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, Attribution  Prospectus / SAI  Semi/Annual Reports

Ticker MERKX   Fund Inception May 10th, 2005   Expense Ratio 1.38%   Load No-Load Fund   Assets1 $75.3 million (as of 12/31/2019)   Portfolio Manager Axel Merk, supported by the investment management team   Dividends Click here for dividend summary   Institutional Shares Available   Duration 0.42 years   The Fund is firmly committed to the short end of the yield curve

The Merk Hard Currency Fund (MERKX)
Currency Allocation Security Holdings Minimum Investment	Please visit www.merkfunds.com/fund/mhcf for most recent published Fund holdings and other important information. Below is the Fund's exposure to hard currencies as of December 31, 2019, along with the composition of the U.S. Dollar Index (USDX): Region Currency MERKX USDX Europe Euro 13.6% 57.6% Norwegian Krone 15.6% - Swiss Franc 0.0% 3.6% British Pound 5.3% 11.9% Swedish Krona 19.3% 4.2% Australasia ex Japan Australian Dollar 13.0% - New Zealand Dollar 9.7% - Singapore Dollar 0.0% - Japan Japanese Yen 0.0% 13.6% North America Canadian Dollar 18.1% 9.1% US Dollar 0.4%   Gold Gold 4.8% -   The Fund's security holdings as of December 31, 2019 are shown below: Holding2 Currency Maturity Percent of Portfolio Australia Government AUD 04/15/20 4.6% Canadian Treasury Bill CAD 02/06/20 5.1% City of Oslo Norway NOK 02/12/21 2.9% European Financial Stability FAC 1.75% EUR 10/29/20 4.6% ING Bank NV 0.70% EUR 04/16/20 3.7% Kingdom of Sweden 5.00% SEK 12/01/20 3.7% Kommuninvest I Sverige .75% SEK 02/16/20 11.4% Kreditanstalt Fuer Wiederaufbau 1.25% NOK 01/19/21 4.7% New S Wales Treasury Corp AUD 05/01/20 3.1% New Zealand Government NZD 04/15/20 9.6% Norwegian Treasury Bill NOK 09/16/20 7.8% Province of British Columbia 3.70% CAD 12/18/20 4.4% Province of New Brunswick 4.50% CAD 06/02/20 4.0% Saskatchewan Province 3.90% CAD 07/28/20 4.1% U.S. Treasury Bill USD 02/06/20 4.6% VanEck Merk Gold Trust GOLD   4.9% Western Australia Treasury Corp 2.50% AUD 07/22/20 2.8% 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.

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¹Assets reflect investor and institutional shares combined.

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.