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Merk Hard Currency Fund ® (MERKX)
Merk Hard Currency Fund

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, Attribution

 Prospectus / SAI

 Semi/Annual Reports

  Ticker MERKX   Fund Inception May 10th, 2005
  Expense Ratio 1.30%   Load No-Load Fund
  Assets1 $89.44 million (as of 10/31/2018)   Portfolio Manager Axel Merk, supported by the investment management team
  Dividends Click here for dividend summary   Institutional Shares Available
  Duration 0.35 years   The Fund is firmly committed to the short end of the yield curve
The Merk Hard Currency Fund (MERKX)
Currency Allocation Security Holdings Sectors

Minimum Investment

Please visit www.merkfunds.com/fund/mhcf for most recent published Fund holdings and other important information.

The Fund publishes its currency exposure on a monthly basis. Below is the Fund's exposure to hard currencies as of October 31, 2018, along with the composition of the U.S. Dollar Index (USDX):

Region Currency
MERKX
USDX
Europe Euro
44.4%
57.6%
Norwegian Krone
11.5%
-
Swiss Franc
0.0%
3.6%
British Pound
0.0%
11.9%
Swedish Krona
11.2%
4.2%
Australasia ex Japan Australian Dollar
1.1%
-
New Zealand Dollar
0.0%
-
Singapore Dollar
0.0%
-
Japan Japanese Yen
0.9%
13.6%
North America Canadian Dollar
23.3%
9.1%
US Dollar
-0.6%
 
Gold Gold
7.2%
-
 

The Fund's security holdings as of October 31, 2018 are shown below:

Holding2 Currency Maturity
Percent of Portfolio
Australia Government AUD 03/15/19
1.1%
Bank Nederlandse Gemeenten NV 2.125% SEK 02/13/19
2.2%
British Columbia Prov 4.65% CAD 12/18/18
5.0%
Canadian Treasury Bill CAD 12/13/18
14.8%
Daimler International Finance BV 0.00% EUR 03/15/19
3.8%
Euro Financial Stability FAC 1.25% EUR 01/22/19
3.8%
Intl Bk Recon & Develop 1.375% SEK 06/23/19
0.6%
Irish Treasury 5.90% EUR 10/18/19
4.1%
Kingdom of Belgium 3.00% EUR 09/28/19
3.9%
Kommuninvest I Sverige 2.25% SEK 03/12/19
8.2%
KFW 0.875% NOK 11/01/19
2.4%
Norwegian Treasury Bill NOK 12/19/18
6.8%
Province of Saskatchewan 1.95% CAD 03/01/19
3.3%
Republic of Austria 1.95% EUR 06/18/19
2.6%
Sparebank | Boligkreditt as 3.40% NOK 08/07/19
2.2%
US Treasury Bill USD 12/13/18
10.1%
US Treasury Bill USD 11/15/18
1.2%
VanEck Merk Gold Trust GOLD  
7.2%

The Fund publishes its sector exposure on a monthly basis:

Sector Percent
Banks 2.2%
Government Agencies - Sweden 10.4%
Foreign Trade & Intl Banking Institution 2.4%
Gold 7.2%
Miscellaneous Business Credit Institutions 3.8%
Non-U.S. Cash 12.1%
Non-U.S. Government - Australia 1.1%
Non-U.S. Government - Austria 2.6%
Non-U.S. Government - Belgium 3.9%
Non-U.S. Government - Canada 14.8%
Non-U.S. Government- Luxembourg 3.8%
Non-U.S. Government - Norway 6.8%
Regional Authority - Canada 8.3%
Sovereigns - Ireland 4.1%
Supranational - Europe

0.6%

U.S. Cash Equivalent 0.4%
U.S. Government 11.3%
Other Net Assets 0.1%

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.

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.

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.