The Marriott Global Real Estate Fund was opened to new business on the 16 Nov 01 with a tranche of R30m, however, after only a very short time the fund is now closed again to new investors. Existing debit orders will still be accepted and any pipeline business will be accepted until the 29 Nov 01.

The Marriott Global Real Estate Fund has re-opened for new investments for a R30m tranche. The fund will also be able to accept new debit order clients.

The real estate sector's stable cash flow, visible earnings and dividend yields in excess of falling interest rates are likely to see it outperform despite the threat of downgrades to 2002 estimates.

Following the attacks on the USA the Marriott Global Real Estate Fund has declined 7.6% in Dollars while the Rand has depreciated 3.4%. International real estate securities have been severely impacted by this disaster with hotel groups being most affected. The fund comprises of thirty four securities four of which have hotel exposure which declined between 20% and 25%. Other real estate securities were slightly weaker although largely unaffected. The World Trade Centre is privately owned and therefore the fund was not exposed.

Due to the closure of the US markets the Marriott Global Real Estate and the Marriott Global Income Funds will not be able to be valued and priced for the 11th and 12th of September 2001. It is expected that the markets will open again on Friday enabling the global funds be priced. Any repurchases that are received will be processed at the next available price.

Marriott Unit Trusts is temporarily closing the Marriott Real Estate Fund to new business on the 28th February 2001. This is due to recent changes in the asset swap legislation. The fund opened in October 2000 and currently has assets of R140m. It has now reached its offshore limit.

All debit orders for the month ending February will be accepted. However at the end of March no debit orders will be accepted, except those that are direct with Marriott Unit Trusts.<