United Global Diversified Portfolios United Income Focus Trust United Global Stable Select Equity Fund United Global Quality Growth Fund Annual Report for the financial year ended 31 December 2020 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 2.49 1.23 -3.84 0.44 3.00 N/A 2.82 Benchmark 3.72 5.72 10.16 9.13 7.57 N/A 7.44 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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 2.45 1.20 -3.81 0.45 2.95 N/A 2.78 Benchmark 3.72 5.72 10.16 9.13 7.57 N/A 7.44 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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). -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 5.81 6.82 -2.16 0.80 4.30 N/A 3.98 Benchmark 7.13 11.59 12.08 9.53 9.11 N/A 8.80 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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 5.83 6.89 -2.13 0.82 4.27 N/A 3.95 Benchmark 7.13 11.59 12.08 9.53 9.11 N/A 8.80 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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). -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 5.41 6.23 -2.76 0.12 N/A N/A 1.99 Benchmark 3.72 5.72 10.16 9.13 N/A N/A 6.86 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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 (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 5.47 6.23 -2.85 0.16 N/A N/A 2.40 Benchmark 3.72 5.72 10.16 9.13 N/A N/A 6.86 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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). -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 5.99 7.31 -1.48 N/A N/A N/A 2.37 Benchmark 7.13 11.59 12.08 N/A N/A N/A 11.51 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% Citi World Government Bond 10+ Years Index (Hedged); 15 Jan 2020 – Current: 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). For the twelve months ended 31 December 2020, the asset value of both Class SGD Acc and Class SGD Dist decreased by 3.84% and 3.81% respectively (in Singapore Dollar terms). Class SGD Acc (Hedged) and Class SGD Dist (Hedged) decreased by 2.76% and 2.85% respectively (in Singapore Dollar terms) while Class USD Acc, Class USD Dist and Class P USD Dist (Tactical Hedged) decreased by 2.16%, 2.13% and 1.48% respectively (in United States Dollar term). The Fund is sub-managed by Wellington Management Singapore Pte Ltd and the commentary that follows reflects the views of the sub-manager. In the first quarter, the Fund delivered negative returns, driven by losses across the asset classes with global equities (-8.4%), global fixed income (-4.0%) and alternatives (-1.7%) detracting from performance. Within global equities, performance was negative across the regions, led by the United States and Japan as global markets were sold off significantly during the last 2 months of the quarter. On a sector level, performance was similarly negative across the sectors, driven by weakness from Real Estate and Financials (which declined as a series of emergency interest-rate cuts by the Federal Reserve helped stabilise the financial system but also further hurt banks’ net-interest margins).