Semileptonic Decays of D and B Mesons

We report results of our ongoing investigation concerning semileptonic decays of heavy pseudoscalar mesons into pseudoscalar and vector mesons. Particular attention is paid to uncertainties in the $q^2$ and the heavy quark mass dependence of formfactors. Moreover we present a non-perturbative test to the LMK current renormalization scheme for vector current transition matrix elements and find remarkable agreement.