The Fund publishes its currency exposure on a monthly basis. Below is the Fund's exposure to hard currencies as of June 30, 2015, along with the composition of the U.S. Dollar Index (USDX):
Australasia ex Japan
New Zealand Dollar
The Fund's security holdings as of June 30, 2015 are shown below:
Percent of Portfolio
Belgium Treasury Bill
Canadian Treasury Bill
European Investment Bank 3.125%
European Financial Stability FAC .08%
Irish Treasury Bill
Kommunalbanken As 3.50%
Kommuninvest I Sverige 2.00%
Kommuninvest I Sverige 2.75%
Kreditstansalt Fuer Wiederaufbau 2.75%
Merk Gold Trust
New South Wales Treasury Corp 6.00%
Nordic Investment Bank 3.00%
Norwegian Treasury Bill
Oslo Kommune 4.65%
Singapore Government 2.875%
Swedish Treasury Bill
U.K. Treasury 4.75%
The Fund publishes its sector exposure on a monthly basis:
Government Agencies - Norway
Government Agencies - Sweden
Non-U.S. Government - Australia
Non-U.S. Gonverment - Belgium
Non-U.S. Government - Canada
Non-U.S. Government - Germany
Non-U.S. Government - Ireland
Non-U.S. Government - Norway
Non-U.S. Government - Singapore
Non-U.S. Government - Sweden
Non-U.S. Government - United Kingdom
Regional Agency - Australia
Supranational - Europe
U.S. Cash Equivalent
Other Net Assets
The Fund accepts investments in the following minimum amounts:
Minimum Initial Investment
Minimum Additional Investment
Roth IRA Accounts
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 1.1%, reflecting exposure to gold futures; net U.S dollar exposure is increased by 9.7% 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 1.1%, reflecting exposure to gold futures. Conversely, 1.1% 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 1.05% 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.
Before investing you should carefully consider the Fund's investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained by clicking here. Please read the prospectus carefully.Foreside Fund Services, LLC, distributor.