UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

INVESTMENT COMPANY ACT FILE NUMBER: 811-04297

Van Eck Funds

(Exact name of registrant as specified in its charter)

335 Madison  Avenue - 19th Floor, New York, N.Y.	10017
(Address of principal executive offices)	(Zip Code)

John J. Crimmins

Treasurer & Chief Financial Officer

Van Eck Funds

335 Madison Avenue - 19^th Floor

New York, N.Y. 10017

(Name and address of agent for service)

Registrant’s telephone number, including area code: (212)293-2000

Date of fiscal year end:	December 31
Date of reporting period:	March 31, 2014

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1 -5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N -Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 100 F Street, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

ITEM 1. Schedule of Investments.

CM COMMODITY INDEX FUND

SCHEDULE OF INVESTMENTS (a)

March 31, 2014 (unaudited)

Principal  Amount			Value
SHORT-TERM INVESTMENTS: 100.2%
United States Treasury Obligations: 94.2%
		United States Treasury Bills
	$15,000,000	0.05%, 04/03/14	$	14,999,958
	16,000,000	0.06%, 05/01/14		15,999,267
	15,000,000	0.06%, 07/17/14		14,998,275
	19,000,000	0.06%, 07/03/14 (b)		18,998,404
	11,500,000	0.06%, 04/10/14 (b)		11,499,828
	15,000,000	0.06%, 08/07/14		14,997,540
	21,000,000	0.07%, 08/28/14 (b)		20,995,548
	15,000,000	0.07%, 09/04/14 (b)		14,996,505
	13,000,000	0.07%, 04/17/14		12,999,581
	15,000,000	0.07%, 04/24/14 (b)		14,999,305
	20,000,000	0.07%, 08/21/14 (b)		19,995,760
	5,000,000	0.07%, 09/11/14 (b)		4,998,785
	20,000,000	0.07%, 09/18/14 (b)		19,994,920
	16,000,000	0.09%, 06/12/14 (b)		15,999,472
	13,000,000	0.09%, 06/05/14		12,999,649
	25,000,000	0.09%, 05/15/14 (b)		24,997,174
	16,000,000	0.09%, 05/22/14 (b)		15,997,903
	12,000,000	0.10%, 05/29/14		11,998,115
				282,465,989
Number of Shares
Money Market Fund: 6.0%
	17,989,767	AIM Treasury Portfolio - Institutional Class		17,989,767
Total Short-term Investments (Cost: $300,442,833)				300,455,756
Liabilities in excess of other assets: (0.2)%				(585,688	)
NET ASSETS: 100.0%			$	299,870,068

Total Return Swap Contracts – As of March 31, 2014, the Fund had outstanding swap contract with the following terms:

Long Exposure

Counterparty	Referenced Obligation	Notional Amount		Rate paid by the Fund			Termination Date	% of Net Assets			Unrealized Depreciation
UBS AG	UBS Bloomberg Constant Maturity Commodity Index Total Return	$	300,196,000		0.53	%	04/02/14		(0.2	)%	$	(708,976	)

(a)	Represents Consolidated Schedule of Investments.
(b)	All or a portion of these securities are segregated for swap collateral. Total value of the securities segregated, including cash on deposit with broker, is $58,758,348.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Government	94.0	%	$	282,465,989
Money Market Fund	6.0			17,989,767
	100.0	%	$	300,455,756

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Short-Term Investments:
United States Treasury Obligations	$	—	$	282,465,989		$	—	$	282,465,989
Money Market Fund		17,989,767		—			—		17,989,767
Total	$	17,989,767	$	282,465,989		$	—	$	300,455,756
Other Financial Instruments:
Swap Contract	$	—	$	(708,976	)	$	—	$	(708,976	)

See Notes to Schedules of Investments

EMERGING MARKETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number  of Shares			Value
COMMON STOCKS: 85.2%
Austria: 0.6%
	34,000	Erste Group Bank A.G. #	$	1,163,122
Brazil: 6.4%
	266,000	BB Seguridade Participacoes S.A.		2,943,702
	376,000	BR Malls Participacoes S.A.		3,244,636
	341,000	Estacio Participacoes S.A.		3,435,549
	51,500	Guararapes Confeccoes S.A.		2,099,493
	47,000	Localiza Rent a Car S.A.		687,704
				12,411,084
China / Hong Kong: 26.4%
	300,000	AIA Group Ltd. #		1,426,844
	15,500	Baidu, Inc. (ADR) *		2,361,890
	2,857,000	Baoxin Auto Group Ltd. #		2,435,485
	2,963,392	Beijing Capital International Airport Co. Ltd. #		2,028,240
	1,896,000	Boer Power Holdings Ltd. #		2,566,646
	1,505,600	Brilliance China Automotive Holdings Ltd. #		2,307,098
	3,612,000	China Hongqiao Group Ltd. #		2,285,611
	3,884,000	China Huishan Dairy Holdings Co. Ltd. * #		1,078,656
	81,700	China Lodging Group Ltd. (ADR) *		2,007,369
	1,182,000	China Singyes Solar Technologies Holdings Ltd. #		1,866,997
	7,423,000	Franshion Properties China Ltd. #		2,482,838
	304,000	Galaxy Entertainment Group Ltd. * #		2,655,325
	4,367,000	Genting Hong Kong Ltd. (USD) * #		1,703,737
	656,000	Great Wall Motor Co. Ltd. #		3,309,099
	1,812,000	Greatview Aseptic Packaging Co. Ltd. #		962,616
	1,327,000	Kunlun Energy Co. Ltd. #		2,230,430
	715,000	Shanghai Pharmaceuticals Holding Co. Ltd. #		1,618,192
	735,000	Techtronic Industries Co. #		2,061,673
	56,200	Tencent Holdings Ltd. #		3,922,769
	2,769,000	Termbray Petro-King Oilfield Services Ltd. * #		1,078,874
	7,577,000	Tiangong International Co. Ltd. #		1,831,540
	2,870,000	Wasion Group Holdings Ltd. #		2,046,712
	2,958,000	Xinyi Glass Holdings Ltd. #		2,413,039
	762,000	Zhuzhou CSR Times Electric Co. Ltd. #		2,557,966
				51,239,646
India: 12.7%
	107,200	Apollo Hospitals Enterprise Ltd. #		1,639,781
	79,000	Axis Bank Ltd. #		1,937,382
	644,357	DEN Networks Ltd. * #		2,030,825
	419,700	Glenmark Pharmaceuticals Ltd. #		4,000,589
	79,000	HCL Technologies Ltd. #		1,845,210
	124,400	Jammu & Kashmir Bank Ltd. #		3,232,471
	976,000	Mundra Port & Special Economic Zone Ltd. #		3,054,970
	133,900	Persistent Systems Ltd.		2,354,138
	325,500	Phoenix Mills Ltd. #		1,348,171
	107,600	Tech Mahindra Ltd. #		3,235,324
				24,678,861
Israel: 0.0%
	68,000	Queenco Leisure International Ltd. (GDR) * # § Reg S		34,587
Malaysia: 0.9%
	1,348,000	Sapurakencana Petroleum Bhd * #		1,861,787
Mexico: 0.7%
	830,000	Credito Real S.A.B. de C.V.		1,365,585
Netherlands: 0.6%
	102,400	Nostrum Oil & Gas LP (GDR) Reg S		1,075,200
	10,000	Nostrum Oil & Gas LP (GDR) Reg S		105,000
				1,180,200
Nigeria: 1.6%
	12,200,000	Guaranty Trust Bank Plc #		1,884,333
	190,343	Nestle Nigeria Plc		1,224,746
				3,109,079
Panama: 1.6%
	20,900	Copa Holdings S.A. (Class A) (USD)		3,034,471
Peru: 1.5%
	21,600	Credicorp Ltd. (USD)		2,979,072
Philippines: 1.6%
	16,720,000	Megaworld Corp. #		1,567,218
	1,078,000	Robinsons Retail Holdings, Inc. * #		1,634,577
				3,201,795
Portugal: 0.9%
	100,000	Jeronimo Martins, SGPS S.A. #		1,678,069
Russia: 4.3%
	18,790	Magnit OJSC #		4,319,581
	40,000	Mail.ru Group Ltd. (GDR) * Reg S		1,418,000
	120,000	Sberbank of Russia (ADR)		1,172,400
	587,000	Sberbank RF (USD) #		1,396,235
				8,306,216
Singapore: 2.9%
	2,632,600	Ezion Holdings Ltd. #		4,528,872
	570,000	OSIM International Ltd. #		1,175,864
				5,704,736
South Africa: 1.5%
	109,600	Aspen Pharmacare Holdings Ltd. #		2,924,980
South Korea: 5.8%
	97,900	GSretail Co. Ltd. #		2,486,739
	8,190	Hyundai Mobis Co. Ltd. #		2,429,962
	11,775	Hyundai Motor Co. #		2,784,213
	3,380	LG Household & Health Care Ltd. #		1,461,229
	37,250	Samsung Techwin Co. Ltd. #		2,031,988
				11,194,131
Switzerland: 2.3%
	877,000	Glencore Xstrata Plc (GBP) #		4,523,807
Taiwan: 4.5%
	786,300	Chailease Holding Co. Ltd. #		1,896,370
	186,000	Cleanaway Co. Ltd. #		1,137,099
	140,000	GeoVision, Inc. #		940,428
	184,800	MediaTek, Inc. #		2,735,351
	180,000	Sinmag Equipment Corp. #		1,053,343
	63,800	Wowprime Corp. #		927,353
				8,689,944
Thailand: 2.0%
	20,200,000	Hemaraj Land and Development PCL (NVDR) #		1,952,737
	29,000	Kasikornbank PCL #		159,588
	309,000	Kasikornbank PCL (NVDR) (THB) #		1,700,437
				3,812,762
Turkey: 1.4%
	44,000	BIM Birlesik Magazalar A.S. #		991,113
	210,000	TAV Havalimanlari Holding A.S. #		1,690,059
				2,681,172
United Arab Emirates: 0.4%
	40,000	Al Noor Hospitals Group Plc (GBP)		716,208
United Kingdom: 3.5%
	855,000	Afren Plc * #		2,014,488
	26,983	Bank of Georgia Holdings Plc #		1,122,485
	33,000	Hikma Pharmaceuticals Plc #		913,661
	812,346	Hirco Plc * # §		67,715
	1,513,651	Raven Russia Ltd. *		1,766,438
	653,981	Volga Gas Plc *		1,015,327
				6,900,114
United States: 1.0%
	636,000	Samsonite International S.A. (HKD) #		1,970,466
Zimbabwe: 0.1%
	750,000	Commercial Bank of Zimbabwe (USD)		120,000
Total Common Stocks (Cost: $143,042,861)				165,481,894
PREFERRED STOCK: 3.1%
South Korea: 3.1% (Cost: $4,486,072)
	6,055	Samsung Electronics Co. Ltd. #		6,031,850
REAL ESTATE INVESTMENT TRUSTS: 0.7% (Cost: $1,596,432)
Mexico: 0.7%
	699,000	TF Administradora Industrial, S. de R.L. de C.V.		1,408,119
WARRANTS: 2.8%
Luxembourg: 2.8%
	66,600	Deutsche Bank, London Branch, aXess Warrants (USD 0.00, expiring 12/01/14) * # (a)		2,450,620
	230,000	Deutsche Bank, London Branch, aXess Warrants (USD 0.00, expiring 09/27/16) * # (b)		2,882,360
Total Warrants (Cost: $4,248,239)				5,332,980
MONEY MARKET FUND: 5.0% (Cost: $9,601,067)
	9,601,067	AIM Treasury Portfolio - Institutional Class		9,601,067
Total Investments: 96.8% (Cost: $162,974,671)				187,855,910
Other assets less liabilities: 3.2%				6,304,930
NET ASSETS: 100.0%			$	194,160,840

ADR	American Depositary Receipt
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
NVDR	Non-Voting Depositary Receipt
THB	Thai Baht
USD	United States Dollar
(a)	Issue price $21.53. The security is linked to the performance of Herfy Food Services Co
(b)	Issue price $8.53. The security is linked to the performance of The Saudi British Bank.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $141,719,796 which represents 73.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $102,302 which represents 0.1% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.

Restricted securities held by the Fund as of March 31, 2014 are as follows:

Security	Acquisition Date	Number of Shares		Acquisition Cost		Value		% of Net Assets
Queenco Leisure International Ltd. (GDR)	07/03/2007		68,000	$	1,297,605	$	34,587		0.0	%

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials	4.6	%	$	8,640,958
Communications	5.2			9,733,484
Consumer Discretionary	1.3			2,450,620
Consumer, Cyclical	17.5			32,953,386
Consumer, Non-cyclical	19.6			36,729,391
Energy	5.0			9,381,106
Financial	20.4			38,337,898
Financials	1.5			2,882,360
Industrial	11.2			20,943,767
Technology	8.6			16,201,873
Money Market Fund	5.1			9,601,067
	100.0	%	$	187,855,910

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Austria	$	—	$	1,163,122	$	—	$	1,163,122
Brazil		12,411,084		—		—		12,411,084
China / Hong Kong		4,369,259		46,870,387		—		51,239,646
India		2,354,138		22,324,723		—		24,678,861
Israel		—		—		34,587		34,587
Malaysia		—		1,861,787		—		1,861,787
Mexico		1,365,585		—		—		1,365,585
Netherlands		1,180,200		—		—		1,180,200
Nigeria		1,224,746		1,884,333		—		3,109,079
Panama		3,034,471		—		—		3,034,471
Peru		2,979,072		—		—		2,979,072
Philippines		—		3,201,795		—		3,201,795
Portugal		—		1,678,069		—		1,678,069
Russia		2,590,400		5,715,816		—		8,306,216
Singapore		—		5,704,736		—		5,704,736
South Africa		—		2,924,980		—		2,924,980
South Korea		—		11,194,131		—		11,194,131
Switzerland		—		4,523,807		—		4,523,807
Taiwan		—		8,689,944		—		8,689,944
Thailand		—		3,812,762		—		3,812,762
Turkey		—		2,681,172		—		2,681,172
United Arab Emirates		716,208		—		—		716,208
United Kingdom		2,781,765		4,050,634		67,715		6,900,114
United States		—		1,970,466		—		1,970,466
Zimbabwe		120,000		—		—		120,000
Preferred Stock		—		6,031,850		—		6,031,850
Real Estate Investment Trust		1,408,119		—		—		1,408,119
Warrants		—		5,332,980		—		5,332,980
Money Market Fund		9,601,067		—		—		9,601,067
Total	$	46,136,114	$	141,617,494	$	102,302	$	187,855,910

During the period ended March 31, 2014, transfers of securities from Level 1 to Level 2 were $1,199,806 and transfers from Level 2 to Level 1 were $6,673,819. These transfers resulted primarily from changes in certain foreign securities valuation methodologies between the last close of the securities primary market (Level 1) and valuation by the pricing service (Level 2), which takes into account market direction or events occurring before the Fund’s pricing time but after the last local close, as described in the Notes to Schedule of Investments.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2014:

	Common Stocks
	Israel		United Kingdom
Balance as of December 31, 2013	$	32,507	$	154,639
Realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)		2,080		(86,924	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of level 3		—		—
Balance as of March 31, 2014	$	34,587	$	67,715

See Notes to Schedules of Investments

GLOBAL HARD ASSETS FUND

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

	Number  of Shares			Value
COMMON STOCKS: 95.4%
Bermuda: 1.5%
	2,480,800	Nabors Industries Ltd. (USD)	$	61,151,720
	6,400	SeaDrill Ltd. (USD)		225,024
				61,376,744
Brazil: 0.0%
	707,700	Brazilian Resources, Inc. (CAD) * # §		80,261
Canada: 9.9%
	616,500	Agrium, Inc. (USD)		60,121,080
	6,144,200	Eldorado Gold Corp. (USD)		34,284,636
	7,158,300	First Quantum Minerals Ltd.		132,287,715
	3,959,400	Goldcorp, Inc. (USD)		96,926,112
	4,225,624	Kinross Gold Corp. (USD)		17,494,083
	6,746,100	New Gold, Inc. (USD) *		32,920,968
	3,298,100	Osisko Mining Corp. *		20,525,489
	2,067,900	Yamana Gold, Inc. (USD)		18,156,162
				412,716,245
Kuwait: 0.2%
	3,592,247	Kuwait Energy Plc * # § ø		9,685,884
Monaco: 0.4%
	1,568,700	Scorpio Tankers, Inc. (USD)		15,639,939
Norway: 0.8%
	909,300	SeaDrill Ltd. #		32,013,764
Switzerland: 5.8%
	40,201,825	Glencore Xstrata Plc (GBP) #		207,372,038
	1,147,100	Noble Corp Plc (USD)		37,556,054
				244,928,092
United Kingdom: 4.6%
	28,992,914	Afren Plc * #		68,310,976
	435,000	African Minerals Ltd. * # ø		1,135,557
	2,350,800	African Minerals Ltd. * #		6,136,706
	1,309,300	Genel Energy Plc * #		21,453,740
	7,930,120	Ophir Energy Plc * #		31,777,620
	834,426	Randgold Resources Ltd. (ADR)		62,581,950
				191,396,549
United States: 72.2%
	940,717	Alpha Natural Resources, Inc. *		3,998,047
	1,562,600	Anadarko Petroleum Corp.		132,445,976
	651,700	Archer-Daniels-Midland Co.		28,277,263
	1,414,500	Atwood Oceanics, Inc. *		71,276,655
	1,714,200	Cameron International Corp. *		105,886,134
	1,451,000	Cimarex Energy Co.		172,828,610
	1,120,600	Cloud Peak Energy, Inc. *		23,689,484
	1,348,850	Concho Resources, Inc. *		165,234,125
	4,010,500	Consol Energy, Inc.		160,219,475
	466,800	Cummins, Inc.		69,548,532
	1,340,700	Delek US Holdings, Inc.		38,933,928
	608,200	Diamond Offshore Drilling, Inc.		29,655,832
	929,151	Diamondback Energy, Inc. *		62,541,154
	751,600	Dril-Quip, Inc. *		84,254,360
	652,400	EOG Resources, Inc.		127,981,308
	2,747,100	Freeport-McMoRan Copper & Gold, Inc.		90,846,597
	872,700	Gulfport Energy Corp. *		62,118,786
	3,044,400	Halliburton Co.		179,284,716
	2,078,400	HollyFrontier Corp.		98,890,272
	498,500	Jacobs Engineering Group, Inc. *		31,654,750
	819,400	Laredo Petroleum, Inc. *		21,189,684
	3,828,400	Louisiana-Pacific Corp. *		64,585,108
	3,080,200	Marathon Oil Corp.		109,408,704
	1,089,000	Marathon Petroleum Corp.		94,786,560
	1,323,900	National Oilwell Varco, Inc.		103,092,093
	791,975	Newfield Exploration Co. *		24,836,336
	1,392,200	Phillips 66		107,282,932
	890,600	Pioneer Natural Resources Co.		166,666,884
	535,600	Royal Gold, Inc.		33,539,272
	1,779,000	Schlumberger Ltd.		173,452,500
	1,690,600	SM Energy Co.		120,522,874
	1,812,000	Steel Dynamics, Inc.		32,235,480
	2,387,100	Superior Energy Services, Inc.		73,427,196
	1,774,100	Tesoro Corp.		89,751,719
	1,462,500	United States Steel Corp.		40,379,625
	335,089	Whiting Petroleum Corp. *		23,251,826
				3,017,974,797
Total Common Stocks (Cost: $3,136,537,200)				3,985,812,275
WARRANTS: 0.0% (Cost: $243,323)
Canada: 0.0%
	182,677	Kinross Gold Corp. Warrants (CAD 21.30, expiring 09/17/14) *		2,479
United States: 0.0%
	996,020	Far East Energy Corp. Warrants (USD 1.25, expiring 12/28/14) * # §		0
MONEY MARKET FUND: 3.3% (Cost: $138,956,720)
	138,956,720	AIM Treasury Portfolio - Institutional Class		138,956,720
Total Investments: 98.7% (Cost: $3,275,737,243)				4,124,771,474
Other assets less liabilities: 1.3%				53,872,844
NET ASSETS: 100.0%			$	4,178,644,318

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $377,966,546 which represents 9.0% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $9,766,145 which represents 0.2% of net assets.
ø	Restricted security - the aggregate value of restricted securities is $10,821,441, or 0.3% of net assets.

Restricted securities held by the Fund as of March 31, 2014 are as follows:

Security	Acquisition Date		Number of Shares		Acquisition Cost		Value		% of Net Assets
African Minerals Ltd.		01/21/2010		435,000	$	2,833,678	$	1,135,557		0.0	%
Kuwait Energy Plc		08/06/2008		3,592,247		10,862,672		9,685,884		0.3
					$	13,696,350	$	10,821,441		0.3	%

Summary of Investments by Sector (unaudited)	% of Investments		Value
Basic Materials	20.8	%	$	860,281,275
Consumer, Non-cyclical	0.7			28,277,263
Energy	70.1			2,889,163,213
Industrial	4.4			181,428,329
Industrial Metals	0.1			6,136,706
Precious Metals	0.5			20,527,968
Money Market Fund	3.4			138,956,720
	100.0	%	$	4,124,771,474

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Bermuda	$	61,376,744	$	—	$	—	$	61,376,744
Brazil		—		—		80,261		80,261
Canada		412,716,245		—		—		412,716,245
Kuwait		—		—		9,685,884		9,685,884
Monaco		15,639,939		—		—		15,639,939
Norway		—		32,013,764		—		32,013,764
Switzerland		37,556,054		207,372,038		—		244,928,092
United Kingdom		62,581,950		128,814,599		—		191,396,549
United States		3,017,974,797		—		—		3,017,974,797
Warrants
Canada		2,479		—		—		2,479
United States		—		—		—		—
Money Market Fund		138,956,720		—		—		138,956,720
Total	$	3,746,804,928	$	368,200,401	$	9,766,145	$	4,124,771,474

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2014:

	Common Stocks
	Brazil		Kuwait
Balance as of December 31, 2013	$	76,492	$	10,153,030
Realized gain (loss)		—		—
Net change in unrealized appreciation (depreciation)		3,769		(467,146	)
Purchases		—		—
Sales		—		—
Transfers in and/or out of level 3		—		—
Balance as of March 31, 2014	$	80,261	$	9,685,884

The following table presents additional information about valuation methodologies and inputs used for investments that are measured at fair value and categorized within Level 3 as of December 31, 2013:
	Value as of March 31, 2014		Valuation Technique	Unobservable Input Description (1)	Unobservable Input		Impact to Valuation from an Increase in Input (2)
Common Stocks
Brazil	$	80,261	Discount Cash Flow	Discount for lack of market	25	%	Decrease
Kuwait		9,685,884	Market comparable companies	Production Multiple	45.0	x	Increase
				Reserve multiple	11.0	x	Increase

(1) In determining certain of these inputs, management evaluates a variety of factors including economic condition, industry and market developments, market valuations of comparable companies and company specific developments.

(2) This column represents the directional change in the fair value of the Level 3 investments that would result from an increase to the corresponding unobservable input. A decrease to the unobservable input would have the opposite effect. Significant increases or decreases in these inputs in isolation could result in significantly higher or lower fair value measurements.

See Notes to Schedules of Investments

INTERNATIONAL INVESTORS GOLD FUND

SCHEDULE OF INVESTMENTS (a)

March 31, 2014 (unaudited)

	Number  of Shares			Value
COMMON STOCKS: 98.5%
Australia: 5.7%
	9,736,424	Evolution Mining Ltd. #	$	7,757,288
	18,417,300	Gold Road Resources Ltd. * #		2,818,815
	11,601,118	Gryphon Minerals Ltd. * #		1,669,197
	1,906,725	Newcrest Mining Ltd. * #		17,447,240
	8,641,000	Papillon Resources Ltd. * #		10,639,136
				40,331,676
Canada: 67.6%
	519,000	Agnico-Eagle Mines Ltd. (USD)		15,699,750
	883,544	Alamos Gold, Inc. (USD) ø		7,969,567
	1,760,000	Amarillo Gold Corp. *		254,726
	1,781,875	Argonaut Gold, Inc. *		7,769,007
	2,160,000	Argonaut Gold, Inc. * ø		9,417,639
	3,803,000	Asanko Gold, Inc. *		7,912,166
	5,499,753	AuRico Gold, Inc. (USD)		23,923,926
	5,649,000	B2Gold Corp. *		15,329,715
	5,146,000	B2Gold Corp. (USD) *		13,842,740
	667,000	Bear Creek Mining Corp. (USD) *		1,102,151
	948,000	Bear Creek Mining Corp. (USD) * ø		1,566,475
	4,300,000	Belo Sun Mining Corp. *		1,516,961
	2,372,000	Castle Mountain Mining Co. Ltd. *		2,145,635
	878,588	Cayden Resources, Inc. *		1,605,380
	2,803,000	Continental Gold Ltd. *		9,685,626
	1,839,000	Eastmain Resources, Inc. (USD) * ø		619,007
	1,191,000	Eastmain Resources, Inc. (USD) *		400,891
	3,292,461	Eldorado Gold Corp.		18,316,269
	4,260,000	Eldorado Gold Corp. (USD)		23,770,800
	1,383,000	Fortuna Silver Mines, Inc. *		5,091,642
	702,000	Franco-Nevada Corp. (USD)		32,193,720
	3,000,000	Gold Canyon Resources, Inc. (USD) *		870,000
	328,386	Goldcorp, Inc.		8,011,371
	1,073,897	Goldcorp, Inc. (USD)		26,288,999
	1,393,000	Guyana Goldfields, Inc. *		3,087,155
	1,055,000	Guyana Goldfields, Inc. (USD) *		2,352,650
	1,593,852	New Gold, Inc. *		7,886,361
	5,109,630	New Gold, Inc. (USD) *		24,934,994
	1,026,170	New Gold, Inc. (USD) * ø		5,007,710
	4,632,875	Orezone Gold Corp. *		2,304,913
	1,093,333	Osisko Mining Corp. * ø		6,804,280
	8,140,823	Osisko Mining Corp. *		50,663,830
	1,206,500	Premier Gold Mines Ltd. *		2,062,673
	668,000	Pretium Resources, Inc. *		3,879,294
	3,496,000	Primero Mining Corp. (USD) *		25,206,160
	5,600,000	Romarco Minerals, Inc. *		3,545,907
	6,918,800	Roxgold, Inc. *		4,005,456
	3,820,000	Rubicon Minerals Corp. *		4,042,877
	4,842,000	Sabina Gold & Silver Corp. *		3,416,337
	2,647,000	Semafo, Inc.		9,338,128
	18,611	Silver Wheaton Corp.		422,220
	1,457,375	Silver Wheaton Corp. (USD)		33,082,413
	4,800,000	Sulliden Gold Corp. Ltd. *		3,386,703
	5,624,000	Timmins Gold Corp. *		7,071,334
	10,352,000	Torex Gold Resources, Inc. *		10,019,575
	3,204,578	Yamana Gold, Inc. (USD)		28,136,195
				475,961,328
Mexico: 2.2%
	1,100,000	Fresnillo Plc (GBP) #		15,506,612
South Africa: 2.3%
	924,000	AngloGold Ashanti Ltd. (ADR) *		15,781,920
United Kingdom: 9.1%
	6,599,000	Amara Mining Plc * #		1,734,841
	4,242,500	Lydian International Ltd. (CAD) *		3,837,630
	783,000	Randgold Resources Ltd. (ADR)		58,725,000
				64,297,471
United States: 11.6%
	3,914,000	Klondex Mines Ltd. (CAD) *		6,797,720
	4,300,000	Midway Gold Corp. *		4,515,000
	588,100	Royal Gold, Inc.		36,826,822
	1,500,000	Tahoe Resources, Inc. (CAD) * ø		31,709,634
	96,300	Tahoe Resources, Inc. (CAD) *		2,035,758
				81,884,934
Total Common Stocks (Cost: $670,314,274)				693,763,941
RIGHTS: 0.0% (Cost: $0)
United Kingdom: 0.0%
	733,222	Amara Mining Plc Rights (GBP 0.00, expiring 04/17/14) * #		0
WARRANTS: 0.0%
Canada: 0.0%
	354,041	Kinross Gold Corp. Warrants (CAD 21.30, expiring 09/17/14) *		4,804
	103,000	Pan American Silver Corp. Warrants (CAD 35.00, expiring 12/31/14) * # §		1,398
Total Warrants (Cost: $525,098)				6,202
MONEY MARKET FUND: 2.0% (Cost: $13,779,023)
	13,779,023	AIM Treasury Portfolio - Institutional Class		13,779,023
Total Investments: 100.5% (Cost: $684,618,395)				707,549,166
Liabilities in excess of other assets: (0.5)%				(3,387,310	)
NET ASSETS: 100.0%			$	704,161,856

ADR	American Depositary Receipt
CAD	Canadian Dollar
GBP	British Pound
USD	United States Dollar
(a)	Represents consolidated Schedule of Investments.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $57,574,527 which represents 8.2% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,398 which represents 0.0% of net assets.
ø	Restricted security - the aggregate value of restricted securities is $63,094,312, or 9.0% of net assets.

Restricted securities held by the Fund as of March 31, 2014 are as follows:

Security	Acquisition Date	Number of Shares	Acquisition Cost		Value		% of Net Assets
Alamos Gold, Inc.	01/14/2013	883,544	$	1,590,595	$	7,969,567	1.1	%
Argonaut Gold, Inc.	11/13/2009	2,160,000		10,383,442		9,417,639	1.4
Bear Creek Mining Corp.	08/15/2005	948,000		2,865,287		1,566,475	0.2
Eastmain Resources, Inc.	06/13/2008	1,839,000		2,503,501		619,007	0.1
New Gold, Inc.	06/28/2007	1,026,170		1,298,775		5,007,710	0.7
Osisko Mining Corp.	09/14/2009	1,093,333		2,959,754		6,804,280	1.0
Tahoe Resources, Inc.	05/28/2010	1,500,000		9,103,783		31,709,634	4.5
			$	30,705,137	$	63,094,312	9.0	%

Summary of Investments by Sector (unaudited)	% of Investments		Value
Diversified Minerals	0.8	%	$	5,712,074
Gold Mining	79.6			563,306,433
Metal - Diversified	0.2			1,605,380
Precious Metals	9.4			66,373,345
Silver Mining	8.0			56,772,911
Money Market Fund	2.0			13,779,023
	100.0	%	$	707,549,166

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Australia	$	—	$	40,331,676	$	—	$	40,331,676
Canada		475,961,328		—		—		475,961,328
Mexico		—		15,506,612		—		15,506,612
South Africa		15,781,920		—		—		15,781,920
United Kingdom		62,562,630		1,734,841		—		64,297,471
United States		81,884,934		—		—		81,884,934
Warrants
Canada		4,804		1,398		—		6,202
Rights		—		—		—		—
Money Market Fund		13,779,023		—		—		13,779,023
Total	$	649,974,639	$	57,574,527	$	—	$	707,549,166

See Notes to Schedules of Investments

LONG/SHORT EQUITY FUND

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

	Number of Shares		Value
EXCHANGE TRADED FUNDS: 58.9%
	6,274	iShares Russell 2000 Growth ETF	$	853,640
	1,789	iShares Russell 2000 Value ETF		180,403
	7,983	SPDR S&P 500 ETF Trust		1,493,140
Total Exchange Traded Funds (Cost: $2,544,144) (a)				2,527,183
Principal Amount
SHORT-TERM INVESTMENTS: 42.0%
Government Obligations: 32.6%
		United States Treasury Bills
	$1,000,000	0.06%,07/03/14		999,916
	200,000	0.07%,08/28/14		199,958
	200,000	0.07%,06/19/14		199,992
				1,399,866
Number of Shares
MONEY MARKET FUND: 9.4%
	403,538	AIM Treasury Portfolio - Institutional Class		403,538
Total Short-term Investments (Cost: $1,803,301)				1,803,404
Total Investments: 100.9% (Cost: $4,347,445)				4,330,587
Liabilities in excess of other assets: (0.9)%				(39,277)
NET ASSETS: 100.0%			$	4,291,310
SECURITIES SOLD SHORT: (8.1)%
EXCHANGE TRADED FUND: (8.1)% (Proceeds: $(343,045))
	(8,104)	Consumer Staples Select Sector SPDR Fund		(348,958)
Total Securities Sold Short
(Proceeds: $(343,045))			$	(348,958)

(a) All or a portion of these securities are segregated for securities sold short. Total value of the securities segregated, including cash on deposit with broker, is $2,903,161.

Summary of Investments by Sector (unaudited)	% of Investments		Value
Government	32.3	%	$	1,399,866
Exchange Traded Funds	58.4			2,527,183
Money Market Fund	9.3			403,538
	100.0	%	$	4,330,587

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Funds	$	2,527,183	$	—	$	—	$	2,527,183
Short-term Investments						—
Government Obligations		—		1,399,866		—		1,399,866
Money Market Fund		403,538		—		—		403,538
Total	$	2,930,721	$	1,399,866	$	—	$	4,330,587

Short positions	Level 1 Quoted Prices			Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Exchange Traded Fund		(348,958	)		—		—		(348,958	)

See Notes to Schedules of Investments

MULTI-MANAGER ALTERNATIVES FUND

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Number of Shares				Value
COMMON STOCKS: 59.8%
Basic Materials: 6.2%
	27,425		Argonaut Gold, Inc. (CAD) *	$	119,573
	1,353		Ashland, Inc.		134,596
	53,750		Continental Gold Ltd. (CAD) *		185,730
	24,020		Eldorado Gold Corp.		134,032
	24,060		Eldorado Gold Corp. (CAD)		133,848
	46,850		Fortuna Silver Mines, Inc. (CAD) *		172,483
	6,430		Goldcorp, Inc.		157,406
	6,865		MAG Silver Corp. *		47,368
	1,472		Monsanto Co.		167,469
	28,010		New Gold, Inc. *		136,689
	34,870		Osisko Mining Corp. (CAD) *		217,011
	162,700		Papillon Resources Ltd. (AUD) * #		200,323
	3,142		Platform Specialty Products Corp. *		59,855
	2,100		Randgold Resources Ltd. (ADR)		157,500
	8,340		Tahoe Resources, Inc. *		176,391
	160		The Dow Chemical Co.		7,774
	606		US Silica Holdings, Inc.		23,131
					2,231,179
Communications: 12.7%
	5,684		Allot Communications Ltd. *		76,507
	1,001		Baidu, Inc. (ADR) *		152,532
	3,911		Bankrate, Inc. *		66,252
	1,073		CalAmp Corp. *		29,905
	4,833		CBS Corp.		298,679
	3,317		Ciena Corp. *		75,429
	460		Cogent Communications Group, Inc.		16,344
	1,453		Discovery Communications, Inc. *		111,968
	1,347		DISH Network Corp. *		83,797
	2,195		eBay, Inc. *		121,252
	1,411		EchoStar Corp. *		67,107
	2,525		eGain Communications Corp. *		17,827
	1,718		Equinix, Inc. *		317,555
	19,858		Extreme Networks, Inc. *		115,176
	4,711		Finisar Corp. *		124,889
	4,862		FTD Cos, Inc. *		154,660
	13,221		Globalstar, Inc. *		35,036
	186		Google, Inc. *		207,299
	8,076		Gray Television, Inc. *		83,748
	369		InterActiveCorp		26,343
	10,009		JDS Uniphase Corp. *		140,126
	5,354		Liberty Interactive Corp. *		154,570
	1,635		Liberty Media Corp. *		213,744
	12,693		Lionbridge Technologies, Inc. *		85,170
	4,460		Marchex, Inc.		46,875
	13,535		MeetMe, Inc. *		44,124
	7,647		NeoPhotonics Corp. *		60,641
	7,026		News Corp. *		120,988
	1,224		NICE Systems Ltd. (ADR)		54,664
	4,887		Perficient, Inc. *		88,552
	1,360		Plantronics, Inc.		60,452
	146		Priceline.com, Inc. *		174,016
	3,802		RF Micro Devices, Inc. *		29,960
	3,600		Ruckus Wireless, Inc. *		43,776
	13,033		ShoreTel, Inc. *		112,084
	1,134		SPS Commerce, Inc. *		69,684
	2,676		Starz - Liberty Capital *		86,381
	795		Telephone & Data Systems, Inc.		20,837
	1,380		The Walt Disney Co.		110,497
	950		Tribune Co. *		75,667
	628		United States Cellular Corp.		25,754
	2,162		Valuevision Media, Inc. *		10,507
	3,958		Verizon Communications, Inc.		188,282
	1,025		Viacom, Inc.		87,115
	3,733		Vivendi SA (EUR)		103,900
	1,326		Vodafone Group PLC (ADR)		48,810
	29,246		Vonage Holdings Corp. *		124,880
	3,116		Westell Technologies, Inc. *		11,498
					4,575,859
Consumer, Cyclical: 5.8%
	1,822		Arrow Electronics, Inc. *		108,154
	3,032		Brookfield Residential Properties, Inc. *		63,581
	333		Burger King Worldwide, Inc.		8,841
	1,499		Copa Holdings SA (Class A)		217,640
	1,922		Dollar Tree, Inc. *		100,290
	19,000		Galaxy Entertainment Group Ltd. (HKD) * #		165,958
	2,630		General Motors Co.		90,525
	71,500		Guinness Peat Group PLC *		42,199
	809		Hyundai Motor Co. (KRW) #		191,289
	282		Icahn Enterprises LP		28,970
	1,427		Las Vegas Sands Corp.		115,273
	1,970		Mobile Mini, Inc.		85,419
	2,594		Pier 1 Imports, Inc.		48,975
	2,301		Regal Entertainment Group		42,983
	2,346		Sears Holdings Corp. *		112,045
	985		Sears Hometown and Outlet Stores, Inc. *		23,295
	1,071		Skechers USA, Inc. *		39,134
	1,452		Starbucks Corp.		106,548
	606		Steelcase, Inc.		10,066
	2,487		Tempur-Pedic International, Inc. *		126,016
	2,670		The Finish Line, Inc.		72,330
	13,748		The Wendy’s Co.		125,382
	2,377		Tropicana Entertainment, Inc. *		43,951
	1,870		Winnebago Industries, Inc. *		51,219
	393		Wynn Resorts Ltd.		87,305
					2,107,388
Consumer, Non-cyclical: 6.9%
	1,218		Abbott Laboratories		46,907
	6,578		Accuray, Inc. *		63,149
	370		Alliance Data Systems Corp. *		100,806
	1,516		Arthrocare Corp. *		73,056
	191		Ascent Capital Group, Inc. *		14,430
	294		BioMarin Pharmaceutical, Inc. *		20,054
	1,193		Capital Senior Living Corp. *		31,006
	748		Cepheid, Inc. *		38,582
	60		Crimson Wine Group Ltd. *		531
	217		Edwards Lifesciences Corp. *		16,095
	2,351		Euronet Worldwide, Inc. *		97,778
	112,400		Ezion Holdings Ltd. (SGD) #		193,362
	5,972		Franklin Covey Co. *		118,066
	2,415		Globus Medical, Inc. *		64,215
	1,814		Hertz Global Holdings, Inc. *		48,325
	6,357		Iridex Corp. *		56,768
	1,350		KAR Auction Services, Inc.		40,973
	4,229		Korn/Ferry International *		125,897
	3,568		Magnit OAO (GDR) Reg S		195,526
	1,341		Masimo Corp. *		36,623
	375,000		Maxygen, Inc. Escrow Receipt * #		0
	9,944		MiMedx Group, Inc. *		60,957
	1,234		Natus Medical, Inc. *		31,837
	594		Novadaq Technologies, Inc. *		13,234
	499		Perrigo Co. PLC		77,175
	1,329		Philip Morris International, Inc.		108,805
	1,831		Pointer Telocation Ltd. *		17,962
	2,316		Quanta Services, Inc. *		85,460
	1,605		Quidel Corp. *		43,817
	1,440		Repligen Corp. *		18,518
	1,833		Rockwell Medical, Inc. *		23,206
	3,612		Safeway, Inc.		133,427
	7,530		Service Corp. International		149,696
	6,033		ServiceSource International, Inc. *		50,919
	1,356		Spectranetics Corp. *		41,100
	2,211		TearLab Corp. *		14,946
	3,979		The ADT Corp.		119,171
	575		USANA Health Sciences, Inc. *		43,321
	2,063		Vascular Solutions, Inc. *		54,030
					2,469,730
Diversified: 0.2%
	2,444		Leucadia National Corp.		68,432
Energy: 7.4%
	73,069		Afren PLC (GBP) * #		172,160
	1,073		Anadarko Petroleum Corp.		90,947
	1,237		Approach Resources, Inc. *		25,866
	3,588		Cabot Oil & Gas Corp.		121,561
	1,463		Cameron International Corp. *		90,370
	778		Cimarex Energy Co.		92,668
	3,692		Comstock Resources, Inc.		84,362
	731		Concho Resources, Inc. *		89,547
	2,215		Consol Energy, Inc.		88,489
	3,386		Energy XXI Bermuda Ltd.		79,808
	465		EOG Resources, Inc.		91,219
	1,312		Gulfport Energy Corp. *		93,389
	13,547		Halcon Resources Corp. *		58,659
	1,549		Halliburton Co.		91,221
	2,602		Marathon Oil Corp.		92,423
	1,111		Matrix Service Co. *		37,530
	1,702		National Oilwell Varco, Inc.		132,535
	6,100		Pacific Rubiales Energy Corp.		109,678
	1,167		Phillips 66		89,929
	486		Pioneer Natural Resources Co.		90,950
	3,407		Precision Drilling Corp.		40,782
	1,298		Sanchez Energy Corp. *		38,460
	2,049		Schlumberger Ltd.		199,777
	1,261		SM Energy Co.		89,897
	5,374		Southwestern Energy Co. *		247,258
	2,299		SunCoke Energy, Inc. *		52,509
	229		Texas Pacific Land Trust (Royalty Trust)		29,656
	98,579		Volga Gas PLC (GBP) *		153,047
					2,674,697
Financial: 7.8%
	969		American Express Co.		87,239
	4,435		Assured Guaranty Ltd.		112,294
	10,580		Blackstone Group LP		351,785
	1,321		CME Group, Inc.		97,767
	1,500		Credicorp Ltd.		206,880
	10,839		Dream Unlimited Corp. *		148,017
	4,953		Dundee Corp. *		70,942
	1,857		E*TRADE Financial Corp. *		42,748
	5,930		Fidelity National Financial, Inc.		186,439
	568,000		Franshion Properties China Ltd. (HKD) #		189,984
	30,987		Kasikornbank PCL (NVDR) (THB) #		170,522
	3,090		KKR & Co. LP		70,576
	961		Oaktree Capital Group LLC		55,892
	2,208		Onex Corp.		122,964
	1,687		Partners Value Fund, Inc. *		40,828
	5,694		Realogy Holdings Corp. *		247,404
	2,932		TD Ameritrade Holding Corp.		99,541
	3,909		The Charles Schwab Corp.		106,833
	1,832		The Howard Hughes Corp. *		261,445
	660		Visa, Inc.		142,468
					2,812,568
Industrial: 6.0%
	1,482		Apogee Enterprises, Inc.		49,247
	445		Aptargroup, Inc.		29,415
	930		Avnet, Inc.		43,273
	3,427		Benchmark Electronics, Inc. *		77,622
	882		Clean Harbors, Inc. *		48,325
	754		Colfax Corp. *		53,783
	246		CPI Aerostructures, Inc. *		3,198
	4,370		CUI Global, Inc. *		48,070
	638		Danaher Corp.		47,850
	848		Eagle Materials, Inc.		75,184
	1,566		EnerSys, Inc.		108,508
	1,627		EnPro Industries, Inc. *		118,234
	1,183		Forward Air Corp.		54,548
	2,631		Greenbrier Cos, Inc. *		119,973
	3,019		Ingersoll-Rand PLC		172,808
	2,324		InvenSense, Inc. *		55,009
	3,408		Knight Transportation, Inc.		78,827
	414		Lennox International, Inc.		37,637
	7,604		Newport Corp. *		157,251
	3,185		Norbord, Inc.		83,845
	1,371		OSI Systems, Inc. *		82,068
	5,272		PGT, Inc. *		60,681
	3,569		Quanex Building Products Corp.		73,807
	773		Rogers Corp. *		48,251
	777		Ryder System, Inc.		62,098
	1,036		Saia, Inc. *		39,586
	3,733		Swift Transportation Co. *		92,391
	59		TransDigm Group, Inc.		10,927
	874		Trex Co., Inc. *		63,942
	1,795		Trimble Navigation Ltd. *		69,772
	2,371		Waste Connections, Inc.		103,992
					2,170,122
Technology: 6.8%
	5,235		Activision Blizzard, Inc.		107,003
	366		Apple, Inc.		196,447
	5,041		Atmel Corp. *		42,143
	6,755		Callidus Software, Inc. *		84,573
	8,082		CDC Corp. * #		4,849
	2,082		Citrix Systems, Inc. *		119,569
	2,628		Cognizant Technology Solutions Corp. *		133,003
	795		CommVault Systems, Inc. *		51,635
	5,320		Cypress Semiconductor Corp. *		54,636
	2,712		Ebix, Inc.		46,294
	8,848		FormFactor, Inc. *		56,539
	4,841		Fusion-io, Inc. *		50,927
	11,219		Glu Mobile, Inc. *		53,178
	254		Hittite Microwave Corp.		16,012
	2,125		ICG Group, Inc. *		43,393
	8,550		inContact, Inc. *		82,080
	12,817		Kofax Ltd. *		111,123
	6,659		Mattson Technology, Inc. *		15,449
	8,192		MaxLinear, Inc. *		77,660
	5,483		Micrel, Inc.		60,752
	1,134		Microchip Technology, Inc.		54,160
	3,779		PMC - Sierra, Inc. *		28,758
	1,731		Proofpoint, Inc. *		64,185
	2,600		QUALCOMM, Inc.		205,036
	2,274		Radware Ltd. *		40,204
	147		Samsung Electronics Co. Ltd. (KRW) #		185,833
	2,690		Skyworks Solutions, Inc. *		100,929
	1,794		Streamline Health Solutions, Inc. *		9,024
	2,478		Teradyne, Inc. *		49,287
	3,066		The Keyw Holding Corp. *		57,365
	153,480		Trident Microsystems, Inc. * #		3,453
	3,979		Ultratech, Inc. *		116,147
	17,426		Vitesse Semiconductor Corp. *		73,189
	26,885		WidePoint Corp. *		43,016
					2,437,851
Total Common Stocks (Cost: $19,362,986) (a)					21,547,826
REAL ESTATE INVESTMENT TRUSTS: 0.8%
Financial: 0.8%
	1,422		American Tower Corp.		116,419
	4,631		NorthStar Realty Finance Corp.		74,744
			Weyerhaeuser Co. (Preferred Security)
	2,006		6.38%,07/01/16		109,528
Total Real Estate Investment Trusts (Cost: $233,234) (a)					300,691
WARRANTS: 0.0% (Cost: $19)
Telecommunication Services: 0.0%
	1,865		xG Technology, Inc.(USD 6.87, expiring 07/18/18) *		1,846
Principal Amount
ASSET-BACKED SECURITIES: 0.4% (Cost: $154,667)
			Sealane Trade Finance
	$150,000		14.23%,02/12/16 (f) # Reg S		156,210
CORPORATE BONDS: 6.7%
Basic Materials: 0.5%
			Rockwood Specialties Group, Inc.
	$110,000		4.63%,10/15/15 (c)		114,125
			Sidetur Finance BV
	295,000		10.00%,05/12/14 (c)(d) Reg S		69,694
					183,819
Communications: 1.5%
			Alaska Communications Systems Group, Inc.
	205,000		6.25%,05/01/18 144A		171,944
			Clear Channel Communications, Inc.
	75,000		5.50%,12/15/16		72,000
			Maxcom Telecomunicaciones, SAB de CV
	58,250		6.00%,06/15/17 (c) (s)		50,823
			Trilogy International Partners LLC
	90,000		10.25%,05/12/14 (c) 144A		92,925
			United States Cellular Corp.
	92,000		6.70%,12/15/33		93,492
			WebMD Health Corp.
	55,000		2.50%,01/31/18		55,722
					536,906
Consumer, Cyclical: 1.6%
			Chukchansi Economic Development Authority
	213,721		9.75%,05/30/16 (c)(d) 144A		151,742
			JC Penney Corp., Inc.
	110,000		6.38%,10/15/36		84,700
			Neebo, Inc.
	102,300		15.00%,05/12/14 (c) 144A		106,903
			Sifco SA
	200,000		11.50%,06/06/16 Reg S		60,375
			The Bon-Ton Department Stores, Inc.
	158,000		10.63%,05/12/14 (c)		158,790
					562,510
Consumer, Non-cyclical: 0.4%
			Aralco Finance SA
	600,000		10.13%,05/07/16 (c)(d) Reg S		58,500
			Kinetic Concepts, Inc.
	79,000		12.50%,11/01/15 (c)		92,627
					151,127
Energy: 0.8%
			Enercoal Resources Pte Ltd.
	300,000		9.25%,08/05/14 (p) Reg S		172,500
			Green Field Energy Services, Inc.
	11,000		13.25%,11/15/14 (c)(d) § 144A		1,045
			Pengrowth Energy Corp.
	CAD 30,000		6.25%,03/31/17		28,290
			Tristan Oil Ltd.
	$200,000		35.14%,05/12/14 (c) ^ Reg S		101,040
					302,875
Financial: 1.3%
			Banco Cruzeiro do Sul SA
	280,000		7.00%,07/08/14 (d)		44,800
	125,000		8.00%,09/17/12 (d)		23,984
	315,000		8.25%,01/20/16 (d) Reg S		55,125
	450,000		8.50%,02/20/15 (d) Reg S		70,875
			General Shopping Investments Ltd.
	119,000		12.00%,03/20/17 (c) Reg S		98,919
			MF Global Holdings Ltd.
	200,000		6.25%,08/08/16 (d)*		104,000
			Nuveen Investments, Inc.
	88,000		5.50%,09/15/15		89,760
					487,463
Industrial: 0.3%
			Tervita Corp.
	106,000		9.75%,11/01/15 (c) Reg S		103,350
Utilities: 0.3%
			Cia de Transporte de Energia Electrica en Alta Tension Transener SA
	150,000		9.75%,08/15/21 144A		94,500
Total Corporate Bonds (Cost: $3,015,374) (a)					2,422,550
Number of Shares
CLOSED-END FUNDS: 2.3%
	2,933		DoubleLine Income Solutions Fund		62,238
	2,666		DoubleLine Opportunistic Credit Fund		61,718
	2,000		First Trust Strategic High Income Fund II		31,860
	3,900		Helios High Income Fund, Inc.		33,657
	5,500		Helios Multi-Sector High Income Fund, Inc.		37,235
	4,445		JZ Capital Partners Ltd. (GBP)		32,840
	1,945		Montgomery Street Income Securities, Inc.		31,295
	3,370		Nuveen Credit Strategies Income Fund		32,049
	1,612		PCM Fund, Inc.		19,634
	4,270		PIMCO Dynamic Credit Income Fund		96,502
	3,320		PIMCO Dynamic Income Fund		100,662
	3,414		PIMCO Income Opportunity Fund		96,377
	2,791		PIMCO Income Strategy Fund		32,738
	5,936		PIMCO Income Strategy Fund II		61,734
	5,275		Western Asset High Income Opportunity Fund, Inc.		31,914
	2,330		Western Asset Mortgage Defined Opportunity Fund, Inc.		53,800
Total Closed-End Funds (Cost: $829,462) (a)					816,253
EXCHANGE TRADED FUNDS: 0.4%
	495		iShares Silver Trust *		9,425
	1,100		SPDR Gold Trust *		135,971
Total Exchange Traded Funds (Cost: $177,927)					145,396
OPEN-END FUND: 10.4% (Cost: $3,828,070)
	378,262		AQR Managed Futures Strategy Fund		3,733,446
OPTIONS PURCHASED: 0.1%
	900		BioMarin Pharmaceutical, Inc. Call ($75, expiring 04/19/14)		495
	5,100		iShares Russell 2000 ETF Put ($116, expiring 05/17/14)		15,147
	4,800		SPDR S&P 500 ETF Trust Put ($177, expiring 05/17/14)		4,704
	5,500		Sprint Corp. Put ($8, expiring 05/17/14)		1,485
	1,100		Stanley Black & Decker, Inc. Call ($80, expiring 04/19/14)		2,255
Total Options Purchased (Cost: $38,068)					24,086
MONEY MARKET FUND: 28.5% (Cost: $10,285,384)
	10,285,384		AIM Treasury Portfolio - Institutional Class		10,285,384
Total Investments: 109.4% (Cost: $37,925,191)					39,433,688
Liabilities in excess of other assets: (9.4)%					(3,398,800	)
NET ASSETS: 100.0%				$	36,034,888
SECURITIES SOLD SHORT: (30.4)%
COMMON STOCKS: (12.4)%
Basic Materials: (0.1)%
	(4,647	)	Glencore Xstrata PLC		(23,793	)
Communications: (1.3)%
	(81	)	Amazon.com, Inc. *		(27,258	)
	(1,131	)	AT&T, Inc.		(39,664	)
	(2,792	)	Corning, Inc.		(58,129	)
	(2,885	)	Cumulus Media, Inc. *		(19,935	)
	(388	)	DIRECTV *		(29,651	)
	(436	)	EZchip Semiconductor Ltd. *		(11,053	)
	(282	)	InterActiveCorp		(20,132	)
	(1,376	)	Juniper Networks, Inc. *		(35,446	)
	(46	)	Netflix, Inc. *		(16,193	)
	(907	)	Nielsen Holdings NV		(40,479	)
	(534	)	Rackspace Hosting, Inc. *		(17,526	)
	(1,179	)	Sapient Corp. *		(20,114	)
	(3,675	)	Sprint Corp. *		(33,773	)
	(591	)	Thomson Reuters Corp.		(20,212	)
	(617	)	Trulia, Inc. *		(20,484	)
	(998	)	Verizon Communications, Inc.		(47,475	)
					(457,524	)
Consumer, Cyclical: (2.7)%
	(548	)	Abercrombie & Fitch Co.		(21,098	)
	(1,454	)	American Woodmark Corp. *		(48,942	)
	(1,557	)	Best Buy Co., Inc.		(41,120	)
	(1,053	)	BJ’s Restaurants, Inc. *		(34,444	)
	(1,971	)	Burger King Worldwide, Inc.		(52,330	)
	(796	)	Casey’s General Stores, Inc.		(53,802	)
	(2,934	)	Chico’s FAS, Inc.		(47,032	)
	(1,093	)	Cinemark Holdings, Inc.		(31,708	)
	(583	)	Darden Restaurants, Inc.		(29,593	)
	(741	)	Dorman Products, Inc. *		(43,763	)
	(388	)	GameStop Corp.		(15,947	)
	(370	)	GNC Holdings, Inc.		(16,287	)
	(634	)	Guess?, Inc.		(17,498	)
	(1,134	)	iRobot Corp. *		(46,551	)
	(693	)	Kohl’s Corp.		(39,362	)
	(399	)	Lululemon Athletica, Inc. *		(20,983	)
	(913	)	Mobile Mini, Inc.		(39,588	)
	(363	)	Oxford Industries, Inc.		(28,387	)
	(174	)	Panera Bread Co. *		(30,706	)
	(1,831	)	Pinnacle Entertainment, Inc. *		(43,395	)
	(1,516	)	Potbelly Corp. *		(27,091	)
	(938	)	Regal Entertainment Group		(17,522	)
	(572	)	Six Flags Entertainment Corp.		(22,966	)
	(1,922	)	Sonic Corp. *		(43,802	)
	(2,781	)	Sony Corp. (ADR)		(53,173	)
	(2,621	)	Staples, Inc.		(29,722	)
	(2,849	)	The Wendy’s Co.		(25,983	)
	(2,994	)	Titan International, Inc.		(56,856	)
	(123	)	Wabash National Corp. *		(1,692	)
					(981,343	)
Consumer, Non-cyclical: (2.0)%
	(781	)	Abaxis, Inc. *		(30,365	)
	(144	)	Alliance Data Systems Corp. *		(39,233	)
	(1,023	)	Apollo Group, Inc. *		(35,028	)
	(372	)	AtriCure, Inc. *		(6,997	)
	(1,130	)	Cardiovascular Systems, Inc. *		(35,923	)
	(1,638	)	DeVry, Inc.		(69,435	)
	(2,092	)	Green Dot Corp. *		(40,857	)
	(538	)	Hertz Global Holdings, Inc. *		(14,332	)
	(493	)	IPC The Hospitalist Co., Inc. *		(24,196	)
	(999	)	Iron Mountain, Inc.		(27,542	)
	(893	)	K12, Inc. *		(20,226	)
	(179	)	Keurig Green Mountain, Inc.		(18,901	)
	(1,622	)	Monro Muffler Brake, Inc.		(92,259	)
	(690	)	Pfizer, Inc.		(22,163	)
	(602	)	Strayer Education, Inc. *		(27,951	)
	(2,356	)	SunOpta, Inc. *		(27,824	)
	(1,038	)	The Coca-Cola Co.		(40,129	)
	(400	)	The Hain Celestial Group, Inc. *		(36,588	)
	(977	)	The Kroger Co.		(42,646	)
	(2,878	)	The Western Union Co.		(47,084	)
	(315	)	VistaPrint NV *		(15,504	)
					(715,183	)
Energy: (0.0)%
	(1,312	)	Triangle Petroleum Corp. *		(10,811	)
Financial: (0.4)%
	(872	)	Legg Mason, Inc.		(42,763	)
	(942	)	The Progressive Corp.		(22,815	)
	(757	)	WageWorks, Inc. *		(42,475	)
	(3,479	)	WisdomTree Investments, Inc. *		(45,644	)
					(153,697	)
Industrial: (1.5)%
	(1,530	)	Advanced Energy Industries, Inc. *		(37,485	)
	(664	)	Comfort Systems USA, Inc.		(10,119	)
	(608	)	Con-way, Inc.		(24,977	)
	(4,044	)	Flextronics International Ltd. *		(37,367	)
	(121	)	Fluor Corp.		(9,405	)
	(748	)	Garmin Ltd.		(41,334	)
	(569	)	GATX Corp.		(38,624	)
	(1,803	)	Heartland Express, Inc.		(40,910	)
	(1,809	)	Hub Group, Inc. *		(72,342	)
	(532	)	JB Hunt Transport Services, Inc.		(38,261	)
	(1,134	)	Lincoln Electric Holdings, Inc.		(81,659	)
	(423	)	Power Solutions International, Inc. *		(31,797	)
	(348	)	Stericycle, Inc. *		(39,540	)
	(242	)	The Manitowoc Co., Inc.		(7,611	)
	(2,026	)	USA Truck, Inc. *		(29,823	)
					(541,254	)
Technology: (4.3)%
	(3,977	)	Activision Blizzard, Inc.		(81,292	)
	(744	)	Akamai Technologies, Inc. *		(43,308	)
	(1,478	)	Applied Materials, Inc.		(30,181	)
	(621	)	Avago Technologies Ltd.		(39,999	)
	(639	)	Cerner Corp. *		(35,944	)
	(586	)	Demandware, Inc. *		(37,539	)
	(3,114	)	Electronic Arts, Inc. *		(90,337	)
	(1,067	)	FleetMatics Group PLC *		(35,691	)
	(2,014	)	Hewlett-Packard Co.		(65,173	)
	(490	)	Infosys Ltd. (ADR)		(26,548	)
	(722	)	Intel Corp.		(18,635	)
	(143	)	International Business Machines Corp.		(27,526	)
	(237	)	Intuit, Inc.		(18,422	)
	(767	)	j2 Global, Inc.		(38,388	)
	(666	)	Lam Research Corp. *		(36,630	)
	(988	)	Lexmark International, Inc.		(45,735	)
	(692	)	Linear Technology Corp.		(33,693	)
	(1,352	)	Logitech International SA		(20,131	)
	(1,599	)	Mantech International Corp.		(47,027	)
	(2,114	)	Maxim Integrated Products, Inc.		(70,016	)
	(1,275	)	Microsoft Corp.		(52,262	)
	(626	)	Monolithic Power Systems, Inc. *		(24,270	)
	(1,081	)	Netscout Systems, Inc. *		(40,624	)
	(1,975	)	NVIDIA Corp.		(35,372	)
	(1,074	)	Oracle Corp.		(43,937	)
	(1,443	)	QLIK Technologies, Inc. *		(38,369	)
	(853	)	QUALCOMM, Inc.		(67,268	)
	(871	)	Rocket Fuel, Inc. *		(37,348	)
	(460	)	SanDisk Corp.		(37,347	)
	(326	)	SAP AG (ADR)		(26,507	)
	(424	)	Seagate Technology PLC		(23,812	)
	(333	)	Stratasys Ltd. *		(35,328	)
	(413	)	Teradata Corp. *		(20,315	)
	(1,781	)	The Keyw Holding Corp. *		(33,323	)
	(909	)	Ultra Clean Holdings, Inc. *		(11,953	)
	(4,117	)	Unisys Corp. *		(125,404	)
	(349	)	Western Digital Corp.		(32,045	)
					(1,527,699	)
Utilities: (0.1)%
	(15,075	)	Centrais Eletricas Brasileiras SA (ADR)		(42,813	)
Total Common Stocks (Proceeds: $(4,150,090))					(4,454,117	)
REAL ESTATE INVESTMENT TRUST: (0.0)% (Proceeds: $(10,418))
Financial: (0.0)%
	(260	)	Potlatch Corp.		(10,059	)
Principal Amount
CORPORATE BONDS: (0.3)% (Proceeds: $(120,428))
Basic Materials: (0.3)%
			Momentive Performance Materials, Inc.
	$(145,000	)	9.00%,01/15/21 (c)		(115,638	)
Number of Shares
EXCHANGE TRADED FUNDS: (17.7)%
	(1,414	)	Consumer Staples Select Sector SPDR Fund		(60,887	)
	(27,782	)	Direxion Daily Emerging Markets Bull 3X Shares *		(725,388	)
	(391	)	Direxion Daily Small Cap Bull 3X Shares		(30,537	)
	(331	)	Energy Select Sector SPDR Fund		(29,479	)
	(1,088	)	Health Care Select Sector SPDR Fund		(63,637	)
	(4,234	)	Industrial Select Sector SPDR Fund		(221,565	)
	(5,616	)	iShares Barclays 20+ Year Treasury Bond Fund		(612,706	)
	(130	)	iShares Nasdaq Biotechnology ETF		(30,739	)
	(1,636	)	iShares PHLX Semiconductor ETF		(130,373	)
	(6,963	)	iShares Russell 2000 ETF		(810,076	)
	(1,402	)	iShares Russell 2000 Growth ETF		(190,756	)
	(2,739	)	iShares Silver Trust *		(52,151	)
	(75,400	)	Market Vectors Gold Miners ETF ‡		(1,779,440	)
	(3,632	)	Market Vectors Oil Services ETF ‡		(182,799	)
	(1,143	)	Materials Select Sector SPDR Fund		(54,041	)
	(1,893	)	SPDR Barclays High Yield Bond ETF		(78,200	)
	(11,417	)	SPDR S&P Oil & Gas Exploration & Production ETF		(820,083	)
	(1,014	)	SPDR S&P Retail ETF		(85,430	)
	(11,734	)	Technology Select Sector SPDR Fund		(426,531	)
Total Exchange Traded Funds (Proceeds: $(7,376,245))					(6,384,818	)
Total Securities Sold Short (Proceeds: $(11,657,181))				$	(10,964,632	)
WRITTEN OPTIONS: (0.0)%
	(500	)	BioMarin Pharmaceutical, Inc. Put ($60, expiring 04/19/14)	$	(250	)
	(900	)	BioMarin Pharmaceutical, Inc. Call ($90, expiring 04/19/14)		(90	)
	(1,100	)	CBS Corp. Call ($65, expiring 06/21/14)		(1,991	)
	(5,100	)	iShares Russell 2000 ETF Put ($110, expiring 05/17/14)		(6,273	)
	(2,500	)	iShares Russell 2000 ETF Call ($118, expiring 04/19/14)		(2,400	)
	(4,800	)	SPDR S&P 500 ETF Trust Put ($170, expiring 05/17/14)		(2,160	)
	(11,000	)	Sprint Corp. Call ($14, expiring 05/17/14)		(220	)
	(1,100	)	Stanley Black & Decker, Inc. Put ($73, expiring 04/19/14)		(138	)
Total Written Options (Premiums received: $(20,284))				$	(13,522	)

ADR	American Depositary Receipt
AUD	Australian Dollar
CAD	Canadian Dollar
EUR	Euro
GBP	British Pound
GDR	Global Depositary Receipt
HKD	Hong Kong Dollar
KRW	Korean Won
NVDR	Non-Voting Depositary Receipt
SGD	Singapore Dollar
THB	Thai Baht
USD	United States Dollar

(a)	All or a portion of these securities are segregated for securities sold short, written options and forward foreign currency contracts. Total value of the securities segregated, including cash on deposit with broker, is $26,666,559.
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(f)	Floating Rate Bond - coupon reflects the rate in effect at the end of the reporting period
(p)	Puttable Security - the redemption date shown is when the security may be redeemed by the investor
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
‡	Affiliated issuer – as defined under the Investment Company Act of 1940.
*	Non-income producing
#	Indicates a fair valued security which has not been valued utilizing an independent quote, but has been valued pursuant to guidelines established by the Board of Trustees. The aggregate value of fair valued securities is $1,633,943 which represents 4.5% of net assets.
§	Illiquid Security — the aggregate value of illiquid securities is $1,045 which represents 0.0% of net assets.
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $619,059, or 1.7% of net assets.

As of March 31, 2014, the Fund held the following open forward foreign currency contracts:

Counterparty	Contracts to deliver		In Exchange For		Settlement Dates		Unrealized Depreciation
Credit Suisse London Branch (Gfx)	CLP	120,271,000	USD	215,000	4/28/2014	$	(3,711	)
Credit Suisse London Branch (Gfx)	THB	7,189,600	USD	215,000	4/28/2014		(6,373	)
Net unrealized depreciation on forward foreign currency contracts						$	(10,084	)

CLP	Chilean Peso
THB	Thai Baht
USD	United States Dollar

Restricted securities held by the Fund as of March 31, 2014 are as follows:

Security	Acquisition Date	Number of Shares		Acquisition Cost		Value		% of Net Assets
Green Field Energy Services, Inc.	11/15/2012		11,000	$	12,807	$	1,045		0.0	%

A summary of the Fund’s transactions in securities of affiliates for the period ended March 31, 2014 is set forth below:

Affiliates	Value 12/31/13			Purchases		Sales Proceeds		Realized Gain (Loss)			Dividend Income		Value 03/31/14
Market Vectors Gold Miners ETF(1)	$	(1,408,704	)	$	—	$	202,547	$	—		$	—	$	(1,779,440	)
Market Vectors Oil Services ETF(1)		—			—		179,517		—			—		(182,799	)
Market Vectors Semiconductor ETF		(82,400	)		149,628		59,262		(8,842	)		—		—
	$	(1,491,104	)	$	149,628	$	441,326	$	(8,842	)	$	—	$	(1,962,239	)

⁽¹⁾ Represents short position at March 31, 2014.

Summary of Investments by Sector (unaudited)	% of Investments			Value
Basic Materials		6.1	%	$	2,414,998
Communications		13.0			5,112,765
Consumer, Cyclical		6.8			2,669,898
Consumer, Non-cyclical		6.6			2,620,857
Diversified		0.2			68,432
Energy		7.5			2,977,572
Financial		11.2			4,416,975
Industrial		5.8			2,273,472
Technology		6.2			2,437,851
Telecommunication Services		0.0			1,846
Utilities		0.2			94,500
Asset-Backed Securities		0.4			156,210
Exchange Traded Funds		0.4			145,396
Open-End Fund		9.5			3,733,446
Options Purchased		0.0			24,086
Money Market Fund		26.1			10,285,384
		100.0	%	$	39,433,688

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

Long positions	Level 1 Quoted Prices		Level 2 Significant Observable Inputs		Level 3 Significant Unobservable Inputs		Value
Common Stocks
Basic Materials	$	2,030,856	$	200,323	$	—	$	2,231,179
Communications		4,575,859		—		—		4,575,859
Consumer, Cyclical		1,750,141		357,247		—		2,107,388
Consumer, Non-cyclical		2,276,368		193,362		—		2,469,730
Diversified		68,432		—		—		68,432
Energy		2,502,537		172,160		—		2,674,697
Financial		2,452,062		360,506		—		2,812,568
Industrial		2,170,122		—		—		2,170,122
Technology		2,243,716		185,833		8,302		2,437,851
Real Estate Investment Trusts*		300,691		—		—		300,691
Warrants*		1,846		—		—		1,846
Asset-Backed Securities		—		156,210		—		156,210
Corporate Bonds*		—		2,422,550		—		2,422,550
Closed-End Funds		816,253		—		—		816,253
Exchange Traded Funds		145,396		—		—		145,396
Open-End Fund		3,733,446		—		—		3,733,446
Options Purchased		24,086		—		—		24,086
Money Market Fund		10,285,384		—		—		10,285,384
Total	$	35,377,195	$	4,048,191	$	8,302	$	39,433,688

Short positions	Level 1 Quoted Prices			Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Common Stocks*	$	(4,454,117	)	$	—		$	—	$	(4,454,117	)
Real Estate Investment Trust*		(10,059	)		—			—		(10,059	)
Corporate Bonds*		—			(115,638	)		—		(115,638	)
Exchange Traded Funds		(6,384,818	)		—			—		(6,384,818	)
Total	$	(10,848,994	)	$	(115,638	)	$	—	$	(10,964,632	)
Other Financial Instruments:
Forward Foreign Currency Contracts	$	—		$	(10,084	)	$	—	$	(10,084	)
Written Options		(13,522	)		—			—		(13,522	)
Total	$	(13,522	)	$	(10,084	)	$	—	$	(23,606	)

* See Schedule of Investments for security type and industry sector breakouts.

The following table reconciles the valuation of the Fund’s Level 3 investment securities and related transactions during the period ended March 31, 2014:

	Common Stocks
	Long Position
	Technology
Balance as of December 31, 2013	$	6,847
Realized gain (loss)		—
Change in net unrealized appreciation (depreciation)		1,455
Purchases		—
Sales		—
Transfers in and/or out of level 3		—
Balance as of March 31, 2014	$	8,302

See Notes to Schedules of Investments

UNCONSTRAINED EMERGING MARKETS BOND FUND

SCHEDULE OF INVESTMENTS

March 31, 2014 (unaudited)

Principal Amount			Value
CORPORATE BONDS: 51.0%
Argentina: 3.7%
USD	76,000	IRSA Inversiones y Representaciones SA
		8.50%, 04/21/14 (c) Reg S	$	72,200
	6,000,000	YPF SA
		7.74%, 08/15/18 (f) Reg S		6,183,000
				6,255,200
Austria: 2.8%
	1,338,000	ESAL GmbH
		6.25%, 02/05/18 (c) Reg S		1,271,100
		JBS Investments GmbH
	1,528,000	7.25%, 04/03/19 (c) 144A		1,528,000
	1,874,000	7.75%, 10/28/17 (c) Reg S		1,984,098
				4,783,198
Brazil: 2.3%
	3,968,000	USJ Acucar e Alcool SA
		9.88%, 11/09/16 (c) Reg S		3,938,240
British Virgin Islands: 3.0%
	5,473,000	OAS Financial Ltd.
		8.88%, 04/25/18 (c) Reg S		5,158,302
Cayman Islands: 5.4%
	1,497,000	Bantrab Senior Trust
		9.00%, 11/14/20 144A		1,449,096
	4,933,000	Marfrig Overseas Ltd.
		9.50%, 05/04/15 (c) Reg S		5,000,829
	1,516,000	Minerva Overseas II Ltd.
		10.88%, 11/15/15 (c) Reg S		1,665,705
	1,038,084	Odebrecht Offshore Drilling Finance Ltd
		6.75%, 12/01/21 (c) Reg S		1,079,608
				9,195,238
Hungary: 1.0%
	1,858,000	Nitrogenmuvek Vegyipari Zrt
		7.88%, 05/21/17 (c) 144A		1,714,005
Indonesia: 3.1%
		Pertamina Persero PT
	4,184,000	5.63%, 05/20/43 Reg S		3,561,630
	1,849,000	6.00%, 05/03/42 Reg S		1,640,988
				5,202,618
Luxembourg: 1.9%
		Minerva Luxembourg SA
	2,401,000	7.75%, 01/31/18 (c) Reg S		2,464,626
	764,000	8.75%, 04/03/19 (c) 144A		766,292
				3,230,918
Mexico: 6.5%
	380,000	Corp GEO, SAB de CV
		9.25%, 06/30/15 (c)(d) Reg S		52,250
	1,328,000	Petroleos Mexicanos
		5.50%, 06/27/44		1,288,160
	4,600,000	Servicios Corporativos Javer SAPI de CV
		9.88%, 04/06/16 (c) Reg S		4,933,500
		Trust F/1401
	1,588,000	5.25%, 12/15/24 144A		1,588,000
	3,214,000	6.95%, 01/30/44 144A		3,230,070
				11,091,980
Singapore: 0.1%
	584,000	Bakrie Telecom Pte Ltd.
		11.50%, 05/12/14 (c)(d) Reg S		86,140
United Arab Emirates: 4.6%
	800,000	Abu Dhabi National Energy Co.
		6.50%, 10/27/36 Reg S		948,080
	6,330,000	DP World Ltd.
		6.85%, 07/02/37 Reg S		6,877,545
				7,825,625
United States: 0.2%
EUR	200,000	Cemex Finance LLC
		5.25%, 04/01/17 (c) 144A		280,696
Venezuela: 12.5%
		Petroleos de Venezuela SA
USD	12,915,000	5.38%, 04/12/27 Reg S		6,909,525
	5,737,000	8.50%, 11/02/17 Reg S		4,819,080
	10,432,000	12.75%, 02/17/22 Reg S		9,493,120
				21,221,725
Vietnam: 3.9%
	3,134,000	Debt and Asset Trading Corp.
		1.00%, 04/25/14 (c) Reg S		1,598,340
		Vingroup JSC
	2,183,000	11.63%, 11/07/16 (c) Reg S		2,390,385
	2,366,000	11.63%, 11/07/16 (c) 144A		2,590,770
				6,579,495
Total Corporate Bonds (Cost: $84,184,398)				86,563,380
FOREIGN GOVERNMENT OBLIGATIONS: 47.0%
Argentina: 11.4%
		Argentina Bonar Bonds
	4,283,000	7.00%, 10/03/15		4,193,057
	5,191,000	7.00%, 04/17/17		4,827,630
EUR	7,169,500	Argentine Republic Government International Bond
		7.82%, 12/31/33		7,383,102
USD	2,267,000	Provincia de Buenos Aires,Argentina
		11.75%, 10/05/15 Reg S		2,238,663
	879,000	Provincia de Cordoba, Argentina
		12.38%, 08/17/17 Reg S		800,989
				19,443,441
Cayman Islands: 0.6%
	762,000	IPIC GMTN Ltd.
		6.88%, 11/01/41 Reg S		979,170
Colombia: 5.0%
	8,118,000	Colombia Government International Bond
		5.63%, 08/26/43 (c)		8,515,782
Guatemala: 0.5%
	947,000	Guatemala Government Bond
		4.88%, 02/13/28 Reg S		923,325
Indonesia: 3.0%
		Indonesian Government International Bonds
	758,000	5.88%, 01/15/24 144A		815,798
	3,884,000	6.75%, 01/15/44 144A		4,257,835
				5,073,633
Iraq: 3.0%
	5,688,000	Republic of Iraq
		5.80%, 05/26/14 (c) Reg S		5,048,100
Israel: 4.7%
ILS	26,040,000	Israel Government Bond
		4.25%, 03/31/23		8,060,267
Ivory Coast: 3.0%
USD	5,461,000	Ivory Coast Government International Bond
		5.75%, 12/31/32 (s) Reg S		5,160,645
Mexico: 3.6%
GBP	3,817,000	United Mexican States
		5.63%, 03/19/14		6,150,907
Netherlands: 2.8%
USD	4,277,000	Republic of Angola Via Northern Lights III BV
		7.00%, 08/16/19 Reg S		4,694,007
Nigeria: 4.9%
NGN	1,529,402,000	Nigeria Treasury Bill
		13.96%, 01/22/15 ^		8,251,265
Philippines: 2.9%
USD	4,575,000	Philippine Government International Bond
		5.00%, 01/13/37		5,003,906
Supranational: 1.5%
IDR	7,500,000,000	European Investment Bank
		6.00%, 04/22/14		663,512
		Inter-American Development Bank
	14,050,000,000	4.50%, 02/04/16		1,180,101
	7,110,000,000	6.50%, 06/04/14		626,204
				2,469,817
Vietnam: 0.1%
USD	181,450	Vietnam Government International Bond
		4.00%, 05/12/14 (c) (s)		164,193
Total Foreign Government Obligations (Cost: $75,977,806)				79,938,458
Number of Shares
MONEY MARKET FUND: 2.1% (Cost: $3,524,988)
	3,524,988	AIM Treasury Portfolio - Institutional Class		3,524,988
Total Investments: 100.1% (Cost: $163,687,192)				170,026,826
Liabilities in excess of other assets: (0.1)%				(160,586	)
NET ASSETS: 100.0%			$	169,866,240

EUR	Euro
GBP	British Pound
IDR	Indonesian Rupiah
ILS	Israeli Sheqel
NGN	Nigerian Naira
USD	United States Dollar
(c)	Callable Security - the redemption date shown is when the security may be redeemed by the issuer
(d)	Security in default
(f)	Floating Rate Bond - coupon reflects the rate in effect at the end of the reporting period
(s)	Step Bond - coupon increases periodically based upon a predetermined schedule. The rate shown reflects the rate in effect at the end of the reporting period
^	Zero Coupon Bond - the rate shown is the effective yield at purchase date
Reg S	Security was purchased pursuant to Regulation S under the Securities Act of 1933, which exempts from registration securities offered and sold outside of the United States. Such a security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration.
144A	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended, or otherwise restricted. These securities may be resold in transactions exempt from registration, unless otherwise noted, and the value amounted to $18,220,562, or 10.7% of net assets.

As of March 31, 2014, the fund had the following open forward foreign currency contracts:

Counterparty	Contracts to deliver		In Exchange For		Settlement Dates	Unrealized Depreciation
State Street Bank And Trust Company	USD	8,284,996	MXN	110,107,592	4/7/2014		145,558
State Street Bank And Trust Company	MXN	110,107,592	USD	8,244,672	4/7/2014		(185,881	)
Net unrealized depreciation on forward foreign currency contracts							(40,323	)

MXN	Mexican Peso
USD	United States Dollar

Summary of Investments	% of
by Sector (unaudited)	Investments		Value
Basic Materials	1.0	%	$	1,714,005
Communications	0.0			86,140
Consumer, Cyclical	2.9			4,933,500
Consumer, Non-cyclical	15.0			25,496,435
Energy	19.9			33,895,503
Financial	7.6			12,918,861
Funds	2.1			3,524,988
Government	47.0			79,938,458
Industrial	3.9			6,570,856
Utilities	0.6			948,080
	100.0	%	$	170,026,826

The summary of inputs used to value the Fund’s investments as of March 31, 2014 is as follows:

	Level 1 Quoted Prices		Level 2 Significant Observable Inputs			Level 3 Significant Unobservable Inputs		Value
Corporate Bonds*	$	—	$	86,563,380		$	—	$	86,563,380
Foreign Government Obligations*		—		79,938,458			—		79,938,458
Money Market Fund		3,524,988		—			—		3,524,988
Total	$	3,524,988	$	166,501,838		$	—	$	170,026,826
Other Financial Instruments:
Forward Foreign Currency Contracts	$	—	$	(40,323	)	$	—	$	(40,323	)

* See Schedule of Investments for security type and geographic country breakouts.

See Notes to Schedules of Investments

VAN ECK FUNDS

NOTES TO SCHEDULES OF INVESTMENTS

Security Valuation—The Funds value their investments in securities and other assets and liabilities carried at fair value daily. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Securities traded on national exchanges or traded on the NASDAQ National Market System are valued at the last sales price as reported at the close of each business day. Securities traded on the NASDAQ Stock Market are valued at the NASDAQ official closing price. Over-the-counter securities not included in the NASDAQ National Market System and listed securities for which no sale was reported are valued at the mean of the bid and ask prices. To the extent these securities are actively traded they are categorized as Level 1 in the fair value hierarchy (as described below). Certain foreign securities, whose values may be affected by market direction or events occurring before the Funds’ pricing time (4:00 p.m. Eastern Standard Time) but after the last close of the securities’ primary market, are fair valued using a pricing service and are categorized as Level 2 in the fair value hierarchy. The pricing service, using methods approved by the Board of Trustees, considers the correlation of the trading patterns of the foreign security to intraday trading in the U.S. markets, based on indices of domestic securities and other appropriate indicators such as prices of relevant ADR’s and futures contracts. The Funds may also fair value securities in other situations, such as, when a particular foreign market is closed but the Fund is open. Bonds and notes are fair valued by a pricing service which utilizes models that incorporate observable data such as sales of similar securities, broker quotes, yields, bids, offers and reference data and are categorized as Level 2 in the fair value hierarchy. Short-term obligations with more than sixty days remaining to maturity are valued at market value. Short-term obligations with sixty days or less to maturity are valued at amortized cost, which with accrued interest approximates fair value. Closed-end publicly listed fund investments are valued at the official market closing price and are categorized as Level 1 in the fair value hierarchy. Open-end mutual fund investments (including money market funds) are valued at their closing net asset value each business day and are categorized as Level 1 in the fair value hierarchy. Swap contracts are marked to market daily using either pricing vendor quotations, counterparty prices or model prices and the net change in value, if any, is regarded as an unrealized gain or loss and is categorized as Level 2 in the fair value hierarchy. Futures contracts are valued using the closing price reported at the close of the respective exchange and are categorized as Level 1 in the fair value hierarchy. Forward foreign currency contracts are valued at the spot currency rate plus an amount (“points”), which reflects the differences in interest rates between the U.S. and foreign markets and is categorized as Level 2 in the fair value hierarchy. Securities for which quotations are not available are stated at fair value as determined by the Pricing Committee appointed by the Board of Trustees. The Pricing Committee provides oversight of the Funds’ valuation policies and procedures, which are approved by the Funds’ Board of Trustees.  Among other things, these procedures allow the Funds to utilize independent pricing services, quotations from securities dealers, and other market sources to determine fair value.  The Pricing Committee convenes regularly to review the fair value of financial instruments for which market prices are not readily available. The Pricing Committee employs various methods for calibrating the valuation approaches utilized to determine fair value, including a regular review of key inputs and assumptions, transactional back-testing and disposition analysis.

Certain factors such as economic conditions, political events, market trends, the nature of and duration of any restrictions on disposition, trading in similar securities of the issuer or comparable issuers and security specific information are used to determine the fair value of these securities. Depending on the relative significance of valuation inputs, these securities may be classified either as Level 2 or Level 3 in the fair value hierarchy. The price which the Funds may realize upon sale of an investment may differ materially from the value presented in the Schedule of Investments.

The Funds utilize various methods to measure the fair value of its investments on a recurring basis which includes a hierarchy that prioritizes inputs to valuation methods used to measure fair value. The fair hierarchy gives highest priority to unadjusted quoted prices in active markets for identical assets and liabilities (Level 1 measurements) and the lowest priority to unobservable inputs (Level 3 measurements). The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. The transfers between levels of the fair value hierarchy assume the financial instruments were transferred at the beginning of the reporting period. The three levels of the fair value hierarchy are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 - Significant unobservable inputs (including each Fund’s own assumptions in determining the fair value of investments).

A summary of the inputs, the levels used to value each Fund’s investments, and transfers between levels are located in the Schedules of Investments. Additionally, tables that reconcile the valuation of each Fund’s Level 3 investments, and that present additional information about the valuation methodologies and unobservable inputs into those Level 3 investments, if applicable, are located in the Schedules of Investments.

Basis for Consolidation—The Commodities Series Fund I Subsidiary and the Gold Series Fund I Subsidiary (the “Subsidiaries”), both Cayman Islands exempted companies, were incorporated on June 26, 2009 and November 7, 2011, respectively. Commodity Series Fund I Subsidiary and the Gold Series Fund I Subsidiary are currently wholly-owned subsidiaries of the CM Commodity Index Fund and International Investors Gold Fund, respectively. The Subsidiaries act as investment vehicles for the CM Commodity Index Fund and International Investors Gold Fund in order to effect certain investments on behalf of the Funds.

Income Taxes – As of March 31, 2014, for Federal income tax purposes, the identified cost of investments owned, net unrealized appreciation (depreciation), gross unrealized appreciation, and gross unrealized depreciation of investments were as follows:

Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation)
CM Commodity Index Fund	$	314,964,542	$	12,924	$	(14,521,710	)	$	(14,508,786	)
Emerging Markets Fund		164,132,571		31,811,938		(8,088,599	)		23,723,339
Global Hard Assets Fund		3,304,934,960		1,054,208,520		(234,372,006	)		819,836,514
International Investors Gold Fund		765,608,251		181,334,185		(239,393,270	)		(58,059,085	)
Long/Short Equity Fund		4,347,445		5,869		(22,727	)		(16,858	)
Multi-Manager Alternatives Fund		38,260,157		3,376,801		(2,113,404	)		1,263,397
Unconstrained Emerging Markets Bond Fund		164,035,557		7,146,161		(1,154,892	)		5,991,269

ITEM 2. Controls and Procedures.
(a)	The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3 (c))) are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15 (b)).
(b)	There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 3. Exhibits.

Certifications of principal executive officer and principal financial officer as required by Rule 30a-2(a) under the Investment Company Act of 1940 are attached as Exhibit 99.CERT

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

(Registrant) Van Eck Funds

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck Funds

Date: May 28, 2014

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By Jan F. van Eck, Chief Executive Officer, Van Eck Funds

Date: May 28, 2014

By John J. Crimmins, Treasurer & Chief Financial Officer, Van Eck Funds

Date: May 28, 2014