The Sep 2003 quarterly distribution amounts to 2.4221 cents per unit. The last four distributions amount to 8.7437cpu. As at the end of Sep 2003, the Fund was yielding 5.5% gross. This compares favourably with the 3.3% yield generated by the JP Morgan Global Government Bond index.

The last two years have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America.

The prospect of improved income growth in a growing world economy has pushed the value of listed property securities above the value of their underlying property portfolios. Investors are clealrly looking at real estate securities as a yield play (as opposed to bonds) with the prospect of above-inflation income growth.

The June 2003 quarterly distribution amounts to 2.0149 cents per unit. The last four distributions amount to 8.6884c. As at the end of June 2003, the fund was yielding 5.62% gross. This compares favourably with the 3.00% yield generated by the JP Morgan Global Government Bond index.

The last two years have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.

The March 2003 quarterly distribution amounts to 2.2426 cents per unit. The last four distributions amount to 9.3156c. As at the end of March 2003, the fund was yielding 6.5% gross. This compared favourably with the 3.1% yield generated by the JP Morgan Global Government Bond index.

The last 18 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a time when accounting scandals, earnings disappointments and rising geopolitical risk have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead .

As at the end of February 2003, the fund was yielding 6.9% gross. This compared favourably with the 3.1% yield generated by the JP Morgan Global Government Bond index.

The Marriott Global Real Estate Fund opened on Tuesday 18 March to all new business, ie, direct business, business via the linked product companies and new debit orders, because the fund has asset swap capacity available.

As at the end of January 2003, the Fund was yielding 6.9% gross. This compared favourably with the 3.2% yield generated by the JP Morgan Global Government Bond index.

The last 12 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a year when accounting scandals and earnings disappointments have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.

The Marriott Global Real Estate Fund rose by 1.3% in December, bringing the total return for the whole of 2002 to 8.4% in US dollars.

As at the end of December 2002, the fund was yielding 6.4% gross. This compared favourably with the 3.2% yield generated by the JP Morgan Global Government Bond index.

The last 12 months have been a difficult time for equity investors and have provided a good test of the fund's ability to produce absolute returns regardless of the movements of the wider market. The focus on income and quality has provided support during a year when accounting scandals and earnings disappointments have continued to undermine markets throughout the world but particularly in North America. The fund is not immune from the global economic downturn, but the longer-term nature of property as an investment coupled with a steady income stream should provide support during the uncertainties of the year ahead.