Merk Hard Currency Inv (MERKX)

The investment seeks to protect against the depreciation of the U.S. dollar relative to other currencies. The fund invests at least 80% of assets in “hard currency” denominated investments. “Hard currencies” refers to currencies in which investors have confidence, such as those of economically and politically stable countries. It normally invests in a basket of hard currency denominated investments composed of high quality, short-term money market instruments of countries pursuing “sound” monetary policy and indirectly in gold. Sound monetary policy is defined as providing an environment fostering long-term price stability. The fund is nondiversified.