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Newton Universal (02GN)

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Monday 06 December, 1999

Newton Universal

Half Yr. Assets & Liabilities

Newton Universal Growth Funds Limited
6 December 1999



Newton Universal Growth Funds Limited ('Newton Universal'
                    or the 'Company')
  Unaudited Statement of Assets and Liabilities for the
            half year ended 30 September 1999
                            
The Directors of the Company submit their unaudited
financial statements for the half-year ended 30 September
1999. The Company obtained recognized status under the
Collective Investment Funds (Jersey) Law 1988 on 8
February 1989 and under the United Kingdom Financial
Services Act 1986 on 17 February 1989.


Mid Market Value per Share

                     30 September     31 March 
                        1999            1999
Equity Classes                       
UK Equity              GBP 3.07        GBP 3.23
North American         USD 4.18        USD 3.95
Equity
Continental            USD 8.92        USD 8.76
European Equity
Asian Growth Fund      USD 4.45        USD 3.52
Japanese Equity        USD 2.85        USD 2.01
                                           
Bond Classes                               
Sterling Bond          GBP 3.14        GBP 3.29
International Bond     USD 3.09        USD 3.21
                                           
Managed Classes                            
International          USD 4.22        USD 3.99
Portfolio
Intrepid               USD 13.65       USD 12.59
                                           
Currency Classes                           
Sterling               GBP 43.33       GBP 42.43
US Dollar              USD 26.53       USD 26.01
Euro                   EUR 43.15       EUR 42.81




Type of fund:  UK Equity
                                          GBP
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares             21,544,977
     Net Other Assets                 784,975
                                   ----------
                                   22,329,952
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
     Representing                  22,329,952
     Participating
     Shareholders Equity
                                  -----------
     Represented by:                         
     Share premium                 13,086,722
                                             
     Investment Reserves:                    
     Realised (Deficit)/Gain        3,516,117
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on      4,162,204
     Investments
                                             
     Undistributed                  1,564,909
     Deficit/Income
                                  -----------
                                   22,329,952
                                 ------------
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for        216,117
     the Period
                                             
     Undistributed                  1,348,792
     (Deficit)/Income brought
     forward
                                   ----------
                                    1,564,909
                                   ----------
                                             
     (The Fund, being a roll-                
     up fund, does not
     distribute income)
                                             
     Undistributed                  1,564,909
     (Deficit)/Income carried
     forward
                                   ----------
                                             

Type of fund:  North American Equity

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
                                             
     Investments                             
     Stocks and Shares             13,310,342
     Net Other Assets                 340,423
                                   ----------
                                   13,650,765
                                   ----------
                                             
(ii) Net Assets at 30/9/99                   
     Representing                  13,650,765
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                  3,487,464
                                             
     Investment Reserves:                    
     Realised (Deficit)/Gain       10,690,557
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on       (34,010)
     Investments
                                             
     Undistributed                  (493,246)
     Deficit/Income
                                   ----------
                                   13,650,765
                                   ----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for       (94,732)
     the Period
                                             
     Undistributed                  (398,514)
     (Deficit)/Income brought
     forward
                                   ----------
                                    (493,246)
                                  -----------
                                             
     (The Fund, being a roll-                
     up fund,
     does not distribute
     income)
                                             
     Undistributed                  (493,246)
     (Deficit)/Income
     carried forward
                                  -----------
                                             

Type of fund:  Continental European

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares            448,265,274
     Net Other Assets              43,519,343
                                  -----------
                                  491,784,617
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
                                             
     Representing                 491,784,617
     Participating
     Shareholders Equity
                                  -----------
                                             
     Represented by :             429,496,507
     Share Premium
                                             
     Investment Reserves :                   
     Realised (Deficit)/Gain       52,143,045
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on     11,897,796
     Investments
     Undistributed                (1,752,731)
     Deficit/Income
                                  -----------
                                  491,784,617
                                  -----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for      1,360,944
     the Period
                                             
     Undistributed                (3,113,675)
     (Deficit)/Income brought
     forward
                                  -----------
                                  (1,752,731)
                                  -----------
     (The Fund, being a roll -               
     up fund,
     does not distribute
     income)
                                             
     Undistributed                (1,752,731)
     (Deficit)/Income
     carried forward
                                  -----------
                                             
                                             

Type of fund:  Asian Growth

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares             26,417,284
     Net Other Assets               2,097,372
                                  -----------
                                   28,514,656
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
                                             
     Representing                  28,514,656
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                 20,126,110
                                             
     Investment Reserves:                    
     Realised (Deficit)/Gain        7,909,250
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on        221,393
     Investments
     Undistributed                    257,903
     Deficit/Income
                                   ----------
                                   28,514,656
                                   ----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for       (87,627)
     the Period
                                             
     Undistributed                    345,530
     (Deficit)/Income brought
     forward
                                  -----------
                                      257,903
                                  -----------
                                             
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                    257,903
     (Deficit)/Income
     carried forward
                                  -----------
                                             

Type of fund:  Japanese

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares            155,016,489
     Net Other Assets              18,374,578
                                  -----------
                                  173,391,067
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
                                             
     Representing                 173,391,067
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                128,031,671
                                             
     Investment Reserves:                    
                                             
     Realised (Deficit)/Gain       32,134,392
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on     15,321,329
     Investments
                                             
     Undistributed                (2,096,325)
     Deficit/Income
                                  -----------
                                  173,391,067
                                  -----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for      (889,209)
     the Period
                                             
     Undistributed                   -1207116
     (Deficit)/Income
     brought forward
                                  -----------
                                  (2,096,325)
                                  -----------
     (The Fund, being a roll -               
     up fund,
     does not distribute
     income)
                                             
     Undistributed                (2,096,325)
     (Deficit)/Income
     carried forward
                                  -----------
                                             
Type of fund:  International Portfolio

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares             33,663,482
     Net Other Assets               1,881,007
                                  -----------
                                   35,544,489
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
     Representing                  35,544,489
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                 23,957,264
                                             
     Investment Reserves:                    
                                             
     Realised (Deficit)/Gain        8,325,793
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on      3,724,713
     Investments
                                             
     Undistributed                  (463,281)
     Deficit/Income
                                  -----------
                                   35,544,489
                                  -----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for       (54,059)
     the Period
                                             
     Undistributed                  (409,222)
     (Deficit)/Income
     brought forward
                                  -----------
                                    (463,281)
                                  -----------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
     Undistributed                  (463,281)
     (Deficit)/Income
     carried forward
                                  -----------
                                             
                                             
Type of fund:  Intrepid

                                          USD
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
                                             
     Investments                             
     Stocks and Shares              7,177,782
     Net Other Assets                 488,220
                                  -----------
                                    7,666,002
                                  -----------
(ii) Net Assets at 30/9/99                   
                                             
     Representing                   7,666,002
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                  6,851,879
                                             
     Investment Reserves:                    
     Realised (Deficit)/Gain          612,228
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on        320,293
     Investments
                                             
     Undistributed                  (118,398)
     Deficit/Income
                                  -----------
                                    7,666,002
                                  -----------
                                             
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for       (39,261)
     the Period
                                             
     Undistributed                   (79,137)
     (Deficit)/Income
     brought forward
                                  -----------
                                    (118,398)
                                  -----------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                  (118,398)
     (Deficit)/Income
     carried forward
                                  -----------

Type of fund:  Sterling Bond

                                          GBP
                                        Offer
                                    Valuation
                                             
(i)  The Portfolio at 30/9/99                
                                             
     Investments                             
     Stocks and Shares              8,156,838
     Net Other Assets                 249,206
                                  -----------
                                    8,406,044
                                  -----------
                                             
(ii) Net Assets at 30/9/99                   
     Representing                   8,406,044
     Participating
     Shareholders Equity
                                  -----------
     Represented by:                         
     Share Premium                  2,436,381
                                             
     Investment Reserves :                   
     Realised (Deficit)/Gain        1,074,669
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on      (393,369)
     Investments
     Undistributed                  5,288,363
     Deficit/Income
                                  -----------
                                    8,406,044
                                  -----------
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for        164,254
     the Period
                                             
     Undistributed                  5,124,109
     (Deficit)/Income
     brought forward
                                  -----------
                                    5,288,363
                                  -----------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                  5,288,363
     (Deficit)/Income
     carried forward
                                  -----------

Type of fund:  International Bond

                                          USD
                                        Offer
                                    Valuation
(i)  The Portfolio at 30/9/99                
                                             
     Investments                             
     Stocks and Shares             77,349,664
     Net Other Assets               4,742,459
                                  -----------
                                   82,092,123
                                  -----------
(ii) Net Assets at 30/9/99                   
                                             
     Representing                  82,092,123
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium                 80,864,410
                                             
     Investment Reserves:                    
     Realised (Deficit)/Gain      (4,359,911)
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on    (1,671,340)
     Investments
     Undistributed                  7,258,964
     Deficit/Income
                                  -----------
                                   82,092,123
                                  -----------
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for      5,612,806
     the Period
                                             
     Undistributed                  1,646,158
     (Deficit)/Income
     brought forward
                                  -----------
                                    7,258,964
                                  -----------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                  7,258,964
     (Deficit)/Income
     carried forward
                                  -----------
                                             
Type of fund:  Sterling Cash

                                          GBP
                                        Offer
                                    Valuation
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares             44,525,654
     Net Other Assets                 212,308
                                  -----------
                                   44,737,962
                                  -----------
                                             
                                             
(ii) Net Assets at 30/9/99                   
     Representing                  44,737,962
     Participating
     Shareholders Equity
                                  -----------
     Represented by :                        
     Share Premium               (11,270,871)
                                             
     Investment Reserves :                   
     Realised (Deficit)/Gain                 
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on               
     Investments
     Undistributed                 56,008,833
     Deficit/Income
                                  -----------
                                   44,737,962
                                 ------------
(iii)Statement of                            
     Distributable Income
     Net (Deficit)/Surplus for        930,189
     the Period
                                             
     Undistributed                 55,078,644
     (Deficit)/Income
     brought forward
                                 ------------
                                   56,008,833
                                 ------------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                 56,008,833
     (Deficit)/Income
     carried forward
                                 ------------
                                             

Type of fund:  European Currency Unit

                                          EUR
                                        Offer
                                    Valuation
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares              4,843,563
     Net Other Assets               (291,819)
                                 ------------
                                    4,551,744
                                 ------------
(ii) Net Assets at 30/9/99                   
     Representing                   4,551,744
     Participating
     Shareholders Equity
                                 ------------
     Represented by:                         
     Share Premium                  2,688,011
                                             
     Investment Reserves :                   
     Realised (Deficit)/Gain                 
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on               
     Investments
                                             
     Undistributed                  1,863,733
     Deficit/Income
                                 ------------
                                    4,551,744
                                 ------------
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for         26,340
     the Period
                                             
     Undistributed                  1,837,393
     (Deficit)/Income
     brought forward
                                 ------------
                                    1,863,733
                                 ------------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                  1,863,733
     (Deficit)/Income
     carried forward
                                 ------------
                                             
                                             
Type of fund:  US Dollar Cash

                                          USD
                                        Offer
                                    Valuation
(i)  The Portfolio at 30/9/99                
     Investments                             
     Stocks and Shares             20,837,123
     Net Other Assets                 298,652
                                 ------------
                                   21,135,775
                                 ------------
(ii) Net Assets at 30/9/99                   
                                             
     Representing                  21,135,775
     Participating
     Shareholders Equity
                                 ------------
     Represented by :                        
     Share Premium                 14,794,896
                                             
     Investment Reserves :                   
     Realised (Deficit)/Gain                 
     on Disposal and Maturity
     of Investments
                                             
     Unrealised (Loss)/Gain on               
     Investments
                                             
     Undistributed                  6,340,879
     Deficit/Income
                                 ------------
                                   21,135,775
                                 ------------
(iii)Statement of                            
     Distributable Income
                                             
     Net (Deficit)/Surplus for      6,001,999
     the Period
                                             
     Undistributed                    338,880
     (Deficit)/Income
     brought forward
                                 ------------
                                    6,340,879
                                 ------------
     (The Fund, being a roll -               
     up fund, does not
     distribute income)
                                             
     Undistributed                  6,340,879
     (Deficit)/Income
     carried forward
                                 ------------


Notes:

1.   The Statements of Assets and Liabilities, which have
     been neither audited nor reviewed, are prepared under the
     historical cost convention, as modified by the
     revaluation of investments.


2.   The Fund is an open-ended investment company divided
     into a number of Share Classes, each investing in a
     particular market or area. No dividends are paid, all
     income and profits are rolled up and reflected in the
     price of shares for each Class. Expenditure directly
     attributable to a particular Class is charged to that
     Class. Accordingly, separate accounting records are
     maintained and separate Statements of Assets and
     Liabilities have been prepared for each Class.

3.   Investments are revalued to offer value at the half-
     year end.

4.   Bank deposit interest and interest on bonds is
     accrued on a daily basis. Income from investments is
     accounted for when declared.

5.   Assets and Liabilities are translated into the base
     currency at the rates ruling as at the half-year end
     date.


                                                                                                             

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