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)

Ticker	MERKX	Fund Inception	May 10th, 2005
Expense Ratio	1.30%	Load	No-Load Fund
Assets¹	$371.0 million (as of 08/27/2010)	Portfolio Managers	Axel Merk
Dividends	Click here for dividend summary	Institutional Shares	Available

The Merk Hard Currency Fund (MERKX) as of July 31, 2010

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, along with the composition of the U.S. Dollar Index (USDX):

Region	Currency	MERKX	USDX
Europe	Euro	27.8%	57.6%
	Norwegian Krone	9.8%	-
	Swiss Franc	9.1%	3.6%
	British Pound	0.0%	11.9%
	Swedish Krona	2.7%	4.2%
Australasia ex Japan	Australian Dollar	13.5%	-
Australasia ex Japan	New Zealand Dollar	4.9%	-
Japan	Japanese Yen	3.1%	13.6%
North America	Canadian Dollar	18.1%	9.1%
North America	U.S. Dollar, net²	0.1%	-
Gold	Gold²	10.9%	-

The Fund publishes its security holdings on a monthly basis:

Holding²	Currency	Maturity	Percent of Portfolio
SPDR Gold Trust	GOLD		9.9%
Norway Treasury Bill	NOK	09/15/10	9.8%
Germany Treasury Bill	EUR	09/15/10	7.4%
Switzerland Government 3.50%	CHF	08/07/10	5.2%
Queensland Treasury Corp. 6.00%	AUD	06/14/11	4.9%
New South Wales Treasury Corp 7.00%	AUD	12/01/10	4.9%
New Zealand Government 6.00%	NZD	11/15/11	4.8%
Belgium Treasury Bill	EUR	10/14/10	4.7%
France Treasury Bill	EUR	10/21/10	4.7%
Finland Government 2.75%	EUR	09/15/10	4.6%
Province of Manitoba Floating rate based on 3-month CDOR +0.40%	CAD	09/04/12	4.0%
Province of Ontario Floating rate based on 3-month CDOR +0.60%	CAD	07/15/11	3.9%
Japan Treasury Bill	JPY	09/10/10	3.1%
Alberta Capital Finance Floating rate based on 3-month CDOR +0.07%	CAD	02/05/13	2.9%
Alberta Treasury Branch 4.10%	CAD	06/01/11	2.7%
Sweden Governmet 5.25%	SEK	03/15/11	2.7%
Province of Saskatchewan 6.15%	CAD	09/01/10	2.6%
Australia Government 5.25%	AUD	08/15/10	2.6%
KFW 3.875%	EUR	10/22/10	2.5%
Dutch Treasury Bill	EUR	08/16/10	2.1%
Alberta Capital Finance Floating rate based on 3-month CDOR +0.39%	CAD	07/02/14	1.9%
Dutch Treasury Bill	EUR	09/30/10	1.4%

The Fund publishes its sector exposure on a monthly basis:

Sector	Percent
Regional Authority - Canada	18.0%
Gold	9.9%
Regional Agency - Australia	9.9%
Non-U.S. Government - Norway	9.8%
Non-U.S. Government - Germany	7.4%
Non-U.S. Government - Switzerland	5.2%
Non-US Cash	4.8%
Non-U.S. Government - New Zealand	4.8%
Non-U.S. Government - Belgium	4.7%
Non-U.S. Government - France	4.7%
Non-U.S. Government - Finland	4.6%
Non-U.S. Government - Netherlands	3.5%
Non-U.S. Government - Japan	3.1%
Non-U.S. Government - Sweden	2.7%
Non-U.S. Government - Australia	2.6%
Sovereign - Germany	2.5%
U.S. Cash Equivalent	1.1%
Other Net Assets	0.7%

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
Accounts with Systematic Investment Plans	$1,000	$100
Qualified Retirement, Pension or Profit Sharing Plans	$1,000	$100

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

²Gold exposure is achieved through the use of gold ETFs and futures; net USD cash is reduced by 1.1% to 0.1% 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 0.6% Citigroup Dollars on Deposit Cash 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 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 New York Board of Trade®. 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.