The Merk Absolute Return Currency Fund (MABFX) seeks to generate positive absolute returns by investing in currencies.

The Merk Absolute Return Currency Fund is a pure play on currencies, aiming to profit regardless of the direction of the U.S. dollar or traditional asset classes.

Axel Merk, supported by theinvestment management team

The Fund is firmly committed to theshort end of the yield curve

The Merk Absolute Return Currency Fund (MABFX)

Below is the Funds exposure as of March 31, 2019.

The Funds security holdings as of March 31, 2019 are shown below:

The Fund accepts investments in the following minimum amounts:

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. 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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Source for all currency data: Bloomberg. All performance figures versus U.S. dollar, unless otherwise stated.

1Assets reflect investor and institutional shares combined.

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 Absolute Return Currency Fund carefully before investing. The prospectus contains this and other information about the Merk Absolute Return Currency Fund. To obtain a prospectus, please download it now or call (866) MERK FUND. The prospectus should be read carefully before investing.

Before investing you should carefully consider the Funds investment objectives, risks, charges and expenses. This and other information is in the prospectus, a copy of which may be obtained byclicking here. Please read the prospectus carefully.