United Global Diversified Portfolios

United Global Diversified Portfolios  United Income Focus Trust  United Global Stable Select Equity Fund  United Global Quality Growth Fund  United Enhanced Growth Select  United Enhanced Income Select

Semi Annual Report for the half year ended 30 June 2021

United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

MANAGER UOB Asset Management Ltd Registered Address: 80 Raffles Place UOB Plaza Singapore 048624 Company Registration No. : 198600120Z Tel: 1800 22 22 228

DIRECTORS OF UOB ASSET MANAGEMENT LTD Lee Wai Fai Eric Tham Kah Jin PehKianHeng Thio Boon Kiat

TRUSTEE State Street Trust (SG) Limited 168 Robinson Road #33-01, Capital Tower Singapore 068912

CUSTODIAN / ADMINISTRATOR / REGISTRAR State Street Bank and Trust Company, acting through its Singapore Branch 168 Robinson Road #33-01, Capital Tower Singapore 068912

AUDITOR PricewaterhouseCoopers LLP 7 Straits View, Marina One East Tower, Level 12 Singapore 018936

SUB-MANAGER (UNITED INCOME FOCUS TRUST AND UNITED GLOBAL QUALITY GROWTH FUND) Wellington Management Singapore Pte. Ltd. 8 Marina Boulevard #03-01, Tower 1, Marina Bay Financial Centre Singapore 018981

-1- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance

Class SGD Acc

Since Inception 30 November 3yr 5yr 10 yr 2015 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.96 6.69 8.00 3.02 3.97 N/A 3.77 Benchmark 4.39 6.18 12.25 10.12 7.50 N/A 7.91

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: Since Inception – 14 Jan 2020: 25% MSCI All Country World Index and 75% FTSE World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – present: 35% MSCI World Index (USD Hedged), 5% MSCI Emerging Markets Index (Unhedged), 25% Bloomberg Barclays Global Aggregate Corporate Index (USD Hedged), 15% Bloomberg Barclays Global High Yield Index (USD Hedged) and 20% FTSE World Government Bond 10+ Years Index (USD Hedged).

Class SGD Dist

Since Inception 30 November 3yr 5yr 10 yr 2015 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.94 6.65 7.93 3.04 3.95 N/A 3.72 Benchmark 4.39 6.18 12.25 10.12 7.50 N/A 7.91

Source: Morningstar.

-2- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class USD Acc

Since Inception 30 November 3yr 5yr 10 yr 2015 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.83 4.91 12.07 3.51 3.98 N/A 4.52 Benchmark 4.34 4.40 16.49 10.64 7.53 N/A 8.82

Source: Morningstar.

Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: Since Inception – 14 Jan 2020: 25% MSCI All Country World Index and 75% FTSE World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – present: 35% MSCI World Index (USD Hedged), 5% MSCI Emerging Markets Index (Unhedged), 25% Bloomberg Barclays Global Aggregate Corporate Index (USD Hedged), 15% Bloomberg Barclays Global High Yield Index (USD Hedged) and 20% FTSE World Government Bond 10+ Years Index (USD Hedged).

Class USD Dist

Since Inception 30 November 3yr 5yr 10 yr 2015 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.89 4.92 12.15 3.55 4.00 N/A 4.49 Benchmark 4.34 4.40 16.49 10.64 7.53 N/A 8.82

Source: Morningstar.

-3- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class SGD Acc (Hedged)

Since Inception 3yr 5yr 10 yr 15 July 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.94 5.13 11.67 2.95 N/A N/A 2.82 Benchmark 4.39 6.18 12.25 10.12 N/A N/A 7.44

Source: Morningstar.

Class SGD Dist (Hedged)

Since Inception 3yr 5yr 10 yr 15 July 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 4.85 5.00 11.55 2.92 N/A N/A 3.17 Benchmark 4.39 6.18 12.25 10.12 N/A N/A 7.44

Source: Morningstar.

-4- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class P USD Dist (Tactical Hedged)

Since Inception 1 August 3yr 5yr 10 yr 2018 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Income Focus Trust 5.05 5.28 12.97 N/A N/A N/A 3.78 Benchmark 4.34 4.40 16.49 N/A N/A N/A 11.09

Source: Morningstar.

For the six months ending 30 June 2021, the net asset value (NAV) of both Class SGD Acc and Class SGD Dist increased by 6.69% and 6.65% (in Singapore Dollar terms) outperforming the weighted benchmark return of 6.18%, while Class SGD Acc (Hedged) and Class SGD Dist (Hedged) increased by 5.13% and 5.00% respectively (in Singapore Dollar terms), underperforming the weighted benchmark return of 6.18%. Class USD Acc, Class USD Dist and Class P USD Dist (Tactical Hedged) increased by 4.91%, 4.92% and 5.28% respectively (in United States Dollar term), outperforming the weighted benchmark return of 4.40%. The benchmark comprises: 35% MSCI World Index (USD Hedged), 5% MSCI Emerging Markets Index (Unhedged), 25% Bloomberg Barclays Global Aggregate Corporate Index (USD Hedged), 15% Bloomberg Barclays Global High Yield Index (USD Hedged) and 20% FTSE World Government Bond 10+ Years Index (USD Hedged).

The Fund is sub-managed by Wellington Management Singapore Pte Ltd and the commentary that follows reflects the views of the sub-manager

The Fund’s first-quarter performance was modestly positive, driven by gains from global equities, but largely offset by losses from global fixed income. Within global equities, performance was positive across Global Diversified Equity Income and the Opportunistic Equity allocations. Performance was positive across the regions, where the United States was the largest contributor to returns, bolstered by an accelerated vaccine rollout, substantial fiscal and monetary policy tailwinds, and upbeat forecasts for economic growth and earnings. Europe (led by the United Kingdom and Germany) and the emerging markets (driven by China) were also key contributors to performance.

-5- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

From a sector perspective, majority of the sectors added to performance, led by Financials, Information Technology and Industrials. This was slightly offset by losses from Consumer Staples. Our tactical long equity position also added to performance when markets rallied. Within global fixed income, Global Diversified Fixed Income detracted from performance and was modestly mitigated by gains from the Opportunistic Fixed Income allocation. Losses were largely driven by investment grade (IG) credits and emerging market (EM) debts. While most fixed income spread sectors continue to outperform, the sharp rise in global sovereign yields resulted in negative total returns from IG credits. Lastly, our tactical fixed income positions added modestly to performance.

In the second quarter, strong positive returns for the Fund were driven by gains from both global equities and fixed income but was marginally offset by losses from Active Asset Allocation¹ decisions. Within global equities, performance was positive across the Global Diversified Equity Income and the Opportunistic Equity allocations. From a regional perspective, performance was positive across the regions, led by the US where equities rallied for the fifth consecutive quarter amid a backdrop of improving vaccination rates, improving economic growth, and a broader reopening of the economy.

Sector wise, performance was similarly positive across sectors, led by Information Technology, Health Care and Real Estate. Equity risk management decisions were also modestly additive as the portfolio was overweight in equities throughout the market rally. Within global fixed income, Global Diversified Fixed Income was the key driver of performance, followed by our Opportunistic Fixed Income allocation. Investment grade (IG) credit was the strongest contributor to performance, followed by high yields (HY) as most spread tightened amid improving economic data and economic indicators. Emerging Market debt was marginally positive as well. Fixed income risk management decisions also contributed, led by the portfolio’s long duration positions in longer dated US bonds as the US yield curve flattened. Active asset allocation strategies however were detractors from performance, driven by losses from our short positions in US equity and UK duration.

Economic and Market Review

Global equities rose in the first quarter of 2021 for the fourth straight quarter. Markets continued to advance amid accelerated vaccine rollouts which created a favourable outlook for global economic recovery against the backdrop of substantial fiscal and monetary support from governments and central banks. The massive stimulus measures coupled with pent-up savings amid supply bottlenecks however began to prompt worries of inflation crimping growth as well as fears that central banks may start to tighten their monetary policies to an extent that it would rein in equity markets.

1 Please note that the dynamic asset allocation positions in the “Risk Management” bucket have been reclassified under “Active Asset Allocation” as of 3rd June 2021.

-6- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Global equities continue to rise during the second quarter, bolstered by improving global economic data, strong corporate earnings and higher vaccination rates. The surge commodity prices exacerbating global supply-chain disruptions amid pent-up in demand in the wake of stimulus-powered economic growth however saw fears of inflation rising, prompting some central banks to raise interest rates or consider tightening their monetary policies. The global decline in COVID-19 cases since mid-April however came to a halt with the rapid spread of the more infectious Delta variant disrupting plans to lift lockdowns and reopen economies in many countries.

The US GDP grew at an annualized rate of 6.4% in the first quarter, and China’s economy expanded by a record 18.3% in the same period compared to a year earlier, as the world’s two largest economies continued to rapidly recover from the pandemic -induced global downturn in 2020. The US secured the backing of 130 countries for a global minimum tax (GMT) of at least 15% on corporations, as part of a broader agreement to overhaul international tax rules. The GMT would prevent multinational firms from avoiding taxes by shifting their profits to countries with low tax rates.

Global fixed income sectors generated positive returns in the second quarter. Sovereign yield curves generally flattened as central banks signaled a shift toward tighter policy stances in response to rising inflation. Most fixed income spread sectors outperformed on the heels of rising vaccination rates, strengthening economic data and improving credit fundamentals.

Outlook and Fund Strategy

We entered 2021 with a stronger risk on positioning as we became more optimistic on the global economic recovery. We have been gradually raising our overall equity exposure from 43.7% as of end December 2020 to 47.8% as of end June 2021. We took down duration at the beginning of the year as we believed that rates would continue to be challenged due to aggressive stimulus measures. We have been tactical in managing duration, increasing duration in March post the sell-off in yields and have since reduced duration further to 3.6 years as of end June. We have also reduced the portfolio’s volatility target to 7.5% as of end June.

The progress in vaccination rollouts and continued policy support has enabled us confidence to take a pro-risk stance, which is however capped by concerns over inflation as growth rebounds. We are moderately bullish on global equities but will look to slightly temper the overall pro-cyclical bias of our active positions.

-7- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

On a regional basis, we prefer Europe, where we expect improvement in recovery growth and emerging markets, which should benefit the most from a reflating global economy. On the flip side, we are neutral on US equities. While we remain optimistic over the US recovery, the equity indices tend to be dominated by growth-heavy, interest-rate sensitive, and expensive stocks. We are also mindful of a potential increase in corporate taxes, which could hurt earnings. Within defensive fixed income, we are moderately bearish on government bonds and will look to manage duration tactically. Low yield levels, accommodative monetary policy and bigger fiscal stimulus continue to point towards a challenging year. As for growth fixed income, we are moderately bearish on investment grade (IG) and high yield (HY) credits. We think credit valuations are rich, with most spreads well inside of median levels. That said, default rates continue to decline and demand technical remain strong. We are modestly bullish on EM debt where spreads have lagged the tightening in other sectors, and we are of the view that the EM outlook will begin to brighten as more countries receive vaccines and benefit from global growth and stimulus.

Finally,we believe this market environment to be supportive of security selection and active management. Income investors will be best served through a highly diversified portfolio of multi-asset income producing assets that can be dynamically adjusted as market conditions evolve.

-8- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by i) Country

Fair Value % of NAV (S$)

Argentina 2,826,100 0.24 Australia 9,285,884 0.77 Azerbaijan 1,069,983 0.09 Belgium 3,962,393 0.33 Bermuda 240,967 0.02 Brazil 10,826,831 0.91 Canada 5,852,029 0.48 Chile 3,576,101 0.30 China 33,743,144 2.81 Colombia 3,206,686 0.27 Curacao 191,947 0.02 Czech Republic 1,335,290 0.11 Denmark 5,872,714 0.48 Egypt 821,699 0.07 Finland 1,713,233 0.14 France 23,723,260 1.98 Germany 9,033,331 0.75 Greece 1,717,170 0.14 Guatemala 750,789 0.06 Hong Kong 11,838,119 0.99 Hungary 208,995 0.02 India 9,383,737 0.79 Indonesia 2,193,684 0.18 Ireland 36,371,545 3.03 Israel 4,453,575 0.37 Italy 3,038,419 0.26 Japan 30,011,753 2.50 Jersey 121,142 0.01 Luxembourg 6,493,371 0.54 Macau 1,984,234 0.16 Macedonia 1,171,323 0.10 Mexico 7,040,309 0.59 Morocco 1,265,452 0.11 Netherlands 19,109,254 1.59 Norway 3,399,911 0.28 Oman 937,053 0.08

-9- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by (continued) i) Country (continued)

Fair Value % of NAV (S$)

Panama 609,671 0.05 Paraguay 838,038 0.07 Peru 3,865,876 0.32 Philippines 653,086 0.05 Portugal 92,203 0.01 Qatar 5,081,940 0.42 Romania 1,179,826 0.10 Russia 1,352,576 0.11 Saudi Arabia 2,787,326 0.23 Serbia 1,057,010 0.09 Singapore 7,802,858 0.65 South Africa 3,950,070 0.33 South Korea 15,541,460 1.30 Spain 5,488,533 0.46 Sweden 3,332,216 0.28 Switzerland 35,165,773 2.94 Taiwan 5,142,624 0.43 Thailand 1,768,039 0.14 Turkey 943,803 0.08 Ukraine 612,119 0.05 United Arab Emirates 6,501,759 0.54 United Kingdom 49,484,133 4.12 United States 711,633,954 59.33 Vietnam 438,302 0.04 Accrued interest receivable on quoted bonds 5,843,311 0.49 Portfolio of investments 1,129,937,933 94.20 Other net assets/(liabilities) 69,526,708 5.80 Total 1,199,464,641 100.00

-10- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by (continued) ii) Industry

Fair Value % of NAV (S$)

Communication Services 96,363,902 8.03 Consumer Discretionary 77,799,533 6.48 Consumer Staples 92,057,766 7.67 Energy 46,383,209 3.87 Financials 191,509,673 15.97 Government 56,945,120 4.75 Health Care 99,783,701 8.32 Industrials 63,334,854 5.28 Information Technology 130,886,036 10.91 Materials 53,597,306 4.47 Real Estate 54,528,716 4.54 Unit Trusts 98,217,695 8.19 Utilities 62,687,111 5.23 Accrued interest receivable on quoted bonds 5,843,311 0.49 Portfolio of investments 1,129,937,933 94.20 Other net assets/(liabilities) 69,526,708 5.80 Total 1,199,464,641 100.00 iii) Asset Class

Fair Value % of NAV (S$)

Quoted bonds 551,278,319 45.95 Quoted unit trusts 98,217,695 8.19 Quoted equities 474,598,608 39.57 Accrued interest receivable on quoted bonds 5,843,311 0.49 Other net assets/(liabilities) 69,526,708 5.80 Total 1,199,464,641 100.00

-11- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by (continued) iv) Credit rating of quoted bonds by Moody’s

Fair Value % of NAV (S$)

A1 30,582,662 2.54 A2 31,165,404 2.60 A3 38,239,808 3.19 Aa1 13,760,007 1.15 Aa2 25,960,779 2.16 Aa3 10,790,806 0.90 Aaa 9,959,150 0.83 B1 13,202,477 1.10 B2 14,458,964 1.21 B3 6,124,785 0.51 Ba1 35,673,635 2.97 Ba2 31,528,529 2.63 Ba3 16,548,236 1.38 Baa1 56,367,921 4.70 Baa2 61,855,090 5.16 Baa3 90,969,542 7.58 Ca 1,376,249 0.11 Caa1 837,476 0.07 Non-rated 61,876,799 5.16 Total 551,278,319 45.95

-12- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

C) Top Ten Holdings

10 largest holdings as at 30 June 2021

Percentage of total net assets attributable to Fair Value unitholders (S$) %

ISHARES IBOXX HIGH YIELD CORPORATE BOND ETF 67,301,873 5.61 WELLINGTON EMERGING MARKET DEVELOPMENT FUND T UNHEDGED FONDS 25,956,520 2.16 APPLE INC 9,033,499 0.75 JOHNSON & JOHNSON 8,998,357 0.75 KRAFT HEINZ FOODS CO COMPANY GUARANT 06/46 4.375 8,863,916 0.74 VERIZON COMMUNICATIONS INC 8,513,667 0.71 GOLDMAN SACHS GROUP INC SUBORDINATED 10/37 6.75 8,430,052 0.70 SAMSUNG ELECTRONICS CO LTD 8,379,932 0.70 THE PROCTER & GAMBLE CO 8,346,600 0.70 AMAZON.COM INC 8,282,055 0.69

10 largest holdings as at 30 June 2020

Percentage of total net assets attributable to Fair Value unitholders (S$) % ROCHE HOLDING AG 15,541,955 0.95 ABBVIE INC 13,845,483 0.85 INTERNATIONAL BUSINESS MACHINES CORP 12,899,686 0.79 EXELON CORP 12,175,793 0.75 PHILIP MORRIS INTERNATIONAL INC 11,953,455 0.73 MERCK & CO INC 11,904,040 0.73 JOHNSON & JOHNSON 11,757,224 0.72 AT&T INC 11,739,520 0.72 ORACLE CORP 11,626,652 0.71 SEVEN & I HOLDINGS CO LTD 11,620,430 0.71

-13- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

D) Exposure to derivatives

The global exposure relating to derivative instruments is calculated using the commitment approach:

(i) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(ii) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(iii) the sum of the values of cash collateral received under certain cases. i) FairvalueofderivativecontractsandasapercentageofNAVasat30June2021

Contract or underlying principal Positive Negative amount fair value % of NAV fair value % of NAV $$ $

Futures 489,693,326 2,254,512 0.19 3,875,162 0.32 Foreign currency contracts 642,362,044 1,220,546 0.10 3,701,128 0.31 Swaps 90,983,583 - - 5,855,055 0.49 ii) There was a net realised gain of SGD 11,156,482 on derivative contracts during the financial period from 1 January 2021 to 30 June 2021. iii) There was a net unrealised loss of SGD 9,956,287 on outstanding derivative contracts marked to market as at 30 June 2021.

E) Amount and percentage of NAV invested in other schemes as at 30 June 2021

Please refer to the Statements of Portfolio.

F) Amount and percentage of borrowings to NAV as at 30 June 2021

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 January 2021 to 30 June 2021 Total amount of redemptions SGD 395,273,392 Total amount of subscriptions SGD 93,411,460

-14- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

H) The amount and terms of related-party transactions for the financial period from 1 January 2021 to 30 June 2021 i) As at 30 June 2021, the Sub-Fund maintained current accounts with its related party as follows:

State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 51,246,083 ii) Investment in Initial Public Offerings managed by UOB Group

N/A iii) As at 30 June 2021, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

I) Expense ratios 2021 2020 $ $

Class SGD Acc Total operating expenses 195,564 260,184 Average daily net asset value 13,024,209 16,765,328 Expense ratio 1.50% 1.55%

Class SGD Dist Total operating expenses 5,533,919 9,171,371 Average daily net asset value 366,890,718 586,523,168 Expense ratio 1.51% 1.56%

Class USD Acc Total operating expenses 129,844 306,996 Average daily net asset value 8,418,898 19,768,289 Expense ratio 1.54% 1.55%

Class USD Dist Total operating expenses 6,523,250 9,257,114 Average daily net asset value 429,007,069 598,161,742 Expense ratio 1.52% 1.55%

Class SGD Acc (Hedged) Total operating expenses 146,117 224,959 Average daily net asset value 9,704,349 14,458,154 Expense ratio 1.51% 1.56%

-15- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

I) Expense ratios (continued)

2021 2020 $ $

Class SGD Dist (Hedged) Total operating expenses 7,991,091 11,770,968 Average daily net asset value 533,045,617 755,022,993 Expense ratio 1.50% 1.56%

Class P USD Dist (Tactical Hedged) Total operating expenses 295,590 236,528 Average daily net asset value 41,319,200 30,475,719 Expense ratio 0.72% 0.78%

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”). The calculation of the Sub-Fund’s expense ratio at 30 June 2021 was based on total operating expenses divided by the average net asset value respectively for the financial period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

J) Turnover ratios 2021 2020 $ $

Lower of total value of purchases or sales 522,009,834 556,695,694 Average daily net assets value 1,259,970,298 1,784,043,402 Tur nover ratio 41.43% 31.20%

Note: The portfolio turnover ratio is calculated in accordance with the formula stated in the Code on Collective Investment Schemes. The calculation of the portfolio turnover ratio was based on the lower of the total value of purchases or sales of the underlying investments divided by the average daily net asset value.

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

-16- United Income Focus Trust (Constituted under a Trust Deed in the Republic of Singapore)

L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme (“the underlying scheme”)1 should be disclosed as well i) Top 10 holdings at fair value and as percentage of NAV as at 30 June 2021 and 30 June 2020

N/A ii) Expense ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A iii) Turnover ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A

1 Where the underlying scheme is managed by a foreign manager which belongs to the same group of companies as, or has a formal arrangement or investment agreement with, the Singapore manager, the above information should be disclosed on the underlying scheme. In other cases, such information on the underlying scheme should be disclosed only if it is readily available to the Singapore manager.

M) Soft dollar commissions/arrangements

UOB Asset Management has entered into soft dollars arrangements with selected brokers from whom products and services are received from third parties. The products and services relate essentially to computer hardware and software to the extent that they are used to support the investment decision making process, research and advisory services, economic and political analyses, portfolio analyses including performance measurements, market analyses, data and quotation services, all of which are believed to be helpful in the overall discharge of UOB Asset Management’s duties to clients. As such services generally benefit all of UOB Asset Management’s clients in terms of input into the investment decision making process, the soft credits utilised are not allocated on a specific client basis. The Manager confirms that trades were executed on a best execution basis and there was no churning of trades.

The Sub-Manager, Wellington Management Singapore Pte Ltd and their affiliates (collectively, the “Wellington Management group”) may utilise external research provided by broker/dealers and independent, or third-party research firms in their investment decision-making process (“Research Services”). These Research Services include written research material, conversations with analysts at the research firms, meetings with corporate management and access to experts in a variety of fields, such as government officials, doctors, researchers, lawyers and scientists.

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

-17- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance Since Inception 3yr 5yr 10 yr 14 June 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Stable Select Equity Fund 9.05 14.41 26.51 10.47 11.30 N/A 11.41 Benchmark 7.44 14.22 34.19 14.02 14.58 N/A 14.69

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

For the six months ended 30 June 2021, the net asset value (NAV) of the Fund rose 14.41% versus a 14.22% gain in the benchmark, in Singapore Dollar (SGD) terms.

Notable contributors to performance included: Evolution Gaming Group AB (Sweden), T. Rowe P r i c e Group Inc (US), Waters Corp (US), American Tower Corp (US) and Tokyo Electron Ltd (Japan).

Detractors to the Fund performance were: Smoore International Holdings Ltd (China), Weyerhaeuser Co (US), Supermax Corp Bhd. (Malaysia), Enphase Energy Inc. (US) and Colgate-Palmolive Co (US).

As at 30 June 2021 the Fund was positioned as follows:

By Country: United States (53.70%), China (8.27%), Japan (7.02%), United Kingdom (5.90%), Switzerland (3.52%), Canada (3.23%), Denmark (2.83%), Taiwan (2.67%), and Others (11.74%) with the remainder in cash (1.12%).

By Sector: Information Technology (16.83%), Health Care (16.71%), Industrials (14.91%), Consumer Staples (9.89%), Financials (9.69%), Communication Services (7.96%), Consumer Discretionary (7.32%), Real Estate (7.16%), and Others (8.41%) with the remainder in cash (1.12%).

Economic and Market Review

Global markets have been in the first half of 2021 driven by the steady and strong recovery from the COVID-19 pandemic which has seen improving macroeconomic data and robust corporate earnings growth, supported by ultra-loose monetary policies from central banks around the world.

The recovery in 2021 has been helped by the progressive vaccination rollouts from end-2020 which by the end of the first half of 2021 has seen high levels of vaccination rates, especially in developed economies led by the US which has paved the way for economies to reopen.

-18- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Both economic growth indicators and earnings growth target for 2021 have hit 20-year highs prompting revised consensus forecast of global GDP growth in 2021 at the start of the year at 4.4% to 6% by end of June. Earnings growth around the world is meanwhile expected be above 30% on average in most of the major economies.

The rebound in most indicators of economic activity have been robust. For instance, the Purchasing Managers’ Index (PMI) for the US have been consistently in the highs at 50 to 60, while in major Asian economies such as China, it had been steadily at above 50. US industrial production output had rebounded to +10% by the end of the period, while fiscal support has seen US monthly retail sales grow from +5% to +20% for the year.

Outlook and Fund Strategy

We maintain a positive outlook for growth in 2021. We expect bond yields to rise modestly from current levels due to the growth trajectory with most of the major moves behind us earlier in the year and will likely be well anchored by central bank policies to limit interest rate hikes. Equities should continue to benefit from strong growth and positive earnings revisions over the next two quarters. Tactically, markets may be vulnerable to a consolidation due to strong rallies lifting valuations. We seek to balance the risks of a near-term consolidation with the overall positive outlook. Downside risks include those from new virus variants and surprises on the inflation front, but overall our base case is for stable markets in 2021.

It is our view that a new expansion cycle has started. The average expansion cycle in the past 50 years is 5 to 10 years and hence the current cycle in its first year will have substantial runway for further expansionary growth.

The investment approach of the Fund is to combine a mix of quality, dividend, growth and low-volatility factors to construct a Multi-Factor Smart Beta solution that offers global diversification across quality sectors. Such a strategy is well suited to deliver broad market exposure at lower risks, including those from drawdowns with the potential to deliver superior returns at lower volatility over time.

-19- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by i) Country

Fair Value % of NAV (S$)

Australia 1,000,005 1.30 Canada 2,489,022 3.23 China 6,374,733 8.27 Denmark 2,183,319 2.83 Finland 746,877 0.97 Germany 411,485 0.53 Hong Kong 919,131 1.19 Italy 849,794 1.10 Japan 5,407,935 7.02 Malaysia 315,954 0.41 Netherlands 1,992,665 2.58 Russia 439,806 0.57 Spain 560,973 0.73 Sweden 854,620 1.11 Switzerland 2,713,086 3.52 Taiwan 2,056,297 2.67 Thailand 961,216 1.25 United Kingdom 4,548,749 5.90 United States 41,384,482 53.70 Portfolio of investments 76,210,149 98.88 Other net assets/(liabilities) 859,792 1.12 Total 77,069,941 100.00

-20- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by (continued) ii) Industry

Fair Value % of NAV (S$)

Communication Services 6,135,546 7.96 Consumer Discretionary 5,645,570 7.32 Consumer Staples 7,623,145 9.89 Energy 1,220,679 1.58 Financials 7,467,258 9.69 Health Care 12,876,847 16.71 Industrials 11,493,076 14.91 Information Technology 12,968,854 16.83 Materials 3,462,165 4.49 Real Estate 5,515,270 7.16 Utilities 1,801,739 2.34 Portfolio of investments 76,210,149 98.88 Other net assets/(liabilities) 859,792 1.12 Total 77,069,941 100.00 iii) Asset Class

Fair Value % of NAV (S$)

Quoted equities 76,210,149 98.88 Other net assets/(liabilities) 859,792 1.12 Total 77,069,941 100.00 iv) Credit rating of quoted bonds

N/A

-21- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

C) Top Ten Holdings

10 largest holdings as at 30 June 2021

Percentage of total net assets attributable to Fair Value unitholders (S$) %

WATERS CORP 2,601,586 3.38 AMERICAN TOWER CORP 2,560,375 3.32 THE HOME DEPOT INC 2,558,195 3.32 T ROWE PRICE GROUP INC 2,544,024 3.30 COUNTRY GARDEN SERVICES HOLDINGS CO LTD 2,338,098 3.03 COLGATE-PALMOLIVE CO 2,332,122 3.03 KDDI CORP 2,278,679 2.96 RELX PLC 2,250,800 2.92 APPLE INC 2,213,454 2.87 KIMBERLY-CLARK CORP 2,197,847 2.85

10 largest holdings as at 30 June 2020

Percentage of total net assets attributable to Fair Value unitholders (S$) % MARKETAXESS HOLDINGS INC 1,147,443 1.80 O’REILLY AUTOMOTIVE INC 1,069,440 1.68 THE CLOROX CO 1,033,470 1.62 CH ROBINSON WORLDWIDE INC 1,027,486 1.61 KONINKLIJKE AHOLD DELHAIZE NV 1,014,687 1.59 CHURCH & DWIGHT CO INC 989,516 1.55 AUTOZONE INC 967,877 1.52 ROCHE HOLDING AG 967,324 1.52 CITRIX SYSTEMS INC 939,887 1.48 AMERICAN TOWER CORP 938,119 1.47

-22- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

D) Exposure to derivatives

The global exposure relating to derivative instruments is calculated using the commitment approach:

(i) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(ii) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(iii) the sum of the values of cash collateral received under certain cases. i) FairvalueofderivativecontractsandasapercentageofNAVasat30June2021

Contract or underlying principal Positive Negative amount fair value % of NAV fair value % of NAV $$ $

Foreign currency contracts 22,237 18 -* 4 -*

* denotes amount less than 0.01% ii) There was a net realised gain of SGD 6,313 on derivative contracts during the financial period from 1 January 2021 to 30 June 2021. iii) There was a net unrealised gain of SGD 14 on outstanding derivative contracts marked to market as at 30 June 2021.

E) Amount and percentage of NAV invested in other schemes as at 30 June 2021

N/A

F) Amount and percentage of borrowings to NAV as at 30 June 2021

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 January 2021 to 30 June 2021 Total amount of redemptions SGD 1,490,680 Total amount of subscriptions SGD 1,734,219

-23- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 775,193 ii) Investment in Initial Public Offerings managed by UOB Group

N/A iii) As at 30 June 2021, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

I) Expense ratios 2021 2020 $ $

Total operating expenses 212,062 162,563 Average daily net asset value 69,716,928 48,578,029 Expense ratio 0.30% 0.33%

J) Turnover ratios 2021 2020 $ $

Lower of total value of purchases or sales 63,458,328 26,624,029 Average daily net assets value 72,002,187 52,224,773 Tur nover ratio 88.13% 50.98%

-24- United Global Stable Select Equity Fund (Constituted under a Trust Deed in the Republic of Singapore)

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

N/A ii) Expense ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A iii) Turnover ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A

M) Soft dollar commissions/arrangements

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

-25- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance

Class SGD Acc

Since Inception 21 October 3yr 5yr 10 yr 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.57 10.98 23.64 15.31 N/A N/A 15.82 Benchmark 7.44 14.22 34.19 14.02 N/A N/A 13.85

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

Class SGD Dist

Since Inception 21 October 3yr 5yr 10 yr 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.62 11.02 23.69 15.32 N/A N/A 15.68 Benchmark 7.44 14.22 34.19 14.02 N/A N/A 14.22

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

-26- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class USD Acc

Since Inception 21 October 3yr 5yr 10 yr 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.49 9.13 28.32 15.87 N/A N/A 17.04 Benchmark 7.39 12.30 39.26 14.57 N/A N/A 15.00

Source: Morningstar.

Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

Class USD Dist

Since Inception 21 October 3yr 5yr 10 yr 2016 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.53 9.07 28.28 15.87 N/A N/A 16.19 Benchmark 7.39 12.30 39.26 14.57 N/A N/A 14.66

Source: Morningstar.

Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

-27- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class SGD Acc (Hedged)

Since Inception 15 March 3yr 5yr 10 yr 2018 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.53 9.02 27.68 14.83 N/A N/A 12.91 Benchmark 7.44 14.22 34.19 14.02 N/A N/A 13.13

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

Class SGD Dist (Hedged)

Since Inception 21 June 3yr 5yr 10 yr 2018 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.54 9.12 27.79 15.04 N/A N/A 14.29 Benchmark 7.44 14.22 34.19 14.02 N/A N/A 13.77

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

-28- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class B SGD Acc

Since Inception 16 January 3yr 5yr 10 yr 2018 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.67 11.27 24.26 15.91 N/A N/A 15.25 Benchmark 7.44 14.22 34.19 14.02 N/A N/A 11.57

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

Class C SGD Acc (Hedged)

Since Inception 27 November 3yr 5yr 10 yr 2018 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.68 9.36 28.55 N/A N/A N/A 20.11 Benchmark 7.44 14.22 34.19 N/A N/A N/A 17.83

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

-29- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Class Z USD Dist

Since Inception 3yr 5yr 10 yr 7 April 2020 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Global Quality Growth Fund 7.98 9.97 30.77 N/A N/A N/A 43.53 Benchmark 7.39 12.30 39.26 N/A N/A N/A 48.11

Source: Morningstar.

Note: The performance returns of the Fund are in United States Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: MSCI AC World Index.

For the six months ended 30 June 2021, the net asset value (NAV) for Class SGD Acc, Class SGD Dist, Class SGD Acc (Hedged), Class SGD Dist (Hedged), Class B SGD Acc and Class C SGD Acc (Hedged) of the Fund rose by 10.98%, 11.02%, 9.02%, 9.12%, 11.27% and 9.36% respectively compared to the 14.22% gain for the benchmark MSCI AC World Index (in Singapore Dollar terms). Class USD Acc, Class USD Dist and Class Z USD Dist of the Fund increased by 9.13%, 9.07% and 9.97% respectively against an increase of 12.30% for the benchmark (in United States Dollar terms).

The Fund is sub-managed by Wellington Management Singapore Pte Ltd and the commentary that follows reflects the views of the sub-manager.

The Fund’s underperformance was mainly attributed to security selection. The weak selections within Consumer Discretionary and Information Technology were partially offset by selection in Financials and Communication Services. The Fund’s sector allocation also detracted from relative performance due to the lack of exposure to Energy and overweight in Consumer Discretionary, which was partially offset by underweighting Consumer Staples and lack of exposure to Utilities. In terms of country exposure, investments in the United States, France and United Kingdom accounted for most of the underperformance.

The top positive relative contributors to returns were Li Ning Co Ltd, The Blackstone Group Inc and Alphabet Inc. while the key detractors were TAL Education Group ADR, StoneCo Ltd and Offcn Education Technology Co Ltd.

As of the end of June 2021, the Fund had the following country asset allocation: United States (64.47%), China (4.91%), Ireland (4.27%), Switzerland (3.90%), France (3.55%), Netherlands (2.82%), Taiwan (2.73%), India (2.15%), others (7.86%), with the remainder held in cash (3.34%).

-30- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Economic and Market Review

Global equities continue to rise during the second quarter, bolstered by improving global economic data, strong corporate earnings and higher vaccination rates. The surge in commodity prices exacerbating global supply-chain disruptions amid pent-up in demand in the wake of stimulus-powered economic growth, however, saw fears of inflation rising, prompting some central banks to raise interest rates or consider tightening their monetary policies. The global decline in COVID-19 cases since mid-April however came to a halt with the rapid spread of the more infectious Delta variant disrupting plans to lift lockdowns and reopen economies in many countries.

The US GDP grew at an annualized rate of 6.4% in the first quarter, and China’s economy expanded by a record 18.3% in the same period compared to a year earlier, as the world’s two largest economies continued to rapidly recover from the pandemic-induced global downturn in 2020. The US secured the backing of 130 countries for a global minimum tax (GMT) of at least 15% on corporations, as part of a broader agreement to overhaul international tax rules. The GMT would prevent multinational firms from avoiding taxes by shifting their profits to countries with low tax rates.

Outlook and Fund Strategy

Global markets posted positive returns during the second quarter with the support from accommodative monetary and fiscal policies from central banks and governments around the world in the wake of accelerated vaccine rollouts which helped to drive economic growth.

From a sector perspective, Information Technology continues to be the largest overweight in the portfolio. We were most underweight in Materials and Consumer Staples. From a regional perspective, our largest overweight was North America and most underweight to Japan.

-31- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

The Global Cycle Index remains at higher levels relative to a year ago and while we anticipate strong global GDP growth in the second half of the year, the rate of growth is likely to moderate. Furthermore, the emergence of new COVID-19 variants leads to delays in economic re-openings in certain parts of the world, while the rising inflation may lead to some central banks becoming less accommodative in their monetary policies over time.

Given the macroeconomic backdrop, we believe that a more balanced factor positioning within the portfolio is appropriate. As a result, we have shifted to equal weightage in our portfolio positioning to achieve better balance while maintaining positions in high-quality financial companies given the expectation of a steepening yield curve.

-32- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by i) Country

Fair Value % of NAV (S$)

China 57,513,335 4.91 Denmark 15,889,414 1.36 France 41,604,819 3.55 India 25,142,247 2.15 Ireland 50,042,174 4.27 Japan 12,699,584 1.08 Luxembourg 10,674,623 0.91 Netherlands 33,020,249 2.82 Spain 17,701,055 1.51 Sweden 22,372,229 1.91 Switzerland 45,750,491 3.90 Taiwan 31,935,105 2.73 United Kingdom 12,822,328 1.09 United States 755,484,367 64.47 Portfolio of investments 1,132,652,020 96.66 Other net assets/(liabilities) 39,174,838 3.34 Total 1,171,826,858 100.00 ii) Industry

Fair Value % of NAV (S$)

Communication Services 125,890,356 10.75 Consumer Discretionary 133,332,655 11.38 Consumer Staples 25,208,817 2.15 Financials 231,547,055 19.76 Health Care 111,198,223 9.49 Industrials 157,870,450 13.47 Information Technology 335,760,505 28.65 Real Estate 11,843,959 1.01 Portfolio of investments 1,132,652,020 96.66 Other net assets/(liabilities) 39,174,838 3.34 Total 1,171,826,858 100.00

-33- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by (continued) iii) Asset Class

Fair Value % of NAV (S$)

Quoted equities 1,132,652,020 96.66 Other net assets/(liabilities) 39,174,838 3.34 Total 1,171,826,858 100.00 iv) Credit rating of quoted bonds

N/A

C) Top Ten Holdings

10 largest holdings as at 30 June 2021

Percentage of total net assets attributable to Fair Value unitholders (S$) %

MICROSOFT CORP 45,440,046 3.88 ALPHABET INC - CLASS C 45,036,730 3.84 AMAZON.COM INC 36,235,725 3.09 FACEBOOK INC - CLASS A 27,413,463 2.34 UNITEDHEALTH GROUP INC 22,483,598 1.92 JPMORGAN CHASE & CO 21,433,306 1.83 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 20,007,534 1.71 TENCENT HOLDINGS LTD 19,235,510 1.64 PARTNERS GROUP HOLDING AG 19,023,409 1.62 ELI LILLY & CO 18,465,277 1.58

-34- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

C) Top Ten Holdings (continued)

10 largest holdings as at 30 June 2020

Percentage of total net assets attributable to Fair Value unitholders (S$) %

APPLE INC 27,368,390 4.24 MICROSOFT CORP 25,480,620 3.94 AMAZON.COM INC 21,525,733 3.33 ALPHABET INC - CLASS C 16,553,443 2.56 FACEBOOK INC - CLASS A 13,711,246 2.12 TENCENT HOLDINGS LTD 12,977,272 2.01 UNITEDHEALTH GROUP INC 11,303,904 1.75 ALIBABA GROUP HOLDING LTD 10,890,617 1.68 ADOBE INC 10,706,333 1.66 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 10,640,811 1.65

D) Exposure to derivatives

The global exposure relating to derivative instruments is calculated using the commitment approach:

(i) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(ii) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(iii) the sum of the values of cash collateral received under certain cases. i) FairvalueofderivativecontractsandasapercentageofNAVasat30June2021

Contract or underlying principal Positive Negative amount fair value % of NAV fair value % of NAV $$ $

Foreign currency contracts 330,838,258 190 -* 900,238 0.08

* denotes amount less than 0.01%

-35- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

D) Exposure to derivatives (continued) ii) There was a net realised loss of SGD 4,040,128 on derivative contracts during the financial period from 1 January 2021 to 30 June 2021. iii) There was a net unrealised loss of SGD 900,048 on outstanding derivative contracts marked to market as at 30 June 2021.

E) Amount and percentage of NAV invested in other schemes as at 30 June 2021

N/A

F) Amount and percentage of borrowings to NAV as at 30 June 2021

N/A

G) Amount of redemptions and subscriptions for the financial period from 1 January 2021 to 30 June 2021 Total amount of redemptions SGD 281,379,773 Total amount of subscriptions SGD 544,319,350

State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 44,276,218 ii) Investment in Initial Public Offerings managed by UOB Group

N/A iii) As at 30 June 2021, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

-36- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

I) Expense ratios 2021 2020 $ $

Class SGD Acc Total operating expenses 804,049 392,683 Average daily net asset value 43,196,317 21,584,630 Expense ratio 1.86% 1.82%

Class SGD Dist Total operating expenses 2,086,496 1,320,146 Average daily net asset value 112,251,507 71,519,495 Expense ratio 1.86% 1.85%

Class USD Acc Total operating expenses 3,316,723 1,371,124 Average daily net asset value 178,668,316 76,134,693 Expense ratio 1.86% 1.80%

Class USD Dist Total operating expenses 1,773,111 2,142,922 Average daily net asset value 95,857,571 113,851,926 Expense ratio 1.85% 1.88%

Class SGD Acc (Hedged) Total operating expenses 771,355 394,595 Average daily net asset value 41,353,036 21,828,180 Expense ratio 1.87% 1.81%

Class SGD Dist (Hedged) Total operating expenses 1,717,843 463,427 Average daily net asset value 93,814,528 25,749,365 Expense ratio 1.83% 1.80%

Class B SGD Acc Total operating expenses 285,176 114,101 Average daily net asset value 21,445,408 8,922,241 Expense ratio 1.33% 1.28%

Class C SGD Acc (Hedged) Total operating expenses 1,421,959 701,917 Average daily net asset value 106,047,590 54,727,876 Expense ratio 1.34% 1.28%

-37- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

I) Expense ratios (continued)

2021 2020 $ $

Class Z USD Dist* Total operating expenses 414,751 48,976 Average daily net asset value 150,683,411 103,309,333 Expense ratio (annualised) 0.28% 0.20%

* Prior year disclosure for Class Z USD Dist is covering the period from 7 April 2020 (date of inception) to 30 June 2020

J) Turnover ratios 2021 2020 $ $

Lower of total value of purchases or sales 517,863,568 243,010,264 Average daily net assets value 982,633,808 548,884,858 Tur nover ratio 52.70% 44.27%

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

-38- United Global Quality Growth Fund (Constituted under a Trust Deed in the Republic of Singapore)

L) For schemes which invest more than 30% of their deposited property in another scheme, the following key information on the second-mentioned scheme (“the underlying scheme”)1 should be disclosed as well (continued) ii) Expense ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A iii) Turnover ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A

M) Soft dollar commissions/arrangements

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

-39- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance

Class A SGD Acc

Since Inception 12 November 3yr 5yr 10 yr 2020 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Enhanced Growth Select 4.92 6.40 N/A N/A N/A N/A 13.11 Benchmark N/A N/A N/A N/A N/A N/A N/A

Source: Morningstar.

Note: The performance returns of the Fund are in Singapore Dollar based on a NAV-to-NAV basis with dividends and distributions reinvested, if any. The benchmark of the Fund: There is no benchmark against which the performance of the Fund can be measured as the Managers are of the view that there is currently no available index that adequately reflects the investment focus and approach of the Fund.

For the six months ended 30 June 2021, the net asset value (NAV) of the Fund rose by 6.40% in Singapore Dollar terms.

Four of the five underlying funds posted positive total returns during the period under review. The strongest performer was the Allianz Artificial Intelligence Fund followed by the United Global Quality Growth fund which had benefitted from strong equity market returns in the first half of 2021. The UBS China Opportunities Fund was the only Fund that contributed negatively to performance after Chinese equities declined amid concerns over tightening monetary policy and regulatory scrutiny of Chinese internet companies including online private education firms.

As of the end of June 2021, the Fund’s regional asset allocation are as follows: North America (44.10%), Asia Pacific ex Japan (39.98%), Europe ex UK (4.65%), United Kingdom (1.34%), Japan (0.89%), others (5.71%) with the remainder held in cash (3.33%).

In terms of sector allocation, the Fund’s largest allocations were in Information Technology (22.17%), Health Care (19.12%) and Consumer Discretionary (11.68%).

Economic and Market Review

-40- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Global equities continue to rise during the second quarter, bolstered by improving global economic data, strong corporate earnings and higher vaccination rates. The surge in commodity prices exacerbating global supply-chain disruptions amid pent-up in demand in the wake of stimulus-powered economic growth however saw fears of inflation rising, prompting some central banks to raise interest rates or consider tightening their monetary policies. The global decline in COVID-19 cases since mid-April however came to a halt with the rapid spread of the more infectious Delta variant disrupting plans to lift lockdowns and reopen economies in many countries.

Outlook and Fund Strategy

For the second half of the year, we maintain a positive outlook for growth in 2021 and continue to expect a stable environment for investments. We expect bond yields to rise modestly from current levels, but we think that most of the bond yield moves have already been made. At current yields, the fixed income forward outlook has improved. Despite strong global growth, we expect bond yields will ultimately be well-anchored by central bank policies that target to limit interest rate hikes until average inflation compensates for years of undershooting inflation targets.

Equities should continue to benefit from strong growth and positive earnings revisions over the course of the year. We think markets have had a strong run and may be vulnerable to a consolidation period despite the positive growth backdrop. Risks and market volatility arising from the pandemic, China’s regulatory clampdown on Internet companies and potentially surprising levels of inflation as well as the US Fed turning hawkish remains, but our base case is for stable markets in 2021.

The focus of our strategy is to look past near-term volatility and invest for the longer-term, choosing companies and themes that would be able to provide strong investment returns across evolving market conditions.

-41- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Geographically, we find that regional market performances have become less predictable as investors react to the adjustments in growth outlook, policy and regulatory actions as well as the ever-fluid developments on the COVID-19 front. As a region, Asia has lagged the US and Europe,butthe longer-term outlook remains positive. Equity valuations have become more attractive following recent sell-offs as the long-term drivers of growth in consumption, urbanisation and innovation remains intact.

-42- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by i) Country

Fair Value % of NAV (S$)

Luxembourg 14,131,870 36.23 Singapore 23,575,288 60.44 Portfolio of investments 37,707,158 96.67 Other net assets/(liabilities) 1,299,284 3.33 Total 39,006,442 100.00 ii) Industry

N/A iii) Asset Class

Fair Value % of NAV (S$)

Quoted unit trusts 37,707,158 96.67 Other net assets/(liabilities) 1,299,284 3.33 Total 39,006,442 100.00 iv) Credit rating of quoted bonds

N/A

-43- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

C) Top Ten Holdings

10 largest holdings as at 30 June 2021

Percentage of total net assets attributable to Fair Value unitholders (S$) %

UNITED GLOBAL QUALITY GROWTH FUND - CLASS SGD ACC 9,340,943 23.95 SCHRODER ASIAN GROWTH FUND 8,815,910 22.60 ALLIANZ GLOBAL INVESTORS FUND - ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE AT H2 SGD 7,594,979 19.47 UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) P SGD ACC 6,536,891 16.76 UNITED GLOBAL HEALTHCARE FUND - CLASS SGD ACC 5,418,435 13.89

There were only 5 holdings as at 30 June 2021.

D) Exposure to derivatives

The global exposure relating to derivative instruments is calculated using the commitment approach:

(i) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(ii) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(iii) the sum of the values of cash collateral received under certain cases. i) FairvalueofderivativecontractsandasapercentageofNAVasat30June2021

N/A ii) Net gains/(losses) on derivative contracts realised during the financial period from 12 November 2020 (date of inception) to 30 June 2021

N/A iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2021

N/A

-44- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

E) Amount and percentage of NAV invested in other schemes as at 30 June 2021

Please refer to the Statements of Portfolio.

F) Amount and percentage of borrowings to NAV as at 30 June 2021

N/A

G) Amount of redemptions and subscriptions for the financial period from 12 November 2020 (date of inception) to 30 June 2021 Total amount of redemptions SGD 5,414,445 Total amount of subscriptions SGD 42,873,357

H) The amount and terms of related-party transactions for the financial period from 12 November 2020 (date of inception) to 30 June 2021 i) As at 30 June 2021, the Sub-Fund maintained current accounts with its related party as follows:

State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 1,199,874 ii) Investment in Initial Public Offerings managed by UOB Group

N/A iii) As at 30 June 2021, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

-45- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

I) Expense ratios 30 June 2021 $

Class A SGD Acc* Total operating expenses (excluding preliminary expenses) (20,463) Total operating expenses (including preliminary expenses) 6,027 Average daily net asset value 22,414,566 Weighted average of the Investee Funds’ expense ratio 1.80% Expense ratio (excluding preliminary expenses) (annualised) 1.66%

Expense ratio (including preliminary expenses) (annualised) 1.78%

* Current year disclosure for Class A SGD Acc is covering the period from 12 November 2020 (date of inception) to 30 June 2021

Note: The expense ratio has been computed based on the guidelines laid down by the Investment Management Association of Singapore (“IMAS”).This is the sum of the Sub-Fund’s expense ratio and the weighted average of the Investee Funds’ unaudited expense ratios. The unaudited expense ratios of the Investee Funds’ are obtained from Investee Funds’ Manager. The calculation of the Sub-Fund’s expense ratio at 30 June 2021 was based on total operating expenses divided by the average net asset value respectively for the financial period. The total operating expenses do not include (where applicable) brokerage and other transaction costs, performance fee, interest expense, distribution paid out to unitholders, foreign exchange gains/losses, front or back end loads arising from the purchase or sale of other funds and tax deducted at source or arising out of income received. The Sub-Fund does not pay any performance fee. The average net asset value is based on the daily balances.

J) Turnover ratios For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $

Lower of total value of purchases or sales 850,761 Average daily net assets value 22,414,566 Tur nover ratio 3.80%

-46- United Enhanced Growth Select (Constituted under a Trust Deed in the Republic of Singapore)

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

N/A ii) Expense ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A iii) Turnover ratios for the financial period ended 30 June 2021

N/A

M) Soft dollar commissions/arrangements

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

-47- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance

Class A SGD Dist (Hedged)

Since Inception 12 November 3yr 5yr 10 yr 2020 3mth 6mth 1yr Ann Ann Ann Ann Fund Performance/ % % % Comp Comp Comp Comp Benchmark Returns Growth Growth Growth Ret Ret Ret Ret United Enhanced Income Select 2.97 5.16 N/A N/A N/A N/A 8.74 Benchmark N/A N/A N/A N/A N/A N/A N/A

Source: Morningstar.

For the six months ending 30 June 2021, the net asset value (NAV) of the Fund increased by 5.16% (in Singapore Dollar terms).

All five underlying funds recorded positive total return during 1H 2021. The strongest performer was the United Global Quality Growth Fund which benefited from the rally in global equities over 1H 2021. The next best performer was the Schroder Asian Income Fund which performed strongly as Asian equities rose on continued investor optimism while select allocations to the financials, materials and REITs also added value. The least positive contributor was the JPMorgan Income Fund C (mth), primarily reflecting higher US interest rates on the back of strong economic growth outlook and rising inflationary pressures.

At the end of June 2021, the Fund was positioned as follows:

By Region

Asia Pacific ex Japan (36.87%), North America (36.73%), Europe ex UK (8.43%), United Kingdom (1.93%), Japan (1.70%), others (8.66%) with the remainder held in cash (5.68%).

By Asset Class

Equites (56.25%), Fixed Income (31.29%), others (6.78%) with the remainder held in cash (5.68%).

-48- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Economic and Market Review

Despite a broadening rollout of vaccines, global coronavirus trends remained volatile with continental Europe experiencing a sharp rise in COVID-19 infections due to slow vaccine rollout that prompted extended or renewed lockdowns. In contrast, vaccinations in the UK accelerated sharply while President Joe Biden announced that the US was on track to have enough vaccines for every adult by the end of May as well as signed into law a massive US$1.9 trillion coronavirus relief bill. The European Parliament had meanwhile approved the Recovery and Resilience Facility which will provide €672.5billioningrantsand loans to help European Union (EU) countries alleviate the social and economic effects of the pandemic. Global equities continue to rise during the second quarter, bolstered by improving global economic data, strong corporate earnings and higher vaccination rates. The surge in commodity prices exacerbating global supply-chain disruptions amid pent-up in demand in the wake of stimulus-powered economic growth however saw fears of inflation rising, prompting some central banks to raise interest rates or consider tightening their monetary policies. The global decline in COVID-19 cases since mid-April however came to a halt with the rapid spread of the more infectious Delta variant disrupting plans to lift lockdowns and reopen economies in many countries.

Global fixed income sectors had generated negative returns over the first quarter with sovereign yields moving sharply higher on an improving growth outlook and the reflation narrative. Most fixed income spread sectors continued to outperform as vaccine distribution gathered pace across developed markets. Sovereign yield curves generally steepened as easy central bank policies anchored front-end yields, while additional US fiscal stimulus lifted inflation expectations. The US dollar strengthened against most currencies.

The trend reversed in the second quarter as global fixed income generated positive returns. Sovereign yield curves generally flattened as central banks signalled a shift toward tighter policy stances in response to rising inflation while most fixed income spread across various sectors outperformed as vaccination rates increased, economic data strengthened, and credit fundamentals continued to improve. The US dollar ended mixed.

-49- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

A) Fund Performance (continued)

Outlook and Fund Strategy

For the second half of the year, we maintain a positive outlook for growth in 2021 and continue to expect a stable environment for investments. The global economic recovery remains on track while corporate earnings are consistently revised upwards. While global economic growth is expected to shift from high growth rates to more sustainable levels going forward, this is not necessarily negative, and we believe would be supportive of stock markets if economic expansion continues. We expect bond yields to rise modestly from current levels, but we think that most of the bond yield moves have already been made. Despite strong global growth, we expect bond yields will ultimately be well-anchored by central bank policies that target to limit interest rate hikes until average inflation compensates for years of undershooting inflation targets.

Asset prices in the near term may be volatile as markets try to make sense of various developments arising from the pandemic, China’s regulatory clampdown on Internet companies and potentially surprising levels of inflation as well as the US Fed turning hawkish remains, but our base case is for stable markets in 2021. We think markets have had a strong run and may be vulnerable to consolidation despite the positive growth backdrop as short-term market corrections are not uncommon after strong rallies amid periods of heightened volatility.

The Fund seeks to generate a sustainable level of income from diverse sources and we believe that our allocation to the underlying funds continue to meet this objective.

-50- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

B) Investments at fair value and as a percentage of net asset value (“NAV”) as at 30 June 2021 under review classified by i) Country

Fair Value % of NAV (S$)

Luxembourg 26,562,545 37.76 Singapore 39,783,548 56.56 Portfolio of investments 66,346,093 94.32 Other net assets/(liabilities) 3,996,018 5.68 Total 70,342,111 100.00 ii) Industry

N/A iii) Asset Class

Fair Value % of NAV (S$)

Quoted unit trusts 66,346,093 94.32 Other net assets/(liabilities) 3,996,018 5.68 Total 70,342,111 100.00 iv) Credit rating of quoted bonds

N/A

-51- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

C) Top Ten Holdings

10 largest holdings as at 30 June 2021

Percentage of total net assets attributable to Fair Value unitholders (S$) %

FSSA GLOBAL GROWTH FUNDS - DIVIDEND ADVANTAGE - CLASS A (QTR DIST) 16,626,900 23.64 UNITED GLOBAL QUALITY GROWTH FUND - CLASS SGD DIST (HEDGED) 16,597,302 23.60 JPMORGAN FUNDS INCOME FUND C (MTH) - SGD (HEDGED) 13,304,165 18.91 FIDELITY FUNDS - GLOBAL MULTI ASSET INCOME FUND A - MINCOME(G) - SGD (SGD/USD HEDGED) 13,258,380 18.85 SCHRODER ASIAN INCOME FUND SGD C DIST 6,559,346 9.32

There were only 5 holdings as at 30 June 2021.

D) Exposure to derivatives

The global exposure relating to derivative instruments is calculated using the commitment approach:

(i) the absolute value of the exposure of each individual financial derivative not involved in netting or hedging arrangements;

(ii) the absolute value of the net exposure of each individual financial derivative after netting or hedging arrangements; and

(iii) the sum of the values of cash collateral received under certain cases. i) FairvalueofderivativecontractsandasapercentageofNAVasat30June2021

N/A ii) Net gains/(losses) on derivative contracts realised during the financial period from 12 November 2020 (date of inception) to 30 June 2021

N/A iii) Net gains/(losses) on outstanding derivative contracts marked to market as at 30 June 2021

N/A

-52- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

E) Amount and percentage of NAV invested in other schemes as at 30 June 2021

Please refer to the Statements of Portfolio.

F) Amount and percentage of borrowings to NAV as at 30 June 2021

N/A

G) Amount of redemptions and subscriptions for the financial period from 12 November 2020 (date of inception) to 30 June 2021 Total amount of redemptions SGD 2,070,817 Total amount of subscriptions SGD 71,494,832

State Street Bank and Trust Company, Singapore Branch Cash and bank balances SGD 2,560,622 ii) Investment in Initial Public Offerings managed by UOB Group

N/A iii) As at 30 June 2021, there was no brokerage income earned by UOB Kay Hian Pte Ltd.

-53- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

I) Expense ratios 30 June 2021 $

Class A SGD Dist (Hedged)* Total operating expenses (excluding preliminary expenses) 36,800 Total operating expenses (including preliminary expenses) 63,290 Average daily net asset value 23,128,800 Weighted average of the Investee Funds’ expense ratio 1.34% Expense ratio (excluding preliminary expenses) (annualised) 1.60%

Expense ratio (including preliminary expenses) (annualised) 1.71%

* Current year disclosure for Class A SGD Dist (Hedged) is covering the period from 12 November 2020 (date of inception) to 30 June 2021

-54- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

J) Turnover ratios For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $

Lower of total value of purchases or sales# 65,308,842 Average daily net assets value 23,128,800 Tur nover ratio 282.37%

# There were no sales during the financial period ended 30 June 2021. Therefore, the total value of purchases is used in the calculation of portfolio turnover ratio.

K) Any material information that will adversely impact the valuation of the scheme such as contingent liabilities of open contracts

N/A

N/A ii) Expense ratios for the financial period ended 30 June 2021 and 30 June 2020

N/A iii) Turnover ratios for the financial period ended 30 June 2021

N/A

-55- United Enhanced Income Select (Constituted under a Trust Deed in the Republic of Singapore)

M) Soft dollar commissions/arrangements

N) Where the scheme offers pre-determined payouts, an explanation on the calculation of the actual payouts received by participants and any significant deviation from the pre-determined payouts

N/A

-56- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN For the half year ended 30 June 2021 (Un-audited)

United Income Focus Trust 30 June 30 June 2021 2020 $ $ Income Dividends 9,652,240 17,458,691 Interest 5,999 71,345 Other income 490,012 20,808 Total 10,148,251 17,550,844

Less: Expenses Management fee 7,682,709 11,020,713 Trustee fee 193,860 274,583 Audit fee 12,428 16,054 Registrar fee 12,449 12,432 Valuation fee 783,965 1,113,591 Administration fee 470,379 668,154 Custody fee 243,655 463,291 Transaction costs 389,050 611,619 Interest expenses 320 37,463 Other expenses 111,516 176,589 Total 9,900,331 14,394,489

Net income/(losses) 247,920 3,156,355

Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 70,934,285 (102,808,018) Net gains/(losses) on financial derivatives 1,200,195 (18,968,432) Net foreign exchange gains/(losses) 758,262 2,514,236 72,892,742 (119,262,214)

Total return/(deficit) for the financial period before income tax 73,140,662 (116,105,859) Less: Income tax (1,562,891) (3,139,526) Less: Capital gains tax (expense)/refund (1,038) - Total return/(deficit) for the financial period 71,576,733 (119,245,385)

-57- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN For the half year ended 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund 30 June 30 June 2021 2020 $ $ Income Dividends 782,625 683,836 Interest - 128 Total 782,625 683,964

Less: Expenses Trustee fee 12,535 9,118 Audit fee 8,824 8,584 Registrar fee 12,449 12,432 Valuation fee 44,561 32,414 Custody fee 12,375 18,591 Transaction costs 140,825 92,517 Other expenses 10,722 8,425 Total 242,291 182,081

Net income/(losses) 540,334 501,883

Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 9,296,281 (2,552,304) Net gains/(losses) on financial derivatives 6,327 (52,011) Net foreign exchange gains/(losses) (34,877) 32,295 9,267,731 (2,572,020)

Total return/(deficit) for the financial period before income tax 9,808,065 (2,070,137) Less: Income tax (154,146) (145,678) Total return/(deficit) for the financial period 9,653,919 (2,215,815)

-58- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN For the half year ended 30 June 2021 (Un-audited)

United Global Quality Growth Fund 30 June 30 June 2021 2020 $ $ Income Dividends 5,551,839 3,900,666 Interest - 3,790 Total 5,551,839 3,904,456

Less: Expenses Management fee 5,667,873 3,121,538 Trustee fee 156,677 83,471 Audit fee 9,115 9,230 Registrar fee 12,449 12,432 Valuation fee 606,264 306,037 Administration fee 363,758 183,622 Custody fee 156,038 104,850 Transaction costs 612,972 306,147 Interest expenses 399 - Other expenses 302,329 94,834 Total 7,887,874 4,222,161

Net income/(losses) (2,336,035) (317,705)

Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 109,366,467 37,700,270 Net gains/(losses) on financial derivatives (4,940,176) (3,613,750) Net foreign exchange gains/(losses) 757,849 (154,476) 105,184,140 33,932,044

Total return/(deficit) for the financial period before income tax 102,848,105 33,614,339 Less: Income tax (1,471,166) (1,030,486) Less: Capital gains tax (expense)/refund - 59,825 Total return/(deficit) for the financial period 101,376,939 32,643,678

-59- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN For the half year ended 30 June 2021 (Un-audited)

United Enhanced Growth Select For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $ Income Dividends 65,974 Total 65,974

Less: Expenses Management fee 70,246 Less: Management fee rebate (150,997) Trustee fee 5,507 Audit fee 7,237 Registrar fee 15,904 Valuation fee 4,215 Administration fee 7,025 Custody fee 12,647 Preliminary expenses 26,490 Other expenses 7,753 Total 6,027

Net income/(losses) 59,947

Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 1,487,583 1,487,583

Total return/(deficit) for the financial period before income tax 1,547,530 Total return/(deficit) for the financial period 1,547,530

-60- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF TOTAL RETURN For the half year ended 30 June 2021 (Un-audited)

United Enhanced Income Select For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $ Income Dividends 435,676 Total 435,676

Less: Expenses Management fee 71,864 Less: Management fee rebate (97,098) Trustee fee 5,932 Audit fee 7,237 Registrar fee 14,777 Valuation fee 4,312 Administration fee 7,186 Custody fee 16,080 Preliminary expenses 26,490 Other expenses 6,510 Total 63,290

Net income/(losses) 372,386

Net gains/(losses) on value of investments and financial derivatives Net gains/(losses) on investments 1,037,251 1,037,251

Total return/(deficit) for the financial period before income tax 1,409,637 Less: Income tax (17,676) Total return/(deficit) for the financial period 1,391,961

-61- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF FINANCIAL POSITION As at 30 June 2021 (Un-audited) United Income Focus Trust 30 June 31 December 2021 2020 $ $ Assets Portfolio of investments 1,129,937,933 1,405,150,391 Sales awaiting settlement 2,003,612 973,171 Receivables 14,252,062 7,789,065 Cash and bank balances 51,246,083 70,372,091 Margin accounts 30,546,148 1,147,116 Financial derivatives at fair value 3,475,058 9,523,957 Total assets 1,231,460,896 1,494,955,791

Liabilities Purchases awaiting settlement 3,610,519 321,633 Payables 9,536,477 19,338,340 Payable for margin accounts 61 - Distribution payable 5,417,853 6,858,180 Financial derivatives at fair value 13,431,345 2,765,809 Total liabilities 31,996,255 29,283,962

Equity Net assets attributable to unitholders 1,199,464,641 1,465,671,829

-62- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF FINANCIAL POSITION As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund 30 June 31 December 2021 2020 $ $ Assets Portfolio of investments 76,210,149 66,494,755 Receivables 171,791 28,591 Cash and bank balances 775,193 719,765 Financial derivatives at fair value 18 2 Total assets 77,157,151 67,243,113

Liabilities Payables 87,206 70,624 Financial derivatives at fair value 4 6 Total liabilities 87,210 70,630

Equity Net assets attributable to unitholders 77,069,941 67,172,483

-63- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF FINANCIAL POSITION As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund 30 June 31 December 2021 2020 $ $ Assets Portfolio of investments 1,132,652,020 785,753,880 Sales awaiting settlement 542,299 915,308 Receivables 23,276,675 15,896,671 Cash and bank balances 44,276,218 22,821,711 Financial derivatives at fair value 190 1,222,788 Total assets 1,200,747,402 826,610,358

Liabilities Purchases awaiting settlement 17,060,477 1,337,482 Payables 8,824,177 6,079,450 Distribution payable 2,135,652 1,269,559 Financial derivatives at fair value 900,238 2,534 Total liabilities 28,920,544 8,689,025

Equity Net assets attributable to unitholders 1,171,826,858 817,921,333

-64- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF FINANCIAL POSITION As at 30 June 2021 (Un-audited)

United Enhanced Growth Select 30 June 2021 $ Assets Portfolio of investments 37,707,158 Receivables 1,591,007 Cash and bank balances 1,199,874 Total assets 40,498,039

Liabilities Purchases awaiting settlement 1,291,863 Payables 199,734 Total liabilities 1,491,597

Equity Net assets attributable to unitholders 39,006,442

-65- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF FINANCIAL POSITION As at 30 June 2021 (Un-audited)

United Enhanced Income Select 30 June 2021 $ Assets Portfolio of investments 66,346,093 Receivables 5,149,708 Cash and bank balances 2,560,622 Total assets 74,056,423

Liabilities Purchases awaiting settlement 3,294,772 Payables 213,791 Distribution payable 205,749 Total liabilities 3,714,312

Equity Net assets attributable to unitholders 70,342,111

-66- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the half year ended 30 June 2021 (Un-audited) United Income Focus Trust 30 June 31 December 2021 2020 $ $ Net assets attributable to unitholders at the beginning of the financial period/year 1,465,671,829 2,100,985,098 Operations Change in net assets attributable to unitholders resulting from operations 71,576,733 (73,520,649)

Unitholders’ contributions/(withdrawals) Creation of units 93,411,460 275,397,300 Cancellation of units (395,273,392) (743,343,003)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units (301,861,932) (467,945,703)

Distributions (35,921,989) (93,846,917)

Total increase/(decrease) in net assets attributable to unitholders (266,207,188) (635,313,269)

Net assets attributable to unitholders at the end of the financial period/year 1,199,464,641 1,465,671,829

-67- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the half year ended 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund 30 June 31 December 2021 2020 $ $ Net assets attributable to unitholders at the beginning of the financial period/year 67,172,483 51,285,715 Operations Change in net assets attributable to unitholders resulting from operations 9,653,919 4,343,903

Unitholders’ contributions/(withdrawals) Creation of units 1,734,219 36,114,225 Cancellation of units (1,490,680) (24,571,360)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 243,539 11,542,865

Total increase/(decrease) in net assets attributable to unitholders 9,897,458 15,886,768

Net assets attributable to unitholders at the end of the financial period/year 77,069,941 67,172,483

-68- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the half year ended 30 June 2021 (Un-audited)

United Global Quality Growth Fund 30 June 31 December 2021 2020 $ $ Net assets attributable to unitholders at the beginning of the financial period/year 817,921,333 421,165,587 Operations Change in net assets attributable to unitholders resulting from operations 101,376,939 120,911,338

Unitholders’ contributions/(withdrawals) Creation of units 544,319,350 980,953,710 Cancellation of units (281,379,773) (693,676,666)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 262,939,577 287,277,044

Distributions (10,410,991) (11,432,636)

Total increase/(decrease) in net assets attributable to unitholders 353,905,525 396,755,746

Net assets attributable to unitholders at the end of the financial period/year 1,171,826,858 817,921,333

-69- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the half year ended 30 June 2021 (Un-audited)

United Enhanced Growth Select For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $ Net assets attributable to unitholders at the beginning of the financial period/year - Operations Change in net assets attributable to unitholders resulting from operations 1,547,530

Unitholders’ contributions/(withdrawals) Creation of units 42,873,357 Cancellation of units (5,414,445)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 37,458,912

Total increase/(decrease) in net assets attributable to unitholders 39,006,442

Net assets attributable to unitholders at the end of the financial period/year 39,006,442

-70- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF MOVEMENTS OF UNITHOLDERS’ FUNDS For the half year ended 30 June 2021 (Un-audited)

United Enhanced Income Select For the financial period from 12 November 2020 (date of inception) to 30 June 2021 $ Net assets attributable to unitholders at the beginning of the financial period/year - Operations Change in net assets attributable to unitholders resulting from operations 1,391,961

Unitholders’ contributions/(withdrawals) Creation of units 71,494,832 Cancellation of units (2,070,817)

Change in net assets attributable to unitholders resulting from net creation and cancellation of units 69,424,015

Distributions (473,865)

Total increase/(decrease) in net assets attributable to unitholders 70,342,111

Net assets attributable to unitholders at the end of the financial period/year 70,342,111

-71- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary Quoted bonds

ARGENTINA PROVINCIA DE CORDOBA SR UNSECURED REGS 02/29 VAR 795,000 683,940 0.06 REPUBLIC OF ARGENTINA SR UNSECURED 07/30 VAR 375,000 182,475 0.01 REPUBLIC OF ARGENTINA SR UNSECURED 07/35 VAR 710,000 304,457 0.03 REPUBLIC OF ARGENTINA SR UNSECURED 07/41 VAR 425,000 205,377 0.02 YPF SOCIEDAD ANONIMA SR UNSECURED REGS 03/25 8.5 470,000 564,651 0.05 YPF SOCIEDAD ANONIMA SR UNSECURED REGS 07/27 6.95 930,000 885,200 0.07

TOTAL ARGENTINA 2,826,100 0.24

AUSTRALIA FMG RESOURCES AUGUST 2006 COMPANY GUARANT 144A 09/27 4.5 1,815,000 2,660,884 0.22 NEWCREST FINANCE PTY LTD COMPANY GUARANT 144A 05/50 4.2 305,000 471,172 0.04 WESTPAC BANKING CORP NEW ZEALAND JR SUBORDINATED 03/67 VAR 190,000 274,441 0.02

TOTAL AUSTRALIA 3,406,497 0.28

AZERBAIJAN INTERNATIONAL BANK OF AZ SR UNSECURED REGS 09/24 3.5 800,000 1,069,983 0.09

-72- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

BELGIUM ARGENTA SPAARBANK SR UNSECURED REGS 01/27 1 1,200,000 1,956,756 0.16 ARGENTA SPAARBANK SR UNSECURED REGS 10/26 1 600,000 979,312 0.08

TOTAL BELGIUM 2,936,068 0.24

BRAZIL BRF SA SR UNSECURED REGS 01/30 4.875 630,000 890,361 0.08 CENTRAIS ELETRICAS BRASI SR UNSECURED 144A 02/25 3.625 285,000 395,379 0.03 CENTRAIS ELETRICAS BRASI SR UNSECURED 144A 02/30 4.625 200,000 278,330 0.02 CSN ISLANDS XI CORP COMPANY GUARANT REGS 01/28 6.75 550,000 818,601 0.07 ITAU UNIBANCO HOLDING SA/KY SR UNSECURED 144A 01/23 2.9 765,000 1,053,106 0.09 VALE OVERSEAS LIMITED COMPANY GUARANT 07/30 3.75 915,000 1,311,058 0.11 VALE OVERSEAS LIMITED COMPANY GUARANT 08/26 6.25 2,000,000 3,240,463 0.27

TOTAL BRAZIL 7,987,298 0.67

CANADA ALIMENTATION COUCHE TARD COMPANY GUARANT 144A 05/41 3.439 290,000 403,290 0.03

-73- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

CANADA (continued) AUTOMATION TOOLING SYSTEMS COMPANY GUARANT 144A 12/28 4.125 340,000 469,457 0.04 INTERTAPE POLYMER GROUP COMPANY GUARANT 144A 06/29 4.375 195,000 266,390 0.02

TOTAL CANADA 1,139,137 0.09

CHILE CELULOSA ARAUCO CONSTITUCION SR UNSECURED 144A 01/50 5.15 540,000 840,381 0.07 EMBOTELLADORA ANDINA SA SR UNSECURED REGS 10/23 5 410,000 600,641 0.05 ENGIE ENERGIA CHILE SA SR UNSECURED REGS 01/25 4.5 415,000 610,458 0.05 ENTEL CHILE SA SR UNSECURED REGS 08/26 4.75 1,025,000 1,524,621 0.13

TOTAL CHILE 3,576,101 0.30

CHINA CDB FINANCIAL LEASING SUBORDINATED REGS 09/30 VAR 885,000 1,209,466 0.10 CDBL FUNDING TWO COMPANY GUARANT REGS 03/26 2 915,000 1,228,170 0.10 CIFI HOLDINGS GROUP COMPANY GUARANT REGS 05/26 5.25 200,000 276,593 0.02 COUNTRY GARDEN HOLDINGS SR SECURED REGS 09/25 6.15 705,000 1,041,163 0.09

-74- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

CHINA (continued) HUARONG FINANCE 2017 CO COMPANY GUARANT REGS VAR 1,125,000 1,025,047 0.09 HUARONG FINANCE 2019 COMPANY GUARANT REGS 11/29 3.875 440,000 405,142 0.04 INDUSTRIAL & COMMERCIAL BANK OF CHINA SUBORDINATED REGS 09/25 4.875 400,000 603,419 0.05 KWG GROUP HOLDINGS SR SECURED REGS 08/26 6 385,000 498,514 0.04 MEITUAN SR UNSECURED 144A 10/25 2.125 200,000 267,041 0.02 MEITUAN SR UNSECURED 144A 10/30 3.05 735,000 979,634 0.08 SINOPEC GROUP DEVELOPMENT 2018 COMPANY GUARANT 144A 05/30 2.7 815,000 1,132,029 0.10 TENCENT HOLDINGS LTD SR UNSECURED 144A 06/30 2.39 1,105,000 1,483,183 0.12 TENCENT HOLDINGS LTD SR UNSECURED 144A 06/50 3.24 200,000 264,128 0.02 TIMES CHINA HOLDING LTD SR SECURED REGS 03/26 6.2 200,000 264,213 0.02 YINGDE GASES INVESTMENT LTD COMPANY GUARANT REGS 01/23 6.25 875,000 1,206,378 0.10 YUZHOU GROUP SR SECURED REGS 08/26 7.85 575,000 605,846 0.05

TOTAL CHINA 12,489,966 1.04

COLOMBIA BANCO DE BOGOTA SA SUBORDINATED REGS 05/26 6.25 395,000 582,082 0.05

-75- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

COLOMBIA (continued) BANCOLOMBIA SA SR UNSECURED 01/25 3 440,000 608,156 0.05 ECOPETROL SA SR UNSECURED 04/30 6.875 620,000 1,006,969 0.08 GRUPO AVAL LTD COMPANY GUARANT REGS 09/22 4.75 430,000 595,231 0.05 TRANSPORTADORA DE GAS INTERNACIONAL SR UNSECURED REGS 11/28 5.55 275,000 414,248 0.04

TOTAL COLOMBIA 3,206,686 0.27

DENMARK DANSKE BANK A/S SR UNSECURED 144A 01/24 5.375 375,000 559,262 0.05 DANSKE BANK A/S SR UNSECURED 144A 09/26 VAR 500,000 673,665 0.06 DANSKE BANK A/S SR UNSECURED REGS 01/28 VAR 500,000 954,117 0.08 DANSKE BANK A/S SUBORDINATED REGS 09/30 VAR 615,000 1,004,882 0.08 NYKREDIT REALKREDIT AS SR UNSECURED REGS 01/28 0.375 575,000 906,279 0.07 NYKREDIT REALKREDIT AS SUBORDINATED REGS 07/31 VAR 400,000 638,473 0.05

TOTAL DENMARK 4,736,678 0.39

-76- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

EGYPT ARAB REPUBLIC OF EGYPT SR UNSECURED 144A 02/61 7.5 650,000 821,699 0.07

FRANCE ALTICE FRANCE SA SR SECURED 144A 05/26 7.375 901,000 1,260,998 0.11 BNP PARIBAS SR UNSECURED 144A 08/28 4.4 475,000 737,372 0.06 BNP PARIBAS SR UNSECURED REGS 01/30 VAR 600,000 942,078 0.08 BNP PARIBAS SR UNSECURED REGS 07/31 1.25 700,000 1,220,145 0.10 BNP PARIBAS SUBORDINATED REGS 05/31 VAR 200,000 374,713 0.03 CREDIT AGRICOLE SA JR SUBORDINATED REGS 12/99 VAR ISIN USF2R125CF03 470,000 708,026 0.06 CREDIT AGRICOLE SA JR SUBORDINATED REGS 12/99 VAR ISIN XS2353099638 715,000 1,582,226 0.13 CREDIT AGRICOLE SA SUBORDINATED REGS 12/31 VAR 200,000 372,768 0.03 CREDIT MUTUEL ARKEA SR UNSECURED REGS 06/29 VAR 300,000 498,987 0.04 CREDIT MUTUEL ARKEA SUBORDINATED REGS 03/31 3.375 500,000 963,060 0.08 LA BANQUE POSTALE SR UNSECURED REGS 06/31 0.75 700,000 1,111,259 0.09

-77- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

FRANCE (continued) MUTUELLE ASSURANCE SUBORDINATED REGS 06/52 VAR 200,000 321,923 0.03

TOTAL FRANCE 10,093,555 0.84

GERMANY BAYERISCHE LANDESBANK SUBORDINATED REGS 09/31 VAR 300,000 477,918 0.04 DEUTSCHE BANK NY SR UNSECURED 03/26 1.686 380,000 515,951 0.04 DEUTSCHE BANK NY SR UNSECURED 05/32 VAR 485,000 665,101 0.06

TOTAL GERMANY 1,658,970 0.14

GUATEMALA CENTRAL AMERICAN BOTTLING CORP COMPANY GUARANT 144A 01/27 5.75 534,000 750,789 0.06

HONG KONG AIA GROUP LTD SR UNSECURED 144A 04/30 3.375 625,000 929,900 0.08 AIA GROUP LTD SR UNSECURED REGS 04/30 3.375 690,000 1,026,610 0.09 AIA GROUP LTD SUBORDINATED 144A 09/40 3.2 735,000 1,024,991 0.08 BANK OF EAST ASIA LTD SUBORDINATED REGS 05/30 VAR 855,000 1,211,594 0.10

-78- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

HONG KONG (continued) NANYANG COMMERCIAL BANK SUBORDINATED REGS 11/29 VAR 945,000 1,309,777 0.11

TOTAL HONG KONG 5,502,872 0.46

INDIA ADANI PORTS AND SPECIAL SR UNSECURED REGS 07/29 4.375 605,000 853,896 0.07 AZURE POWER ENERGY LTD SR SECURED REGS 11/22 5.5 660,000 901,612 0.08 BHARTI AIRTEL LTD SR UNSECURED REGS 06/25 4.375 840,000 1,234,473 0.10 GREENKO MAURITIUS LTD COMPANY GUARANT REGS 02/23 6.25 330,000 457,999 0.04

TOTAL INDIA 3,447,980 0.29

INDONESIA STAR ENERGY CO ISSUE SR SECURED REGS 10/38 4.85 405,000 599,606 0.05 STAR ENERGY GEOTHERMAL SR SECURED REGS 04/33 6.75 407,882 624,603 0.05

TOTAL INDONESIA 1,224,209 0.10

IRELAND AON PLC COMPANY GUARANT 06/44 4.6 1,150,000 1,946,381 0.16

-79- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

IRELAND (continued) BORETS FINANCE DAC COMPANY GUARANT 144A 09/26 6 430,000 609,760 0.05 GTLK EUROPE CAPITAL DAC COMPANY GUARANT REGS 04/25 5.95 490,000 725,744 0.06 JOHNSON CONTROLS INTERNATIONAL PLC SR UNSECURED 07/44 4.625 110,000 183,905 0.02 JOHNSON CONTROLS/TYCO FIRE SR UNSECURED 09/30 1.75 170,000 220,668 0.02 KOKS (IMH CAPITAL) COMPANY GUARANT REGS 09/25 5.9 825,000 1,191,583 0.10 RUSSIAN RAILWAYS(RZD CAPITAL) SR UNSECURED REGS 04/22 5.7 785,000 1,095,680 0.09

TOTAL IRELAND 5,973,721 0.50

ISRAEL BANK LEUMI LE ISRAEL SUBORDINATED 144A REGS 01/31 VAR 455,000 626,901 0.05 ENERGEAN ISRAEL FINANCE 03/24 4.5 110,000 151,375 0.01 ENERGEAN ISRAEL FINANCE SR SECURED 144A REGS 03/26 4.8 105,000 144,902 0.01 ISRAEL ELECTRIC CORP LTD SR SECURED 144A REGS 08/28 4.2 415,000 626,380 0.05 ISRAEL ELECTRIC CORP LTD SR SECURED 144A REGS 11/24 5 900,000 1,355,117 0.11 LEVIATHAN BOND LTD SR SECURED 144A REGS 06/27 6.5 370,000 554,550 0.05 LEVIATHAN BOND LTD SR SECURED 144A REGS 06/30 6.7 380,000 578,476 0.05

-80- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

ISRAEL (continued) MIZRAHI TEFAHOT BANK LTD SUBORDINATED 144A REGS 04/31 VAR 305,000 415,874 0.04

TOTAL ISRAEL 4,453,575 0.37

ITALY INTESA SANPAOLO SPA SR UNSECURED 144A 09/49 4.7 200,000 315,962 0.03 UNICREDIT SPA SR UNSECURED 144A 06/27 VAR 435,000 583,482 0.05

TOTAL ITALY 899,444 0.08

LUXEMBOURG GUARA NORTE SARL SR SECURED 144A 06/34 5.198 618,843 868,283 0.07 KERNEL HOLDING SA SR UNSECURED 144A 10/24 6.5 945,000 1,367,191 0.11 MILLICOM INTERNATIONAL CELLULAR 03/29 6.25 540,000 794,590 0.06 PENTAIR FINANCE SARL COMPANY GUARANT 07/29 4.5 365,000 574,705 0.05 RUMO LUXEMBOURG SARL COMPANY GUARANT 144A 01/28 5.25 560,000 806,687 0.07 TRANE TECHNOLOGIES LUX COMPANY GUARANT 03/49 4.5 190,000 322,063 0.03

-81- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

LUXEMBOURG (continued) VTB BANK (VTB CAPITAL SA SUBORDINATED REGS 10/22 6.95 1,070,000 1,523,333 0.13

TOTAL LUXEMBOURG 6,256,852 0.52

MACAU WYNN MACAU LTD SR UNSECURED REGS 01/26 5.5 1,040,000 1,467,118 0.12

MACEDONIA NORTH MACEDONIA SR UNSECURED 144A 06/26 3.675 475,000 836,659 0.07 NORTH MACEDONIA SR UNSECURED REGS 06/26 3.675 190,000 334,664 0.03

TOTAL MACEDONIA 1,171,323 0.10

MEXICO BANCO INBURSA SR UNSECURED REGS 04/27 4.375 545,000 784,716 0.07 BBVA BANCOMER SA TEXAS SUBORDINATED REGS 09/22 6.75 415,000 593,422 0.05 COCA COLA FEMSA SAB CV COMPANY GUARANT 01/30 2.75 310,000 435,408 0.04 INFRAESTRUCTURA ENERGETICA SR UNSECURED REGS 01/48 4.875 200,000 276,208 0.02 INFRAESTRUCTURA ENERGETICA SR UNSECURED REGS 01/51 4.75 330,000 450,710 0.04

-82- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

MEXICO (continued) MEXICO CITY AIRPORT TRUST SR SECURED REGS 07/47 5.5 480,000 654,927 0.05 NEMAK SAB DE CV SR UNSECURED REGS 06/31 3.625 485,000 655,523 0.05 PETROLEOS MEXICANOS COMPANY GUARANT 01/50 7.69 625,000 809,670 0.07 SIGMA ALIMENTOS SA COMPANY GUARANT REGS 05/26 4.125 330,000 484,615 0.04 TRUST FIBRA UNO SR UNSECURED REGS 01/50 6.39 600,000 949,504 0.08 UNIFIN FINANCIERA SA DE COMPANY GUARANT 144A 01/29 9.875 435,000 582,473 0.05

TOTAL MEXICO 6,677,176 0.56

MOROCCO OFFICE CHERIFIEN DES PHOSPHATES SR UNSECURED REGS 06/31 3.75 460,000 625,907 0.05 OFFICE CHERIFIEN DES PHOSPHATES SR UNSECURED REGS 06/51 5.125 470,000 639,545 0.06

TOTAL MOROCCO 1,265,452 0.11

NETHERLANDS BRASKEM NETHERLANDS COMPANY GUARANT REGS 01/50 5.875 410,000 605,341 0.05 EMBRAER NETHERLANDS FINANCE COMPANY GUARANT 02/27 5.4 525,000 752,910 0.06

-83- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

NETHERLANDS (continued) EMBRAER NETHERLANDS FINANCE COMPANY GUARANT 144A 01/28 6.95 405,000 624,020 0.05 EURONEXT NV SR UNSECURED REGS 05/41 1.5 355,000 573,290 0.05 GREENKO DUTCH BV COMPANY GUARANT REGS 03/26 3.85 530,000 730,771 0.06 ING GROEP NV JR SUBORDINATED REGS 12/49 VAR 440,000 616,033 0.05 ING GROEP NV SR UNSECURED 04/27 VAR 285,000 386,764 0.03 ING GROEP NV SR UNSECURED 04/29 4.05 300,000 461,885 0.04 ING GROEP NV SR UNSECURED REGS 02/29 VAR 600,000 938,008 0.08 METINVEST BV SR UNSECURED 144A 10/27 7.65 910,000 1,360,651 0.11 PETROBRAS GLOBAL FINANCE COMPANY GUARANT 06/50 6.75 710,000 1,117,166 0.09 PETROBRAS GLOBAL FINANCE COMPANY GUARANT 06/51 5.5 190,000 256,228 0.02 PROSUS NV SR UNSECURED REGS 02/51 3.832 400,000 502,714 0.04 TEVA PHARMACEUTICALS NE COMPANY GUARANT 10/26 3.15 1,625,000 2,080,570 0.18 UPC HOLDING BV SR SECURED 144A 01/28 5.5 270,000 381,474 0.03 VEON HOLDINGS BV SR UNSECURED REGS 11/27 3.375 720,000 976,438 0.08

-84- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

NETHERLANDS (continued) VTR FINANCE BV SR UNSECURED 144A 07/28 6.375 200,000 285,934 0.03

TOTAL NETHERLANDS 12,650,197 1.05

NORWAY DNB BANK ASA JR SUBORDINATED REGS 12/49 VAR 1,625,000 2,266,914 0.19

OMAN OMAN GOVERNMENT INTERNATIONAL BOND SR UNSECURED 144A 01/51 7 455,000 624,094 0.05 ORYX FUNDING LTD COMPANY GUARANT 144A 02/31 5.8 220,000 312,959 0.03

TOTAL OMAN 937,053 0.08

PANAMA SPARC EM SPC PANAMA METRO SR SECURED REGS 12/22 0.00000 463,432 609,671 0.05

PARAGUAY BIOCEANICO SOVEREIGN SR SECURED 144A 06/34 0.00000 840,498 838,038 0.07

PERU BANCO DE CREDITO DEL PER SUBORDINATED 144A 07/30 VAR 445,000 595,717 0.05

-85- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

PERU (continued) BANCO DE CREDITO DEL PER SUBORDINATED 144A 09/31 VAR 500,000 667,210 0.05 KALLPA GENERACION SA SR UNSECURED REGS 05/26 4.875 990,000 1,404,309 0.12 SAN MIGUEL INDUSTRIAS COMPANY GUARANT REGS 09/22 4.5 885,000 1,198,640 0.10

TOTAL PERU 3,865,876 0.32

QATAR OOREDOO INTERNATIONAL FINANCE COMPANY GUARANT REGS 02/23 3.25 880,000 1,234,145 0.10 OOREDOO INTERNATIONAL FINANCE COMPANY GUARANT REGS 04/31 2.625 660,000 899,922 0.07 QATAR PETROLEUM SR UNSECURED REGS 07/31 2.25 280,000 372,375 0.03 QATAR PETROLEUM SR UNSECURED REGS 09/26 1.375 355,000 476,738 0.04 QNB FINANCE LTD COMPANY GUARANT REGS 05/25 2.625 1,100,000 1,549,555 0.13 QNB FINANCE LTD COMPANY GUARANT REGS 09/25 1.625 405,000 549,205 0.05

TOTAL QATAR 5,081,940 0.42

ROMANIA ROMANIA UNSECURED 144A 12/40 2.625 375,000 593,872 0.05

-86- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

ROMANIA (continued) ROMANIA UNSECURED REGS 12/40 2.625 370,000 585,954 0.05

TOTAL ROMANIA 1,179,826 0.10

SAUDI ARABIA SAUDI ARABIAN OIL CO SR UNSECURED REGS 04/29 3.5 250,000 364,594 0.03 SAUDI ARABIAN OIL CO SR UNSECURED REGS 04/39 4.25 1,370,000 2,065,835 0.17 SAUDI ARABIAN OIL CO SR UNSECURED REGS 11/30 2.25 270,000 356,897 0.03

TOTAL SAUDI ARABIA 2,787,326 0.23

SERBIA REPUBLIC OF SERBIA SR UNSECURED 144A 05/27 3.125 595,000 1,057,010 0.09

SINGAPORE BOC AVIATION LTD SR UNSECURED REGS 04/26 3.875 800,000 1,166,180 0.10 CONTINUUM ENERGY LEVANTE SR SECURED REGS 02/27 4.5 250,000 344,537 0.03 CONTINUUM ENERGY LEVANTER SR SECURED 144A 02/27 4.5 220,000 303,193 0.02 JOLLIBEE WORLDWIDE PTE LTD COMPANY GUARANT REGS 06/30 4.75 230,000 328,739 0.03

-87- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

SINGAPORE (continued) JOLLIBEE WORLDWIDE PTE LTD COMPANY GUARANT REGS 12/99 VAR 700,000 938,555 0.08 UNITED OVERSEAS BANK LTD SUBORDINATED REGS 03/27 VAR* 890,000 1,213,344 0.10 VENA ENERGY CAPITAL PTE LTD COMPANY GUARANT REGS 02/25 3.133 885,000 1,220,522 0.10

TOTAL SINGAPORE 5,515,070 0.46

SOUTH AFRICA GOLD FIELDS OROGEN HOLDING COMPANY GUARANT REGS 05/29 6.125 770,000 1,230,448 0.10 MTN MAURITIUS INVESTMENTS COMPANY GUARANT REGS 02/22 5.373 875,000 1,203,403 0.10

TOTAL SOUTH AFRICA 2,433,851 0.20

SPAIN AI CANDELARIA SPAIN SLU SR SECURED 144A 06/33 5.75 455,000 630,583 0.05 CAIXABANK SA SR UNSECURED REGS 02/29 VAR 300,000 471,524 0.04

TOTAL SPAIN 1,102,107 0.09

SWEDEN SVENSKA HANDELSBANKEN AB JR SUBORDINATED REGS 12/99 VAR 400,000 569,632 0.05

-88- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

SWITZERLAND CREDIT SUISSE AG SUBORDINATED REGS 08/23 6.5 925,000 1,376,489 0.12 CREDIT SUISSE GROUP AG JR SUBORDINATED REGS 12/49 VAR 3,250,000 4,794,108 0.40 CREDIT SUISSE GROUP AG SR UNSECURED 144A 05/32 VAR 250,000 346,106 0.03 CREDIT SUISSE GROUP AG SR UNSECURED REGS 01/28 4.282 1,130,000 1,691,651 0.14 CREDIT SUISSE GROUP AG SR UNSECURED REGS 02/27 VAR 580,000 764,395 0.06 UBS AG SUBORDINATED REGS 05/24 5.125 1,550,000 2,301,445 0.19 UBS GROUP AG SR UNSECURED 144A 03/28 4.253 600,000 914,033 0.08 UBS GROUP AG SR UNSECURED REGS 02/28 0.25 300,000 474,162 0.04

TOTAL SWITZERLAND 12,662,389 1.06

THAILAND BANGKOK BANK PCL/HK SUBORDINATED REGS 09/34 VAR 880,000 1,230,460 0.10

TURKEY ZORLU YENILENEBILIR SR SECURED REGS 06/26 9 520,000 700,220 0.06

-89- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UKRAINE INTERPIPE HOLDINGS PLC COMPANY GUARANT REGS 05/26 8.375 455,000 612,119 0.05

UNITED ARAB EMIRATES ACWA POWER MANAGEMENT AND INVESTMENTS SR SECURED REGS 12/39 5.95 689,262 1,102,597 0.09 ADCB FINANCE CAYMAN LTD COMPANY GUARANT REGS 03/23 4 1,065,000 1,513,334 0.13 EMIRATES SEMBCORP WATER SR SECURED REGS 08/35 4.45 785,000 1,213,477 0.10 GALAXY PIPELINE ASSETS SR SECURED 144A 03/34 2.16 345,000 456,472 0.04 GALAXY PIPELINE ASSETS SR SECURED 144A 09/40 2.94 880,000 1,177,852 0.10 GALAXY PIPELINE ASSETS SR SECURED 144A 09/40 3.25 230,000 308,010 0.02 TABREED SUKUK SPC LTD SR UNSECURED REGS 10/25 5.5 470,000 730,017 0.06

TOTAL UNITED ARAB EMIRATES 6,501,759 0.54

UNITED KINGDOM BARCLAYS PLC SR UNSECURED 01/47 4.95 355,000 618,290 0.05 BARCLAYS PLC SR UNSECURED 05/25 VAR 1,075,000 1,560,856 0.13 BARCLAYS PLC SR UNSECURED 12/24 VAR 485,000 654,755 0.05

-90- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED KINGDOM (continued) BARCLAYS PLC SR UNSECURED REGS 04/25 VAR 900,000 1,563,504 0.13 FERGUSON FINANCE PLC COMPANY GUARANT 144A 10/28 4.5 200,000 313,632 0.03 HSBC HOLDINGS PLC JR SUBORDINATED 12/99 VAR ISIN US404280BL25 600,000 897,254 0.07 HSBC HOLDINGS PLC JR SUBORDINATED 12/99 VAR ISIN US404280BP39 725,000 1,119,513 0.09 HSBC HOLDINGS PLC SR UNSECURED 05/32 VAR 320,000 442,815 0.04 LONDON STOCK EXCHANGE PLC SR UNSECURED REGS 04/30 1.625 445,000 828,453 0.07 MARB BONDCO PLC COMPANY GUARANT 144A 01/31 3.95 755,000 979,807 0.08 NATWEST GROUP PLC SR UNSECURED 03/25 VAR 625,000 911,795 0.08 NATWEST GROUP PLC SR UNSECURED 04/26 4.8 315,000 485,220 0.04 NATWEST GROUP PLC SR UNSECURED REGS 02/30 VAR 610,000 973,522 0.08 NATWEST MARKETS PLC SR UNSECURED 144A 08/24 0.8 200,000 267,693 0.02 VIRGIN MONEY UK PLC SR UNSECURED REGS 06/25 VAR 475,000 926,522 0.08 VIRGIN MONEY UK PLC SR UNSECURED REGS 09/26 VAR 564,000 1,147,392 0.10

-91- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED KINGDOM (continued) VIRGIN MONEY UK PLC SUBORDINATED REGS 08/31 VAR 205,000 386,379 0.03

TOTAL UNITED KINGDOM 14,077,402 1.17

UNITED STATES ABBOTT LABORATORIES SR UNSECURED 11/36 4.75 800,000 1,387,340 0.12 ABBOTT LABORATORIES SR UNSECURED 11/46 4.9 240,000 442,701 0.04 AECOM COMPANY GUARANT 03/27 5.125 225,000 337,226 0.03 AETNA INC SR UNSECURED 06/36 6.625 330,000 649,076 0.05 AGILENT TECHNOLOGIES INC SR UNSECURED 09/29 2.75 465,000 655,609 0.05 ALABAMA POWER CO SR UNSECURED 03/45 3.75 1,000,000 1,526,598 0.13 ALLEGION US HOLDING CO COMPANY GUARANT 10/27 3.55 535,000 783,583 0.07 AMDOCS LTD SR UNSECURED 06/30 2.538 470,000 633,148 0.05 AMERICAN HOMES 4 RENT SR UNSECURED 02/28 4.25 385,000 580,694 0.05 AMGEN INC SR UNSECURED 11/41 5.15 1,000,000 1,773,574 0.15 AMPHENOL CORP SR UNSECURED 02/30 2.8 560,000 797,457 0.07 ANHEUSER BUSCH CO/INBEV COMPANY GUARANT 02/36 4.7 3,250,000 5,374,242 0.45 ANHEUSER BUSCH CO/INBEV COMPANY GUARANT 02/46 4.9 3,015,000 5,123,636 0.43

-92- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) ANHEUSER BUSCH INBEV FINANCE COMPANY GUARANT 01/43 4 2,700,000 4,065,744 0.34 ANTHEM INC SR UNSECURED 12/47 4.375 852,000 1,402,588 0.12 API GROUP DE INC COMPANY GUARANT 144A 07/29 4.125 195,000 261,136 0.02 APPLE INC SR UNSECURED 02/46 4.65 3,000,000 5,378,499 0.45 APPLE INC SR UNSECURED 05/30 1.65 235,000 314,092 0.03 APPLE INC SR UNSECURED 05/43 3.85 1,500,000 2,403,211 0.20 APPLE INC SR UNSECURED 05/44 4.45 3,000,000 5,221,757 0.44 APPLE INC SR UNSECURED 08/50 2.4 350,000 442,448 0.04 APX GROUP INC SR SECURED 144A 02/27 6.75 1,000,000 1,433,031 0.12 ARES CAPITAL CORP SR UNSECURED 07/25 3.25 350,000 495,390 0.04 ARES FINANCE CO COMPANY GUARANT 144A 06/51 VAR 195,000 262,774 0.02 AT & T INC SR UNSECURED REGS 09/55 3.55 4,264,000 5,770,186 0.48 ATKORE INC SR UNSECURED 144A 06/31 4.25 195,000 265,811 0.02 AVANTOR FUNDING INC COMPANY GUARANT 144A 07/28 4.625 245,000 348,107 0.03 AVERY DENNISON CORP SR UNSECURED 04/30 2.65 435,000 602,340 0.05 BANK OF AMERICA CORP SR UNSECURED 01/44 5 2,000,000 3,586,223 0.30 BANK OF AMERICA CORP SR UNSECURED 07/31 VAR 935,000 1,224,359 0.10

-93- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) BANK OF AMERICA CORP SR UNSECURED 10/24 VAR 760,000 1,025,970 0.09 BANKUNITED INC SUBORDINATED 06/30 5.125 365,000 573,301 0.05 BARRICK NORTH AMERICA FINANCE LLC COMPANY GUARANT 05/43 5.75 250,000 473,136 0.04 BECTON DICKINSON AND CO SR UNSECURED 02/31 1.957 425,000 558,528 0.05 BIMBO BAKERIES USA INC COMPANY GUARANT REGS 05/51 4 280,000 406,257 0.03 BOC AVIATION USA CORP COMPANY GUARANT REGS 04/24 1.625 ISIN US66980Q2A49 250,000 338,945 0.03 BOC AVIATION USA CORP COMPANY GUARANT REGS 04/24 1.625 ISIN US66980Q2B22 200,000 270,768 0.02 BOISE CASCADE COMPANY GUARANT 144A 07/30 4.875 90,000 128,787 0.01 BOOZ ALLEN HAMILTON INC COMPANY GUARANT 144A 09/28 3.875 205,000 281,771 0.02 BROADCOM INC COMPANY GUARANT 144A 02/51 3.75 155,000 218,013 0.02 BROWN & BROWN INC SR UNSECURED 03/31 2.375 405,000 545,348 0.05 BWX TECHNOLOGIES INC COMPANY GUARANT 144A 06/28 4.125 120,000 164,565 0.01 CADENCE DESIGN SYSTEMS INC SR UNSECURED 10/24 4.375 585,000 865,504 0.07 CARRIER GLOBAL CORP SR UNSECURED 02/30 2.722 470,000 656,211 0.05

-94- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) CDW LLC/CDW FINANCE COMPANY GUARANT 02/29 3.25 145,000 197,589 0.02 CENTENE CORP SR UNSECURED 02/30 3.375 220,000 309,432 0.03 CENTRAL GARDEN & PET CO COMPANY GUARANT 10/30 4.125 220,000 303,073 0.03 CF INDUSTRIES INC COMPANY GUARANT 03/34 5.15 2,000,000 3,263,355 0.27 CF INDUSTRIES INC COMPANY GUARANT 03/44 5.375 150,000 250,115 0.02 CHARLES RIVER LABORATORIIES COMPANY GUARANT 144A 03/31 4 140,000 196,032 0.02 CHARTER COMMUNICATIONS OPERATING LLC/CAPITAL SR SECURED 07/25 4.908 950,000 1,448,030 0.12 CHICAGO TRANSIT AUTHORITY SALES CHITRN 12/40 FIXED 6.899 1,700,000 3,253,454 0.27 CHURCH & DWIGHT CO INC SR UNSECURED 08/47 3.95 355,000 557,020 0.05 COMCAST CORP COMPANY GUARANT 08/45 4.6 2,400,000 4,064,772 0.34 COMCAST CORP COMPANY GUARANT 11/47 3.969 1,800,000 2,824,298 0.24 COMMERCIAL METALS CO SR UNSECURED 02/31 3.875 115,000 155,742 0.01 CONOCOPHILLIPS CO COMPANY GUARANT 11/44 4.3 1,000,000 1,621,637 0.14 CONSOLIDATED EDISON CO OF NEW YORK INC SR UNSECURED 12/54 4.625 1,450,000 2,478,404 0.21

-95- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) COX COMMUNICATIONS INC SR UNSECURED 144A 12/42 4.7 627,000 1,047,464 0.09 CROCS INC COMPANY GUARANT 144A 03/29 4.25 190,000 261,181 0.02 CROWDSTRIKE HOLDINGS INC COMPANY GUARANT 02/29 3 335,000 451,298 0.04 CVR PARTNERS/CVR NITROGE SR SECURED 144A 06/28 6.125 120,000 165,538 0.01 CVS HEALTH CORP SR UNSECURED 03/38 4.78 1,200,000 1,984,371 0.17 CVS HEALTH CORP SR UNSECURED 07/45 5.125 2,000,000 3,506,086 0.29 DAE FUNDING LLC COMPANY GUARANT 144A 03/28 3.375 900,000 1,240,527 0.10 DISH DBS CORP COMPANY GUARANT 07/26 7.75 3,250,000 4,952,957 0.41 DISH DBS CORP COMPANY GUARANT 07/28 7.375 2,500,000 3,620,536 0.30 DUKE ENERGY CORP SR UNSECURED 12/45 4.8 1,023,000 1,687,538 0.14 DUN & BRADSTREET CORP SR SECURED 144A 08/26 6.875 1,498,000 2,141,466 0.18 EAGLE MATERIALS SR UNSECURED 07/31 2.5 515,000 688,447 0.06 EDWARDS LIFESCIENCES CORP SR UNSECURED 06/28 4.3 555,000 867,448 0.07 ELEMENT SOLUTIONS INC COMPANY GUARANT 144A 09/28 3.875 325,000 446,373 0.04 ELI LILLY & CO SR UNSECURED 03/49 3.95 320,000 523,267 0.04

-96- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) EMERA US FINANCE LP COMPANY GUARANT 06/46 4.75 3,000,000 4,789,371 0.40 ENERGY TRANSFER LP SR UNSECURED 03/45 5.15 1,500,000 2,338,016 0.19 ENERGY TRANSFER LP SR UNSECURED 04/44 5.3 3,500,000 5,472,464 0.46 ENSTAR GROUP LTD SR UNSECURED 03/22 4.5 465,000 637,977 0.05 ENTEGRIS INC COMPANY GUARANT 144A 05/29 3.625 295,000 402,606 0.03 EXXON MOBIL CORP SR UNSECURED 03/46 4.114 1,760,000 2,797,244 0.23 FAIR ISAAC CORP SR UNSECURED 144A 06/28 4 180,000 250,460 0.02 FANNIE MAE FNR 2015 19 JB 1,000,000 1,501,618 0.12 FANNIE MAE FNR 2017 27 PB 1,000,000 1,490,684 0.12 FANNIE MAE FNR 2017 75 PL 340,000 486,395 0.04 FANNIE MAE FNR 2018 25 AL 561,580 828,535 0.07 FANNIE MAE FNR 2018 25 PL 465,091 693,349 0.06 FEDEX CORP COMPANY GUARANT 11/45 4.75 1,006,000 1,688,017 0.14 FLORIDA POWER & LIGHT CO 1ST MORTGAGE 02/41 5.25 852,000 1,597,137 0.13 FORD MOTOR COMPANY SR UNSECURED 12/46 5.291 195,000 293,087 0.02 FREDDIE MAC FHR 4736 CL 600,079 868,249 0.07 GARTNER INC COMPANY GUARANT 144A 06/29 3.625 70,000 95,623 0.01

-97- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) GARTNER INC COMPANY GUARANT 144A 07/28 4.5 335,000 476,170 0.04 GENERAL MOTORS CO SR UNSECURED 04/46 6.75 500,000 969,869 0.08 GENERAL MOTORS CO SR UNSECURED 04/48 5.4 1,700,000 2,916,052 0.24 GEORGIA POWER CO SR UNSECURED 03/42 4.3 1,832,000 2,918,063 0.24 GEORGIA POWER COMPANY SR UNSECURED 09/40 4.75 4,000,000 6,659,343 0.56 GLOBAL PAYMENTS INC SR UNSECURED 03/26 1.2 285,000 379,911 0.03 GLOBE LIFE INC SR UNSECURED 08/30 2.15 475,000 629,505 0.05 GOLDMAN SACHS GROUP INC SR UNSECURED 01/32 VAR 85,000 110,970 0.01 GOLDMAN SACHS GROUP INC SR UNSECURED 02/41 6.25 975,000 1,952,234 0.16 GOLDMAN SACHS GROUP INC SR UNSECURED 04/39 VAR 1,300,000 2,133,515 0.18 GOLDMAN SACHS GROUP INC SUBORDINATED 10/37 6.75 4,300,000 8,430,052 0.70 GOLUB CAPITAL BDC SR UNSECURED 04/24 3.375 205,000 287,716 0.02 GYP HOLDINGS III CORP COMPANY GUARANT 144A 05/29 4.625 145,000 196,207 0.02 HCA INC COMPANY GUARANT 02/26 5.875 3,240,000 5,048,666 0.42 HCA INC COMPANY GUARANT 09/30 3.5 1,575,000 2,256,834 0.19 HCA INC SR SECURED 06/49 5.25 150,000 259,378 0.02

-98- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) HECLA MINING CO COMPANY GUARANT 02/28 7.25 200,000 294,044 0.02 HESS CORP SR UNSECURED 01/40 6 1,725,000 2,980,821 0.25 HESS CORP SR UNSECURED 02/41 5.6 1,475,000 2,480,443 0.21 HILL-ROM HOLDINGS INC COMPANY GUARANT SR UNSECURED REGS 09/27 4.375 75,000 104,688 0.01 HOLOGIC INC COMPANY GUARANT 144A 02/29 3.25 280,000 374,219 0.03 HOME DEPOT INC SR UNSECURED 12/36 5.875 1,500,000 2,891,090 0.24 HORIZON THERAPEUTICS USA COMPANY GUARANT 144A 08/27 5.5 505,000 721,756 0.06 ICAHN ENTERPRISES/FINANCE COMPANY GUARANT 05/26 6.25 150,000 214,272 0.02 ICAHN ENTERPRISES/FINANCE COMPANY GUARANT 12/25 6.375 220,000 306,636 0.03 IDEX CORP SR UNSECURED 05/30 3 350,000 498,640 0.04 INGLES MARKETS INC SR UNSECURED 144A 06/31 4 195,000 262,119 0.02 JPMORGAN CHASE & CO SR UNSECURED 04/26 VAR 1,330,000 1,850,041 0.15 JPMORGAN CHASE & CO SR UNSECURED 04/42 VAR 125,000 175,340 0.01 KB HOME COMPANY GUARANT 05/23 7.625 2,915,000 4,274,109 0.36 KEYSIGHT TECHNOLOGIES SR UNSECURED 10/29 3 450,000 640,742 0.05 KOSMOS ENERGY LTD COMPANY GUARANT 144A 03/28 7.5 460,000 612,699 0.05

-99- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) KRAFT HEINZ FOODS CO COMPANY GUARANT 06/46 4.375 5,813,000 8,863,916 0.74 KRAFT HEINZ FOODS CO COMPANY GUARANT 07/45 5.2 1,500,000 2,505,065 0.21 L BRANDS INC COMPANY GUARANT 02/28 5.25 1,000,000 1,505,827 0.13 LENNOX INTERNATIONAL INC COMPANY GUARANT 08/27 1.7 65,000 87,483 0.01 LGI HOMES INC COMPANY GUARANT 144A 07/29 4 195,000 263,757 0.02 LOCKHEED MARTIN CORP SR UNSECURED 05/46 4.7 1,299,000 2,316,968 0.19 LOCKHEED MARTIN CORP SR UNSECURED 12/42 4.07 2,400,000 3,933,294 0.33 LOUISIANA PACIFIC CORP SR UNSECURED 144A 03/29 3.625 240,000 325,031 0.03 LPL HOLDINGS INC COMPANY GUARANT 144A 11/27 4.625 390,000 544,786 0.05 MAIN STREET CAPITAL CORP SR UNSECURED 05/24 5.2 855,000 1,251,503 0.10 MARSH & MCLENNAN COS INC SR UNSECURED 03/49 4.9 240,000 441,486 0.04 MARTIN MARIETTA MATERIALS INC SR UNSECURED 07/51 3.2 230,000 310,203 0.03 MARVELL TECHNOLOGY INC COMPANY GUARANT 144A 04/31 2.95 140,000 195,437 0.02 MASCO CORP SR UNSECURED 05/47 4.5 180,000 295,350 0.02 MASCO CORP SR UNSECURED 08/29 7.75 264,000 487,339 0.04 MASCO CORP SR UNSECURED 11/27 3.5 345,000 509,947 0.04

-100- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) METLIFE INC SR UNSECURED 05/46 4.6 3,650,000 6,337,416 0.53 METROPOLITAN TRANSPORTATION AUTHORITY NEW YORK DEDICATE MTATRN 11/39 FIXED 7.336 1,895,000 4,154,647 0.35 METROPOLITAN TRANSPORTATION AUTHORITY NEW YORK DEDICATE MTATRN 11/40 FIXED 6.089 1,380,000 2,642,422 0.22 METROPOLITAN TRANSPORTATION AUTHORITY NEW YORK REVENUE MTATRN 11/39 FIXED 6.668 2,750,000 5,397,375 0.45 MGIC INVESTMENT CORP SR UNSECURED 08/28 5.25 1,500,000 2,139,798 0.18 MGM GROWTH/MGM FINANCE COMPANY GUARANT 144A 06/25 4.625 445,000 640,489 0.05 MICROSOFT CORP SR UNSECURED 03/52 2.921 2,523,000 3,605,804 0.30 MICROSOFT CORP SR UNSECURED 03/62 3.041 346,000 500,862 0.04 MICROSOFT CORP SR UNSECURED 06/50 2.525 3,750,000 4,968,314 0.41 MICROSOFT CORP SR UNSECURED 06/60 2.675 104,000 139,866 0.01 MICROSOFT CORP SR UNSECURED 08/36 3.45 477,000 744,304 0.06 MIDAMERICAN ENERGY CO 1ST MORTGAGE 04/50 3.15 3,640,000 5,243,622 0.44 MINERALS TECHNOLOGIES INC COMPANY GUARANT 144A 07/28 5 275,000 385,696 0.03 MOLINA HEALTHCARE INC SR UNSECURED 144A 06/28 4.375 435,000 610,747 0.05

-101- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) MONDELEZ INTERNATIONAL SR UNSECURED 10/32 1.875 465,000 607,281 0.05 MORGAN STANLEY SR UNSECURED 01/24 VAR 670,000 900,433 0.07 MORGAN STANLEY SR UNSECURED 01/45 4.3 800,000 1,336,003 0.11 MORGAN STANLEY SR UNSECURED 04/31 VAR 330,000 496,122 0.04 MOTOROLA SOLUTIONS INC SR UNSECURED 05/31 2.75 255,000 349,824 0.03 MSCI INC COMPANY GUARANT 144A 09/30 3.625 485,000 667,218 0.06 NATURAL RESOURCE PARTNERS LP SR UNSECURED 144A 06/25 9.125 170,000 224,777 0.02 NEW HOME CO INC/THE COMPANY GUARANT 144A 10/25 7.25 235,000 335,960 0.03 NEWELL BRANDS INC SR UNSECURED 04/46 6 170,000 289,865 0.02 NEWMONT CORP COMPANY GUARANT 10/30 2.25 385,000 517,149 0.04 NEWS CORP SR UNSECURED 144A 05/29 3.875 240,000 326,237 0.03 NIKE INC SR UNSECURED 05/43 3.625 2,600,000 4,067,418 0.34 NIKE INC SR UNSECURED 11/45 3.875 1,704,000 2,757,926 0.23 NIKE INC SR UNSECURED 11/46 3.375 2,750,000 4,172,228 0.35 NORTH TEXAS TOLLWAY AUTHORITY REVENUE NRTTRN 01/49 FIXED 6.718 3,465,000 7,702,758 0.64 NVR INC SR UNSECURED 05/30 3 435,000 621,535 0.05

-102- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) OAKTREE SPECIALTY LEND SR UNSECURED 01/27 2.7 145,000 195,224 0.02 ORACLE CORP SR UNSECURED 07/34 4.3 1,750,000 2,733,963 0.23 OTIS WORLDWIDE CORP SR UNSECURED 02/50 3.362 240,000 339,557 0.03 OWENS CORNING SR UNSECURED 07/47 4.3 335,000 525,021 0.04 OWL ROCK CAPITAL CORP SR UNSECURED 01/26 4.25 485,000 705,368 0.06 PAYPAL HOLDINGS INC SR UNSECURED 09/22 2.2 290,000 399,199 0.03 PGT INNOVATIONS INC COMPANY GUARANT 144A 08/26 6.75 210,000 298,756 0.02 PORTAUTHORITYOFNEWYORK&NEW JERSEY PORTRN 11/40 FIXED 5.647 ISIN US73358WCW29 990,000 1,877,343 0.16 PORTAUTHORITYOFNEWYORK&NEW JERSEY PORTRN 11/40 FIXED 5.647 ISIN US73358WCX02 410,000 777,486 0.06 PROSPECT CAPITAL CORP SR UNSECURED 01/26 3.706 385,000 532,342 0.04 PRUDENTIAL FINANCIAL INC SR UNSECURED 12/47 3.905 1,681,000 2,633,328 0.22 QORVO INC COMPANY GUARANT 10/29 4.375 345,000 506,154 0.04 QUANTA SERVICES INC SR UNSECURED 10/30 2.9 420,000 586,773 0.05 RADIAN GROUP INC SR UNSECURED 03/27 4.875 3,000,000 4,397,470 0.37

-103- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) RADIAN GROUP INC SR UNSECURED 10/24 4.5 3,500,000 5,044,756 0.42 RAYTHEON TECHNOLOGIES CORP SR UNSECURED 06/42 4.5 1,350,000 2,264,648 0.19 RENEWABLE ENERGY GROUP INC SR SECURED 144A 06/28 5.875 145,000 204,588 0.02 RPM INTERNATIONAL INC SR UNSECURED 06/45 5.25 185,000 310,814 0.03 SANTANDER HOLDINGS USA SR UNSECURED 06/25 3.45 440,000 635,572 0.05 SCOTTS MIRACLE-GRO CO COMPANY GUARANT 10/29 4.5 390,000 547,517 0.05 SEALED AIR CORP COMPANY GUARANT 144A 07/33 6.875 135,000 231,385 0.02 SERVICE CORP INTERNATIONAL SR UNSECURED 05/31 4 135,000 185,457 0.02 SERVICE CORP INTERNATIONAL SR UNSECURED 08/30 3.375 85,000 112,092 0.01 SERVICENOW INC SR UNSECURED 09/30 1.4 355,000 448,909 0.04 SHERWIN-WILLIAMS CO SR UNSECURED 05/30 2.3 465,000 633,729 0.05 SIXTH STREET SPECIALTY SR UNSECURED 11/24 3.875 290,000 414,121 0.03 SKYWORKS SOLUTIONS INC SR UNSECURED 06/31 3 140,000 193,070 0.02 SPRINT CORP COMPANY GUARANT 09/23 7.875 1,900,000 2,904,708 0.24 STATE OF CALIFORNIA CAS 04/39 FIXED 7.55 1,665,000 3,820,439 0.32

-104- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) STATE OF CALIFORNIA CAS 11/40 FIXED 7.6 2,940,000 6,910,442 0.58 STATE OF ILLINOIS ILS 06/33 FIXED 5.1 1,585,000 2,506,917 0.21 STATE OF NEW JERSEY TURNPIKE AUTHORITY NJSTRN 01/41 FIXED 7.102 1,000,000 2,153,245 0.18 STERICYCLE INC COMPANY GUARANT 144A 01/29 3.875 170,000 228,860 0.02 SUNCOKE ENERGY INC SR SECURED 144A 06/29 4.875 170,000 228,514 0.02 T MOBILE USA INC COMPANY GUARANT 02/26 2.25 2,750,000 3,728,895 0.31 TELEFLEX INC COMPANY GUARANT 144A 06/28 4.25 55,000 77,189 0.01 TEMPUR SEALY INTERNATIONAL INC COMPANY GUARANT 144A 04/29 4 285,000 389,069 0.03 TEREX CORP COMPANY GUARANT 144A 05/29 5 230,000 322,692 0.03 THERMO FISHER SCIENTIFIC SR UNSECURED 08/47 4.1 320,000 526,825 0.04 TIME WARNER CABLE LLC SR SECURED 07/38 7.3 1,820,000 3,579,955 0.30 TOLL BROTHERS FINANCE CORP COMPANY GUARANT 03/27 4.875 2,500,000 3,824,148 0.32 TOPBUILD CORP COMPANY GUARANT 144A 03/29 3.625 35,000 46,642 0.00 TRI POINTE HOMES INC COMPANY GUARANT 06/28 5.7 180,000 267,098 0.02 TRIMBLE INC SR UNSECURED 06/23 4.15 250,000 357,420 0.03 TRIMBLE INC SR UNSECURED 06/28 4.9 285,000 450,062 0.04

-105- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) TTM TECHNOLOGIES INC COMPANY GUARANT 144A 03/29 4 160,000 216,644 0.02 UBER TECHNOLOGIES INC COMPANY GUARANT 144A 11/26 8 1,500,000 2,178,330 0.18 UNION PACIFIC CORP SR UNSECURED 10/51 3.799 3,000,000 4,642,568 0.39 UNITED RENTALS NORTH AMERICA COMPANY GUARANT 05/27 5.5 2,000,000 2,853,065 0.24 UNITEDHEALTH GROUP INC SR UNSECURED 07/35 4.625 1,800,000 3,065,103 0.26 UNITEDHEALTH GROUP INC SR UNSECURED 07/45 4.75 1,200,000 2,120,453 0.18 UNIVERSAL HEALTH SERVICES SR SECURED 144A 10/30 2.65 300,000 405,994 0.03 UNIVERSITY OF CALIFORNIA CA REVENUES UNVHGR 05/43 FIXED OID 5.77 1,925,000 3,649,561 0.30 US FOODS INC SR SECURED 144A 04/25 6.25 2,055,000 2,934,977 0.24 VALLEY NATIONAL BANCORP SUBORDINATED 06/31 VAR 290,000 395,784 0.03 VALMONT INDUSTRIES INC COMPANY GUARANT 10/44 5 270,000 441,368 0.04 VERISIGN INC SR UNSECURED 07/27 4.75 500,000 714,106 0.06 VERISK ANALYTICS INC SR UNSECURED 03/29 4.125 382,000 583,626 0.05 VERIZON COMMUNICATIONS SR UNSECURED 08/33 4.5 900,000 1,448,951 0.12 VERIZON COMMUNICATIONS SR UNSECURED 08/46 4.862 2,000,000 3,486,596 0.29

-106- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted bonds

UNITED STATES (continued) VIACOMCBS INC JR SUBORDINATED 02/57 VAR 1,000,000 1,541,038 0.13 VISA INC SR UNSECURED 12/45 4.3 3,000,000 5,188,104 0.43 VOYA FINANCIAL INC COMPANY GUARANT 05/53 VAR 3,670,000 5,287,147 0.44 WALT DISNEY CO/THE COMPANY GUARANT 12/35 6.4 611,000 1,206,198 0.10 WILLIAMS COMPANIES INC SR UNSECURED 06/44 5.75 1,315,000 2,325,471 0.19 WYNN LAS VEGAS LLC/CORP COMPANY GUARANT 144A 03/25 5.5 1,500,000 2,176,172 0.18 YUM BRANDS INC SR UNSECURED 03/31 3.625 225,000 301,311 0.02 ZOETIS INC SR UNSECURED 08/48 4.45 305,000 524,283 0.04

TOTAL UNITED STATES 379,560,210 31.64

Accrued interest receivable on quoted bonds 5,843,311 0.49

Total Bonds 557,121,630 46.44

Quoted unit trusts

IRELAND WELLINGTON EMERGING MARKET DEVELOPMENT FUND T UNHEDGED FONDS 1,934,658 25,956,520 2.16

-107- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted unit trusts

UNITED STATES ISHARES CORE MSCI EAFE ETF 22,121 2,225,966 0.19 ISHARES IBOXX HIGH YIELD CORPORATE BOND ETF 568,700 67,301,873 5.61 SPDR S&P 500 ETF TRUST 2,623 1,509,270 0.13 VANGUARD TOTAL WORLD STOCK ETF 8,789 1,224,066 0.10

TOTAL UNITED STATES 72,261,175 6.03

Total Unit Trusts 98,217,695 8.19

Quoted equities

AUSTRALIA AGL ENERGY LTD 17,603 145,667 0.01 AUSTRALIA & NEW ZEALAND BANKING GROUP 38,224 1,085,860 0.09 BHP GROUP LTD 28,917 1,417,362 0.12 FORTESCUE METALS GROUP LTD 13,118 308,978 0.03 GOODMAN GROUP 83,282 1,779,227 0.15 MAGELLAN FINANCIAL GROUP LTD 1,216 66,094 0.01 MIRVAC GROUP 215,473 634,943 0.05 NEWCREST MINING LTD 6,566 167,509 0.01 RIO TINTO LTD 2,142 273,747 0.02

TOTAL AUSTRALIA 5,879,387 0.49

-108- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

BELGIUM UCB SA 7,303 1,026,325 0.09

BERMUDA TRITON INTERNATIONAL LTD 3,425 240,967 0.02

BRAZIL NOTRE DAME INTERMEDICA PARTICIPACOES SA 11,134 253,314 0.02 STONECO LTD 4,639 418,169 0.04 VALE SA - SPONSORED ADR 45,924 1,408,085 0.12 XP INC - CLASS A 12,982 759,965 0.06

TOTAL BRAZIL 2,839,533 0.24

CANADA BARRICK GOLD CORP 11,306 314,677 0.02 BROOKFIELD ASSET MANAGEMENT INC - CLASS A 15,249 1,044,973 0.09 BROOKFIELD ASSET MANAGEMENT REINSURANCE PARTNERS LTD 105 7,342 0.00 INTACT FINANCIAL CORP 6,984 1,276,763 0.11 MAGNA INTERNATIONAL INC 3,909 486,775 0.04 ROYAL BANK OF CANADA 4,122 561,954 0.05 SHOPIFY INC - CLASS A 207 406,517 0.03 STORAGEVAULT CANADA INC 65,312 341,017 0.03

-109- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

CANADA (continued) TOURMALINE OIL CORP 7,095 272,874 0.02

TOTAL CANADA 4,712,892 0.39

CHINA ALIBABA GROUP HOLDING LTD 11,800 449,345 0.04 ALIBABA GROUP HOLDING LTD - SPONSORED ADR 9,276 2,827,674 0.24 ANHUI GUJING DISTILLERY CO LTD 3,731 185,894 0.02 AUTOBIO DIAGNOSTICS CO LTD 12,000 189,153 0.02 BAIDU INC - SPONSORED ADR 1,503 411,946 0.03 BEIJING ORIENTAL YUHONG WATERPROOF TECHNOLOGY CO LTD 30,600 352,158 0.03 CHINA CONSTRUCTION BANK CORP - H 2,022,873 2,139,364 0.18 CHINA LONGYUAN POWER GROUP CORP LTD - H 946,277 2,191,539 0.18 CHINA MENGNIU DAIRY CO LTD 52,779 428,915 0.04 CHINA MERCHANTS BANK CO LTD - H 41,849 479,895 0.04 CHINA MERCHANTS SHEKOU INDUSTRIAL ZONE HOLDINGS CO LTD 114,300 260,372 0.02 CHINA PACIFIC INSURANCE GROUP - H 60,720 256,972 0.02 CHINA RESOURCES CEMENT HOLDINGS LTD 170,212 217,431 0.02 CHINA RESOURCES GAS GROUP LTD 28,946 233,480 0.02 CHINA RESOURCES LAND LTD 147,004 800,248 0.07 ENN ENERGY HOLDINGS LTD 9,319 238,407 0.02 HANGZHOU ROBAM APPLIANCES CO LTD 37,600 363,726 0.03 KINGBOARD HOLDINGS LTD 53,522 399,286 0.03

-110- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

CHINA (continued) KWEICHOW MOUTAI CO LTD 900 385,077 0.03 LONGFOR GROUP HOLDINGS LTD 121,162 912,285 0.08 MIDEA GROUP CO LTD 36,500 541,929 0.05 MINTH GROUP LTD 47,040 300,447 0.02 NETEASE INC - ADR 3,736 578,778 0.05 PING AN INSURANCE GROUP CO OF CHINA - H 68,126 896,782 0.07 SG MICRO CORP 3,150 165,616 0.01 SHENGYI TECHNOLOGY CO LTD 33,400 162,660 0.01 SHIMAO GROUP HOLDINGS LTD 85,777 282,691 0.02 TENCENT HOLDINGS LTD 37,760 3,816,979 0.32 WILL SEMICONDUCTOR CO LTD 2,300 154,070 0.01 WUXI APPTEC CO LTD - H 8,883 278,761 0.02 XPENG INC - ADR 4,774 285,052 0.02 YEALINK NETWORK TECHNOLOGY CO LTD 3,800 66,246 0.01

TOTAL CHINA 21,253,178 1.77

CURACAO SCHLUMBERGER LTD 4,461 191,947 0.02

CZECH REPUBLIC CEZ AS 33,489 1,335,290 0.11

DENMARK CARLSBERG AS - B 2,343 587,145 0.05

-111- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

DENMARK (continued) COLOPLAST A/S - B 1,435 316,538 0.02 NOVO NORDISK A/S - B 2,063 232,353 0.02

TOTAL DENMARK 1,136,036 0.09

FINLAND KOJAMO OYJ 13,918 427,534 0.03 KONE OYJ - B 11,723 1,285,699 0.11

TOTAL FINLAND 1,713,233 0.14

FRANCE ARKEMA SA 3,423 577,304 0.05 AXA SA 83,165 2,835,058 0.24 ENGIE SA 83,973 1,546,622 0.13 FAURECIA SE 5,157 340,091 0.03 KAUFMAN & BROAD SA 6,806 435,059 0.04 L’OREAL SA 1,882 1,127,427 0.09 MERCIALYS 24,579 400,039 0.03 NEXITY 6,645 446,801 0.04 PERNOD RICARD SA 7,696 2,296,588 0.19 SANOFI 2,400 338,049 0.03 SCHNEIDER ELECTRIC SE 9,966 2,107,844 0.17 TOTALENERGIES SE 12,077 734,552 0.06

-112- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

FRANCE (continued) VINCI SA 3,097 444,271 0.04

TOTAL FRANCE 13,629,705 1.14

GERMANY ALLIANZ SE 4,488 1,504,542 0.13 AUTO1 GROUP SE 2,849 168,265 0.01 BASF SE 7,074 749,216 0.06 BRENNTAG AG 7,839 979,940 0.08 SIEMENS AG 10,352 2,204,997 0.18 TAG IMMOBILIEN AG 17,487 745,957 0.06 TALANX AG 3,828 210,403 0.02 VOLKSWAGEN AG PREFERENCE 2,409 811,041 0.07

TOTAL GERMANY 7,374,361 0.61

GREECE HELLENIC TELECOMMUNICATIONS ORGANIZATION SA 29,622 668,164 0.05 OPAP SA 51,775 1,049,006 0.09

TOTAL GREECE 1,717,170 0.14

HONG KONG AIA GROUP LTD 85,258 1,424,090 0.12 CHINA RESOURCES BEER HOLDINGS CO LTD 34,417 415,520 0.03

-113- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

HONG KONG (continued) CK ASSET HOLDINGS LTD 154,943 1,437,513 0.12 HONG KONG EXCHANGES & CLEARING LTD 6,834 547,448 0.05 LINK REIT 140,972 1,836,176 0.15 SINO LAND CO LTD 201,257 426,390 0.04 SUN HUNG KAI PROPERTIES LTD 12,389 248,110 0.02

TOTAL HONG KONG 6,335,247 0.53

HUNGARY RICHTER GEDEON NYRT 5,833 208,995 0.02

INDIA AMBUJA CEMENTS LTD 52,745 324,930 0.03 AXIS BANK LTD 28,301 382,981 0.03 BAJAJ AUTO LTD 4,184 312,785 0.03 BAJAJ FINANCE LTD 1,964 213,667 0.02 COAL INDIA LTD 215,917 572,623 0.05 HERO MOTOCORP LTD 6,433 337,676 0.03 HINDUSTAN UNILEVER LTD 9,471 423,273 0.03 HOUSING DEVELOPMENT FINANCE CORP 7,874 352,464 0.03 INFOSYS LTD 22,201 634,672 0.05 ITC LTD 62,868 230,453 0.02 MAHINDRA & MAHINDRA LTD 22,225 312,575 0.02 REC LTD 162,757 437,232 0.04 RELIANCE INDUSTRIES LTD 18,159 693,119 0.06 TATA CONSUMER PRODUCTS LTD 24,229 330,550 0.03

-114- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

INDIA (continued) WIPRO LTD 38,181 376,757 0.03

TOTAL INDIA 5,935,757 0.50

INDONESIA ASTRA INTERNATIONAL TBK PT 384,098 175,900 0.01 BANK CENTRAL ASIA TBK PT 127,200 355,230 0.03 TELEKOMUNIKASI INDONESIA PERSERO TBK PT 255,054 74,480 0.01 UNILEVER INDONESIA TBK PT 792,937 363,865 0.03

TOTAL INDONESIA 969,475 0.08

IRELAND ICON PLC 916 254,519 0.02 JOHNSON CONTROLS INTERNATIONAL PLC 8,213 757,669 0.06 LINDE PLC 1,711 664,909 0.05 MEDTRONIC PLC 4,066 678,435 0.06 RYANAIR HOLDINGS PLC - SPONSORED ADR 1,537 223,566 0.02 SMURFIT KAPPA GROUP PLC 17,718 1,292,165 0.11 TRANE TECHNOLOGIES PLC 2,303 570,041 0.05

TOTAL IRELAND 4,441,304 0.37

-115- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

ITALY ASSICURAZIONI GENERALI SPA 41,445 1,116,862 0.09 ENEL SPA 81,868 1,022,113 0.09

TOTAL ITALY 2,138,975 0.18

JAPAN AMADA CO LTD 19,900 270,653 0.02 ASAHI GROUP HOLDINGS LTD 16,548 1,040,343 0.09 ASTELLAS PHARMA INC 51,100 1,197,208 0.10 BANDAI NAMCO HOLDINGS INC 5,039 470,399 0.04 BRIDGESTONE CORP 8,677 531,216 0.04 CANON INC 19,058 580,029 0.05 CHUGAI PHARMACEUTICAL CO LTD 2,273 121,180 0.01 COMFORIA RESIDENTIAL REIT INC 100 423,885 0.04 DAIICHI SANKYO CO LTD 24,767 718,238 0.06 DISCO CORP 329 135,274 0.01 EAST JAPAN RAILWAY CO 1,900 182,407 0.01 EISAI CO LTD 6,100 807,107 0.07 FANUC CORP 1,100 356,966 0.03 FRONTIER REAL ESTATE INVESTMENT CORP 68 427,421 0.04 HEIWA REAL ESTATE CO LTD 7,606 385,967 0.03 HEIWA REAL ESTATE REIT INC 200 423,885 0.04 HOSHINO RESORTS REIT INC 51 416,921 0.03 ISUZU MOTORS LTD 35,300 627,169 0.05 ITOCHU TECHNO-SOLUTIONS CORP 11,190 466,196 0.04 JAPAN TOBACCO INC 28,869 733,704 0.06

-116- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

JAPAN (continued) KDDI CORP 56,245 2,360,300 0.20 KEYENCE CORP 1,480 1,005,014 0.08 KOEI TECMO HOLDINGS CO LTD 1,482 97,281 0.01 KYOWA KIRIN CO LTD 5,400 257,674 0.02 MITSUBISHI CORP 18,438 676,160 0.06 MITSUBISHI UFJ FINANCIAL GROUP INC 59,600 433,162 0.04 MITSUI FUDOSAN CO LTD 56,731 1,767,829 0.15 NINTENDO CO LTD 810 633,916 0.05 NIPPON TELEGRAPH & TELEPHONE CORP 9,496 332,885 0.03 ONO PHARMACEUTICAL CO LTD 5,500 165,127 0.01 OPEN HOUSE CO LTD 6,871 434,381 0.04 ORIX CORP 9,500 215,670 0.02 RESONA HOLDINGS INC 102,800 531,869 0.04 SEVEN & I HOLDINGS CO LTD 24,432 1,567,361 0.13 SHIN-ETSU CHEMICAL CO LTD 900 202,520 0.02 SHINSEI BANK LTD 18,800 331,740 0.03 SMC CORP 270 214,674 0.02 SOFTBANK CORP 77,480 1,363,907 0.11 SUMCO CORP 6,700 221,117 0.02 T&D HOLDINGS INC 17,800 309,567 0.03 TAIYO YUDEN CO LTD 3,800 252,660 0.02 TAKEDA PHARMACEUTICAL CO LTD 6,040 272,047 0.02 TOKIO MARINE HOLDINGS INC 16,500 1,020,739 0.08 TOKYO OHKA KOGYO CO LTD 3,200 271,674 0.02 TOKYO TATEMONO CO LTD 40,300 773,108 0.06 TOYOTA MOTOR CORP 17,195 2,022,095 0.17 TREND MICRO INC 5,354 377,382 0.03

-117- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

JAPAN (continued) USS CO LTD 35,725 838,506 0.07 YAMAHA MOTOR CO LTD 20,375 745,220 0.06

TOTAL JAPAN 30,011,753 2.50

JERSEY SANNE GROUP PLC 7,841 121,142 0.01

LUXEMBOURG ARDAGH GROUP SA 7,176 236,519 0.02

MACAU SANDS CHINA LTD 91,362 517,116 0.04

MEXICO CORP INMOBILIARIA VESTA SAB DE CV 138,700 363,133 0.03

NETHERLANDS AIRBUS SE 1,105 191,013 0.02 ASML HOLDING NV 1,604 1,481,477 0.12 BE SEMICONDUCTOR INDUSTRIES NV 8,963 1,022,150 0.09 DAVIDE CAMPARI MILANO NV 21,916 394,602 0.03 IMCD NV 2,324 496,795 0.04 KONINKLIJKE AHOLD DELHAIZE NV 4,611 184,273 0.02 KONINKLIJKE KPN NV 172,347 723,655 0.06 KONINKLIJKE PHILIPS NV 8,325 554,586 0.05

-118- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

NETHERLANDS (continued) PLAYA HOTELS & RESORTS NV 53,632 535,645 0.04 WOLTERS KLUWER NV 6,478 874,861 0.07

TOTAL NETHERLANDS 6,459,057 0.54

NORWAY GJENSIDIGE FORSIKRING ASA 4,373 129,652 0.01 TELENOR ASA 44,267 1,003,345 0.08

TOTAL NORWAY 1,132,997 0.09

PHILIPPINES AYALA LAND INC 319,000 316,670 0.03 GLOBE TELECOM INC 5,398 273,502 0.02 PLDT INC 1,767 62,914 0.00

TOTAL PHILIPPINES 653,086 0.05

PORTUGAL GALP ENERGIA SGPS SA 6,320 92,203 0.01

RUSSIA LUKOIL PJSC SPON - ADR 3,107 386,821 0.03 MMC NORILSK NICKEL PJSC - ADR 17,980 819,803 0.07 PHOSAGRO PJSC - GDR REG S 2,616 71,172 0.00

-119- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

RUSSIA (continued) POLYUS PJSC REG S - GDR 575 74,780 0.01

TOTAL RUSSIA 1,352,576 0.11

SINGAPORE CAPITALAND INTEGRATED COMMERCIAL TRUST 263,717 551,169 0.05 DBS GROUP HOLDINGS LTD 18,105 539,710 0.04 OVERSEA-CHINESE BANKING CORP LTD 34,322 410,148 0.03 UNITED OVERSEAS BANK LTD* 30,471 786,761 0.07

TOTAL SINGAPORE 2,287,788 0.19

SOUTH AFRICA AFRICAN RAINBOW MINERALS LTD 13,629 327,622 0.03 ANGLO AMERICAN PLATINUM LTD 407 63,197 0.00 EXXARO RESOURCES LTD 21,722 344,403 0.03 FIRSTRAND LTD 30,566 154,204 0.01 IMPALA PLATINUM HOLDINGS LTD 8,649 191,740 0.02 SANLAM LTD 75,303 435,053 0.04

TOTAL SOUTH AFRICA 1,516,219 0.13

SOUTH KOREA HUGEL INC 921 263,399 0.02 HYUNDAI MOBIS CO LTD 303 105,607 0.01 KAKAO CORP 870 169,268 0.01

-120- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

SOUTH KOREA (continued) KIA CORP 666 71,228 0.01 KOH YOUNG TECHNOLOGY INC 7,568 214,994 0.02 KOREA ZINC CO LTD 714 367,745 0.03 KT&G CORP 5,526 556,700 0.05 LG CHEM LTD 389 394,672 0.03 LG CHEM LTD PREFERENCE 142 65,001 0.01 LG HOUSEHOLD & HEALTH CARE LTD 171 359,641 0.03 SAMSUNG ELECTRONICS CO LTD 86,996 8,379,932 0.70 SAMSUNG ELECTRONICS CO LTD PREFERENCE 9,364 823,752 0.07 SAMSUNG ENGINEERING CO LTD 10,260 292,693 0.02 SHINHAN FINANCIAL GROUP CO LTD 14,266 691,347 0.06 SK HYNIX INC 12,927 1,967,323 0.16 SK TELECOM CO LTD 2,142 818,158 0.07

TOTAL SOUTH KOREA 15,541,460 1.30

SPAIN CELLNEX TELECOM SA 13,232 1,133,114 0.09 ENAGAS SA 6,202 192,639 0.02 IBERDROLA SA 143,127 2,345,454 0.20 MELIA HOTELS INTERNATIONAL SA 46,324 460,790 0.04 NATURGY ENERGY GROUP SA 7,362 254,429 0.02

TOTAL SPAIN 4,386,426 0.37

-121- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

SWEDEN CATENA AB 7,373 530,992 0.04 FASTIGHETS AB BALDER - B SHARES 5,991 505,664 0.04 SAGAX AB - B 10,981 438,739 0.04 SANDVIK AB 9,384 322,424 0.03 VOLVO AB - B SHARES 29,811 964,765 0.08

TOTAL SWEDEN 2,762,584 0.23

SWITZERLAND CHUBB LTD 3,677 785,581 0.07 COCA-COLA HBC AG 20,159 978,529 0.08 EMS-CHEMIE HOLDING AG 237 313,285 0.03 GARMIN LTD 4,321 840,111 0.07 NESTLE SA 42,629 7,142,668 0.60 NOVARTIS AG 29,257 3,587,466 0.30 PARTNERS GROUP HOLDING AG 496 1,010,886 0.08 ROCHE HOLDING AG 10,941 5,545,613 0.46 SWISS RE AG 4,450 540,219 0.05 SWISSCOM AG 699 536,912 0.04 ZURICH INSURANCE GROUP AG 2,264 1,222,114 0.10

TOTAL SWITZERLAND 22,503,384 1.88

TAIWAN ADVANTECH CO LTD 11,000 183,086 0.01 DELTA ELECTRONICS INC 29,000 423,921 0.04 GLOBALWAFERS CO LTD 10,000 443,363 0.04

-122- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

TAIWAN (continued) LANDMARK OPTOELECTRONICS CORP 12,600 161,087 0.01 MEDIATEK INC 10,000 464,108 0.04 QUANTA COMPUTER INC 84,000 354,594 0.03 TAIWAN CEMENT CORP 139,000 342,002 0.03 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 76,000 2,181,596 0.18 UNI PRESIDENT ENTERPRISES CORP 120,000 423,776 0.04 VANGUARD INTERNATIONAL SEMICONDUCTOR CO 29,000 165,091 0.01

TOTAL TAIWAN 5,142,624 0.43

THAILAND ADVANCED INFO SERVICE PCL - FOREIGN 25,798 185,020 0.01 DELTA ELECTRONICS (THAILAND) PCL - FOREIGN 2,829 68,580 0.01 KASIKORNBANK PCL - FOREIGN 57,139 283,979 0.02

TOTAL THAILAND 537,579 0.04

TURKEY EREGLI DEMIR VE CELIK FABRIKALARI TAS 87,459 243,583 0.02

UNITED KINGDOM ADMIRAL GROUP PLC 24,974 1,458,041 0.12 ANGLO AMERICAN PLC 22,673 1,209,395 0.10

-123- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED KINGDOM (continued) ASTRAZENECA PLC 27,647 4,457,762 0.37 ASTRAZENECA PLC - SPONSORED ADR 12,915 1,039,885 0.09 AVIVA PLC 251,871 1,898,438 0.16 BEAZLEY PLC 48,950 302,143 0.03 BHP GROUP PLC 95,292 3,769,078 0.31 BRITISH AMERICAN TOBACCO PLC 51,742 2,690,298 0.22 COCA-COLA EUROPACIFIC PARTNERS PLC 12,498 996,565 0.08 DIAGEO PLC 21,124 1,357,616 0.11 DIRECT LINE INSURANCE GROUP PLC 125,376 663,527 0.06 GENUS PLC 3,466 319,234 0.03 GLAXOSMITHKLINE PLC 15,248 401,899 0.03 HARGREAVES LANSDOWN PLC 2,089 61,640 0.00 HIKMA PHARMACEUTICALS PLC 4,120 187,134 0.02 INTERMEDIATE CAPITAL GROUP PLC 9,245 364,637 0.03 NATIONAL GRID PLC 32,178 550,204 0.05 PHOENIX GROUP HOLDINGS PLC 33,473 420,434 0.03 PRUDENTIAL PLC 24,318 620,234 0.05 RECKITT BENCKISER GROUP PLC 9,427 1,119,822 0.09 RIO TINTO PLC 33,355 3,684,716 0.31 ROYAL DUTCH SHELL PLC - A SHARES 23,508 631,573 0.05 ROYAL DUTCH SHELL PLC - B SHARES 36,725 954,066 0.08 SAFESTORE HOLDINGS PLC 21,061 370,363 0.03 SAVILLS PLC 24,370 520,418 0.04 STANDARD CHARTERED PLC 119,513 1,023,093 0.09 STANDARD LIFE ABERDEEN PLC 17,270 86,908 0.01 TAYLOR WIMPEY PLC 116,859 344,923 0.03

-124- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED KINGDOM (continued) THE UNITE GROUP PLC 41,751 832,665 0.07 TRAINLINE PLC 60,552 330,129 0.03 UNILEVER PLC 19,630 1,542,095 0.13 WORKSPACE GROUP PLC 40,206 622,667 0.05 WPP PLC 31,792 575,129 0.05

TOTAL UNITED KINGDOM 35,406,731 2.95

UNITED STATES 3M CO 9,743 2,601,366 0.22 ABBOTT LABORATORIES 4,804 748,622 0.06 ABBVIE INC 23,653 3,581,317 0.30 ADVANCED MICRO DEVICES INC 11,740 1,482,301 0.12 AGNC INVESTMENT CORP 6,819 154,815 0.01 AIRBNB INC - CLASS A 2,381 490,131 0.04 ALLIANT ENERGY CORP 2,213 165,870 0.01 ALNYLAM PHARMACEUTICALS INC 324 73,829 0.01 ALPHABET INC - CLASS A 1,190 3,905,882 0.33 ALPHABET INC - CLASS C 801 2,698,565 0.23 AMAZON.COM INC 1,791 8,282,055 0.69 AMCOR PLC 26,717 411,563 0.03 AMERICAN ELECTRIC POWER CO INC 3,411 387,851 0.03 AMERICAN EXPRESS CO 3,070 681,854 0.06 AMERICAN INTERNATIONAL GROUP INC 7,681 491,460 0.04 AMERICAN TOWER CORP 6,067 2,203,062 0.18 AMGEN INC 6,452 2,113,990 0.18 ANALOG DEVICES INC 2,839 656,994 0.05

-125- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) ANNALY CAPITAL MANAGEMENT INC 55,210 659,014 0.05 ANTHEM INC 1,529 784,707 0.07 APPLE INC 49,068 9,033,499 0.75 APTIV PLC 3,231 683,302 0.06 ARCHER DANIELS MIDLAND CO 745 60,687 0.01 ARES MANAGEMENT CORP 4,406 376,615 0.03 ASSURANT INC 1,168 245,207 0.02 AT&T INC 33,393 1,291,844 0.11 AUTOMATIC DATA PROCESSING 2,316 618,337 0.05 AVALARA INC 2,417 525,677 0.04 BALL CORP 4,780 520,576 0.04 BANK OF AMERICA CORP 16,736 927,532 0.08 BECTON DICKINSON AND CO 2,958 966,958 0.08 BIOGEN INC 645 300,219 0.03 BLACKROCK INC 293 344,607 0.03 BOSTON BEER COMPANY INC 127 174,264 0.01 BRISTOL-MYERS SQUIBB CO 55,344 4,970,967 0.41 BRIXMOR PROPERTY GROUP INC 46,200 1,421,516 0.12 BROADCOM INC 3,941 2,526,056 0.21 BROADRIDGE FINANCIAL SOLUTIONS INC 2,567 557,369 0.05 BROOKDALE SENIOR LIVING INC 24,550 260,701 0.02 BUNGE LTD 7,122 748,161 0.06 CAESARS ENTERTAINMENT INC 3,031 422,706 0.04 CAMDEN PROPERTY TRUST 4,761 849,053 0.07 CARDINAL HEALTH INC 3,867 296,755 0.02 CATERPILLAR INC 820 239,881 0.02 CBRE GROUP INC 9,182 1,058,118 0.09

-126- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) CELANESE CORP 4,773 972,645 0.08 CH ROBINSON WORLDWIDE INC 2,435 306,594 0.03 CHARTER COMMUNICATIONS INC 1,753 1,700,012 0.14 CHEVRON CORP 4,426 623,143 0.05 CHIPOTLE MEXICAN GRILL INC 372 775,236 0.06 CIMAREX ENERGY CO 3,250 316,509 0.03 CISCO SYSTEMS INC 77,884 5,548,659 0.46 CITIZENS FINANCIAL GROUP 6,798 419,154 0.03 CME GROUP INC 10,164 2,905,730 0.24 CMS ENERGY CORP 795 63,135 0.01 COLGATE-PALMOLIVE CO 4,115 449,978 0.04 COMCAST CORP - CLASS A 9,436 723,234 0.06 CONOCOPHILLIPS 2,343 191,802 0.02 CONSOLIDATED EDISON INC 1,523 146,826 0.01 CROWN CASTLE INTERNATIONAL CORP 4,223 1,107,496 0.09 CSX CORP 2,100 90,556 0.01 CVS HEALTH CORP 2,926 328,180 0.03 DANAHER CORP 2,683 967,837 0.08 DARDEN RESTAURANTS INC 3,723 730,601 0.06 DIGITAL REALTY TRUST INC 1,857 375,575 0.03 DOMINION ENERGY INC 2,402 237,540 0.02 DOUGLAS EMMETT INC 11,267 509,178 0.04 DOW INC 1,875 159,489 0.01 DRAFTKINGS INC - CLASS A 2,981 209,048 0.02 DUKE ENERGY CORP 26,780 3,553,691 0.30 EDISON INTERNATIONAL 22,306 1,733,659 0.14 ELI LILLY & CO 5,669 1,749,004 0.15

-127- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) EMERSON ELECTRIC CO 5,773 746,829 0.06 ENTERGY CORP 1,025 137,367 0.01 EQUIFAX INC 1,745 561,802 0.05 EQUINIX INC 833 898,686 0.07 EXELON CORP 24,577 1,463,843 0.12 EXTRA SPACE STORAGE INC 7,236 1,593,417 0.13 EXXON MOBIL CORP 28,007 2,374,773 0.20 FACEBOOK INC - CLASS A 8,691 4,062,102 0.34 FEDEX CORP 2,743 1,099,985 0.09 FIDELITY NATIONAL INFORMATION SERVICES INC 1,963 373,820 0.03 FIFTH THIRD BANCORP 16,054 824,995 0.07 FIRST REPUBLIC BANK/CA 1,010 254,110 0.02 FIRST SOLAR INC 3,040 369,857 0.03 FIRSTENERGY CORP 33,366 1,668,890 0.14 FLEETCOR TECHNOLOGIES INC 709 244,035 0.02 FMC CORP 4,634 673,980 0.06 FORTIVE CORP 3,054 286,296 0.02 GENERAL MILLS INC 7,220 591,333 0.05 GENPACT LTD 13,369 816,405 0.07 GLOBAL PAYMENTS INC 6,041 1,522,883 0.13 HANNON ARMSTRONG SUSTAINABLE INFRASTRUCTURE CAPITAL INC 1,517 114,498 0.01 HASBRO INC 814 103,422 0.01 HCA HEALTHCARE INC 2,059 572,196 0.05 HEALTH CATALYST INC 6,310 470,830 0.04 HEALTHPEAK PROPERTIES INC 16,795 751,550 0.06

-128- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) HOWARD HUGHES CORP 2,445 320,309 0.03 HP INC 9,368 380,167 0.03 HUNTINGTON BANCSHARES INC 19,258 369,402 0.03 INCYTE CORP 1,655 187,160 0.02 INDEPENDENCE REALTY TRUST INC 32,400 793,954 0.07 INGERSOLL RAND INC 15,263 1,001,412 0.08 INTEL CORP 66,156 4,992,356 0.42 INTERCONTINENTAL EXCHANGE INC 1,035 165,141 0.01 INTERNATIONAL BUSINESS MACHINES CORP 11,422 2,250,663 0.19 INTERNATIONAL PAPER CO 5,837 481,044 0.04 INTERPUBLIC GROUP OF COS INC 17,546 766,287 0.06 INTUIT INC 1,277 841,398 0.07 INTUITIVE SURGICAL INC 491 606,964 0.05 INVITATION HOMES INC 21,959 1,100,700 0.09 IRON MOUNTAIN INC 10,573 601,461 0.05 ITRON INC 3,063 411,646 0.03 JACK HENRY & ASSOCIATES INC 1,160 254,957 0.02 JB HUNT TRANSPORT SERVICES INC 2,808 615,057 0.05 JOHNSON & JOHNSON 40,635 8,998,357 0.75 JPMORGAN CHASE & CO 3,015 630,367 0.05 KELLOGG CO 3,909 338,021 0.03 KILROY REALTY CORP 3,646 341,302 0.03 KIMBERLY-CLARK CORP 2,722 489,489 0.04 KLA CORP 2,780 1,211,533 0.10 LEIDOS HOLDINGS INC 2,053 279,000 0.02 LIFE STORAGE INC 5,090 734,486 0.06

-129- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) LIVENT CORP 10,722 279,026 0.02 LOCKHEED MARTIN CORP 6,456 3,283,380 0.27 M&T BANK CORP 2,111 412,333 0.03 MARATHON PETROLEUM CORP 11,135 904,346 0.08 MARKETAXESS HOLDINGS INC 138 85,996 0.01 MARSH & MCLENNAN COS INC 1,880 355,512 0.03 MARVELL TECHNOLOGY INC 35,698 2,798,980 0.23 MASTERCARD INC 2,003 982,980 0.08 MATCH GROUP INC 2,599 563,339 0.05 MCDONALD’S CORP 11,968 3,716,025 0.31 MCKESSON CORP 806 207,194 0.02 MERCADOLIBRE INC 237 496,274 0.04 MERCK & CO INC 47,035 4,916,965 0.41 MICRON TECHNOLOGY INC 10,491 1,198,388 0.10 MICROSOFT CORP 20,118 7,325,845 0.61 MONDELEZ INTERNATIONAL INC 15,651 1,313,617 0.11 MONSTER BEVERAGE CORP 12,138 1,490,457 0.12 MOTOROLA SOLUTIONS INC 666 194,132 0.02 NETAPP INC 2,395 263,408 0.02 NETFLIX INC 972 690,139 0.06 NEWMONT CORP 4,280 365,131 0.03 NEXTERA ENERGY INC 1,772 174,547 0.01 NORTHROP GRUMMAN CORP 174 85,003 0.01 NUCOR CORP 1,594 205,545 0.02 NVIDIA CORP 1,656 1,781,019 0.15 OMEGA HEALTHCARE INVESTORS INC 5,939 289,710 0.02 OMNICOM GROUP INC 5,340 574,170 0.05

-130- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) ORACLE CORP 749 78,370 0.01 OTIS WORLDWIDE CORP 2,187 240,385 0.02 PACCAR INC 844 101,255 0.01 PARKER HANNIFIN CORP 502 207,234 0.02 PAYPAL HOLDINGS INC 1,599 626,500 0.05 PEBBLEBROOK HOTEL TRUST 9,265 293,292 0.02 PEPSICO INC 3,652 727,369 0.06 PFIZER INC 127,066 6,688,611 0.56 PHILIP MORRIS INTERNATIONAL INC 31,415 4,185,221 0.35 POTLATCHDELTIC CORP 5,873 419,592 0.04 PPG INDUSTRIES INC 3,079 702,643 0.06 PPL CORP 13,517 508,202 0.04 PROLOGIS INC 19,122 3,072,374 0.26 PUBLIC STORAGE 1,760 711,370 0.06 QUALCOMM INC 4,134 794,251 0.07 QUALTRICS INTERNATIONAL INC - CLASS A 7,848 403,510 0.03 RAYTHEON TECHNOLOGIES CORP 2,193 251,479 0.02 REGENERON PHARMACEUTICALS INC 193 144,902 0.01 REPUBLIC SERVICES INC 1,446 213,828 0.02 RESMED INC 637 211,084 0.02 RETAIL OPPORTUNITY INVESTMENTS CORP 29,883 709,380 0.06 REVOLUTION MEDICINES INC 3,340 142,501 0.01 REXFORD INDUSTRIAL REALTY INC 10,137 776,010 0.06 RINGCENTRAL INC - CLASS A 1,120 437,469 0.04 RYMAN HOSPITALITY PROPERTIES INC 4,040 428,798 0.04

-131- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) S&P GLOBAL INC 1,180 651,038 0.05 SEAGEN INC 1,605 340,617 0.03 SEMPRA ENERGY 3,364 599,060 0.05 SHAKE SHACK INC - CLASS A 2,167 311,737 0.03 SIMON PROPERTY GROUP INC 4,046 709,633 0.06 SKYWORKS SOLUTIONS INC 2,024 521,687 0.04 SL GREEN REALTY CORP 8,953 962,770 0.08 SNAP INC 3,825 350,346 0.03 SQUARE INC 788 258,240 0.02 STARBUCKS CORP 3,517 528,588 0.04 SUN COMMUNITIES INC 3,460 797,170 0.07 SYSCO CORP 13,368 1,397,110 0.12 T MOBILE US INC 2,315 450,685 0.04 T ROWE PRICE GROUP INC 2,128 566,285 0.05 TARGET CORP 1,482 481,571 0.04 TELADOC HEALTH INC 572 127,857 0.01 TERADYNE INC 369 66,445 0.01 TEXAS INSTRUMENTS INC 29,456 7,614,071 0.63 THE BLACKSTONE GROUP INC 1,227 160,216 0.01 THE CHARLES SCHWAB CORP 18,700 1,830,191 0.15 THE CLOROX CO 1,305 315,595 0.03 THE COCA-COLA CO 76,900 5,593,296 0.47 THE HERSHEY CO 896 209,783 0.02 THE HOME DEPOT INC 2,172 931,032 0.08 THE JM SMUCKER CO 1,094 190,540 0.02 THE KRAFT HEINZ CO 8,756 479,973 0.04 THE PROCTER & GAMBLE CO 46,019 8,346,600 0.70

-132- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) THE PROGRESSIVE CORP 18,441 2,434,468 0.20 THE TJX COS INC 10,729 972,326 0.08 THE WALT DISNEY CO 2,919 689,672 0.06 THE WESTERN UNION CO 11,797 364,247 0.03 THERMO FISHER SCIENTIFIC INC 509 345,157 0.03 TRUIST FINANCIAL CORP 11,294 842,567 0.07 UBER TECHNOLOGIES INC 5,622 378,761 0.03 UDR INC 17,987 1,184,245 0.10 UNITED PARCEL SERVICE INC - CLASS B 2,149 600,760 0.05 UNITEDHEALTH GROUP INC 3,170 1,706,320 0.14 VERIZON COMMUNICATIONS INC 113,040 8,513,667 0.71 VERTEX PHARMACEUTICALS INC 1,598 433,108 0.04 VIACOMCBS INC - CLASS B 1,155 70,175 0.01 VICI PROPERTIES INC 25,737 1,073,158 0.09 VISA INC - CLASS A SHARES 7,314 2,298,796 0.19 WALGREENS BOOTS ALLIANCE INC 2,519 178,140 0.01 WASTE MANAGEMENT INC 2,492 469,333 0.04 WEC ENERGY GROUP INC 1,049 125,425 0.01 WELLTOWER INC 11,981 1,338,314 0.11 WILLIAMS COS INC 20,663 737,432 0.06 WINGSTOP INC 781 165,483 0.01 WORKDAY INC - CLASS A 1,619 519,560 0.04 WP CAREY INC 2,279 228,593 0.02 XCEL ENERGY INC 1,426 126,281 0.01 YUM CHINA HOLDINGS INC 5,351 476,524 0.04

-133- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) ZOETIS INC 351 87,927 0.01

TOTAL UNITED STATES 259,812,569 21.66

VIETNAM VINHOMES JSC 63,600 438,302 0.04

Total Equities 474,598,608 39.57

Portfolio of investments 1,129,937,933 94.20 Other net assets/(liabilities) 69,526,708 5.80 Net assets attributable to unitholders 1,199,464,641 100.00

* The Manager is a subsidiary of United Overseas Bank Limited.

-134- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December 2021 2020 % %

By Geography - Primary (Summary) Quoted equities, bonds and unit trusts

Argentina 0.24 - Australia 0.77 1.49 Austria - 0.22 Azerbaijan 0.09 - Belgium 0.33 0.73 Bermuda 0.02 0.07 Brazil 0.91 0.48 Canada 0.48 0.98 Chile 0.30 - China 2.81 1.28 Colombia 0.27 - Curacao 0.02 0.01 Czech Republic 0.11 0.11 Denmark 0.48 0.38 Egypt 0.07 - Finland 0.14 0.26 France 1.98 2.96 Germany 0.75 1.76 Greece 0.14 0.18 Guatemala 0.06 - Hong Kong 0.99 0.64 Hungary 0.02 - India 0.79 0.27 Indonesia 0.18 - Ireland 3.03 1.01 Israel 0.37 - Italy 0.26 0.66

-135- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December 2021 2020 % %

By Geography - Primary (Summary) (continued) Quoted equities, bonds and unit trusts

Japan 2.50 3.01 Jersey 0.01 0.03 Luxembourg 0.54 0.08 Macau 0.16 0.03 Macedonia 0.10 - Mexico 0.59 0.01 Morocco 0.11 - Netherlands 1.59 1.23 Norway 0.28 0.31 Oman 0.08 - Panama 0.05 - Paraguay 0.07 - Peru 0.32 0.07 Philippines 0.05 0.05 Portugal 0.01 0.08 Qatar 0.42 - Romania 0.10 - Russia 0.11 0.43 Saudi Arabia 0.23 - Serbia 0.09 - Singapore 0.65 0.25 South Africa 0.33 0.19 South Korea 1.30 1.08 Spain 0.46 1.26 Sweden 0.28 0.45

-136- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December 2021 2020 % %

By Geography - Primary (Summary) (continued) Quoted equities, bonds and unit trusts

Switzerland 2.94 3.72 Taiwan 0.43 - Thailand 0.14 0.05 Turkey 0.08 0.23 Ukraine 0.05 - United Arab Emirates 0.54 - United Kingdom 4.12 3.32 United States 59.33 66.01 Vietnam 0.04 - Accrued interest receivable on quoted bonds 0.49 0.49 Portfolio of investments 94.20 95.87 Other net assets/(liabilities) 5.80 4.13 Net assets attributable to unitholders 100.00 100.00

-137- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Income Focus Trust Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 30 June 30 June 31 December 2021 2021 2020 $ % %

By Industry - Secondary Quoted equities, bonds and unit trusts

Communication Services 96,363,902 8.03 8.29 Consumer Discretionary 77,799,533 6.48 5.58 Consumer Staples 92,057,766 7.67 8.60 Energy 46,383,209 3.87 3.39 Financials 191,509,673 15.97 18.46 Government 56,945,120 4.75 5.88 Health Care 99,783,701 8.32 8.76 Industrials 63,334,854 5.28 6.30 Information Technology 130,886,036 10.91 10.98 Materials 53,597,306 4.47 3.78 Real Estate 54,528,716 4.54 5.78 Unit Trusts 98,217,695 8.19 5.41 Utilities 62,687,111 5.23 4.17 Accrued interest receivable on quoted bonds 5,843,311 0.49 0.49 Portfolio of investments 1,129,937,933 94.20 95.87 Other net assets/(liabilities) 69,526,708 5.80 4.13 Net assets attributable to unitholders 1,199,464,641 100.00 100.00

-138- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary Quoted equities

AUSTRALIA BRAMBLES LTD 51,281 592,027 0.77 EVOLUTION MINING LTD 89,839 407,978 0.53

TOTAL AUSTRALIA 1,000,005 1.30

CANADA FRANCO NEVADA CORP 2,423 473,150 0.61 KIRKLAND LAKE GOLD LTD 10,953 567,971 0.74 ROGERS COMMUNICATIONS INC - B 6,725 481,078 0.62 TELUS CORP 16,093 485,646 0.63 THOMSON REUTERS CORP 3,600 481,177 0.63

TOTAL CANADA 2,489,022 3.23

CHINA AAC TECHNOLOGIES HOLDINGS INC 55,500 558,141 0.73 ALIBABA GROUP HOLDING LTD - SPONSORED ADR 1,411 430,126 0.56 COUNTRY GARDEN SERVICES HOLDINGS CO LTD 161,000 2,338,098 3.03 INDUSTRIAL SECURITIES CO 235,500 473,262 0.61 SMOORE INTERNATIONAL HOLDINGS LTD 236,000 1,758,572 2.28 SUOFEIYA HOME COLLECTION CO LTD 67,500 339,823 0.44 WUHU SANQI INTERACTIVE ENTERTAINMENT NETWORK TECHNOLOGY GROUP CO LTD 95,400 476,711 0.62

TOTAL CHINA 6,374,733 8.27

-139- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

DENMARK COLOPLAST A/S - B 2,588 570,871 0.74 GN STORE NORD A/S 3,826 449,288 0.58 NOVOZYMES A/S - B SHARES 6,307 639,097 0.83 PANDORA A/S 2,900 524,063 0.68

TOTAL DENMARK 2,183,319 2.83

FINLAND NESTE OYJ 9,073 746,877 0.97

GERMANY SARTORIUS AG VORZUG PREFERENCE 588 411,485 0.53

HONG KONG CLP HOLDINGS LTD 33,500 445,329 0.58 CNOOC LTD 310,000 473,802 0.61

TOTAL HONG KONG 919,131 1.19

ITALY DIASORIN SPA 1,782 453,086 0.59 ENEL SPA 31,775 396,708 0.51

TOTAL ITALY 849,794 1.10

-140- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

JAPAN KDDI CORP 54,300 2,278,679 2.96 RECRUIT HOLDINGS CO LTD 7,100 470,355 0.61 SECOM CO LTD 3,900 398,835 0.52 SOFTBANK CORP 28,800 506,976 0.66 SONY GROUP CORP 3,000 392,941 0.51 SYSMEX CORP 3,100 495,582 0.64 TOKYO ELECTRON LTD 800 465,838 0.60 TOKYO GAS CO LTD 15,700 398,729 0.52

TOTAL JAPAN 5,407,935 7.02

MALAYSIA SUPERMAX CORP BHD 295,700 315,954 0.41

NETHERLANDS ASML HOLDING NV 931 859,885 1.12 KONINKLIJKE KPN NV 125,658 527,616 0.68 WOLTERS KLUWER NV 4,481 605,164 0.78

TOTAL NETHERLANDS 1,992,665 2.58

RUSSIA POLYMETAL INTERNATIONAL PLC 15,236 439,806 0.57

SPAIN RED ELECTRICA CORP SA 22,479 560,973 0.73

-141- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

SWEDEN EVOLUTION GAMING GROUP AB 1,951 414,716 0.54 SWEDISH MATCH AB 38,350 439,904 0.57

TOTAL SWEDEN 854,620 1.11

SWITZERLAND KUEHNE & NAGEL INTERNATIONAL AG 1,072 493,552 0.64 PARTNERS GROUP HOLDING AG 290 591,042 0.77 SGS SA 138 572,744 0.74 SONOVA HOLDING AG 1,133 573,372 0.74 SWISSCOM AG 628 482,376 0.63

TOTAL SWITZERLAND 2,713,086 3.52

TAIWAN FUBON FINANCIAL HOLDING CO LTD 152,000 541,916 0.70 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 36,000 1,033,388 1.34 WIWYNN CORP 10,000 480,993 0.63

TOTAL TAIWAN 2,056,297 2.67

THAILAND ADVANCED INFO SERVICE PCL - NVDR 61,000 437,484 0.57

-142- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

THAILAND (continued) SRI TRANG GLOVES THAILAND - NVDR 299,100 523,732 0.68

TOTAL THAILAND 961,216 1.25

UNITED KINGDOM 3I GROUP PLC 23,807 518,563 0.67 CRODA INTERNATIONAL PLC 3,535 483,658 0.63 DIAGEO PLC 7,355 472,698 0.61 INTERTEK GROUP PLC 3,930 403,568 0.52 RELX PLC 63,163 2,250,800 2.92 RENTOKIL INITIAL PLC 45,634 419,462 0.55

TOTAL UNITED KINGDOM 4,548,749 5.90

UNITED STATES ABIOMED INC 1,007 422,475 0.55 ADOBE INC 642 505,394 0.66 AGILENT TECHNOLOGIES INC 2,483 493,338 0.64 AIR PRODUCTS & CHEMICALS INC 1,165 450,505 0.58 AMERICAN TOWER CORP 7,051 2,560,375 3.32 APPLE INC 12,023 2,213,454 2.87 AUTOMATIC DATA PROCESSING 1,721 459,481 0.60 BEST BUY CO INC 2,789 431,057 0.56 CBRE GROUP INC 4,026 463,949 0.60 CERNER CORP 14,205 1,492,415 1.94 CITRIX SYSTEMS INC 2,388 376,431 0.49 COLGATE-PALMOLIVE CO 21,327 2,332,122 3.03

-143- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) COPART INC 2,722 482,354 0.63 DAVITA INC 2,992 484,351 0.63 EBAY INC 5,877 554,649 0.72 EDWARDS LIFESCIENCES CORP 3,744 521,235 0.68 ELECTRONIC ARTS INC 2,374 458,980 0.60 EXPEDITORS INTERNATIONAL WASHINGTON INC 3,009 512,059 0.66 FACTSET RESEARCH SYSTEMS INC 1,305 588,721 0.76 IDEXX LABORATORIES INC 1,045 887,131 1.15 INTUIT INC 824 542,923 0.70 IRON MOUNTAIN INC 8,614 490,021 0.64 KIMBERLY-CLARK CORP 12,222 2,197,847 2.85 LENNOX INTERNATIONAL INC 988 465,887 0.60 MARKETAXESS HOLDINGS INC 622 387,604 0.50 MASTERCARD INC 869 426,465 0.55 METTLER-TOLEDO INTERNATIONAL INC 432 804,459 1.04 MICROSOFT CORP 4,984 1,814,893 2.36 MOODY’S CORP 1,035 504,146 0.65 MSCI INC 709 508,045 0.66 NVIDIA CORP 540 580,767 0.75 RESMED INC 1,612 534,172 0.69 ROBERT HALF INTERNATIONAL INC 4,070 486,745 0.63 S&P GLOBAL INC 1,468 809,935 1.05 T ROWE PRICE GROUP INC 9,560 2,544,024 3.30 TEXAS INSTRUMENTS INC 8,470 2,189,407 2.84 THE CLOROX CO 1,745 422,002 0.55 THE HOME DEPOT INC 5,968 2,558,195 3.32

-144- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) UNITED PARCEL SERVICE INC - CLASS B 1,861 520,249 0.68 VISA INC - CLASS A SHARES 1,468 461,394 0.60 WATERS CORP 5,600 2,601,586 3.38 WEST PHARMACEUTICAL SERVICES INC 1,745 842,315 1.09 WEYERHAEUSER CO 43,247 2,000,925 2.60

TOTAL UNITED STATES 41,384,482 53.70

Total Equities 76,210,149 98.88

Portfolio of investments 76,210,149 98.88 Other net assets/(liabilities) 859,792 1.12 Net assets attributable to unitholders 77,069,941 100.00

-145- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December 2021 2020 % %

By Geography - Primary (Summary) Quoted equities

Australia 1.30 0.80 Canada 3.23 0.60 China 8.27 5.37 Denmark 2.83 2.83 Finland 0.97 0.93 France - 0.68 Germany 0.53 - Hong Kong 1.19 0.66 Italy 1.10 - Ireland - 0.84 Japan 7.02 13.56 Malaysia 0.41 0.46 Netherlands 2.58 2.38 Norway - 0.73 Russia 0.57 - Spain 0.73 0.78 Sweden 1.11 0.92 Switzerland 3.52 7.55 Taiwan 2.67 2.87 Thailand 1.25 - United Kingdom 5.90 3.98 United States 53.70 53.05 Portfolio of investments 98.88 98.99 Other net assets/(liabilities) 1.12 1.01 Net assets attributable to unitholders 100.00 100.00

-146- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Stable Select Equity Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 30 June 30 June 31 December 2021 2021 2020 $ % %

By Industry - Secondary Quoted equities

Communication Services 6,135,546 7.96 12.71 Consumer Discretionary 5,645,570 7.32 7.40 Consumer Staples 7,623,145 9.89 6.53 Energy 1,220,679 1.58 0.93 Financials 7,467,258 9.69 9.88 Health Care 12,876,847 16.71 16.64 Industrials 11,493,076 14.91 14.86 Information Technology 12,968,854 16.83 23.38 Materials 3,462,165 4.49 1.74 Real Estate 5,515,270 7.16 2.76 Utilities 1,801,739 2.34 2.16 Portfolio of investments 76,210,149 98.88 98.99 Other net assets/(liabilities) 859,792 1.12 1.01 Net assets attributable to unitholders 77,069,941 100.00 100.00

-147- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary Quoted equities

CHINA ANTA SPORTS PRODUCTS LTD 504,176 15,952,665 1.36 HUAZHU GROUP LTD - ADR 155,758 11,056,825 0.95 LI NING CO LTD 686,715 11,268,335 0.96 TENCENT HOLDINGS LTD 190,290 19,235,510 1.64

TOTAL CHINA 57,513,335 4.91

DENMARK DSV PANALPINA A/S 50,682 15,889,414 1.36

FRANCE EDENRED 144,480 11,066,577 0.94 SAFRAN SA 84,719 15,789,988 1.35 WORLDLINE SA 117,201 14,748,254 1.26

TOTAL FRANCE 41,604,819 3.55

INDIA HOUSING DEVELOPMENT FINANCE CORP 260,796 11,674,002 1.00 INFOSYS LTD 471,123 13,468,245 1.15

TOTAL INDIA 25,142,247 2.15

IRELAND AON PLC - CLASS A 43,636 14,004,590 1.19 FLUTTER ENTERTAINMENT PLC 45,127 11,015,296 0.94 ICON PLC 43,364 12,049,103 1.03

-148- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

IRELAND (continued) JOHNSON CONTROLS INTERNATIONAL PLC 140,627 12,973,185 1.11

TOTAL IRELAND 50,042,174 4.27

JAPAN RECRUIT HOLDINGS CO LTD 191,700 12,699,584 1.08

LUXEMBOURG B&M EUROPEAN VALUE RETAIL SA 1,002,876 10,674,623 0.91

NETHERLANDS AIRBUS SE 96,635 16,704,602 1.43 ASML HOLDING NV 17,665 16,315,647 1.39

TOTAL NETHERLANDS 33,020,249 2.82

SPAIN CELLNEX TELECOM SA 206,705 17,701,055 1.51

SWEDEN SANDVIK AB 332,414 11,421,366 0.98 VOLVO AB - B SHARES 338,379 10,950,863 0.93

TOTAL SWEDEN 22,372,229 1.91

-149- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

SWITZERLAND JULIUS BAER GROUP LTD 156,656 13,755,221 1.17 KUEHNE & NAGEL INTERNATIONAL AG 28,175 12,971,861 1.11 PARTNERS GROUP HOLDING AG 9,334 19,023,409 1.62

TOTAL SWITZERLAND 45,750,491 3.90

TAIWAN MEDIATEK INC 257,000 11,927,571 1.02 TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 697,000 20,007,534 1.71

TOTAL TAIWAN 31,935,105 2.73

UNITED KINGDOM PRUDENTIAL PLC 502,735 12,822,328 1.09

UNITED STATES ADOBE INC 22,660 17,838,344 1.52 ALIGN TECHNOLOGY INC 14,376 11,807,098 1.01 ALPHABET INC - CLASS C 13,368 45,036,730 3.84 AMAZON.COM INC 7,836 36,235,725 3.09 AMERICAN EXPRESS CO 65,156 14,471,289 1.23 ANTHEM INC 30,951 15,884,535 1.36 ARES MANAGEMENT CORP 175,757 15,023,300 1.28 BLACKROCK INC 11,606 13,650,219 1.16 BOSTON SCIENTIFIC CORP 276,216 15,876,341 1.35 CBRE GROUP INC 102,778 11,843,959 1.01

-150- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) CDW CORP/DE 50,149 11,773,206 1.00 CHARTER COMMUNICATIONS INC 17,018 16,503,598 1.41 CORNING INC 203,946 11,212,498 0.96 DANAHER CORP 40,563 14,632,271 1.25 ELI LILLY & CO 59,851 18,465,277 1.58 FACEBOOK INC - CLASS A 58,652 27,413,463 2.34 FIDELITY NATIONAL INFORMATION SERVICES INC 63,949 12,177,988 1.04 FLEETCOR TECHNOLOGIES INC 37,737 12,988,919 1.11 FORTUNE BRANDS HOME & SECURITY INC 83,940 11,239,210 0.96 GLOBAL PAYMENTS INC 44,740 11,278,563 0.96 HILTON WORLDWIDE HOLDINGS INC 70,356 11,407,339 0.97 IHS MARKIT LTD 91,711 13,888,491 1.18 INTUIT INC 22,024 14,511,317 1.24 JPMORGAN CHASE & CO 102,514 21,433,306 1.83 KLA CORP 28,610 12,468,326 1.06 LENNAR CORP 95,493 12,752,734 1.09 LPL FINANCIAL HOLDINGS INC 57,849 10,496,129 0.90 MARVELL TECHNOLOGY INC 190,500 14,936,569 1.27 MASTERCARD INC 35,954 17,644,569 1.51 METLIFE INC 169,887 13,667,472 1.17 MICROSOFT CORP 124,786 45,440,046 3.88 MONSTER BEVERAGE CORP 109,965 13,502,896 1.15 MORGAN STANLEY & CO 122,339 15,078,245 1.29 MSCI INC 17,260 12,367,932 1.06 NVR INC 1,940 12,969,113 1.11

-151- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary (continued) Quoted equities

UNITED STATES (continued) PAYPAL HOLDINGS INC 45,933 17,996,890 1.54 S&P GLOBAL INC 26,865 14,822,143 1.26 SALESFORCE.COM INC 47,749 15,678,276 1.34 SYSCO CORP 112,006 11,705,921 1.00 TEXAS INSTRUMENTS INC 56,237 14,536,683 1.24 THE BLACKSTONE GROUP INC 120,340 15,713,466 1.34 THE CHARLES SCHWAB CORP 138,386 13,544,004 1.16 TRANSUNION 76,957 11,359,361 0.97 UBER TECHNOLOGIES INC 177,858 11,982,525 1.02 UNITEDHEALTH GROUP INC 41,770 22,483,598 1.92 VISA INC - CLASS A SHARES 56,457 17,744,483 1.51

TOTAL UNITED STATES 755,484,367 64.47

Total Equities 1,132,652,020 96.66

Portfolio of investments 1,132,652,020 96.66 Other net assets/(liabilities) 39,174,838 3.34 Net assets attributable to unitholders 1,171,826,858 100.00

-152- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of Percentage of total net assets total net assets attributable to attributable to unitholders at unitholders at 30 June 31 December 2021 2020 % %

By Geography - Primary (Summary) Quoted equities

Australia - 0.98 Brazil - 1.20 Canada - 0.97 China 4.91 7.86 Denmark 1.36 1.05 France 3.55 4.36 Germany - 1.02 Hong Kong - 1.12 India 2.15 - Ireland 4.27 2.71 Japan 1.08 2.18 Luxembourg 0.91 - Netherlands 2.82 1.32 Spain 1.51 0.98 Sweden 1.91 - Switzerland 3.90 2.59 Taiwan 2.73 2.75 United Kingdom 1.09 2.17 United States 64.47 62.81 Portfolio of investments 96.66 96.07 Other net assets/(liabilities) 3.34 3.93 Net assets attributable to unitholders 100.00 100.00

-153- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Global Quality Growth Fund Percentage of Percentage of total net assets total net assets attributable to attributable to Fair value at unitholders at unitholders at 30 June 30 June 31 December 2021 2021 2020 $ % %

By Industry - Secondary Quoted equities

Communication Services 125,890,356 10.75 9.57 Consumer Discretionary 133,332,655 11.38 17.56 Consumer Staples 25,208,817 2.15 1.14 Financials 231,547,055 19.76 9.38 Health Care 111,198,223 9.49 12.61 Industrials 157,870,450 13.47 9.44 Information Technology 335,760,505 28.65 34.44 Materials --0.95 Real Estate 11,843,959 1.01 0.98 Portfolio of investments 1,132,652,020 96.66 96.07 Other net assets/(liabilities) 39,174,838 3.34 3.93 Net assets attributable to unitholders 1,171,826,858 100.00 100.00

-154- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Enhanced Growth Select Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary Quoted unit trusts

LUXEMBOURG ALLIANZ GLOBAL INVESTORS FUND - ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE AT H2 SGD 279,022 7,594,979 19.47 UBS (LUX) EQUITY FUND - CHINA OPPORTUNITY (USD) P SGD ACC 18,505 6,536,891 16.76

TOTAL LUXEMBOURG 14,131,870 36.23

SINGAPORE SCHRODER ASIAN GROWTH FUND 1,887,775 8,815,910 22.60 UNITED GLOBAL HEALTHCARE FUND - CLASS SGD ACC 766,941 5,418,435 13.89 UNITED GLOBAL QUALITY GROWTH FUND - CLASS SGD ACC 4,763,357 9,340,943 23.95

TOTAL SINGAPORE 23,575,288 60.44

Total Unit Trusts 37,707,158 96.67

Portfolio of investments 37,707,158 96.67 Other net assets/(liabilities) 1,299,284 3.33 Net assets attributable to unitholders 39,006,442 100.00

-155- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Enhanced Growth Select Percentage of total net assets attributable to unitholders at 30 June 2021 % By Geography - Primary (Summary) Quoted unit trusts

Luxembourg 36.23 Singapore 60.44 Portfolio of investments 96.67 Other net assets/(liabilities) 3.33 Net assets attributable to unitholders 100.00

As the Sub-Fund is invested wholly into quoted unit trusts, it is not meaningful to classify the investments into industry segment.

-156- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Enhanced Income Select Percentage of total net assets attributable to Holdings at Fair value at unitholders at 30 June 30 June 30 June 2021 2021 2021 $ %

By Geography - Primary Quoted unit trusts

LUXEMBOURG FIDELITY FUNDS - GLOBAL MULTI ASSET INCOME FUND A - MINCOME(G) - SGD (SGD/USD HEDGED) 12,922,397 13,258,380 18.85 JPMORGAN FUNDS INCOME FUND C (MTH) - SGD (HEDGED) 1,342,499 13,304,165 18.91

TOTAL LUXEMBOURG 26,562,545 37.76

SINGAPORE FSSA GLOBAL GROWTH FUNDS - DIVIDEND ADVANTAGE - CLASS A (QTR DIST) 7,018,235 16,626,900 23.64 SCHRODER ASIAN INCOME FUND SGD C DIST 5,877,550 6,559,346 9.32 UNITED GLOBAL QUALITY GROWTH FUND - CLASS SGD DIST (HEDGED) 12,497,969 16,597,302 23.60

TOTAL SINGAPORE 39,783,548 56.56

Total Unit Trusts 66,346,093 94.32

Portfolio of investments 66,346,093 94.32 Other net assets/(liabilities) 3,996,018 5.68 Net assets attributable to unitholders 70,342,111 100.00

-157- United Global Diversified Portfolios (Constituted under a Trust Deed in the Republic of Singapore)

STATEMENTS OF PORTFOLIO As at 30 June 2021 (Un-audited)

United Enhanced Income Select Percentage of total net assets attributable to unitholders at 30 June 2021 %

By Geography - Primary (Summary) Quoted unit trusts

Luxembourg 37.76 Singapore 56.56 Portfolio of investments 94.32 Other net assets/(liabilities) 5.68 Net assets attributable to unitholders 100.00

As the Sub-Fund is invested wholly into quoted unit trusts, it is not meaningful to classify the investments into industry segment.

-158-