Information contained herein may discuss Fund performance and holdings. Performance data quoted represents past performance and is no guarantee of future results. Current performance may be lower or higher than the performance data quoted. Investment return and principal value will fluctuate so that an investor's shares, when redeemed, may be worth more or less than original cost. For performance current to the most recent month-end, please visit our website at www.merkfunds.com/fund. Through 03/31/13,the Merk Currency Enhanced U.S. Equity Fund Investor Shares had a 1-year return of +11.09%, and a return of +21.00% since inception on 09/12/2011; the Merk Absolute Return Currency Fund Investor Shares had a 1-year return of -2.03%, a 3-year return of -1.20%, and a return of -1.66% since inception on 09/09/2009; the Merk Asian Currency Fund Investor Shares had a 1-year return of +0.11%, a 3-year return of +0.51%, and a return of -0.36% since inception on 04/01/2008; the Merk Hard Currency Fund Investor Shares had a 1-year return of -0.15%, a 3-year return of +2.40%, a 5-year return of +1.39% and a return of +4.72% since inception on 5/10/2005. All performance figures greater than 1-year are annualized unless otherwise specified. The Investor Share expense ratio of each Fund is 1.30%.