Optimum Fixed Income Fund NCSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT

INVESTMENT COMPANIES

Investment Company Act file number:		811-21335

Exact name of registrant as specified in charter:		Optimum Fund Trust

Address of principal executive offices:		2005 Market Street
		Philadelphia, PA 19103

Name and address of agent for service:		David F. Connor, Esq.
		2005 Market Street
		Philadelphia, PA 19103

Registrant’s telephone number, including area code:		(800) 523-1918

Date of fiscal year end:		March 31

Date of reporting period:		September 30, 2011

Item 1. Reports to Stockholders


	Optimum Fixed Income Fund

	Optimum International Fund

	Optimum Large Cap Growth Fund

	Optimum Large Cap Value Fund

	Optimum Small-Mid Cap Growth Fund

	Optimum Small-Mid Cap Value Fund


	Semiannual Report
	September 30, 2011

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and, if available, their summary prospectuses, which may be obtained by visiting www.optimummutualfunds.com or calling 800 914-0278. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

Table of contents

Disclosure of Fund expenses	1
Security type/sector/country allocations
and top 10 equity holdings	3
Financial statements
Statements of net assets	7
Statements of assets and liabilities	50
Statements of operations	51
Statements of changes in net assets	52
Financial highlights	55
Notes to financial statements	79
Other Fund information	96
About the organization	100

Investments in Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

Unless otherwise noted, the views expressed in this report are as of Sept. 30, 2011, and are subject to change at any time. Holdings are as of the date indicated and subject to change.

Funds are not FDIC insured and are not guaranteed. It is possible to lose the principal amount invested.

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds’ distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

All third-party trademarks cited are the property of their respective owners.

Disclosure of Fund expenses

For the six-month period from April 1, 2011 to September 30, 2011

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2011 to September 30, 2011.

Actual Expenses

The first section of the tables shown, “Actual Fund Return,” provides information about actual account values and actual expenses. You may use the information in this section of the table, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first section under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second section of the tables shown, “Hypothetical 5% Return,” provides information about hypothetical account values and hypothetical expenses based on the Funds’ actual expense ratios and an assumed rate of return of 5% per year before expenses, which is not the Funds’ actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the tables are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as sales charges (loads), redemption fees, or exchange fees. Therefore, the second section of each table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher. The Funds’ expenses shown in the tables reflect fee waivers in effect. The expenses shown in each table assume reinvestment of all dividends and distributions.

Optimum Fixed Income Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$1,036.60	1.35%		$ 6.87
Class B	1,000.00	1,034.00	2.00%		10.17
Class C	1,000.00	1,034.00	2.00%		10.17
Institutional Class	1,000.00	1,038.50	1.00%		5.10
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,018.25	1.35%		$ 6.81
Class B	1,000.00	1,015.00	2.00%		10.08
Class C	1,000.00	1,015.00	2.00%		10.08
Institutional Class	1,000.00	1,020.00	1.00%		5.05

Optimum International Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$836.70	1.75%		$ 8.04
Class B	1,000.00	833.40	2.40%		11.00
Class C	1,000.00	833.50	2.40%		11.00
Institutional Class	1,000.00	838.20	1.40%		6.43
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,016.25	1.75%		$ 8.82
Class B	1,000.00	1,013.00	2.40%		12.08
Class C	1,000.00	1,013.00	2.40%		12.08
Institutional Class	1,000.00	1,018.00	1.40%		7.06

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

(continues) 1

Disclosure of Fund expenses

Optimum Large Cap Growth Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$843.90	1.62%	$	7.47
Class B	1,000.00	840.90	2.27%		10.45
Class C	1,000.00	840.10	2.27%		10.44
Institutional Class	1,000.00	844.80	1.27%		5.86
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,016.90	1.62%	$	8.17
Class B	1,000.00	1,013.65	2.27%		11.43
Class C	1,000.00	1,013.65	2.27%		11.43
Institutional Class	1,000.00	1,018.65	1.27%		6.41

Optimum Large Cap Value Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$852.40	1.58%	$	7.32
Class B	1,000.00	849.30	2.23%		10.31
Class C	1,000.00	849.30	2.23%		10.31
Institutional Class	1,000.00	853.10	1.23%		5.70
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,017.10	1.58%	$	7.97
Class B	1,000.00	1,013.85	2.23%		11.23
Class C	1,000.00	1,013.85	2.23%		11.23
Institutional Class	1,000.00	1,018.85	1.23%		6.21

Optimum Small-Mid Cap Growth Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$788.60	1.90%	$	8.50
Class B	1,000.00	786.40	2.55%		11.39
Class C	1,000.00	785.70	2.55%		11.38
Institutional Class	1,000.00	789.90	1.55%		6.94
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,015.50	1.90%	$	9.57
Class B	1,000.00	1,012.25	2.55%		12.83
Class C	1,000.00	1,012.25	2.55%		12.83
Institutional Class	1,000.00	1,017.25	1.55%		7.82

Optimum Small-Mid Cap Value Fund
Expense Analysis of an Investment of $1,000

				Expenses
	Beginning	Ending		Paid During
	Account	Account	Annualized	Period
	Value	Value	Expense	4/1/11 to
	4/1/11	9/30/11	Ratio	9/30/11*
Actual Fund Return
Class A	$1,000.00	$756.50	1.80%	$	7.90
Class B	1,000.00	753.80	2.45%		10.74
Class C	1,000.00	754.40	2.45%		10.75
Institutional Class	1,000.00	757.70	1.45%		6.37
Hypothetical 5% Return (5% return before expenses)
Class A	$1,000.00	$1,016.00	1.80%	$	9.07
Class B	1,000.00	1,012.75	2.45%		12.33
Class C	1,000.00	1,012.75	2.45%		12.33
Institutional Class	1,000.00	1,017.75	1.45%		7.31

Security type/sector allocations

Optimum Fixed Income Fund
As of September 30, 2011

Sector designations may be different than the sector designations presented in other Fund materials. The sector designations may represent the investment manager or sub-adviser’s internal sector classifications, which may result in the sector designations for one fund being different than another fund’s sector designations.

	Percentage
Security type/sector	of Net Assets
Agency Collateralized Mortgage Obligations		9.65%
Agency Mortgage-Backed Securities		7.24%
Collateralized Debt Obligation		0.12%
Commercial Mortgage-Backed Securities		2.72%
Convertible Bonds		0.94%
Corporate Bonds		36.10%
Banking		7.67%
Basic Industry		3.37%
Brokerage		0.91%
Capital Goods		1.03%
Communications		3.44%
Consumer Cyclical		2.32%
Consumer Non-Cyclical		3.44%
Electric		2.96%
Energy		2.45%
Finance Companies		2.30%
Insurance		1.20%
Natural Gas		2.04%
Real Estate		1.13%
Technology		0.90%
Transportation		0.94%
Municipal Bonds		0.74%
Non-Agency Asset-Backed Securities		0.86%
Non-Agency Collateralized Mortgage Obligations		4.72%
Regional Bonds		1.60%
Securities Sold Short		(0.97%	)
Senior Secured Loans		1.74%
Sovereign Bonds		12.13%
Supranational Banks		0.22%
U.S. Treasury Obligations		7.92%
Common Stock		0.00%
Convertible Preferred Stock		0.10%
Preferred Stock		0.18%
Warrant		0.00%
Short-Term Investments		14.05%
Securities Lending Collateral		2.61%
Total Value of Securities		102.67%
Obligation to Return Securities Lending Collateral		(2.71%	)
Receivables and Other Assets Net of Other Liabilities		0.04%
Total Net Assets		100.00%

(continues) 3

Security type/country/sector allocations

Optimum International Fund
As of September 30, 2011

	Percentage
Security type/country	of Net Assets
Common Stock by Country		95.62%
Australia		4.83%
Austria		0.04%
Belgium		0.50%
Bermuda		0.28%
Brazil		0.66%
Canada		2.55%
China/Hong Kong		2.78%
Colombia		0.20%
Denmark		0.17%
France		9.99%
Germany		6.10%
Gibraltar		0.04%
India		0.54%
Indonesia		0.18%
Ireland		1.35%
Israel		1.30%
Italy		2.68%
Japan		17.68%
Luxembourg		0.20%
Mexico		0.49%
Netherlands		4.91%
Norway		0.49%
Republic of Korea		1.49%
Singapore		3.07%
South Africa		0.40%
Spain		4.17%
Switzerland		6.24%
Taiwan		1.84%
Thailand		0.25%
United Kingdom		20.02%
United States		0.18%
Exchange-Traded Fund		0.77%
Preferred Stock		0.89%
Short-Term Investments		1.59%
Securities Lending Collateral		8.19%
Total Value of Securities		107.06%
Obligation to Return Securities Lending Collateral		(8.44%	)
Receivables and Other Assets Net of Other Liabilities		1.38%
Total Net Assets		100.00%

Common Stock, Exchange-Traded Fund	Percentage
and Preferred Stock by Sector	of Net Assets
Automobiles & Components		2.76%
Banking & Finance		11.12%
Capital Goods		3.08%
Consumer Durables & Apparel		1.95%
Consumer Services		1.67%
Energy		10.97%
Food & Staples Retailing		12.51%
Food, Beverage & Tobacco		4.21%
Insurance		6.98%
Materials		4.79%
Media		1.71%
Pharmaceuticals & Biotechnology		12.04%
Real Estate		1.13%
Semiconductors		2.54%
Technology & Equipment		3.32%
Telecommunication Services		11.37%
Transportation & Shipping		0.90%
Utilities		4.23%
Total		97.28%

Security type/sector allocations and
top 10 equity holdings

Optimum Large Cap Growth Fund
As of September 30, 2011
	Percentage
Security type/sector	of Net Assets
Common Stock²		95.46%
Consumer Discretionary		25.33%
Consumer Staples		4.79%
Energy		7.48%
Financial Services		6.74%
Healthcare		9.23%
Materials & Processing		6.21%
Producer Durables		10.63%
Technology		25.05%
Convertible Bond		0.04%
Convertible Preferred Stock		0.04%
Exchange-Traded Fund		0.20%
Preferred Stock		0.17%
Short-Term Investments		3.45%
Securities Lending Collateral		6.78%
Total Value of Securities		106.14%
Obligation to Return Securities Lending Collateral		(6.94%	)
Receivables and Other Assets Net of Other Liabilities		0.80%
Total Net Assets		100.00%

²Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Apple		6.68%
Amazon.com		3.05%
Google Class A		2.54%
priceline.com		1.59%
Praxair		1.58%
QUALCOMM		1.53%
Baidu ADR		1.51%
McDonald’s		1.47%
NIKE Class B		1.45%
Oracle		1.45%

Optimum Large Cap Value Fund
As of September 30, 2011

	Percentage
Security type/sector	of Net Assets
Common Stock		98.16%
Consumer Discretionary		12.20%
Consumer Staples		12.30%
Energy		12.47%
Financials		18.53%
Healthcare		13.29%
Industrials		9.83%
Information Technology		11.71%
Materials		3.29%
Telecommunications		3.56%
Utilities		0.98%
Convertible Preferred Stock		0.09%
Short-Term Investments		1.70%
Securities Lending Collateral		11.92%
Total Value of Securities		111.87%
Obligation to Return Securities Lending Collateral		(12.09%	)
Receivables and Other Assets Net of Other Liabilities		0.22%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Philip Morris International		3.00%
Lockheed Martin		2.92%
Exxon Mobil		2.74%
International Business Machines		2.44%
Chevron		2.23%
TJX		2.12%
Accenture Class A		2.04%
PepsiCo		1.88%
Copa Holdings Class A		1.83%
Altria Group		1.77%

(continues) 5

Security type/sector allocations and
top 10 equity holdings

Optimum Small-Mid Cap Growth Fund
As of September 30, 2011

	Percentage
Security type/sector	of Net Assets
Common Stock		97.08%
Consumer Discretionary		21.29%
Consumer Staples		3.55%
Energy		6.01%
Financial Services		8.24%
Healthcare		15.95%
Materials & Processing		2.93%
Producer Durables		17.05%
Technology		20.78%
Utilities		1.28%
Warrant		0.00%
Short-Term Investments		2.94%
Securities Lending Collateral		24.09%
Total Value of Securities		124.11%
Obligation to Return Securities Lending Collateral		(24.27%)
Receivables and Other Assets Net of Other Liabilities		0.16%
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Green Mountain Coffee Roasters		1.77%
Mettler-Toledo International		1.32%
Atwood Oceanics		1.30%
Gen-Probe		1.19%
Diamond Foods		1.15%
Nordson		1.11%
Cadence Design Systems		1.08%
Jabil Circuit		1.06%
Corrections Corp. of America		1.02%
Shutterfly		1.01%

Optimum Small-Mid Cap Value Fund
As of September 30, 2011

	Percentage
Security type/sector	of Net Assets
Common Stock		93.73%
Basic Industry		20.97%
Business Services		3.59%
Capital Spending		11.53%
Consumer Cyclical		7.64%
Consumer Services		6.64%
Consumer Staples		3.30%
Energy		5.75%
Financial Services		11.37%
Healthcare		3.18%
Real Estate		1.52%
Technology		15.79%
Transportation		0.89%
Utilities		1.56%
Short-Term Investments		6.56%
Securities Lending Collateral		17.17%
Total Value of Securities		117.46%
Obligation to Return Securities Lending Collateral		(17.28%	)
Other Liabilities Net of Receivables and Other Assets		(0.18%	)
Total Net Assets		100.00%

Holdings are for informational purposes only and are subject to change at any time. They are not a recommendation to buy, sell, or hold any security.

	Percentage
Top 10 Equity Holdings	of Net Assets
Hubbell Class B		1.27%
Plexus		1.22%
Kennametal		1.18%
Flextronics International		1.13%
Sanderson Farms		1.05%
Albany International		1.02%
CareFusion		0.97%
Tyco International		0.96%
Dover		0.95%
Collective Brands		0.94%

Statements of net assets

Optimum Fixed Income Fund
September 30, 2011 (Unaudited)

			Principal		Value
			Amount°		(U.S. $)
Agency Collateralized Mortgage Obligations – 9.65%
	Fannie Mae Grantor Trust
	•	Series 1999-T2 A1
		7.50% 1/19/39	USD	22,192	$	25,129
		Series 2001-T8 A2
		9.50% 7/25/41		10,558		12,584
		Series 2002-T4 A3
		7.50% 12/25/41		77,854		91,456
		Series 2004-T1 1A2
		6.50% 1/25/44		22,628		25,559
	Fannie Mae REMICs
		Series 1996-46 ZA
		7.50% 11/25/26		18,964		21,453
		Series 1999-19 PH
		6.00% 5/25/29		453,703		509,276
		Series 2001-14 Z
		6.00% 5/25/31		33,667		38,187
		Series 2002-90 A1
		6.50% 6/25/42		16,169		18,817
		Series 2002-90 A2
		6.50% 11/25/42		59,499		67,810
		Series 2003-26 AT
		5.00% 11/25/32		1,142,365		1,223,683
		Series 2003-122 AJ
		4.50% 2/25/28		49,340		50,674
		Series 2005-22 HE
		5.00% 10/25/33		740,000		807,191
		Series 2005-29 QD
		5.00% 8/25/33		816,000		889,722
		Series 2005-54 AK
		4.50% 9/25/32		290,327		300,358
		Series 2005-94 YD
		4.50% 8/25/33		1,480,000		1,597,870
		Series 2005-110 MB
		5.50% 9/25/35		422,168		469,211
	@^	Series 2007-30 OE
		2.580% 4/25/37		8,967,014		7,678,468
		Series 2008-24 ZA
		5.00% 4/25/38		17,862,198		20,230,721
	@•	Series 2009-2 AS
		5.465% 2/25/39		15,347,242		1,698,353
	@•	Series 2009-68 SA
		6.515% 9/25/39		1,985,822		322,411
		Series 2009-94 AC
		5.00% 11/25/39		400,000		455,216
		Series 2010-41 PN
		4.50% 4/25/40		475,000		528,115
		Series 2010-96 DC
		4.00% 9/25/25		900,000		967,022
	•	Series 2010-123 FE
		0.715% 11/25/40		10,771,391		10,780,977
	Fannie Mae Whole Loan
		Series 2004-W4 A5
		5.50% 6/25/34		3,000,000		3,345,469
		Series 2004-W9 2A1
		6.50% 2/25/44		35,219		39,333
		Series 2004-W11 1A2
		6.50% 5/25/44		108,846		124,352
		Series 2004-W15 1A1
		6.00% 8/25/44		163,736		182,054
	Freddie Mac REMICs
		Series 1730 Z
		7.00% 5/15/24		116,893		134,127
		Series 2165 PE
		6.00% 6/15/29		476,286		541,559
		Series 2326 ZQ
		6.50% 6/15/31		209,095		242,119
		Series 2557 WE
		5.00% 1/15/18		732,415		804,660
		Series 2662 MA
		4.50% 10/15/31		33,908		34,562
		Series 2755 LE
		4.00% 9/15/30		557,000		573,087
		Series 2762 LG
		5.00% 9/15/32		2,000,000		2,147,797
		Series 2802 NE
		5.00% 2/15/33		700,000		754,759
		Series 2827 TE
		5.00% 4/15/33		1,335,000		1,451,570
		Series 2840 OE
		5.00% 2/15/33		1,800,000		1,937,863
		Series 2864 PE
		5.00% 6/15/33		1,095,000		1,183,220
		Series 2869 BG
		5.00% 7/15/33		224,000		240,097
		Series 2881 TE
		5.00% 7/15/33		1,080,000		1,159,524
		Series 2889 OG
		5.00% 5/15/33		117,000		125,655
		Series 2890 PC
		5.00% 7/15/30		265,000		271,363
		Series 2890 PD
		5.00% 3/15/33		1,265,000		1,368,961
		Series 2893 PD
		5.00% 2/15/33		65,000		70,606
		Series 2915 KD
		5.00% 9/15/33		447,000		484,772
		Series 2938 ND
		5.00% 10/15/33		1,050,000		1,134,273
		Series 2939 PD
		5.00% 7/15/33		665,000		717,307
		Series 2941 XD
		5.00% 5/15/33		2,690,000		2,895,369
		Series 2987 KG
		5.00% 12/15/34		1,430,000		1,564,665
		Series 3022 MB
		5.00% 12/15/28		119,391		121,013
		Series 3131 MC
		5.50% 4/15/33		445,000		480,128

(continues) 7

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac REMICs (continued)
		Series 3143 BC
		5.50% 2/15/36	USD	8,000,000	$	9,144,930
		Series 3145 LN
		4.50% 10/15/34		917,072		973,762
	@•	Series 3289 SA
		6.521% 3/15/37		5,188,838		687,493
		Series 3337 PB
		5.50% 7/15/30		317,814		320,376
		Series 3476 Z
		5.50% 7/15/38		11,897,804		13,610,470
		Series 3626 MA
		5.00% 2/15/30		2,938,591		3,085,947
		Series 3656 PM
		5.00% 4/15/40		770,000		877,082
w	Freddie Mac Structured Pass
		Through Securities
		Series T-54 2A
		6.50% 2/25/43		28,044		31,286
		Series T-58 2A
		6.50% 9/25/43		14,930		17,288
	GNMA
	@•	Series 2007-64 AI
		6.20% 10/20/37		18,488,194		2,512,941
	@•	Series 2008-65 SB
		5.70% 8/20/38		6,571,918		794,255
	@•	Series 2009-2 SE
		5.90% 1/20/39		17,064,467		1,998,747
		Series 2010-113 KE
		4.50% 9/20/40		1,170,000		1,300,478
	NCUA Guaranteed Notes
		Series 2010-C1 A2
		2.90% 10/29/20		390,000		408,715
Total Agency Collateralized
	Mortgage Obligations
	(cost $96,328,421)					108,704,297

Agency Mortgage-Backed Securities – 7.24%
	Fannie Mae
		5.50% 1/1/13		29,402		30,108
		5.50% 3/1/37		292,123		313,366
		5.50% 7/1/37		978,646		1,049,812
		6.50% 8/1/17		45,090		49,376
•	Fannie Mae ARM
		2.40% 10/1/33		33,500		34,521
		4.998% 8/1/35		64,849		69,268
		5.138% 11/1/35		229,050		243,202
		5.83% 7/1/37		352,193		374,840
		5.967% 8/1/37		331,308		359,311
	Fannie Mae Relocation 30 yr
		5.00% 11/1/33		13,258		14,140
		5.00% 1/1/34		48,761		52,006
		5.00% 2/1/34		26,106		27,843
		5.00% 8/1/34		24,504		26,135
		5.00% 11/1/34		84,701		90,337
		5.00% 4/1/35		101,605		108,366
		5.00% 10/1/35		84,665		90,299
		5.00% 1/1/36		215,325		229,653
	Fannie Mae S.F. 15 yr
		4.00% 7/1/25		1,747,210		1,845,114
		4.00% 8/1/25		2,372,053		2,504,970
		4.00% 11/1/25		2,583,718		2,749,488
		4.50% 8/1/18		373,262		399,835
		4.50% 7/1/20		908,643		973,614
		5.00% 5/1/21		105,283		113,913
	Fannie Mae S.F. 15 yr TBA
		3.50% 10/1/26		5,635,000		5,883,292
	Fannie Mae S.F. 20 yr
		5.50% 7/1/24		408,286		446,908
		5.50% 10/1/24		122,428		134,008
		5.50% 12/1/24		404,513		442,777
		5.50% 8/1/28		1,835,153		1,993,836
	Fannie Mae S.F. 30 yr
		4.00% 7/1/40		1,433,713		1,503,620
		4.00% 10/1/40		176,057		184,767
		4.50% 3/1/39		292,117		310,480
		5.00% 12/1/36		278,673		300,874
		5.00% 12/1/37		193,872		208,924
		5.00% 2/1/38		152,653		164,386
		5.00% 7/1/40		1,332,233		1,435,453
		5.50% 12/1/32		195,488		213,613
		5.50% 7/1/33		635,265		694,364
		5.50% 12/1/33		115,341		126,072
		5.50% 4/1/34		1,509,094		1,649,954
		5.50% 5/1/34		460,938		503,819
		5.50% 6/1/34		582,448		636,270
		5.50% 7/1/34		942,295		1,029,369
		5.50% 2/1/35		2,842,489		3,127,969
		5.50% 9/1/36		1,447,891		1,584,543
		6.00% 8/1/38		862,033		946,943
		6.50% 11/1/33		21,273		23,884
		6.50% 2/1/36		421,389		470,836
		6.50% 3/1/36		666,031		743,353
		6.50% 6/1/36		815,563		910,572
		6.50% 2/1/38		959,864		1,066,599
		7.00% 2/1/38		203,194		233,265
		7.00% 3/1/38		484,537		556,244
		7.50% 3/1/32		1,257		1,474
		7.50% 4/1/32		4,877		5,719
		7.50% 6/1/32		2,069		2,426
	Fannie Mae S.F. 30 yr TBA
		3.50% 10/1/41		2,755,000		2,830,332
		3.50% 12/1/41		5,380,000		5,493,485
		4.00% 10/1/41		3,205,000		3,359,241
		5.50% 10/1/41		8,135,000		8,827,607
		6.00% 10/1/41		15,750,000		17,275,781

			Principal		Value
			Amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
•	Freddie Mac ARM
		2.467% 12/1/33	USD	94,788	$	98,750
		2.514% 7/1/36		139,437		147,028
		2.851% 4/1/34		6,004		6,330
		5.498% 2/1/38		785,380		848,900
		5.714% 5/1/37		588,427		625,838
	Freddie Mac Relocation 30 yr
		5.00% 9/1/33		1,757		1,872
	Freddie Mac S.F. 15 yr
		4.50% 5/1/20		475,004		508,071
		5.00% 6/1/18		168,915		181,047
	Freddie Mac S.F. 20 yr
		5.50% 10/1/23		308,631		337,247
		5.50% 8/1/24		72,428		79,144
	Freddie Mac S.F. 30 yr
		5.00% 7/1/38		339,693		364,749
		6.50% 11/1/33		52,252		58,840
		6.50% 1/1/35		265,714		299,659
		6.50% 8/1/38		162,620		180,684
		7.00% 1/1/38		185,323		213,084
	GNMA I S.F. 30 yr
		7.00% 12/15/34		458,356		523,356
	GNMA II 6.00% 4/20/34			24,492		27,477
Total Agency Mortgage-
	Backed Securities
	(cost $79,033,489)					81,574,652

Collateralized Debt Obligation – 0.12%
@•#	Landmark CDO
		Series 2005-1A A1L 144A
		0.626% 6/1/17		1,436,523		1,376,951
Total Collateralized
	Debt Obligation
	(cost $1,377,017)					1,376,951

Commercial Mortgage-Backed Securities – 2.72%
#	American Tower Trust
		Series 2007-1A AFX 144A
		5.42% 4/15/37		420,000		448,553
	BAML Commercial Mortgage
	•	Series 2004-3 A5
		5.73% 6/10/39		383,594		412,990
	•	Series 2005-1 A5
		5.33% 11/10/42		1,620,000		1,757,787
	•	Series 2005-6 A4
		5.367% 9/10/47		1,615,000		1,776,153
		Series 2006-4 A4
		5.634% 7/10/46		1,070,000		1,157,760
•#	Bank of America Large Loan
		Series 2009-UB2 A4AA
		144A 5.805% 2/24/51		2,200,000		2,381,809
	Bear Stearns Commercial
		Mortgage Securities
	•	Series 2005-PW10 A4
		5.405% 12/11/40		540,000		584,024
	•	Series 2005-T20 A4A
		5.295% 10/12/42		990,000		1,087,726
	•	Series 2006-PW12 A4
		5.903% 9/11/38		895,000		982,618
		Series 2007-PW15 A4
		5.331% 2/11/44		630,000		649,907
#	CFCRE Commercial
		Mortgage Trust
		Series 2011-C1 A2 144A
		3.759% 4/15/44		320,000		324,697
•	Citigroup/Deutsche Bank
		Commercial Mortgage
		Trust Series 2005-CD1 A4
		5.398% 7/15/44		400,000		434,009
w	Commercial Mortgage
		Pass Through Certificates
	•	Series 2005-C6 A5A
		5.116% 6/10/44		550,000		595,536
		Series 2006-C7 A2
		5.69% 6/10/46		35,336		35,312
	#	Series 2010-C1 A1 144A
		3.156% 7/10/46		510,847		515,290
•	Credit Suisse Mortgage
		Capital Certificates
		Series 2006-C1 AAB
		5.595% 2/15/39		122,152		127,500
	#	Series 2010-UD1 A 144A
		5.95% 12/18/49		2,200,000		2,451,285
•#	DBUBS Mortgage Trust
		Series 2011-LC1A C 144A
		5.728% 11/10/46		245,000		216,477
	Goldman Sachs Mortgage
		Securities II
	*•	Series 2004-GG2 A6
		5.396% 8/10/38		570,000		605,856
		Series 2005-GG4 A4
		4.761% 7/10/39		822,500		866,763
		Series 2005-GG4 A4A
		4.751% 7/10/39		1,215,000		1,289,430
	•	Series 2006-GG6 A4
		5.553% 4/10/38		900,000		955,324
	•#	Series 2007-GG10 J 144A
		5.984% 8/10/45		1,956,000		391
	#	Series 2010-C1 A2 144A
		4.592% 9/1/40		915,000		948,237
	•#	Series 2010-C1 C 144A
		5.635% 8/10/43		995,000		880,097
•	Greenwich Capital
		Commercial Funding
		Series 2005-GG5 A5
		5.224% 4/10/37		1,155,000		1,226,166
		Series 2006-GG7 A4
		6.074% 7/10/38		1,140,000		1,227,464

(continues) 9

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Commercial Mortgage-Backed Securities (continued)
	JPMorgan Chase Commercial
		Mortgage Securities
	•	Series 2005-LDP5 A4
		5.372% 12/15/44	USD	750,000	$	821,795
		Series 2007-LDPX A3
		5.42% 1/15/49		1,140,000		1,181,985
	LB-UBS Commercial
		Mortgage Trust
		Series 2004-C1 A4
		4.568% 1/15/31		720,000		753,523
•	Morgan Stanley Capital
		I Series 2007-T27 A4
		5.795% 6/11/42		1,740,000		1,943,790
•#	Morgan Stanley Dean
		Witter Capital I
		Series 2001-TOP1 E 144A
		7.685% 2/15/33		100,000		99,549
#	OBP Depositor Trust
		Series 2010-OBP A 144A
		4.646% 7/15/45		585,000		621,198
#	Timberstar Trust
		Series 2006-1A A 144A
		5.668% 10/15/36		515,000		575,417
#	WF-RBS Commercial
		Mortgage Trust
		Series 2011-C3 A4 144A
		4.375% 3/15/44		730,000		737,518
Total Commercial Mortgage-
	Backed Securities
	(cost $30,458,862)					30,673,936

Convertible Bonds – 0.94%
	AAR 1.75%
		exercise price $29.27,
		expiration date 1/1/26		275,000		266,063
	Advanced Micro
		Devices 6.00%
		exercise price $28.08,
		expiration date 4/30/15		226,000		222,045
#	Alaska Communications
		Systems Group
		144A 6.25%
		exercise price $10.28,
		expiration date 4/27/18		288,000		259,560
	Alcatel-Lucent USA 2.875%
		exercise price $15.35,
		expiration date 6/15/25		415,000		385,431
	Alere 3.00%
		exercise price $43.98,
		expiration date 5/15/16		233,000		203,875
#	Altra Holdings 144A 2.75%
		exercise price $27.70,
		expiration date 2/27/31		125,000		96,406
*#	Ares Capital 144A 5.75%
		exercise price $19.13,
		expiration date 2/1/16		205,000		197,313
Φ	ArvinMeritor 4.00%
		exercise price $26.73,
		expiration date 2/15/27		377,000		258,716
#	BGC Partners 144A 4.50%
		exercise price $9.84,
		expiration date 7/13/16		114,000		103,170
	Chesapeake Energy 2.25%
		exercise price $85.89,
		expiration date 12/15/38		264,000		225,390
*#	Clearwire Communications
		144A 8.25%
		exercise price $7.08,
		expiration date 11/30/40		175,000		86,188
	Dendreon 2.875%
		exercise price $51.24,
		expiration date 1/13/16		109,000		78,753
	Equinix 4.75%
		exercise price $84.32,
		expiration date 6/15/16		264,000		339,900
	Euronet Worldwide 3.50%
		exercise price $40.48,
		expiration date 10/15/25		219,000		217,905
#	Gaylord Entertainment
		144A 3.75%
		exercise price $27.25,
		expiration date 9/29/14		275,000		279,813
Φ	General Cable 4.50%
		exercise price $36.75,
		expiration date 11/15/29		152,000		137,560
	Health Care REIT 3.00%
		exercise price $51.16,
		expiration date 11/30/29		343,000		364,009
Φ	Hologic 2.00%
		exercise price $38.59,
		expiration date 12/15/37		738,000		694,642
#	Home Inns & Hotels
		Management 144A 2.00%
		exercise price $49.37,
		expiration date 12/15/15		94,000		71,440
	Intel 2.95%
		exercise price $30.36,
		expiration date 12/15/35		300,000		305,625
	James River Coal 4.50%
		exercise price $25.78,
		expiration date 12/1/15		145,000		110,925
	Jefferies Group 3.875%
		exercise price $38.35,
		expiration date 11/1/29		367,000		337,181
	L-3 Communications
		Holdings 3.00%
		exercise price $97.79,
		expiration date 8/1/35		181,000		172,855

			Principal		Value
			Amount°		(U.S. $)
Convertible Bonds (continued)
*	Leap Wireless
		International 4.50%
		exercise price $93.21,
		expiration date 7/15/14	USD	404,000	$	360,065
	Level 3
		Communications 3.50%
		exercise price $5.46,
		expiration date 6/15/12		481,000		476,791
#	Lexington Realty Trust
		144A 6.00%
		exercise price $7.09,
		expiration date 1/11/30		320,000		364,800
	Linear Technology 3.00%
		exercise price $44.11,
		expiration date 5/1/27		508,000		520,699
	Live Nation
		Entertainment 2.875%
		exercise price $27.14,
		expiration date 7/14/27		430,000		388,075
	Mylan 3.75%
		exercise price $13.32,
		expiration date 9/10/15		73,000		106,215
	National Retail
		Properties 5.125%
		exercise price $25.39,
		expiration date 6/15/28		415,000		481,919
	NuVasive 2.75%
		exercise price $42.13,
		expiration date 6/30/17		195,000		163,800
#	Owens-Brockway Glass
		Container 144A 3.00%
		exercise price $47.47,
		expiration date 5/28/15		550,000		497,749
	Pantry 3.00%
		exercise price $50.09,
		expiration date 11/15/12		423,000		418,241
*	Peabody Energy 4.75%
		exercise price $58.31,
		expiration date 12/15/41		52,000		54,080
	Rovi 2.625%
		exercise price $47.36,
		expiration date 2/10/40		191,000		221,799
*	SanDisk 1.50%
		exercise price $52.37,
		expiration date 8/11/17		245,000		256,944
	SBA Communications 4.00%
		exercise price $30.38,
		expiration date 10/1/14		132,000		171,435
	Transocean
		1.50% exercise price
		$164.19, expiration
		date 12/15/37		205,000		199,619
	*	1.50% exercise price
		$164.19, expiration
		date 12/15/37		190,000		188,338
	VeriSign 3.25%
		exercise price $34.37,
		expiration date 8/15/37		313,000		321,216
Total Convertible Bonds
	(cost $10,798,662)					10,606,550

Corporate Bonds – 36.10%
Banking – 7.67%
	Abbey National Treasury
		Services 4.00% 4/27/16		670,000		619,135
	AgriBank 9.125% 7/15/19			845,000		1,121,789
•#	Banco Bradesco 144A
		2.39% 5/16/14		1,300,000		1,263,660
*#	Banco do Brasil 144A
		6.00% 1/22/20		3,000,000		3,239,999
#	Banco Mercantil
		del Norte 144A
		4.375% 7/19/15		400,000		402,000
	@•	6.862% 10/13/21		520,000		514,800
#	Banco Santander Chile 144A
		3.75% 9/22/15		2,200,000		2,201,518
#	Banco Votorantim 144A
	•	3.363% 3/28/14		2,000,000		1,940,940
	@	5.25% 2/11/16		2,300,000		2,294,250
#	Bank of Montreal 144A
		2.85% 6/9/15		605,000		639,088
	BB&T 5.25% 11/1/19			1,146,000		1,251,144
	BB&T Capital Trust II
		6.75% 6/7/36		1,310,000		1,349,931
#	Canadian Imperial
		Bank of Commerce
		144A 2.60% 7/2/15		605,000		630,734
	Capital One Capital V
		10.25% 8/15/39		500,000		510,625
	Capital One Financial
		4.75% 7/15/21		350,000		351,256
	Citigroup
	•*	1.696% 1/13/14		500,000		486,971
	•	2.286% 8/13/13		1,000,000		989,675
		4.587% 12/15/15		200,000		205,547
		6.125% 5/15/18		2,400,000		2,577,758
		8.50% 5/22/19		1,800,000		2,177,235
*	City National 5.25% 9/15/20			755,000		747,920
@#	CoBank 144A
		7.875% 4/16/18		570,000		686,638
	Depfa ACS Bank
		3.25% 2/15/12	EUR	3,100,000		4,158,481
	Export-Import Bank of Korea
		5.125% 3/16/15	USD	200,000		210,154
		5.125% 6/29/20		1,500,000		1,528,257
		5.50% 10/17/12		300,000		311,388
	@•#	144A 1.393% 3/13/12		2,500,000		2,499,730
	#	144A 5.25% 2/10/14		820,000		868,369

(continues) 11

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Fifth Third Bancorp
		3.625% 1/25/16	USD	2,060,000	$	2,096,295
•	Fifth Third Capital Trust IV
		6.50% 4/15/37		560,000		534,856
	Goldman Sachs Group
	•	0.653% 7/22/15		200,000		178,757
	•	0.746% 1/12/15		700,000		648,647
	•	0.805% 3/22/16		300,000		257,557
	•	1.905% 2/4/13	EUR	800,000		1,024,506
		3.70% 8/1/15	USD	900,000		881,951
		5.15% 1/15/14		2,000,000		2,071,848
		5.25% 7/27/21		485,000		479,366
		5.375% 3/15/20		295,000		293,449
		6.25% 9/1/17		1,100,000		1,147,070
•#	HBOS Capital Funding 144A
		6.071% 6/29/49		300,000		183,000
#	HSBC Bank 144A
		1.625% 8/12/13		2,300,000		2,283,169
	ICICI Bank
		5.50% 3/25/15		2,100,000		2,093,219
	#	144A 5.50% 3/25/15		2,000,000		1,993,542
*	JPMorgan Chase
		4.35% 8/15/21		235,000		237,942
	JPMorgan Chase Capital XXV
		6.80% 10/1/37		1,373,000		1,382,183
	KeyBank 6.95% 2/1/28			1,220,000		1,434,281
	KeyCorp 5.10% 3/24/21			620,000		626,812
	KFW 6.25% 5/19/21		AUD	2,300,000		2,394,966
	Korea Development Bank
		8.00% 1/23/14	USD	1,200,000		1,333,718
•*	Lloyds TSB Bank
		2.603% 1/24/14		2,300,000		2,240,368
	Morgan Stanley
		5.50% 1/26/20		2,900,000		2,666,301
		7.30% 5/13/19		3,000,000		3,096,062
•	National City Bank
		0.703% 6/7/17		325,000		298,073
•#	Nordea Bank 144A
		1.149% 1/14/14		3,000,000		3,016,116
	PNC Bank 6.875% 4/1/18			1,415,000		1,640,834
	PNC Funding
		5.25% 11/15/15		150,000		161,136
		5.625% 2/1/17		195,000		211,961
•#	PNC Preferred Funding
		Trust II 144A
		6.113% 3/29/49		1,600,000		1,192,000
•#	Rabobank 144A
		11.00% 12/29/49		360,000		434,086
•	SunTrust Bank
		0.598% 8/24/15		505,000		461,382
•*	SunTrust Capital VIII
		6.10% 12/15/36		1,195,000		1,186,820
	SVB Financial Group
		5.375% 9/15/20		190,000		197,821
	UBS
		2.25% 1/28/14		1,900,000		1,852,513
		5.875% 12/20/17		2,000,000		2,060,728
	US Bank 4.95% 10/30/14			1,000,000		1,089,166
•	USB Capital IX
		3.50% 10/29/49		2,155,000		1,521,990
•	Wachovia 0.619% 10/15/16			255,000		234,486
	Wachovia Bank
		5.60% 3/15/16		595,000		650,024
*	Wells Fargo 4.60% 4/1/21			460,000		492,647
	Wells Fargo Bank
		4.75% 2/9/15		250,000		260,711
•	Wells Fargo Capital XIII
		7.70% 12/29/49		1,860,000		1,869,300
	Zions Bancorp
		7.75% 9/23/14		150,000		158,238
						86,348,889
Basic Industry – 3.37%
*	AK Steel 7.625% 5/15/20			305,000		268,781
	Alcoa 6.75% 7/15/18			1,725,000		1,850,175
#	Algoma Acquisition 144A
		9.875% 6/15/15		249,000		194,220
	ArcelorMittal
		5.50% 3/1/21		260,000		233,386
		9.85% 6/1/19		1,285,000		1,457,996
	Barrick North America
		Finance 4.40% 5/30/21		975,000		1,001,761
	Celulosa Arauco y
		Constitucion
		5.00% 1/21/21		1,000,000		1,010,318
	*	7.25% 7/29/19		1,100,000		1,285,013
•*#	Cemex 144A
		5.369% 9/30/15		1,031,000		628,910
*#	Cemex Espana Luxembourg
		144A 9.25% 5/12/20		100,000		66,000
#	Cemex Finance 144A
		9.50% 12/14/16		270,000		198,450
	Century Aluminum
		8.00% 5/15/14		279,000		279,000
	CF Industries 7.125% 5/1/20			260,000		296,725
#	CODELCO 144A
		3.75% 11/4/20		332,000		331,707
	Compass Minerals
		International
		8.00% 6/1/19		268,000		281,400
	CSN Resources
	*	6.50% 7/21/20		600,000		631,500
	#	144A 6.50% 7/21/20		3,400,000		3,578,500

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Dow Chemical
	*	4.25% 11/15/20	USD	1,392,000	$	1,404,735
		8.55% 5/15/19		1,932,000		2,478,451
#	FMG Resources August 2006
		144A 7.00% 11/1/15		275,000		257,125
	Georgia-Pacific
		8.00% 1/15/24		1,442,000		1,696,339
	#	144A 5.40% 11/1/20		705,000		718,487
	#	144A 8.25% 5/1/16		108,000		119,421
	#Gerdau Trade 144A
		5.75% 1/30/21		4,300,000		4,117,250
	Hexion US Finance
		8.875% 2/1/18		260,000		215,800
	International Paper
		9.375% 5/15/19		900,000		1,101,663
#	Kinross Gold 144A
		5.125% 9/1/21		755,000		750,428
#	Lyondell Chemical 144A
		8.00% 11/1/17		200,000		216,500
#	MacDermid 144A
		9.50% 4/15/17		251,000		233,430
	Mohawk Industries
		6.875% 1/15/16		146,000		151,475
*	Momentive Performance
		Materials 11.50% 12/1/16		350,000		295,750
#	Murray Energy 144A
		10.25% 10/15/15		237,000		227,520
#	Nalco 144A 6.625% 1/15/19			135,000		148,500
	Novelis 8.75% 12/15/20			770,000		758,450
*	Ply Gem Industries
		13.125% 7/15/14		397,000		378,639
=@	Port Townsend
		12.431% 8/27/12		88,352		40,200
	Rio Tinto Finance USA
		3.75% 9/20/21		1,110,000		1,107,880
	Ryerson
	•	7.629% 11/1/14		127,000		118,745
		12.00% 11/1/15		237,000		238,185
	Smurfit Kappa Funding
		7.75% 4/1/15		217,000		209,405
	Steel Dynamics
		7.75% 4/15/16		404,000		399,960
	Teck Resources
		6.25% 7/15/41		590,000		620,862
		9.75% 5/15/14		431,000		511,140
	Vale Overseas
		6.875% 11/10/39		4,400,000		4,774,000
#	Votorantim Cimentos
		144A 7.25% 4/5/41		1,180,000		1,115,100
						37,999,282
Brokerage – 0.91%
	Bear Stearns
	•	5.248% 12/7/12	AUD	2,130,000		2,037,217
		7.25% 2/1/18	USD	2,000,000		2,360,639
	E Trade Financial PIK
		12.50% 11/30/17		370,000		419,025
	Jefferies Group
		6.25% 1/15/36		335,000		304,789
		6.45% 6/8/27		1,146,000		1,104,883
	Lazard Group 6.85% 6/15/17			1,087,000		1,198,315
	Merrill Lynch
		5.45% 2/5/13		500,000		495,671
		6.875% 4/25/18		2,325,000		2,328,866
						10,249,405
Capital Goods – 1.03%
	Anixter 10.00% 3/15/14			101,000		114,383
*	Berry Plastics 9.75% 1/15/21			260,000		222,300
	Case New Holland
		7.75% 9/1/13		163,000		170,743
	Casella Waste Systems
		11.00% 7/15/14		6,000		6,390
	Graham Packaging
		8.25% 10/1/18		75,000		75,750
#	Meccanica Holdings USA
		144A 6.25% 7/15/19		1,305,000		1,274,844
#	Nortek 144A 8.50% 4/15/21			325,000		263,250
#	Plastipak Holdings 144A
		10.625% 8/15/19		201,000		210,045
	Pregis 12.375% 10/15/13			262,000		239,730
*	RBS Global 11.75% 8/1/16			212,000		217,300
	Republic Services
		4.75% 5/15/23		450,000		489,683
		5.70% 5/15/41		75,000		85,282
	TriMas 9.75% 12/15/17			173,000		181,650
	Tyco Electronics Group
		6.00% 10/1/12		4,500,000		4,716,458
	Tyco International Finance
		3.75% 1/15/18		2,200,000		2,345,344
	Waste Management
		2.60% 9/1/16		940,000		943,307
						11,556,459
Communications – 3.44%
	Affinion Group
		7.875% 12/15/18		315,000		244,125
	America Movil
		5.00% 3/30/20		720,000		767,520
	AT&T 3.875% 8/15/21			855,000		881,302
#	Brasil Telecom 144A
		9.75% 9/15/16	BRL	2,398,000		1,165,871
	CenturyLink 6.45% 6/15/21		USD	790,000		733,307

(continues) 13

Statements of net assets

Optimum Fixed Income Fund

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Communications (continued)
#	Charter Communications
	Operating 144A
	10.875% 9/15/14	USD	360,000	$	387,900
	Citizens Communications
	6.25% 1/15/13		78,000		78,585
	Clear Channel
	Communications
	9.00% 3/1/21		150,000		112,125
#	Clearwire Communications
	144A 12.00% 12/1/15		794,000		675,945
#	Columbus International
	144A 11.50% 11/20/14		460,000		455,400
*	Comcast 5.70% 5/15/18		1,000,000		1,157,348
*	Cricket Communications
	7.75% 10/15/20		625,000		545,313
	Crown Castle International
	9.00% 1/15/15		80,000		85,200
#	Crown Castle Towers 144A
	4.883% 8/15/20		1,920,000		2,001,921
	CSC Holdings
	6.75% 4/15/12		1,000		1,020
	Deutsche Telekom
	International Finance
	4.25% 7/13/22	EUR	850,000		1,134,906
#	Digicel 144A 8.25% 9/1/17	USD	100,000		95,000
#	Digicel Group 144A
	8.875% 1/15/15		170,000		162,350
	DIRECTV Holdings
	5.00% 3/1/21		1,325,000		1,404,182
	DISH DBS
	7.875% 9/1/19		268,000		274,700
	#144A 6.75% 6/1/21		153,000		146,880
	Entravision Communications
	8.75% 8/1/17		120,000		113,100
	France Telecom
	4.125% 9/14/21		475,000		473,150
	Global Crossing
	12.00% 9/15/15		303,000		345,041
	Historic TW 6.875% 6/15/18		1,035,000		1,222,627
	Intelsat Bermuda
	11.25% 2/4/17		420,000		365,400
	PIK 11.50% 2/4/17		410		354
	#PIK 144A 11.50% 2/4/17		105,000		90,563
	Intelsat Jackson Holdings
	11.25% 6/15/16		156,000		159,510
	#144A 7.25% 10/15/20		195,000		180,375
	Lamar Media
	6.625% 8/15/15		140,000		138,250
	*6.625% 8/15/15		209,000		206,910
	Level 3 Financing
	9.25% 11/1/14		40,000		39,700
	10.00% 2/1/18		213,000		205,545
	LIN Television 6.50% 5/15/13		52,000		50,960
	MetroPCS Wireless
	6.625% 11/15/20		150,000		132,375
	Nielsen Finance
	11.50% 5/1/16		130,000		148,200
	11.625% 2/1/14		82,000		93,480
*	NII Capital 10.00% 8/15/16		316,000		347,600
	PAETEC Holding
	8.875% 6/30/17		157,000		165,635
	Qwest
	6.75% 12/1/21		360,000		352,800
	8.375% 5/1/16		1,920,000		2,116,800
#	Sinclair Television Group
	144A 9.25% 11/1/17		216,000		227,880
#	Sirius XM Radio 144A
	8.75% 4/1/15		250,000		271,875
	Sprint Capital 8.75% 3/15/32		287,000		250,766
	Sprint Nextel
	8.375% 8/15/17		285,000		266,475
	Telecom Italia Capital
	5.25% 10/1/15		885,000		844,487
	Telefonica Emisiones
	5.462% 2/16/21		690,000		656,387
	6.421% 6/20/16		815,000		836,413
	Telesat Canada
	11.00% 11/1/15		547,000		588,025
	12.50% 11/1/17		85,000		95,625
	Time Warner Cable
	4.00% 9/1/21		720,000		705,568
	6.75% 7/1/18		1,500,000		1,747,895
	8.25% 4/1/19		1,080,000		1,354,373
#	UPC Holding 144A
	9.875% 4/15/18		170,000		170,850
#	UPCB Finance III 144A
	6.625% 7/1/20		520,000		491,400
	Verizon Communications
	8.75% 11/1/18		3,600,000		4,827,603
	Videotron 6.375% 12/15/15		90,000		90,900
#	VimpelCom Holdings 144A
	•4.365% 6/29/14		430,000		422,054
	7.504% 3/1/22		410,000		331,075
	Virgin Media Finance
	8.375% 10/15/19		200,000		213,500
	Virgin Media Secured Finance
	6.50% 1/15/18		2,470,000		2,636,725
#	Vivendi 144A 6.625% 4/4/18		1,275,000		1,448,988
	West 7.875% 1/15/19		100,000		94,500
#	Wind Acquisition Finance
	144A 11.75% 7/15/17		410,000		350,550
	Windstream
	7.875% 11/1/17		3,000		3,053
	8.125% 8/1/13		103,000		108,923
#	XM Satellite Radio 144A
	13.00% 8/1/13		220,000		247,500
					38,742,665

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical – 2.32%
#	Allison Transmission 144A
	11.00% 11/1/15	USD		354,000	$	368,160
*	American Axle &
	Manufacturing
	7.875% 3/1/17			419,000		395,955
#	Ameristar Casinos 144A
	7.50% 4/15/21			285,000		277,163
	ArvinMeritor
	8.125% 9/15/15			443,000		394,270
	Beazer Homes USA
	9.125% 5/15/19			160,000		102,400
#	Chrysler Group 144A
	8.25% 6/15/21			305,000		236,375
*	CKE Restaurants
	11.375% 7/15/18			260,000		271,700
	CVS Caremark
	5.75% 5/15/41			1,165,000		1,309,933
	Daimler International Finance
	7.75% 3/26/12	EUR		3,100,000		4,267,969
	Dave & Buster’s
	11.00% 6/1/18	USD		75,000		74,813
#	Delphi 144A
	6.125% 5/15/21			545,000		509,575
#	Equinox Holdings 144A
	9.50% 2/1/16			40,000		40,200
*	Ford Motor 7.45% 7/16/31			655,000		742,691
	Ford Motor Credit
	5.00% 5/15/18			925,000		895,785
	8.00% 6/1/14			300,000		318,251
	8.70% 10/1/14			3,800,000		4,114,365
	12.00% 5/15/15			480,000		579,600
#	FUEL Trust 144A
	3.984% 6/15/16			485,000		475,370
	Goodyear Tire & Rubber
	8.25% 8/15/20			190,000		194,275
*	Hanesbrands
	6.375% 12/15/20			485,000		472,875
	Ingles Markets
	8.875% 5/15/17			196,000		206,290
*	Levi Strauss 7.625% 5/15/20			100,000		93,500
	M/I Homes 8.625% 11/15/18			225,000		203,625
*	Macy’s Retail Holdings
	5.90% 12/1/16			763,000		838,348
*	Marina District Finance
	9.875% 8/15/18			200,000		168,000
*	MGM Resorts International
	11.375% 3/1/18			679,000		682,395
	Mobile Mini 6.875% 5/1/15			161,000		158,585
	New Albertsons
	7.25% 5/1/13			66,000		65,670
	Norcraft 10.50% 12/15/15			344,000		315,620
*	OSI Restaurant Partners
	10.00% 6/15/15			199,000		199,498
#	Pinafore 144A
	9.00% 10/1/18			275,000		283,250
*	Pinnacle Entertainment
	8.75% 5/15/20			415,000		389,063
	Quiksilver 6.875% 4/15/15			325,000		290,875
	Royal Caribbean Cruises
	7.00% 6/15/13			250,000		255,625
	Ryland Group
	8.40% 5/15/17			172,000		166,410
	Sally Holdings
	10.50% 11/15/16			229,000		237,588
#	Sealy Mattress 144A
	10.875% 4/15/16			59,000		62,540
	Standard Pacific
	10.75% 9/15/16			248,000		244,280
	Tops Markets
	10.125% 10/15/15			117,000		117,585
#	Volkswagen International
	Finance 144A
	1.625% 8/12/13			2,800,000		2,811,007
	Western Union
	3.65% 8/22/18			295,000		298,163
	Wyndham Worldwide
	5.625% 3/1/21			450,000		452,322
	5.75% 2/1/18			620,000		634,002
	Wynn Las Vegas
	7.75% 8/15/20			60,000		63,300
	Yum Brands 3.75% 11/1/21			850,000		854,622
						26,133,888
Consumer Non-Cyclical – 3.44%
	Accellent 8.375% 2/1/17			150,000		143,625
*	Altria Group 9.70% 11/10/18			1,000,000		1,326,995
	Amgen
	3.45% 10/1/20			1,875,000		1,936,108
	4.10% 6/15/21			220,000		237,280
#	AMGH Merger Sub 144A
	9.25% 11/1/18			225,000		226,125
	Anheuser-Busch InBev
	Worldwide
	•*0.802% 1/27/14			3,800,000		3,831,231
	5.375% 1/15/20			1,000,000		1,167,074
#	Ashtead Capital 144A
	9.00% 8/15/16			200,000		199,000
	Biomet
	11.625% 10/15/17			204,000		212,670
	PIK 10.375% 10/15/17			158,000		162,740
	Bio-Rad Laboratories
	4.875% 12/15/20			475,000		494,000
	*8.00% 9/15/16			146,000		158,410
#	Blue Merger Sub 144A
	7.625% 2/15/19			445,000		378,250

(continues) 15

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
#	Bumble Bee Acquisition
	144A 9.00% 12/15/17	USD		450,000	$	425,250
	CareFusion 6.375% 8/1/19			2,085,000		2,497,802
	Celgene
	2.45% 10/15/15			330,000		333,506
	3.95% 10/15/20			1,460,000		1,481,839
	Coca-Cola Enterprises
	3.50% 9/15/20			270,000		277,887
	4.50% 9/1/21			930,000		1,030,001
	Community Health Systems
	8.875% 7/15/15			180,000		177,300
	Corrections Corp. of America
	7.75% 6/1/17			344,000		365,070
	Covidien International
	Finance 4.20% 6/15/20			1,875,000		2,038,070
	DENTSPLY International
	4.125% 8/15/21			810,000		848,797
#	DJO Finance 144A
	9.75% 10/15/17			100,000		84,000
#	Dole Food 144A
	8.00% 10/1/16			123,000		126,383
	Express Scripts
	3.125% 5/15/16			495,000		500,340
*	Geo Group
	6.625% 2/15/21			145,000		139,925
	HCA 7.50% 2/15/22			315,000		291,375
#	HCA Holdings 144A
	7.75% 5/15/21			355,000		334,588
	Hospira 6.40% 5/15/15			1,795,000		2,033,699
	Iron Mountain
	7.75% 10/1/19			75,000		74,813
	Jarden
	6.125% 11/15/22			215,000		211,238
	7.50% 1/15/20			30,000		30,488
	Medco Health Solutions
	4.125% 9/15/20			880,000		876,205
	7.125% 3/15/18			520,000		631,140
#	Multiplan 144A
	9.875% 9/1/18			280,000		278,600
#	Mylan 144A
	6.00% 11/15/18			315,000		307,913
	NBTY 9.00% 10/1/18			385,000		396,069
#	Pernod-Ricard 144A
	5.75% 4/7/21			1,120,000		1,233,179
	PHH 9.25% 3/1/16			860,000		887,950
	Quest Diagnostics
	4.70% 4/1/21			1,480,000		1,591,018
	4.75% 1/30/20			135,000		144,535
	RadNet Management
	10.375% 4/1/18			125,000		116,250
*#	Reynolds Group 144A
	9.00% 4/15/19			730,000		624,150
	RSC Equipment Rental
	10.25% 11/15/19			278,000		273,830
	Sara Lee 4.10% 9/15/20			623,000		632,179
#	Scotts Miracle-Gro 144A
	6.625% 12/15/20			125,000		123,125
	Smithfield Foods
	10.00% 7/15/14			63,000		71,820
	Thermo Fisher Scientific
	3.60% 8/15/21			845,000		878,961
	Tyson Foods 10.50% 3/1/14			213,000		247,080
#	Viskase 144A
	9.875% 1/15/18			322,000		326,830
#	Woolworths 144A
	3.15% 4/12/16			305,000		316,426
	4.55% 4/12/21			1,655,000		1,794,369
	Yale University
	2.90% 10/15/14			1,115,000		1,183,699
	Yankee Candle
	9.75% 2/15/17			258,000		239,295
	Zimmer Holdings
	4.625% 11/30/19			1,640,000		1,814,788
						38,765,290
Electric – 2.96%
	AES 8.00% 6/1/20			133,000		133,665
	Ameren Illinois
	9.75% 11/15/18			2,195,000		2,960,706
#	American Transmission
	Systems 144A
	5.25% 1/15/22			1,225,000		1,320,458
*	Appalachian Power
	7.95% 1/15/20			1,000,000		1,317,075
#	Calpine 144A
	7.875% 7/31/20			225,000		218,250
	Carolina Power & Light
	3.00% 9/15/21			430,000		433,947
	CMS Energy
	4.25% 9/30/15			1,465,000		1,448,708
	6.25% 2/1/20			575,000		595,587
	Commonwealth Edison
	3.40% 9/1/21			530,000		532,078
	4.00% 8/1/20			215,000		227,223
	5.80% 3/15/18			400,000		466,377
	Duke Energy Carolinas
	3.90% 6/15/21			125,000		133,820
	Duquense Light Holdings
	5.50% 8/15/15			756,000		779,153
	Elwood Energy
	8.159% 7/5/26			260,944		257,030
#	Enel Finance
	International 144A
	6.00% 10/7/39			120,000		101,467
	6.25% 9/15/17			475,000		480,300
	Entergy
	3.625% 9/15/15			215,000		215,405
	*5.125% 9/15/20			4,400,000		4,534,178

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Electric (continued)
	Florida Power
	3.10% 8/15/21	USD		575,000	$	577,274
	5.65% 6/15/18			205,000		244,529
	GenOn Energy
	*9.50% 10/15/18			105,000		99,225
	9.875% 10/15/20			160,000		150,400
	Great Plains Energy
	4.85% 6/1/21			1,090,000		1,149,858
#	Ipalco Enterprises 144A
	5.00% 5/1/18			405,000		371,588
	Jersey Central Power & Light
	5.625% 5/1/16			80,000		91,394
	*7.35% 2/1/19			1,000,000		1,276,208
	LG&E & KU Energy
	3.75% 11/15/20			405,000		392,710
	#144A 4.375% 10/1/21			610,000		611,072
*	Mirant Americas
	8.50% 10/1/21			305,000		263,825
#	NRG Energy 144A
	7.875% 5/15/21			190,000		174,800
@#	Pedernales Electric
	Cooperative 144A
	6.202% 11/15/32			620,000		685,179
	Pennsylvania Electric
	5.20% 4/1/20			1,105,000		1,237,360
	PPL Electric Utilities
	3.00% 9/15/21			490,000		489,857
	Public Service Oklahoma
	5.15% 12/1/19			1,170,000		1,301,234
	Puget Energy
	6.00% 9/1/21			340,000		337,852
	6.50% 12/15/20			3,300,000		3,371,693
•	Puget Sound Energy
	6.974% 6/1/67			1,295,000		1,301,537
	Southern California Edison
	5.50% 8/15/18			1,250,000		1,493,486
	Wisconsin Electric Power
	2.95% 9/15/21			140,000		139,962
•	Wisconsin Energy
	6.25% 5/15/67			1,480,000		1,479,879
						33,396,349
Energy – 2.45%
	Antero Resources Finance
	9.375% 12/1/17			122,000		127,490
*	Berry Petroleum
	10.25% 6/1/14			227,000		255,375
	BP Capital Markets
	2.375% 12/14/11			300,000		301,087
	2.75% 2/27/12			100,000		100,895
	3.625% 5/8/14			500,000		525,169
	4.75% 3/10/19			160,000		177,029
	Chesapeake Energy
	6.125% 2/15/21			220,000		222,750
	6.625% 8/15/20			7,000		7,245
	6.875% 11/15/20			8,000		8,400
	9.50% 2/15/15			45,000		50,963
#	CNOOC Finance 2011 144A
	4.25% 1/26/21			1,267,000		1,275,369
	Complete Production Services
	8.00% 12/15/16			301,000		302,505
	Comstock Resources
	7.75% 4/1/19			65,000		61,100
	Ecopetrol 7.625% 7/23/19			892,000		1,048,100
#	ENI 144A 4.15% 10/1/20			1,085,000		1,092,858
	Forest Oil 7.25% 6/15/19			207,000		204,930
	Gazprom
	10.50% 3/25/14			1,500,000		1,674,525
	#144A 8.146% 4/11/18			100,000		110,750
	Headwaters 7.625% 4/1/19			375,000		288,750
#	Helix Energy Solutions Group
	144A 9.50% 1/15/16			386,000		393,720
#	Hercules Offshore 144A
	10.50% 10/15/17			289,000		274,550
#	Hilcorp Energy I 144A
	7.625% 4/15/21			135,000		136,350
	7.75% 11/1/15			150,000		151,875
	Holly 9.875% 6/15/17			217,000		235,445
	Linn Energy
	8.625% 4/15/20			125,000		129,375
	#144A 6.50% 5/15/19			70,000		64,750
#	NFR Energy Finance 144A
	9.75% 2/15/17			205,000		181,425
	Noble Energy 8.25% 3/1/19			1,180,000		1,551,567
*	Noble Holding International
	4.625% 3/1/21			1,040,000		1,093,583
	Pemex Project Funding
	Master Trust
	6.625% 6/15/35			440,000		476,300
	Petrobras International
	Finance
	3.875% 1/27/16			306,000		306,612
	5.375% 1/27/21			1,585,000		1,618,285
	5.75% 1/20/20			702,000		735,696
	5.875% 3/1/18			45,000		47,312
	Petrohawk Energy
	7.25% 8/15/18			380,000		436,050
	Petroleum Development
	12.00% 2/15/18			167,000		179,525
	Pride International
	6.875% 8/15/20			2,575,000		2,976,295
	Quicksilver Resources
	7.125% 4/1/16			162,000		143,370

(continues) 17

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Range Resources
	5.75% 6/1/21	USD		95,000	$	99,038
	8.00% 5/15/19			282,000		310,200
#	SandRidge Energy 144A
	9.875% 5/15/16			396,000		409,860
#	Schlumberger Investment
	144A 3.30% 9/14/21			1,105,000		1,108,432
	TNK-BP Finance
	7.50% 3/13/13			3,000,000		3,097,500
	Transocean 6.50% 11/15/20			1,040,000		1,136,817
	Weatherford International
	9.625% 3/1/19			775,000		1,002,711
#	Woodside Finance 144A
	8.125% 3/1/14			320,000		362,216
	8.75% 3/1/19			890,000		1,145,194
						27,639,343
Finance Companies – 2.30%
#	ABB Treasury Center USA
	144A 4.00% 6/15/21			370,000		372,857
	American Express
	7.00% 3/19/18			7,900,000		9,358,339
#	BM&FBovespa 144A
	5.50% 7/16/20			200,000		198,750
#	CDP Financial 144A
	4.40% 11/25/19			1,260,000		1,376,704
	5.60% 11/25/39			880,000		1,094,873
	FTI Consulting
	6.75% 10/1/20			230,000		223,100
	7.75% 10/1/16			5,000		5,138
	General Electric Capital
	4.375% 9/16/20			60,000		61,166
	5.30% 2/11/21			1,000,000		1,039,311
	6.00% 8/7/19			2,245,000		2,531,078
	International Lease Finance
	4.75% 1/13/12			300,000		298,500
	6.25% 5/15/19			565,000		491,806
	*8.25% 12/15/20			180,000		176,850
	*8.75% 3/15/17			495,000		498,713
	Nuveen Investments
	10.50% 11/15/15			164,000		152,110
	#144A 10.50% 11/15/15			185,000		169,738
	SLM
	5.375% 5/15/14			1,400,000		1,378,614
	*6.25% 1/25/16			1,300,000		1,277,180
•#	SSIF Nevada 144A
	0.949% 4/14/14			900,000		900,649
@#	Stone Street Trust 144A
	5.902% 12/15/15			2,300,000		2,384,911
	Waha Aerospace
	3.925% 7/28/20			1,890,000		1,946,700
						25,937,087
Insurance – 1.20%
	American International Group
	4.875% 9/15/16			95,000		91,175
	8.25% 8/15/18			3,120,000		3,467,523
	#144A 3.75% 11/30/13			600,000		600,852
•	Chubb 6.375% 3/29/67			820,000		798,475
	Coventry Health Care
	5.45% 6/15/21			1,270,000		1,373,908
•	Genworth Financial
	6.15% 11/15/66			185,000		93,425
#	Highmark 144A
	4.75% 5/15/21			750,000		764,285
	6.125% 5/15/41			150,000		163,034
•#	ILFC E-Capital Trust I 144A
	4.77% 12/21/65			100,000		70,020
•#	ILFC E-Capital Trust II 144A
	6.25% 12/21/65			405,000		301,725
•	ING Groep 5.775% 12/29/49			425,000		313,438
•#	Liberty Mutual Group 144A
	7.00% 3/15/37			180,000		153,900
	MetLife 6.817% 8/15/18			500,000		587,259
#	Metlife Capital Trust IV 144A
	7.875% 12/15/37			300,000		297,000
#	MetLife Capital Trust X 144A
	9.25% 4/8/38			1,100,000		1,243,000
@#	NLV Financial 144A
	6.50% 3/15/35			385,000		345,696
	Prudential Financial
	3.875% 1/14/15			290,000		296,638
	4.50% 11/15/20			345,000		343,379
	6.00% 12/1/17			540,000		573,168
•#	Symetra Financial 144A
	8.30% 10/15/37			515,000		504,700
@=‡w#	Twin Reefs Pass
	Through Trust 144A
	0.00% 12/29/49			300,000		0
•	XL Group 6.50% 12/29/49			275,000		218,625
	•#ZFS Finance USA Trust II
	144A 6.45% 12/15/65			500,000		445,000
•#	ZFS Finance USA Trust IV
	144A 5.875% 5/9/32			500,000		497,595
						13,543,820
Natural Gas – 2.04%
	AmeriGas Partners
	6.50% 5/20/21			170,000		164,900
	CenterPoint Energy
	5.95% 2/1/17			830,000		942,015
	Copano Energy
	7.75% 6/1/18			218,000		223,995
	El Paso Pipeline Partners
	Operating 6.50% 4/1/20			585,000		646,872
•*	Enbridge Energy Partners
	8.05% 10/1/37			1,090,000		1,126,771

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Natural Gas (continued)
	Energy Transfer Partners
	9.70% 3/15/19	USD		2,065,000	$	2,559,891
	Enterprise Products
	Operating
	•7.034% 1/15/68			1,360,000		1,380,433
	9.75% 1/31/14			1,005,000		1,176,629
	Inergy 6.875% 8/1/21			125,000		114,375
	Kinder Morgan
	Energy Partners
	5.95% 2/15/18			1,000,000		1,139,625
	9.00% 2/1/19			1,170,000		1,496,657
#	NGPL PipeCo 144A
	6.514% 12/15/12			2,000,000		2,082,245
	Plains All American Pipeline
	8.75% 5/1/19			1,045,000		1,335,546
@	Ras Laffan Liquefied Natural
	Gas II 5.298% 9/30/20			2,643,600		2,865,133
#	Ras Laffan Liquefied
	Natural Gas III 144A
	5.832% 9/30/16			336,200		363,533
#	Rockies Express Pipeline 144A
	6.25% 7/15/13			1,000,000		1,064,620
	*6.85% 7/15/18			500,000		526,076
	Sempra Energy
	6.15% 6/15/18			955,000		1,126,467
•	TransCanada PipeLines
	6.35% 5/15/67			1,800,000		1,794,356
	Williams
	7.75% 6/15/31			315,000		379,185
	8.75% 3/15/32			320,000		419,431
						22,928,755
Real Estate – 1.13%
	Brandywine Operating
	Partnership
	4.95% 4/15/18			755,000		730,379
	Developers Diversified Realty
	4.75% 4/15/18			310,000		283,152
	7.50% 4/1/17			625,000		660,440
	7.875% 9/1/20			631,000		669,514
	9.625% 3/15/16			145,000		164,369
	Digital Realty Trust
	5.25% 3/15/21			950,000		942,093
	5.875% 2/1/20			425,000		447,871
*	HCP 5.375% 2/1/21			2,300,000		2,311,874
	Health Care REIT
	5.25% 1/15/22			1,085,000		1,030,881
	Host Hotels & Resorts
	*6.00% 11/1/20			375,000		366,563
	#144A 5.875% 6/15/19			295,000		283,200
	Host Marriott
	6.375% 3/15/15			245,000		245,000
	Qatari Diar Finance
	3.50% 7/21/15			2,100,000		2,166,150
	#144A 5.00% 7/21/20			486,000		521,235
	Regency Centers
	4.80% 4/15/21			420,000		436,170
	5.875% 6/15/17			285,000		308,590
	Ventas Realty 6.50% 6/1/16			120,000		123,623
#	WEA Finance 144A
	4.625% 5/10/21			1,040,000		994,988
						12,686,092
Technology – 0.90%
*	Amkor Technology
	7.375% 5/1/18			125,000		121,250
	Avaya
	9.75% 11/1/15			300,000		220,500
	#144A 7.00% 4/1/19			500,000		427,500
	PIK 10.125% 11/1/15			120,000		88,500
	CDW 12.535% 10/12/17			120,000		115,200
	Fidelity National Information
	Services 7.875% 7/15/20			75,000		78,375
*	First Data
	9.875% 9/24/15			495,000		417,038
	11.25% 3/31/16			160,000		108,800
	GXS Worldwide
	9.75% 6/15/15			514,000		496,010
	Hewlett-Packard
	4.30% 6/1/21			655,000		662,564
	4.375% 9/15/21			1,050,000		1,068,817
	Jabil Circuit 7.75% 7/15/16			82,000		90,815
	National Semiconductor
	6.60% 6/15/17			1,395,000		1,666,246
*	NXP Funding
	9.50% 10/15/15			365,000		379,144
#	Seagate Technology
	International 144A
	10.00% 5/1/14			580,000		652,500
	Symantec 4.20% 9/15/20			2,585,000		2,527,794
#	Telcordia Technologies 144A
	11.00% 5/1/18			295,000		368,750
#	Unisys 144A
	12.75% 10/15/14			110,000		124,850
*	Xerox 4.50% 5/15/21			550,000		551,127
						10,165,780
Transportation – 0.94%
w	American Airlines 2011-1
	Class A Pass Through
	Trust 5.25% 1/31/21			599,113		545,193
#	Brambles USA 144A
	3.95% 4/1/15			1,660,000		1,736,762
	5.35% 4/1/20			320,000		349,534

(continues) 19

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Corporate Bonds (continued)
Transportation (continued)
	Burlington Northern Santa Fe
	3.45% 9/15/21	USD		175,000	$	178,575
	5.65% 5/1/17			380,000		439,902
w	Continental Airlines 2009-2
	Class A Pass Through
	Trust 7.25% 5/10/21			856,725		890,994
	CSX
	4.25% 6/1/21			345,000		366,525
	5.50% 4/15/41			595,000		683,654
w	Delta Air Lines 2007-1 Class A
	Pass Through Trust
	6.821% 8/10/22			378,170		381,007
w	Delta Air Lines 2010-1 Class A
	Pass Through Trust
	6.20% 7/2/18			471,633		485,782
#	ERAC USA Finance 144A
	5.25% 10/1/20			1,365,000		1,497,840
	Kansas City Southern Railway
	13.00% 12/15/13			2,000		2,300
	Russian Railways
	5.739% 4/3/17			1,000,000		998,470
	Ryder System 3.50% 6/1/17			880,000		913,250
w	UAL 2009-1 Pass Through
	Trust 10.40% 11/1/16			454,560		490,925
w	UAL 2009-2A Pass Through
	Trust 9.75% 1/15/17			266,803		292,149
#	United Air Lines 144A
	12.00% 11/1/13			282,000		286,935
						10,539,797
Total Corporate Bonds
	(cost $403,243,462)					406,632,901

Municipal Bonds – 0.74%
	Bay Area California Toll
	Authority
	6.918% 4/1/40			800,000		1,048,056
	7.043% 4/1/50			3,000,000		4,068,870
	California State
	7.30% 10/1/39			200,000		241,930
	Los Angeles, California
	Community College
	District Revenue
	Build America Bonds
	6.60% 8/1/42			800,000		1,062,192
	New York City Transitional
	Finance Authority
	5.508% 8/1/37			700,000		838,488
	New York State Urban
	Development
	5.77% 3/15/39			800,000		958,088
	Oregon State Taxable Pension
	5.892% 6/1/27			65,000		76,746
	Sacramento County,
	California Public
	Finance Authority
	Revenue (Housing
	Tax County Project)
	Series B 5.18% 12/1/13
	(NATL-RE) (FGIC)			60,000		60,843
Total Municipal Bonds
	(cost $6,497,854)					8,355,213

Non-Agency Asset-Backed Securities – 0.86%
•	Ally Master Owner Trust
	Series 2011-1 A1
	1.099% 1/15/16			730,000		730,332
•	American Express Credit
	Account Master
	Trust Series 2010-1 B
	0.829% 11/16/15			405,000		404,998
#	Avis Budget Rental Car
	Funding AESOP
	Series 2011-2A A 144A
	2.37% 11/20/14			465,000		474,195
•	Bank of America Credit Card
	Trust Series 2006-A12
	A12 0.249% 3/15/14			1,000,000		999,919
	Capital One Multi-Asset
	Execution Trust
	Series 2007-A7 A7
	5.75% 7/15/20			685,000		810,784
	Centex Home Equity
	Series 2002-A AF6
	5.54% 1/25/32			23,688		23,336
#	CIT Equipment
	Collateral 144A
	Series 2009-VT1 A3
	3.07% 8/15/16			89,494		89,726
	Series 2010-VT1A A3
	2.41% 5/15/13			313,956		315,059
	Citicorp Residential
	Mortgage Securities
	Series 2006-3 A4
	5.703% 11/25/36			893,787		863,317
	Series 2006-3 A5
	5.948% 11/25/36			900,000		683,839
•	Countrywide Asset-Backed
	Certificates Series 2006-11
	1AF6 5.791% 9/25/46			1,311,455		756,753
	Discover Card Master Trust
	Series 2007-A1 A1
	5.65% 3/16/20			310,000		370,061
#	Ford Auto Securitization Trust
	Series 2011-R1A A3 144A
	3.02% 2/15/16	CAD		340,000		332,508

			Principal		Value
			Amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
•	Ford Credit Floorplan
	Master Owner Trust
	Series 2009-2 A
	1.779% 9/15/14	USD		385,000	$	389,135
	Harley-Davidson
	Motorcycle Trust
	Series 2008-1 A4
	4.90% 12/15/13			389,152		395,635
	�� Series 2009-4 A3
	1.87% 2/17/14			125,440		125,902
•	HSI Asset Securitization Trust
	Series 2006-HE1 2A1
	0.285% 10/25/36			58,877		39,810
•	MBNA Credit Card Master
	Note Trust Series 2002-C3
	C3 1.579% 10/15/14			520,000		521,473
•	Merrill Auto Trust
	Securitization
	Series 2007-1 A4
	0.289% 12/15/13			41,862		41,855
•	Residential Asset Securities
	Series 2006-EMX1 A2
	0.465% 1/25/36			287,247		251,127
•	SLM Student Loan Trust
	Series 2005-4 A2
	0.333% 4/26/21			634,925		632,127
#	Sonic Capital Series 2011-1A
	A2 144A 5.438% 5/20/41			331,650		337,454
•	Vanderbilt Mortgage Finance
	Series 2001-A A4
	7.235% 6/7/28			68,533		72,785
Total Non-Agency
	Asset-Backed Securities
	(cost $10,128,768)					9,662,130

Non-Agency Collateralized Mortgage Obligations – 4.72%
•	ARM Trust
	Series 2004-5 3A1
	4.724% 4/25/35			3,014,743		2,580,053
	Series 2005-10 3A11
	5.237% 1/25/36			372,633		295,658
	Series 2005-10 3A31
	5.237% 1/25/36			1,145,000		874,095
	Series 2006-2 1A4
	5.462% 5/25/36			1,440,000		969,826
	Bank of America
	Alternative Loan Trust
	Series 2004-11 1CB1
	6.00% 12/25/34			1,441		1,397
	Series 2005-3 2A1
	5.50% 4/25/20			77,335		78,529
	Series 2005-6 7A1
	5.50% 7/25/20			244,528		228,516
	Series 2005-9 5A1
	5.50% 10/25/20			230,996		214,553
	Bank of America Funding
	Securities Series 2006-5
	2A10 5.75% 9/25/36			756,623		750,364
	Chase Mortgage Finance
	Series 2003-S8 A2
	5.00% 9/25/18			104,605		108,427
	•Series 2005-A1 3A1
	5.223% 12/25/35			421,009		367,688
•	Chaseflex Trust Series 2006-1
	A4 6.30% 6/25/36			420,000		278,632
	Citicorp Mortgage Securities
	Series 2006-4 3A1
	5.50% 8/25/21			92,916		92,947
•	Citigroup Mortgage Loan
	Trust Series 2004-UST1
	A6 5.093% 8/25/34			108,591		109,890
	Countrywide Alternative
	Loan Trust
	•Series 2003-21T1 A2
	2.80% 12/25/33			169,812		171,017
	Series 2004-1T1 A2
	5.50% 2/25/34			12,431		12,418
	Series 2004-14T2 A6
	5.50% 8/25/34			162,191		162,339
	Series 2004-J1 1A1
	6.00% 2/25/34			5,468		5,555
	Series 2004-J2 7A1
	6.00% 12/25/33			7,332		7,427
	Series 2008-2R 3A1
	6.00% 8/25/37			3,327,278		2,600,517
w	Countrywide Home Loan
	Mortgage Pass Through Trust
	•Series 2003-21 A1
	2.80% 5/25/33			4,955		4,684
	Series 2006-1 A2
	6.00% 3/25/36			243,023		198,941
	•Series 2006-HYB1 3A1
	2.770% 3/20/36			384,856		211,752
	Series 2007-4 1A1
	6.00% 5/25/37			4,288,173		3,434,839
	Credit Suisse First Boston
	Mortgage Securities
	Series 2004-1 3A1
	7.00% 2/25/34			3,616		3,747
	Credit Suisse Mortgage
	Capital Certificates
	#Series 2005-1R 2A5 144A
	5.75% 12/26/35			5,644,460		4,551,451
	Series 2007-1 5A14
	6.00% 2/25/37			937,894		783,405
	•Series 2007-3 4A6
	0.484% 4/25/37			1,872,980		1,554,766
	@•Series 2007-3 4A12
	6.515% 4/25/37			1,872,980		184,719
	Series 2007-3 4A15
	5.50% 4/25/37			734,447		650,096
	Series 2007-5 3A19
	6.00% 8/25/37			1,536,230		1,329,108
	Series 2007-5 10A2
	6.00% 4/25/29			654,897		622,396

(continues) 21

Statements of net assets

Optimum Fixed Income Fund

			Principal		Value
			Amount°		(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
•#	Deutsche Mortgage
	Securities Series 2005-WF1
	1A3 144A
	5.242% 6/26/35	USD		1,720,000	$	1,579,853
•	First Horizon Asset Securities
	Series 2005-AR2 2A1
	2.726% 6/25/35			388,924		303,816
	GMAC Mortgage Loan
	Trust Series 2006-J1 A1
	5.75% 4/25/36			565,366		532,887
•#	GSMPS Mortgage
	Loan Trust 144A
	Series 1998-3 A
	7.75% 9/19/27			15,481		16,398
	Series 1999-3 A
	8.00% 8/19/29			24,565		24,576
•	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	5.045% 1/25/36			217,407		183,033
•	Indymac Index Mortgage
	Loan Trust Series 2006-AR1
	A1 5.589% 8/25/36			520,970		470,148
•	JPMorgan Mortgage Trust
	Series 2006-A6 2A4L
	5.335% 10/25/36			1,590,000		1,181,109
	Series 2006-A7 2A2
	4.441% 1/25/37			347,535		239,753
	Series 2007-A1 6A1
	4.550% 7/25/35			1,054,356		929,271
	Lehman Mortgage Trust
	Series 2005-2 2A3
	5.50% 12/25/35			40,025		39,868
	Series 2007-10 2A2
	6.50% 1/25/38			5,078,362		4,278,206
	MASTR Alternative
	Loans Trust
	Series 2004-3 8A1
	7.00% 4/25/34			5,989		5,998
	Series 2004-5 6A1
	7.00% 6/25/34			101,894		100,351
•	MASTR ARM Trust
	Series 2003-6 1A2
	2.575% 12/25/33			4,124		3,701
	Series 2005-6 7A1
	5.377% 6/25/35			133,363		131,065
	Series 2006-2 4A1
	4.941% 2/25/36			35,080		31,170
	MASTR Asset Securitization
	Trust Series 2003-9 2A7
	5.50% 10/25/33			229,765		238,263
•#	MASTR Specialized Loan
	Trust Series 2005-2 A2
	144A 5.006% 7/25/35			104,302		104,877
•	Merrill Lynch Mortgage
	Investors Series 2005-A5
	A2 2.618% 6/25/35			460,000		390,825
•	Opteum Mortgage
	Acceptance Series 2006-1
	2A1 5.75% 4/25/36			4,497,519		3,939,453
	Residential Accredit Loans
	Series 2004-QS2 CB
	5.75% 2/25/34			78,830		79,534
	Residential Funding
	Mortgage Securities I
	Series 2004-S9 2A1
	4.75% 12/25/19			715,033		728,829
•	Sequoia Mortgage Trust
	Series 2007-1 4A1
	5.383% 9/20/46			1,983,941		1,564,717
•	Structured ARM Loan Trust
	Series 2005-22 1A4
	2.518% 12/25/35			2,077,776		733,625
	Series 2006-1 7A4
	5.523% 2/25/36			1,305,000		720,917
	Series 2006-5 5A4
	5.312% 6/25/36			9,528		1,935
	Structured Asset Securities
	Series 2005-6 4A1
	5.00% 5/25/35			216,622		213,093
w	Washington Mutual
	Alternative Mortgage
	Pass Through Certificates
	Series 2005-1 5A2
	6.00% 3/25/35			86,654		52,687
w	Washington Mutual
	Mortgage Pass Through
	Certificates
	Series 2004-CB3 1A
	6.00% 10/25/34			142,903		149,264
	•Series 2005-AR16 1A3
	2.58% 12/25/35			1,225,000		925,530
	•Series 2007-HY1 3A3
	5.580% 2/25/37			850,000		674,818
	•Series 2007-HY7 4A1
	5.571% 7/25/37			1,887,109		1,535,144
	Wells Fargo Mortgage-
	Backed Securities Trust
	Series 2005-18 1A1
	5.50% 1/25/36			53,665		48,736
	•Series 2005-AR13 A1
	5.25% 5/25/35			943,760		896,901
	Series 2006-2 3A1
	5.75% 3/25/36			350,552		340,953
	Series 2006-3 A1
	5.50% 3/25/36			342,038		341,968

		Principal			Value
		Amount°			(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Wells Fargo Mortgage-
	Backed Securities Trust (continued)
	Series 2006-3 A11
	5.50% 3/25/36	USD	294,041		$	287,920
	Series 2006-4 1A8
	5.75% 4/25/36		15,873			15,782
	Series 2006-6 1A3
	5.75% 5/25/36		429,309			398,304
	•Series 2006-AR5 2A1
	2.738% 4/25/36		151,370			113,698
	•Series 2006-AR11 A6
	5.185% 8/25/36		2,330,000			1,869,760
	•Series 2006-AR17 A1
	2.99% 10/25/36		1,385,907			1,027,056
	•Series 2006-AR19 A1
	5.447% 12/25/36		596,626			526,208
	Series 2007-10 1A36
	6.00% 7/25/37		1,382,214			1,235,731
	Series 2007-13 A7
	6.00% 9/25/37		333,095			304,317
	Series 2007-13 A9
	6.00% 9/25/37		519,722			155,872
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $58,120,577)					53,107,672

Regional Bonds – 1.60%Δ
Australia – 1.07%
	New South Wales Treasury
	6.00% 4/1/19	AUD	3,989,000			4,210,218
	New South Wales Treasury
	Inflation-Linked Bond
	2.75% 11/20/25	AUD	717,000			807,964
	Queensland Treasury
	6.00% 9/14/17	AUD	6,751,000			7,037,014
						12,055,196

Canada – 0.53%
	New Brunswick Province
	2.75% 6/15/18	USD	965,000			1,010,616
	Ontario Province
	3.00% 7/16/18		1,760,000			1,845,684
	4.40% 6/2/19	CAD	2,650,000			2,820,279
	Quebec Province
	4.50% 12/1/20	CAD	209,000			221,315
						5,897,894
Total Regional Bonds
	(cost $17,998,261)					17,953,090

Securities Sold Short – (0.97%)
	Fannie Mae S.F. 30 yr TBA
	5.50% 11/1/41	USD	(8,000,000	)		(8,666,250	)
	6.50% 10/1/41		(2,000,000	)		(2,204,375	)
Total Securities Sold Short
	(proceeds $10,878,633)					(10,870,625	)

«Senior Secured Loans – 1.74%
	Allied Security
	Holdings Tranche 2L
	8.50% 1/21/18		330,000			322,163
	Anchor Glass Container
	6.00% 2/3/16		278,500			276,587
@	API Technologies Tranche B
	7.75% 6/1/16		324,044			307,842
	Aspect Software Tranche B
	6.25% 5/7/16		137,900			136,436
	ATI Holdings 7.50% 3/12/16		200,646			193,498
	Attachmate 6.50% 11/21/16		150,000			145,000
	Autoparts Holdings 1st Lien
	6.50% 7/5/17		115,000			114,856
	Avis Budget Group Tranche B
	6.25% 6/13/18		260,000			258,890
	BNY ConvergEx Group
	8.75% 11/29/17		100,497			100,497
	8.75% 12/16/17		239,503			239,503
	Brickman Group
	Holdings Tranche B
	7.25% 10/14/16		228,549			225,883
	Brock Holdings III
	10.00% 2/15/18		215,000			196,725
	Tranche B 6.00% 2/15/17		109,450			103,521
	Burlington Coat Factory
	Warehouse Tranche B
	6.25% 2/10/17		304,433			292,082
	Caesars Entertainment
	Operating
	3.253% 1/28/15		350,000			293,031
	Tranche B2
	3.247% 1/28/15		70,000			58,516
	Calpine Tranche B
	0.00% 3/1/18		75,000			70,865
	Cengage Learning
	Acquisitions
	7.50% 7/7/14		244,430			233,584
	Charter Communications
	Operating Tranche B
	7.25% 3/6/14		31,949			32,029
	Chester Downs & Marina
	12.375% 12/31/16		253,470			253,867
	Chrysler Group
	6.00% 4/28/17		389,025			340,121
	CityCenter Holdings
	7.50% 1/10/15		85,500			84,096

(continues) 23

Statements of net assets

Optimum Fixed Income Fund

		Principal		Value
		Amount°		(U.S. $)
«Senior Secured Loans (continued)
	Clear Channel
	Communications
	Tranche A
	3.639% 7/30/14	USD	360,000	$	294,300
	Tranche B
	3.889% 1/29/16		299,891		210,627
	Consolidated Containers
	5.75% 9/28/14		290,000		238,767
	Delos Aircraft 7.00% 3/17/16		134,231		134,342
	Delta Air Lines Tranche B
	5.50% 3/29/17		314,213		297,520
	Dynegy Midwest Generation
	9.25% 7/11/16		106,000		103,312
	Dynegy Power
	9.25% 7/11/16		159,000		156,902
	First Data Tranche B2
	2.985% 9/24/14		1,696,401		1,478,523
	Frac Tech International
	�� Tranche B 6.25% 4/19/16		353,211		347,030
	Fresenius Medical
	Care Tranche B
	1.744% 3/31/13		1,984,252		1,961,194
	GenOn Energy Tranche B
	6.00% 6/20/17		253,500		249,824
	Goodman Global Tranche B
	5.75% 10/28/16		162,896		161,655
	Gray Television Delayed
	Draw Tranche B
	0.00% 12/31/14		224,521		214,698
	Grifols Tranche B
	6.00% 6/4/16		463,838		456,465
	HCA Tranche B
	0.00% 11/18/13		1,150,000		1,118,524
	Houghton International
	Tranche B 6.75% 1/11/16		232,817		231,071
	IASIS Healthcare Tranche B
	5.00% 4/18/18		249,373		234,349
	Immucor Tranche B
	5.00% 7/2/18		270,000		266,828
	Intelsat Jackson Holding
	Tranche B 5.25% 4/3/18		260,000		248,950
	International Lease Finance
	6.75% 3/17/15		145,769		145,696
	Level 3 Financing
	Tranche B
	11.15% 3/13/14		174,000		181,649
	Tranche B2
	5.75% 4/11/18		235,000		223,642
@	Mediacom Illinois Tranche D
	5.50% 3/31/17		312,707		306,650
	MGM Resorts International
	Tranche E 7.00% 2/21/14		488,314		462,189
	Multiplan 4.75% 8/26/17		375,000		356,408
	Nielsen Finance
	0.00% 8/9/13		153,055		148,750
	Nortek 5.25% 4/12/17		134,325		126,601
	Nuveen Investments
	5.819% 5/13/17		260,074		241,609
	2nd Lien 12.50% 7/9/15		543,000		559,292
	Tranche B
	3.319% 11/13/14		190,000		174,325
	OSI Restaurant Partners
	2.563% 6/13/14		329,810		308,001
	2.60% 6/14/13		32,233		30,101
	Pinnacle Foods Finance
	Tranche D 6.00% 4/2/14		95,732		95,433
	PQ 6.74% 7/30/15		937,000		833,259
@	Prime Healthcare Services
	Tranche B 7.25% 4/28/15		279,229		268,060
	Remy International Tranche B
	6.25% 12/16/16		89,325		86,422
	Reynolds Group Holdings
	6.50% 7/7/18		455,000		442,676
	Roundy’s Supermarkets
	10.00% 4/16/16		96,000		94,400
	Sealed Air Tranche B
	0.00% 5/31/18		55,000		55,099
	Sensus USA 2nd Lien
	8.50% 4/13/18		465,000		451,634
	Texas Competitive
	Electric Holdings
	3.726% 10/10/14		270,648		192,217
	Toys R Us Delaware Tranche B
	6.00% 9/1/16		326,700		314,449
	Univision Communications
	4.489% 3/29/17		378,257		319,261
	US TelePacific 5.75% 2/10/17		209,389		200,818
	Visant 5.25% 12/31/16		123,092		112,971
	Wyle Services 0.00% 3/31/17		224,202		217,140
Total Senior Secured Loans
	(cost $20,195,946)				19,633,225

Sovereign Bonds – 12.13%Δ
Australia – 1.68%
	Australia Government Bond
	4.50% 4/15/20	AUD	3,200,000		3,171,644
	5.50% 4/21/23	AUD	4,400,000		4,698,545
	5.75% 7/15/22	AUD	10,100,000		10,994,862
					18,865,051

Belgium – 0.09%
	Belgium Government Bond
	4.25% 9/28/21	EUR	753,400		1,059,138
					1,059,138
Brazil – 1.24%
#	Banco Nacional de
	Desenvolvimento
	Economico e Social 144A
	6.369% 6/16/18	USD	1,500,000		1,657,500
	6.50% 6/10/19		2,500,000		2,787,500

		Principal		Value
		Amount°		(U.S. $)
Sovereign Bonds (continued)
Brazil (continued)
	Brazil Notas do Tesouro
	Nacional Serie F
	10.00% 1/1/13	BRL	401,000	$	216,905
	10.00% 1/1/14	BRL	403,000		215,063
	10.00% 1/1/17	BRL	15,800,000		7,922,111
	Brazilian Government
	International Bond
	8.875% 10/14/19	USD	820,000		1,115,200
					13,914,279

Canada – 0.53%
	Canadian
	Government Bond
	2.75% 9/1/16	CAD	400,000		406,105
	3.25% 6/1/21	CAD	2,150,000		2,247,317
	3.75% 6/1/19	CAD	1,137,000		1,229,528
	4.00% 6/1/17	CAD	1,045,000		1,130,022
	4.00% 6/1/41	CAD	837,000		992,855
					6,005,827

Chile – 0.23%
	Chile Government
	International Bond
	5.50% 8/5/20	CLP	1,300,000,000		2,639,167
					2,639,167

Colombia – 0.18%
	Colombia Government
	International Bond
	7.75% 4/14/21	COP	2,910,000,000		1,628,394
	12.00% 10/22/15	COP	674,000,000		425,179
					2,053,573

Finland – 0.09%
	Finland Government
	Bond 3.50% 4/15/21	EUR	665,000		977,198
					977,198

Germany – 0.20%
	Deutschland Republic
	2.25% 9/4/20	EUR	1,017,000		1,416,159
	3.50% 7/4/19	EUR	562,000		856,629
					2,272,788

Indonesia – 0.38%
	Indonesia Government
	International Bond
	4.875% 5/5/21	USD	380,000		385,700
	7.25% 4/20/15		415,000		464,800
	Indonesia Treasury Bonds
	8.25% 7/15/21	IDR	10,806,000,000		1,350,379
	10.50% 8/15/30	IDR	2,594,000,000		382,799
	11.00% 11/15/20	IDR	11,954,000,000		1,743,100
					4,326,778
Japan – 0.09%
	Japan Finance
	2.25% 7/13/16	USD	990,000		1,022,074
					1,022,074
Lithuania – 0.04%
#	Lithuania Government
	International Bond 144A
	6.125% 3/9/21		467,000		459,995
					459,995
Malaysia – 0.04%
	Malaysia Government
	Bond 4.262% 9/15/16	MYR	1,380,000		449,270
					449,270
Mexico – 0.70%
	Mexican Bonos
	7.50% 6/3/27	MXN	66,373,200		4,931,030
	8.50% 5/31/29	MXN	18,165,000		1,444,806
	10.00% 12/5/24	MXN	16,700,000		1,538,112
					7,913,948
New Zealand – 0.05%
	New Zealand Government
	Bond 6.00% 5/15/21	NZD	610,000		520,744
					520,744
Norway – 1.18%
	Norway Government Bond
	3.75% 5/25/21	NOK	2,484,000		472,711
	4.25% 5/19/17	NOK	4,293,000		819,711
	4.50% 5/22/19	NOK	24,123,000		4,764,634
	5.00% 5/15/15	NOK	37,790,000		7,187,007
					13,244,063
Panama – 0.18%
	Panama Government
	International Bond
	6.70% 1/26/36	USD	302,000		366,930
	*7.125% 1/29/26		340,000		427,210
	7.25% 3/15/15		467,000		536,350
	8.875% 9/30/27		451,000		647,185
					1,977,675
Peru – 0.16%
	Peruvian Government
	International Bond
	7.125% 3/30/19		1,218,000		1,476,825
	7.35% 7/21/25		299,000		373,750
					1,850,575
Philippines – 0.14%
	Philippine Government
	International Bond
	6.25% 1/14/36	PHP	10,000,000		217,586
	6.50% 1/20/20	USD	520,000		605,799
	9.50% 10/21/24		175,000		244,563
	9.875% 1/15/19		332,000		446,540
					1,514,488

(continues) 25

Statements of net assets

Optimum Fixed Income Fund

		Principal		Value
		Amount°		(U.S. $)
Sovereign Bonds (continued)
Poland – 0.21%
	Poland Government Bond
	5.25% 10/25/20	PLN	540,000	$	156,361
	5.50% 10/25/19	PLN	3,261,000		966,471
	Poland Government
	International Bond
	5.125% 4/21/21	USD	441,000		441,000
	6.375% 7/15/19		715,000		788,288
					2,352,120

Qatar – 0.26%
	Qatar Government
	International Bond
	4.00% 1/20/15		2,800,000		2,954,000
					2,954,000

Republic of Korea – 0.22%
	Korea Treasury Inflation-
	Linked Bond
	2.75% 6/10/20	KRW	697,726,920		685,852
	Republic of Korea
	5.75% 4/16/14		900,000		972,252
	7.125% 4/16/19		700,000		850,746
					2,508,850

Russia – 0.23%
	Russia Eurobond
	7.50% 3/31/30	USD	1,700,895		1,915,514
	#144A 7.50% 3/31/30		286,315		323,001
	#144A 7.85% 3/10/18	RUB	10,000,000		305,677
					2,544,192

South Africa – 0.58%
#	Eskom Holdings 144A
	5.75% 1/26/21	USD	995,000		1,014,900
	Republic of South Africa
	7.25% 1/15/20	ZAR	10,218,000		1,188,456
	8.00% 12/21/18	ZAR	24,949,000		3,084,141
	South Africa Government
	International Bond
	5.50% 3/9/20	USD	675,000		741,656
	6.50% 6/2/14		495,000		550,688
					6,579,841

Sweden – 0.32%
	Sweden Government Bond
	3.00% 7/12/16	SEK	11,100,000		1,733,233
	5.00% 12/1/20	SEK	9,910,000		1,843,982
					3,577,215

Turkey – 0.07%
	Turkey Government
	International Bond
	5.625% 3/30/21	USD	720,000		739,800
					739,800

United Kingdom – 2.93%
	United Kingdom Gilt
	3.75% 9/7/20	GBP	4,500,000		7,863,399
	3.75% 9/7/21	GBP	7,600,000		13,231,359
	4.50% 3/7/19	GBP	515,000		945,622
	4.75% 3/7/20	GBP	910,500		1,704,936
	4.75% 12/7/30	GBP	4,900,000		9,298,458
					33,043,774

Uruguay – 0.11%
	Uruguay Government
	International Bond
	8.00% 11/18/22	USD	949,000		1,186,250
					1,186,250
Total Sovereign Bonds
	(cost $139,360,424)				136,552,673

Supranational Banks – 0.22%
	International Bank for
	Reconstruction &
	Development
	3.375% 4/30/15	NOK	6,860,000		1,213,670
	3.625% 6/22/20	NOK	4,020,000		709,167
	6.00% 2/15/17	AUD	530,000		547,434
Total Supranational Banks
	(cost $2,339,007)				2,470,271

U.S. Treasury Obligations – 7.92%
	U.S. Treasury Bonds
	3.50% 2/15/39	USD	1,365,000		1,517,922
	∞4.375% 5/15/41		3,535,000		4,567,347
	U.S. Treasury Notes
	1.00% 9/30/16		27,015,000		27,059,197
	1.375% 9/30/18		430,000		427,985
	*2.125% 8/15/21		41,050,000		41,781,387
	3.125% 5/15/21		12,500,000		13,875,963
Total U.S. Treasury Obligations
	(cost $87,184,699)				89,229,801

		Number of
		Shares
Common Stock – 0.00%
=†	Century Communications		1,975,000		0
†	Delta Air Lines		29		218
†	GenOn Energy		343		953
=∏†	PT Holdings		295		3
Total Common Stock
	(cost $244,598)				1,174

Convertible Preferred Stock – 0.10%
*	Apache 6.00%
	exercise price $109.12,
	expiration date 8/1/13		4,000		204,680

		Number of		Value
		Shares		(U.S. $)
Convertible Preferred Stock (continued)
	Aspen Insurance
	Holdings 5.625%
	exercise price $29.28,
	expiration date 12/31/49		2,829	$	140,566
	Bank of America 7.25%
	exercise price $50.00,
	expiration date 12/31/49		247		190,561
	#Chesapeake Energy
	144A 5.75%
	exercise price $27.94,
	expiration date 12/31/49		204		224,145
	HealthSouth 6.50%
	exercise price $30.50,
	expiration date 12/31/49		329		272,740
	SandRidge Energy 8.50%
	exercise price $8.01,
	expiration date 12/31/49		1,100		111,111
Total Convertible Preferred Stock
	(cost $1,459,880)				1,143,803

Preferred Stock – 0.18%
	Alabama Power 5.625%		19,190		477,831
#	Ally Financial 144A 7.00%		900		602,747
•	PNC Financial Services 8.25%		875,000		891,270
=†	PT Holdings		59		0
Total Preferred Stock
	(cost $2,206,533)				1,971,848

Warrant – 0.00%
@=∏	Port Townsend		59		1
Total Warrant (cost $1,416)					1

		Principal
		Amount°
Short-Term Investments – 14.05%
≠Discount Notes – 3.52%
	Federal Home Loan Bank
	0.001% 10/3/11	USD	3,721,643		3,721,643
	0.01% 12/23/11		3,812,349		3,812,262
	0.03% 11/30/11		26,318,583		26,318,161
	0.04% 11/2/11		1,339,573		1,339,563
	Freddie Mac 0.05% 11/2/11		4,437,873		4,437,837
					39,629,466

Repurchase Agreement – 3.63%
	BNP Paribas 0.02%,
	dated 9/30/11, to
	be repurchased on
	10/3/11, repurchase
	price $40,911,467
	(collateralized by U.S.
	government obligations
	0.625% 7/15/14, market
	value $41,729,631)		40,911,399		40,911,399
					40,911,399
≠U.S. Treasury Obligations – 6.90%
	U.S. Treasury Bills
	0.015% 1/19/12		400,000		399,979
	0.018% 12/1/11		6,305,000		6,304,899
	0.023% 2/16/12		15,200,000		15,198,130
	0.023% 2/23/12		14,800,000		14,798,387
	0.026% 11/17/11		6,900,000		6,899,910
	0.03% 3/22/12		400,000		399,910
	0.035% 3/1/12		15,695,000		15,692,222
	0.035% 3/29/12		800,000		799,792
	0.038% 11/10/11		200,000		199,998
	0.04% 10/27/11		5,200,000		5,199,958
	0.05% 3/15/12		7,800,000		7,798,315
	0.07% 11/3/11		300,000		299,997
	0.26% 3/8/12		2,450,000		2,449,547
	0.285% 1/12/12		1,200,000		1,199,934
	0.298% 2/9/12		50,000		49,994
					77,690,972
Total Short-Term Investments
	(cost $158,235,318)				158,231,837

Total Value of Securities
	Before Securities
	Lending Collateral – 100.06%
	(cost $1,114,334,561)				1,127,011,400

		Number of
		Shares
Securities Lending Collateral – 2.61%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		425,643		409,043
	Delaware Investments
	Collateral Fund No.1		28,964,477		28,964,477
	†@Mellon GSL
	Reinvestment Trust II		1,198,247		0

Total Securities Lending Collateral
	(cost $30,588,367)				29,373,520

Total Value of Securities – 102.67%
	(cost $1,144,922,928)				1,156,384,920	©

Obligation to Return Securities
	Lending Collateral – (2.71%)**				(30,588,367	)

Receivables and Other Assets
	Net of Other Liabilities – 0.04%				492,672

Net Assets Applicable to
	115,217,720 Shares
	Outstanding – 100.00%			$	1,126,289,225

(continues) 27

Statements of net assets

Optimum Fixed Income Fund


Net Asset Value – Optimum Fixed Income Fund
Class A ($39,618,908 / 4,054,713 Shares)	$9.77
Net Asset Value – Optimum Fixed Income Fund
Class B ($4,394,864 / 450,856 Shares)	$9.75
Net Asset Value – Optimum Fixed Income Fund
Class C ($157,601,666 / 16,167,669 Shares)	$9.75
Net Asset Value – Optimum Fixed Income Fund
Institutional Class ($924,673,787 / 94,544,482 Shares)	$9.78

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
(unlimited authorization – no par)	$	1,076,477,674
Undistributed net investment income		17,362,196
Accumulated net realized gain on investments		13,622,121
Net unrealized appreciation of investments and
foreign currencies		18,827,234
Total net assets	$	1,126,289,225

°Principal amount shown is stated in the currency in which each security is denominated.

AUD — Australian Dollar
BRL — Brazilian Real
CAD — Canadian Dollar
CLP — Chilean Peso
CNY — China Renminbi
COP — Colombian Peso
EUR — European Monetary Unit
GBP — British Pound Sterling
IDR — Indonesia Rupiah
INR — Indian Rupee
JPY — Japanese Yen
KRW — South Korean Won
MXN — Mexican Peso
MYR — Malaysian Ringgit
NOK — Norwegian Krone
NZD — New Zealand Dollar
PHP — Philippine Peso
PLN — Polish Zloty
RUB — Russian Ruble
SEK — Swedish Krona
SGD — Singapore Dollar
TWD — Taiwan Dollar
USD — United States Dollar
ZAR — South African Rand

•	Variable rate security. The rate shown is the rate as of September 30, 2011. Interest rates reset periodically.
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $30,453,428, which represented 2.70% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
^	Zero coupon security. The rate shown is the yield at the time of purchase.
w	Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2011, the aggregate amount of Rule 144A securities was $124,671,321, which represented 11.07% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
*	Fully or partially on loan.
Φ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at September 30, 2011.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At September 30, 2011, the aggregate amount of fair valued securities was $40,204, which represented 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
‡	Non income producing security. Security is currently in default.
Δ	Securities have been classified by country of origin.
«	Senior Secured Loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior Secured Loans may be subject to restrictions on resale. Stated rate in effect at September 30, 2011.
∞	Fully or partially pledged as collateral for futures contracts.
†	Non income producing security.
∏	Restricted Security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale, which may limit their liquidity. At September 30, 2011, the aggregate amount of restricted securities was $4, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
©	Includes $84,020,275 of securities loaned.

Net Asset Value and Offering Price Per Share –
Optimum Fixed Income Fund
Net asset value Class A (A)	$	9.77
Sales charge (4.50% of offering price) (B)		0.46
Offering price	$	10.23

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $100,000 or more.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at September 30, 2011:¹

Foreign Currency Exchange Contracts

								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
BAML	AUD	(2,237,770	)	USD	2,278,285		11/4/11		$	122,167
BAML	EUR	(2,466,158	)	USD	3,373,778		11/4/11			70,925
BAML	IDR	11,740,900,000		USD	(1,264,502	)	11/4/11			66,603
BAML	JPY	50,558,250		USD	(662,551	)	11/4/11			(6,733	)
BAML	NOK	(12,041,012	)	USD	2,110,662		11/4/11			63,008
BAML	PHP	20,000,000		USD	(456,517	)	11/4/11			(39	)
BAML	PLN	(3,742,669	)	USD	1,158,076		11/4/11			32,577
BCLY	EUR	(884,601	)	USD	1,190,000		11/4/11			5,280
BCLY	JPY	51,564,240		USD	(675,862	)	11/4/11			(6,996	)
CITI	BRL	(782,943	)	USD	483,000		11/3/11			70,465
CITI	CNY	49,500		USD	(7,780	)	11/15/11			(25	)
CITI	EUR	(15,351,000	)	USD	21,731,643		10/19/11			1,170,431
CITI	EUR	(2,146,052	)	USD	2,935,295		11/4/11			61,150
CITI	GBP	(19,418,000	)	USD	30,514,779		12/8/11			258,918
CITI	IDR	18,916,900,000		USD	(2,084,966	)	1/31/12			40,627
CITI	JPY	(792,904,000	)	USD	9,867,329		10/17/11			(415,202	)
CITI	JPY	77,620,704		USD	(1,017,323	)	11/4/11			(10,464	)
CITI	NOK	(6,410,000	)	USD	1,186,354		10/7/11			94,748
CITI	NZD	532,193		USD	(434,759	)	11/4/11			(30,073	)
CITI	PHP	106,370,460		USD	(2,459,657	)	3/15/12			(45,034	)
CITI	SGD	5,844,551		USD	(4,847,836	)	12/9/11			(375,736	)
DB	AUD	(2,847,000	)	USD	2,787,173		10/6/11			33,418
GSC	AUD	(3,024,610	)	USD	2,930,000		11/4/11			15,753
GSC	GBP	662,556		USD	(1,033,533	)	11/4/11			(846	)
GSC	NOK	(2,380,480	)	USD	416,933		11/4/11			12,117
HSBC	AUD	(3,547,761	)	USD	3,607,540		11/4/11			189,232
HSBC	EUR	(2,150,013	)	USD	2,939,110		11/4/11			59,661
HSBC	KRW	1,406,354,000		USD	(1,210,079	)	11/4/11			(22,155	)
HSBC	NOK	(12,160,167	)	USD	2,133,879		11/4/11			65,962
JPMC	BRL	(15,353,647	)	USD	9,244,173		11/3/11			1,154,291
JPMC	CLP	385,515,000		USD	(763,396	)	11/4/11			(22,057	)
JPMC	CNY	10,338,900		USD	(1,740,000	)	8/15/12			(128,365	)
JPMC	EUR	(310,921	)	USD	425,495		11/4/11			9,088
JPMC	IDR	39,214,907,000		USD	(4,559,873	)	10/31/11			(111,561	)
JPMC	IDR	(18,158,350,000	)	USD	2,030,000		1/31/12			(10,360	)
JPMC	INR	534,380		USD	(11,497	)	7/12/12			(837	)
JPMC	KRW	7,596,625,519		USD	(7,130,304	)	11/14/11			(717,078	)
JPMC	MXN	(21,052,375	)	USD	1,792,838		11/18/11			282,833
JPMC	MYR	13,499,260		USD	(4,450,795	)	4/23/12			(240,105	)
JPMC	TWD	134,926,500		USD	(4,750,000	)	1/11/12			(306,988	)
MNB	AUD	(20,796,000	)	USD	20,689,069		10/20/11			612,997
MNB	CAD	(334,000	)	USD	336,735		11/17/11			18,489
MNB	NOK	(6,626,000	)	USD	1,134,958		10/4/11			6,396
MNB	NOK	6,626,000		USD	(1,134,795	)	10/7/11			(6,404	)
MSC	AUD	(1,222,280	)	USD	1,190,000		11/4/11			12,318
MSC	CNY	55,270,000		USD	(8,600,000	)	8/15/12			10,543
MSC	EUR	(4,023,012	)	USD	5,476,127		11/4/11			88,224
MSC	JPY	72,804,550		USD	(953,413	)	11/4/11			(9,028	)
MSC	KRW	5,244,469,150		USD	(1,615,919	)	11/4/11			3,678
									$	2,165,813

Futures Contracts

								Unrealized
Contracts to	Notional			Notional			Expiration	Appreciation
Buy (Sell)	Cost (Proceeds)			Value			Date	(Depreciation)
964 90 Day
Euro Future	$	237,019,300		$	237,903,150		6/16/14		$	883,850
147 90 Day
Euro Future		35,858,812			36,207,937		9/15/14			349,125
11 Euro-Bund
Future		2,113,375			2,011,262		12/8/11			(102,113	)
(43) U.S. Treasury
10 yr Notes		(5,536,392	)		(5,594,031	)	12/20/11			(57,639	)
195 U.S. Treasury
Long Notes		26,434,678			27,811,875		11/25/11			1,377,197
62 U.S. Treasury
Ultra Term
Bond		8,835,279			9,834,750		12/20/11			999,471
	$	304,725,052							$	3,449,891

(continues) 29

Statements of net assets

Optimum Fixed Income Fund

Swap Contracts
CDS Contracts

	Swap			Annual		Unrealized
	Referenced	Notional		Protection	Termination	Appreciation
Counterparty	Obligation	Value		Payments	Date	(Depreciation)
	Protection Purchased:
BAML	CDX.NA.HY.17	USD	12,840,000	5.00%	12/20/16		$	278,085
BAML	Kingdom of Spain
	5 yr CDS		1,951,000	1.00%	12/20/15			27,462
BAML	ITRAXX Europe
	Subordinate
	Financials
	16.1 5 yr CDS	EUR	7,090,000	5.00%	12/20/16			(1,471	)
BCLY	CDX.N.A.HY.17	USD	9,535,000	5.00%	12/20/16			206,506
BCLY	ITRAXX Europe
	Subordinate
	Financials
	16.1 5 yr CDS	EUR	6,840,000	5.00%	12/20/16			(741	)
	Kingdom of Spain
BCLY	5 yr CDS	USD	1,462,000	1.00%	3/20/15			53,726
BCLY	5 yr CDS		730,000	1.00%	3/21/16			12,988
BCLY	Republic of France
	5 yr CDS		2,504,000	0.25%	9/20/16			(14,178	)
	United States of
	America
BCLY	5 yr CDS	EUR	1,706,000	0.25%	3/20/16			(340	)
CITI	CDX.NA.HY.17	USD	745,000	5.00%	12/20/16			14,235
GSC	CDX.NA.HY.17		2,420,000	5.00%	12/20/16			52,412
GSC	Republic of France
	5 yr CDS		890,000	0.25%	9/20/16			(3,294	)
JPMC	CDX.NA.HY.17		215,000	5.00%	12/20/16			3,840
JPMC	Meadwestvaco
	5 yr CDS		725,000	1.00%	12/20/16			4,498
JPMC	People’s Republic
	of China		2,930,000	1.00%	12/20/16			0
JPMC	Portuguese
	Republic
	5 yr CDS		1,648,000	1.00%	6/20/15			339,965
	Republic of France
JPMC	5 yr CDS		1,788,000	0.25%	9/20/16			(9,647	)
JPMC	5 yr CDS		1,126,000	0.25%	12/20/16			(9,858	)
JPMC	Viacom 5 yr CDS		1,225,000	1.00%	9/20/15			6,019
MSC	CDX.NA.HY.17		2,980,000	5.00%	12/20/16			53,221
MSC	Japan 5 yr CDS		1,420,000	1.00%	9/20/16			18,616
MSC	Kingdom of Spain
	5 yr CDS		1,631,000	1.00%	6/20/16			69,311
MSC	Republic of France
	5 yr CDS		1,990,000	0.25%	9/20/16			(6,659	)
MSC	Republic of Italy
	5 yr CDS		1,460,000	1.00%	9/20/16			67,380
MSC	State of Israel
	5 yr CDS		1,420,000	1.00%	9/20/16			12,737
							$	1,174,813
	Protection Sold/Moody’s Rating:
JPMC	Comcast
	5 yr CDS/Baa		1,225,000	1.00%	9/20/15		$	10,881
JPMC	Georgia Pacific
	5 yr CDX/Baa		725,000	1.00%	12/20/16			(2,338	)
JPMC	Tyson Foods
	CDS/Ba		735,000	1.00%	3/20/16			5,465
MSC	General Electric
	Capital
	5 yr CDS/Ba		3,100,000	1.00%	6/20/16			(251,229	)
MSC	People’s Republic
	of China/Aa		2,700,000	1.00%	9/20/16			(107,884	)
							$	(345,105	)
Total							$	829,708

Interest Rate Swap Contracts

Fixed

Unrealized

Notional

Deal Receive

Maturity

Appreciation

Counterparty

Swap Referenced

Value

Rate

Date

(Depreciation)

CITI

3-Month LIBOR

AUD

8,500,000

3.25%

12/21/21

151,402

CITI

6-Month LIBOR

AUD

3,200,000

5.75%

12/15/21

259,602

CITI

6-Month LIBOR

AUD

6,600,000

6.00%

12/15/20

578,517

Brazil CETIP

Interbank

MSC

Deposit

BRL

13,000,000

10.58%

1/2/14

550

Brazil CETIP

Interbank

MSC

Deposit

BRL

3,100,000

11.67%

1/2/14

24,687

Total

34,400,000

1,014,758

The use of foreign currency exchange contracts, futures contracts and swap contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 7 in “Notes to financial statements.”

Summary of Abbreviations:
ARM — Adjustable Rate Mortgage
BAML — Bank of America Merrill Lynch
BCLY — Barclays Bank
CDS — Credit Default Swap
CDO — Collateralized Debt Obligation
CITI — Citigroup Global Markets
DB — Deutsche Bank
FGIC — Insured by Financial Guaranty Insurance Company
GNMA — Government National Mortgage Association
GSC — Goldman Sachs Capital
GSMPS — Goldman Sachs Reperforming Mortgage Securities
HSBC — Hong Kong Shanghai Bank
HY — High Yield
JPMC — JPMorgan Chase Bank
MASTR — Mortgage Asset Securitization Transactions, Inc.
MNB — Mellon National Bank
MSC — Morgan Stanley Capital
NATL-RE — Insured by National Public Finance Guarantee Corporation
NCUA — National Credit Union Administration
PIK — Pay-in-kind
REIT — Real Estate Investment Trust
REMIC — Real Estate Mortgage Investment Conduit
S.F. — Single Family
TBA — To be announced
yr — Year

See accompanying notes, which are an integral part of the financial statements.

Optimum International Fund
September 30, 2011 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
Common Stock – 95.62%Δ
Australia – 4.83%
	Amcor	351,715	$	2,329,317
	AMP	491,923		1,848,364
	Australia & New Zealand
	Banking Group	47,900		889,403
	BHP Billiton	15,500		513,398
	Newcrest Mining	38,100		1,256,274
	QBE Insurance Group	169,795		2,085,877
	Telstra	1,126,198		3,355,285
	Treasury Wine Estates	16,863		63,175
				12,341,093
Austria – 0.04%
	Erste Group Bank	4,100		104,555
				104,555
Belgium – 0.50%
w†	Ageas VVPR Strip	48,482		65
	Anheuser-Busch InBev	23,900		1,268,450
				1,268,515
Bermuda – 0.28%
*	Seadrill	25,900		715,274
				715,274
Brazil – 0.66%
	BM&FBovespa	131,600		606,255
	Cia Energetica de Minas Gerais ADR	38,355		569,188
	Tractebel Energia	36,800		507,613
				1,683,056
Canada – 2.55%
	Canadian National Railway	18,300		1,222,501
	Enbridge	17,000		542,450
	First Quantum Minerals	49,500		658,709
	Gildan Activewear	15,000		389,202
*	Manulife Financial	47,300		538,741
†	QuadraFNX Mining	30,200		262,446
	Royal Bank of Canada	12,900		591,409
	Suncor Energy	25,100		640,729
	Toronto-Dominion Bank	8,600		611,918
*	TransCanada	12,600		511,308
	Trican Well Service	37,300		528,740
				6,498,153
China/Hong Kong – 2.78%
	AIA Group	235,300		666,347
	China Construction Bank Class H	1,736,300		1,050,163
*	China Merchants Bank Class H	336,000		508,260
*	China Merchants
	Holdings International	194,700		522,026
	China Mobile	55,600		543,500
	China Resources Enterprise	154,500		513,937
	China Unicom Hong Kong	326,300		663,397
*	Hong Kong Exchanges & Clearing	32,700		474,335
*†	Lentuo International ADR	19,800		76,032
*†	Melco Cown Entertainment ADR	47,500		394,725
†	New Oriental Education &
	technology Group ADR	5,200		119,444
	New World Development	315,600		301,767
	REXLot Holdings	3,195,100		189,920
†	Sohu.com	1,800		86,760
	Tencent Holdings	14,300		296,608
	Wharf Holdings	140,400		692,679
				7,099,900
Colombia – 0.20%
*	Petrominerales	25,500		501,097
				501,097
Denmark – 0.17%
	Carlsberg Class B	7,600		450,302
				450,302
France – 9.99%
	AXA	27,300		355,130
	BNP Paribas	10,100		398,124
	Carrefour	127,779		2,909,457
	Cie de Saint-Gobain	46,423		1,770,901
	Danone	24,600		1,512,074
	France Telecom	224,138		3,668,023
	GDF Suez	24,100		715,971
w†	GDF Suez VVPR Strip	8,820		12
	LVMH Moet Hennessy Louis Vuitton	4,100		541,141
	Sanofi	76,325		5,019,853
	Societe Generale	75,688		1,981,123
	Technip	9,100		728,984
*	Total	82,765		3,651,135
	Unibail-Rodamco	3,000		535,250
	Vinci	39,920		1,712,055
				25,499,233
Germany – 6.10%
	Adidas	10,800		657,171
	Allianz	10,400		974,675
	Bayerische Motoren Werke	9,400		620,906
	Continental	7,900		455,937
	Deutsche Bank	18,900		654,836
	Deutsche Telekom	259,137		3,041,373
	Gerry Weber International	27,008		768,387
	Infineon Technologies	80,500		593,910
	K+S	13,800		722,337
†	Kabel Deutschland Holding	18,400		986,403
	Merck	9,800		802,615
	Metro	10,600		449,906
	RWE	95,982		3,540,205
	SAP ADR	17,700		895,974
	Siemens	4,500		404,822
				15,569,457
Gilbraltar – 0.04%
	Bwin.Party Digital Entertainment	53,100		101,399
				101,399

(continues) 31

Statements of net assets

Optimum International Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
India – 0.54%
	HDFC Bank	79,500	$	751,358
	Housing Development Finance	47,400		616,510
				1,367,868
Indonesia – 0.18%
	Adaro Energy	2,340,500		450,621
				450,621
Ireland – 1.35%
	Covidien	12,600		555,660
	Experian	155,877		1,749,597
	Shire ADR	8,700		817,191
	WPP	36,500		338,038
				3,460,486
Israel – 1.30%
	Teva Pharmaceutical Industries ADR	89,300		3,323,746
				3,323,746
Italy – 2.68%
*	ENI	230,404		4,052,981
	Intesa Sanpaolo	1,382,480		2,167,822
	Saipem	17,500		614,135
				6,834,938
Japan – 17.68%
*	Astellas Pharma	119,300		4,503,208
	Bridgestone	46,100		1,045,994
	Canon	116,400		5,285,263
	Chiba Bank	124,200		861,444
*	Daikin Industries	20,700		592,896
	Daiwa Office Investment	90		232,790
	HOYA	32,000		741,906
	IHI	435,200		959,454
	Japan Prime Realty Investment	110		282,461
	Japan Tobacco	430		2,011,350
	JGC	32,000		782,537
	Kao	145,400		4,050,021
	Kubota	86,900		708,675
	Mitsubishi Chemical Holdings	88,800		602,222
	Mitsui Fudosan	38,800		612,931
	Nintendo	4,800		705,301
*	ORIX	7,800		612,202
	Seven & I Holdings	161,500		4,526,861
	Shin-Etsu Chemical	19,900		976,167
	Softbank	24,800		725,650
	Sumitomo Electric Industries	46,300		543,766
*	Sumitomo Mitsui Financial Group	21,700		611,410
*	Takeda Pharmaceutical	86,800		4,116,772
	Teijin	137,200		493,226
	Tokio Marine Holdings	119,600		3,031,022
*	Toray Industries	108,500		759,841
*	Toyota Motor	70,400		2,413,255
	Trend Micro	18,900		591,101
	Yamato Holdings	35,900		654,503
*	Zeon	118,700		1,091,008
				45,125,237
Luxembourg – 0.20%
	ArcelorMittal	31,300		500,018
				500,018
Mexico – 0.49%
	Fomento Economico Mexicano ADR	12,500		810,250
	Grupo Modelo Series C	78,400		442,925
				1,253,175
Netherlands – 4.91%
†	AEGON	119,800		485,540
	ASML Holding	36,900		1,275,802
	Corio	2,400		110,572
†	ING Groep CVA	239,944		1,692,341
	Koninklijke Ahold	280,806		3,301,958
	Koninklijke DSM	16,500		717,317
	Koninklijke KPN	39,500		520,198
	Randstad Holding	22,500		717,236
	Reed Elsevier	200,145		2,200,653
	Unilever CVA	44,500		1,408,418
	Wereldhave	1,500		105,479
				12,535,514
Norway – 0.49%
	Aker Solutions	37,000		354,442
	DnB NOR	48,000		478,384
	Storebrand	82,600		415,743
				1,248,569
Republic of Korea – 1.49%
	Hyundai Marine & Fire Insurance	39,400		963,479
	Hyundai Mobis	1,500		423,758
	Kia Motors	12,000		713,738
	KT ADR	36,000		532,080
	Samsung Electronics	800		557,163
	Samsung Life Insurance	8,000		607,496
				3,797,714
Singapore – 3.07%
	Avago Technologies	16,900		553,813
	Jardine Matheson Holdings	29,200		1,327,235
*	Sakari Resources	419,300		625,759
	Singapore Telecommunications	1,342,700		3,238,600
	United Overseas Bank	163,047		2,097,868
				7,843,275
South Africa – 0.40%
	MTN Group	34,300		559,932
	Naspers Class N	10,700		461,739
				1,021,671

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Spain – 4.17%
	Banco Santander	164,353	$	1,343,582
†	Distribuidora Internacional
	de Alimentacion	80,119		318,977
	Iberdrola	506,510		3,424,080
	Telefonica	289,897		5,555,195
				10,641,834
Switzerland – 6.24%
†	Adecco	12,900		508,391
	Cie Financiere Richemont Class A	12,200		543,393
†	Julius Baer Group	20,900		698,363
	Nestle	34,200		1,882,595
	Novartis	79,154		4,421,190
	Roche Holding	4,900		791,322
	SGS	838		1,272,952
†	Swiss Re	18,200		853,683
	TE Connectivity	18,600		523,404
†	Temenos Group	32,500		438,865
	Xstrata	55,200		696,959
†	Zurich Financial Services	15,821		3,295,221
				15,926,338
Taiwan – 1.84%
	Catcher Technology	78,200		447,874
	Chunghwa Telecom ADR	22,070		728,310
	Mega Financial Holding	941,664		646,837
	Taiwan Semiconductor
	Manufacturing	1,075,269		2,420,969
	United Microelectronics	1,203,000		443,772
				4,687,762
Thailand – 0.25%
	Bangkok Bank Public	142,500		640,833
				640,833
United Kingdom – 20.02%
	Aegis Group	200,000		385,246
	Antofagasta	37,800		539,663
	ARM Holdings	72,800		622,479
	Associated British Foods	67,300		1,158,443
	Barclays	257,300		630,911
†	Barratt Developments	29,800		36,068
	Bellway	12,500		120,401
	BG Group	186,601		3,570,827
	BP	530,768		3,181,906
	Britvic	131,500		641,389
	Compass Group	409,337		3,301,947
	Cookson Group	15,300		102,057
	GlaxoSmithKline	287,475		5,931,308
	HSBC Holdings	244,407		1,871,746
	Imperial Tobacco Group	52,000		1,754,650
	Inchcape	95,420		412,092
†	International Consolidated
	Airlines Group	311,900		736,576
	Kazakhmys	29,600		361,547
	National Grid	108,800		1,078,288
	Persimmon	14,200		99,907
	Rexam	134,900		648,614
	Royal Dutch Shell Class A	227,127		7,003,185
	SSE	47,900		961,092
	Subsea 7	35,800		680,066
†	Taylor Wimpey	214,400		115,944
	Tesco	768,057		4,498,375
	Unilever	178,329		5,585,284
	Vodafone Group	1,552,455		4,000,600
	Vodafone Group ADR	41,100		1,054,215
				51,084,826
United States – 0.18%
†	NII Holdings	16,800		452,760
				452,760
Total Common Stock
	(cost $278,148,401)			244,029,219

Exchange-Traded Fund – 0.77%
	Vanguard MSCI Emerging Markets	54,400		1,952,416
Total Exchange-Traded Fund
	(cost $2,643,720)			1,952,416

Preferred Stock – 0.89%
Brazil – 0.57%
	Banco Bradesco 0.71%	98,200		1,437,519
				1,437,519
Germany – 0.32%
	Volkswagen 2.26%	6,242		823,654
				823,654
Total Preferred Stock
	(cost $2,520,558)			2,261,173

		Principal
		Amount (U.S. $)
Short-Term Investments – 1.59%
≠Discount Notes – 0.84%
	Federal Home Loan Bank
	0.001% 10/3/11	$ 174,521		174,521
	0.01% 12/23/11	202,480		202,475
	0.03% 11/30/11	1,397,819		1,397,797
	0.04% 11/2/11	86,318		86,318
	Freddie Mac 0.05% 11/2/11	285,965		285,962
				2,147,073

(continues) 33

Statements of net assets

Optimum International Fund

		Principal		Value
		Amount (U.S. $)		(U.S. $)
Short-Term Investments (continued)
Repurchase Agreement – 0.75%
	BNP Paribas 0.02%, dated 9/30/11,
	to be repurchased on 10/3/11,
	repurchase price $1,918,484
	(collateralized by U.S. government
	obligations 0.625% 7/15/14,
	market value $1,956,851)	$	1,918,481	$	1,918,481
					1,918,481
Total Short-Term Investments
	(cost $4,065,556)				4,065,554

Total Value of Securities Before Securities
	Lending Collateral – 98.87%
	(cost $287,378,235)				252,308,362

			Number of
			Shares
Securities Lending Collateral – 8.19%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		207,192		199,112
	Delaware Investments
	Collateral Fund No.1		20,700,281		20,700,281
	†@Mellon GSL Reinvestment Trust II		620,609		0
Total Securities Lending Collateral
	(cost $21,528,082)				20,899,393

Total Value of Securities – 107.06%
	(cost $308,906,317)				273,207,755		©
Obligation to Return Securities
	Lending Collateral – (8.44%)**				(21,528,082		)
Receivables and Other Assets Net of
	Other Liabilities – 1.38%				3,515,934
Net Assets Applicable to 27,396,592
	Shares Outstanding – 100.00%			$	255,195,607

Net Asset Value – Optimum International Fund
	Class A ($8,713,527 / 939,099 Shares)					$9.28
Net Asset Value – Optimum International Fund
	Class B ($1,379,205 / 151,810 Shares)					$9.09
Net Asset Value – Optimum International Fund
	Class C ($30,932,307 / 3,402,908 Shares)					$9.09
Net Asset Value – Optimum International Fund
	Institutional Class ($214,170,568 / 22,902,775 Shares)					$9.35

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
	(unlimited authorization – no par)			$	340,258,816
Undistributed net investment income					4,185,282
Accumulated net realized loss on investments					(53,768,397		)
Net unrealized depreciation of investments
	and foreign currencies				(35,480,094		)
Total net assets				$	255,195,607

Δ	Securities have been classified by country of origin. Classification by type of business has been presented in page 4 in “Security type/country/sector allocations.”
w	Dividend coupon which when presented with the corresponding coupon of the share benefits from a reduced withholding tax of 15% (rather than 25%) on dividends paid.
†	Non income producing security.
*	Fully or partially on loan.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
©	Includes $19,858,363 of securities loaned.

Net Asset Value and Offering Price Per Share –
	Optimum International Fund
Net asset value Class A (A)		$	9.28
Sales charge (5.75% of offering price) (B)			0.57
Offering price		$	9.85

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $75,000 or more.

The following foreign currency exchange contracts were outstanding at September 30, 2011: ¹

Foreign Currency Exchange Contracts

									Unrealized
	Contracts to						Settlement		Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date		(Depreciation)
CITI	AUD	2,557,000		USD	(2,703,754	)		10/7/11		$	(230,843	)
CITI	CAD	(1,871,000	)	USD	1,891,088			10/7/11			106,609
CITI	CHF	765,000		USD	(852,478	)		10/7/11			(8,443	)
CITI	DKK	692,000		USD	(126,091	)		10/7/11			(1,529	)
CITI	EUR	(5,025,500	)	USD	6,943,770			10/7/11			211,966
CITI	GBP	(150,500	)	USD	235,855			10/7/11			1,212
CITI	JPY	113,077,000		USD	(1,466,885	)		10/7/11			(685	)
CITI	MXN	11,625,000		USD	(947,570	)		10/7/11			(110,248	)
CITI	NOK	(18,982,000	)	USD	3,455,424			10/7/11			222,838
CITI	SEK	17,265,000		USD	(2,655,434	)		10/7/11			(141,049	)
CITI	SGD	4,940,277		USD	(4,039,828	)		10/7/11			(260,211	)
DB	AUD	(900,000	)	USD	875,828			10/7/11			5,425
DB	HKD	895,000		USD	(114,964	)		10/7/11			(26	)
MNB	AUD	(343,584	)	USD	334,506			10/4/11			2,084
MNB	AUD	(6,564,000	)	USD	7,161,587			10/31/11			834,254
MNB	CHF	(250,000	)	USD	276,091			10/3/11			286
MNB	CHF	(375,000	)	USD	413,679			10/4/11			(36	)
MNB	CHF	(2,840,500	)	USD	3,173,743			1/31/12			31,277
MNB	EUR	(115,000	)	USD	154,434			10/4/11			384
MNB	EUR	(81,500	)	USD	113,125			10/7/11			3,953
MNB	HKD	(895,000	)	USD	114,959			10/3/11			26
MNB	HKD	73,000		USD	(9,362	)		10/7/11			13
MNB	THB	(4,747,640	)	USD	152,192			10/4/11			(226	)
MNB	THB	(1,886,100	)	USD	60,174			10/5/11			(373	)
MNB	TWD	219,650		USD	(7,237	)		10/3/11			(27	)
MNB	TWD	2,771,880		USD	(90,641	)		10/4/11			353
MSC	CAD	4,157,000		USD	(4,313,476	)		10/7/11			(348,708	)
MSC	CHF	(77,000	)	USD	95,205			10/7/11			10,250
MSC	EUR	(90,000	)	USD	122,290			10/7/11			1,732
MSC	GBP	2,286,000		USD	(3,730,820	)		10/7/11			(166,747	)
MSC	JPY	136,935,000		USD	(1,791,393	)		10/7/11			(15,841	)
MSC	NOK	5,113,000		USD	(935,947	)		10/7/11			(65,216	)
MSC	SGD	(5,600,785	)	USD	4,451,049			10/7/11			166,102
UBS	CHF	250,000		USD	(276,106	)		10/7/11			(277	)
										$	248,279

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts recognized in the financial statements. The notional values presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 7 in “Notes to financial statements.”

Summary of Abbreviations:
ADR — American Depositary Receipt
AUD — Australian Dollar
CAD — Canadian Dollar
CHF — Swiss Franc
CITI — Citigroup Global Markets
CVA — Dutch Certificate
DB — Deutsche Bank
DKK — Danish Krone
EUR — European Monetary Unit
GBP — British Pound Sterling
HKD — Hong Kong Dollar
JPY — Japanese Yen
MNB — Mellon National Bank
MSC — Morgan Stanley Capital
MXN — Mexican Peso
NOK — Norwegian Krone
SEK — Swedish Krona
SGD — Singapore Dollar
VVPR Strip — Dividend Coupon
THB — Thailand Baht
TWD — Taiwan Dollar
UBS — United Bank of Switzerland
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements.

(continues) 35

Statements of net assets

Optimum Large Cap Growth Fund
September 30, 2011 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
Common Stock – 95.46%²
Consumer Discretionary – 25.33%
	Abercrombie & Fitch Class A	34,350	$	2,114,586
†	Amazon.com	89,251		19,298,744
†	AutoZone	5,531		1,765,440
	British Sky Broadcasting Group
	(United Kingdom)	114,901		1,183,231
*†	CarMax	39,000		930,150
	Carnival (United Kingdom)	26,128		814,323
	CBS Class B	38,500		784,630
†	Chipotle Mexican Grill	4,500		1,363,275
	Cie Financiere Richemont ADR	1,126,003		5,076,472
	Coach	71,148		3,687,601
	Comcast Class A	119,500		2,497,550
	Costco Wholesale	17,700		1,453,524
†	Discovery Communications Class A	8,900		334,818
†	Disney (Walt)	38,200		1,152,112
†	Dollar General	31,950		1,206,432
†	eBay	201,700		5,948,133
	Estee Lauder Class A	40,597		3,566,040
*	Fastenal	62,900		2,093,312
*†	Focus Media Holding ADR	184,525		3,098,175
*†	Fossil	7,800		632,268
†	Hanesbrands	71,400		1,785,714
	Harley-Davidson	13,500		463,455
*†	Hertz Global Holdings	71,500		636,350
	Home Depot	43,050		1,415,054
*†	IAC/InterActiveCorp	77,500		3,065,125
	Johnson Controls	20,500		540,585
†	Las Vegas Sands	97,550		3,740,067
	Lear	35,650		1,529,385
	Li & Fung (China)
	(Hong Kong Exchange)	876,000		1,461,659
†	Liberty Interactive Class A	38,600		570,122
	Lowe’s	196,050		3,791,607
	Marriott International Class A	50,680		1,380,523
	McDonald’s	105,966		9,305,934
*†	MGM Resorts International	45,100		418,979
	NIKE Class B	107,587		9,199,764
†	O’Reilly Automotive	35,554		2,368,963
*†	Prada (Italy)	155,900		657,633
†	priceline.com	22,340		10,040,936
	PVH	39,600		2,306,304
	Ralph Lauren	8,300		1,076,510
	Ross Stores	9,900		779,031
*	Royal Caribbean Cruises	13,200		285,648
	Sotheby’s	5,560		153,289
	Starbucks	205,635		7,668,129
*	Starwood Hotels &
	Resorts Worldwide	23,800		923,916
	Target	73,100		3,584,824
	Tiffany & Co	39,838		2,422,947
	Time Warner	145,376		4,356,919
*	TJX	157,122		8,715,557
†	Toll Brothers	100,800		1,454,544
†	VistaPrint (Netherlands)	105,850		2,861,126
†	WABCO Holdings	29,750		1,126,335
*	Western Union	59,100		903,639
	Wynn Resorts	39,512		4,547,041
	Yum Brands	115,642		5,711,558
				160,249,988
Consumer Staples – 4.79%
	Coca-Cola	56,050		3,786,738
	CVS Caremark	124,850		4,192,463
*†	Green Mountain Coffee Roasters	41,598		3,866,118
†	Hansen Natural	7,000		611,030
	PepsiCo	79,450		4,917,955
	Philip Morris International	75,700		4,722,166
	Procter & Gamble	80,600		5,092,308
	Unilever (Netherlands)	79,350		2,498,732
	Whole Foods Market	9,400		613,914
				30,301,424
Energy – 7.48%
	Anadarko Petroleum	21,669		1,366,230
	Arch Coal	129,550		1,888,839
	Baker Hughes	111,550		5,149,148
†	Cameron International	28,000		1,163,120
	Cimarex Energy	6,300		350,910
	ConocoPhillips	94,850		6,005,902
*†	Continental Resources	29,526		1,428,173
	EOG Resources	19,100		1,356,291
†	FMC Technologies	39,900		1,500,240
	Halliburton	202,180		6,170,534
	Marathon Petroleum	52,500		1,420,650
	National Oilwell Varco	45,067		2,308,332
†	Newfield Exploration	30,600		1,214,514
	Occidental Petroleum	80,500		5,755,750
	Peabody Energy	19,200		650,496
	Pioneer Natural Resources	3,500		230,195
	Royal Dutch Shell ADR	100,900		6,207,367
	Schlumberger	35,700		2,132,361
	Suncor Energy (Canada)	28,800		732,672
†	Whiting Petroleum	8,600		301,688
				47,333,412
Financial Services – 6.74%
†	Affiliated Managers Group	14,850		1,159,043
	American Express	52,500		2,357,250
	Annaly Capital Management	91,050		1,514,162
†	CB Richard Ellis Group Class A	35,600		479,176
	CME Group	11,050		2,722,720
	Franklin Resources	20,200		1,931,928
	Home Properties	21,800		1,237,368
	Hutchison Port Holdings Trust
	(Singapore)	2,758,000		1,841,006

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Financial Services (continued)
†	IntercontinentalExchange	12,500	$	1,478,250
	Invesco	61,000		946,110
	JPMorgan Chase	86,100		2,593,332
	KKR	104,850		1,090,440
	MasterCard Class A	23,600		7,484,976
	Public Storage	20,100		2,238,135
	U.S. Bancorp	175,295		4,126,444
†	Verisk Analytics Class A	34,100		1,185,657
*	Visa Class A	96,698		8,288,952
				42,674,949
Healthcare – 9.23%
	Aetna	165,550		6,017,742
†	Alexion Pharmaceuticals	9,900		634,194
	Allergan	47,906		3,946,496
	AmerisourceBergen	14,100		525,507
*	Baxter International	8,800		494,032
†	Biogen Idec	51,340		4,782,321
	Bristol-Myers Squibb	78,450		2,461,761
†	Celgene	12,900		798,768
	CIGNA	54,850		2,300,409
	Covidien (Ireland)	91,450		4,032,945
*†	Dendreon	50,100		450,900
†	Edwards Lifesciences	10,700		762,696
†	Express Scripts	114,600		4,248,222
†	Gilead Sciences	55,050		2,135,940
*†	Human Genome Sciences	124,950		1,585,616
*†	Insulet	58,150		887,369
	Johnson & Johnson	50,850		3,239,654
	McKesson	28,700		2,086,490
	Mead Johnson Nutrition	51,018		3,511,569
	Pfizer	169,734		3,000,897
	Stryker	19,700		928,461
	Teva Pharmaceutical Industries ADR	41,900		1,559,518
†	Thermo Fisher Scientific	77,650		3,932,196
	UnitedHealth Group	45,700		2,107,684
	Universal Health Services Class B	42,000		1,428,000
	Valeant Pharmaceuticals
	International (Canada)	14,400		534,528
				58,393,915
Materials & Processing – 6.21%
	Air Products & Chemicals	8,900		679,693
	BHP Billiton (Australia)	35,876		1,188,300
	Celanese Class A	40,370		1,313,236
	Dow Chemical	122,896		2,760,244
	Freeport-McMoRan Copper & Gold	32,399		986,550
	International Paper	27,500		639,375
*†	Molycorp	36,850		1,211,260
	Monsanto	101,650		6,103,066
	Mosaic	37,850		1,853,515
	Potash Corp. of Saskatchewan
	(Canada)	19,000		821,180
	PPG Industries	47,286		3,341,229
	Praxair	106,923		9,995,161
*	Precision Castparts	46,971		7,302,111
†	Rockwood Holdings	32,200		1,084,818
				39,279,738
Producer Durables – 10.63%
	3M	11,700		839,943
†	Agilent Technologies	62,045		1,938,906
†	Babcock & Wilcox	19,700		385,135
	Boeing	21,700		1,313,067
	Caterpillar	26,900		1,986,296
	Cooper Industries	13,200		608,784
	CSX	93,600		1,747,512
	Cummins	72,575		5,926,475
	Danaher	196,506		8,241,461
	Deere	28,100		1,814,417
	Eaton	90,743		3,221,377
	Emerson Electric	13,400		553,554
	Expeditors International of
	Washington	23,100		936,705
	FedEx	61,100		4,135,248
	Fluor	9,562		445,111
	Goodrich	24,100		2,908,388
	Grainger (W.W.)	4,300		643,022
*	Ingersoll-Rand (Ireland)	47,600		1,337,084
	Joy Global	11,700		729,846
†	Kansas City Southern	14,700		734,412
†	McDermott International	39,300		422,868
	Republic Services	58,750		1,648,525
	Rockwell Automation	30,524		1,709,344
*	Roper Industries	10,900		751,119
	Stanley Black & Decker	72,750		3,572,025
	Towers Watson Class A	23,400		1,398,852
	Tyco International (Switzerland)	69,050		2,813,788
	Union Pacific	73,774		6,025,122
	United Parcel Service Class B	89,250		5,636,138
†	United Rentals	74,050		1,247,002
	United Technologies	22,400		1,576,064
				67,247,590
Technology – 25.05%
	Accenture Class A (Ireland)	79,513		4,188,745
†	Adobe Systems	35,650		861,661
†	American Tower Class A	137,750		7,410,950
†	Apple	110,812		42,239,317
†	Autodesk	28,200		783,396
	Avago Technologies (Singapore)	86,800		2,844,436
†	Baidu ADR	89,532		9,571,865
	Broadcom Class A	80,750		2,688,168
*†	Check Point Software Technologies
	(Israel)	38,279		2,019,600
*†	Ciena	62,400		698,880

(continues) 37

Statements of net assets

Optimum Large Cap Growth Fund

		Number of		Value
		Shares		(U.S. $)
Common Stock (continued)
Technology (continued)
	Cisco Systems		62,600	$	969,674
†	Cognizant Technology Solutions
	Class A		34,900		2,188,230
	Corning		137,600		1,700,736
†	Crown Castle International		92,400		3,757,908
*†	Ctrip.com International ADR		24,700		794,352
*†	EMC		164,000		3,442,360
=†@	Facebook Class A		13,038		406,096
=†@	Facebook Class B		30,629		954,005
†	Google Class A		31,268		16,083,633
†	IHS Class A		18,750		1,402,688
	International Business Machines		37,100		6,493,613
†	Juniper Networks		60,600		1,045,956
†	Lam Research		36,550		1,388,169
=#†@	Mail.ru Group 144A GDR		21,800		649,027
†	NetApp		36,850		1,250,689
†	NICE Systems ADR		44,300		1,344,505
*†	Nuance Communications		30,600		623,016
†	NXP Semiconductors (Netherlands)		21,600		304,992
†	ON Semiconductor		66,500		476,805
	Oracle		318,157		9,143,832
	QUALCOMM		198,550		9,655,486
†	Red Hat		70,319		2,971,681
†	Riverbed Technology		15,750		314,370
†	Rovi		15,700		674,786
*†	salesforce.com		37,809		4,320,813
†	SanDisk		14,500		585,075
	Seagate Technology (Ireland)		131,650		1,353,362
*†	Sina (China) (Hong Kong Exchange)		10,100		723,261
†	Skyworks Solutions		112,650		2,020,941
	Taiwan Semiconductors
	Manufacturing ADR		87,250		997,268
	Tencent Holdings (China)
	(Hong Kong Exchange)		63,400		1,315,033
†	Teradata		10,700		572,771
	Texas Instruments		45,350		1,208,578
†	Trimble Navigation		18,200		610,610
=†@	Twitter		7,812		125,724
	Vodafone Group ADR		90,450		2,320,042
*†	Youku.com ADR		60,213		985,085
					158,482,190
Total Common Stock
	(cost $594,133,011)				603,963,206

		Principal
		Amount (U.S. $)
Convertible Bond – 0.04%
#@	Molycorp 144A 3.25%
	exercise price $71.40,
	expiration date 6/13/16	$	273,000		249,795
Total Convertible Bond
	(cost $273,000)				249,795

		Number of
		Shares
Convertible Preferred Stock – 0.04%
=†@	Twitter Series A		20		322
=†@	Twitter Series B		317		5,102
=†@	Twitter Series C		81		1,304
=†@	Twitter Series D		2,999		48,264
=†@	Twitter Series G-2		12,309		198,096
Total Convertible Preferred Stock
	(cost $253,088)				253,088

Exchange-Traded Fund – 0.20%
*†	SPDR^®Gold Trust		8,120		1,283,610
Total Exchange-Traded Fund
	(cost $1,096,044)				1,283,610

Preferred Stock – 0.17%
*	Wells Fargo 8.00%		38,550		1,063,209
Total Preferred Stock (cost $741,030)					1,063,209

		Principal
		Amount (U.S. $)
Short-Term Investments – 3.45%
≠Discount Notes – 1.74%
	Federal Home Loan Bank
	0.001% 10/3/11	$	983,922		983,922
	0.01% 12/23/11		904,002		903,982
	0.03% 11/30/11		6,240,788		6,240,687
	0.04% 11/2/11		667,001		666,996
	Freddie Mac 0.05% 11/2/11		2,209,709		2,209,691
					11,005,278
Repurchase Agreement – 1.71%
	BNP Paribas 0.02%, dated
	9/30/11, to be repurchased
	on 10/3/11, repurchase price
	$10,816,107 (collateralized by
	U.S. government obligations
	0.625% 7/15/14, market value
	$11,032,412)		10,816,089		10,816,089
					10,816,089
Total Short-Term Investments
	(cost $21,821,337)				21,821,367

Total Value of Securities Before Securities
	Lending Collateral – 99.36%
	(cost $618,317,510)				628,634,275

		Number of	Value
		Shares	(U.S. $)
Securities Lending Collateral – 6.78%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund	571,128	$	548,854
	Delaware Investments
	Collateral Fund No.1	42,358,187		42,358,187
	†@Mellon GSL Reinvestment Trust II	999,997		0
Total Securities Lending Collateral
	(cost $43,929,312)			42,907,041

Total Value of Securities – 106.14%
	(cost $662,246,822)			671,541,316	©
Obligation to Return Securities
	Lending Collateral – (6.94%)**			(43,929,312	)
Receivables and Other Assets Net
	of Other Liabilities – 0.80%			5,086,563
Net Assets Applicable to 59,589,376
	Shares Outstanding – 100.00%		$	632,698,567

Net Asset Value – Optimum Large Cap Growth Fund
	Class A ($27,884,617 / 2,658,999 Shares)			$10.49
Net Asset Value – Optimum Large Cap Growth Fund
	Class B ($4,012,750 / 403,807 Shares)			$ 9.94
Net Asset Value – Optimum Large Cap Growth Fund
	Class C ($100,016,019 / 10,067,597 Shares)			$ 9.93
Net Asset Value – Optimum Large Cap Growth Fund
	Institutional Class ($500,785,181 / 46,458,973 Shares)			$10.78

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
	(unlimited authorization – no par)		$	711,019,379
Accumulated net realized loss on investments				(87,664,677	)
Net unrealized appreciation of investments and
	foreign currencies			9,343,865
Total net assets			$	632,698,567

²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
†	Non income producing security.
*	Fully or partially on loan.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At September 30, 2011, the aggregate amount of fair valued securities was $2,387,940, which represented 0.38% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $2,637,735, which represented 0.42% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2011, the aggregate amount of Rule 144A securities was $898,822, which represented 0.14% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
©	Includes $41,123,187 of securities loaned.

Net Asset Value and Offering Price Per Share –
Optimum Large Cap Growth Fund
Net asset value Class A (A)	$	10.49
Sales charge (5.75% of offering price) (B)		0.64
Offering price	$	11.13

(A)		Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)		See the current prospectus for purchases of $75,000 or more.

The following foreign currency exchange contracts were outstanding at September 30, 2011:¹

Foreign Currency Exchange Contracts
								Unrealized
	Contracts to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
MNB	EUR	(42,314	)	USD	57,340		10/3/11		$	657
MNB	GBP	9,964		USD	(15,549	)	10/5/11			(14	)
									$	643

¹See Note 7 in “Notes to financial statements.”

Summary of Abbreviations:
ADR — American Depositary Receipt
EUR — European Monetary Unit
GBP — British Pound Sterling
GDR — Global Depositary Receipt
MNB — Mellon National Bank
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements.

(continues) 39

Statements of net assets

Optimum Large Cap Value Fund
September 30, 2011 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
Common Stock – 98.16%
Consumer Discretionary – 12.20%
	Advance Auto Parts	31,500	$	1,830,150
	Coach	171,265		8,876,665
	Comcast Class A Special	94,220		1,949,412
	Copa Holdings Class A (Panama)	181,852		11,142,072
	Disney (Walt)	133,800		4,035,408
*†	General Motors	29,230		589,861
*	Hasbro	86,780		2,829,896
	Johnson Controls	91,570		2,414,701
	Kohl’s	23,580		1,157,778
	McDonald’s	16,280		1,429,710
	Omnicom Group	85,040		3,132,874
*†	PulteGroup	87,720		346,494
	Ross Stores	46,352		3,647,439
	Sherwin-Williams	36,200		2,690,384
	Staples	65,820		875,406
	Target	93,330		4,576,903
*	TJX	232,920		12,920,072
	Viacom Class B	72,930		2,825,308
	Yum Brands	145,452		7,183,874
				74,454,407
Consumer Staples – 12.30%
	Altria Group	402,087		10,779,952
	Colgate-Palmolive	67,998		6,030,063
	CVS Caremark	59,041		1,982,597
	Diageo (United Kingdom)	256,205		4,884,338
	General Mills	135,190		5,200,759
	Kellogg	150,842		8,023,286
	Nestle (Switzerland)	70,987		3,907,595
	PepsiCo	185,514		11,483,317
	Philip Morris International	293,528		18,310,276
	Procter & Gamble	26,076		1,647,482
	Reynolds American	53,270		1,996,560
	Smucker (J.M.)	11,670		850,626
				75,096,851
Energy – 12.47%
	Apache	42,180		3,384,523
	Chevron	147,303		13,628,474
*	Core Laboratories (Netherlands)	76,565		6,877,834
*	Diamond Offshore Drilling	112,355		6,150,313
*	EOG Resources	18,100		1,285,281
	Exxon Mobil	230,254		16,723,347
	Hess	22,520		1,181,399
	HollyFrontier	259,840		6,813,005
	Marathon Oil	282,630		6,099,155
	Occidental Petroleum	62,840		4,493,060
*	RPC	480,102		7,835,265
	Transocean (Switzerland)	34,020		1,624,115
				76,095,771
Financials – 18.53%
	ACE (Switzerland)	42,560		2,579,136
	AFLAC	141,371		4,940,916
*	American Capital Agency	306,333		8,301,623
	Annaly Mortgage Management	398,684		6,630,115
	Aon	72,050		3,024,659
	Apartment Investment & Management	290,817		6,432,872
	Bank of America	423,710		2,593,105
	Bank of New York Mellon	265,516		4,935,942
	BlackRock	19,801		2,930,746
*	Chimera Investment	1,865,531		5,167,521
	Chubb	38,290		2,297,017
	Eaton Vance	260,166		5,793,897
	Federated Investors Class B	318,241		5,578,765
	Franklin Resources	7,490		716,344
	Goldman Sachs Group	75,940		7,180,127
	JPMorgan Chase	245,400		7,391,448
	Lazard Class A (Bermuda)	204,560		4,316,216
	MasterCard Class A	7,060		2,239,150
	MetLife	190,650		5,340,107
	Moody’s	28,880		879,396
	PNC Financial Services Group	45,190		2,177,706
	Prudential Financial	83,890		3,931,085
	State Street	74,160		2,384,986
	SunTrust Banks	22,830		409,799
	Travelers	71,090		3,464,216
	Waddell & Reed Financial Class A	235,411		5,887,629
	Wells Fargo	229,840		5,543,741
				113,068,264
Healthcare – 13.29%
	Abbott Laboratories	206,264		10,548,342
	Becton, Dickinson	40,680		2,982,658
†	Endo Pharmaceuticals Holdings	250,980		7,024,930
†	Gilead Sciences	180,684		7,010,539
	Herbalife (Cayman Islands)	185,650		9,950,840
	Johnson & Johnson	142,660		9,088,869
*	Lilly (Eli)	157,514		5,823,293
	Medtronic	120,510		4,005,752
	Merck	39,010		1,276,017
	Pfizer	422,915		7,477,137
*	Quest Diagnostics	33,340		1,645,662
	Roche Holding (Switzerland)	10,619		1,714,908
	St. Jude Medical	54,320		1,965,841
†	Thermo Fisher Scientific	35,150		1,779,996
*†	Waters	116,460		8,791,565
				81,086,349
Industrials – 9.83%
	3M	129,250		9,278,858
	Canadian National Railway (Canada)	24,410		1,625,218
	Cummins	39,440		3,220,670
	Danaher	79,230		3,322,906

		Number of		Value
		Shares		(U.S. $)
Common Stock (continued)
Industrials (continued)
	Eaton		40,660	$	1,443,430
	Fluor		10,150		472,483
	Honeywell International		99,300		4,360,263
†	Huntington Ingalls Industries		10,993		267,460
	Joy Global		37,360		2,330,517
*	Lockheed Martin		245,495		17,832,756
	Northrop Grumman		65,300		3,406,048
	Stanley Black & Decker		61,107		3,000,354
	Tyco International (Switzerland)		64,500		2,628,375
	United Technologies		96,540		6,792,554
					59,981,892
Information Technology – 11.71%
	Accenture Class A (Ireland)		236,385		12,452,762
†	Apple		22,567		8,602,089
	ASML Holding (Netherlands)		33,000		1,139,820
	Cisco Systems		142,690		2,210,268
	Corning		327,239		4,044,674
*	Dun & Bradstreet		24,350		1,491,681
†	Fiserv		3,080		156,372
	Hewlett-Packard		51,280		1,151,236
	Intel		138,890		2,962,524
	International Business Machines		85,006		14,878,599
	Microsoft		342,462		8,523,879
	Oracle		225,430		6,478,858
†	Western Digital		226,069		5,814,495
*	Western Union		103,820		1,587,408
					71,494,665
Materials – 3.29%
	Air Products & Chemicals		39,870		3,044,872
	CF Industries Holdings		42,505		5,244,692
	Cliffs Natural Resources		72,554		3,712,588
	Freeport-McMoRan Copper & Gold		71,596		2,180,098
*†	Owens-Illinois		167,581		2,533,825
	PPG Industries		47,880		3,383,201
					20,099,276
Telecommunications – 3.56%
	AT&T		310,610		8,858,597
	Vodafone Group (United Kingdom)		1,725,177		4,445,696
*	Windstream		722,205		8,420,910
					21,725,203
Utilities – 0.98%
	PG&E		81,280		3,438,957
	PPL		41,230		1,176,704
	Public Service Enterprise Group		40,700		1,358,159
					5,973,820
Total Common Stock
	(cost $622,842,532)				599,076,498

Convertible Preferred Stock – 0.09%
	PPL 9.50% exercise price $28.80,
	expiration date 7/1/13		9,830		546,351
Total Convertible Preferred Stock
	(cost $491,500)				546,351

		Principal
		Amount (U.S. $)
Short-Term Investments – 1.70%
≠Discount Notes – 0.67%
	Federal Home Loan Bank
	0.001% 10/3/11	$	569,424		569,424
	0.01% 12/23/11		347,998		347,990
	0.03% 11/30/11		2,402,410		2,402,372
	0.04% 11/2/11		175,968		175,967
	Freddie Mac 0.05% 11/2/11		582,964		582,959
					4,078,712
Repurchase Agreement – 1.03%
	BNP Paribas 0.02%, dated 9/30/11,
	to be repurchased on 10/3/11,
	repurchase price $6,259,592
	(collateralized by U.S.
	government obligations
	0.625% 7/15/14,
	market value $6,384,774)		6,259,582		6,259,582
					6,259,582
Total Short-Term Investments
	(cost $10,338,294)				10,338,294

Total Value of Securities Before
	Securities Lending Collateral –
	99.95% (cost $633,672,326)				609,961,143

		Number of
		Shares
Securities Lending Collateral – 11.92%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		402,485		386,788
	Delaware Investments
	Collateral Fund No.1		72,390,911		72,390,911
	†@Mellon GSL Reinvestment Trust II		996,642		0
Total Securities Lending Collateral
	(cost $73,790,038)				72,777,699

Total Value of Securities – 111.87%
	(cost $707,462,364)				682,738,842	©
Obligation to Return Securities
	Lending Collateral – (12.09%)**				(73,790,038	)
Receivables and Other Assets
	Net of Other Liabilities – 0.22%				1,342,746
Net Assets Applicable to 65,182,221
	Shares Outstanding – 100.00%			$	610,291,550

(continues) 41

Statements of net assets

Optimum Large Cap Value Fund


Net Asset Value – Optimum Large Cap Value Fund
Class A ($27,197,592 / 2,905,962 Shares)		$9.36
Net Asset Value – Optimum Large Cap Value Fund
Class B ($3,864,730 / 416,745 Shares)		$9.27
Net Asset Value – Optimum Large Cap Value Fund
Class C ($94,965,894 / 10,246,364 Shares)		$9.27
Net Asset Value – Optimum Large Cap Value Fund
Institutional Class ($484,263,334 / 51,613,150 Shares)		$9.38

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
(unlimited authorization – no par)	$	790,194,475
Undistributed net investment income		4,334,605
Accumulated net realized loss on investments		(159,542,474	)
Net unrealized depreciation of investments
and foreign currencies		(24,695,056	)
Total net assets	$	610,291,550

*	Fully or partially on loan.
†	Non income producing security.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
©	Includes $70,947,228 of securities loaned.

Net Asset Value and Offering Price Per Share –
Optimum Large Cap Value Fund
Net asset value Class A (A)	$	9.36
Sales charge (5.75% of offering price) (B)		0.57
Offering price	$	9.93

(A)		Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)		See the current prospectus for purchases of $75,000 or more.

The following foreign currency exchange contracts were outstanding at September 30, 2011:¹

Foreign Currency Exchange Contracts

Unrealized

Contracts to

Settlement

Appreciation

Counterparty

Receive (Deliver)

In Exchange For

Date

(Depreciation)

MNB

GBP

(232,988

)

USD

363,759

10/4/11

500

MNB

GBP

(158,942

)

USD

248,488

10/5/11

677

1,177

¹See Note 7 in “Notes to financial statements.”

Summary of Abbreviations:
GBP — British Pound Sterling
MNB — Mellon National Bank
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Growth Fund
September 30, 2011 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
Common Stock – 97.08%
Consumer Discretionary – 21.29%
*	Aaron’s	38,499	$	972,100
	Abercrombie & Fitch Class A	42,900		2,640,924
†	AMC Networks Class A	20,600		658,170
*†	Avis Budget Group	60,170		581,844
*†	Bally Technologies	67,000		1,807,660
*	Brunswick	89,680		1,259,107
*†	Cheesecake Factory	55,010		1,355,997
*†	Children’s Place Retail Stores	15,000		697,950
*	Cinemark Holdings	59,680		1,126,758
*	Columbia Sportswear	19,560		907,584
*†	Constant Contact	15,000		259,350
*†	Deckers Outdoor	26,260		2,449,008
	Domino’s Pizza (United Kingdom)	240,720		1,659,461
†	Dufry (Switzerland)	10,049		878,418
	Estacio Participacoes (Brazil)	69,710		601,906
*	Express	101,650		2,062,479
*†	Gaylord Entertainment	120,000		2,320,800
*†	GNC Holdings	61,670		1,240,800
	Guess	22,000		626,780
†	Hanesbrands	98,830		2,471,738
*†	Hertz Global Holdings	56,500		502,850
*†	IAC/InterActive	57,880		2,289,154
	Jarden	55,000		1,554,300
*†	Life Time Fitness	38,000		1,400,300
†	LKQ	60,000		1,449,600
	Localiza Rent a Car (Brazil)	56,360		742,982
*†	Lululemon Athletica (Canada)	35,000		1,702,750
*†	Lumber Liquidators Holdings	66,180		999,318
†	Madden (Steven)	19,135		575,964
†	Meritor	106,200		749,772
*†	Pier 1 Imports	103,000		1,007,340
†	Pinnacle Entertainment	135,000		1,225,800
*	Pool	45,000		1,178,100
	PVH	10,000		582,400
*†	rue21	37,870		859,270
†	Rush Enterprises Class A	65,000		920,400
*†	Saks	67,500		590,625
*†	Shutterfly	66,550		2,740,529
*†	Skullcandy	1,200		16,956
*†	Tempur-Pedic International	18,800		989,068
	Texas Roadhouse	40,100		530,122
*	Thor Industries	27,600		611,340
*†	True Religion Apparel	20,800		560,768
†	Ulta Salon Cosmetics & Fragrance	23,970		1,491,653
*	Vail Resorts	23,500		888,065
†	WABCO Holdings	13,000		492,180
*†	Warnaco Group	23,000		1,060,070
	Weight Watchers International	43,270		2,520,478
†	WMS Industries	55,000		967,450
				57,778,438
Consumer Staples – 3.55%
*†	Chefs’ Warehouse Holdings	65,000		764,400
*	Diamond Foods	39,120		3,121,385
*†	Fresh Market	24,640		940,262
*†	Green Mountain Coffee Roasters	51,800		4,814,292
				9,640,339
Energy – 6.01%
†	Atwood Oceanics	102,910		3,535,987
	Cabot Oil & Gas	8,000		495,280
*†	Carrizo Oil & Gas	40,160		865,448
*	Core Laboratories (Netherlands)	14,000		1,257,620
*†	FMC Technologies	58,000		2,180,800
*†	Hornbeck Offshore Services	49,170		1,224,825
*†	Houston America Energy	28,200		388,032
*†	ION Geophysical	157,378		744,398
*†	James River Coal	94,050		599,099
*†	Northern Oil & Gas	19,000		368,410
*†	Quicksilver Resources	49,200		372,936
†	Real Goods Solar Class A	150,000		273,000
*†	Rosetta Resources	72,970		2,497,033
	SM Energy	19,000		1,152,350
†	Swift Energy	15,000		365,100
				16,320,318
Financial Services – 8.24%
*†	Advent Software	20,000		417,000
	Associated Banc-Corp	42,100		391,530
	Associated Estates Realty	136,000		2,102,559
	Berkshire Hills Bancorp	25,500		470,985
*	BioMed Realty Trust	105,000		1,739,850
	Coresite Realty	51,300		736,155
*	DuPont Fabros Technology	70,000		1,378,300
†	Enstar Group (Bermuda)	6,700		638,041
*	Extra Space Storage	63,600		1,184,868
	First Busey	177,800		773,430
	Hancock Holdings	27,318		731,576
†	Justice Holdings (United Kingdom)	82,381		1,214,046
	Kaiser Federal Financial Group	54,674		645,153
*	Kilroy Realty	15,000		469,500
	Kite Realty Group Trust	245,000		896,700
†	Knight Capital Group Class A	75,410		916,986
	Lakeland Financial	19,300		398,738
	MB Financial	54,000		794,880
*†	NetSpend Holdings	37,300		191,722
	Pacific Continental	63,000		446,670
	Sandy Spring Bancorp	32,400		474,012
	SEI Investments	35,000		538,300
†	Signature Bank	33,060		1,577,954
	Summit Hotel Properties	12,000		84,720
†	SVB Financial Group	15,000		555,000
	Trico Bancshares	27,350		335,585
	Valley National Bancorp	121,917		1,291,101
*†	World Acceptance	17,000		951,150
				22,346,511

(continues) 43

Statements of net assets

Optimum Small-Mid Cap Growth Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Healthcare – 15.95%
†	ABIOMED	75,460	$	832,324
*†	Akorn	60,000		468,600
†	Alexion Pharmaceuticals	31,000		1,985,860
*†	Alimera Sciences	26,100		208,800
†	Allscripts Healthcare Solutions	59,560		1,073,271
*†	Anthera Pharmaceuticals	24,500		116,865
*†	Ardea Biosciences	31,260		488,281
*†	Auxilium Pharmaceuticals	39,000		584,610
*†	BioMarin Pharmaceuticals	51,000		1,625,370
*†	Catalyst Health Solutions	35,430		2,043,957
*†	Cepheid	32,900		1,277,507
*†	Chelsea Therapeutics International	72,000		262,800
†	Community Health Systems	30,000		499,200
†	eResearch Technology	31,300		139,598
*†	Exelixis	88,630		483,920
†	Gen-Probe	56,400		3,228,899
†	HealthSouth	22,500		335,925
*†	HeartWare International	17,180		1,106,564
	Hill-Rom Holdings	13,300		399,266
*†	Horizon Pharma	15,000		104,850
*†	Immunogen	52,600		576,496
*†	Incyte	66,300		926,211
*†	Insulet	50,170		765,594
†	InterMune	17,000		343,400
*†	Ironwood Pharmaceuticals	77,400		835,920
*†	Isis Pharmaceuticals	61,000		413,580
†	Mednax	15,000		939,600
*†	Micromet	80,000		384,000
*†	NPS Pharmaceuticals	74,000		481,740
*†	NuVasive	41,450		707,552
†	ONYX Pharmaceuticals	46,600		1,398,466
†	Orthofix International (Curacao)	26,640		919,346
*†	PAREXEL International	70,370		1,332,104
	Patterson	51,000		1,460,130
	Pharmaceutical Product
	Development	84,580		2,170,323
*	Quality Systems	7,500		727,500
†	Raptor Pharmaceutical	35,000		157,850
*†	Salix Pharmaceuticals	38,390		1,136,344
*†	Seattle Genetics	120,710		2,300,733
†	Sirona Dental Systems	37,000		1,569,170
†	SXC Health Solutions	39,860		2,220,202
†	United Therapeutics	1,800		67,482
†	Volcano	39,939		1,183,393
†	WellCare Health Plans	38,730		1,470,965
†	WuXi Pharma Tech Cayman ADR	68,100		792,684
*†	Zoll Medical	19,490		735,553
				43,282,805
Materials & Processing – 2.93%
*	Acuity Brands	26,000		937,040
	Albemarle	28,000		1,131,200
*†	Augusta Resource (Canada)	16,000		49,120
*†	Beacon Roofing Supply	49,750		795,503
†	Detour Gold (Canada)	45,190		1,176,845
†	Graphic Packaging Holding	51,900		179,055
*	Interface Class A	149,720		1,775,679
	Kaydon	13,300		381,444
	Methanex (Canada)	54,930		1,144,741
*†	Trex	24,270		389,048
				7,959,675
Producer Durables – 17.05%
†	Advisory Board	800		51,624
†	Aecom Technology	37,610		664,569
	AMETEK	77,500		2,555,175
*	Bristow Group	12,000		509,160
†	CAI International	38,300		448,876
	Chicago Bridge & Iron	35,000		1,002,050
	Copa Holdings Class A (Panama)	31,810		1,948,999
†	Corrections Corp. of America	121,810		2,763,869
†	Dice Holdings	84,601		661,580
	Donaldson	48,900		2,679,720
	ESCO Technologies	64,200		1,637,100
†	ExlService Holdings	39,000		858,000
*†	Geo Group	103,136		1,914,204
†	GrafTech International	70,500		895,350
†	Gulfmark Offshore	52,860		1,920,932
	HEICO Class A	33,125		1,114,988
*	Herman Miller	27,000		482,220
*	Hunt (J.B.) Transport Services	49,845		1,800,401
	Kennametal	41,000		1,342,340
	Knoll	50,600		693,220
*†	Mettler-Toledo International	25,500		3,568,981
*†	Moog Class A	58,890		1,920,992
*	Nordson	76,000		3,020,240
†	Old Dominion Freight Line	47,654		1,380,536
†	Oshkosh	27,000		424,980
*	Pentair	49,000		1,568,490
*†	SYKES Enterprises	87,516		1,308,364
*†	Teledyne Technologies	19,690		962,053
*	Tidewater	32,200		1,354,010
	Toro	23,000		1,133,210
*†	United Rentals	88,620		1,492,361
*	World Fuel Services	44,500		1,452,925
†	Zebra Technologies	24,000		742,560
				46,274,079
Technology – 20.78%
*	AboveNet	20,000		1,072,000
†	Acme Packet	32,640		1,390,138
*†	Acorn Energy	100,000		532,000
*	Amphenol Class A	28,400		1,157,868
*†	Ancestry.com	6,361		149,484
†	ANSYS	35,000		1,716,400
†	Applied Micro Circuits	166,630		894,803

		Number of		Value
		Shares		(U.S. $)
Common Stock (continued)
Technology (continued)
†	Ariba		49,712	$	1,377,520
*†	Aruba Networks		96,070		2,008,824
†	Atmel		155,000		1,250,850
*†	BroadSoft		48,880		1,483,508
*†	Cadence Design Systems		316,640		2,925,754
*†	Carbonite		6,300		75,852
*†	Cavium		33,490		904,565
*†	Concur Technologies		50,270		1,871,049
†	Crown Castle International		20,000		813,400
†	Cypress Semiconductor		53,530		801,344
†	DigitalGlobe		90,800		1,764,244
†	Entegris		110,000		701,800
*†	Finisar		90,160		1,581,406
†	Hackett Group		30,500		113,765
†	II-VI		62,000		1,085,000
*†	Infinera		60,000		463,200
†	Informatica		45,000		1,842,750
†	IPG Photonics		58,000		2,519,520
†	Ixia		35,000		268,450
	Jabil Circuit		161,770		2,877,888
†	Lattice Semiconductor		75,307		395,362
†	LivePerson		61,180		608,741
†	MICROS Systems		30,300		1,330,473
†	Microsemi		60,000		958,800
†	MicroStrategy		12,020		1,371,121
*†	NETGEAR		25,000		647,250
†	ON Semiconductor		130,000		932,100
†	Plexus		25,000		565,500
†	Polycom		146,820		2,697,083
*†	QLIK Technologies		36,850		798,171
*†	RealPage		22,410		458,285
*	Sapient		198,800		2,015,832
*†	SBA Communications Class A		58,000		1,999,840
†	Skyworks Solutions		108,830		1,952,410
†	SPS Commerce		80,000		1,303,200
*†	Stratasys		18,000		333,720
	Syntel		32,520		1,404,539
†	TIBCO Software		18,000		403,020
†	Trimble Navigation		6,000		201,300
*†	TriQuint Semiconductor		95,000		476,900
*†	Universal Display		11,350		544,119
*†	Velti (Ireland)		33,487		221,349
†	Virtusa		85,411		1,127,425
					56,389,922
Utilities – 1.28%
†	PAETEC Holding		255,000		1,348,950
†	tw telecom Class A		128,000		2,114,560
					3,463,510
Total Common Stock
	(cost $267,647,302)				263,455,597

Warrant – 0.00%
=#@†	Medicure PIPE 144A		74,014		0
Total Warrant (cost $0)					0

		Principal
		Amount (U.S. $)
Short-Term Investments – 2.94%
≠Discount Notes – 1.22%
	Federal Home Loan Bank
	0.001% 10/3/11	$	423,753		423,753
	0.01% 12/23/11		320,982		320,975
	0.03% 11/30/11		2,215,904		2,215,868
	0.04% 11/2/11		80,575		80,575
	Freddie Mac 0.05% 11/2/11		266,938		266,936
					3,308,107
Repurchase Agreement – 1.72%
	BNP Paribas 0.02%, dated 9/30/11,
	to be repurchased on 10/3/11,
	repurchase price $4,658,259
	(collateralized by U.S. government
	obligations 0.625% 7/15/14,
	market value $4,751,416)		4,658,251		4,658,251
					4,658,251
Total Short-Term Investments
	(cost $7,966,371)				7,966,358

Total Value of Securities Before Securities
	Lending Collateral – 100.02%
	(cost $275,613,673)				271,421,955

		Number of
		Shares
Securities Lending Collateral – 24.09%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund		233,288		224,190
	Delaware Investments
	Collateral Fund No.1		65,150,842		65,150,842
	†@Mellon GSL Reinvestment Trust II		484,445		0
Total Securities Lending Collateral
	(cost $65,868,575)				65,375,032

Total Value of Securities – 124.11%
	(cost $341,482,248)				336,796,987	©
Obligation to Return Securities
	Lending Collateral – (24.27%)**				(65,868,575	)
Receivables and Other Assets
	Net of Other Liabilities – 0.16%				440,047
Net Assets Applicable to 24,443,943
	Shares Outstanding – 100.00%			$	271,368,459

(continues) 45

Statements of net assets

Optimum Small-Mid Cap Growth Fund


Net Asset Value – Optimum Small-Mid Cap Growth Fund
Class A ($4,976,420 / 458,160 Shares)			$10.86
Net Asset Value – Optimum Small-Mid Cap Growth Fund
Class B ($739,555 / 71,963 Shares)			$10.28
Net Asset Value – Optimum Small-Mid Cap Growth Fund
Class C ($17,628,354 / 1,715,805 Shares)			$10.27
Net Asset Value – Optimum Small-Mid Cap Growth Fund
Institutional Class ($248,024,130 / 22,198,015 Shares)			$11.17

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
(unlimited authorization – no par)	$	265,131,224
Accumulated net realized gain on investments		10,922,172
Net unrealized depreciation of investments and
foreign currencies		(4,684,937		)
Total net assets	$	271,368,459

*	Fully or partially on loan.
†	Non income producing security.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At September 30, 2011, the aggregate amount of fair valued securities was $0, which represented 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2011, the aggregate amount of Rule 144A securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
©	Includes $63,651,298 of securities loaned.

Net Asset Value and Offering Price Per Share –
Optimum Small-Mid Cap Growth Fund
Net asset value Class A (A)	$	10.86
Sales charge (5.75% of offering price) (B)		0.66
Offering price	$	11.52

(A)	Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)	See the current prospectus for purchases of $75,000 or more.

The following foreign currency exchange contracts were outstanding at September 30, 2011:¹

Foreign Currency Exchange Contract

Contract

Unrealized

to Receive

Settlement

Appreciation

Counterparty

(Deliver)

In Exchange For

Date

(Depreciation)

MNB

BRL

(97,541

)

USD

53,403

10/3/11

1,615

The use of foreign currency exchange contract involves elements of market risk and risks in excess of the amount recognized in the financial statements. The notional value presented above represents the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

¹See Note 7 in “Notes to financial statements.”

Summary of Abbreviations:

ADR — American Depositary Receipt
BRL — Brazilian Real
MNB — Mellon National Bank
PIPE — Private Investment in Public Equity
USD — United States Dollar

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Value Fund
September 30, 2011 (Unaudited)

		Number of	Value
		Shares	(U.S. $)
Common Stock – 93.73%
Basic Industry – 20.97%
*	AAON	119,547	$	1,882,865
	Airgas	15,700		1,001,974
	Albany International	138,400		2,525,800
	Albemarle	18,400		743,360
	AMETEK	35,250		1,162,193
*	AptarGroup	41,400		1,849,338
	Ashland	29,700		1,310,958
*	Brady Class A	61,300		1,620,159
	Carlisle	66,300		2,113,644
	Celanese Class A	45,000		1,463,850
	Cooper Industries	11,000		507,320
	Crane	42,900		1,531,101
	Cytec Industries	34,800		1,222,872
	Dover	50,700		2,362,620
	Eastman Chemical	29,600		2,028,488
	Federal Signal	225,000		994,500
†	Ferro	228,300		1,404,045
	FMC	30,500		2,109,380
†	Foster Wheeler (Switzerland)	88,200		1,569,078
*†	Griffon	128,300		1,049,494
*	Ingersoll-Rand (Ireland)	77,000		2,162,930
*†	KapStone Paper & Packaging	64,800		900,072
*	KMG Chemicals	151,335		1,864,447
*†	Kraton Performance Polymers	92,900		1,503,122
*†	Landec	333,512		1,774,284
	Minerals Technologies	46,400		2,286,128
*†	Owens-Illinois	91,600		1,384,992
	Packaging Corp. of America	73,000		1,700,900
	PolyOne	129,000		1,381,590
	Sealed Air	38,000		634,600
†	Solutia	70,000		899,500
*	Sonoco Products	77,600		2,190,648
*†	Trex	46,800		750,204
*	US Ecology	133,753		2,069,159
				51,955,615
Business Services – 3.59%
*	Donnelley (R.R.) & Sons	92,100		1,300,452
	Ennis	141,390		1,846,553
*	Fair Isaac	96,050		2,096,772
†	Ingram Micro Class A	58,000		935,540
*†	TMS International Class A	32,380		235,726
†	TrueBlue	95,000		1,076,350
*†	WESCO International	41,800		1,402,390
				8,893,783
Capital Spending – 11.53%
*	Acuity Brands	42,800		1,542,512
*†	Advanced Energy Industries	185,325		1,597,502
†	AGCO	23,200		802,024
*	Encore Wire	101,510		2,089,076
	Gardner Denver	13,200		838,860
	Graham	131,757		2,192,436
*	Granite Construction	97,200		1,824,444
	Harsco	89,300		1,731,527
	Hubbell Class B	63,600		3,150,743
*	IDEX	32,700		1,018,932
*†	Insituform Technologies Class A	107,000		1,239,060
	Kennametal	89,600		2,933,504
	Stanley Black & Decker	42,500		2,086,750
	Tennant	40,988		1,449,746
	Timken	51,700		1,696,794
	Tyco International (Switzerland)	58,400		2,379,800
				28,573,710
Consumer Cyclical – 7.64%
	Avery Dennison	36,000		902,880
*	Barnes Group	53,000		1,020,250
*†	BorgWarner	26,500		1,604,045
*	Ethan Allen Interiors	90,000		1,224,900
*	Hooker Furniture	206,574		1,869,495
*	Knoll	109,848		1,504,918
	Lear	43,300		1,857,570
*	Leggett & Platt	71,400		1,413,006
†	Navistar International	49,800		1,599,576
*	Spartan Motors	481,273		1,987,657
	Tupperware Brands	33,400		1,794,916
†	Visteon	50,000		2,150,000
				18,929,213
Consumer Services – 6.64%
*	Brinker International	83,900		1,755,188
*†	Collective Brands	180,300		2,336,688
	Foot Locker	73,600		1,478,624
†	Genesco	20,000		1,030,600
*†	Jos. A. Bank Clothiers	39,102		1,823,326
*†	Kirkland’s	33,000		302,610
	PETsMART	23,800		1,015,070
*†	Rush Enterprises Class A	57,300		811,368
†	Signet Jewelers (Bermuda)	46,500		1,571,700
*	Sturm Ruger	63,103		1,639,416
*†	Winnebago Industries	281,900		1,950,748
†	WMS Industries	42,200		742,298
				16,457,636
Consumer Staples – 3.30%
*†	Chiquita Brands International	205,373		1,712,811
	Dr Pepper Snapple Group	25,400		985,012
	Molson Coors Brewing Class B	23,400		926,874
*	Sanderson Farms	55,000		2,612,500
	Smucker (J.M.)	26,500		1,931,585
				8,168,782
Energy – 5.75%
*†	Approach Resources	44,800		761,152
	Cabot Oil & Gas	13,600		841,976
*†	Cloud Peak Energy	53,600		908,520
	El Paso	111,500		1,949,019
*	Gulf Island Fabrication	77,629		1,605,368
*	Laclede Group	53,198		2,061,422
*	†Newpark Resources	181,850		1,107,467

(continues) 47

Statements of net assets

Optimum Small-Mid Cap Value Fund

		Number of		Value
		Shares		(U.S. $)
Common Stock (continued)
Energy (continued)
†	Plains Exploration & Production		67,000	$	1,521,570
*†	Swift Energy		66,600		1,621,044
*†	Vaalco Energy		382,503		1,858,965
					14,236,503
Financial Services – 11.37%
	American Equity Investment
	Life Holding		174,265		1,524,819
	Aspen Insurance Holdings (Bermuda)		80,500		1,854,720
	AXIS Capital Holdings (Bermuda)		65,700		1,704,258
	BankUnited		79,300		1,646,268
	City Holding		66,979		1,807,763
	Dime Community Bancshares		178,750		1,810,738
	East West Bancorp		127,600		1,902,516
	First Financial Bancorp		125,100		1,726,380
	First Niagara Financial Group		174,000		1,592,100
†	Hallmark Financial Services		290,659		2,142,156
	HCC Insurance Holdings		65,200		1,763,660
	Horace Mann Educators		160,350		1,829,594
	Lazard Class A (Bermuda)		74,800		1,578,280
†	Nara Bancorp		70,900		430,363
	Safety Insurance Group		21,400		809,562
	Stewart Information Services		47,000		415,480
†	SVB Financial Group		18,200		673,400
	Transatlantic Holdings		21,700		1,052,884
	Willis Group Holdings
	(United Kingdom)		24,600		845,502
	Wintrust Financial		40,400		1,042,724
					28,153,167
Healthcare – 3.18%
†	CareFusion		100,000		2,395,000
	DENTSPLY International		27,400		840,906
†	Hologic		115,400		1,755,234
*†	LifePoint Hospitals		24,220		887,421
†	Orthofix International (Curacao)		14,500		500,395
	Teleflex		27,800		1,494,806
					7,873,762
Real Estate – 1.52%
*	DiamondRock Hospitality		127,700		892,623
*	Digital Realty Trust		35,900		1,980,244
*	Washington Real Estate
	Investment Trust		32,100		904,578
					3,777,445
Technology – 15.79%
†	BE Aerospace		28,200		933,702
	Brooks Automation		105,500		859,825
*†	Cabot Microelectronics		21,100		725,629
†	Checkpoint Systems		160,100		2,174,158
†	Diodes		35,000		627,200
	Ducommun		51,347		769,178
†	Fairchild Semiconductor International		114,100		1,232,280
†	Flextronics International (Singapore)		497,700		2,802,051
	Global Payments		52,100		2,104,319
*	Harris		61,500		2,101,455
	Henry (Jack) & Associates		62,000		1,796,760
*	InterDigital		43,935		2,046,492
†	LTX-Credence		155,300		821,537
*	Methode Electronics		225,752		1,677,337
*†	Plexus		133,800		3,026,555
†	Rudolph Technologies		275,982		1,846,320
*†	Stratasys		58,564		1,085,777
†	Synaptics		82,000		1,959,800
	Tellabs		413,400		1,773,486
*†	Teradyne		99,600		1,096,596
†	Thermo Fisher Scientific		33,800		1,711,632
†	Universal Technical Institute		55,700		756,963
†	VASCO Data Security International		352,478		1,801,163
*†	Veeco Instruments		55,600		1,356,640
†	Western Digital		78,900		2,029,308
					39,116,163
Transportation – 0.89%
†	Allegiant Travel		12,700		598,551
*	SkyWest		139,160		1,601,732
					2,200,283
Utilities – 1.56%
	CMS Energy		91,100		1,802,869
	Wisconsin Energy		65,600		2,052,624
					3,855,493
Total Common Stock
	(cost $253,419,923)				232,191,555

		Principal
		Amount
		(U.S. $)
Short-Term Investments – 6.56%
≠Discount Notes – 3.08%
	Federal Home Loan Bank
	0.001% 10/3/11	$	784,386		784,386
	0.01% 12/23/11		641,020		641,005
	0.03% 11/30/11		4,425,286		4,425,215
	0.04% 11/2/11		408,448		408,445
	Freddie Mac 0.05% 11/2/11		1,353,147		1,353,136
					7,612,187
Repurchase Agreement – 3.48%
	BNP Paribas 0.02%, dated 9/30/11,
	to be repurchased on 10/3/11,
	repurchase price $8,622,637
	(collateralized by U.S. government
	obligations 0.625% 7/15/14,
	market value $8,795,076)		8,622,623		8,622,623
					8,622,623

Total Short-Term Investments
	(cost $16,234,798)				16,234,810

Total Value of Securities Before Securities
	Lending Collateral – 100.29%
	(cost $269,654,721)				248,426,365

		Number of	Value
		Shares	(U.S. $)
Securities Lending Collateral – 17.17%**
	Investment Companies
	BNY Mellon SL DBT II
	Liquidating Fund	140,947	$	135,450
	Delaware Investments Collateral
	Fund No.1	42,406,764		42,406,764
	†@Mellon GSL Reinvestment Trust II	250,193		0
Total Securities Lending Collateral
	(cost $42,797,904)			42,542,214

Total Value of Securities – 117.46%
	(cost $312,452,625)			290,968,579		©
Obligation to Return Securities
	Lending Collateral – (17.28%)**			(42,797,904		)
Other Liabilities Net of Receivables
	and Other Assets – (0.18%)			(456,297		)
Net Assets Applicable to 25,399,741
	Shares Outstanding – 100.00%		$	247,714,378

Net Asset Value – Optimum Small-Mid Cap Value Fund
	Class A ($4,261,154 / 446,727 Shares)				$9.54
Net Asset Value – Optimum Small-Mid Cap Value Fund
	Class B ($686,163 / 76,211 Shares)				$9.00
Net Asset Value – Optimum Small-Mid Cap Value Fund
	Class C ($15,984,154 / 1,776,276 Shares)				$9.00
Net Asset Value – Optimum Small-Mid Cap Value Fund
	Institutional Class ($226,782,907 / 23,100,527 Shares)				$9.82

Components of Net Assets at September 30, 2011:
Shares of beneficial interest
	(unlimited authorization – no par)		$	268,500,378
Accumulated net realized gain on investments				698,046
Net unrealized depreciation of investments				(21,484,046		)
Total net assets			$	247,714,378

*	Fully or partially on loan.
†	Non income producing security.
≠	The rate shown is the effective yield at the time of purchase.
**	See Note 8 in “Notes to financial statements.”
@	Illiquid security. At September 30, 2011, the aggregate amount of illiquid securities was $0, which represented 0.00% of the Fund’s net assets. See Note 9 in “Notes to financial statements.”
©	Includes $40,711,471 of securities loaned.

Net Asset Value and Offering Price Per Share –
Optimum Small-Mid Cap Value Fund
Net asset value Class A (A)	$	9.54
Sales charge (5.75% of offering price) (B)		0.58
Offering price	$	10.12

(A)		Net asset value per share, as illustrated, is the amount which would be paid upon redemption or repurchase of shares.
(B)		See the current prospectus for purchases of $75,000 or more.

See accompanying notes, which are an integral part of the financial statements.

(continues) 49

Statements of assets and liabilities

Optimum Fund Trust
September 30, 2011

	Optimum		Optimum		Optimum		Optimum		Optimum		Optimum
	Fixed Income		International		Large Cap		Large Cap		Small-Mid Cap		Small-Mid Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund		Value Fund
Assets:
Investments, at value¹	$	968,779,563	$	248,242,808	$	606,812,908	$	599,622,849	$	263,455,597	$	232,191,555
Short-term investments, at value		158,231,837		4,065,554		21,821,367		10,338,294		7,966,358		16,234,810
Short-term investments held as collateral
for loaned securities, at value		29,373,520		20,899,393		42,907,041		72,777,699		65,375,032		42,542,214
Cash		2,105,027		—		407,233		463,304		143,747		185,410
Restricted cash		—		—		—		—		—		—
Foreign currencies		1,875,106		1,413,181		—		6,451		—		—
Receivables for fund shares sold		2,603,990		487,703		903,526		897,067		513,834		529,397
Receivables for securities sold		75,949,523		2,461,145		13,497,141		3,616,151		1,178,154		95,979
Unrealized gain on foreign currency
exchange contracts		2,258,668		877,367		643		1,177		1,615		—
Dividends and interest receivable		10,116,065		925,752		643,022		2,121,062		91,662		257,300
Securities lending income receivable		48,011		31,318		5,991		6,615		14,624		8,309
Variation margin receivable on futures contracts		227,325		—		—		—		—		—
Unrealized gain on credit default swap contracts
(including up front payments received $4,701,816)		5,876,630		—		—		—		—		—
Unrealized gain on interest rate swap contracts
(including up front payments received $648,529)		1,663,287		—		—		—		—		—
Annual protection payments on swap contracts		134,933		—		—		—		—		—
Other assets		1,711		—		—		99		—		—
Total assets		1,259,245,196		279,404,221		686,998,872		689,850,768		338,740,623		292,044,974

Liabilities:
Cash overdraft		—		181,998		—		—		—		—
Payables for securities purchased		99,648,070		1,221,293		8,727,633		4,270,240		765,974		912,261
Payables for fund shares redeemed		985,225		266,556		800,816		741,247		316,668		263,081
Unrealized loss on foreign currency
exchange contracts		92,855		629,088		—		—		—		—
Unrealized gain on credit default swap contracts
(including up front payments paid $97,999)		443,104		—		—		—		—		—
Obligation to return securities lending collateral		30,588,367		21,528,082		43,929,312		73,790,038		65,868,575		42,797,904
Due to manager and affiliates		946,438		241,815		699,071		623,571		335,790		270,856
Other accrued expenses		204,310		137,250		143,473		134,122		84,413		85,846
Other liabilities		47,602		2,532		—		—		744		648
Total liabilities		132,955,971		24,208,614		54,300,305		79,559,218		67,372,164		44,330,596

Total Net Assets	$	1,126,289,225	$	255,195,607	$	632,698,567	$	610,291,550	$	271,368,459	$	247,714,378

Investments, at cost	$	956,099,243	$	283,312,679	$	596,496,173	$	623,334,032	$	267,647,302	$	253,419,923
Short-term investments, at cost		158,235,318		4,065,556		21,821,337		10,338,294		7,966,371		16,234,798
Short-term investments held as collateral
for loaned securities, at cost		30,588,367		21,528,082		43,929,312		73,790,038		65,868,575		42,797,904
Foreign currencies, at cost		1,960,692		1,449,144		—		6,519		—		—
¹Including securities on loan		84,020,275		19,858,363		41,123,187		70,947,228		63,651,298		40,711,471

See accompanying notes, which are an integral part of the financial statements.

Statements of operations

Optimum Fund Trust
Six Months Ended September 30, 2011 (Unaudited)

	Optimum			Optimum			Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap			Small-Mid Cap			Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund			Growth Fund			Value Fund
Investment Income:
Interest	$	24,143,975		$	1,096		$	5,211		$	1,387		$	1,137		$	3,025
Dividends		147,778			6,932,252			4,131,645			9,188,472			885,880			1,757,022
Securities lending income		95,464			293,189			93,024			73,685			130,740			54,213
Foreign tax withheld		(1,593	)		(657,436	)		(49,179	)		(27,899	)		(4,552	)		—
		24,385,624			6,569,101			4,180,701			9,235,645			1,013,205			1,814,260

Expenses:
Management fees		3,099,784			1,130,083			2,779,399			2,512,863			1,785,800			1,496,091
Dividend disbursing and transfer
agent fees and expenses		1,373,830			465,311			984,910			943,639			513,955			479,795
Distribution expenses – Class A		70,236			18,568			58,012			56,366			11,018			9,558
Distribution expenses – Class B		22,737			8,511			24,273			23,292			4,736			4,462
Distribution expenses – Class C		800,965			187,349			595,878			562,525			110,963			101,617
Administration expenses		807,228			236,075			573,347			548,841			267,870			242,204
Accounting fees		211,643			56,220			143,339			136,461			63,788			57,677
Trustees’ fees		70,409			18,255			46,507			45,583			23,431			21,039
Reports and statements to shareholders		61,457			16,676			39,333			78,037			23,959			19,162
Registration fees		54,476			40,947			39,912			41,921			32,974			41,462
Custodian fees		46,427			113,654			19,639			10,392			13,120			3,301
Professional fees		46,201			26,857			35,104			25,069			20,590			19,966
Pricing fees		23,374			3,010			1,471			758			1,270			840
Insurance fees		18,993			4,268			14,692			13,392			5,076			4,156
Other		4,714			11,623			5,051			4,334			3,637			5,666
		6,712,474			2,337,407			5,360,867			5,003,473			2,882,187			2,506,996
Less fees waived		(450,959	)		(133,276	)		(74,086	)		(103,084	)		(240,836	)		(273,405	)
Less expense paid indirectly		(192	)		(203	)		(211	)		(211	)		(207	)		(211	)
Total operating expenses		6,261,323			2,203,928			5,286,570			4,900,178			2,641,144			2,233,380
Net Investment Income (Loss)		18,124,301			4,365,173			(1,105,869	)		4,335,467			(1,627,939	)		(419,120	)

Net Realized and Unrealized Gain (Loss) on
Investments and Foreign Currencies:
Net realized gain (loss) on:
Investments		12,316,574			(486,737	)		19,290,661			9,279,693			13,250,026			12,109,633
Foreign currencies		1,752,334			(31,580	)		(25,564	)		912			26,224			—
Foreign currency exchange contracts		(776,417	)		532,275			(23,752	)		10,962			(43,624	)		—
Futures contracts		7,188,508			—			—			—			—			—
Swap contracts		1,945,290			—			—			—			—			—
Options written		(11,144	)		—			—			—			—			—
Net realized gain		22,415,145			13,958			19,241,345			9,291,567			13,232,626			12,109,633
Net change in unrealized appreciation/depreciation
of investments and foreign currencies		(1,954,211	)		(53,616,059	)		(135,918,549	)		(119,388,278	)		(83,626,705	)		(89,783,587	)

Net Realized and Unrealized Gain (Loss) on
Investments and Foreign Currencies		20,460,934			(53,602,101	)		(116,677,204	)		(110,096,711	)		(70,394,079	)		(77,673,954	)

Net Increase (Decrease) in Net Assets
Resulting from Operations	$	38,585,235		$	(49,236,928	)	$	(117,783,073	)	$	(105,761,244	)	$	(72,022,018	)	$	(78,093,074	)

See accompanying notes, which are an integral part of the financial statements.

Statements of changes in net assets

Optimum Fund Trust

	Optimum Fixed Income Fund						Optimum International Fund
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	9/30/11			3/31/11			9/30/11			3/31/11
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	18,124,301		$	38,096,816		$	4,365,173		$	3,075,635
Net realized gain on investments and foreign currencies		22,415,145			4,314,546			13,958			8,099,778
Net change in unrealized appreciation/depreciation of investments
and foreign currencies		(1,954,211	)		17,773,249			(53,616,059	)		11,446,234
Net increase (decrease) in net assets resulting from operations		38,585,235			60,184,611			(49,236,928	)		22,621,647

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(527,055	)		(1,580,182	)		(105,885	)		(174,283	)
Class B		(52,981	)		(176,801	)		(7,102	)		(20,118	)
Class C		(1,862,592	)		(5,530,649	)		(155,088	)		(399,968	)
Institutional Class		(11,890,324	)		(28,959,780	)		(3,038,104	)		(2,614,834	)
		(14,332,952	)		(36,247,412	)		(3,306,179	)		(3,209,203	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		3,214,628			6,361,932			426,279			1,004,512
Class B		81,323			140,931			1,015			13,384
Class C		10,003,323			20,924,263			1,395,729			2,593,727
Institutional Class		190,687,051			311,193,996			52,372,153			98,523,741

Net asset value of shares issued upon reinvestment of dividends
and distributions:
Class A		500,891			1,536,790			103,942			171,047
Class B		49,577			167,095			6,841			19,701
Class C		1,817,921			5,405,852			152,571			395,170
Institutional Class		11,579,326			28,157,880			2,992,019			2,580,351
		217,934,040			373,888,739			57,450,549			105,301,633

Cost of shares repurchased:
Class A		(4,775,352	)		(10,149,128	)		(1,165,024	)		(2,906,788	)
Class B		(549,222	)		(1,337,919	)		(212,141	)		(554,797	)
Class C		(17,406,249	)		(41,735,014	)		(3,991,445	)		(9,569,069	)
Institutional Class		(89,380,854	)		(144,692,404	)		(23,674,710	)		(36,092,756	)
		(112,111,677	)		(197,914,465	)		(29,043,320	)		(49,123,410	)
Increase in net assets derived from capital share transactions		105,822,363			175,974,274			28,407,229			56,178,223
Net Increase (Decrease) in Net Assets		130,074,646			199,911,473			(24,135,878	)		75,590,667

Net Assets:
Beginning of period		996,214,579			796,303,106			279,331,485			203,740,818
End of period	$	1,126,289,225		$	996,214,579		$	255,195,607		$	279,331,485
Undistributed net investment income	$	17,362,196		$	12,498,004		$	4,185,282		$	2,625,593

See accompanying notes, which are an integral part of the financial statements.

	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	9/30/11			3/31/11			9/30/11			3/31/11
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(1,105,869	)	$	(3,025,733	)	$	4,335,467		$	6,069,421
Net realized gain on investments and foreign currencies		19,241,345			74,395,811			9,291,567			23,316,446
Net change in unrealized appreciation/depreciation of investments
and foreign currencies		(135,918,549	)		45,782,341			(119,388,278	)		62,928,731
Net increase (decrease) in net assets resulting from operations		(117,783,073	)		117,152,419			(105,761,244	)		92,314,598

Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			(236,093	)		(397,086	)
Class B		—			—			(6,668	)		(36,673	)
Class C		—			—			(159,905	)		(808,084	)
Institutional Class		—			—			(5,647,136	)		(7,461,811	)
		—			—			(6,049,802	)		(8,703,654	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,490,421			2,880,833			1,492,023			3,699,946
Class B		1,155			27,050			1,691			19,398
Class C		4,080,774			7,733,548			4,045,206			7,643,883
Institutional Class		85,078,509			157,827,455			84,768,980			152,059,465

Net asset value of shares issued upon reinvestment of dividends
and distributions:
Class A		—			—			232,490			391,381
Class B		—			—			6,437			36,248
Class C		—			—			157,220			797,769
Institutional Class		—			—			5,557,758			7,362,691
		90,650,859			168,468,886			96,261,805			172,010,781

Cost of shares repurchased:
Class A		(3,690,742	)		(8,883,133	)		(3,361,146	)		(8,008,532	)
Class B		(591,487	)		(1,581,843	)		(574,108	)		(1,454,201	)
Class C		(13,013,906	)		(29,884,245	)		(11,857,763	)		(27,843,973	)
Institutional Class		(79,009,801	)		(196,082,815	)		(67,605,145	)		(155,909,561	)
		(96,305,936	)		(236,432,036	)		(83,398,162	)		(193,216,267	)
Increase (decrease) in net assets derived from capital share transactions		(5,655,077	)		(67,963,150	)		12,863,643			(21,205,486	)
Net Increase (Decrease) in Net Assets		(123,438,150	)		49,189,269			(98,947,403	)		62,405,458

Net Assets:
Beginning of period		756,136,717			706,947,448			709,238,953			646,833,495
End of period	$	632,698,567		$	756,136,717		$	610,291,550		$	709,238,953
Undistributed (accumulated) net investment income (loss)	$	—		$	(19,646	)	$	4,334,605		$	6,037,066

See accompanying notes, which are an integral part of the financial statements.

(continues) 53

Statements of changes in net assets

Optimum Fund Trust

	Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six Months			Year			Six Months			Year
	Ended			Ended			Ended			Ended
	9/30/11			3/31/11			9/30/11			3/31/11
	(Unaudited)						(Unaudited)
Increase (Decrease) in Net Assets from Operations:
Net investment loss	$	(1,627,939	)	$	(2,635,441	)	$	(419,120	)	$	(746,540	)
Net realized gain on investments and foreign currencies		13,232,626			23,081,567			12,109,633			22,987,790
Net change in unrealized appreciation/depreciation of investments
and foreign currencies		(83,626,705	)		40,739,949			(89,783,587	)		31,873,059
Net increase (decrease) in net assets resulting from operations		(72,022,018	)		61,186,075			(78,093,074	)		54,114,309

Dividends and Distributions to Shareholders from:
Net realized gain on investments:
Class A		(58,452	)		—			—			—
Class B		(9,304	)		—			—			—
Class C		(215,681	)		—			—			—
Institutional Class		(2,674,857	)		—			—			—
		(2,958,294	)		—			—			—

Capital Share Transactions:
Proceeds from shares sold:
Class A		238,043			514,239			176,321			430,872
Class B		1,009			5,887			1,437			293
Class C		697,466			1,358,229			791,254			1,363,672
Institutional Class		50,968,674			104,724,111			52,641,298			104,115,451

Net asset value of shares issued upon reinvestment of dividends
and distributions:
Class A		57,475			—			—			—
Class B		9,103			—			—			—
Class C		213,578			—			—			—
Institutional Class		2,633,080			—			—			—
		54,818,428			106,602,466			53,610,310			105,910,288

Cost of shares repurchased:
Class A		(758,108	)		(1,760,162	)		(602,766	)		(1,518,111	)
Class B		(117,566	)		(305,695	)		(121,570	)		(297,186	)
Class C		(2,508,492	)		(5,679,529	)		(2,274,358	)		(5,411,146	)
Institutional Class		(41,757,319	)		(59,916,934	)		(29,236,080	)		(39,423,619	)
		(45,141,485	)		(67,662,320	)		(32,234,774	)		(46,650,062	)
Increase in net assets derived from capital share transactions		9,676,943			38,940,146			21,375,536			59,260,226
Net Increase (Decrease) in Net Assets		(65,303,369	)		100,126,221			(56,717,538	)		113,374,535

Net Assets:
Beginning of period		336,671,828			236,545,607			304,431,916			191,057,381
End of period	$	271,368,459		$	336,671,828		$	247,714,378		$	304,431,916
Accumulated net investment loss	$	—		$	(89,705	)	$	—		$	—

See accompanying notes, which are an integral part of the financial statements.

Financial highlights

Optimum Fixed Income Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11			3/31/10			3/31/09			3/31/08			3/31/07
	(Unaudited)
Net asset value, beginning of period		$9.550			$9.290			$7.750			$8.930			$9.050			$8.740

Income (loss) from investment operations:
Net investment income²		0.155			0.391			0.661			0.449			0.402			0.399
Net realized and unrealized gain (loss) on investments
and foreign currencies		0.193			0.247			1.482			(1.140	)		(0.066	)		0.255
Total from investment operations		0.348			0.638			2.143			(0.691	)		0.336			0.654

Less dividends and distributions from:
Net investment income		(0.128	)		(0.378	)		(0.603	)		(0.462	)		(0.380	)		(0.344	)
Net realized gain on investments		—			—			—			(0.027	)		(0.076	)		—
Total dividends and distributions		(0.128	)		(0.378	)		(0.603	)		(0.489	)		(0.456	)		(0.344	)

Net asset value, end of period		$9.770			$9.550			$9.290			$7.750			$8.930			$9.050

Total return³		3.66%			7.01%			28.24%			(7.82%	)		3.78%			7.58%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$39,619			$39,758			$40,808			$39,299			$63,262			$58,691
Ratio of expenses to average net assets		1.35%			1.35%			1.31%			1.24%			1.24%			1.25%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.43%			1.46%			1.48%			1.47%			1.43%			1.61%
Ratio of net investment income to average net assets		3.19%			4.10%			7.49%			5.38%			4.44%			4.48%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		3.11%			3.99%			7.32%			5.15%			4.25%			4.12%
Portfolio turnover		106%			273%			134%			158%			256%			238%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.
2 The average shares outstanding method has been applied for per share information.
3 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 55

Financial highlights

Optimum Fixed Income Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$9.540		$9.280		$7.750		$8.930		$9.060		$8.740

Income (loss) from investment operations:
Net investment income²		0.124		0.328		0.604		0.395		0.343		0.342
Net realized and unrealized gain (loss) on investments
and foreign currencies		0.199		0.248		1.486		(1.140	)	(0.076	)	0.264
Total from investment operations		0.323		0.576		2.090		(0.745	)	0.267		0.606

Less dividends and distributions from:
Net investment income		(0.113	)	(0.316	)	(0.560	)	(0.408	)	(0.321	)	(0.286	)
Net realized gain on investments		—		—		—		(0.027	)	(0.076	)	—
Total dividends and distributions		(0.113	)	(0.316	)	(0.560	)	(0.435	)	(0.397	)	(0.286	)

Net asset value, end of period		$9.750		$9.540		$9.280		$7.750		$8.930		$9.060

Total return³		3.40%		6.32%		27.51%		(8.42%	)	2.99%		7.01%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,395		$4,714		$5,587		$5,483		$8,788		$9,568
Ratio of expenses to average net assets		2.00%		2.00%		1.96%		1.89%		1.89%		1.90%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.08%		2.11%		2.13%		2.12%		2.08%		2.26%
Ratio of net investment income to average net assets		2.54%		3.45%		6.84%		4.73%		3.79%		3.83%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.46%		3.34%		6.67%		4.50%		3.60%		3.47%
Portfolio turnover		106%		273%		134%		158%		256%		238%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Fixed Income Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$9.540		$9.280		$7.760		$8.940		$9.060		$8.750

Income (loss) from investment operations:
Net investment income²		0.124		0.329		0.604		0.395		0.343		0.341
Net realized and unrealized gain (loss) on investments
and foreign currencies		0.199		0.247		1.476		(1.140	)	(0.066	)	0.255
Total from investment operations		0.323		0.576		2.080		(0.745	)	0.277		0.596

Less dividends and distributions from:
Net investment income		(0.113	)	(0.316	)	(0.560	)	(0.408	)	(0.321	)	(0.286	)
Net realized gain on investments		—		—		—		(0.027	)	(0.076	)	—
Total dividends and distributions		(0.113	)	(0.316	)	(0.560	)	(0.435	)	(0.397	)	(0.286	)

Net asset value, end of period		$9.750		$9.540		$9.280		$7.760		$8.940		$9.060

Total return³		3.40%		6.32%		27.34%		(8.41%	)	3.11%		6.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$157,601		$159,759		$170,214		$157,185		$257,340		$227,036
Ratio of expenses to average net assets		2.00%		2.00%		1.96%		1.89%		1.89%		1.90%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.08%		2.11%		2.13%		2.12%		2.08%		2.26%
Ratio of net investment income to average net assets		2.54%		3.45%		6.84%		4.73%		3.79%		3.83%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.46%		3.34%		6.67%		4.50%		3.60%		3.47%
Portfolio turnover		106%		273%		134%		158%		256%		238%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

See accompanying notes, which are an integral part of the financial statements.

(continues) 57

Financial highlights

Optimum Fixed Income Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$9.550		$9.290		$7.740		$8.920		$9.050		$8.730

Income (loss) from investment operations:
Net investment income²		0.173		0.424		0.692		0.479		0.434		0.431
Net realized and unrealized gain (loss) on investments
and foreign currencies		0.193		0.247		1.484		(1.141	)	(0.076	)	0.265
Total from investment operations		0.366		0.671		2.176		(0.662	)	0.358		0.696

Less dividends and distributions from:
Net investment income		(0.136	)	(0.411	)	(0.626	)	(0.491	)	(0.412	)	(0.376	)
Net realized gain on investments		—		—		—		(0.027	)	(0.076	)	—
Total dividends and distributions		(0.136	)	(0.411	)	(0.626	)	(0.518	)	(0.488	)	(0.376	)

Net asset value, end of period		$9.780		$9.550		$9.290		$7.740		$8.920		$9.050

Total return³		3.85%		7.39%		28.73%		(7.51%	)	4.04%		8.09%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$924,674		$791,984		$579,694		$434,285		$597,388		$454,154
Ratio of expenses to average net assets		1.00%		1.00%		0.96%		0.89%		0.89%		0.90%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.08%		1.11%		1.13%		1.12%		1.08%		1.26%
Ratio of net investment income to average net assets		3.54%		4.45%		7.84%		5.73%		4.79%		4.83%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		3.46%		4.34%		7.67%		5.50%		4.60%		4.47%
Portfolio turnover		106%		273%		134%		158%		256%		238%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum International Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.200		$10.340		$7.010		$13.840		$15.490		$13.470

Income (loss) from investment operations:
Net investment income²		0.155		0.129		0.124		0.280		0.262		0.112
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.967	)	0.887		3.366		(6.557	)	(0.798	)	2.661
Total from investment operations		(1.812	)	1.016		3.490		(6.277	)	(0.536	)	2.773

Less dividends and distributions from:
Net investment income		(0.108	)	(0.156	)	(0.160	)	(0.326	)	(0.116	)	(0.172	)
Net realized gain on investments		—		—		—		(0.227	)	(0.998	)	(0.581	)
Total dividends and distributions		(0.108	)	(0.156	)	(0.160	)	(0.553	)	(1.114	)	(0.753	)

Net asset value, end of period		$9.280		$11.200		$10.340		$7.010		$13.840		$15.490

Total return³		(16.33%	)	10.19%		50.29%		(46.64%	)	(3.96%	)	21.26%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$8,714		$11,189		$12,082		$9,578		$22,971		$25,523
Ratio of expenses to average net assets		1.75%		1.75%		1.75%		1.77%		1.75%		1.96%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.84%		1.88%		1.94%		1.86%		1.75%		1.96%
Ratio of net investment income to average net assets		2.85%		1.26%		1.30%		2.66%		1.69%		0.78%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.76%		1.13%		1.11%		2.57%		1.69%		0.78%
Portfolio turnover		26%		95%		91%		58%		19%		18%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 59

Financial highlights

Optimum International Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$10.940		$10.100		$6.880		$13.580		$15.240		$13.290

Income (loss) from investment operations:
Net investment income²		0.117		0.061		0.064		0.213		0.163		0.021
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.923	)	0.875		3.304		(6.436	)	(0.787	)	2.614
Total from investment operations		(1.806	)	0.936		3.368		(6.223	)	(0.624	)	2.635

Less dividends and distributions from:
Net investment income		(0.044	)	(0.096	)	(0.148	)	(0.250	)	(0.038	)	(0.104	)
Net realized gain on investments		—		—		—		(0.227	)	(0.998	)	(0.581	)
Total dividends and distributions		(0.044	)	(0.096	)	(0.148	)	(0.477	)	(1.036	)	(0.685	)

Net asset value, end of period		$9.090		$10.940		$10.100		$6.880		$13.580		$15.240

Total return³		(16.66%	)	9.49%		49.42%		(47.02%	)	(4.59%	)	20.44%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$1,379		$1,868		$2,243		$1,764		$4,203		$5,031
Ratio of expenses to average net assets		2.40%		2.40%		2.40%		2.42%		2.40%		2.61%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.49%		2.53%		2.59%		2.51%		2.40%		2.61%
Ratio of net investment income to average net assets		2.20%		0.61%		0.65%		2.01%		1.04%		0.13%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.11%		0.48%		0.46%		1.92%		1.04%		0.13%
Portfolio turnover		26%		95%		91%		58%		19%		18%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum International Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$10.950		$10.100		$6.890		$13.590		$15.250		$13.290

Income (loss) from investment operations:
Net investment income²		0.117		0.061		0.064		0.213		0.163		0.021
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.933	)	0.885		3.294		(6.436	)	(0.787	)	2.624
Total from investment operations		(1.816	)	0.946		3.358		(6.223	)	(0.624	)	2.645

Less dividends and distributions from:
Net investment income		(0.044	)	(0.096	)	(0.148	)	(0.250	)	(0.038	)	(0.104	)
Net realized gain on investments		—		—		—		(0.227	)	(0.998	)	(0.581	)
Total dividends and distributions		(0.044	)	(0.096	)	(0.148	)	(0.477	)	(1.036	)	(0.685	)

Net asset value, end of period		$9.090		$10.950		$10.100		$6.890		$13.590		$15.250

Total return³		(16.65%	)	9.59%		49.20%		(46.98%	)	(4.59%	)	20.51%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$30,932		$39,762		$43,260		$34,520		$84,431		$91,696
Ratio of expenses to average net assets		2.40%		2.40%		2.40%		2.42%		2.40%		2.61%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.49%		2.53%		2.59%		2.51%		2.40%		2.61%
Ratio of net investment income to average net assets		2.20%		0.61%		0.65%		2.01%		1.04%		0.13%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		2.11%		0.48%		0.46%		1.92%		1.04%		0.13%
Portfolio turnover		26%		95%		91%		58%		19%		18%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 61

Financial highlights

Optimum International Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.300		$10.430		$7.050		$13.940		$15.590		$13.550

Income (loss) from investment operations:
Net investment income²		0.175		0.168		0.157		0.317		0.317		0.162
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.981	)	0.887		3.393		(6.611	)	(0.797	)	2.679
Total from investment operations		(1.806	)	1.055		3.550		(6.294	)	(0.480	)	2.841

Less dividends and distributions from:
Net investment income		(0.144	)	(0.185	)	(0.170	)	(0.369	)	(0.172	)	(0.220	)
Net realized gain on investments		—		—		—		(0.227	)	(0.998	)	(0.581	)
Total dividends and distributions		(0.144	)	(0.185	)	(0.170	)	(0.596	)	(1.170	)	(0.801	)

Net asset value, end of period		$9.350		$11.300		$10.430		$7.050		$13.940		$15.590

Total return³		(16.18%	)	10.55%		50.88%		(46.49%	)	(3.59%	)	21.68%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$214,171		$226,512		$146,156		$79,430		$174,954		$154,198
Ratio of expenses to average net assets		1.40%		1.40%		1.40%		1.42%		1.40%		1.61%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.49%		1.53%		1.59%		1.51%		1.40%		1.61%
Ratio of net investment income to average net assets		3.20%		1.61%		1.65%		3.01%		2.04%		1.13%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		3.11%		1.48%		1.46%		2.92%		2.04%		1.13%
Portfolio turnover		26%		95%		91%		58%		19%		18%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Large Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$12.430		$10.640		$6.990		$11.220		$11.980		$11.540

Income (loss) from investment operations:
Net investment loss²		(0.028	)	(0.062	)	(0.025	)	(0.001	)	(0.021	)	(0.047	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.912	)	1.852		3.675		(4.229	)	(0.406	)	0.692
Total from investment operations		(1.940	)	1.790		3.650		(4.230	)	(0.427	)	0.645

Less dividends and distributions from:
Net investment income		—		—		—		—		(0.296	)	(0.205	)
Return of capital		—		—		—		—		(0.037	)	—
Total dividends and distributions		—		—		—		—		(0.333	)	(0.205	)

Net asset value, end of period		$10.490		$12.430		$10.640		$6.990		$11.220		$11.980

Total return³		(15.61%	)	16.82%		52.22%		(37.70%	)	(3.86%	)	5.75%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$27,885		$35,359		$36,288		$28,347		$54,022		$56,088
Ratio of expenses to average net assets		1.62%		1.61%		1.61%		1.61%		1.60%		1.69%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.64%		1.64%		1.66%		1.64%		1.60%		1.77%
Ratio of net investment loss to average net assets		(0.47%	)	(0.57%	)	(0.28%	)	(0.01%	)	(0.17%	)	(0.41%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(0.49%	)	(0.60%	)	(0.33%	)	(0.04%	)	(0.17%	)	(0.49%	)
Portfolio turnover		45%		117%		145%		164%		59%		37%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 63

Financial highlights

Optimum Large Cap Growth Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹			3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.820		$10.180		$6.730		$10.870		$11.700		$11.340

Income (loss) from investment operations:
Net investment loss²		(0.064	)	(0.127	)	(0.081	)	(0.059	)	(0.100	)	(0.119	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.816	)	1.767		3.531		(4.081	)	(0.397	)	0.684
Total from investment operations		(1.880	)	1.640		3.450		(4.140	)	(0.497	)	0.565

Less dividends and distributions from:
Net investment income		—		—		—		—		(0.296	)	(0.205	)
Return of capital		—		—		—		—		(0.037	)	—
Total dividends and distributions		—		—		—		—		(0.333	)	(0.205	)

Net asset value, end of period		$9.940		$11.820		$10.180		$6.730		$10.870		$11.700

Total return³		(15.91%	)	16.11%		51.26%		(38.09%	)	(4.56%	)	5.14%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,013		$5,381		$6,135		$4,780		$9,345		$10,819
Ratio of expenses to average net assets		2.27%		2.26%		2.26%		2.26%		2.25%		2.34%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.29%		2.29%		2.31%		2.29%		2.25%		2.42%
Ratio of net investment loss to average net assets		(1.12%	)	(1.22%	)	(0.93%	)	(0.66%	)	(0.82%	)	(1.06%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.14%	)	(1.25%	)	(0.98%	)	(0.69%	)	(0.82%	)	(1.14%	)
Portfolio turnover		45%		117%		145%		164%		59%		37%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Large Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.820			$10.180		$ 6.730		$10.870		$11.700		$11.340

Income (loss) from investment operations:
Net investment loss²		(0.064	)		(0.127	)	(0.081	)	(0.059	)	(0.100	)	(0.119	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.826	)		1.767		3.531		(4.081	)	(0.397	)	0.684
Total from investment operations		(1.890	)		1.640		3.450		(4.140	)	(0.497	)	0.565

Less dividends and distributions from:
Net investment income		—			—		—		—		(0.296	)	(0.205	)
Return of capital		—			—		—		—		(0.037	)	—
Total dividends and distributions		—			—		—		—		(0.333	)	(0.205	)

Net asset value, end of period		$ 9.930			$11.820		$10.180		$ 6.730		$10.870		$11.700

Total return³		(15.99%	)		16.11%		51.26%		(38.09%	)	(4.56%	)	5.14%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$100,016			$128,256		$132,242		$102,233		$203,394		$203,591
Ratio of expenses to average net assets		2.27%			2.26%		2.26%		2.26%		2.25%		2.34%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.29%			2.29%		2.31%		2.29%		2.25%		2.42%
Ratio of net investment loss to average net assets		(1.12%	)		(1.22%	)	(0.93%	)	(0.66%	)	(0.82%	)	(1.06%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.14%	)		(1.25%	)	(0.98%	)	(0.69%	)	(0.82%	)	(1.14%	)
Portfolio turnover		45%			117%		145%		164%		59%		37%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 65

Financial highlights

Optimum Large Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$12.760			$10.880		$ 7.130		$11.410		$12.140		$11.650

Income (loss) from investment operations:
Net investment income (loss)²		(0.007	)		(0.025	)	0.007		0.032		0.023		(0.006	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.973	)		1.905		3.758		(4.312	)	(0.420	)	0.701
Total from investment operations		(1.980	)		1.880		3.765		(4.280	)	(0.397	)	0.695

Less dividends and distributions from:
Net investment income		—			—		(0.015	)	—		(0.296	)	(0.205	)
Return of capital		—			—		—		—		(0.037	)	—
Total dividends and distributions		—			—		(0.015	)	—		(0.333	)	(0.205	)

Net asset value, end of period		$10.780			$12.760		$10.880		$ 7.130		$11.410		$12.140

Total return³		(15.52%	)		17.28%		52.87%		(37.51%	)	(3.56%	)	6.13%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$500,785			$587,141		$532,282		$402,574		$723,347		$518,509
Ratio of expenses to average net assets		1.27%			1.26%		1.26%		1.26%		1.25%		1.34%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.29%			1.29%		1.31%		1.29%		1.25%		1.42%
Ratio of net investment income (loss) to average net assets		(0.12%	)		(0.22%	)	0.07%		0.34%		0.18%		(0.06%	)
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		(0.14%	)		(0.25%	)	0.02%		0.31%		0.18%		(0.14%	)
Portfolio turnover		45%			117%		145%		164%		59%		37%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Large Cap Value Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.060			$ 9.830		$ 6.710		$11.170		$12.730		$11.320

Income (loss) from investment operations:
Net investment income²		0.058			0.075		0.118		0.165		0.138		0.128
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.680	)		1.274		3.181		(4.453	)	(0.931	)	1.614
Total from investment operations		(1.622	)		1.349		3.299		(4.288	)	(0.793	)	1.742

Less dividends and distributions from:
Net investment income		(0.078	)		(0.119	)	(0.179	)	(0.029	)	(0.134	)	(0.104	)
Net realized gain on investments		—			—		—		(0.143	)	(0.633	)	(0.228	)
Total dividends and distributions		(0.078	)		(0.119	)	(0.179	)	(0.172	)	(0.767	)	(0.332	)

Net asset value, end of period		$ 9.360			$11.060		$ 9.830		$ 6.710		$11.170		$12.730

Total return³		(14.76%	)		14.00%		49.92%		(38.97%	)	(6.80%	)	15.65%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$27,198			$33,892		$34,167		$26,901		$53,097		$58,161
Ratio of expenses to average net assets		1.58%			1.59%		1.58%		1.54%		1.54%		1.55%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.61%			1.61%		1.62%		1.60%		1.56%		1.73%
Ratio of net investment income to average net assets		1.09%			0.77%		1.38%		1.82%		1.09%		1.07%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		1.06%			0.75%		1.34%		1.76%		1.07%		0.89%
Portfolio turnover		36%			82%		28%		37%		30%		22%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 67

Financial highlights

Optimum Large Cap Value Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$10.930			$ 9.720		$ 6.630		$11.090		$12.640		$11.240

Income (loss) from investment operations:
Net investment income²		0.023			0.012		0.063		0.106		0.056		0.052
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.668	)		1.262		3.147		(4.413	)	(0.923	)	1.606
Total from investment operations		(1.645	)		1.274		3.210		(4.307	)	(0.867	)	1.658

Less dividends and distributions from:
Net investment income		(0.015	)		(0.064	)	(0.120	)	(0.010	)	(0.050	)	(0.030	)
Net realized gain on investments		—			—		—		(0.143	)	(0.633	)	(0.228	)
Total dividends and distributions		(0.015	)		(0.064	)	(0.120	)	(0.153	)	(0.683	)	(0.258	)

Net asset value, end of period		$ 9.270			$10.930		$ 9.720		$ 6.630		$11.090		$12.640

Total return³		(15.07%	)		13.25%		48.92%		(39.37%	)	(7.38%	)	14.97%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$3,865			$5,135		$5,943		$4,664		$9,454		$11,403
Ratio of expenses to average net assets		2.23%			2.24%		2.23%		2.19%		2.19%		2.20%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.26%			2.26%		2.27%		2.25%		2.21%		2.38%
Ratio of net investment income to average net assets		0.44%			0.12%		0.73%		1.17%		0.44%		0.42%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		0.41%			0.10%		0.69%		1.11%		0.42%		0.24%
Portfolio turnover		36%			82%		28%		37%		30%		22%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Large Cap Value Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$10.930			$ 9.710		$ 6.630		$11.080		$12.630		$11.240

Income (loss) from investment operations:
Net investment income²		0.023			0.012		0.063		0.106		0.057		0.051
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.668	)		1.272		3.137		(4.403	)	(0.924	)	1.597
Total from investment operations		(1.645	)		1.284		3.200		(4.297	)	(0.867	)	1.648

Less dividends and distributions from:
Net investment income		(0.015	)		(0.064	)	(0.120	)	(0.010	)	(0.050	)	(0.030	)
Net realized gain on investments		—			—		—		(0.143	)	(0.633	)	(0.228	)
Total dividends and distributions		(0.015	)		(0.064	)	(0.120	)	(0.153	)	(0.683	)	(0.258	)

Net asset value, end of period		$ 9.270			$10.930		$ 9.710		$ 6.630		$11.080		$12.630

Total return³		(15.07%	)		13.37%		48.76%		(39.31%	)	(7.39%	)	14.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$94,966			$119,899		$125,961		$98,881		$205,501		$216,527
Ratio of expenses to average net assets		2.23%			2.24%		2.23%		2.19%		2.19%		2.20%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.26%			2.26%		2.27%		2.25%		2.21%		2.38%
Ratio of net investment income to average net assets		0.44%			0.12%		0.73%		1.17%		0.44%		0.42%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		0.41%			0.10%		0.69%		1.11%		0.42%		0.24%
Portfolio turnover		36%			82%		28%		37%		30%		22%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 69

Financial highlights

Optimum Large Cap Value Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.110			$ 9.870		$ 6.740		$11.190		$12.750		$11.330

Income (loss) from investment operations:
Net investment income²		0.077			0.110		0.148		0.197		0.183		0.170
Net realized and unrealized gain (loss) on investments
and foreign currencies		(1.695	)		1.279		3.193		(4.465	)	(0.931	)	1.623
Total from investment operations		(1.618	)		1.389		3.341		(4.268	)	(0.748	)	1.793

Less dividends and distributions from:
Net investment income		(0.112	)		(0.149	)	(0.211	)	(0.039	)	(0.179	)	(0.145	)
Net realized gain on investments		—			—		—		(0.143	)	(0.633	)	(0.228	)
Total dividends and distributions		(0.112	)		(0.149	)	(0.211	)	(0.182	)	(0.812	)	(0.373	)

Net asset value, end of period		$ 9.380			$11.110		$ 9.870		$ 6.740		$11.190		$12.750

Total return³		(14.69%	)		14.42%		50.47%		(38.76%	)	(6.46%	)	16.12%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$484,263			$550,313		$480,762		$358,559		$607,637		$508,000
Ratio of expenses to average net assets		1.23%			1.24%		1.23%		1.19%		1.19%		1.20%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.26%			1.26%		1.27%		1.25%		1.21%		1.38%
Ratio of net investment income to average net assets		1.44%			1.12%		1.73%		2.17%		1.44%		1.42%
Ratio of net investment income to average net assets
prior to fees waived and expense paid indirectly		1.41%			1.10%		1.69%		2.11%		1.42%		1.24%
Portfolio turnover		36%			82%		28%		37%		30%		22%

¹ Ratios have been annualized and total return and portfolio turnover have not been annualized.

² The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Growth Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$13.900			$11.150		$ 6.760		$11.280		$14.070		$14.340

Income (loss) from investment operations:
Net investment loss²		(0.084	)		(0.149	)	(0.123	)	(0.092	)	(0.177	)	(0.155	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(2.835	)		2.899		4.513		(4.428	)	(1.952	)	0.188
Total from investment operations		(2.919	)		2.750		4.390		(4.520	)	(2.129	)	0.033

Less dividends and distributions from:
Net realized gain on investments		(0.121	)		—		—		—		(0.651	)	(0.303	)
Return of capital		—			—		—		—		(0.010	)	—
Total dividends and distributions		(0.121	)		—		—		—		(0.661	)	(0.303	)

Net asset value, end of period		$10.860			$13.900		$11.150		$ 6.760		$11.280		$14.070

Total return³		(21.14%	)		24.66%		64.94%		(40.07%	)	(15.96%	)	0.37%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,976			$6,866		$6,736		$4,814		$9,282		$12,088
Ratio of expenses to average net assets		1.90%			1.90%		1.90%		1.90%		1.92%		1.95%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.05%			2.07%		2.10%		2.26%		2.11%		2.32%
Ratio of net investment loss to average net assets		(1.28%	)		(1.29%	)	(1.30%	)	(0.96%	)	(1.27%	)	(1.15%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.43%	)		(1.46%	)	(1.50%	)	(1.32%	)	(1.46%	)	(1.52%	)
Portfolio turnover		40%			86%		100%		119%		46%		46%

¹Ratios have been annualized and total return and portfolio turnover have not been annualized.

²The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 71

Financial highlights

Optimum Small-Mid Cap Growth Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$13.200			$10.660		$ 6.510		$10.930		$13.750		$14.110

Income (loss) from investment operations:
Net investment loss²		(0.120	)		(0.213	)	(0.179	)	(0.152	)	(0.265	)	(0.240	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(2.679	)		2.753		4.329		(4.268	)	(1.894	)	0.183
Total from investment operations		(2.799	)		2.540		4.150		(4.420	)	(2.159	)	(0.057	)

Less dividends and distributions from:
Net realized gain on investments		(0.121	)		—		—		—		(0.651	)	(0.303	)
Return of capital		—			—		—		—		(0.010	)	—
Total dividends and distributions		(0.121	)		—		—		—		(0.661	)	(0.303	)

Net asset value, end of period		$10.280			$13.200		$10.660		$ 6.510		$10.930		$13.750

Total return³		(21.36%	)		23.83%		63.75%		(40.44%	)	(16.56%	)	(0.27%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$740			$1,063		$1,143		$807		$1,620		$2,187
Ratio of expenses to average net assets		2.55%			2.55%		2.55%		2.55%		2.57%		2.60%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.70%			2.72%		2.75%		2.91%		2.76%		2.97%
Ratio of net investment loss to average net assets		(1.93%	)		(1.94%	)	(1.95%	)	(1.61%	)	(1.92%	)	(1.80%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(2.08%	)		(2.11%	)	(2.15%	)	(1.97%	)	(2.11%	)	(2.17%	)
Portfolio turnover		40%			86%		100%		119%		46%		46%

¹Ratios have been annualized and total return and portfolio turnover have not been annualized.

²The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Growth Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$13.200			$10.660		$ 6.510		$10.930		$13.750		$14.110

Income (loss) from investment operations:
Net investment loss²		(0.120	)		(0.213	)	(0.179	)	(0.152	)	(0.264	)	(0.240	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(2.689	)		2.753		4.329		(4.268	)	(1.895	)	0.183
Total from investment operations		(2.809	)		2.540		4.150		(4.420	)	(2.159	)	(0.057	)

Less dividends and distributions from:
Net realized gain on investments		(0.121	)		—		—		—		(0.651	)	(0.303	)
Return of capital		—			—		—		—		(0.010	)	—
Total dividends and distributions		(0.121	)		—		—		—		(0.661	)	(0.303	)

Net asset value, end of period		$10.270			$13.200		$10.660		$ 6.510		$10.930		$13.750

Total return³		(21.43%	)		23.83%		63.75%		(40.44%	)	(16.56%	)	(0.27%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$17,628			$24,337		$23,824		$16,863		$34,086		$40,324
Ratio of expenses to average net assets		2.55%			2.55%		2.55%		2.55%		2.57%		2.60%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.70%			2.72%		2.75%		2.91%		2.76%		2.97%
Ratio of net investment loss to average net assets		(1.93%	)		(1.94%	)	(1.95%	)	(1.61%	)	(1.92%	)	(1.80%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(2.08%	)		(2.11%	)	(2.15%	)	(1.97%	)	(2.11%	)	(2.17%	)
Portfolio turnover		40%			86%		100%		119%		46%		46%

¹Ratios have been annualized and total return and portfolio turnover have not been annualized.

²The average shares outstanding method has been applied for per share information.

³Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 73

Financial highlights

Optimum Small-Mid Cap Growth Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$14.270			$11.410		$6.900		$11.470		$14.250		$14.470

Income (loss) from investment operations:
Net investment loss²		(0.062	)		(0.112	)	(0.091	)	(0.059	)	(0.128	)	(0.108	)
Net realized and unrealized gain (loss) on investments
and foreign currencies		(2.917	)		2.972		4.601		(4.511	)	(1.991	)	0.191
Total from investment operations		(2.979	)		2.860		4.510		(4.570	)	(2.119	)	0.083

Less dividends and distributions from:
Net realized gain on investments		(0.121	)		—		—		—		(0.651	)	(0.303	)
Return of capital		—			—		—		—		(0.010	)	—
Total dividends and distributions		(0.121	)		—		—		—		(0.661	)	(0.303	)

Net asset value, end of period		$11.170			$14.270		$11.410		$6.900		$11.470		$14.250

Total return³		(21.01%	)		25.07%		65.36%		(39.84%	)	(15.68%	)	0.72%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$248,024			$304,406		$204,843		$53,244		$90,614		$84,934
Ratio of expenses to average net assets		1.55%			1.55%		1.55%		1.55%		1.57%		1.60%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.70%			1.72%		1.75%		1.91%		1.76%		1.97%
Ratio of net investment loss to average net assets		(0.93%	)		(0.94%	)	(0.95%	)	(0.61%	)	(0.92%	)	(0.80%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.08%	)		(1.11%	)	(1.15%	)	(0.97%	)	(1.11%	)	(1.17%	)
Portfolio turnover		40%			86%		100%		119%		46%		46%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 The average shares outstanding method has been applied for per share information.

3 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Value Fund Class A

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$12.610			$10.070		$5.690		$10.380		$13.540		$13.590

Income (loss) from investment operations:
Net investment income (loss)²		(0.033	)		(0.062	)	(0.027	)	0.011		(0.025	)	(0.020	)
Net realized and unrealized gain (loss) on investments		(3.037	)		2.602		4.407		(4.683	)	(2.102	)	0.759
Total from investment operations		(3.070	)		2.540		4.380		(4.672	)	(2.127	)	0.739

Less dividends and distributions from:
Net realized gain on investments		—			—		—		(0.018	)	(1.033	)	(0.789	)
Total dividends and distributions		—			—		—		(0.018	)	(1.033	)	(0.789	)

Net asset value, end of period		$9.540			$12.610		$10.070		$5.690		$10.380		$13.540

Total return³		(24.35%	)		25.22%		76.98%		(45.09%	)	(16.34%	)	5.93%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$4,261			$6,102		$5,918		$4,045		$9,145		$12,721
Ratio of expenses to average net assets		1.80%			1.81%		1.82%		1.75%		1.76%		1.76%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.99%			2.00%		2.13%		2.22%		2.09%		2.32%
Ratio of net investment income (loss) to average net assets		(0.56%	)		(0.59%	)	(0.32%	)	0.15%		(0.20%	)	(0.16%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(0.75%	)		(0.78%	)	(0.63%	)	(0.32%	)	(0.53%	)	(0.72%	)
Portfolio turnover		16%			43%		40%		86%		53%		49%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 The average shares outstanding method has been applied for per share information.

3 Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

See accompanying notes, which are an integral part of the financial statements.

(continues) 75

Financial highlights

Optimum Small-Mid Cap Value Fund Class B

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.940			$9.590		$5.460		$10.030		$13.190		$13.350

Income (loss) from investment operations:
Net investment loss²		(0.067	)		(0.123	)	(0.077	)	(0.042	)	(0.102	)	(0.101	)
Net realized and unrealized gain (loss) on investments		(2.873	)		2.473		4.207		(4.510	)	(2.025	)	0.730
Total from investment operations		(2.940	)		2.350		4.130		(4.552	)	(2.127	)	0.629

Less dividends and distributions from:
Net realized gain on investments		—			—		—		(0.018	)	(1.033	)	(0.789	)
Total dividends and distributions		—			—		—		(0.018	)	(1.033	)	(0.789	)

Net asset value, end of period		$9.000			$11.940		$9.590		$5.460		$10.030		$13.190

Total return³		(24.62%	)		24.50%		75.64%		(45.47%	)	(16.79%	)	5.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$686			$1,038		$1,114		$731		$1,636		$2,239
Ratio of expenses to average net assets		2.45%			2.46%		2.47%		2.40%		2.41%		2.41%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.64%			2.65%		2.78%		2.87%		2.74%		2.97%
Ratio of net investment loss to average net assets		(1.21%	)		(1.24%	)	(0.97%	)	(0.50%	)	(0.85%	)	(0.81%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.40%	)		(1.43%	)	(1.28%	)	(0.97%	)	(1.18%	)	(1.37%	)
Portfolio turnover		16%			43%		40%		86%		53%		49%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 The average shares outstanding method has been applied for per share information.

See accompanying notes, which are an integral part of the financial statements.

Optimum Small-Mid Cap Value Fund Class C

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$11.930			$9.590		$5.460		$10.020		$13.190		$13.350

Income (loss) from investment operations:
Net investment loss²		(0.067	)		(0.124	)	(0.076	)	(0.042	)	(0.102	)	(0.101	)
Net realized and unrealized gain (loss) on investments		(2.863	)		2.464		4.206		(4.500	)	(2.035	)	0.730
Total from investment operations		(2.930	)		2.340		4.130		(4.542	)	(2.137	)	0.629

Less dividends and distributions from:
Net realized gain on investments		—			—		—		(0.018	)	(1.033	)	(0.789	)
Total dividends and distributions		—			—		—		(0.018	)	(1.033	)	(0.789	)

Net asset value, end of period		$9.000			$11.930		$9.590		$5.460		$10.020		$13.190

Total return³		(24.56%	)		24.40%		75.64%		(45.42%	)	(16.79%	)	5.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$15,984			$22,797		$22,163		$14,811		$32,891		$41,622
Ratio of expenses to average net assets		2.45%			2.46%		2.47%		2.40%		2.41%		2.41%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		2.64%			2.65%		2.78%		2.87%		2.74%		2.97%
Ratio of net investment loss to average net assets		(1.21%	)		(1.24%	)	(0.97%	)	(0.50%	)	(0.85%	)	(0.81%	)
Ratio of net investment loss to average net assets
prior to fees waived and expense paid indirectly		(1.40%	)		(1.43%	)	(1.28%	)	(0.97%	)	(1.18%	)	(1.37%	)
Portfolio turnover		16%			43%		40%		86%		53%		49%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 The average shares outstanding method has been applied for per share information.

See accompanying notes, which are an integral part of the financial statements.

(continues) 77

Financial highlights

Optimum Small-Mid Cap Value Fund Institutional Class

Selected data for each share of the Fund outstanding throughout each period were as follows:

	Six Months
	Ended			Year Ended
	9/30/11¹				3/31/11		3/31/10		3/31/09		3/31/08		3/31/07
	(Unaudited)
Net asset value, beginning of period		$12.960			$10.310		$5.820		$10.580		$13.720		$13.720

Income (loss) from investment operations:
Net investment income (loss)²		(0.012	)		(0.026	)	0.002		0.041		0.018		0.025
Net realized and unrealized gain (loss) on investments		(3.128	)		2.676		4.505		(4.783	)	(2.125	)	0.764
Total from investment operations		(3.140	)		2.650		4.507		(4.742	)	(2.107	)	0.789

Less dividends and distributions from:
Net investment income		—			—		(0.008	)	—		—		—
Net realized gain on investments		—			—		—		(0.018	)	(1.033	)	(0.789	)
Return of capital		—			—		(0.009	)	—		—		—
Total dividends and distributions		—			—		(0.017	)	(0.018	)	(1.033	)	(0.789	)

Net asset value, end of period		$9.820			$12.960		$10.310		$5.820		$10.580		$13.720

Total return³		(24.23%	)		25.70%		77.56%		(44.90%	)	(15.97%	)	6.24%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$226,783			$274,495		$161,862		$58,173		$66,657		$71,387
Ratio of expenses to average net assets		1.45%			1.46%		1.47%		1.40%		1.41%		1.41%
Ratio of expenses to average net assets
prior to fees waived and expense paid indirectly		1.64%			1.65%		1.78%		1.87%		1.74%		1.97%
Ratio of net investment income (loss) to average net assets		(0.21%	)		(0.24%	)	0.03%		0.50%		0.15%		0.19%
Ratio of net investment income (loss) to average net assets
prior to fees waived and expense paid indirectly		(0.40%	)		(0.43%	)	(0.28%	)	0.03%		(0.18%	)	(0.37%	)
Portfolio turnover		16%			43%		40%		86%		53%		49%

1 Ratios have been annualized and total return and portfolio turnover have not been annualized.

2 The average shares outstanding method has been applied for per share information.

See accompanying notes, which are an integral part of the financial statements.

Notes to financial statements

Optimum Fund Trust
September 30, 2011 (Unaudited)

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class B, Class C and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Optimum Fixed Income Fund and 5.75% for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to August 1, 2007, Class B shares were sold with a CDSC that declined from 4% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase. Class C shares are sold with a CDSC of 1%, if redeemed during the first twelve months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

The investment objective of Optimum Fixed Income Fund is to seek a high level of income. The Fund may also seek growth of capital.

The investment objective of Optimum International Fund is to seek long-term growth of capital. The Fund may also seek income.

The investment objective of Optimum Large Cap Growth Fund is to seek long-term growth of capital.

The investment objective of Optimum Large Cap Value Fund is to seek long-term growth of capital. The Fund may also seek income.

The investment objective of Optimum Small-Mid Cap Growth Fund is to seek long-term growth of capital.

The investment objective of Optimum Small-Mid Cap Value Fund is to seek long-term growth of capital.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Trust.

Security Valuation — Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange (NYSE) on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used. Securities listed on a foreign exchange are valued at the last quoted sales price on the valuation date. Short-term debt securities are valued at market value. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Investment company securities are valued at net asset value per share. Open-end investment companies are valued at their published net asset value. Foreign currency exchange contracts are valued at the mean between the bid and ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Funds’ Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Funds may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing the Funds’ tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the more-likely-than-not threshold are recorded as a tax benefit or expense in the current year. Management has analyzed the Funds’ tax positions taken on federal income tax returns for all open tax years (March 31, 2008–March 31, 2011), and has concluded that no provision for federal income tax is required in the Funds’ financial statements.

Class Accounting — Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

(continues) 79

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

Repurchase Agreements — Each Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the Funds’ custodian or a third party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements were entered into on September 30, 2011.

To Be Announced Trades — Optimum Fixed Income Fund may contract to purchase securities for a fixed price at a transaction date beyond the customary settlement period (e.g., “when issued,” “delayed delivery,” “forward commitment,” or “TBA transactions”) consistent with the Fund’s ability to manage its investment portfolio and meet redemption requests. These transactions involve a commitment by the Fund to purchase securities for a predetermined price or yield with payment and delivery taking place more than three days in the future, or after a period longer than the customary settlement period for that type of security. No interest will be earned by the Fund on such purchases until the securities are delivered; however, the market value may change prior to delivery.

Mortgage Dollar Rolls — Optimum Fixed Income Fund may enter into mortgage “dollar rolls” in which the Fund sells mortgage-backed securities for delivery in the current month and simultaneously contracts to repurchase substantially similar (same type, coupon, and maturity) securities on a specified future date. Any difference between the sale price and the purchase price is netted against the interest income foregone on the securities to arrive at an implied borrowing (reverse repurchase) rate. Alternatively, the sale and purchase transactions that constitute the dollar roll can be executed at the same price, with the Fund being paid a fee as consideration for entering into the commitment to purchase. Dollar rolls may be renewed prior to cash settlement and initially may involve only a firm commitment by the Fund to buy a security. The Fund accounts for mortgage-dollar-roll transactions as purchases and sales. These transactions will increase the Fund’s portfolio turnover rate.

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated into U.S. dollars at the exchange rate of such currencies against the U.S. dollar daily. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally isolate that portion of realized gains and losses on investments in debt securities, which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. For foreign equity securities, these changes are included in net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to the Funds are charged directly to the Funds. Other expenses common to various funds within the Trust are generally allocated amongst such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on non-convertible debt securities are amortized to interest income over the estimated lives of the respective securities. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all non-rebatable tax withholdings. Withholding taxes on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund declares and pays dividends from net investment income, if any, annually. Each Fund declares and pays distributions from net realized gain on investments, if any, at least annually, and may distribute net investment income and net capital gains more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

The Funds may receive earnings credits from their custodian when positive cash balances are maintained, which are used to offset custody fees. There were no earnings credits for the six months ended September 30, 2011.

The Funds receive earnings credits from their transfer agent when positive cash balances are maintained, which are used to offset transfer agent fees. The expense paid under this arrangement is included in dividend disbursing and transfer agent fees and expenses on the statements of operations with the corresponding expense offset shown as “expense paid indirectly.” For the six months ended September 30, 2011, the Funds earned the following amounts under this agreement:

Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$192	$203	$211	$211	$207	$211

2. Investment Management, Administration Agreements and Other Transactions with Affiliates

Delaware Management Company (DMC), a series of Delaware Management Business Trust, furnishes investment management services to each Fund and has full discretion and responsibility, subject to the overall supervision of the Trust’s Board, to select and contract with one or more investment sub-advisers to manage the investment operations and composition of each Fund, and to render investment advice for each Fund, including the purchase, retention, and dispositions of investments, securities and cash contained in each Fund. The investment management agreement obligates DMC to implement decisions with respect to the allocation or reallocation of each Fund’s assets among one or more current or additional sub-advisers, and to monitor the sub-advisers’ compliance with the relevant Fund’s investment objective, policies and restrictions. DMC pays the sub-advisers out of its fees.

In accordance with the terms of its respective investment management agreement, DMC is entitled to receive an annual fee equal to the following percentage rates of the average daily net assets of each Fund:

Optimum Fixed Income Fund		0.7000% of net assets up to $25 million
		0.6500% of net assets from $25 million to $100 million
		0.6000% of net assets from $100 million to $500 million
		0.5500% of net assets from $500 million to $1 billion
		0.5000% of net assets over $1 billion

Optimum International Fund		0.8750% of net assets up to $50 million
		0.8000% of net assets from $50 million to $100 million
		0.7800% of net assets from $100 million to $300 million
		0.7650% of net assets from $300 million to $400 million
		0.7300% of net assets over $400 million

Optimum Large Cap Growth Fund		0.8000% of net assets up to $250 million
		0.7875% of net assets from $250 million to $300 million
		0.7625% of net assets from $300 million to $400 million
		0.7375% of net assets from $400 million to $500 million
		0.7250% of net assets from $500 million to $1 billion
		0.7100% of net assets from $1 billion to $1.5 billion
		0.7000% of net assets over $1.5 billion

Optimum Large Cap Value Fund		0.8000% of net assets up to $100 million
		0.7375% of net assets from $100 million to $250 million
		0.7125% of net assets from $250 million to $500 million
		0.6875% of net assets from $500 million to $1 billion
		0.6675% of net assets from $1 billion to $1.5 billion
		0.6475% of net assets over $1.5 billion

Optimum Small-Mid Cap Growth Fund		1.1000% of net assets

Optimum Small-Mid Cap Value Fund		1.0500% of net assets up to $75 million
		1.0250% of net assets from $75 million to $150 million
		1.0000% of net assets over $150 million

(continues) 81

Notes to financial statements

Optimum Fund Trust

2. Investment Management, Administration Agreements and Other Transactions with Affiliates (continued)

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company LLC (PIMCO); Optimum International Fund – Mondrian Investment Partners Limited and BlackRock Advisors, LLC (BlackRock); Optimum Large Cap Growth Fund – Marsico Capital Management, LLC, T. Rowe Price Associates, Inc. (T. Rowe Price), and Fred Alger Management, Inc.; Optimum Large Cap Value Fund – Massachusetts Financial Services Company and Herndon Capital Management, LLC (Herndon); Optimum Small-Mid Cap Growth Fund – Columbia Wanger Asset Management, L.P. and Wellington Management Company, LLP (Wellington Management); Optimum Small-Mid Cap Value Fund – The Killen Group, Inc., Westwood Management Corp. (Westwood) and The Delafield Group, a division of Tocqueville Asset Management L.P.

For the six months ended September 30, 2011, DMC paid the following sub-advisory fees:

Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$640,670	$557,624	$1,535,172	$1,129,033	$1,217,591	$865,533

Effective July 29, 2011, DMC has contractually agreed to waive all or a portion of its investment advisory fees and/or reimburse expenses for each Fund to the extent necessary to prevent total annual operating expenses (excluding any 12b-1 plan and certain other expenses) from exceeding the specified percentages of average daily net assets through July 29, 2012 as shown below. These waivers and reimbursements may be terminated only by agreement of the manager and each Fund.

	Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
	Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
	Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
Effective July 29, 2011,
operating expense limitation as
a percentage of average
daily net assets (per annum)	1.00%	1.40%	1.25%	1.22%	1.55%	1.43%

Effective July 29, 2010
through July 28, 2011
operating expense limitation as
a percentage of average
daily net assets (per annum)	1.00%	1.40%	1.27%	1.23%	1.55%	1.45%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting oversight services to the Trust. For these services, the Trust pays DSC fees based on the aggregate daily net assets of the Trust at the following annual rate: 0.0050% of the first $3 billion; 0.0045% of the next $2 billion; 0.0040% of the next $2.5 billion; 0.0030% of the next $2.5 billion; and 0.0025% of aggregate average daily net assets in excess of $10 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Trust on a relative net asset value basis. For the six months ended September 30, 2011, each Fund was charged for these services as follows:

Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$26,615	$7,070	$18,025	$17,160	$8,021	$7,253

DSC also provides the Trust with administrative services including financial and tax reporting, corporate governance, and preparation of materials and reports for the Board. For administrative services, each Fund pays DSC a fee at an annual rate (plus out-of-pocket expenses) of 0.165% of assets up to $500 million of the Funds’ average daily net assets; 0.140% of assets from $500 million to $1 billion; and 0.115% of assets over $1 billion. DSC also serves as the shareholder servicing, dividend disbursing and transfer agent for each Fund. Prior to July 18, 2011, for these services, the Trust paid DSC a fee at an annual rate of 0.235% of the Trust’s total average daily net assets, subject to certain minimums, plus out-of-pocket expenses. Effective July 18, 2011, for these services, the Trust pays DSC a fee at an annual rate of 0.225% of the Trust’s total average daily net assets, subject to certain minimums, plus out-of-pocket expenses.

DDLP, an affiliate of DMC, serves as the national distributor of each Fund’s shares pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement and Rule 12b-1 plan, each Fund pays DDLP an annual fee of 0.35% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class B and Class C shares. Institutional Class shares pay no distribution expenses.

At September 30, 2011, each Fund had receivables due from and/or liabilities payable to affiliates as follows:

	Optimum			Optimum			Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap			Small-Mid Cap			Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund			Growth Fund			Value Fund
Investment management
fee payable to DMC	$	(448,842	)	$	(127,259	)	$	(389,914	)	$	(330,644	)	$	(226,245	)	$	(171,200	)
Dividend disbursing, transfer agent and fund
accounting oversight fees, administration
fees and other expenses payable to DSC		(351,079	)		(84,938	)		(214,673	)		(204,322	)		(93,392	)		(84,948	)
Distribution fees payable to DDLP		(146,059	)		(30,345	)		(100,512	)		(94,298	)		(17,847	)		(16,089	)
Other expenses receivable from (payable to)
DMC and affiliates*		(457	)		727			6,028			5,693			1,694			1,381

^*DMC, as part of its administrative services, pays operating expenses on behalf of each Fund and is reimbursed on a periodic basis. Expenses include items such as printing of shareholder reports, fees for audit, legal and tax services, registration fees and trustees’ fees.

For the six months ended September 30, 2011, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Optimum	Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Growth Fund	Value Fund
$10,245	$2,256	$7,167	$6,496	$1,159	$974

For the six months ended September 30, 2011, DDLP received gross CDSC commissions on redemptions of each Fund’s Class A, Class B and Class C shares, and these commissions were entirely used to offset up-front commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

	Optimum		Optimum		Optimum		Optimum		Optimum		Optimum
	Fixed Income		International		Large Cap		Large Cap		Small-Mid Cap		Small-Mid Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund		Value Fund
Class A	$	0	$	0	$	0	$	0	$	0	$	0
Class B		1,454		819		2,319		2,179		376		402
Class C		6,907		1,492		4,242		4,207		716		655

DMC, DSC and DDLP are indirect, wholly owned subsidiaries of Delaware Management Holdings, Inc.

Certain officers of DMC, DSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

3. Investments

For the six months ended September 30, 2011, the Funds made purchases and sales of investment securities other than short-term investments as follows:

	Optimum		Optimum		Optimum		Optimum		Optimum		Optimum
	Fixed Income		International		Large Cap		Large Cap		Small-Mid Cap		Small-Mid Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund		Value Fund
Purchases other than U.S. government securities	$	724,671,685	$	108,018,689	$	320,845,368	$	262,552,447	$	133,602,708	$	77,833,100
Purchases of U.S. government securities		351,147,443		—		—		—		—		—
Sales other than U.S. government securities		708,968,217		73,849,119		341,536,784		249,231,242		127,515,335		41,905,047
Sales of U.S. government securities		332,197,832		—		—		—		—		—

(continues) 83

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

At September 30, 2011, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2011, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	Optimum			Optimum			Optimum			Optimum			Optimum				Optimum
	Fixed Income			International			Large Cap			Large Cap			Small-Mid Cap				Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund			Growth Fund				Value Fund
Cost of investments	$	1,145,601,179		$	313,710,960		$	672,147,545		$	720,510,830			$	342,557,904			$	313,622,490
Aggregate unrealized appreciation	$	43,617,396		$	14,715,504		$	71,797,548		$	40,407,814			$	31,677,146			$	14,952,167
Aggregate unrealized depreciation		(32,833,655	)		(55,218,709	)		(72,403,777	)		(78,179,802	)			(37,438,063	)			(37,606,078	)
Net unrealized appreciation (depreciation)	$	10,783,741		$	(40,503,205	)	$	(606,229	)	$	(37,771,988	)		$	(5,760,917	)		$	(22,653,911	)

U.S. GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. Each Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three level hierarchy of inputs is summarized below.

Level 1 –	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, options contracts)

Level 2 –	other observable inputs (including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks and default rates) or other market-corroborated inputs) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing)

Level 3 –	inputs are significant unobservable inputs (including each Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

The following table summarizes the valuation of Optimum Fixed Income Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Agency, Asset- & Mortgage-Backed Securities	$	—	$	273,896,505	$	332,508	$	274,229,013
Corporate Debt		2,297,899		433,737,440		1,981,140		438,016,479
Foreign Debt		—		149,053,923		7,922,111		156,976,034
Municipal Bonds		—		8,355,213		—		8,355,213
U.S. Treasury Obligations		—		89,229,801		—		89,229,801
Other		479,002		1,494,017		4		1,973,023
Short-Term Investments		40,911,399		117,320,438		—		158,231,837
Securities Lending Collateral		—		29,373,520		—		29,373,520
Total	$	43,688,300	$	1,102,460,857	$	10,235,763	$	1,156,384,920

Foreign Currency Exchange Contracts	$	—	$	2,165,813	$	—	$	2,165,813
Futures Contracts	$	3,449,891	$	—	$	—	$	3,449,891
Swap Contracts	$	—	$	1,844,466	$	—	$	1,844,466

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Optimum Fixed Income Fund
	Agency, Asset- &
	Mortgage-Backed				Corporate			Foreign
	Securities				Debt			Debt			Other			Total
Balance as of 3/31/11		$	4,530,991		$	39,344		$	9,310,911		$	4		$	13,881,250
Net realized gain			16,461			—			—			—			16,461
Purchases			—			2,001,171			53,951			—			2,055,122
Sales			(91,729	)		—			—			(9,336	)		(101,065	)
Transfers out of Level 3			(4,266,213	)		—			(648,704	)		—			(4,914,917	)
Net unrealized appreciation/depreciation			142,998			(59,375	)		(794,047	)		9,336			(701,088	)
Balance as of 9/30/11		$	332,508		$	1,981,140		$	7,922,111		$	4		$	10,235,763
Net change in unrealized appreciation/
depreciation from investments still held as of 9/30/11		$	(17,731	)	$	(315	)	$	(730,405	)	$	9,336		$	(739,115	)

The following table summarizes the valuation of Optimum International Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stock	$	20,049,595	$	223,979,624		$ —	$	244,029,219
Exchange-Traded Fund		1,952,416		—		—		1,952,416
Preferred Stock		1,437,519		823,654		—		2,261,173
Short-Term Investments		1,918,481		2,147,073		—		4,065,554
Securities Lending Collateral		—		20,899,393		—		20,899,393
Total	$	25,358,011	$	247,849,744		$ —	$	273,207,755

Foreign Currency Exchange Contracts	$	—	$	248,279		$ —	$	248,279

As a result of utilizing international fair value pricing at September 30, 2011, the majority of the Optimum International Fund portfolio was categorized as Level 2.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Optimum International Fund
	Common
	Stock
Balance as of 3/31/11		$	86,855
Sales			(104,038	)
Net realized gain			23,708
Net change in unrealized appreciation/depreciation			(6,525	)
Balance as of 9/30/11		$	—
Net change in unrealized appreciation/
depreciation from investments still held as of 9/30/11		$	—

The following table summarizes the valuation of Optimum Large Cap Growth Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stock	$	588,290,698	$	13,537,656	$	2,134,852	$	603,963,206
Preferred Stock		1,063,209		—		253,088		1,316,297
Convertible Bond		—		249,795		—		249,795
Exchange-Traded Fund		1,283,610		—		—		1,283,610
Short-Term Investments		10,816,089		11,005,278		—		21,821,367
Securities Lending Collateral		—		42,907,041		—		42,907,041
Total	$	601,453,606	$	67,699,770	$	2,387,940	$	671,541,316

Foreign Currency Exchange Contracts	$	—	$	643	$	—	$	643

(continues) 85

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value:

	Optimum Large Cap Growth Fund
	Common		Preferred
	Stock		Stock		Total
Balance as of 3/31/11	$	867,695	$	—	$	867,695
Purchases		1,127,501		253,088		1,380,589
Net change in unrealized appreciation/depreciation		139,656		—		139,656
Balance as of 9/30/11	$	2,134,852	$	253,088	$	2,387,940
Net change in unrealized appreciation/
depreciation from investments still held as of 9/30/11	$	139,656	$	—	$	139,656

The following table summarizes the valuation of Optimum Large Cap Value Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stock	$	584,123,961	$	14,952,537		$—	$	599,076,498
Convertible Preferred Stock		—		546,351		—		546,351
Short-Term Investments		6,259,582		4,078,712		—		10,338,294
Securities Lending Collateral		—		72,777,699		—		72,777,699
Total	$	590,383,543	$	92,355,299		$—	$	682,738,842

Foreign Currency Exchange Contracts	$	—	$	1,177		$—	$	1,177

The following table summarizes the valuation of Optimum Small-Mid Cap Growth Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stock	$	259,703,670	$	3,751,927		$—	$	263,455,597
Short-Term Investments		4,658,251		3,308,107		—		7,966,358
Securities Lending Collateral		—		65,375,032		—		65,375,032
Total	$	264,361,921	$	72,435,066		$—	$	336,796,987

Foreign Currency Exchange Contract	$	—	$	1,615		$—	$	1,615

The following table summarizes the valuation of Optimum Small-Mid Cap Value Fund’s investments by fair value hierarchy levels as of September 30, 2011:

	Level 1		Level 2		Level 3		Total
Common Stock	$	232,191,555	$	—		$—	$	232,191,555
Short-Term Investments		8,622,623		7,612,187		—		16,234,810
Securities Lending Collateral		—		42,542,214		—		42,542,214
Total	$	240,814,178	$	50,154,401		$—	$	290,968,579

The values of Level 3 securities for Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund were zero at the beginning and end of the period and there was no change in unrealized appreciation/depreciation.

During the six months ended September 30, 2011, transfers out of Level 3 investments into Level 2 investments were made in the amount of $4,914,917 for the Optimum Fixed Income Fund. These were due to the Fund’s pricing vendor being able to supply a matrix price for investments that had been utilizing broker quoted prices.

During the six months ended September 30, 2011, there were no transfers between Level 1 investments and Level 2 investments that had a material impact to the Funds. This does not include transfers between Level 1 investments and Level 2 investments due to the Funds utilizing international fair value pricing during the period.

During the six months ended September 30, 2011, there were no transfers between Level 1 investments and Level 3 investments that had a material impact to the Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund.

The Funds’ policy is to recognize transfers between levels at the end of the reporting period.

4. Dividend and Distribution Information

Income and long-term capital gain distributions are determined in accordance with federal income tax regulations, which may differ from U.S. GAAP. Additionally, distributions from net gains on foreign currency transactions and net short-term gains on sales of investment securities are treated as ordinary income for federal income tax purposes. The tax character of dividends and distributions paid during the six months ended September 30, 2011 and the year ended March 31, 2011 was as follows:

Six Months Ended September 30, 2011*

	Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Small-Mid Cap
	Fund			Fund			Value Fund			Growth Fund
Ordinary income		$	14,332,952		$	3,306,179		$	6,049,802		$	—
Long-term capital gains			—			—			—			2,958,294
Total		$	14,332,952		$	3,306,179		$	6,049,802		$	2,958,294

Optimum Large Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not make any distributions during the six months ended September 30, 2011.

Year Ended March 31, 2011

	Optimum	Optimum	Optimum
	Fixed Income	International	Large Cap
	Fund	Fund	Value Fund
Ordinary income	$36,247,412	$3,209,203	$8,703,654

Optimum Large Cap Growth Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not make any distributions during the year ended March 31, 2011.

*Tax information for the six months ended September 30, 2011 is an estimate and the tax character of dividends and distributions may be redesignated at fiscal year end.

(continues) 87

Notes to financial statements

Optimum Fund Trust

5. Components of Net Assets on a Tax Basis

The components of net assets are estimated since final tax characteristics cannot be determined until fiscal year end. As of September 30, 2011, the estimated components of net assets on a tax basis were as follows:

	Optimum			Optimum				Optimum
	Fixed Income			International				Large Cap
	Fund			Fund				Growth Fund
Share of beneficial interest	$	1,076,477,674			$	340,258,816			$	711,019,379
Undistributed ordinary income		19,527,909				4,736,031				—
Capital loss carryforwards as of 3/31/11		(6,818,431	)			(49,949,013	)			(94,702,512	)
Realized gains 4/1/11–9/30/11		20,819,590				513,468				16,938,558
Other temporary differences		(3,293,804	)							—
Unrealized appreciation (depreciation) of investments and foreign currencies		19,576,287				(40,363,695	)			(556,858	)
Net assets	$	1,126,289,225			$	255,195,607			$	632,698,567

	Optimum			Optimum				Optimum
	Large Cap			Small-Mid Cap				Small-Mid Cap
	Value Fund			Growth Fund				Value Fund
Share of beneficial interest	$	790,194,475			$	265,131,224			$	268,500,378
Undistributed ordinary income		4,334,605				883,594				—
Realized gains 4/1/11–9/30/11		10,639,029				—				11,815,852
Capital loss carryforwards as of 3/31/11		(157,133,037	)			—				(9,947,941	)
Undistributed long-term capital gains		—				11,114,234				—
Unrealized depreciation of investments and foreign currencies		(37,743,522	)			(5,760,593	)			(22,653,911	)
Net assets	$	610,291,550			$	271,368,459			$	247,714,378

The differences between book basis and tax basis components of net assets are primarily attributable to tax deferral of losses on wash sales, tax deferral of losses on straddles, mark-to-market of foreign currency exchange contracts, mark-to-market of futures contracts, tax recognition of unrealized gain on passive foreign investment companies, tax treatment of contingent payment on debt instruments, return of capital on investments and CDS contracts.

For financial reporting purposes, capital accounts are adjusted to reflect the tax character of permanent book/tax differences. Reclassifications are primarily due to tax treatment of net operating losses, gain (loss) on foreign currency transactions and paydown gains (losses) of asset- and mortgage-backed securities. Results of operations and net assets were not affected by these reclassifications. For the six months ended September 30, 2011, the Funds recorded an estimate of these differences since final tax characteristics cannot be determined until fiscal year end.

	Optimum			Optimum			Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap			Small-Mid Cap			Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund			Growth Fund			Value Fund
Undistributed (accumulated) net
investment income (loss)	$	1,072,843		$	500,695		$	1,125,515		$	11,874		$	1,717,644			419,120
Accumulated net realized gain (loss)		(1,072,843	)		(500,695	)		49,316			(11,874	)		(1,717,644	)		—
Paid-in capital		—			—			(1,174,831	)		—			—			(419,120	)

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at March 31, 2011 will expire as follows:

	Optimum			Optimum			Optimum			Optimum		Optimum
Year of	Fixed Income			International			Large Cap			Large Cap		Small-Mid Cap
Expiration	Fund			Fund			Growth Fund			Value Fund		Value Fund
3/31/17		$	6,818,431		$	—		$	14,873,143	$	38,104,901		$	—
3/31/18			—			49,949,013			79,829,369		119,028,136			9,947,941
Total		$	6,818,431		$	49,949,013		$	94,702,512	$	157,133,037		$	9,947,941

For the six months ended September 30, 2011, each Fund had the following capital gains, which may reduce capital loss carryforwards.

Optimum	Optimum	Optimum	Optimum	Optimum
Fixed Income	International	Large Cap	Large Cap	Small-Mid Cap
Fund	Fund	Growth Fund	Value Fund	Value Fund
$20,819,590	$513,468	$16,938,558	$10,639,029	$11,815,852

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, the Funds will be permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years will be required to be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result of this ordering rule, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term as permitted under previous regulation.

6. Capital Shares

Transactions in capital shares were as follows:

	Optimum				Optimum				Optimum
	Fixed Income				International				Large Cap
	Fund				Fund				Growth Fund
	Six Months		Year		Six Months		Year		Six Months		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	9/30/11		3/31/11		9/30/11		3/31/11		9/30/11		3/31/11
Shares sold:
Class A	329,278		668,845		39,143		98,203		125,835		263,299
Class B	8,357		14,845		92		1,265		98		2,753
Class C	1,029,075		2,198,457		130,072		257,286		356,056		747,705
Institutional Class	19,564,854		32,665,979		4,778,075		9,197,950		6,888,660		14,150,435
	20,931,564		35,548,126		4,947,382		9,554,704		7,370,649		15,164,192

Shares issued upon reinvestment of
dividends and distributions:
Class A	51,798		165,039		9,501		19,005		—		—
Class B	5,132		17,942		638		2,229		—		—
Class C	188,190		580,410		14,205		44,652		—		—
Institutional Class	1,197,448		3,024,744		271,508		284,807		—		—
	1,442,568		3,788,135		295,852		350,693		—		—

Shares repurchased:
Class A	(490,165	)	(1,064,216	)	(108,626	)	(287,128	)	(310,563	)	(828,938	)
Class B	(56,660	)	(140,744	)	(19,701	)	(54,889	)	(51,434	)	(149,964	)
Class C	(1,791,093	)	(4,377,419	)	(374,212	)	(951,575	)	(1,141,104	)	(2,882,603	)
Institutional Class	(9,155,416	)	(15,164,664	)	(2,185,748	)	(3,461,623	)	(6,448,405	)	(17,038,995	)
	(11,493,334	)	(20,747,043	)	(2,688,287	)	(4,755,215	)	(7,951,506	)	(20,900,500	)
Net increase (decrease)	10,880,798		18,589,218		2,554,947		5,150,182		(580,857	)	(5,736,308	)

(continues) 89

Notes to financial statements

Optimum Fund Trust

6. Capital Shares (continued)

	Optimum				Optimum				Optimum
	Large Cap				Small-Mid Cap				Small-Mid Cap
	Value Fund				Growth Fund				Value Fund
	Six Months		Year		Six Months		Year		Six Months		Year
	Ended		Ended		Ended		Ended		Ended		Ended
	9/30/11		3/31/11		9/30/11		3/31/11		9/30/11		3/31/11
Shares sold:
Class A	138,936		370,267		18,278		44,155		15,457		40,638
Class B	153		2,052		76		575		119		28
Class C	379,844		786,822		55,605		123,804		71,458		134,424
Institutional Class	7,883,070		15,358,661		3,776,210		8,456,356		4,383,584		9,084,213
	8,402,003		16,517,802		3,850,169		8,624,890		4,470,618		9,259,303
Shares issued upon reinvestment of
dividends and distributions:
Class A	21,647		43,343		4,424		—		—		—
Class B	604		4,041		739		—		—		—
Class C	14,762		88,937		17,350		—		—		—
Institutional Class	517,001		814,457		197,235		—		—		—
	554,014		950,778		219,748		—		—		—
Shares repurchased:
Class A	(318,019	)	(826,246	)	(58,612	)	(154,171	)	(52,621	)	(144,619	)
Class B	(53,654	)	(148,015	)	(9,396	)	(27,258	)	(10,803	)	(29,222	)
Class C	(1,119,940	)	(2,870,932	)	(201,513	)	(515,098	)	(205,342	)	(535,392	)
Institutional Class	(6,335,148	)	(15,357,080	)	(3,111,463	)	(5,077,250	)	(2,471,191	)	(3,600,939	)
	(7,826,761	)	(19,202,273	)	(3,380,984	)	(5,773,777	)	(2,739,957	)	(4,310,172	)
Net increase (decrease)	1,129,256		(1,733,693	)	688,933		2,851,113		1,730,661		4,949,131

7. Derivatives

U.S. GAAP requires enhanced disclosures that enable investors to understand: 1) how and why an entity uses derivatives; 2) how they are accounted for; and 3) how they affect an entity’s results of operations and financial position.

Foreign Currency Exchange Contracts — Each Fund may enter into foreign currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may enter into these contracts to fix the U.S. dollar value of a security that it has agreed to buy or sell for the period between the date the trade was entered into and the date the security is delivered and paid for. Each Fund may also use these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. The change in value is recorded as an unrealized gain or loss. When the contract is closed, a realized gain or loss is recorded equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

The use of foreign currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, the Funds could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Funds’ maximum risk of loss from counterparty credit risk is the value of their currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund and Optimum International Fund may use futures in the normal course of pursuing their investment objectives. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Optimum International Fund may use futures contracts to a limited extent, with the objectives of maintaining full exposure to the stock market, enhancing returns, maintaining liquidity and minimizing costs. Upon entering into a futures contract, each Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial

margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by each Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, each Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid secondary market for these instruments. When investing in futures, there is minimal counterparty credit risk to a Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default.

Options Contracts — During the six months ended September 30, 2011, Optimum Fixed Income Fund entered into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps “swaptions”, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the options purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the options written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

Transactions in options written during the six months ended September 30, 2011 for Optimum Fixed Income Fund were as follows:

	Number of contracts			Premiums
Options outstanding at March 31, 2011		—			$	—
Options written		16				3,678
Options terminated in closing purchase transactions		(16	)			(3,678	)
Options outstanding at September 30, 2011		—			$	—

Swap Contracts — Optimum Fixed Income Fund enters into interest rate swap contracts, index swap contracts, inflations swap contracts and CDS contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Index swaps may be used to gain exposure to markets that the Fund invests in, such as the corporate bond market. The Fund may also use index swaps as a substitute for futures or options contracts if such contracts are not directly available to the Fund on favorable terms. The Fund may use inflation swaps to hedge the inflation risk in nominal bonds, thereby creating synthetic inflation-indexed bonds. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s’ exposure to the counterparty.

Index Swaps. Index swaps involve commitments to pay interest in exchange for a market linked return based on a notional amount. To the extent the total return of the security, instrument or basket of instruments underlying the transaction exceeds the offsetting interest obligation, the Fund will receive a payment from the counterparty. To the extent the total return of the security, instrument or basket of instruments underlying the transaction falls short of the offsetting interest obligation, the Fund will make a payment to the counterparty. The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

(continues) 91

Notes to financial statements

Optimum Fund Trust

7. Derivatives (continued)

Inflation Swaps. Inflation swap agreements involve commitments to pay a regular stream of inflation-indexed cash payments in exchange for receiving a stream of nominal interest payments (or vice versa), where both payment streams are based on notional amounts. The nominal interest payments may be based on either a fixed interest rate or variable interest rate such as London Interbank Offered Rate (LIBOR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded on maturity or termination of the swap contract. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the index swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended September 30, 2011, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. At September 30, 2011, the net unrealized appreciation of CDS contracts was $829,708. If a credit event had occurred for all swap transactions where collateral posting was required as of September 30, 2011, the swaps’ credit-risk-related contingent features would have been triggered and the Fund would have received EUR 15,636,000 and USD 45,150,000 less the value of the contracts’ related reference obligations. The Fund received $5,621,000 in securities collateral and $4,000,000 in cash collateral for open swap contracts.

As disclosed in the footnotes to the statements of net assets, at September 30, 2011, the notional value of the protection sold was $8,485,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. The quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At September 30, 2011, the net unrealized depreciation of the protection sold was $345,105.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

Swaps Generally. Because there is no organized market for swap contracts, the value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the statements of net assets.

Fair values of derivative instruments as of September 30, 2011 were as follows:

	Optimum Fixed Income Fund
	Asset Derivatives				Liability Derivatives
	Statements of				Statements of
	Assets and Liabilities	Fair Value			Assets and Liabilities	Fair Value
Forward currency exchange contracts					Unrealized loss on
(Foreign currency exchange contracts)	Unrealized gain on foreign				foreign currency
	currency exchange contracts	$	2,258,668		exchange contracts	$	(92,855	)

Interest rate contracts (Futures contracts)	Variation margin receivable on				Variation margin payable
	futures contracts		3,449,891	*	on futures contracts		—

Credit and Interest rate contracts (Swap contracts)	Unrealized gain on CDS				Unrealized loss on CDS
	contracts and interest rate				contracts and interest rate
	swap contracts		1,963,736		swap contracts		(119,270	)

Total		$	7,672,295			$	(212,125	)

*	Includes cumulative appreciation of futures contracts from the date the contracts were opened through September 30, 2011. Only current day variation margin is reported on the Fund’s statements of assets and liabilities.

The effect of derivative instruments on the statements of operations for the six months ended September 30, 2011 was as follows:

Optimum Fixed Income Fund

Change in Unrealized

Realized Gain or

Appreciation

Location of Gain or Loss on

Loss on Derivatives

(Depreciation) on Derivatives

Derivatives Recognized in Income

Recognized in Income

Forward currency exchange contracts

Net realized loss on foreign

(Foreign currency exchange contracts)

currency exchange contracts

and net change in unrealized

appreciation/depreciation

of investments and foreign

currencies

(776,417

)

3,465,786

Interest rate contracts (Written options)

Net realized loss on written

options and net change in

unrealized appreciation/

depreciation of investments and

foreign currencies

(11,144

)

—

Interest rate contracts (Futures contracts)

Net realized gain on futures

contracts and net change

in unrealized appreciation/

depreciation of investments and

foreign currencies

7,188,508

3,416,216

Credit and Interest rate contracts (Swap contracts)

Net realized gain on swap

contracts and net change

in unrealized appreciation/

depreciation of investments and

foreign currencies

1,945,290

1,840,189

Total

8,346,237

8,722,191

The volume of derivative transactions varies throughout the period. Information about derivative transactions reflected is as of the date of this report and generally similar to the volume of derivative activity during the six months ended September 30, 2011.

(continues) 93

Notes to financial statements

Optimum Fund Trust

8. Securities Lending

Each Fund may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (i) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (ii) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon request of the borrower BNY Mellon must return enough collateral to the borrower by the end of the following business day to reduce the value of the remaining collateral to the applicable initial collateral requirement for such security loan. As a result of the foregoing, the value of the collateral held with respect to a loaned security may be temporarily more or less than the value of the security on loan.

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by DMC, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Collective Trust seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Funds may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral investment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Funds may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Funds would be required to return to the borrower of the securities and the Funds would be required to make up for this shortfall. Effective April 20, 2009, BNY Mellon transferred the assets of the Funds’ previous collateral investment pool other than cash and assets with a maturity of one business day or less to the BNY Mellon SL DBT II Liquidating Fund (Liquidating Fund), effectively bifurcating the previous collateral investment pool. The Funds’ exposure to the Liquidating Fund is expected to decrease as the Liquidating Fund’s assets mature or are sold. In October 2008, BNY Mellon transferred certain distressed securities from the previous collateral investment pool into the Mellon GSL Reinvestment Trust II. The Funds can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds, or at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to change in value of the securities loaned that may occur during the term of the loan. The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Funds receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Funds, the security lending agent and the borrower. The Funds record security lending income net of allocations to the security lending agent and the borrower.

At September 30, 2011, the values of securities on loan and the values of invested collateral for each Fund are presented below, for which the Funds received collateral, comprised of non-cash collateral and cash collateral. Investments purchased with cash collateral are presented on the statements of net assets under the caption “Securities Lending Collateral.”

	Optimum			Optimum			Optimum			Optimum		Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap		Small-Mid Cap			Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund		Growth Fund			Value Fund
Values of securities on loan		$	84,020,275		$	19,858,363		$	41,123,187	$	70,947,228		$	63,651,298		$	40,711,471
Values of invested collateral			29,373,520			20,899,393			42,907,041		72,777,699			65,375,032			42,542,214
Cash collateral			30,588,367			21,528,082			43,929,312		73,790,038			65,868,575			42,797,904
Non-cash collateral			52,353,519			—			—		618,774			1,501,352			—

9. Credit and Market Risk

Some countries in which the Funds may invest require governmental approval for the repatriation of investment income, capital or the proceeds of sales of securities by foreign investors. In addition, if there is deterioration in a country’s balance of payments or for other reasons, a country may impose temporary restrictions on foreign capital remittances abroad.

The securities exchanges of certain foreign markets are substantially smaller, less liquid and more volatile than the major securities markets in the United States. Consequently, acquisition and disposition of securities by the Funds may be inhibited. In addition, a significant portion of the aggregate market value of equity securities listed on the major securities exchanges in emerging markets is held by a smaller number of investors. This may limit the number of shares available for acquisition or disposition by the Funds.

Optimum Fixed Income Fund invests a portion of its assets in high yield fixed income securities, which are securities rated lower than BBB- by Standard & Poor’s or lower than Baa3 by Moody’s Investor Services, or similarly rated by another nationally recognized statistical rating organization. Investments in these higher yielding securities are generally accompanied by a greater degree of credit risk than higher rated securities. Additionally, lower rated securities may be more susceptible to adverse economic and competitive industry conditions than investment-grade securities.

Optimum Fixed Income Fund invests in fixed income securities whose value is derived from an underlying pool of mortgages or consumer loans. The value of these securities is sensitive to changes in economic conditions, including delinquencies and/or defaults, and may be adversely affected by shifts in the market’s perception of the issuers and changes in interest rates. Investors receive principal and interest payments as the underlying mortgages or consumer loans are paid back. Some of these securities are collateralized mortgage obligations (CMOs). CMOs are debt securities issued by U.S. government agencies or by financial institutions and other mortgage lenders, which are collateralized by a pool of mortgages held under an indenture. Prepayment of mortgages may shorten the stated maturity of the obligations and can result in a loss of premium, if any has been paid. Certain of these securities may be stripped (securities which provide only the principal or interest feature of the underlying security). The yield to maturity on an interest-only CMO is extremely sensitive not only to changes in prevailing interest rates, but also to the rate of principal payments (including prepayments) on the related underlying mortgage assets. A rapid rate of principal payments may have a material adverse effect on the Fund’s yield to maturity. If the underlying mortgage assets experience greater than anticipated prepayments of principal, the Fund may fail to fully recoup its initial investment in these securities even if the securities are rated in the highest rating categories.

Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund invest a significant portion of their assets in small- and mid-sized companies. Investments in small- and mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended September 30, 2011. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the statements of net assets.

10. Contractual Obligations

The Funds enter into contracts in the normal course of business that contain a variety of indemnifications. The Funds’ maximum exposure under these arrangements is unknown. However, the Funds have not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

11. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to September 30, 2011 that would require recognition or disclosure in the Funds’ financial statements.

(continues) 95

Other Fund information
(Unaudited)

Optimum Fund Trust

Board Consideration of Sub-Advisory Agreement with Mondrian Investment Partners Limited at Meeting Held July 21, 2011

Mondrian Investment Partners Limited (“Mondrian”) has served as a sub-adviser to the Optimum International Fund (the “Fund”) since the Fund’s inception. On July 12, 2011, Mondrian management purchased the remaining minority interests of Mondrian held by funds sponsored by the private equity firm Hellman & Friedman (the “Transaction”). The Transaction constituted a “change of control” of Mondrian under applicable provisions of the Investment Company Act of 1940, and therefore, an “assignment” and automatic termination of the existing sub-advisory agreement between Delaware Management Company (“DMC”) and Mondrian. Consequently, at a special meeting held July 21, 2011, the Board of Trustees, including a majority of non-interested or independent Trustees, approved a new Sub-Advisory Agreement between DMC and Mondrian for the Fund. In reaching such decision, the Board considered and reviewed information about Mondrian, including: memoranda prepared by independent Trustees’ counsel and the Fund’s counsel outlining the Board’s responsibilities in approving the Sub-Advisory Agreement; information regarding Mondrian’s operations, structure, and policies; and a copy of the Sub-Advisory Agreement. In considering such material and information, the independent Trustees received assistance and advice from and met separately with independent counsel. While attention was given to all information furnished, the following discusses under separate headings some primary factors relevant to the Board’s determination that approval of the Sub-Advisory Agreement was in the best interest of the Fund and its shareholders.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by Mondrian, the Board specifically considered that the Sub-Advisory Agreement has materially the same provisions to those under the prior sub-advisory agreement between DMC and Mondrian. The Board reviewed materials provided by Mondrian regarding the experience and qualifications of personnel who will be responsible for managing Mondrian’s portion of the Fund, and placed weight on Mondrian’s past performance in managing the Fund. The Board also considered the benefits of providing consistency of portfolio management, and placed weight on Mondrian’s representation that there were no planned changes with respect to the Mondrian personnel who managed the Fund as a result of the Transaction. The Board was also satisfied with the adherence by Mondrian with the investment policies and restrictions of the Fund it advised, as well as their adherence to various compliance and other procedures, based on certificates and materials furnished at prior Board meetings and in connection with the approval of the Sub-Advisory Agreement. Based upon these considerations, the Board determined that the nature, extent and quality of the services to be provided by Mondrian under the Sub-Advisory Agreement were satisfactory.

Investment Performance. The Board placed significant emphasis on Mondrian’s prior investment performance on its sleeve of the Fund. While consideration was given to performance reports and discussions throughout the year, particular attention in assessing performance was given to Mondrian’s performance on its portion of the Fund relative to the Fund’s peers and benchmark, and the compatibility of its investment philosophy and methodology with BlackRock Advisors, LLC, which provides co-management sub-advisory services to the Fund. Based upon these considerations, the Board was satisfied with Mondrian’s overall investment performance. In addition, the Board placed weight on Mondrian’s representation that there are no planned changes with respect to the Mondrian personnel currently responsible for security selection and portfolio management of its portion of the Fund after the completion of the Transaction. Based upon these considerations, the Board determined that the performance of Mondrian on the Fund provides evidence of the high quality of portfolio management services expected to be provided by Mondrian under the Sub-Advisory Agreement.

Sub-Advisory Fee; Profitability; and Economies of Scale. The Board was provided with a description of fees to be charged by Mondrian under the Sub-Advisory Agreement for the Fund. The Board requested that further explanation be given as to the fees charged by Mondrian as compared to similar accounts, but noted that the fees under the Sub-Advisory Agreement were identical to those in the existing Mondrian sub-advisory agreement for the Fund. Trustees were also given information on the profitability of Mondrian in relation to the Fund. The Board noted that the fees payable to Mondrian for the investment sub-advisory services provided by it to the Fund would be paid out of the fee received by DMC in its role as investment manager. The Board also noted that the management fee paid by the Fund to DMC would stay the same, and that DMC’s profitability will not be impacted by the terms of the new Sub-Advisory Agreement. The investment management fees for the Fund contained breakpoints with the Fund’s asset size being at a high enough level to benefit from such breakpoints and, to the extent economies of scale may be realized in the management of the Fund, the Trustees believed such schedule of fees provided a sharing of benefits with the Fund and its shareholders. Based upon such facts, the Board believed that the fees to be charged by Mondrian under the Sub-Advisory Agreement were fair and reasonable in relation to the services being provided.

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 22, 2011

At a meeting held September 22, 2011, the Board of Trustees, including a majority of non-interested or independent Trustees, approved renewal of the Investment Management Agreement between Delaware Management Company (“DMC” or “Management”) and each of the six separate funds within the Optimum Fund Trust (the “Funds”), as well as continuation of Sub-Advisory Agreements between DMC and the following sub-advisers: Columbia Wanger Asset Management, LLC and Wellington Management Company, LLP (Optimum Small-Mid Cap Growth Fund); Delafield Group, a division of Tocqueville Asset Management, LP, Westwood Management Corp, and The Killen Group, Inc. (Optimum Small-Mid Cap Value Fund); Massachusetts Financial Services Company and Herndon Capital Management, LLC (Optimum Large Cap Value Fund); T. Rowe Price Associates, Inc., Marsico Capital Management, LLC, and Fred Alger Management, Inc. (Optimum Large Cap Growth Fund); Pacific Investment Management Company, LLC (Optimum Fixed Income Fund); and BlackRock Advisors, LLC (Optimum International Fund). The independent Trustees did not need to approve continuation of Sub-Advisory Agreement for Mondrian Investment Partners Limited because its selection as sub-adviser for the Optimum International Fund had been approved at a Board meeting held July 21, 2011.

In reaching such decisions, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings, as well as information furnished specifically for the renewal reviews conducted at the September 22, 2011 Board meeting. Information furnished at Board meetings throughout the year included an analysis by DMC (with the assistance of its consultant, LPL Financial LLC) of the investment performance of each Fund and its sub-advisers, presentations given the Board by portfolios managers from DMC and each sub-adviser on a rotating basis, and compliance reports and related certifications furnished by DMC and each sub-adviser. Material furnished specifically in connection with the renewals included: a memorandum from DMC discussing and analyzing the performance of each Fund and its respective sub-adviser(s) and describing relevant information about DMC; a description of fees charged by DMC and each sub-adviser showing them in each case to be competitive with those charged by them to other comparable investment companies or accounts; copies of the Investment Management and Sub-Advisory Agreements; a “due diligence” report describing various material items in relation to the personnel, organization and policies of DMC and the sub-advisers; and information on the fees and other benefits realized by DMC (and its affiliates) and the sub-advisers in performing services for the Funds, as well as the revenues and expenses incurred by DMC and its affiliates in performing such services. Information furnished specifically in connection with the renewal process also included a report for each Fund prepared by Lipper Inc. (“Lipper”) comparing each Fund’s investment performance and expenses with those of other mutual funds deemed comparable (“Lipper Report”).

In considering such materials, the independent Trustees received assistance and advice from and met separately with independent counsel. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds were considered at the same Board meeting, the Board dealt with each Fund separately. In approving continuance of the Investment Management Agreement for each Fund, the Board, including a majority of independent Trustees, determined that the existing management fee structure was fair and reasonable and that continuance of the Investment Management Agreement and continuation of the related Sub-Advisory Agreements were in the best interests of each Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision.

Nature, Extent and Quality of Services. The Trustees were satisfied with the nature, extent and quality of the services provided by DMC and its affiliates to each of the Funds. The Board’s view was based upon factors such as the background and experience of the executives and other Management personnel involved in the Funds’ operations, the quality and thoroughness of the monitoring of each Fund’s investment performance conducted by DMC, reports furnished by DMC as to adherence with various compliance and procedural matters such as the Code of Ethics and fair value pricing, the monitoring of various service providers to the Funds, and DMC’s success in obtaining meaningful information on a timely basis from each of the Fund’s sub-advisers. Particular attention was given to analysis involved in the review of sub-adviser performance for each Fund, including the complementary nature of investment strategies adhered to, as well as the results and process followed in Management’s selection of new sub-advisers. Consideration was also given to the due diligence and attention given by management personnel of DMC in connection with monitoring and assisting in the successful transition of information technology systems to a new facility and platform following the 2010 acquisition of DMC and its affiliates by the Macquarie Group. The nature of the services of the sub-advisers to each Fund was considered primarily in respect to the investment performance of the Funds. The Board was, however, satisfied with the adherence by each sub-adviser with the investment policies and restrictions of the Funds advised, as well as their adherence to various compliance and other procedures based on personal presentations made by sub-advisers’ portfolio managers and DMC reports of its discussions with the sub-advisers, as well as certificates and materials furnished at Board meetings.

Investment Performance. The Board placed significant emphasis on the investment performance of each Fund. While consideration was given to performance reports and discussions throughout the year (including a detailed discussion of the investment performance of each Fund and its sub-advisers contained in a memorandum from DMC provided to the Board prior to the Meeting), particular attention in assessing performance was given to the Lipper Reports furnished in connection with the contract renewals. The Lipper Reports prepared for each individual Fund showed the annualized total return investment performance of its Institutional Class shares in comparison with a Performance Universe selected by Lipper for the one year period ending June 30, 2011, as well as the three and five year periods ending that date. The following summarizes the performance results for each Fund and the Board’s view of such performance.

Optimum Fixed Income Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional intermediate investment-grade debt funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second highest performing quintile of its Lipper Performance Universe for the one year period, and to be in the highest performing quintile of such Universe for each of the three and five year periods. The Board was satisfied with such comparative results.

Optimum International Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional international large-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second lowest performing quintile of its Performance Universe for the one year period and in the middle quintile of its Performance Universe for the three and five year periods. The Board believed such performance to be acceptable, noting that the Fund’s total return for the one year period was 30.45% and within 1% of the Performance Universe average for such period as shown in the Lipper Report.

Optimum Large Cap Growth Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second best performing quintile of its Lipper Performance Universe for the one year period, and in the middle performing quintile of such Universe for the three and five year periods. The Trustees found such comparative results to be satisfactory.

(continues) 97

Other Fund information
(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 22, 2011 (continued)

Optimum Large Cap Value Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap value funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the highest performing quintile of its Lipper Performance Universe for the one and five year periods and in the second highest performing quintile of such Universe for the three year period. The Trustees were satisfied with such comparative performance.

Optimum Small-Mid Cap Growth Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second lowest performing quintile of its Lipper Performance Universe for the one and three year periods and in the lowest performing quintile of such Universe for the five year period. The Trustees were not satisfied with such comparative results, but believed that no immediate change or replacement of sub-advisers was necessary. In this respect, the Trustees were satisfied that Management was closely monitoring performance while noting that the Fund’s total return for the one and three year periods were 41.87% and 6.92%, respectively, and in each case within two percent of the Performance Universe average as shown in the Lipper Report.

Optimum Small-Mid Cap Value Fund – The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap value funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the best performing quintile of its Lipper Performance Universe for the one year period, in the lowest performing quintile of such Universe for the three year period, and in the second lowest performing quintile of such Universe for the five year period. While intending to monitor future results, the Trustees noted the improvement in recent comparative performance as shown in the Lipper Report and believed that no immediate change or replacement of sub-advisers was necessary.

Comparative Expenses. Attention was also given to a comparative analysis of each Fund’s Institutional Class share expenses, including management fees, in comparison to a group of other multi-advised institutional funds constituting its appropriate Lipper Expense Group. Lipper expense data is based upon information for the twelve months covered by each fund’s most recent annual report which reflects historical asset levels which may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitations and the fact that expense ratios generally increase as assets decline and decrease as assets grow, the Trustees believed that the independent analysis conducted by Lipper remained an appropriate measure of comparative expenses. The Lipper Report showed the actual total expenses of each Fund to be the highest or close to the highest in its respective Lipper Expense Group. The Trustees noted that DMC, since inception, had reimbursed expenses and waived fees to the extent necessary to keep expenses of each Fund from exceeding certain percentage amounts and to the extent each Fund had grown, that its level of expenses had declined. The Trustees had also previously discussed in detail the current expense waivers in effect for each Fund through July 29, 2012 in light of factors, including asset flows and levels in each Fund and the overall competitive universe in which the Funds compete. The Trustees also discussed efforts being taken by Management to reduce Fund expenses. In light of such considerations and factors and taking into account the nature of Fund operations and overall performance, the Trustees found the comparative expenses of each Fund to be acceptable.

DMC’s Profitability; Economies of Scale. Based on the size of each Fund and the reimbursement or waiver of expenses by DMC, as well as other profitability information furnished them by DMC, the Trustees did not believe that the level of profit being realized by DMC and its affiliates from services provided to any of the Funds was excessive. Trustees were also given information on profits being realized by the sub-advisers in relation to the services being provided to the Funds or in relation to the sub-adviser’s overall investment advisory business. The Board was also provided information on potential fall-out benefits derived or to be derived by DMC and its affiliates or the sub-advisers in connection with their relationship to the Funds such as soft dollar arrangements and commissions paid to affiliated broker-dealers. The Trustees recognized that as the Funds get larger at some point, economies of scale may result in DMC realizing a larger profit margin on management services provided a Fund. The Trustees also noted that economies of scale are shared with a Fund and its shareholders through investment management fee breakpoints so that as a Fund grows in size, its effective management fee rate declines. The Optimum Small-Mid Cap Growth Fund has a fixed investment management fee of 1.1% at all asset levels without breakpoints, but in view of the nature of this Fund and its asset level of approximately $300 Million at August 31, 2011, the Trustees believed that no meaningful economies of scale currently existed. The investment management fee and schedules for the Optimum Large Cap Growth Fund, the Optimum Large Cap Value Fund, and the Optimum International Fund contained breakpoints with each such Fund’s asset size being at a high enough level to benefit from such breakpoints. The investment management fee schedules of the Optimum Fixed Income Fund and the Optimum Small-Mid Cap Value Fund contain breakpoints, but the asset size of each Fund as of August 31, 2011 exceeded the last fee breakpoint under its respective investment management agreement. The Trustees intend to discuss with Management additional breakpoints for these Funds, but noted as previously stated, that actual fees and expenses charged the Funds were subject to expense waivers. In view of all these factors and considerations, the Trustees believed that to the extent economies of scale may be realized in the management of any of these Funds, that there is a sharing of benefits with the Fund and its shareholders.

Change in Independent Registered Public Accounting Firm

Due to independence matters under the Securities and Exchange Commission’s auditor independence rules relating to the January 4, 2010 acquisition of Delaware Investments (including DMC, DDLP and DSC) by Macquarie Group, Ernst & Young LLP (E&Y) has resigned as the independent registered public accounting firm for Optimum Fund Trust (the Trust) effective May 27, 2010. At a meeting held on March 17, 2010, the Board of Trustees of the Trust, upon recommendation of the Audit Committee, selected PricewaterhouseCoopers LLP (PwC) to serve as the independent registered public accounting firm for the Trust for the fiscal year ended March 31, 2011. During the fiscal years ended March 31, 2010 and 2009, E&Y’s audit reports on the financial statements of the Trust did not contain any adverse opinion or disclaimer of opinion, nor were they qualified or modified as to uncertainty, audit scope, or accounting principles. In addition, there were no disagreements between the Trust and E&Y on accounting principles, financial statements disclosures or audit scope, which, if not resolved to the satisfaction of E&Y, would have caused them to make reference to the disagreement in their reports. Neither the Trust nor anyone on its behalf has consulted with PwC at any time prior to their selection with respect to the application of accounting principles to a specified transaction, either completed or proposed or the type of audit opinion that might be rendered on the Trust’s financial statements.

About the organization

This semiannual report is for the information of Optimum Fund Trust shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Optimum Fund Trust and the fact sheet for the most recently completed calendar quarter. The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Board of trustees Robert J. Moore Chief Financial Officer LPL Financial LLC J. Scott Coleman Executive Vice President Delaware Investments Robert J. Christian Private Investor Nicholas D. Constan Adjunct Professor — University of Pennsylvania Durant Adams Hunter Principal — Ridgeway Partners Stephen Paul Mullin Senior Vice President — Econsult Corporation Robert A. Rudell Private Investor Jon Edward Socolofsky Private Investor	Affiliated officers David F. Connor Vice President, Deputy General Counsel and Secretary Optimum Fund Trust Philadelphia, PA Daniel V. Geatens Vice President and Treasurer Optimum Fund Trust Philadelphia, PA David P. O’Connor Senior Vice President, General Counsel and Chief Legal Officer Optimum Fund Trust Philadelphia, PA Richard Salus Senior Vice President and Chief Financial Officer Optimum Fund Trust Philadelphia, PA	Contact information Investment manager Delaware Management Company, a series of Delaware Management Business Trust Philadelphia, PA National distributor Delaware Distributors, L.P. Philadelphia, PA Shareholder servicing, dividend disbursing, and transfer agent Delaware Service Company, Inc. 2005 Market Street Philadelphia, PA 19103-7094 For shareholders 800 914-0278 For securities dealers and financial institutions representatives only 800 362-7500 Website www.optimummutualfunds.com

Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Forms N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 800 914-0278; (ii) on the Funds’ website at www.optimummutualfunds.com; and (iii) on the SEC’s website at www.sec.gov. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.

Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Funds’ website at www.optimummutualfunds.com; and (ii) on the SEC’s website at www.sec.gov.

100

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

Not applicable.

Item 11. Controls and Procedures

The registrant’s principal executive officer and principal financial officer have evaluated the registrant’s disclosure controls and procedures within 90 days of the filing of this report and have concluded that they are effective in providing reasonable assurance that the information required to be disclosed by the registrant in its reports or statements filed under the Securities Exchange Act of 1934 is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission.

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)	(1) Code of Ethics

Not applicable.

	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT. (3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

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.

OPTIMUM FUND TRUST


/s/ J. SCOTT COLEMAN
By:	J. Scott Coleman
Title:	Chief Executive Officer
Date:	December 1, 2011

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.


/s/ J. SCOTT COLEMAN
By:	J. Scott Coleman
Title:	Chief Executive Officer
Date:	December 1, 2011



/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 1, 2011

Optimum Fixed Income Fund (OIFIX) N-CSRSCertified semi-annual shareholder report (management investment company)