Merk Hard Currency Fund Class Investor 

This fund dedicates a minimum of 80% of its net assets, plus any borrowed funds for investment, to holdings denominated in 'hard currencies.' Exposure to these currencies is typically achieved either directly, by purchasing high-grade, short-duration debt instruments (including government bonds) issued in hard currencies, or indirectly, through investments in domestic fixed-income securities paired with forward foreign exchange contracts on hard currencies. Notably, the fund is non-diversified.