Merk Hard Currency Fund (MERKX)

To download a PDF of the Merk Hard Currency Fund Fact Sheet - which summarizes our investment process, perspective, currency distribution and more - click here. You will have to install Adobe® Reader® to view and print the PDF version of the Fund Fact Sheet. Please click here to download the latest version of Adobe® Reader®.

Fund Inception	May 10th, 2005
Ticker	MERKX
CUSIP	34984T402
Assets	$293.3 million (as of 10/10/2008)
Dividends	Click here for dividend summary

Country Allocation

Note: On October 8, 2008, Merk Investments announced that it may now include the yen in its basket of hard currencies.

The Merk Hard Currency Fund communicates its currency exposure on a monthly basis. Exposure to hard currencies as of September 30, 2008 is as follows:

Region	Currency	Percent
Europe	Euro	36.5%
	Swiss Franc	16.7%
	Norwegian Krone	4.7%
	Swedish Krona	4.2%
	British Pound	2.5%
North America	Canadian Dollar	20.0%
	U.S. Dollar, net*	0.6%
Gold	Gold *	10.0%
Australasia	Australian Dollar	3.6%
	New Zealand Dollar	1.4%

Security Holdings

The complete list of security holdings in the Fund:

Holding *	Currency	Maturity	Percent
Streettracks Gold Trust	GOLD		8.9%
Canada T-Bill	CAD	12/11/08	8.3%
Germany T-Bill	EUR	10/15/08	6.8%
Bundesobligation 3.5%	EUR	10/10/08	6.4%
Switzerland T-Bill	CHF	11/06/08	5.4%
Bundesschatzanweisungen 3.75%	EUR	03/12/09	4.3%
Norway T-Bill	NOK	12/17/08	4.1%
Providence of British Columbia 5.7%	CAD	06/01/09	4.1%
Switzerland T-Bill	CHF	12/18/08	4.1%
Providence of Manitoba 4.35%	CAD	06/15/09	4.0%
Finnish Government 5.0%	EUR	04/25/09	3.9%
Sweden T-Bill	SEK	12/17/08	3.6%
Belgium Treasury Certificate	EUR	01/15/09	3.0%
France T-Bill	EUR	10/16/08	2.6%
Dutch Treasury Certificate	EUR	11/28/08	2.6%
Western Australia Treasury 5.5%	AUD	10/15/08	2.2%
U.K. T-Bill	GBP	12/29/08	2.1%
Euro Time Deposit 4.2%	EUR	10/08/08	1.8%
France T-Bill	EUR	10/23/08	1.7%
Dutch Treasury Certificate	EUR	10/31/08	1.7%
Oesterreichische Kontrollbank 1.75%	CHF	03/09/09	1.3%
New Zealand T-Bill	NZD	10/15/08	1.3%
Kommunekredit 3.0%	CHF	11/19/08	1.1%
Sweden T-Bill	SEK	10/15/08	0.5%

Sectors

Sector	Percent
Non-U.S. Government - Germany	17.6%
Sovereign	12.7%
Non-U.S. Cash	10.9%
Non-U.S. Government - Switzerland	9.5%
Gold	8.9%
Non-U.S. Government - Canada	8.3%
Non-U.S. Government - France	4.3%
Non-U.S. Government - Netherlands	4.3%
Non-U.S. Government - Sweden	4.1%
Non-U.S. Government - Norway	4.1%
Non-U.S. Government - Belgium	4.1%
Non-U.S. Government - Finland	3.9%
Non-U.S. Government - U.K.	2.1%
Banks	1.8%
Other Net Assets	1.6%
Non-U.S. Government - New Zealand	1.3%
U.S. Cash Equivalent	0.4%
U.S. Government	0.1%

 Minimum Investment

The Fund (Investor Class Shares) 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

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* Gold exposure is achieved through the use of gold ETFs and futures; net USD cash is reduced by 1.1% to 0.6% reflecting exposure to gold futures. Conversely, 1.1% of the gold exposure is due to futures. Security exposure includes time deposits. 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 as of total net assets. Top holdings currency exposure is before settlements, if any. A component of US Dollar Cash, net, is 1.7% Citigroup Dollars on Deposit Cash Account. Sector allocation adheres to balance sheet classifications and makes no adjustment for gold futures exposure. Sector "banks" includes time deposits. 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.

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.