Merk Currency Enhanced U.S. Equity Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 1250.1 1244.66 5.44
Stocks 92.93 0.0 92.93
Bonds 0.0 0.0 0.0
Other 0.0 0.0 0.0
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 1.64 0.0 1.64
Convertible 0.0 0.0 0.0
Preferred 0.0 0.0 0.0

Updated 02.28.2014

Top 10 Holdings

Performance as of 03.31.2014

Portfolio as of 02.28.2014

% Net Assets
SPDR S&P 500 94.63
S&P500 Emini Fut Mar14 0.11