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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 |
$355.5 million (as of 05/16/2008) |
Country Allocation
The Merk Hard Currency Fund communicates its currency exposure on a monthly basis. Exposure to hard currencies as of April 30, 2008 is as follows:
| Region |
Currency |
Percent |
| Europe |
Euro |
39.1% |
| Swiss Franc |
16.0% |
| Norwegian Krone |
5.2% |
| Swedish Krona |
3.7% |
| British Pound |
3.7% |
| North America |
Canadian Dollar |
16.8% |
| U.S. Dollar, net* |
-0.8% |
| Gold |
Gold * |
8.0% |
| Australasia |
Australian Dollar |
6.8% |
| New Zealand Dollar |
1.3% |
Security Holdings
The complete list of security holdings in the Fund:
| Holding * |
Currency |
Maturity |
Percent |
| Canada T-Bill |
CAD |
08/07/08 |
10.7%
|
| Streettracks Gold Trust |
GOLD |
|
8.0%
|
| German T-Bill |
EUR |
07/16/08 |
6.7%
|
| Bundesobligation 3.5% |
EUR |
10/10/08 |
6.3%
|
| Canada T-Bill |
CAD |
04/03/08 |
5.3%
|
| Finnish Government 3.0% |
EUR |
07/04/08 |
4.8%
|
| Norway T-Bill |
NOK |
06/18/08 |
4.7%
|
| Switzerland T-Bill |
CHF |
06/19/08 |
3.9%
|
| Land Rheinland - Pfalzn 3.625% |
EUR |
07/15/08 |
3.8%
|
| UK Treasury 5.0% |
GBP |
07/07/08 |
3.7%
|
| Australian Government 8.75% |
AUD |
08/15/08 |
3.7%
|
| Swedish T-Bill |
SEK |
06/18/08 |
3.2%
|
| Belgium Kingdom 6.25% |
EUR |
07/29/08 |
2.6%
|
| French Treasury Note |
EUR |
07/12/08 |
2.5%
|
| Electricite de France 6.0% |
AUD |
05/06/08 |
2.0%
|
| Euro Time Deposit 4.0% |
EUR |
04/04/08 |
1.8%
|
| Dutch Treasury Certificate |
EUR |
06/30/08 |
1.7%
|
| Reseau Ferre de France 3.25% |
EUR |
09/12/08 |
1.6%
|
| New Zealand Government 6% |
NZD |
07/15/08 |
1.3%
|
| Belgium Treasury Certificate |
EUR |
07/17/08 |
1.3%
|
| Kommunekredit 3.0% |
CHF |
11/19/08 |
1.1%
|
| Dutch Treasury Certificate |
EUR |
04/30/08 |
1.1%
|
| French T-Bill |
EUR |
04/24/08 |
1.1%
|
| French T-Bill |
EUR |
07/31/08 |
1.0%
|
| Belgium Treasury Certificate |
EUR |
04/17/08 |
0.8%
|
| BK Nederlandse Gemeenten 4.75% |
AUD |
06/17/08 |
0.8%
|
| Toyota Credit Canada Inc. 3.0% |
EUR |
06/24/08 |
0.4%
|
| Sweden Government 6.5% |
SEK |
05/05/08 |
0.4%
|
Sectors
| Sector |
Percent |
| Non-U.S. Government - Canada |
16.0% |
| Non-U.S. Cash |
13.1% |
| Non-U.S. Government - Germany |
13.0% |
| Gold |
8.0% |
| Non-U.S. Government - Finland |
4.8% |
| Non-U.S. Government - France |
4.7% |
| Non-U.S. Government - Norway |
4.7% |
| Non-U.S. Government - Belgium |
4.6% |
| Non-U.S. Government - Switzerland |
3.9% |
| Municipal County - Germany |
3.8% |
| Non-U.S. Government - U.K. |
3.7% |
| Non-U.S. Government - Australia |
3.7% |
| Non-U.S. Government - Sweden |
3.6% |
| Non-U.S. Government - Netherlands |
2.7% |
| Utilities |
2.0% |
| Banks |
1.8% |
| Transport |
1.6% |
| Non- U.S. Government - New Zealand |
1.3% |
| Sovereign - Denmark |
1.1% |
| Agency |
0.8% |
| Other Net Assets |
0.5% |
| Automotive |
0.4% |
| U.S. Cash Equivalent |
0.2% |
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 0.0% to -0.8% reflecting exposure to gold futures. Conversely, 0.0% 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 0.0% 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.
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