Unicorn Investment Funds Interim Report 31 March 2019 Unicorn Investment Funds Contents Page Directory . 1 Basis of Accounting . 2 Certification of the Interim Report by the Authorised Corporate Director . 2 UK Growth Fund Investment Objective and Policy . 3 Investment Manager’s Report . 3 Portfolio Statement . 6 Comparative Tables . 8 Statement of Total Return . 11 Statement of Change in Net Assets Attributable to Shareholders . 11 Balance Sheet . 12 Mastertrust Fund Investment Objective and Policy . 13 Investment Manager’s Report . 13 Portfolio Statement . 15 Comparative Tables . 17 Statement of Total Return . 20 Statement of Change in Net Assets Attributable to Shareholders . 20 Balance Sheet . 21 UK Smaller Companies Fund Investment Objective and Policy . 22 Investment Manager’s Report . 23 Portfolio Statement . 25 Comparative Tables . 27 Statement of Total Return . 30 Statement of Change in Net Assets Attributable to Shareholders . 30 Balance Sheet . 31 UK Income Fund Investment Objective and Policy . 32 Investment Manager’s Report . 32 Portfolio Statement . 35 Comparative Tables . 38 Statement of Total Return . 42 Statement of Change in Net Assets Attributable to Shareholders . 42 Balance Sheet . 43 Distribution Tables . 44 Outstanding British Companies Fund Investment Objective and Policy . 45 Investment Manager’s Report . 45 Portfolio Statement . 47 Comparative Tables . 49 Statement of Total Return . 52 Statement of Change in Net Assets Attributable to Shareholders . 52 Balance Sheet . 53 Unicorn Investment Funds Contents Page UK Ethical Income Fund Investment Objective and Policy . 54 Investment Manager’s Report . 54 Portfolio Statement . 57 Comparative Tables . 59 Statement of Total Return . 62 Statement of Change in Net Assets Attributable to Shareholders . 62 Balance Sheet . 63 Distribution Tables . 64 General Information . ..