The Monetary Policy Committee held the repo rate steady this month. Money market rates increased prior to the meeting and drifted downwards afterwards to end the month slightly higher than at the beginning of the month (0.1% to 0.2%). The majority of the fund's assets are invested in deposits and instruments of less than three months term.

The Monetary Policy Committee surprised the market by cutting the repo rate by 0.5% this month. Money market rates reacted by also dropping by 0.5%. The majority of the fund's assets are invested in deposits and instruments of less than three months term.

The Monetary Policy Committee surprised the market by cutting the repo rate by 0.5% points this month. Money market rates reacted by also dropping by 0.5% points. The majority of the fund's assets are invested in deposits and instruments of less than three months term.

The Allan Gray Money Market Fund management fee has been reduced from the standard 0.5% per annum charge to one of 0.25% per annum effective 1 July 2004. This Fund invests in selected money market instruments where the average term to maturity does not exceed 90 days. The Money Market Fund has always been seen as a 'parking place' for investors' capital as opposed to a 'wealth-creating' entity. The fee change has therefore been made in order to assist investors and is in line with the wholesale nature of money market investments.

Money market rates have remained largely unchanged since January. The majority of the fund's assets are invested in deposits and instruments of less than three months term.