The quarterly distribution declared at the end of September 2006 was 25.3045 cents per unit. The growth in distribution for 2006 is likely to be around 15% higher than the distribution for 2005. Over the last 5 years the Marriott Dividend Growth Fund has grown distributions by an average of 15.3% per annum, which is above our medium term expected average future growth rate of 8-10% per annum.
At current levels the securities in the Dividend Growth fund look fairly valued relative to their historical average rating. Total returns from the fund over the next 5 years are expected to be approximately 11% - 13% per annum. This forecast is based on an initial income yield of 3%, annual growth in income of 8%-10% and no significant change in rating. With reasonable economic growth, this expected total return is realistic and achievable.
The long-term investor in the Dividend Growth Fund is exposed to many quality financial and industrial companies, which are still close to their long term average ratings with growth in income from these companies exceeding inflation over the medium to long term.

The quarterly distribution declared at the end of June 2006 was 24.0341 cents per unit, 0.75% higher than the previous quarter's distribution of 23.8556 cents per unit. The total distribution for 2005 of 85.05 cents per unit was 21.4% higher than 2004's distribution of 70.06 cents per unit. Over the last 5 years the Marriott Dividend Growth Fund has grown distributions by an average of 15.3% per annum, which is above our medium term expected average future growth rate of 8-10% per annum.

The long-term investor should find the Dividend Growth Fund attractive at current levels as many quality financial and industrial companies are still close to their long term average ratings and the after-tax income from these companies should overtake that available from other asset classes in a relatively short time.

At current levels the securities in the Dividend Growth fund look fairly valued relative to their historical average rating. Total returns from the fund over the next 5 years are expected to be approximately 11% - 14% per annum. This forecast is based on an initial income yield of 3.26%, annual growth in income of 8%-10% and no significant change in rating. With reasonable economic growth, this expected total return is realistic and achievable

Distribution
The quarterly distribution declared at the end of March 2006 was 23.8556 cents per unit, 9% higher than the previous quarter's distribution of 23.6045 cents per unit. The total distribution for 2005 of 85.05 cents per unit was 21.4% higher than 2004's distribution of 70.06 cents per unit. Over the last 3 years the Marriott Dividend Growth Fund has grown distributions by an average of 16% per annum, which is above our medium term expected average future growth rate of 8-10% per annum.

Future Income
South Africa's long-term growth trend looks positive, with both local productivity and the global economy growing, and the securities in the portfolio have increased their dividends once again this year. The long-term investor should find the Dividend Growth Fund attractive at current levels as many quality financial and industrial companies are still available below their traditional premiums to the market and the after-tax income from these equities should overtake that available from other asset classes in a relatively short time. For private investors in the upper tax brackets the (tax exempt) dividend income available from many solid blue-chip companies already matches or exceeds their after-tax return on cash, and this gap will increase as dividends grow.

Capital
At current levels financial & industrial companies look undervalued relative to bonds and fairly valued relative to their historical average rating. Total returns from the fund over the next 5 years are expected to be approximately 8% - 10% per annum. This forecast is based on an initial income yield of 3.07%, annual growth in income of 8%-10% and no significant change in rating. With reasonable economic growth, this expected total return is realistic and achievable.

Distribution
The quarterly distribution declared at the end of December was 23.6045 cents per unit, 9% higher than the previous quarter's distribution of 21.6537 cents per unit. The total distribution for 2005 of 85.0710 cents per unit was 21.4% higher than 2004's distribution of 70.0568 cents per unit. Over the last 3 years the Marriott Dividend Growth Fund has grown distributions by an average of 16% per annum, which is above our medium term expected average future growth rate of 8-10% per annum.

Future Income
South Africa's long-term growth trend looks positive, with both local productivity and the global economy growing, and the securities in the portfolio have increased their dividends once again this year. The long-term investor should find the Dividend Growth Fund attractive at current levels as many quality financial and industrial companies are still available below their traditional premiums to the market and the after-tax income from these equities should overtake that available from other asset classes in a relatively short time. For private investors in the upper tax brackets the (tax exempt) dividend income available from many solid blue-chip companies already matches or exceeds their after-tax return on cash, and this gap will increase as dividends grow.

Capital
At current levels financial & industrial companies look undervalued relative to bonds and fairly valued relative to their historical average rating. Total returns from the fund over the next 5 years are expected to be approximately 8% - 10% per annum. This forecast is based on an initial income yield of 3.07%, annual growth in income of 8%-10% and no significant change in rating. With reasonable economic growth, this expected total return is realistic and achievable.