Merk Hard Currency Fund

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 93.72 14.62 79.1
Stocks 0.0 0.0 0.0
Bonds 0.0 0.0 0.0
Other 14.85 0.0 14.85
Foreign Bonds 6.05 0.0 6.05
Foreign Stocks 0.0 0.0 0.0
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 Gold Shares 14.78
New Zealand(Govt) 6% 6.05
Gold 100 Oz Futr Apr14 0.07