# EVOLUTION OF SUBSCRIPTIONS, REDEMPTIONS AND THE NET ASSET VALUE
| Evolution of the number of shares in circulation |
| --- |
|  | 31 December 2018 | 31 December 2019 | 31 December 2020 |
| Class | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period | Subscriptions | Redemptions | End of Period |
| A | 14,814.41 | 87,114.98 | 64,588.29 | 4,559.48 | 20,509.00 | 48,638.77 | 19,479.24 | 5,447.00 | 62,671.01 |
| A EUR HEDGED | 39,635.04 | 618,535.25 | 133,366.08 | 13,364.58 | 66,355.00 | 80,375.67 | 3,072.39 | 10,302.00 | 73,146.05 |
| B | 21,168.99 | 50,951.35 | 42,880.73 | 23,563.50 | 5,701.99 | 60,742.24 | 6,040.00 | 10,517.00 | 56,265.24 |
| B EUR HEDGED | 23,376.67 | 56,716.67 | 78,999.10 | 24,570.00 | 44,097.00 | 59,472.10 | 8,001.00 | 12,096.43 | 55,376.67 |
| E EUR HEDGED | 19,200.00 | 8,000.00 | 28,640.04 | 0.00 | 17,440.04 | 11,200.00 | 0.00 | 0.00 | 11,200.00 |
| F | 221,914.37 | 287,223.43 | 306,998.89 | 370,382.00 | 156,129.94 | 521,250.95 | 307,084.01 | 446,316.01 | 382,018.95 |
| F EUR HEDGED | 349,508.75 | 245,565.00 | 302,976.75 | 57,400.00 | 214,056.00 | 146,320.75 | 442,157.00 | 93,630.00 | 494,847.75 |
| J EUR Hedged | 3,822.46 | 0.00 | 3,822.46 | 0.00 | 3,822.46 | 0.00 | 0.00 | 0.00 | 0.00 |
| M | 62,200.10 | 8,582.58 | 95,005.86 | 5,563.58 | 22,048.79 | 78,520.65 | 12,608.87 | 5,877.81 | 85,251.71 |
| M EUR HEDGED | 423,978.88 | 2,810.00 | 421,168.88 | 68,817.68 | 83,380.25 | 406,606.31 | 89,372.69 | 49,651.76 | 446,327.24 |
| N | 27,764.88 | 11,299.88 | 16,502.00 | 4,440.00 | 11,830.00 | 9,112.00 | 1,606.00 | 5,380.00 | 5,338.00 |
| N EUR HEDGED | 13,831.00 | 0.00 | 13,831.00 | 74,732.00 | 6,765.00 | 81,798.00 | 22,413.00 | 14,373.00 | 89,838.00 |
| P | 0.00 | 0.00 | 21,200.00 | 320,575.00 | 28,000.00 | 313,775.00 | 87,730.00 | 112,725.00 | 288,780.00 |
| P EUR HEDGED | 357,864.00 | 1,125,655.00 | 1,110,588.22 | 0.00 | 552,660.00 | 557,928.22 | 2,777.00 | 19,500.00 | 541,205.22 |
| W | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 3,176.97 | 1,764.74 | 1,412.23 |
| TOTAL |  |  | 2,640,568.31 |  |  | 2,375,740.67 |  |  | 2,593,678.09 |

| Payable and receivable amounts for the UCI |
| --- |
| EUR |
|  | 31 December 2018 | 31 December 2019 | 31 December 2020 |
| Class | Subscriptions | Redemptions | Subscriptions | Redemptions | Subscriptions | Redemptions |
| A | 1,654,266.75 | 9,738,684.94 | 559,089.95 | 2,417,943.30 | 2,371,367.43 | 667,018.30 |
| A EUR HEDGED | 4,065,566.62 | 62,163,927.31 | 1,361,636.34 | 6,723,349.76 | 326,600.15 | 1,081,531.48 |
| B | 2,654,691.36 | 6,271,129.95 | 3,269,238.45 | 741,671.33 | 833,360.65 | 1,456,508.04 |
| B EUR HEDGED | 2,659,654.14 | 6,394,454.35 | 2,864,552.50 | 5,032,628.73 | 966,882.37 | 1,471,705.82 |
| E EUR HEDGED | 1,997,062.00 | 803,520.00 | 0.00 | 1,780,104.88 | 0.00 | 0.00 |
| F | 28,475,981.49 | 36,992,582.90 | 52,532,325.62 | 21,320,122.92 | 44,197,640.62 | 64,607,548.45 |
| F EUR HEDGED | 40,616,076.75 | 28,163,411.32 | 6,921,490.00 | 24,810,231.87 | 55,265,268.72 | 11,689,573.31 |
| J EUR Hedged | 95,561,450.00 | 0.00 | 0.00 | 94,412,763.15 | 0.00 | 0.00 |
| M | 6,950,320.10 | 965,851.02 | 677,943.71 | 2,561,314.33 | 1,548,723.31 | 713,875.72 |
| M EUR HEDGED | 42,198,618.32 | 280,029.67 | 7,191,862.87 | 8,575,630.88 | 9,575,564.84 | 5,288,824.34 |
| N | 3,404,110.80 | 1,418,905.94 | 616,800.60 | 1,653,640.40 | 224,965.85 | 748,337.28 |
| N EUR HEDGED | 1,535,517.62 | 0.00 | 8,711,930.88 | 771,202.77 | 2,697,009.77 | 1,717,818.31 |
| P | 0.00 | 0.00 | 45,951,163.75 | 3,842,160.00 | 12,962,996.40 | 16,365,747.75 |
| P EUR HEDGED | 41,779,739.87 | 131,105,087.01 | 0.00 | 63,600,973.00 | 351,123.88 | 2,386,285.00 |
| W | 0.00 | 0.00 | 0.00 | 0.00 | 445,810.76 | 245,915.15 |
| TOTAL | 273,553,055.82 | 284,297,584.41 | 130,658,034.67 | 238,243,737.32 | 131,767,314.75 | 108,440,688.95 |

| net asset value |
| --- |
| EUR |
|  | 31 December 2018 | 31 December 2019 | 31 December 2020 |
| Class | of the subfund | Per share | of the subfund | Per share | of the subfund | Per share |
| A | 392,071,886.11 | 113.05 | 297,459,353.56 | 122.37 | 334,262,249.05 | 123.70 |
| A EUR HEDGED |
| B |
| B EUR HEDGED |
| 99.89 | 103.23 | 109.38 |
| E EUR HEDGED | 125.63 | 137.69 | 139.58 |
| 111.14 | 116.58 | 123.92 |
| F | 101.24 | 104.40 | 110.60 |
| F EUR HEDGED | 129.35 | 142.19 | 144.50 |
| 114.36 | 120.24 | 128.10 |
| J EUR Hedged | 24,550.20 | 0.00 | 0.00 |
| 113.14 | 121.65 | 122.97 |
| M | 99.54 | 104.06 | 110.76 |
| M EUR HEDGED | 125.87 | 138.38 | 140.62 |
| 111.03 | 116.56 | 124.17 |
| N | 130.47 | 143.71 | 146.35 |
| N EUR HEDGED | 114.47 | 120.60 | 128.75 |
| 0.00 | 0.00 | 139.80 |
| P |
| P EUR HEDGED |
| W |
| TOTAL | 392,071,886.11 |  | 297,459,353.56 |  | 334,262,249.05 |  |

On the date of publication of this report, the net asset value per share is published on the following websites: www.dpamfunds.com and www.beama.be. This information is also available at the counters of the financial services department.
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Translation (ENFR, 2020-12-31):
# EVOLUTION DES SOUSCRIPTIONS, DES REMBOURSEMENTS ET DE LA VALEUR NETTE D’INVENTAIRE
| Evolution du nombre d'actions en circulation |
| --- |
|  | 31 décembre 2018 | 31 décembre 2019 | 31 décembre 2020 |
| Classe | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période | Souscrites | Remboursées | Fin de période |
| A | 0,00 | 0,00 | 6,79 | 2,00 | 0,00 | 8,79 | 0,00 | 0,00 | 8,79 |
| B | 0,00 | 0,00 | 1.477,00 | 0,00 | 0,00 | 1.477,00 | 0,00 | 0,00 | 1.477,00 |
| TOTAL |  |  | 1.483,79 |  |  | 1.485,79 |  |  | 1.485,79 |

| Montants payés et reçus par l’OPC |
| --- |
| EUR |
|  | 31 décembre 2018 | 31 décembre 2019 | 31 décembre 2020 |
| Classe | Souscrites | Remboursées | Souscrites | Remboursées | Souscrites | Remboursées |
| A | 0,00 | 0,00 | 31.064,78 | 0,00 | 0,00 | 0,00 |
| B | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 | 0,00 |
| TOTAL | 0,00 | 0,00 | 31.064,78 | 0,00 | 0,00 | 0,00 |

| Valeur nette d'inventaire |
| --- |
| EUR |
|  | 31 décembre 2018 | 31 décembre 2019 | 31 décembre 2020 |
| Classe | du compartiment | d'une action | du compartiment | d'une action | du compartiment | d'une action |
| A | 25.792.926,64 | 14.718,58 | 29.553.879,22 | 16.457,45 | 30.373.668,01 | 16.696,18 |
| B | 17.395,41 | 19.911,48 | 20.465,09 |
| TOTAL | 25.792.926,64 |  | 29.553.879,22 |  | 30.373.668,01 |  |


## A la date de publication du présent rapport, la valeur nette d'inventaire par action est publiée sur les sites suivants: 
www.dpamfunds.com 

## et www.beama.be. Cette information est également disponible aux guichets du service financier.
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