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Principal Islamic Lifetime
Balanced Fund
Interim Report
For the Six Months Financial Period Ended 31 March 2021

PRINCIPAL ISLAMIC LIFETIME BALANCED FUND
INTERIM REPORT
FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 MARCH 2021

CONTENTS PAGE(S)
INVESTORS’ LETTER 1
MANAGER'S REPORT 2-9
Fund Objective and Policy
Performance Data
Market Review
Fund Performance
Portfolio Structure
Market Outlook
Investment Strategy
Unit Holdings Statistics
Soft Commissions and Rebates
STATEMENT BY MANAGER 10
TRUSTEE’S REPORT 11
SHARIAH ADVISER'S REPORT 12
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME 13
UNAUDITED STATEMENT OF FINANCIAL POSITION 14
UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO

UNIT HOLDERS 15
UNAUDITED STATEMENT OF CASH FLOWS 16
NOTES TO THE FINANCIAL STATEMENTS 17 - 59
DIRECTORY 60
INVESTORS’ LETTER
Dear Valued Investor,
The global economic trend has continued to strengthen since the start of 2021, mirrored by an increase
in the global trade volume and commodity prices, among other factors. While there are concerns over
the recent spike in the number of Coronavirus Disease 2019 (“COVID-19”) cases both locally and
globally, the progress in global vaccination especially in several developed countries continue to drive
optimism over economic recovery.
We remain positive on Asian equities on a 12-month basis maintained on the broadening of recovery
in corporate earnings including financials, industrials, and energy. We’ve also added more ASEAN
names in anticipation of a broader economic recovery which would be strengthened by the greater
availability of COVID-19 vaccines by mid-2021.
For our latest market commentaries and investment content, we encourage you to visit our website
(www.principal.com.my) and Facebook account (@PrincipalAssetMY).
Because of the trust you placed in us, we continue to win accolades - the most recent recognition
coming from Refinitiv Lipper Fund Awards 2021 for our Principal Asia Titans Fund in the Equity Asia
Pacific ex Japan – Provident (10 years) category. We are also pleased to share that we also received
the Fintech - Human Resource Technology award from the Malaysia Technology Excellence Awards
2021.
We appreciate your continuous support and the trust you place in us.
Yours faithfully,
for Principal Asset Management Berhad
Munirah Khairuddin
Chief Executive Officer
1
MANAGER’S REPORT
FUND OBJECTIVE AND POLICY
What is the investment objective of the Fund?

The Fund aims to achieve medium to long-term growth in both capital and income by investing in
permissible Shariah-compliant investments.
Has the Fund achieved its objective?

For the financial period under review, the Fund has performed in line with its objective as stated under
the Fund Performance section.
What are the Fund investment policy and principal investment strategy?
The Fund aims to invest in a diversified portfolio of Shariah-compliant equities and Islamic fixed income
investments. In line with its objective, the investment policy and strategy will be to maintain a balanced
portfolio between Shariah-compliant equities and Islamic fixed income investments in the ratio of 60:40.
The fixed income portion of the Fund is to provide some capital stability to the Fund whilst the equity
portion will provide the added return in a rising market. The investments by the Fund in Shariah-
compliant equities shall not exceed 60% of the Net Asset Value (“NAV”) of the Fund and investments
in Islamic fixed income securities and Islamic liquid assets shall not be less than 40% of the NAV of the
Fund with a minimum credit rating of “BBB3” or “P2” by RAM Ratings (“RAM”) or equivalent rating by
Malaysian Rating Corporation Berhad (“MARC”) or by local rating agency(ies) of the country of
issuance; or “BBB-” by Standard & Poor’s (“S&P”) or equivalent rating by any other international rating
agencies. The Fund may invest up to 40% of its NAV in Unrated Islamic fixed income securities. The
Fund may opt to invest in foreign Shariah-compliant equities up to a maximum of 30% of its NAV. Such
foreign Shariah-compliant equities must be of securities of companies domiciled in, listed in, and/or
have significant operations in countries in Asia Pacific ex Japan. ‘Significant operations’ means major
businesses of the company. For example, the Fund can invest in a company with significant business
and/or operations in Thailand but listed on the New York Stock Exchange (“NYSE”). The threshold for
‘significant operations’ would be if more than 25% of total group revenue derives from countries in Asia
Pacific ex Japan. The calculation would be based on the most recent financial reports released by the
companies (e.g. interim and annual reports). The Fund may also opt to seek investment exposure via
Islamic collective investment schemes that is in line with the Fund’s objective, subject to the
requirements of the Securities Commission Malaysia (“SC”) Guidelines.
The asset allocation strategy for this Fund is as follows:

▪ the Shariah-compliant equities will not exceed 60% of the NAV of the Fund, subject to a minimum
of 40%;
▪ investments in Islamic fixed income securities and Islamic liquid assets shall not be less than 40%
of the NAV of the Fund, subject to a maximum of 60%;
▪ up to 40% of the Fund’s NAV in Unrated Islamic fixed income securities; and
▪ at least 2% of NAV in Islamic liquid assets.
Fund category/type
Balanced (Shariah-compliant)/Growth and Income
When was the Fund launched?

8 March 2001
What was the size of the Fund as at 31 March 2021?

RM848.84 million (1,601.90 million units)
2
FUND OBJECTIVE AND POLICY (CONTINUED)
What is the Fund’s benchmark?

30% Financial Times Stock Exchange (“FTSE”) Bursa Malaysia (“FBM”) EMAS Shariah (“FBMS”) Index
+ 30% MSCI All Country (“AC”) Asia ex Japan Islamic Index + 40% CIMB Islamic 1-month Fixed Return
Income Account-i (“FRIA-i”)
Note: The Fund’s benchmark is for comparison purpose only. The benchmark is customised as such to align it closer to the
structure of the portfolio and the objective of the Fund. Investors are cautioned that the risk profile of the Fund is higher than
the benchmark.
What is the Fund distribution policy?

The Manager has the discretion to distribute part or all of the Fund’s distributable income. The
distribution (if any) may vary from period to period depending on the investment objective and the
performance of the Fund.
What was the net income distribution for the six months financial period ended 31 March 2021?
There was no income distribution for the six months financial period ended 31 March 2021.
PERFORMANCE DATA
Details of portfolio composition of the Fund for the last three unaudited financial periods were as follows:
31.03.2021 31.03.2020 31.03.2019

% % %
Shariah-compliant collective investment
schemes 2.09 0.19 0.46
Shariah-compliant quoted securities
- Communication Services 3.90 6.94 5.61
- Consumer Discretionary 8.30 6.50 5.21
- Consumer Staples 0.93 3.43 4.88
- Energy 8.90 4.04 6.67
- Financials 0.82 0.13 0.52
- Health Care 1.50 1.25 2.26
- Industrials 8.54 4.02 5.56
- Information Technology 13.22 7.73 5.23
- Materials 8.44 2.71 3.65
- Real Estate 0.34 4.45 4.67
- Utilities 2.27 4.75 5.48
Unquoted Sukuk 35.18 43.30 36.51
Cash and other assets 6.85 11.38 14.19
Liabilities (1.28) (0.82) (0.90)
100.00 100.00 100.00
3
PERFORMANCE DATA (CONTINUED)
Performance details of the Fund for the last three unaudited financial periods were as follows:
31.03.2021 31.03.2020 31.03.2019

NAV (RM Million) 848.84 707.05 461.38
Units in circulation (Million) 1,601.90 1,620.79 975.12
NAV per Unit (RM) 0.5298 0.4362 0.4731
01.10.2020 01.10.2019 01.10.2018

to 31.03.2021 to 31.03.2020 to 31.03.2019
Highest NAV per unit (RM) 0.5478 0.4829 0.4827
Lowest NAV per unit (RM) 0.4916 0.4169 0.4537
Total return (%) 7.33 (5.85) (1.51)
- Capital growth (%) 7.33 (5.85) (1.51)
- Income distribution (%) - - -
Management Expense Ratio (“MER”) (%) ^ 0.81 0.82 0.81

Portfolio Turnover Ratio (“PTR”) (times) # 0.40 0.45 0.45
^ The Fund’s MER decreased from 0.82% to 0.81% due to increase in average NAV during the financial
period under review.
# The Fund’s PTR has decreased to 0.40 times from 0.45 times due to increase in average NAV during
the financial period under review.
31.03.2021 31.03.2020 31.03.2019 31.03.2018 31.03.2017

% % % % %
Annual total return 25.62 (4.53) (0.91) 5.99 2.55
(Launch date: 8 March 2001)

Past performance is not necessarily indicative of future performance and that unit prices and investment returns may go down,
as well as up. All performance figures for the financial period have been extracted from Lipper.
MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021)
Local Equities
During the financial period under review, the FBM Kuala Lumpur Composite Index (“FBMKLCI”) has
rebounded 7.3%. The rebound was strong as the global economy recovery broadens out, vaccine
rollout optimism and the country learning to cope with the pandemic.
FBMKLCI ended March flat at 1,573 points, down 4 points or -0.3%. A plunge on the last day of the
month with all 30 constituents in the red, largely attributed to MSCI rebalancing and sell-off on gloves
which wiped out over 2% of the Index. The latest tally placed Property and Construction as top
performing sector indices, up 8% and 6% respectively during the month, while Healthcare (-9%) and
Technology (-6%) were the worst performers.
Bank Negara Malaysia (“BNM”) in the recent release of its Annual Report pegs 2021 gross domestic
products (“GDP”) growth at 6.0% - 7.5% premised on improved external demand driven by the tech
upcycle and containment of COVID-19 – daily cases now at low 1,000 versus over 3,000 in February
2021 and with vaccination roll-out well underway. Labour market is improving with strong policy support
for businesses and households. There is expectation of a spike in inflation of 2.5% - 4.0% but the
central bank expects to maintain an accommodative monetary policy. Malaysia’s manufacturing
purchasing managers’ index (“PMI”) rose to 49.9 in March 2021 from 47.7 in February 2021. These are
all promising indicators.
4
MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021) (CONTINUED)
Local Equities (continued)
Malaysia corporate earnings for fourth quarter of 2020 showed a modest beat and resulted in a slight
upgrade of 2021 FBMKLCI earnings. We saw sustained growth in Technology and Gloves, higher
commodity prices which benefitted Petrochemical and Plantations, and improved sales from the
relaxation of movement controls driving Automotive industry. Financials, Utilities, Oil & Gas and
Construction posted weaker results overall but they (except for Construction) largely met or beat
expectations. Unfortunately, FBMKLCI earnings for 2022 were cut by approximately 2%, largely due to
Gloves. Consensus now projects FBMKLCI earnings to grow 48% in 2021 but close to zero in 2022,
from a 13% contraction in 2020. Excluding gloves, earnings growth for 2021 and 2022 are 39% and
16% respectively.
Foreign Equities
Asian equities as measured by MSCI AC Asia ex Japan Islamic Index rose by 14.1% during the period
under review. Topical issues were the US presidential elections, COVID-19 resurgence and
containment, vaccine rollout and the rising bond yields.
In the start of the period under review, concerns mounted on resurgence of COVID-19 cases globally.
Over in Asia, we saw Indonesia reintroducing a lockdown in Jakarta in October 2020. However,
sentiment quickly rebounded in November 2020 post the US presidential elections which saw a
Democratic sweep and positive development of several vaccine efficacies. This momentum continued
a couple of months into January 2021.
However, expectations of a stronger US economy driven by fiscal stimulus, faster pace of vaccination
in developed over developing countries resulted in higher bond yields which impacted the sentiment on
equities in February and March 2021. Biden’s US Dollar (“USD”) 1.9 trillion American Rescue Plan Act
was passed in March 2021 which brings the total spending since the start of the pandemic to USD5.6
trillion or 27% of GDP.
Sukuk
In October 2020, the sovereign yield curve steepened with the market anticipating another round of
rate cut by BNM in its next November 2020 Monetary Policy Committee (“MPC”) meeting. The
momentum intensified as the number of COVID-19 cases spiked sharply towards new highs, with
restriction orders being re-implemented in targeted areas (i.e. Klang Valley, Sabah, etc).
Selling pressures continued in November 2020 as market took a defensive stance to lighten up in risk
amid uncertainties over a parliamentary vote on Budget 2021 which was later approved with additional
measures announced. Malaysia’s Budget 2021 was passed at its policy stage via a majority voice vote
on 27 November 2020 with additional measures/amendments including a further loan moratorium for
the bottom 40% (“B40”) and micro, small and medium enterprises (“MSMEs”) and the expansion of i-
Sinar facility to include all employees’ provident fund (“EPF”) members whose income has been
affected by the pandemic.
January 2021 began with two major announcements, i.e. the Second Movement Control Order (“MCO
2.0”) and the State of Emergency (“SoE”). The entire country was placed under MCO 2.0 (except
Sarawak) up until 4 February 2021. Meanwhile, the Palace issued the SoE proclamation to suspend
Parliament and State Legislative Assemblies (including elections) until 1 August 2021.
At its first meeting for the year on 21 January 2021, the MPC decided to maintain the Overnight Policy
Rate (“OPR”) at 1.75%. The central bank continued to mention that the overall outlook locally and
globally remains subject to downside risks, primarily if there is a further resurgence of COVID-19 cases.
5
MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021) (CONTINUED)
Sukuk (continued)
In February 2021, global bond yields experienced a major correction following the sell-off in the US
Treasuries (“UST”) as reflation and recovery trades intensified across all regions. Malaysia’s bond
markets were not spared and coupled with concerns on the supply profile, sovereign rating, removal of
the i-Sinar withdrawal conditions, the easing of restrictions under MCO 2.0 and arrival of vaccines, the
Government Investment Issue (“GII”) yield curve bear steepened sharply in February 2021.
BNM maintained the OPR unchanged at 1.75% at its March 2021 meeting. The MPC statement noted
that global growth risks have abated slightly but the balance of risks remains tilted to the downside due
to uncertainties surrounding the COVID-19 pandemic and efficacy of vaccination programs. Domestic
growth is expected to improve in second quarter and the future policy will continue to be determined by
new data and information.
On a positive note, in March 2021 we saw FTSE Russell removed Malaysia from its Watch List position
on the World Government Bond Index (“WGBI”) and retains its membership in the FTSE WGBI. FTSE
Russell commented BNM on its previously implemented and ongoing initiatives to address the concerns
of foreign investors when accessing the Government bond market.
The period under review ended with the GII yields closed at 2.30%, 2.74%, 3.12%, 3.41%, 3.90%,
4.36% and 4.70% for the 3-year, 5-year, 7-year, 10-year, 15-year, 20-year and 30-year respectively at
the end of March 2021.
FUND PERFORMANCE
Since
6 months 1 year 3 years 5 years inception
to 31.03.2021 to 31.03.2021 to 31.03.2021 to 31.03.2021 to 31.03.2021
% % % % %
Income Distribution - 3.39 13.26 24.07 156.24
Capital Growth 7.33 21.52 4.92 8.97 36.61
Total Return 7.33 25.62 18.84 35.19 247.48
Benchmark 4.29 22.54 12.00 30.30 155.30
Average Total
Return N/A 25.62 5.92 6.22 6.40
For the 6 months period, the Fund’s total return increased by 7.33%, outperforming the benchmark
which increased by 4.29% by 304 basis points (“bps”) due to the underweight in healthcare and
overweight in materials. Over the last 3 and 5 years, the Fund outperformed the benchmark by 684 bps
and 489 bps respectively.
6
FUND PERFORMANCE (CONTINUED)
300%
Principal Islamic Lifetime Balanced Fund
250%
30% FBMS Index + 30% MSCI AC Asia ex Japan Islamic

200% Index + 40% CIMB Islamic 1-month FRIA-i
150%
100%
50%
0%
May-15
May-05
May-10
May-20
Sep-03
Nov-17
Jul-04
Sep-08
Jul-09
Sep-13
Jul-14
Sep-18
Jul-19
Nov-02
Nov-07
Nov-12
Mar-01
Jan-02
Mar-06
Jan-07
Mar-11
Jan-12
Mar-16
Jan-17
Mar-21
-50%
Changes in NAV
31.03.2021 30.09.2020 Changes

Audited
%
NAV (RM Million) 848.84 864.59 (1.82)
NAV/Unit (RM) 0.5298 0.4938 7.29
The Fund’s NAV fell by 1.82% from unit redemption while NAV per unit have increased by 7.29% due
to increase in investment gains.
Performance data represents the combined income and capital return as a result of holding units in the Fund for the specified
length of time, based on NAV to NAV price. The performance data assumes that all earnings from the Fund are reinvested
and are net of management and trustee fees. Past performance is not reflective of future performance and income distributions
are not guaranteed. Unit prices and income distributions, if any, may fall and rise. All performance figures for the financial
period have been extracted from Lipper.
PORTFOLIO STRUCTURE
Asset allocation
31.03.2021 30.09.2020
(% of NAV) Audited
Shariah-compliant collective investment schemes 2.09 0.18
Shariah-compliant quoted securities - local 30.00 30.14
Shariah-compliant quoted securities - foreign 27.16 27.87
Unquoted Sukuk 35.18 33.40
Cash and other assets 6.85 10.15
Liabilities (1.28) (1.74)
TOTAL 100.00 100.00
The Fund’s allocation towards Shariah-compliant quoted securities - foreign and local have decreased
while the unquoted sukuk allocation have increased as we have trimmed some gains from equities as
the market rallied.
7
MARKET OUTLOOK*
Local Equities
The FBMKLCI currently trades at a forward Price-to-Earnings (“PE”) Ratio of 15 times for 2021 and
2022, exclude Gloves industry - 18.1 times and 15.6 times respectively. While Malaysia appears to be
at a discount to regional peers (except for Singapore’s Straits Times Index (“STI”)) despite comparable
market earnings growth, we opine that concerns over the country’s fiscal position, the de-rating of
heavyweight Gloves and domestic political issues are some of the key overhangs. We lower our
FBMKLCI target from 1,730 points to 1,670 points, which now represents 5% upside from current level
or 2.6% year-to-date (“YTD”). This is based on a target yield gap of 280 bps which is +0.5 standard
deviation (“SD”) pre-COVID-19 mean of 250 bps to partly factor in political risks, and assuming Malaysia
10-year Malaysian Government Securities (“MGS”) rises to 3.5% (versus 3.15% currently); this implies
an earnings yield of 6.3% or a PE Ratio of 16 times.
Foreign Equities
We like Asian equities on a 12-month basis. The soft patch in Asian equities since mid-February 2021
was due to a stronger USD and higher UST yields. Rising yields resulted from the market’s assessment
of expected growth and inflation from the extraordinary amount of fiscal stimulus. Biden’s USD1.9 trillion
American Rescue Plan Act was passed in March 2021 which brings the total spending since the start
of the pandemic to USD5.6 trillion or 27% of GDP.
Higher bond yields from a firmer recovery are not likely to derail equities. The US Federal Reserve (the
“Fed”) has consistently guided that it will keep interest rates low and continue to buy assets until the
economy is much healthier. Its “average inflation targeting” regime adopted last year means it will look
through the spike in inflation over the next few months. And its desire to seek “broad based and
inclusive” strength in the jobs market means that the breadth of the recovery is as important as the
unemployment number.
Asia is favorably placed because of higher growth, less over-owned markets, resilient currencies and
reasonable valuations.
Sukuk
Malaysia’s bond markets were not spared from the recent global bonds sell-off. The local sovereign
yield curve steepened with yields rising 60 bps - 83 bps on the belly to the back end of the curve in first
quarter of 2021 amidst thin liquidity, tracking the UST reflation trades. Uncertainties remain given the
rising global bond yields and heavy supply domestically. Yields spreads on the curve to the OPR are
mostly at historical highs given the current steepness with valuation on the long end appearing
attractive. On a positive note, the FTSE Russell removed Malaysia from its Watch List position on the
WGBI and will retain its membership in the FTSE WGBI.
In the primary issuance space, the corporate bonds supply pipeline is expected to remain active with
issuances ranging from high grade segments to non-rated. The new issuances could provide new
alternatives compared to the secondary market and credit yields may rise in the near-term given the
new supply.
Meanwhile, BNM projects 2021 real GDP growth to rebound to between 6.0% - 7.5% on the back of
improved external demand and gradual improvement in domestic economic activity. Inflation forecast
for 2021 is revised higher to average 2.5% - 4% compared to negative inflation at -1.2% in 2020 mainly
due to cost push factors such as the expected increase in global crude oil and commodity prices as
well as lower electricity tariff rebates. Core inflation is expected to remain subdued at 0.5% - 1.5%
amidst continued spare capacity.
*This market outlook does not constitute an offer, invitation, commitment, advice or recommendation to make a purchase of
any investment. The information given in this article represents the views of Principal Asset Management Berhad (“Principal
Malaysia”) or based on data obtained from sources believed to be reliable by Principal Malaysia. Whilst every care has been
taken in preparing this, Principal Malaysia makes no guarantee, representation or warranty and is under no circumstances
liable for any loss or damage caused by reliance on, any opinion, advice or statement made in this market outlook.
8
INVESTMENT STRATEGY
Local Equities
We are ‘Neutral’ on Malaysia considering the balance of risk – improving fiscal position and corporate
earnings recovery weighed against near-term political uncertainty. We remain proponents of the
reopening theme and thus constructive on sectors such as Financials, Cyclicals, Commodities and
select Transports. We continue to like Technology names due to the structural growth story, but near-
term sentiment could be tempered by jitters on interest rates and US-China relations. We are cautious
on Gloves as earnings seem to have peaked. With that we maintain asset allocation in between 94% -
98%.
Foreign Equities
We are positive Asian equities over 12 months and like Asia for its higher growth, resilient currencies
as well as its relatively reasonable valuations. We like quality and liquid names with good earnings
visibility and growth. As we expect markets to continue to broaden out, we have been adding industrial
and cyclical names such as materials that will benefit from a global recovery.
The Fund is positioned structurally in 1) Technology companies in hardware and internet that have a
proven ability to innovate; 2) Consumption stocks in China and India which are positioned in growing
sub-sectors. These are countries with deep domestic economies with favorable population dynamics;
3) Innovators and market share consolidators.
Sukuk
Our strategy going into 2021 is to overweight on credit markets for a more stable and higher yield pick-
up. We prefer to focus on primary issuances with higher yields for better yield pick-up. With that said,
we continue to be mindful in our credit selection with a preference on names which are more resilient
with stronger fundamentals, as well as better liquidity.
UNIT HOLDINGS STATISTICS
Breakdown of unit holdings by size as at 31 March 2021 were as follows:
Size of holdings (units) No. of unit holders No. of units held % of units
(million) held
5,000 and below 6,825 21.90 1.37
5,001-10,000 8,194 60.53 3.78
10,001-50,000 20,550 480.71 30.01
50,001-500,000 7,705 881.50 55.03
500,001 and above 162 157.26 9.81
Total 43,436 1,601.90 100.00
SOFT COMMISSIONS AND REBATES
Principal Asset Management Berhad (the “Manager”) and the Trustee will not retain any form of rebate
or soft commission from, or otherwise share in any commission with, any broker in consideration for
directing dealings in the investments of the Principal Malaysia Funds (“Funds”) unless the soft
commission received is retained in the form of goods and services such as financial wire services and
stock quotations system incidental to investment management of the Funds. All dealings with brokers
are executed on best available terms.
During the financial period under review, the Manager and the Trustee did not receive any rebates from
the brokers or dealers but the Manager has retained soft commission in the form of goods and services
such as financial wire services and stock quotations system incidental to investment management of
the Funds.
9
STATEMENT BY MANAGER TO THE UNIT HOLDERS OF

We, being the Directors of Principal Asset Management Berhad (the “Manager”), do hereby state that,
in the opinion of the Manager, the accompanying unaudited financial statements set out on pages 13
to 59 are drawn up in accordance with the provisions of the Deeds and give a true and fair view of the
financial position of the Fund as at 31 March 2021 of its financial performance, changes in net assets
attributable to unit holders and cash flows for the financial period then ended in accordance with
Malaysian Financial Reporting Standards (“MFRS”) 134 - Interim Financial Reporting and International
Accounting Standards (“IAS”) 34 - Interim Financial Reporting.
For and on behalf of the Manager

Principal Asset Management Berhad (199401018399 (304078-K))
MUNIRAH KHAIRUDDIN JUAN IGNACIO EYZAGUIRRE BARAONA

Chief Executive Officer/Executive Director Director
Kuala Lumpur
10 May 2021
10
TRUSTEE’S REPORT TO THE UNIT HOLDERS OF

We, Universal Trustee (Malaysia) Berhad, being the Trustee for Principal Islamic Lifetime Balanced
Fund (the “Fund”), are of the opinion that Principal Asset Management Berhad (the “Manager”), acting
in the capacity of the Manager of the Fund, have fulfilled their duties in the following manner for the six
months financial period ended 31 March 2021:
(a) the Fund is being managed in accordance with the limitations imposed on the investment
powers of the Manager and the Trustee under the Deeds, the Securities Commission’s
Guidelines on Unit Trust Funds, the Capital Markets and Services Act 2007 and other applicable
laws;
(b) valuation/pricing is carried out in accordance with the Deeds and relevant regulatory
requirements; and
(c) creation and cancellation of units is carried out in accordance with the Deeds and relevant
regulatory requirements.
For and on behalf of the Trustee

UNIVERSAL TRUSTEE (MALAYSIA) BERHAD
ONG TEE VANN

Chief Executive Officer
Kuala Lumpur
10 May 2021
11
SHARIAH ADVISER’S REPORT
To the Unit Holders of Principal Islamic Lifetime Balanced Fund (“Fund”)
For the Six Months Financial Period ended 31 March 2021
We hereby confirm the following:
1. To the best of our knowledge, after having made all reasonable enquiries, Principal Asset
Management Berhad has operated and managed the Fund during the period covered by these
financial statements in accordance with the Shariah principles and complied with the applicable
guidelines, rulings or decisions issued by the Securities Commission Malaysia (“SC”) pertaining
to Shariah matters; and
2. The asset of the Fund comprises of instruments that have been classified as Shariah compliant.
For Amanie Advisors Sdn Bhd
Datuk Dr Mohd Daud Bakar

Executive Chairman
Kuala Lumpur
10 May 2021
12
UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
Note RM RM
INCOME/(LOSS)
Dividend income 4,791,121 4,987,755
Profit income from Shariah-compliant deposits with
licensed Islamic financial institutions and Hibah
earned 343,273 5,800,263
Profit income from unquoted Sukuk 5,650,161 1,061,268
Net gain/(loss) on financial assets at fair value
through profit or loss 7 64,404,321 (52,977,546)
Net foreign exchange (loss)/gain (482,395) 290,304
74,706,481 (40,837,956)
EXPENSES
Management fee 4 6,777,356 5,591,215
Trustee and custodian fees 5 557,687 466,476
Audit fee 5,250 9,750
Tax agent’s fee 21,977 3,700
Transaction costs 1,125,369 901,354
Other expenses 257,920 167,432
8,745,559 7,139,927
PROFIT/(LOSS) BEFORE TAXATION 65,960,922 (47,977,883)
Taxation 6 (198,136) -
PROFIT/(LOSS) AFTER TAXATION,

REPRESENTING TOTAL COMPREHENSIVE
INCOME/(LOSS) FOR THE FINANCIAL PERIOD 65,762,786 (47,977,883)
Profit/(Loss) after taxation is made up as follows:

Realised amount 20,627,129 (9,325,618)
Unrealised amount 45,135,657 (38,652,265)
65,762,786 (47,977,883)
The accompanying notes to the financial statements form an integral part of the unaudited financial
statements.
13
UNAUDITED STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021
31.03.2021 30.09.2020
Audited
Note RM RM
ASSETS
Cash and cash equivalents 8 47,142,047 57,750,087
Financial assets at fair value through profit or loss 7 801,535,351 791,837,067
Amount due from stockbrokers 7,212,610 7,567,444
Amount due from dealers 2,108,592 13,721,089
Amount due from Manager 1,211,860 7,892,119
Amount due from Manager of collective investment
schemes
- management fee rebate 56,170 27,974
Dividends receivable 466,280 810,691
TOTAL ASSETS 859,732,910 879,606,471
LIABILITIES
Amount due to stockbrokers 3,552,985 4,702,285
Amount due to dealers 2,014,200 5,604,260
Amount due to Manager 4,117,932 3,475,417
Accrued management fee 1,097,084 1,049,374
Amount due to Trustee 73,788 70,102
Distribution payable 9,987 100,655
Other payables and accruals 23,650 15,899
TOTAL LIABILITIES 10,889,626 15,017,992
NET ASSET VALUE OF THE FUND 848,843,284 864,588,479
NET ASSETS ATTRIBUTABLE TO UNIT

HOLDERS 9 848,843,284 864,588,479
NUMBER OF UNITS IN CIRCULATION (UNITS) 10 1,601,899,775 1,750,846,153
NET ASSET VALUE PER UNIT (RM) 0.5298 0.4938
statements.
14
UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS

01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
Note RM RM
HOLDERS AT THE BEGINNING OF THE
FINANCIAL PERIOD 864,588,479 628,289,115
Movement due to units created and cancelled

during the financial period:
- Creation of units from applications 166,546,024 301,272,986
- Cancellation of units (248,054,005) (174,535,620)
Total comprehensive income/(loss) for the financial

period 65,762,786 (47,977,883)

HOLDERS AT THE END OF THE FINANCIAL
PERIOD 9 848,843,284 707,048,598
statements.
15
UNAUDITED STATEMENT OF CASH FLOWS

01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
RM RM
CASH FLOWS FROM OPERATING ACTIVITIES
Proceeds from disposal of Shariah-compliant
quoted securities 302,098,067 159,377,071
Proceeds from disposal of unquoted Sukuk 83,239,011 87,965,068
Purchase of Shariah-compliant quoted securities (216,379,680) (236,240,798)
Purchase of Shariah-compliant collective investment
schemes (14,363,395) -
Purchase of unquoted Sukuk (124,949,240) (174,027,278)
Proceeds from the redemption of unquoted Sukuk 30,000,000 4,121,746
Dividend income received 4,887,178 3,513,150
Profit income received from Shariah-compliant
deposits with licensed Islamic financial institutions
and Hibah earned 343,273 5,314,675
Profit income received from unquoted Sukuk 6,460,710 1,061,947
Management fee paid (6,722,065) (5,410,108)
Management fee rebate received 91,296 16,106
Trustee and custodian fees paid (554,001) (454,402)
Payments for other fees and expenses (37,914) (30,300)
Net realised foreign exchange loss (81,541) (391,736)
Tax paid (198,136) -
Net cash generated from/(used in) operating
activities 63,833,563 (155,184,859)
CASH FLOWS FROM FINANCING ACTIVITIES

Cash proceeds from units created 173,226,283 308,161,631
Payments for cancellation of units (247,411,490) (173,910,480)
Distribution paid (90,668) (167,772)
Net cash (used in)/generated from financing
activities (74,275,875) 134,083,379
Net decrease in cash and cash equivalents (10,442,312) (21,101,480)

Effects of foreign exchange differences (165,728) 727,763
Cash and cash equivalents at the beginning of the
financial period 57,750,087 75,732,391
Cash and cash equivalents at the end of the
Cash and cash equivalents comprised of:

Shariah-compliant deposits with licensed Islamic
financial institutions 24,917,215 40,438,158
Bank balances 22,224,832 14,920,516
Cash and cash equivalents at the end of the
statements.
16
NOTES TO THE FINANCIAL STATEMENT

1. THE FUND, THE MANAGER AND ITS PRINCIPAL ACTIVITIES
Principal Islamic Lifetime Balanced Fund (the “Fund”) is governed by a Master Deed dated 15
May 2008, a Fourth Supplemental Master Deed dated 25 June 2008, a Sixth Supplemental
Master Deed dated 14 July 2008, a Seventh Supplemental Master Deed dated 19 November
2008, a Fourteenth Supplemental Master Deed dated 26 June 2012 and a Seventeenth
Supplemental Master Deed dated 25 March 2015 and a Nineteenth Supplemental Master Deed
dated 18 June 2019 (collectively referred to as the “Deeds"), between, Principal Asset
Management Berhad (the “Manager”) and Universal Trustee (Malaysia) Berhad (the “Trustee”).
The Fund aims to invest in a diversified portfolio of Shariah-compliant equities and Islamic fixed
income investments. In line with its objective, the investment policy and strategy will be to
maintain a balanced portfolio between Shariah-compliant equities and Islamic fixed income
investments in the ratio of 60:40. The fixed income portion of the Fund is to provide some capital
stability to the Fund whilst the equity portion will provide the added return in a rising market. The
investments by the Fund in Shariah-compliant equities shall not exceed 60% of the NAV of the
Fund and investments in Islamic fixed income securities and Islamic liquid assets shall not be
less than 40% of the NAV of the Fund with a minimum credit rating of “BBB3” or “P2” by RAM
or equivalent rating by MARC or by local rating agency(ies) of the country of issuance; or “BBB-
” by S&P or equivalent rating by any other international rating agencies. The Fund may invest
up to 40% of its NAV in Unrated Islamic fixed income securities. The Fund may opt to invest in
foreign Shariah-compliant equities up to a maximum of 30% of its NAV. Such foreign Shariah-
compliant equities must be of securities of companies domiciled in, listed in, and/or have
significant operations in countries in Asia Pacific ex Japan. ‘Significant operations’ means major
businesses of the company. For example, the Fund can invest in a company with significant
business and/or operations in Thailand but listed on the NYSE. The threshold for ‘significant
operations’ would be if more than 25% of total group revenue derives from countries in Asia
Pacific ex Japan. The calculation would be based on the most recent financial reports released
by the companies (e.g. interim and annual reports). The Fund may also opt to seek investment
exposure via Islamic collective investment schemes that is in line with the Fund’s objective,
subject to the requirements of the SC Guidelines.
The asset allocation strategy for this Fund is as follows:

▪ the Shariah-compliant equities will not exceed 60% of the NAV of the Fund, subject to a
minimum of 40%;
▪ investments in Islamic fixed income securities and Islamic liquid assets shall not be less
than 40% of the NAV of the Fund, subject to a maximum of 60%;
▪ up to 40% of the Fund’s NAV in Unrated Islamic fixed income securities; and
▪ at least 2% of NAV in Islamic liquid assets.
All investments are subjected to the SC Guidelines on Unit Trust Funds, SC requirements, the
Deeds, except where exemptions or variations have been approved by the SC, internal policies
and procedures and the Fund’s objective.
The Manager, is a joint venture between Principal Financial Group®, a member of the
FORTUNE 500® and a Nasdaq-listed global financial services and CIMB Group Holdings
Berhad, one of Southeast Asia’s leading universal banking groups. The principal activities of
the Manager are the establishment and management of unit trust funds and fund management
activities.
17
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are
considered material in relation to the financial statements:
(a) Basis of preparation
The financial statements have been prepared in accordance with the provisions of the
MFRS as issued by the Malaysian Accounting Standards Board (“MASB”) and
International Financial Reporting Standards (“IFRS”) as issued by the International
Accounting Standards Board (“IASB”).
The financial statements have been prepared under the historical cost convention, as
modified by financial assets at fair value through profit or loss.
The preparation of financial statements in conformity with MFRS and IFRS requires the
use of certain critical accounting estimates and assumptions that affect the reported
amounts of assets and liabilities and disclosure of contingent assets and liabilities at the
date of the financial statements, and the reported amounts of revenues and expenses
during the reported period.
It also requires the Manager to exercise their judgement in the process of applying the
Fund’s accounting policies. Although these estimates and assumptions are based on
the Manager’s best knowledge of current events and actions, actual results may differ.
The areas involving a higher degree of judgement or complexity, or areas where

assumptions and estimates are significant to the financial statements are disclosed in
Note 2(l).
There are no other standards, amendments to standards or interpretations that are

effective for financial periods beginning on 1 October 2020 that have a material effect
on the financial statements of the Fund.
None of the standards, amendments to standards or interpretations that are effective for
the financial period beginning on/after 1 April 2021 are applicable to the Fund.
(b) Financial assets and financial liabilities
Classification
The Fund classifies its financial assets in the following measurement categories:
• those to be measured subsequently at fair value through profit or loss, and

• those to be measured at amortised cost.
The Fund classifies its investments based on both the Fund’s business model for
managing those financial assets and the contractual cash flow characteristics of the
financial assets. The portfolio of financial assets is managed and performance is
evaluated on a fair value basis. The Fund is primarily focused on fair value information
and uses that information to assess the assets’ performance and to make decisions.
The Fund has not taken the option to irrevocably designate any equity securities as fair
value through other comprehensive income (“OCI”).
18
2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED)
(b) Financial assets and financial liabilities (continued)
Classification (continued)
The contractual cash flows of the Fund’s debt securities are solely principal and interest1
(“SPPI”). However, these securities are neither held for the purpose of collecting
contractual cash flows nor held both for collecting contractual cash flows and for sale.
The collection of contractual cash flows is only incidental to achieving the Fund’s
business model’s objective. Consequently, all investments are measured at fair value
through profit or loss.
The Fund classifies cash and cash equivalents, amount due from stockbrokers, amount
due from dealers, amount due from Manager, amount due from Manager of collective
investment - management fee rebate and dividends receivable as financial assets at
amortised cost as these financial assets are held to collect contractual cash flows
consisting of the amount outstanding.
All of the Fund’s financial liabilities are measured at amortised cost.
Recognition and measurement
Regular purchases and sales of financial assets are recognised on the trade-date, the
date on which the Fund commits to purchase or sell the asset. Shariah-compliant
investments are initially recognised at fair value. Transaction costs are expensed in the
statement of comprehensive income.
Financial instruments are recognised in the statement of financial position when, and
only when, the Fund becomes a party to the contractual provisions of the financial
instrument.
Financial assets are derecognised when the rights to receive cash flows from the
Shariah-compliant investments have expired or have been transferred and the Fund has
transferred substantially all risks and rewards of ownership.
Financial liabilities are derecognised when it is extinguished, i.e. when the obligation
specified in the contract is discharged or cancelled or expired.
Unrealised gains or losses arising from changes in the fair value of the financial assets
at fair value through profit or loss are presented in the statement of comprehensive
income with net gain or loss on financial assets at fair value through profit or loss in the
financial period which they arise.
Dividend income from financial assets at fair value through profit or loss is recognised
in the statement of comprehensive income as part of gross dividend income when the
Fund’s right to receive payments is established.
Shariah-compliant collective investment schemes is valued based on the most recent

published NAV per unit or share of such Shariah-compliant collective investment
schemes or, if unavailable, the last published price of such unit or share (excluding any
sales charge included in such selling price).
1 For the purposes of this Fund, interest refers to profits earned from Shariah-compliant investments.
19
Recognition and measurement (continued)
Shariah-compliant quoted securities in Malaysia are valued at the last traded market
price quoted on Bursa Malaysia Securities Bhd (“Bursa Securities”) at the date of the
statement of financial position.
Foreign Shariah-compliant quoted securities are valued at the last traded market price
quoted on the respective foreign stock exchanges at the close of the business day of
the respective foreign stock exchanges.
If a valuation based on the market price does not represent the fair value of the Shariah-
compliant quoted securities, for example during abnormal market conditions or when no
market price is available, including in the event of a suspension in the quotation of the
Shariah-compliant quoted securities for a period exceeding 14 days, or such shorter
period as agreed by the Trustee, then the Shariah-compliant quoted securities are
valued as determined in good faith by the Manager, based on the methods or bases
approved by the Trustee after appropriate technical consultation.
Unquoted Sukuk denominated in Malaysian Ringgit (“MYR”) are revalued on a daily

basis based on fair value prices quoted by a Bond Pricing Agency (“BPA”) registered
with the SC as per the SC Guidelines on Unit Trust Funds. Refer to Note 2(l) for further
explanation.
Shariah-compliant deposits with licensed Islamic financial institutions are stated at cost
plus accrued profit calculated on the effective profit method over the period from the
date of placement to the date of maturity of the respective deposits.
Financial assets at amortised cost and other financial liabilities are subsequently carried
at amortised cost using the effective profit method.
Impairment for assets carried at amortised costs
The Fund measures credit risk and expected credit losses (“ECL”) using probability of
default, exposure at default and loss given default. The Manager considers both
historical analysis and forward looking information in determining any ECL. The Manager
considers the probability of default to be close to zero as these instruments have a low
risk of default and the counterparties have a strong capacity to meet their contractual
obligations in the near term. As a result, no loss allowance has been recognised based
on 12 month ECL as any such impairment would be wholly insignificant to the Fund.
Significant increase in credit risk
A significant increase in credit risk is defined by the Manager as any contractual payment
which is more than 30 days past due.
Definition of default and credit-impaired financial assets
Any contractual payment which is more than 90 days past due is considered credit
impaired.
20
Write-off
The Fund writes off financial assets, in whole or in part, when it has exhausted all
practical recovery efforts and has concluded there is no reasonable expectation of
recovery. The assessment of no reasonable expectation of recovery is based on
unavailability of debtor’s sources of income or assets to generate sufficient future cash
flows to repay the amount. The Fund may write-off financial assets that are still subject
to enforcement activity. Subsequent recoveries of amounts previously written off will
result in impairment gains. There are no write-offs/recoveries during the financial period.
(c) Income recognition
Dividend income is recognised on the ex-dividend date when the right to receive
payment is established.
Profit income from Shariah-compliant deposits with licensed Islamic financial institutions
and unquoted Sukuk are recognised on a time proportionate basis using the effective
profit rate method on an accrual basis.
Profit income is calculated by applying the effective profit rate to the gross carrying
amount of a financial asset except for financial assets that subsequently become credit-
impaired. For credit-impaired financial assets the effective profit rate is applied to the net
carrying amount of the financial asset (after deduction of the loss allowance).
Realised gain or loss on disposal of Shariah-compliant collective investment schemes

and Shariah-compliant quoted securities are accounted for as the difference between
the net disposal proceeds and the carrying amount of Shariah-compliant collective
investment schemes and Shariah-compliant quoted securities, determined on a
weighted average cost basis.
Realised gain or loss on disposal of unquoted Sukuk is accounted for as the difference
between the net disposal proceeds and the carrying amount of unquoted Sukuk,
determined on cost adjusted for accretion of discount or amortisation of premium.
(d) Foreign currency
Functional and presentation currency
Items included in the financial statements of the Fund are measured using the currency
of the primary economic environment in which the Fund operates (the “functional
currency”). The financial statements are presented in MYR, which is the Fund’s
functional and presentation currency.
Due to mixed factors in determining the functional currency of the Fund, the Manager
has used its judgement to determine the functional currency that most faithfully
represents the economic effects of the underlying transactions, events and conditions
and have determined the functional currency to be in MYR primarily due to the following
factors:
i) The Fund’s units are denominated in MYR.

ii) Significant portion of the Fund’s expenses are denominated in MYR.
21
(d) Foreign currency (continued)
Transactions and balances
Foreign currency transactions are translated into the functional currency using the
exchange rates prevailing at the dates of the transactions or valuation where items are
remeasured. Foreign exchange gains and losses resulting from the settlement of such
transactions and from the translation at period-end exchange rates of monetary assets
and liabilities denominated in foreign currencies are recognised in statement of
comprehensive income.
(e) Cash and cash equivalents
For the purpose of statement of cash flows, cash and cash equivalents comprise bank
balance and Shariah-compliant deposits held in highly liquid investments with original
maturities of three months or less that are readily convertible to known amounts of cash
and which are subject to an insignificant risk of changes in value.
(f) Taxation
Current tax expense is determined according to Malaysian tax laws at the current rate
based upon the taxable profit earned during the financial year.
Tax on investment income from foreign quoted securities is based on the tax regime of
the respective countries that the Fund invests in.
Withholding taxes on investment income from investment are based on tax regime of
the respective countries that the Fund invests in. Such withholding taxed are not “income
tax” in nature and are recognised and measured based on the requirements of MFRS
137. They are presented within other expenses line in the statement of comprehensive
income.
(g) Amount due from/to stockbrokers/dealers
Amounts due from/to stockbrokers/dealers represent receivables for Shariah-compliant

investments sold and payables for Shariah-compliant investments purchased that have
been contracted for but not yet settled or delivered on the statement of financial position
date respectively.
These amounts are recognised initially at fair value and subsequently measured at
amortised cost. At each reporting date, the Fund measure the loss allowance on
amounts due from broker at an amount equal to the lifetime ECL if the credit risk has
increased significantly since initial recognition. If, at the reporting date, the credit risk
has not increased significantly since initial recognition, the Fund shall measure the loss
allowance at an amount equal to 12-month ECL. Significant financial difficulties of the
stockbrokers/dealers, probability that the stockbrokers/dealers will enter bankruptcy or
financial reorganisation, and default in payments are all considered indicators that a loss
allowance may be required.
22
(g) Amount due from/to stockbrokers/dealers (continued)
If the credit risk increases to the point that it is considered to be credit impaired, profit
income will be calculated based on the gross carrying amount adjusted for the loss
allowance. A significant increase in credit risk is defined by management as any
contractual payment which is more than 30 days past due.
Any contractual payment which is more than 90 days past due is considered credit
impaired.
(h) Transaction costs
Transaction costs are costs incurred to acquire or dispose financial assets or liabilities
at fair value through profit or loss. They include fees and commissions paid to agents,
advisors, brokers and dealers. Transaction costs, when incurred, are immediately
recognised in the statement of comprehensive income as expenses.
(i) Management Fee Rebate
Management fee rebate is deemed from the Shariah-compliant collective investment

schemes held by the Fund on an accrual basis to ensure no double charging of
management fee. It is accrued daily based on the fair value of Shariah-compliant
collective investment schemes held.
(j) Unit holders’ contributions
The unit holders’ contributions to the Fund meet the criteria to be classified as equity
instruments under MFRS 132 “Financial Instruments: Presentation”. Those criteria
include:
• the units entitle the holder to a proportionate share of the Fund’s NAV;
• the units are the most subordinated class and class features are identical;
• there is no contractual obligations to deliver cash or another financial asset other
than the obligation on the Fund to repurchase; and
• the total expected cash flows from the units over its life are based substantially
on the profit or loss of the Fund.
The outstanding units are carried at the redemption amount that is payable at each
financial period if unit holder exercises the right to put the unit back to the Fund.
Units are created and cancelled at prices based on the Fund’s NAV per unit at the time
of creation or cancellation. The Fund’s NAV per unit is calculated by dividing the net
assets attributable to unit holders with the total number of outstanding units.
(k) Realised and unrealised portions of profit or loss after tax
The analysis of realised and unrealised portions of profit or loss after tax as presented
on the statement of comprehensive income is prepared in accordance with SC
Guidelines on Unit Trust Funds.
23
(l) Critical accounting estimates and judgements in applying accounting policies
The Fund makes estimates and assumptions concerning the future. The resulting
accounting estimates will, by definition, rarely equal the related actual results. To
enhance the information content of the estimates, certain key variables that are
anticipated to have material impact to the Funds’ results and financial position are tested
for sensitivity to changes in the underlying parameters.
Estimates and judgement are continually evaluated by the Manager and are based on
historical experience and other factors, including expectations of future events that are
believed to be reasonable under the circumstances.
Estimate of fair value of unquoted Sukuk
In undertaking any of the Fund’s Shariah-compliant investments, the Manager will

ensure that all assets of the Fund under management will be valued appropriately, that
is at fair value and in compliance with the SC Guidelines on Unit Trust Funds.
Ringgit-denominated unquoted Sukuk are valued using fair value prices quoted by a
BPA. Where the Manager is of the view that the price quoted by BPA for a specific
unquoted Sukuk differs from the market price by more than 20 bps, the Manager may
use market price, provided that the Manager records its basis for using a non-BPA price,
obtains necessary internal approvals to use the non-BPA price, and keeps an audit trail
of all decisions and basis for adopting the use of non-BPA price.
24
3. RISK MANAGEMENT OBJECTIVES AND POLICIES
The investment objective of the Fund is to achieve medium to long-term growth in both capital
and income by investing in permissible Shariah-compliant investments.
The Fund is exposed to a variety of risks which include market risk (inclusive of price risk, profit
rate risk and currency risk), credit risk and liquidity risk.
Financial risk management is carried out through internal control process adopted by the
Manager and adherence to the investment restrictions as stipulated in the Deeds and SC
Guidelines on Unit Trust Funds.
(a) Market risk
(i) Price risk
This is the risk that the fair value of investment in Shariah-compliant collective
investment schemes, Shariah-compliant quoted securities and unquoted Sukuk
will fluctuate because of changes in market prices (other than those arising from
profit rate risk and currency risk). The value of Shariah-compliant investments
may fluctuate according to the activities of individual companies, sector and
overall political and economic conditions. Such fluctuation may cause the Fund's
NAV and prices of units to fall as well as rise, and income produced by the Fund
may also fluctuate.
The price risk is managed through diversification and selection of Shariah-

compliant collective investment schemes, Shariah-compliant quoted securities,
unquoted Sukuk and other financial instruments within specified limits according
to the Deeds.
(ii) Interest rate risk
In general, when interest rates rise, unquoted Sukuk prices will tend to fall and
vice versa. Therefore, the NAV of the Fund may also tend to fall when interest
rates rise or are expected to rise. However, investors should be aware that
should the Fund holds an unquoted Sukuk till maturity, such price fluctuations
would dissipate as it approaches maturity, and thus the growth of the NAV shall
not be affected at maturity. In order to mitigate interest rates exposure of the
Fund, the Manager will manage the duration of the portfolio via shorter or longer
tenured assets depending on the view of the future interest rate trend of the
Manager, which is based on its continuous fundamental research and analysis.
Although unquoted Sukuk is a non-interest bearing instrument, investors should

note that the movement in prices of unquoted Sukuk are correlated to the
movement in interest rates. As such, the investments in unquoted Sukuk are
exposed to the movement of the interest rates. Even though the Fund does not
invest in interest bearing instruments, the interest rate referred herein is to the
general interest rate of the country, which may affect the value of the investment
of the Fund. However, it does not in any way suggest that this Fund will invest in
conventional financial instruments. All investments carried out for the Fund
including placement and deposits are in accordance with Shariah.
This risk is crucial since unquoted Sukuk portfolio management depends on

forecasting interest rate movements. Prices of unquoted Sukuk move inversely
to interest rate movements, therefore as interest rates rise, the prices of
unquoted Sukuk decrease and vice versa. Furthermore, unquoted Sukuk with
longer maturity and lower yield coupon rates are more susceptible to interest rate
movements.
25
3. RISK MANAGEMENT OBJECTIVES AND POLICIES (CONTINUED)
(a) Market risk (Continued)
(ii) Interest rate risk (continued)
Such investments may be subject to unanticipated rise in interest rates which

may impair the ability of the issuers to meet the obligation under the instrument,
especially if the issuers are highly leveraged. An increase in interest rates may
therefore increase the potential for default by an issuer.
The Fund’s exposure to interest rate risk associated with Shariah-compliant

deposits with licensed Islamic financial institutions is not material as the Shariah-
compliant deposits are held on short-term basis.
(iii) Currency risk
Currency risk of the Fund is associated with Shariah-compliant investments that

are quoted and/or priced in foreign currency denomination. Foreign currency risk
is the risk that the value of financial instruments will fluctuate due to changes in
foreign exchange rates. The Manager will evaluate the likely directions of a
foreign currency versus MYR based on considerations of economic
fundamentals such as profit rate differentials, balance of payments position, debt
levels, and technical chart considerations.
(b) Credit risk
Credit risk refers to the risk that a counterparty will default on its contractual obligation
resulting in financial loss to the Fund.
Investment in unquoted Sukuk may involve a certain degree of credit/default risk with
regards to the issuers. Generally, credit risk or default risk is the risk of loss due to the
issuer’s non-payment or untimely payment of the investment amount as well as the
returns on investment. This will cause a decline in value of the defaulted unquoted Sukuk
and subsequently depress the NAV of the Fund. Usually credit risk is more apparent for
an investment with a longer tenure, i.e. the longer the duration, the higher the credit risk.
Credit risk can be managed by performing continuous fundamental credit research and
analysis to ascertain the creditworthiness of its issuer. In addition, the Manager imposes
a minimum rating requirement as rated by either local and/or foreign rating agencies and
manages the duration of the investment in accordance with the objective of the Fund.
For this Fund, the unquoted Sukuk investments must satisfy a minimum rating
requirement of at least “BBB3” or “P2” by RAM or equivalent rating by MARC or by local
rating agency(ies) of the country of issuance; “BBB-” by S&P or equivalent rating by any
other international rating agencies.
The credit risk arising from placements of Shariah-compliant deposits in licensed Islamic
financial institutions is managed by ensuring that the Fund will only place Shariah-
compliant deposits in reputable licensed Islamic financial institutions.
For amount due from Manager, the settlement terms of the proceeds from the creation
of units receivable from the Manager are governed by the SC Guidelines on Unit Trust
Funds.
26
(b) Credit risk (continued)
For amount due from stockbrokers, the settlement terms are governed by the relevant
rules and regulations as prescribed by respective stock exchanges. The credit risk is
minimal as all transactions in Shariah-compliant quoted securities are settled/paid upon
delivery using approved stockbrokers.
(c) Liquidity risk
Liquidity risk is the risk that the Fund will encounter difficulty in meeting its financial
obligations.
The Manager manages this risk by maintaining sufficient level of liquid assets to meet
anticipated payments and cancellations of the units by unit holders. Liquid assets
comprise bank balances and Shariah-compliant deposits with licensed Islamic financial
institutions, which are capable of being converted into cash within 7 business days.
Generally, all investments are subject to a certain degree of liquidity risk depending on
the nature of the investment instruments, market, sector and other factors. For the
purpose of the Fund, the Manager will attempt to balance the entire portfolio by investing
in a mix of assets with satisfactory trading volume and those that occasionally could
encounter poor liquidity. This is expected to reduce the risks for the entire portfolio
without limiting the Fund’s growth potentials.
(d) Capital risk management
The capital of the Fund is represented by net assets attributable to unit holders. The
amount of capital can change significantly on a daily basis as the Fund is subject to daily
subscriptions and redemptions at the discretion of unit holders. The Fund’s objective
when managing capital is to safeguard the Fund’s ability to continue as a going concern
in order to provide returns to unit holders and benefits for other stakeholders and to
maintain a strong capital base to support the development of the investment activities of
the Fund.
(e) Fair value estimation
Fair value is defined as the price that would be received to sell an asset or paid to
transfer a liability in an orderly transaction between market participants at the
measurement date (i.e. an exit price).
The fair value of financial assets traded in active markets (such as trading securities) is
based on quoted market prices at the close of trading on the financial period end date.
The Fund utilises the last traded market price for financial assets where the last traded
price falls within the bid-ask spread. In circumstances where the last traded market price
is not within the bid-ask spread, the Manager will determine the point within the bid-ask
spread that is most representative of the fair value.
An active market is a market in which transactions for the asset or liability take place
with sufficient frequency and volume to provide pricing information on an ongoing basis.
The fair value of financial assets that are not traded in an active market is determined
by using valuation techniques.
27
(e) Fair value estimation (continued)
(i) Fair value hierarchy
The table below analyses financial instruments carried at fair value. The different
levels have been defined as follows:
• Quoted prices (unadjusted) in active market for identical assets or

liabilities (Level 1)
• Inputs other than quoted prices included within Level 1 that are
observable for the asset or liability, either directly (that is, as prices) or
indirectly (that is, derived from prices) (Level 2)
• Inputs for the asset and liability that are not based on observable market
data (that is, unobservable inputs) (Level 3)
The level in the fair value hierarchy within which the fair value measurement is
categorised in its entirety is determined on the basis of the lowest level input that
is significant to the fair value measurement in its entirety. For this purpose, the
significance of an input is assessed against the fair value measurement in its
entirety.
If a fair value measurement uses observable inputs that require significant

adjustment based on unobservable inputs, that measurement is a Level 3
measurement.
Assessing the significance of a particular input to the fair value measurement in

its entirety requires judgement, considering factors specific to the asset or
liability.
The determination of what constitutes ‘observable’ requires significant

judgement by the Fund. The Fund considers observable data to be that market
data that is readily available, regularly distributed or updated, reliable and
verifiable, not proprietary, and provided by independent sources that are actively
involved in the relevant market.
Level 1 Level 2 Level 3 Total

RM RM RM RM
31.03.2021
Financial assets
at fair value
through profit
or loss:
- Shariah-compliant
collective
investment
schemes 17,742,758 - - 17,742,758
- Shariah- compliant
quoted securities -
local 254,685,269 - - 254,685,269
quoted securities -
foreign 230,498,457 - - 230,498,457
- Unquoted Sukuk - 298,608,867 - 298,608,867
502,926,484 298,608,867 - 801,535,351
28
(e) Fair value estimation (continued)
(i) Fair value hierarchy (continued)
Level 1 Level 2 Level 3 Total

RM RM RM RM
30.09.2020
Audited
Financial assets
at fair value
through profit
or loss:
- Shariah-compliant
collective
investment
schemes 1,520,344 - - 1,520,344
quoted securities -
local 260,596,458 - - 260,596,458
quoted securities -
foreign 240,961,728 - - 240,961,728
- Unquoted Sukuk - 288,758,537 - 288,758,537
503,078,530 288,758,537 - 791,837,067
Shariah-compliant investments whose values are based on quoted market prices

in active markets, and are therefore classified within Level 1, include active listed
Shariah-compliant equities and Shariah-compliant collective investment
schemes. The Fund does not adjust the quoted prices for these instruments. The
Fund’s policies on valuation of these financial assets are stated in Note 2(b).
Financial instruments that trade in markets that are not considered to be active
but are valued based on quoted market prices, dealer quotations or alternative
pricing sources supported by observable inputs are classified within Level 2. This
includes unquoted Sukuk. As Level 2 instruments include positions that are not
traded in active markets and/or are subject to transfer restrictions, valuations
may be adjusted to reflect illiquidity and/or non-transferability, which are
generally based on available market information. The Fund’s policies on
valuation of these financial assets are stated in Note 2(b).
(ii) The carrying values of cash and cash equivalents, amount due from
stockbrokers, amount due from dealers, amount due from Manager, amount due
from Manager of collective investment schemes - management fee rebate,
dividends receivable and all current liabilities are a reasonable approximation of
their fair values due to their short term nature.
29
4. MANAGEMENT FEE
In accordance with the Deeds, the Manager is entitled to a maximum management fee of 1.50%
per annum, calculated daily based on the NAV of the Fund.
For the six months financial period ended 31 March 2021, the management fee was recognised
at a rate of 1.50% per annum (31.03.2020: 1.50% per annum).
There was no further liability to the Manager in respect of management fee other than the
amount recognised above.
5. TRUSTEE AND CUSTODIAN FEES
In accordance with the Deeds, the Trustee is entitled to a maximum fee of 0.10% per annum
calculated daily based on the NAV of the Fund.
The foreign custody charges (safekeeping fee and transaction fee, including out of pocket
charges) are subject to a minimum of USD500 per month and are charged monthly in arrears.
The safekeeping fee ranges from a minimum of 0.04% per annum to a maximum of 0.38% per
annum on the market value of the respective foreign portfolio, depending on the country
invested. The transaction fee is charged for every transaction and the amount is dependent on
the country invested.
For the six months financial period ended 31 March 2021, the Trustee fee was recognised at a
rate of 0.10% per annum (31.03.2020: 0.10% per annum).
There was no further liability to the Trustee and custodian in respect of Trustee and custodian
fees other than the amount recognised above.
6. TAXATION
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
RM RM
Tax charged for the financial period:
- Current taxation 198,136 -
A numerical reconciliation between the profit/(loss) before taxation multiplied by the Malaysian
statutory income tax rate and tax expense of the Fund was as follows:
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
RM RM
Profit/(Loss) before taxation 65,960,922 (47,977,883)
Taxation at Malaysian statutory rate of 24% 15,830,621 (11,514,693)

Tax effects of:
- (Income not subject to tax)/Loss not deductible for
tax purposes (17,929,555) 9,801,111
- Expenses not deductible for tax purposes 470,237 368,102
- Restriction on tax deductible expenses for Unit
Trust Funds 1,628,697 1,345,480
Effects of foreign tax on foreign taxable income 198,136 -
Taxation 198,136 -
30
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS
31.03.2021 30.09.2020
Audited
RM RM
At fair value through profit or loss:
- Shariah-compliant collective investment schemes 17,742,758 1,520,344
- Shariah-compliant quoted securities - local 254,685,269 260,596,458
- Shariah-compliant quoted securities - foreign 230,498,457 240,961,728
- Unquoted Sukuk 298,608,867 288,758,537
801,535,351 791,837,067
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
RM RM
Net gain/(loss) on financial assets at fair value
through profit or loss:
- Realised gain/(loss) on disposals 18,894,513 (13,784,187)
- Unrealised fair value gain/(loss) 45,382,735 (39,221,272)
- Management fee rebate # 127,073 27,913
64,404,321 (52,977,546)
# Management fee rebate represents the Fund’s entitlement to management fee rebate from
the Manager and the Manager of Shariah-compliant collective investment schemes the Fund
invests in.
For the six months financial period ended 31 March 2021 and 31 March 2020, the rebate is
recognised at a rate of 3.00% for Principal Islamic Equity Growth Syariah and 1.00% for
Principal Islamic Asia Pacific Dynamic Income & Growth Fund, calculated and accrued daily
based on the NAV of the Shariah-compliant collective investment schemes.
Aggregate Market Percentage

Name of counter Quantity cost value of NAV
Units RM RM %
31.03.2021
SHARIAH-COMPLIANT
COLLECTIVE
INVESTMENT SCHEMES
INDONESIA
Principal Islamic Equity

Growth Syariah 5,082,958 2,251,776 1,789,764 0.21
IRELAND
Principal Islamic Asia

Pacific Dynamic Income &
Growth Fund 346,900 14,363,395 15,952,994 1.88
TOTAL SHARIAH-
COMPLIANT
COLLECTIVE
INVESTMENT SCHEMES 5,429,858 16,615,171 17,742,758 2.09
31
7. FINANCIAL ASSETS AT FAIR VALUE THROUGH PROFIT OR LOSS (CONTINUED)

Units RM RM %
31.03.2021 (CONTINUED)
SHARIAH-COMPLIANT
COLLECTIVE
INVESTMENT SCHEMES
(CONTINUED)
ACCUMULATED
UNREALISED GAIN ON
SHARIAH-COMPLIANT
COLLECTIVE
INVESTMENT SCHEMES 1,127,587
TOTAL SHARIAH-
COMPLIANT
COLLECTIVE
INVESTMENT SCHEMES
AT FAIR VALUE
THROUGH PROFIT OR
LOSS 17,742,758
SHARIAH-COMPLIANT
QUOTED SECURITIES -
LOCAL
Communication Services
Maxis Bhd 557,100 2,942,147 2,518,092 0.30
Telekom Malaysia Bhd 1,130,900 4,722,449 6,932,417 0.82
Time Dotcom Bhd 229,483 2,003,514 3,281,607 0.39
1,917,483 9,668,110 12,732,116 1.51
Consumer Discretionary
Aeon Co. M Bhd 1,473,900 1,590,338 1,901,331 0.22
Mr D.I.Y. Group (M) Bhd 3,660,800 9,747,813 15,082,496 1.78
5,134,700 11,338,151 16,983,827 2.00
Consumer Staples
Kuala Lumpur Kepong Bhd 113,200 2,528,135 2,596,808 0.31
Sime Darby Plantation Bhd 531,200 2,577,415 2,464,768 0.29
644,400 5,105,550 5,061,576 0.60
Energy
Dayang Enterprise Holding
Bhd 9,734,200 13,363,498 14,211,932 1.67
Dialog Group Bhd 5,083,400 16,855,502 15,809,374 1.86
Hibiscus Petroleum Bhd 20,709,950 12,808,366 13,254,368 1.56
Serba Dinamik Holdings
Bhd 5,884,900 10,607,394 10,004,330 1.18
Yinson Holdings Bhd 337,700 1,800,954 1,820,203 0.21
41,750,150 55,435,714 55,100,207 6.48
32

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
LOCAL (CONTINUED)
Financials
Bursa Malaysia Bhd 776,500 7,326,702 6,949,675 0.82
Health Care
Top Glove Corporation Bhd 304,800 2,294,338 1,377,696 0.16
Industrials
Gamuda Bhd 1,797,883 6,733,100 6,436,421 0.76
IJM Corporation Bhd 3,984,100 6,047,012 6,733,129 0.79
MISC Bhd 1,979,900 14,079,802 13,502,918 1.59
Pentamaster Corporation
Bhd 1,902,100 10,120,063 10,651,760 1.25
Sime Darby Bhd 2,849,976 6,086,977 6,839,942 0.81
Westports Holdings Bhd 1,232,300 5,182,127 5,175,660 0.61
13,746,259 48,249,081 49,339,830 5.81
Information Technology
Inari Amertron Bhd 1,109,500 3,736,744 3,639,160 0.43
MI Technovation Bhd 1,801,200 7,204,393 7,186,788 0.85
My Eg Services Bhd 7,682,400 16,364,559 15,134,328 1.78
Vitrox Corporation Bhd 466,200 4,024,305 6,965,028 0.82
11,059,300 31,330,001 32,925,304 3.88
Materials
Petronas Chemicals Group
Bhd 3,218,500 22,427,231 25,748,000 3.03
Press Metal Aluminium
Holdings Bhd 3,441,516 20,502,248 34,071,008 4.01
6,660,016 42,929,479 59,819,008 7.04
Utilities
Malakoff Corporation Bhd 5,085,300 5,065,749 4,398,785 0.52
Taliworks Corporation Bhd 2,419,900 2,176,006 2,008,517 0.24
Tenaga Nasional Bhd 789,400 9,237,237 7,988,728 0.94
8,294,600 16,478,992 14,396,030 1.70
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES - LOCAL 90,288,208 230,156,118 254,685,269 30.00
33

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN
AUSTRALIA
Energy
Beach Energy Ltd 1,091,935 5,628,350 5,912,389 0.70
Industrials
ALS Ltd 95,839 2,354,236 2,929,002 0.34
Materials
BHP Group Ltd 16,369 1,789,534 2,341,113 0.28
TOTAL AUSTRALIA 1,204,143 9,772,120 11,182,504 1.32
CAYMAN ISLANDS
Alibaba Group Holding Ltd 174,100 20,165,949 20,414,966 2.41
TOTAL CAYMAN
ISLANDS 174,100 20,165,949 20,414,966 2.41
CHINA
China Tourism Group Duty
Free Corporation Ltd 47,756 2,451,716 9,217,579 1.09
Midea Group Co Ltd 97,997 3,036,206 5,081,560 0.60
145,753 5,487,922 14,299,139 1.69
Health Care
WuXi AppTec Co Ltd 63,800 4,157,268 5,199,426 0.61
Industrials
Shenzhen Airport Co Ltd 956,060 4,449,608 5,353,676 0.63
Shenzhen Inovance
Technology Co Ltd 54,795 2,778,420 2,954,689 0.35
1,010,855 7,228,028 8,308,365 0.98
Materials
Anhui Conch Cement Co
Ltd 186,000 4,701,757 5,011,426 0.59
TOTAL CHINA 1,406,408 21,574,975 32,818,356 3.87
34

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
HONG KONG, CHINA
Tencent Holdings Ltd 36,800 10,405,587 11,964,784 1.41
Brilliance China Automotive
Holding Ltd 552,000 2,099,911 2,147,777 0.25
Meituan 34,900 4,182,804 5,547,027 0.65
Shenzhou International
Group Holdings Ltd 64,300 3,796,678 5,521,203 0.65
651,200 10,079,393 13,216,007 1.55
Kingboard Laminates
Holding Ltd 630,000 2,544,639 5,647,988 0.67
Real Estate
China Resources Land Ltd 144,000 2,205,390 2,889,713 0.34
Utilities
China Resources Gas
Group Ltd 210,000 4,352,252 4,824,183 0.57
TOTAL HONG KONG,

CHINA 1,672,000 29,587,261 38,542,675 4.54
INDIA
Titan Co Ltd 62,152 3,465,892 5,490,597 0.65
Consumer Staples
Dabur India Ltd 91,959 2,331,113 2,818,208 0.33
Energy
Reliance Industries Ltd 95,971 7,585,812 10,900,524 1.28
Reliance Industries Ltd -
Partly Paid 9,875 178,125 610,585 0.07
105,846 7,763,937 11,511,109 1.35
35

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
INDIA (CONTINUED)
Health Care
Apollo Hospitals Enterprise
Ltd 37,447 2,902,320 6,163,037 0.73
Tata Consultancy Services
Ltd 29,422 3,769,237 5,301,376 0.62
TOTAL INDIA 326,826 20,232,499 31,284,327 3.68
INDONESIA
Energy
PT United Tractors Tbk 492,600 2,610,236 3,108,331 0.37
TOTAL INDONESIA 492,600 2,610,236 3,108,331 0.37
NETHERLANDS
ASML Holding N.V. 2,890 4,342,813 7,391,818 0.87
TOTAL NETHERLANDS 2,890 4,342,813 7,391,818 0.87
SOUTH KOREA
Samsung Electronics Co
Ltd 86,756 15,631,238 25,844,576 3.04
SK Hynix Inc 10,592 3,405,807 5,136,169 0.61
97,348 19,037,045 30,980,745 3.65
Materials
LG Chem Ltd 1,539 2,974,928 4,533,984 0.53
TOTAL SOUTH KOREA 98,887 22,011,973 35,514,729 4.18
36

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
TAIWAN
Industrials
AirTac International Group 41,000 4,054,887 5,987,087 0.71
MediaTek Inc 37,000 3,350,764 5,209,441 0.61
Taiwan Semiconductor
Manufacturing Co Ltd 291,000 11,789,970 24,819,710 2.92
328,000 15,140,734 30,029,151 3.53
TOTAL TAIWAN 369,000 19,195,621 36,016,238 4.24
THAILAND
Industrials
Airports of Thailand Public
Co Ltd 648,100 5,518,924 5,930,531 0.70
TOTAL THAILAND 648,100 5,518,924 5,930,531 0.70
UNITED STATES
Sea Ltd 8,968 4,639,077 8,293,982 0.98
TOTAL UNITED STATES 8,968 4,639,077 8,293,982 0.98
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES - FOREIGN 6,403,922 159,651,448 230,498,457 27.16
37

Units RM RM %
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES 96,692,130 389,807,566 485,183,726 57.16
ACCUMULATED
UNREALISED GAIN ON
SHARIAH-COMPLIANT
QUOTED SECURITIES 95,376,160
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES AT FAIR
VALUE THROUGH
PROFIT OR LOSS 485,183,726
Nominal Aggregate Market Percentage

Name of issuer value cost value of NAV
RM RM RM %
UNQUOTED SUKUK
Aeon Credit Service (M)

Bhd 3.80% 10/02/2027
(AA3) 1,450,000 1,457,548 1,446,586 0.17
Bhd 3.85% 10/02/2028
(AA3) 1,100,000 1,105,801 1,087,453 0.13
Bhd 3.95% 12/03/2030
(A1) 4,400,000 4,417,410 4,408,027 0.52
Anih Bhd 5.70% 27/11/2026
(AA) 1,000,000 1,064,700 1,117,842 0.13
AZRB Capital Sdn Bhd
4.70% 23/12/2022 (AA3) 5,000,000 5,060,521 5,124,571 0.60
4.85% 26/12/2024 (AA3) 1,800,000 1,822,483 1,860,571 0.22
Bank Pembangunan
Malaysia Bhd 2.80%
10/10/2025 (AAA) 5,000,000 5,078,574 4,969,939 0.59
Bank Pembangunan
Malaysia Bhd 4.50%
04/11/2026 (AAA) 5,000,000 5,414,704 5,359,089 0.63
Bermaz Auto Bhd 3.26%
18/12/2023 (AA3) 830,000 837,710 833,651 0.10
38

RM RM RM %
UNQUOTED SUKUK
(CONTINUED)
Bumitama Agri Ltd 4.10%

22/07/2024 (AA3) 1,650,000 1,662,789 1,705,524 0.20
22/07/2026 (AA3) 2,600,000 2,685,676 2,683,329 0.32
Danum Capital Bhd 2.97%
13/05/2025 (AAA) 8,000,000 8,208,350 8,031,443 0.95
DRB-Hicom Bhd 4.85%
11/12/2026 (A1) 6,300,000 6,509,723 6,530,621 0.77
Edra Energy Sdn Bhd
5.88% 03/07/2026 (AA3) 1,000,000 1,132,834 1,103,244 0.13
Edra Energy Sdn Bhd
6.47% 05/01/2035 (AA3) 5,000,000 5,774,285 5,840,272 0.69
Edra Energy Sdn Bhd
6.59% 04/07/2036 (AA3) 5,000,000 6,336,341 5,911,236 0.70
Fortune Premiere Sdn Bhd
3.99% 11/09/2026 (AA2) 3,350,000 3,366,464 3,381,767 0.40
4.80% 13/03/2023 (AA2) 2,500,000 2,557,833 2,580,475 0.30
Gamuda Bhd 4.83%
23/11/2022 (AA3) 2,500,000 2,547,477 2,612,832 0.31
GII Murabahah 4.12%
30/11/2034 # 10,000,000 11,222,436 10,259,054 1.21
GII Murabahah 4.76%
04/08/2037 # 5,000,000 6,054,546 5,493,579 0.65
GII Murabahah 4.90%
08/05/2047 # 3,000,000 3,716,559 3,125,105 0.37
Guan Chong Bhd 3.84%
03/12/2027 (AA3) 620,000 631,352 609,026 0.07
IJM Land Bhd 4.73%
17/03/2119 (A2) 2,350,000 2,359,124 2,327,927 0.27
IJM Land Bhd 5.65%
17/03/2119 (A2) 2,300,000 2,410,743 2,401,366 0.28
Kedah Cement Sdn Bhd
4.55% 07/07/2023 (A1) 3,000,000 3,032,746 3,045,728 0.36
Konsortium KAJV Sdn Bhd
5.10% 13/05/2024 (AA3) 2,000,000 2,014,200 2,014,200 0.24
Kuala Lumpur Kepong Bhd
4.00% 02/09/2022 (AA1) 5,000,000 4,979,241 5,097,940 0.60
Lafarge Cement Sdn Bhd
4.40% 11/12/2023 (A1) 2,000,000 2,029,083 2,029,562 0.24
Mah Sing Group Bhd 4.35%
13/03/2025 (Not Rated) 15,000,000 15,030,390 15,290,790 1.80
Malayan Banking Bhd
4.08% 22/02/2117 (AA3) 2,000,000 2,001,565 2,046,245 0.24
Malaysia Airports Holdings
Bhd 3.30% 05/11/2027
(AAA) 3,000,000 3,039,600 2,921,010 0.34
39

RM RM RM %
UNQUOTED SUKUK
(CONTINUED)
Malaysian Resources
Corporation Bhd 4.25%
13/08/2027 (AA3) 1,150,000 1,162,339 1,135,142 0.13
Manjung Island Energy Bhd
4.22% 25/11/2022 (AAA) 3,000,000 3,137,773 3,120,040 0.37
MBSB Bank Bhd 5.25%
19/12/2031 (A3) 1,290,000 1,308,740 1,382,773 0.16
Mumtaz Rakyat Sukuk Bhd
4.95% 18/06/2021 (AA3) 5,000,000 5,094,335 5,093,064 0.60
Pelabuhan Tanjung Pelepas
Sdn Bhd 3.74%
18/06/2025 (AA3) 2,000,000 2,021,313 2,044,273 0.24
Penang Port Sdn Bhd
4.30% 24/12/2026 (AA3) 1,000,000 1,011,074 1,040,504 0.12
Penang Port Sdn Bhd
4.48% 27/12/2029 (AA3) 200,000 202,308 206,372 0.02
Penang Port Sdn Bhd
4.68% 26/12/2031 (AA3) 3,000,000 3,144,866 3,103,628 0.37
Pengerang LNG (Two) Sdn
Bhd 2.67% 21/10/2026
(AAA) 1,000,000 1,011,850 971,870 0.11
Perbadanan Kemajuan
Negeri Selangor 4.30%
28/06/2022 (AA3) 1,000,000 1,011,649 1,021,524 0.12
Perbadanan Kemajuan
10/08/2021 (AA3) 3,000,000 3,020,718 3,041,538 0.36
Perbadanan Kemajuan
31/10/2023 (AA3) 5,000,000 5,218,533 5,263,606 0.62
Perbadanan Kemajuan
Pertanian Negeri Pahang
4.21% 30/10/2026 (AA3) 2,000,000 2,040,047 1,989,915 0.23
Holdings Bhd 4.10%
17/10/2024 (AA3) 9,400,000 9,573,166 9,557,656 1.13
Projek Lebuhraya
Usahasama Bhd 4.72%
12/01/2026 (AAA) 2,000,000 2,039,134 2,138,892 0.25
Projek Lebuhraya
Usahasama Bhd 4.80%
12/01/2027 (AAA) 5,000,000 5,562,934 5,371,295 0.63
Quantum Solar Park
(Semenanjung) Sdn Bhd
5.72% 05/10/2029 (A1) 2,000,000 2,094,798 2,185,536 0.26
40

RM RM RM %
UNQUOTED SUKUK
(CONTINUED)
Quantum Solar Park

5.76% 05/04/2030 (A1) 7,500,000 7,657,963 8,188,290 0.96
Quantum Solar Park
5.80% 04/10/2030 (A1) 2,500,000 2,619,996 2,728,965 0.32
RHB Islamic Bank Bhd
4.32% 21/05/2029 (AA3) 2,100,000 2,192,752 2,193,320 0.26
4.88% 27/04/2027 (AA3) 10,000,000 10,403,578 10,406,570 1.23
Sabah Credit Corporation
4.84% 23/06/2023 (AA1) 3,500,000 3,682,426 3,680,606 0.43
Sarawak Energy Bhd 4.70%
24/11/2028 (AAA) 2,500,000 2,741,482 2,671,637 0.31
SME Bank Bhd 3.02%
23/04/2025 (Not Rated) 3,750,000 3,896,524 3,815,431 0.45
Southern Power Generation
Sdn Bhd 5.04%
28/04/2028 (AA3) 5,000,000 5,330,067 5,453,033 0.64
Sdn Bhd 5.25%
30/04/2031 (AA3) 5,000,000 5,533,026 5,507,965 0.65
Talam Transform Bhd
8.00% 28/06/2022 (C) 1,627,920 12,505 1,531,611 0.18
Tenaga Nasional Bhd
2.90% 12/08/2030 (AAA) 3,750,000 3,763,408 3,439,220 0.41
Tenaga Nasional Bhd
3.55% 10/08/2040 (AAA) 1,750,000 1,757,659 1,496,997 0.18
Tenaga Nasional Bhd
4.98% 27/08/2038 (AAA) 5,000,000 5,534,085 5,207,495 0.61
TG Excellence Bhd 3.95%
27/02/2120 (AA3) 6,450,000 6,473,732 6,587,962 0.78
TNB Northern Energy Bhd
4.35% 29/05/2029 (AAA) 5,000,000 5,577,298 5,224,949 0.62
UEM Edgenta Bhd 4.85%
26/04/2022 (AA3) 5,000,000 5,193,908 5,199,808 0.61
UEM Sunrise Bhd 5.00%
19/05/2023 (AA3) 1,500,000 1,572,008 1,556,043 0.18
31/10/2025 (AA3) 500,000 520,398 523,584 0.06
UniTapah Sdn Bhd 5.96%
12/12/2028 (AA1) 5,000,000 5,434,382 5,677,975 0.67
12/12/2030 (AA1) 5,000,000 5,547,930 5,758,436 0.68
41

RM RM RM %
UNQUOTED SUKUK
(CONTINUED)
WCT Holdings Bhd 5.17%

23/10/2023 (AA3) 10,000,000 10,266,376 10,445,730 1.23
11/05/2022 (AA3) 5,000,000 5,123,728 5,172,006 0.61
20/04/2026 (AA3) 1,500,000 1,545,890 1,600,757 0.19
West Coast Expressway
Sdn Bhd 5.290%
28/08/2035 (AAA) 1,000,000 1,208,679 1,064,748 0.13
Westports Malaysia Sdn
Bhd 4.43% 01/04/2025
(AA1) 7,000,000 7,491,721 7,482,650 0.88
Bhd 5.32% 02/05/2025
(AA1) 5,000,000 5,608,907 5,512,686 0.65
YTL Power International
Bhd 5.05% 03/05/2027
(AA1) 8,000,000 8,698,385 8,562,761 1.01
TOTAL UNQUOTED
SUKUK 285,717,920 299,607,198 298,608,867 35.18
ACCUMULATED
UNREALISED LOSS ON
UNQUOTED SUKUK (998,331)
TOTAL UNQUOTED
SUKUK AT FAIR VALUE
THROUGH PROFIT OR
LOSS 298,608,867
42

Units RM RM %
30.09.2020
Audited
SHARIAH-COMPLIANT
COLLECTIVE
INVESTMENT SCHEME
Principal Islamic Equity

Growth Syariah 5,082,958 2,251,776 1,520,344 0.18
TOTAL SHARIAH-
COMPLIANT
COLLECTIVE
INVESTMENT SCHEME 5,082,958 2,251,776 1,520,344 0.18
ACCUMULATED
UNREALISED LOSS ON
SHARIAH-COMPLIANT
COLLECTIVE
INVESTMENT SCHEME (731,432)
TOTAL SHARIAH-
COMPLIANT
COLLECTIVE
INVESTMENT SCHEME
AT FAIR VALUE
THROUGH PROFIT OR
LOSS 1,520,344
SHARIAH-COMPLIANT
QUOTED SECURITIES -
LOCAL
Axiata Group Bhd 519,059 2,387,804 1,531,224 0.18
Digi.com Bhd 420,600 1,888,174 1,695,018 0.20
Maxis Bhd 1,616,000 8,534,392 8,209,280 0.95
Telekom Malaysia Bhd 762,000 2,991,136 3,147,060 0.36
Time Dotcom Bhd 229,483 2,003,514 2,753,796 0.32
3,547,142 17,805,020 17,336,378 2.01
DRB-Hicom Bhd 2,980,700 5,793,021 6,229,663 0.72
Consumer Staples
FGV Holdings Bhd 5,116,500 6,330,418 5,883,975 0.68
Kuala Lumpur Kepong Bhd 536,100 11,829,130 12,223,080 1.41
QL Resources Bhd 177,200 1,443,041 1,740,104 0.20
Sime Darby Plantation Bhd 2,726,100 13,227,203 13,766,805 1.59
8,555,900 32,829,792 33,613,964 3.88
43

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
LOCAL (CONTINUED)
Energy
Dayang Enterprise Holdings
Bhd 10,227,000 13,368,417 10,022,460 1.16
Dialog Group Bhd 2,784,800 9,332,549 10,610,088 1.23
Hibiscus Petroleum Bhd 19,862,100 12,651,797 10,030,360 1.16
32,873,900 35,352,763 30,662,908 3.55
Financials
Bursa Malaysia Bhd 1,038,100 10,420,979 8,803,088 1.02
Health Care
Hartalega Holdings Bhd 809,800 11,462,152 13,118,760 1.52
IHH Healthcare Bhd 959,200 5,550,640 4,987,840 0.58
Kossan Rubber Industries
Bhd 355,300 3,790,652 4,860,504 0.56
Top Glove Corporation Bhd 1,352,600 10,107,439 11,226,580 1.30
3,476,900 30,910,883 34,193,684 3.96
Industrials
Econpile Holdings Bhd 6,536,300 4,516,318 3,170,105 0.37
Gamuda Bhd 470,583 1,681,057 1,642,335 0.19
Greatech Technology Bhd 437,300 1,694,501 2,969,267 0.34
IJM Corporation Bhd 3,110,600 4,168,160 4,479,264 0.52
MISC Bhd 1,102,500 8,407,776 8,268,750 0.96
Sime Darby Bhd 3,682,876 7,865,885 9,170,361 1.06
SKP Resources Bhd 2,691,400 4,626,050 4,979,090 0.58
Westports Holdings Bhd 798,600 3,136,763 3,082,596 0.36
18,830,159 36,096,510 37,761,768 4.38
Inari Amertron Bhd 1,521,200 2,635,424 3,468,336 0.40
JHM Consolidation Bhd 1,567,500 2,033,629 2,649,075 0.31
MI Technovation Bhd 1,259,400 5,048,607 5,289,480 0.61
V.S. Industry Bhd 3,179,700 4,688,487 7,217,919 0.83
Vitrox Corporation Bhd 560,700 4,840,043 6,840,540 0.79
8,088,500 19,246,190 25,465,350 2.94
44

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
LOCAL (CONTINUED)
Materials
Cahya Mata Sarawak Bhd 1,287,000 2,232,829 1,583,010 0.18
Petronas Chemicals Group
Bhd 2,416,100 15,920,285 13,554,321 1.57
Holdings Bhd 2,933,816 13,326,868 15,079,814 1.74
6,636,916 31,479,982 30,217,145 3.49
Real Estate
Axis REIT 820,600 1,467,849 1,772,496 0.20
Sime Darby Property Bhd 5,446,900 4,415,022 3,159,203 0.37
SP Setia Bhd 5,277,200 4,288,479 4,063,444 0.47
Sunway Bhd 2,996,600 4,760,556 4,105,342 0.47
14,541,300 14,931,906 13,100,485 1.51
Utilities
Malakoff Corporation Bhd 5,085,300 5,065,748 4,805,609 0.56
Taliworks Corporation Bhd 2,719,900 2,445,770 2,284,716 0.26
Tenaga Nasional Bhd 1,535,400 20,764,910 16,121,700 1.86
9,340,600 28,276,428 23,212,025 2.68
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES 109,910,117 263,143,474 260,596,458 30.14
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN
AUSTRALIA
Industrials
ALS Ltd 95,839 2,354,236 2,610,253 0.30
Materials
BHP Group Ltd 37,294 4,077,151 3,926,175 0.46
Northern Star Resources
Ltd 51,696 2,499,406 2,085,221 0.24
88,990 6,576,557 6,011,396 0.70
TOTAL AUSTRALIA 184,829 8,930,793 8,621,649 1.00
45

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
CAYMAN ISLANDS
Alibaba Group Holdings Ltd 197,200 22,841,615 29,141,569 3.37
TOTAL CAYMAN
ISLANDS 197,200 22,841,615 29,141,569 3.37
CHINA
China Tourism Group Duty
Free Corporation Ltd 85,656 4,397,440 11,686,843 1.35
Midea Group Co. Ltd 97,997 3,036,206 4,354,124 0.51
183,653 7,433,646 16,040,967 1.86
Health Care
WuXi AppTec Co. Ltd 58,500 3,704,520 3,491,225 0.40
Industrials
Shenzhen Airport Co Ltd 956,060 4,449,608 4,996,829 0.58
TOTAL CHINA 1,198,213 15,587,774 24,529,021 2.84
HONG KONG, CHINA
Tencent Holdings Ltd 44,200 12,498,015 12,122,570 1.40
Brilliance China Automotive
Holdings Ltd 552,000 2,099,911 2,151,792 0.25
Meituan 34,900 4,182,804 4,524,895 0.52
Shenzhou International
Group 64,300 3,796,678 4,499,335 0.52
651,200 10,079,393 11,176,022 1.29
Consumer Staples
Sun Art Retail Group Ltd 684,500 3,362,226 3,138,097 0.36
46

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
HONG KONG, CHINA

(CONTINUED)
Materials
Kingboard Laminates
Holdings Ltd 630,000 2,544,638 3,580,744 0.42
Real Estate
China Resources Land Ltd 144,000 2,205,390 2,694,727 0.31
Utilities
China Resources Gas
Group Ltd 296,000 6,134,603 5,491,546 0.64
TOTAL HONG KONG,

CHINA 2,449,900 36,824,265 38,203,706 4.42
INDIA
Titan Co Ltd 82,097 4,578,121 5,552,713 0.64
Consumer Staples
Dabur India Ltd 91,959 2,331,113 2,643,266 0.31
Energy
Reliance Industries Ltd 148,535 11,740,614 18,684,798 2.16
Reliance Industries Ltd -
Partly Paid 9,875 178,125 746,935 0.09
158,410 11,918,739 19,431,733 2.25
Health Care
Apollo Hospitals Ent Ltd 51,591 3,998,547 6,239,169 0.72
Tata Consultancy Services
Ltd 39,521 5,063,014 5,545,448 0.64
TOTAL INDIA 423,578 27,889,534 39,412,329 4.56
47

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
INDONESIA
Financials
PT Bank Tabungan
Pensiunan Nasional Tbk 114,800 108,367 104,868 0.01
Industrials
PT United Tractors Tbk 492,600 2,610,236 3,127,911 0.36
TOTAL INDONESIA 607,400 2,718,603 3,232,779 0.37
SINGAPORE
NetLink NBN Trust 1,719,700 4,576,986 5,085,119 0.59
TOTAL SINGAPORE 1,719,700 4,576,986 5,085,119 0.59
SOUTH KOREA
Samsung Electronics Co
Ltd 155,517 28,020,232 32,135,893 3.72
SK Hynix Inc 14,964 4,811,603 4,462,893 0.51
170,481 32,831,835 36,598,786 4.23
Materials
LG Chem Ltd 1,539 2,974,928 3,573,600 0.41
Posco 5,725 4,458,390 3,984,016 0.46
7,264 7,433,318 7,557,616 0.87
TOTAL SOUTH KOREA 177,745 40,265,153 44,156,402 5.10
TAIWAN
Industrials
AirTac International Group 27,000 2,586,005 2,511,753 0.29
48

Units RM RM %
Audited (Continued)
SHARIAH-COMPLIANT
QUOTED SECURITIES -
FOREIGN (CONTINUED)
TAIWAN (CONTINUED)
MediaTek Inc. 52,000 4,709,182 4,510,496 0.52
Taiwan Semiconductor
Manufacturing Co Ltd 459,000 18,596,551 28,400,946 3.29
511,000 23,305,733 32,911,442 3.81
TOTAL TAIWAN 538,000 25,891,738 35,423,195 4.10
UNITED STATES
Sea Limited 12,060 6,238,546 7,718,836 0.89
New Oriental Education &
Technology Group Inc 8,753 4,663,072 5,437,123 0.63
TOTAL UNITED STATES 20,813 10,901,618 13,155,959 1.52
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES - FOREIGN 7,517,378 196,428,079 240,961,728 27.87
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES 117,427,495 459,571,553 501,558,186 58.01
ACCUMULATED
UNREALISED GAIN ON
SHARIAH-COMPLIANT
QUOTED SECURITIES 41,986,633
TOTAL SHARIAH-
COMPLIANT QUOTED
SECURITIES AT FAIR
VALUE THROUGH
PROFIT OR LOSS 501,558,186
49

RM RM RM %
Audited (Continued)
UNQUOTED SUKUK

Bhd 3.80% 10/02/2027
(AA3) 1,450,000 1,457,850 1,496,652 0.17
Bhd 3.85% 10/02/2028
(AA3) 1,100,000 1,106,033 1,137,834 0.13
Bhd 3.95% 12/03/2030
(A1) 4,400,000 4,416,931 4,435,507 0.51
Aman Sukuk Bhd 4.55%
26/02/2021 (AAA) 10,000,000 10,109,132 10,135,484 1.17
Anih Bhd 5.70% 27/11/2026
(AA) 1,000,000 1,068,639 1,163,721 0.13
4.70% 23/12/2022 (AA3) 5,000,000 5,062,452 5,161,202 0.60
4.85% 26/12/2024 (AA3) 1,800,000 1,823,200 1,885,408 0.22
22/07/2024 (AA3) 1,650,000 1,663,159 1,726,651 0.20
22/07/2026 (AA3) 1,300,000 1,310,621 1,379,365 0.16
Danum Capital Bhd 2.97%
13/05/2025 (AAA) 4,000,000 4,085,597 4,109,613 0.48
DIGI Telecommunications
Sdn Bhd 3.50%
18/09/2026 (AAA) 1,900,000 1,901,822 1,983,636 0.23
DRB-Hicom Bhd 4.85%
11/12/2026 (A1) 6,300,000 6,519,668 6,516,716 0.75
DRB-Hicom Bhd 5.10%
12/12/2029 (A1) 4,400,000 4,468,242 4,542,866 0.53
Edra Energy Sdn Bhd
6.47% 05/01/2035 (AA3) 5,000,000 5,792,542 6,366,458 0.74
3.99% 11/09/2026 (AA) 3,350,000 3,366,827 3,492,353 0.40
4.80% 13/3/2023 (AA) 2,500,000 2,569,421 2,617,689 0.30
Gamuda Bhd 4.83%
23/11/2022 (AA3) 2,500,000 2,548,259 2,637,971 0.30
Gamuda Land Sdn Bhd
28/12/2020 (P1) 10,000,000 9,944,552 9,944,500 1.15
GII Murabahah 4.12%
30/11/2034 # 10,000,000 11,254,053 11,238,054 1.30
GII Murabahah 3.47%
15/10/2030 # 7,500,000 8,196,496 8,160,747 0.94
GII Murabahah 3.73%
31/03/2026 # 5,000,000 5,144,426 5,360,012 0.62
GII Murabahah 4.13%
15/08/2025 # 4,000,000 4,150,670 4,358,089 0.50
50

RM RM RM %
Audited (Continued)
UNQUOTED SUKUK
(CONTINUED)
GII Murabahah 4.13%

09/07/2029 # 7,000,000 7,739,509 7,835,281 0.91
GII Murabahah 4.90%
08/05/2047 # 3,000,000 3,723,997 3,429,991 0.40
GII Murabahah 4.76%
04/08/2037 # 5,000,000 6,078,770 5,817,471 0.67
IJM Corp Bhd 5.05%
18/08/2028 (AA3) 2,000,000 2,212,007 2,207,242 0.26
IJM Land Bhd 4.73%
17/03/2119 (A2) 2,350,000 2,359,289 2,339,772 0.27
IJM Land Bhd Perpetual
Sukuk 5.65% 17/03/2119
(A2) 2,300,000 2,420,808 2,411,314 0.28
Konsortium KAJV Sdn Bhd
5.25% 13/05/2022 (AA3) 5,000,000 5,132,054 5,197,373 0.60
Kuala Lumpur Kepong Bhd
4.00% 02/09/2022 (AA1) 5,000,000 4,966,449 5,159,692 0.60
Lafarge Cement Sdn Bhd
4.55% 07/07/2023 (A1) 3,000,000 3,034,959 3,046,924 0.35
Mah Sing Group Bhd 4.35%
13/03/2025 (Not Rated) 15,000,000 15,030,390 15,550,740 1.80
Malayan Banking Bhd
4.08% 22/02/2117 (AA3) 2,000,000 2,001,341 2,075,581 0.24
Malaysian Resources
Corporation Bhd 4.25%
13/08/2027 (AA3) 1,150,000 1,163,156 1,173,631 0.14
MBSB Bank Bhd 5.250%
19/12/2031 (A3) 1,290,000 1,308,740 1,399,466 0.16
Pelabuhan Tanjung Pelepas
Sdn Bhd 3.74%
18/06/2025 (AA3) 2,000,000 2,021,518 2,083,898 0.24
Penang Port Sdn Bhd
4.30% 24/12/2026 (AA3) 1,000,000 1,011,074 1,081,574 0.12
Penang Port Sdn Bhd
4.48% 27/12/2029 (AA3) 200,000 202,308 221,158 0.03
Penang Port Sdn Bhd
4.68% 26/12/2031 (AA3) 2,000,000 2,024,105 2,247,765 0.26
Perbadanan Kemajuan
28/06/2022 (AA3) 1,000,000 1,011,882 1,030,974 0.12
Perbadanan Kemajuan
10/08/2021 (AA3) 3,000,000 3,021,196 3,072,766 0.36
Perbadanan Kemajuan
31/10/2023 (AA3) 5,000,000 5,239,261 5,355,515 0.62
51

RM RM RM %
Audited (Continued)
UNQUOTED SUKUK
(CONTINUED)

Holdings Bhd 4.10%
17/10/2024 (AA3) 9,400,000 9,576,334 9,656,704 1.12
Projek Lebuhraya
Usahasama Bhd 4.80%
12/01/2027 (AAA) 5,000,000 5,604,260 5,604,460 0.65
Projek Lebuhraya
Usahasama Bhd 4.72%
12/01/2026 (AAA) 2,000,000 2,041,132 2,210,690 0.26
Quantum Solar Park Green
Sri Sukuk 5.72%
05/10/2029 (A1) 2,000,000 2,096,907 2,201,630 0.25
Sri Sukuk 5.76%
05/04/2030 (A1) 7,500,000 7,657,018 8,269,424 0.96
Sri Sukuk 5.80%
04/10/2030 (A1) 2,500,000 2,622,357 2,760,737 0.32
4.32% 21/05/2029 (AA3) 600,000 609,445 637,333 0.07
4.88% 27/4/2027 (AA3) 5,000,000 5,217,983 5,266,403 0.61
Sabah Credit Corporation
4.84% 23/06/2023 (AA1) 500,000 512,217 532,927 0.06
Sarawak Energy Bhd 4.70%
24/11/2028 (AAA) 1,000,000 1,073,798 1,145,273 0.13
Sepangar Bay Power
Corporation 5.00%
03/07/2025 (AA1) 4,000,000 4,179,382 4,402,555 0.51
5.04% 28/04/2028 (AA3) 3,000,000 3,139,816 3,461,444 0.40
Talam Transform Berhad
8.00% 28/12/2020 (BB3) 1,627,920 100,599 1,635,684 0.19
TAQA Abu Dhabi National
Energy 4.65% 03/03/2022
(Not Rated) 4,000,000 4,021,921 4,098,550 0.47
Tenaga Nasional Bhd
2.90% 12/08/2030 (AAA) 3,750,000 3,764,897 3,737,110 0.43
Tenaga Nasional Bhd
3.55% 10/08/2040 (AAA) 1,750,000 1,758,510 1,700,445 0.20
TG Excellence Bhd 3.95%
27/02/2120 (AA3) 6,450,000 6,474,430 6,720,175 0.78
UEM Edgenta Bhd 4.85%
26/4/2022 (AA3) 3,000,000 3,113,458 3,153,845 0.36
11/12/2020 (AA3) 5,000,000 5,076,921 5,089,294 0.59
52

RM RM RM %
Audited (Continued)
UNQUOTED SUKUK
(CONTINUED)

22/03/2024 (AA3) 4,500,000 4,590,662 4,671,996 0.54
31/10/2025 (AA3) 500,000 521,398 543,729 0.06
Unitapah Sdn Bhd 5.96%
12.12.2028 (AA1) 5,000,000 5,455,125 6,021,625 0.70
12/12/2030 (AA1) 5,000,000 5,568,581 6,203,414 0.72
23/10/2023 (AA3) 10,000,000 10,275,080 10,691,447 1.24
11/05/2022 (AA3) 7,000,000 7,187,092 7,355,089 0.85
20/04/2026 (AA3) 1,500,000 1,546,808 1,673,470 0.19
West Coast Expressway
Sdn Bhd 5.29%
28/08/2035 (AAA) 1,000,000 1,214,073 1,189,748 0.14
Bhd 4.43% 01/04/2025
(AA1) 2,000,000 2,058,180 2,183,160 0.25
YTL Power International
Bhd 5.05% 03/05/2027
(AA1) 3,000,000 3,169,268 3,351,520 0.39
TOTAL UNQUOTED
SUKUK 270,017,920 279,891,057 288,758,537 33.40
ACCUMULATED
UNREALISED GAIN ON
UNQUOTED SUKUK 8,867,480
TOTAL UNQUOTED
SUKUK AT FAIR VALUE
THROUGH PROFIT OR
LOSS 288,758,537
# The unquoted fixed income securities which are not rated as at the end of each financial
period/year are issued, backed or guaranteed by government or government agencies.
53
8. CASH AND CASH EQUIVALENTS
31.03.2021 30.09.2020
Audited
RM RM
financial institutions 24,917,215 21,443,957
Bank balances 22,224,832 36,306,130
47,142,047 57,750,087
9. NET ASSETS ATTRIBUTABLE TO UNIT HOLDERS
Net assets attributable to unit holders as at the reporting date comprise:
31.03.2021 30.09.2020
Audited
RM RM
Unit holders’ contributions 689,414,488 770,922,469
Retained earnings 159,428,796 93,666,010
848,843,284 864,588,479
The movement in the components of net assets attributable to unit holders for the periods were
as follows:
Retained
earnings/
Unit holders’ (Accumulated
contributions losses) Total
RM RM RM
Balance as at 1 October 2020 770,922,469 93,666,010 864,588,479
Movement in unit holders'
contributions:
- Creation of units from applications 166,546,024 - 166,546,024
- Cancellation of units (248,054,005) - (248,054,005)
Total comprehensive income for the
financial period - 65,762,786 65,762,786
Balance as at 31 March 2021 689,414,488 159,428,796 848,843,284
Balance as at 1 October 2019 581,738,603 46,550,512 628,289,115

Movement in unit holders'
contributions:
- Creation of units from applications 301,272,986 - 301,272,986
- Cancellation of units (174,535,620) - (174,535,620)
Total comprehensive loss for the
financial period - (47,977,883) (47,977,883)
Balance as at 31 March 2020 708,475,969 (1,427,371) 707,048,598
54
10. NUMBER OF UNITS IN CIRCULATION (UNITS)
01.10.2020 01.10.2019
to 31.03.2021 to 30.09.2020
Audited
No of units No of units
At the beginning of the financial period/year 1,750,846,153 1,355,885,852
Add : Creation of units from applications 324,574,738 998,769,956
Add : Creation of units from distribution - 56,908,597
Less : Cancellation of units (473,521,116) (660,718,252)
At the end of the financial period/year 1,601,899,775 1,750,846,153
11. MANAGEMENT EXPENSE RATIO (“MER”)
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
% %
MER 0.81 0.82
MER is derived from the following calculation:
MER = (A + B + C + D + E) x 100
F
A = Management fee
B = Trustee and custodian fees
C = Audit fee
D = Tax agent’s fee
E = Other expenses excluding withholding tax and CDS transfer fee
F = Average NAV of the Fund calculated on a daily basis
The average NAV of the Fund for the financial period calculated on a daily basis was
RM906,762,219 (31.03.2020: RM746,005,534).
12. PORTFOLIO TURNOVER RATIO (“PTR”)
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
PTR 0.40 0.45
PTR is based on the following calculation:
(Total acquisition for the financial period + total disposal for the financial period) 2
Average NAV of the Fund for the financial period calculated on a daily basis
Where:
total acquisition for the financial period = RM349,030,993 (31.03.2020: RM405,464,737)
total disposal for the financial period = RM373,615,496 (31.03.2020: RM260,764,029)
55
13. UNITS HELD BY THE MANAGER, PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES
The related parties and their relationship with the Fund are as follows:
Related parties Relationship
Principal Asset Management Berhad The Manager
Principal Financial Group, Incorporation Ultimate holding company of shareholder of

the Manager
Principal International (Asia) Limited Shareholder of the Manager
Subsidiaries and associates of Principal Fellow subsidiary and associated

Financial Group Incorporation, other than companies of the ultimate holding company
above, as disclosed in its financial of shareholder of the Manager
statements
CIMB Group Holdings Bhd Ultimate holding company of shareholder of

the Manager
CIMB Group Sdn Bhd Shareholder of the Manager
Subsidiaries and associates of CIMB Group Fellow subsidiary and associated

Holdings Bhd, other than above, as companies of the ultimate holding
disclosed in its financial statements company of the shareholder of the
Manager
PT Principal Asset Management Fellow related party to the Manager
Principal Islamic Asset Management (Ireland) Fellow related party to the Manager
PLC
CIMB Islamic Bank Bhd Fellow related party to the Manager
CIMB Investment Bank Bhd Fellow related party to the Manager
CGS-CIMB Securities Sdn Bhd Fellow related party to the Manager
CIMB Bank Bhd Fellow related party to the Manager
56
13. UNITS HELD BY THE MANAGER, PARTIES RELATED TO THE MANAGER, AND
SIGNIFICANT RELATED PARTY TRANSACTIONS AND BALANCES (CONTINUED)
Units held by the Manager and parties related to the Manager
31.03.2021 30.09.2020
Audited
No. of units RM No. of units RM
Manager
Principal Asset Management
Berhad 299,645 158,752 607,441 299,954
In the opinion of the Manager, the above units were transacted at the prevailing market price.
The units are held beneficially by the Manager for booking purposes. Other than the above,
there were no units held by the Directors or parties related to the Manager.
In addition to related party disclosures mentioned elsewhere in the financial statements, set out
below are other significant related party transactions. The Manager is of the opinion that all
transactions with the related companies have been entered into in the normal course of
business at agreed terms between the related parties.
01.10.2020 01.10.2019
to 31.03.2021 to 31.03.2020
RM RM
Significant related party transactions
Profit income from Shariah-compliant deposits with
licensed Islamic financial institution:
- CIMB Islamic Bank Bhd 97,890 281,360
Management fee rebate:

- PT Principal Asset Management 43,221 27,913
- Principal Islamic Asset Management (Ireland) PLC 35,087 -
78,308 27,913
31.03.2021 30.09.2020
Audited
Significant related party balances
financial institution:
- CIMB Islamic Bank Bhd 5,000,240 5,000,219
Amount due from stockbroker:

- CGS-CIMB Securities Sdn Bhd - 863,667
Shariah-compliant collective investment schemes:

- Principal Islamic Equity Growth Syariah 1,789,764 1,520,344
- Principal Islamic Asia Pacific Dynamic Income &
Growth Fund 15,952,994 -
57
14. TRANSACTIONS WITH BROKERS/DEALERS
Details of transactions with the top 10 brokers/dealers for the six months financial period ended
31 March 2021 were as follows:
Percentage
Percentage of total
Value of of total Brokerage brokerage
Brokers/Dealers trades trades fees fees
RM % RM %
RHB Investment Bank
Bhd 100,851,632 13.96 101,732 12.65
Macquarie Capital
Securities (M) Sdn Bhd 70,096,632 9.70 118,949 14.79
KAF Equities Sdn Bhd 64,445,230 8.92 132,875 16.53
RHB Bank Bhd 61,278,730 8.48 - -
UBS Securities (M) Sdn
Bhd 56,089,451 7.76 55,070 6.85
Maybank Investment
Bank Bhd 47,843,662 6.62 74,745 9.30
Citigroup Global Markets
Ltd 46,047,725 6.37 56,097 6.98
CLSA Securities (M) Sdn
Bhd 43,601,700 6.03 49,431 6.15
JP Morgan Securities
LLC 28,745,820 3.98 8,624 1.07
CGS-CIMB Securities
Sdn Bhd # 28,072,696 3.88 49,430 6.15
Others # 175,573,211 24.30 157,096 19.53
722,646,489 100.00 804,049 100.00
58
14. TRANSACTIONS WITH BROKERS/DEALERS (CONTINUED)
Details of transactions with the top 10 brokers/dealers for the six months financial period ended
31 March 2020 were as follows:
Percentage
Percentage of total
Value of of total Brokerage brokerage
Brokers/Dealers trades trades fees fees
RM % RM %
RHB Investment Bank
Bhd 86,954,021 13.09 279,329 31.33
Macquarie Capital
Securities (Malaysia)
Sdn Bhd 46,863,864 7.06 103,123 11.57
Citigroup Global Markets
Ltd 46,569,587 7.01 31,646 3.55
Hong Leong Investment
Bank Bhd 39,015,582 5.87 32,630 3.66
Maybank Investment
Bank Bhd 36,255,722 5.46 74,760 8.38
Affin Hwang Investment
Bank Bhd 32,625,292 4.91 47,452 5.32
CLSA Securities
Malaysia Sdn Bhd 32,611,535 4.91 36,748 4.12
CGS-CIMB Securities
Sdn Bhd # 29,798,158 4.49 51,134 5.74
Maybank Banking Bhd 29,335,663 4.42 -
JP Morgan Securities
LLC 28,655,369 4.31 8,597 0.96
Others # 255,455,175 38.47 226,167 25.37
664,139,968 100.00 891,586 100.00
# Included in the transactions are trades conducted with CGS-CIMB Securities Sdn Bhd, CIMB
Securities (Singapore) Pte Ltd, Principal Islamic Asset Management (Ireland) PLC, CIMB
Islamic Bank Bhd, CIMB Bank Bhd fellow related parties to the Manager amounting to
RM28,072,696 (31.03.2020: RM29,798,158), Nil (31.03.2020: RM2,646,308),
RM14,363,395 (31.03.2020: Nil), RM7,714,000 (31.03.2020: Nil) and RM6,002,800
(31.03.2020: Nil) respectively. The Manager is of the opinion that all transactions with the
related companies have been entered into in the normal course of business at agreed terms
between the related parties.
15. SIGNIFICANT EVENT DURING THE PERIOD
The COVID-19 pandemic and related lockdowns and movement restrictions have had, and will
continue to have, a significant impact on global economic conditions and the environment in
which the Fund operates.
The Manager continue to closely monitor the macro-economic outlook as a result of COVID-19
pandemic and its impact to the Fund's performance and will be managing the risks to achieve
the Fund’s objective.
59
DIRECTORY
Head Office of the Manager

Principal Asset Management Berhad (199401018399 (304078-K))
10th Floor, Bangunan CIMB,
Jalan Semantan,
Damansara Heights,
50490 Kuala Lumpur, MALAYSIA.
Tel: (03) 2084 8888
Website
www.principal.com.my
E-mail address
service@principal.com.my
Customer Care Centre

(03) 7718 3000
Trustee for the Principal Islamic Lifetime Balanced Fund

Universal Trustee (Malaysia) Berhad (Company No.: 197401000629 (17540-D))
No. 1 Jalan Ampang (3rd Floor),
50450 Kuala Lumpur,
MALAYSIA.
Tel: (03) 2070 8050
Fax: (03) 2031 8715, (03) 2032 3194, (03) 2070 1296
Shariah Adviser of the Principal Islamic Lifetime Balanced Fund

Amanie Advisors Sdn. Bhd. (Company No.: 200501007003 (684050-H))
Level 13A-2, Menara Tokio Marine Life,
No 189, Jalan Tun Razak,
50400 Kuala Lumpur, MALAYSIA.
Tel: (03) 2161 0260
Fax: (03) 2161 0262
60
Principal Asset Management Berhad
199401018399 (304078-K)
Enquiries:
Customer Care Centre

(603)7718 3000
Email
service@principal.com.my
Website
www.principal.com.my

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Principal Islamic Lifetime

For the Six Months Financial Period Ended 31 March 2021

FOR THE SIX MONTHS FINANCIAL PERIOD ENDED 31 MARCH 2021

MANAGER'S REPORT 2-9

Fund Objective and Policy

Unit Holdings Statistics

Soft Commissions and Rebates

SHARIAH ADVISER'S REPORT 12

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME 13

UNAUDITED STATEMENT OF FINANCIAL POSITION 14

UNAUDITED STATEMENT OF CHANGES IN NET ASSETS ATTRIBUTABLE TO

UNAUDITED STATEMENT OF CASH FLOWS 16

NOTES TO THE FINANCIAL STATEMENTS 17 - 59

Dear Valued Investor,

FUND OBJECTIVE AND POLICY

What is the investment objective of the Fund?

Has the Fund achieved its objective?

The asset allocation strategy for this Fund is as follows:

When was the Fund launched?

What was the size of the Fund as at 31 March 2021?

FUND OBJECTIVE AND POLICY (CONTINUED)

What is the Fund’s benchmark?

What is the Fund distribution policy?

31.03.2021 31.03.2020 31.03.2019

PERFORMANCE DATA (CONTINUED)

31.03.2021 31.03.2020 31.03.2019

01.10.2020 01.10.2019 01.10.2018

Management Expense Ratio (“MER”) (%) ^ 0.81 0.82 0.81

31.03.2021 31.03.2020 31.03.2019 31.03.2018 31.03.2017

(Launch date: 8 March 2001)

MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021)

MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021) (CONTINUED)

Local Equities (continued)

MARKET REVIEW (1 OCTOBER 2020 TO 31 MARCH 2021) (CONTINUED)

FUND PERFORMANCE (CONTINUED)

30% FBMS Index + 30% MSCI AC Asia ex Japan Islamic

31.03.2021 30.09.2020 Changes

UNIT HOLDINGS STATISTICS

Breakdown of unit holdings by size as at 31 March 2021 were as follows:

SOFT COMMISSIONS AND REBATES

STATEMENT BY MANAGER TO THE UNIT HOLDERS OF

For and on behalf of the Manager

MUNIRAH KHAIRUDDIN JUAN IGNACIO EYZAGUIRRE BARAONA

TRUSTEE’S REPORT TO THE UNIT HOLDERS OF

For and on behalf of the Trustee

ONG TEE VANN

SHARIAH ADVISER’S REPORT

To the Unit Holders of Principal Islamic Lifetime Balanced Fund (“Fund”)

For the Six Months Financial Period ended 31 March 2021

We hereby confirm the following:

For Amanie Advisors Sdn Bhd

Datuk Dr Mohd Daud Bakar

UNAUDITED STATEMENT OF COMPREHENSIVE INCOME

PROFIT/(LOSS) BEFORE TAXATION 65,960,922 (47,977,883)

PROFIT/(LOSS) AFTER TAXATION,

Profit/(Loss) after taxation is made up as follows:

UNAUDITED STATEMENT OF FINANCIAL POSITION

NET ASSET VALUE OF THE FUND 848,843,284 864,588,479

NET ASSETS ATTRIBUTABLE TO UNIT