio management fee |
| - Depositary fee |
| - Custody fees |
| - Auditing and publication costs |
| - Taxe d'abonnement |
| - Registrar and Transfer Agent |
| - Foreign withholding tax |
| - Expenditure equalisation |
| - Other expenditure |

| EUR | 1,857,490.59 |
| --- | --- |

| EUR | -247.35 |
| --- | --- |
| EUR | -119,488.93 |
| EUR | -488,271.24 |
| EUR | -35,756.76 |
| EUR | -2,919.35 |
| EUR | -7,749.77 |
| EUR | -29,629.69 |
| EUR | -20,130.95 |
| EUR | -175,473.33 |
| EUR | -463,081.55 |
| EUR | -30,306.92 |

Translation (ENDE, 2019-12-31):
# Vermögensaufstellung zum 31.12.2019
| Stück bzw. | Bestand Währung | Kurs | Kurswert | % |
| --- | --- | --- | --- | --- |
| Anteile bzw. | 31.12.2019 |  | in EUR | des Fonds- |
| % in 1.000 |  |  |  | vermögens *) |

| -392.107,84 | -0,29 |
| --- | --- |


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

| -42.759,99 | EUR |
| --- | --- |
| -273.015,53 | EUR |
| -40.105,02 | EUR |
| -13.000,00 | EUR |
| -10.481,47 | EUR |
| -12.745,83 | EUR |

| -42.759,99 | -0,03 |
| --- | --- |
| -273.015,53 | -0,20 |
| -40.105,02 | -0,03 |
| -13.000,00 | -0,01 |
| -10.481,47 | -0,01 |
| -12.745,83 | -0,01 |

| 	EUR	134.785.299,13	 | 100,00 |
| --- | --- |

Fondsvermögen

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

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

| 125,49 |
| --- |
| 131,76 |
| 125,49 |
| 279.354,399 |


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

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

| 126,82 |
| --- |
| 126,82 |
| 126,82 |
| 509.664,122 |


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

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

| 129,43 |
| --- |
| 129,43 |
| 129,43 |
| 271.144,000 |


#### *) Durch Rundung der Prozent-Anteile bei der Berechnung können geringfügige Rundungsdifferenzen entstanden sein.