Merk Hard Currency Fund ® (MERKX)

The Merk Hard Currency Fund (MERKX) seeks to profit from a rise in hard currencies versus the U.S. dollar. The Merk Hard Currency Fund typically invests in a basket of hard currencies. Hard currencies are currencies backed by sound monetary policy; sound monetary policy focuses on price stability.

Fund Documents  Fact Sheet (PDF)  Prospectus / SAI (PDF)  Semi/Annual Reports (PDF)  XBRL* (ZIP)

Ticker MERKX   Fund Inception May 10th, 2005   Expense Ratio 1.30%   Load No-Load Fund   Assets1 $512.5 million (as of 05/17/13)   Portfolio Manager Axel Merk, supported by the investment management team   Dividends Click here for dividend summary   Institutional Shares Available   Duration 0.41 years   The Fund is firmly committed to the short end of the yield curve

The Merk Hard Currency Fund (MERKX) as of April 30, 2013
Month End Currency Allocation Security Holdings Sectors Minimum Investment	The Fund publishes its currency exposure on a monthly basis. Below is the Fund's exposure to hard currencies as of April 30, 2013, along with the composition of the U.S. Dollar Index (USDX): Region Currency MERKX USDX Europe Euro 29.5% 57.6% Danish Krone 3.1% - Norwegian Krone 10.0% - Swiss Franc 0.0% 3.6% British Pound 0.0% 11.9% Swedish Krona 12.6% 4.2% Australasia ex Japan Australian Dollar 3.8% - New Zealand Dollar 7.0% - Singapore Dollar 9.7% - Japan2 Japanese Yen -8.2% 13.6% North America3 Canadian Dollar 14.3% 9.1% Gold4 Gold 9.8% -   The Fund publishes its security holdings on a monthly basis: Holding2 Currency Maturity Percent of Portfolio Sweden Treasury Bill SEK 05/15/13 10.2% SPDR Gold Trust GOLD   9.1% Norwegian Treasury Bill NOK 06/19/13 7.2% New Zealand Government 6.00% NZD 04/15/15 6.7% Gemeinsame Bundeslaender 3.75% EUR 10/17/13 5.8% Monetary Authority of Singapore Bill SGD 05/10/13 5.1% Province of British Columbia 8.50% CAD 08/23/13 4.9% European Stability Mechnanism Treasury Bill EUR 06/06/13 4.8% Belgium Treasury Bill EUR 07/18/13 4.7% Singapore Government 3.625% SGD 07/01/14 4.5% European Investment Bank 2.125% EUR 01/15/14 4.5% Alberta Capital Finance Floating rate based on 3-month CDOR +0.39% CAD 07/02/14 4.1% Province of Manitoba 4.25% CAD 06/03/13 4.0% France Treasury Bill EUR 05/16/13 3.8% New South Wales Treasury Corp 5.50% AUD 08/01/13 3.6% Municipal Finance PLC Kunta 2.75% NOK 09/16/13 2.8% German Treasury Bill EUR 06/12/13 1.5% Dutch Treasury Certificate EUR 05/31/13 1.2% France Treasury Bill EUR 09/19/13 1.1% Canadian Treasury Bill CAD 05/23/13 1.1% Sweden Government 1.50% SEK 08/30/13 0.7% The Fund publishes its sector exposure on a monthly basis: Sector Percent Regional Authority - Canada 13.0% Non-U.S. Cash 12.1% Non-U.S. Government - Sweden 10.9% Gold 8.3% Non-U.S. Government - Norway 7.2% Non-U.S. Government - New Zealand 6.7% Municipal County - Germany 5.8% Central Banks - Singapore 5.1% Non-U.S. Government - France 5.0% Supranational - Europe 4.8% Non-U.S. Government - Belgium 4.7% Non-U.S. Government - Singapore 4.5% Regional Agency - Australia 3.6% Sovereign Agency - Finland 2.8% Non-U.S. Government - Germany 1.5% Non-U.S. Government - Netherlands 1.2% Non-U.S. Government - Canada 1.1% Other Net Assets 0.9% U.S. Cash Equivalent 0.8% The Fund accepts investments in the following minimum amounts:   Minimum Initial Investment Minimum Additional Investment Standard Accounts $2,500 $100 Traditional and Roth IRA Accounts $1,000 $100

Currency symbols: AUD Australian dollar; CAD Canadian dollar; CHF Swiss Franc; EUR euro; GBP British pound; JPY Japanese yen; NOK Norwegian krone; NZD New Zealand dollar; SGD Singapore dollar; SEK Swedish krona; USD U.S. dollar

Fund holdings are subject to change without notice.

Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

*These zipped files are in the Extensible Business Reporting Language format and can only be viewed using an XBRL viewer. If you do not have access to an XBRL reader, please visit the SEC website.

Click here to download the Adobe^® Reader^® to view and print the PDF version of the Fund Fact Sheet.

¹Assets reflect investor and institutional shares combined.

²The short Japanese yen exposure is achieved through the use of forward currency contracts.

³ U.S dollar cash is 0.9%. Net U.S dollar exposure is decreased by 0.7%, reflecting exposure to gold futures; net U.S dollar exposure is increased by 8.2% reflecting short Japanese yen exposure.

⁴ Gold exposure is achieved through the use of gold ETFs and futures; U.S. dollar, net is reduced by 0.7%, reflecting exposure to gold futures. Conversely, 0.7% of the gold exposure is due to futures. Currency exposure includes unsettled trades, market or accrued cost value of debt securities held, money market deposit account, capital shares sold, accrued income, as well as effective exposure through currency forward contracts, if applicable. US Dollar, net, includes net other assets and liabilities. All percentages are of total net assets. Top holdings currency exposure is before settlements, if any. A component of U.S. Dollar Cash, net is 0.8% Citigroup Dollars on Deposit Custody Account. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Please also consult with the latest annual or semi-annual report for complete information on assets, liabilities and applicable notes as of the publication date for the respective reports.

The ICE U.S. Dollar Index® (USDX) is a trade-weighted geometric average of the U.S. dollar’s value compared to a basket of six major global currencies (euro, Japanese yen, British pound, Canadian dollar, Swedish krona, Swiss franc) set by the ICE (IntercontinentalExchange) Futures US. It is not possible to invest directly in an index.

As with any mutual fund product, there is no guarantee that the fund will achieve its goals. Investment return and principal value will vary and shares may be worth more or less at redemption than at original purchase; the Fund is not a substitute for a money market fund. Investors should consider the investment objectives, risks and charges and expenses of the Merk Hard Currency Fund carefully before investing. The prospectus contains this and other information about the Merk Hard Currency Fund. To obtain a prospectus, please download it now or call (866) MERK FUND. The prospectus should be read carefully before investing.

Since the Fund primarily invests in foreign currencies, changes in currency exchange rates will affect the value of what the Fund owns and the price of the Fund’s shares. Investing in foreign instruments bears a greater risk than investing in domestic instruments for reasons such as volatility of currency exchange rates and, in some cases, limited geographic focus, political and economic instability, and relatively illiquid markets. The Fund is subject to interest rate risk which is the risk that debt securities in the Fund’s portfolio will decline in value because of increases in market interest rates. As a non-diversified fund, the Fund will be subject to more investment risk and potential for volatility than a diversified fund because its portfolio may, at times, focus on a limited number of issuers. The Fund may also invest in derivative securities which can be volatile and involve various types and degrees of risk. For a more complete discussion of these and other Fund risks please refer to the Fund’s prospectus.