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, 2016

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, 2016

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 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

Schedules of investments			8

Financial statements			70

Statements of assets and liabilities			70

Statements of operations			73

Statements of changes in net assets			75

Financial highlights			78

Notes to financial statements			96

Other Fund information			122

About the organization			127

Neither Delaware Investments nor its affiliates referred to in this document are authorized deposit-taking institutions for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these entities do not represent deposits or other liabilities of Macquarie Bank Limited (MBL), a subsidiary of Macquarie Group Limited and an affiliate of Delaware Investments. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by U.S. laws and regulations.

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2016, and subject to change for events occurring after such a date. Holdings are as of the date indicated and subject to change.

The 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 marks cited are the property of their respective owners.

Disclosure of Fund expenses

For the six-month period from April 1, 2016 to September 30, 2016 (Unaudited)

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, 2016 to Sept. 30, 2016.

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 a 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. Each Fund’s 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


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A		$1,000.00	$	1,028.80	1.17%	$5.95
Class C		1,000.00		1,024.60	1.92%	9.74
Institutional Class		1,000.00		1,031.00	0.92%	4.68

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00	$	1,019.20	1.17%	$5.92
Class C		1,000.00		1,015.44	1.92%	9.70
Institutional Class		1,000.00		1,020.46	0.92%	4.66

Optimum International Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A	$	1,000.00	$	1,063.00	1.48%	$ 7.65
Class C		1,000.00		1,059.90	2.23%	11.52
Institutional Class		1,000.00		1,064.40	1.23%	6.37

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.65	1.48%	$ 7.49
Class C		1,000.00		1,013.89	2.23%	11.26
Institutional Class		1,000.00		1,018.90	1.23%	6.23


			(continues	)		1

Disclosure of Fund expenses

Optimum Large Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A	$	1,000.00	$	1,062.80	1.34%	$ 6.93
Class C		1,000.00		1,058.50	2.09%	10.79
Institutional Class		1,000.00		1,064.10	1.09%	5.64

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.35	1.34%	$ 6.78
Class C		1,000.00		1,014.59	2.09%	10.56
Institutional Class		1,000.00		1,019.60	1.09%	5.52

Optimum Large Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A	$	1,000.00	$	1,054.20	1.33%	$ 6.85
Class C		1,000.00		1,050.00	2.08%	10.69
Institutional Class		1,000.00		1,055.40	1.08%	5.56

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40	1.33%	$ 6.73
Class C		1,000.00		1,014.64	2.08%	10.50
Institutional Class		1,000.00		1,019.65	1.08%	5.47

Optimum Small-Mid Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A	$	1,000.00	$	1,105.90	1.59%	$ 8.39
Class C		1,000.00		1,102.00	2.34%	12.33
Institutional Class		1,000.00		1,107.30	1.34%	7.08

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.10	1.59%	$ 8.04
Class C		1,000.00		1,013.34	2.34%	11.81
Institutional Class		1,000.00		1,018.35	1.34%	6.78

Optimum Small-Mid Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/16		Ending Account Value 9/30/16		Annualized Expense Ratio	Expenses Paid During Period 4/1/16 to 9/30/16*

Actual Fund return^†
Class A	$	1,000.00	$	1,065.90	1.51%	$ 7.82
Class C		1,000.00		1,061.30	2.26%	11.68
Institutional Class		1,000.00		1,066.60	1.26%	6.53

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.50	1.51%	$ 7.64
Class C		1,000.00		1,013.74	2.26%	11.41
Institutional Class		1,000.00		1,018.75	1.26%	6.38

*“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 183/365 (to reflect the one-half year period).

^†Because actual returns reflect only the most recent six-month period, the returns shown may differ significantly from fiscal year returns.

Security type / sector allocations

Optimum Fixed Income Fund

As of September 30, 2016 (Unaudited)

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


Security type / sector		Percentage of net assets

Agency Asset-Backed Securities		0.15%

Agency Collateralized Mortgage Obligations		5.69%

Agency Commercial Mortgage-Backed Securities		0.46%

Agency Mortgage-Backed Securities		21.88%

Collateralized Debt Obligations		2.05%

Convertible Bonds		0.83%

Corporate Bonds		44.89%
Banking		15.05%
Basic Industry		1.55%
Brokerage		0.38%
Capital Goods		0.97%
Communications		3.92%
Consumer Cyclical		3.56%
Consumer Non-Cyclical		4.96%
Energy		3.51%
Finance Companies		1.89%
Insurance		0.59%
Natural Gas		0.25%
Real Estate		1.79%
Technology		1.20%
Transportation		1.16%
Utilities		4.11%

Municipal Bonds		1.86%


Security type / sector		Percentage of net assets

Non-Agency Asset-Backed Securities		4.41%

Non-Agency Collateralized Mortgage Obligations		2.38%

Non-Agency Commercial Mortgage-Backed Securities		3.92%

Regional Bonds		0.63%

Senior Secured Loans		5.34%

Sovereign Bonds		2.25%

Supranational Banks		0.61%

U.S. Treasury Obligations		18.18%

Common Stock		0.00%

Exchange-Traded Fund		0.02%

Convertible Preferred Stock		0.10%

Preferred Stock		0.29%

Options Purchased		0.01%

Short-Term Investments		1.07%

Total Value of Securities		117.02%

Options Written		0.00%

Liabilities Net of Receivables and Other Assets		(17.02%)

Total Net Assets		100.00%


			(continues	)		3

Security type / country and sector allocations

Optimum International Fund

As of September 30, 2016 (Unaudited)


Security type / country		Percentage of net assets

Common Stock by Country		96.37%
Australia		2.60%
Austria		2.81%
Bermuda		0.91%
Brazil		0.58%
Canada		2.17%
China/Hong Kong		5.49%
Colombia		0.63%
Czech Republic		0.42%
Denmark		1.78%
Finland		1.13%
France		4.78%
Germany		4.80%
India		2.68%
Indonesia		1.48%
Ireland		2.19%
Israel		3.79%
Italy		1.81%
Japan		13.14%
Mexico		0.64%
Netherlands		2.89%
New Zealand		1.15%
Norway		2.37%
Peru		0.60%
Republic of Korea		3.98%
Russia		0.16%
Singapore		1.18%
Spain		2.21%
Sweden		1.77%
Switzerland		6.80%
Taiwan		3.28%


Security type / country		Percentage of net assets

Thailand		0.15%
Turkey		1.24%
United Kingdom		11.79%
United States		2.97%

Exchange-Traded Funds		2.27%

Short-Term Investments		0.84%

Securities Lending Collateral		3.80%

Total Value of Securities		103.28%

Obligation to Return Securities Lending Collateral		(3.80%)

Receivables and Other Assets Net of Liabilities		0.52%

Total Net Assets		100.00%


Common stock by sector		Percentage of net assets

Consumer Discretionary		10.66%
Consumer Staples		5.48%
Energy		7.31%
Financials		21.12%
Healthcare		14.96%
Industrials		9.71%
Information Technology		9.76%
Materials		7.79%
Real Estate		1.17%
Telecommunication Services		4.61%
Utilities		3.80%

Total		96.37%

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Growth Fund

As of September 30, 2016 (Unaudited)


Security type / sector		Percentage of net assets

Common Stock²		96.97%
Consumer Discretionary		22.15%
Consumer Staples		5.00%
Energy		0.82%
Financials		3.12%
Healthcare		17.41%
Industrials		7.07%
Information Technology¹		37.69%
Materials		1.08%
Real Estate		1.68%
Telecommunication Services		0.68%
Utilities		0.27%

Convertible Preferred Stock		0.62%

U.S. Master Limited Partnerships		0.38%

Short-Term Investments		1.72%

Total Value of Securities		99.69%

Receivables and Other Assets Net of Liabilities		0.31%

Total Net Assets		100.00%


²		Narrow 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.


Top 10 equity holdings		Percentage of net assets

Amazon.com		7.42%
Alphabet Class C		5.42%
Facebook Class A		4.77%
Apple		4.36%
Microsoft		4.19%
Visa Class A		3.16%
Priceline Group		2.28%
Honeywell International		1.92%
Allergan		1.90%
UnitedHealth Group		1.88%

Optimum Large Cap Value Fund

As of September 30, 2016 (Unaudited)


Security type / sector		Percentage of net assets

Common Stock²		98.20%
Consumer Discretionary		8.19%
Consumer Staples		11.04%
Energy		6.56%
Financials²		25.89%
Healthcare		12.95%
Industrials		12.37%
Information Technology		12.35%
Materials		4.67%
Real Estate		1.04%
Telecommunication Services		1.11%
Utilities		2.03%

Short-Term Investments		1.55%

Total Value of Securities		99.75%

Receivables and Other Assets Net of Liabilities		0.25%

Total Net Assets		100.00%


²		Narrow 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.


Top 10 equity holdings		Percentage of net assets

Philip Morris International		3.33%
JPMorgan Chase & Co.		2.82%
Accenture Class A (Ireland)		2.61%
Johnson & Johnson		2.32%
Wells Fargo		1.82%
United Parcel Service Class B		1.77%
Lockheed Martin		1.68%
Pfizer		1.52%
American Express		1.46%
Medtronic (Ireland)		1.45%


			(continues	)		5

Security type / sector allocations and top 10 equity holdings

Optimum Small-Mid Cap Growth Fund

As of September 30, 2016 (Unaudited)


Security type / sector		Percentage of net assets
Common Stock²		95.71%
Consumer Discretionary		13.72%
Consumer Staples		1.78%
Energy		3.81%
Financials		5.21%
Healthcare³		25.67%
Industrials		13.75%
Information Technology³		29.42%
Materials		1.82%
Real Estate		0.53%

Convertible Preferred Stock		1.48%

Short-Term Investments		2.81%

Total Value of Securities		100.00%

Liabilities Net of Receivables and Other Assets		0.00%

Total Net Assets		100.00%


²		Narrow 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.


Top 10 equity holdings		Percentage of net assets

IDEXX Laboratories		2.05%
Nevro		1.90%
Mobileye (Israel)		1.74%
DexCom		1.35%
ServiceNow		1.29%
Micron Technology		1.25%
Align Technology		1.24%
Burlington Stores		1.20%
Diamondback Energy		1.17%
Mattel		1.16%

Optimum Small-Mid Cap Value Fund

As of September 30, 2016 (Unaudited)


Security type / sector		Percentage of net assets

Common Stock		99.20%
Consumer Discretionary		12.18%
Consumer Staples		4.68%
Energy		4.43%
Financials		20.21%
Healthcare		7.50%
Industrials		13.27%
Information Technology		14.79%
Materials		6.72%
Real Estate		9.98%
Telecommunication Services		0.84%
Utilities		4.60%

Short-Term Investments		0.23%

Total Value of Securities		99.43%

Receivables and Other Assets Net of Liabilities		0.57%

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.


Top 10 equity holdings		Percentage of net assets
Huntington Ingalls Industries		1.43%
j2 Global		1.39%
Booz Allen Hamilton Holding		1.34%
Cable One		1.24%
Amdocs		1.15%
Avnet		1.11%
Brocade Communications Systems		1.11%
Alexandria Real Estate Equities		1.10%
Pitney Bowes		1.10%
RSP Permian		1.05%

¹To monitor compliance with Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the Investment Company Act of 1940 (1940 Act)). The Information Technology sector consisted of auto parts and equipment, commercial services, computers, diversified financial services, internet, semiconductors, software, and telecommunications. As of Sept. 30, 2016, such amounts, as percentage of total net assets, were 0.28%, 1.25%, 4.49%, 4.47%, 14.73%, 3.50%, 8.70%, and 0.27%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

²To monitor compliance with Optimum Large Cap Value Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Financials sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The Financials sector consisted of banks, commercial services, diversified financial services, and insurance. As of Sept. 30, 2016, such amounts, as percentage of total net assets, were 9.69%, 2.65%, 8.67%, and 4.88%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Financials sector for financial reporting purposes may exceed 25%.

³To monitor compliance with Optimum Small-Mid Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology and Healthcare sectors (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The Healthcare sector consisted of biotechnology, commercial services, electronics, healthcare products, healthcare services, pharmaceuticals, and software. As of Sept. 30, 2016, such amounts, as percentage of total net assets, were 1.98%, 1.36%, 1.54%, 11.71%, 4.54%, 2.95%, and 1.59% respectively. The Information Technology sector consisted of auto parts and equipment, commercial services, computers, electrical components and equipment, electronics, entertainment, internet, semiconductors, software, and telecommunications. As of Sept. 30, 2016, such amounts, as percentage of total net assets, were 1.74%, 1.76%, 1.34%, 0.66%, 1.72%, 0.81%, 4.25%, 5.75%, 9.97%, and 1.42% respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Healthcare and Information Technology sectors for financial reporting purposes may exceed 25%.


			(continues	)		7

Schedules of investments

Optimum Fixed Income Fund

September 30, 2016 (Unaudited)


	Principal amount°		Value (U.S. $)

Agency Asset-Backed Securities – 0.15%

Navient Student Loan Trust
Series 2016-5A A 144A 1.775% 6/25/65 #=●		197,503	$	198,984
SLM Student Loan Trust
Series 2008-9 A 2.215% 4/25/23 ●		2,422,518		2,427,863
Series 2012-5 A2 0.825% 6/25/19 ●		404,045		402,382

Total Agency Asset-Backed Securities (cost $3,054,692)				3,029,229



Agency Collateralized Mortgage Obligations – 5.69%

Fannie Mae Connecticut Avenue Securities
Series 2015-C03 1M1 2.025% 7/25/25 ●		170,841		171,246
Series 2015-C03 2M1 2.025% 7/25/25 ●		176,461		177,114
Series 2015-C04 2M1 2.225% 4/25/28 ●		116,120		116,692
Series 2016-C03 1M1 2.525% 10/25/28 ●		107,598		109,106
Series 2016-C04 1M1 1.975% 1/25/29 ●		54,486		54,817
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 ●		10,466		11,965
Series 2002-T4 A3 7.50% 12/25/41		38,008		44,635
Series 2004-T1 1A2 6.50% 1/25/44		11,283		13,577
Fannie Mae REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		900,204		941,669
Series 2004-W11 1A2 6.50% 5/25/44		57,626		69,301
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		7,632		8,619
Series 1999-19 PH 6.00% 5/25/29		133,230		152,768
Series 2001-14 Z 6.00% 5/25/31		7,905		8,812
Series 2002-90 A1 6.50% 6/25/42		9,795		11,630
Series 2002-90 A2 6.50% 11/25/42		32,290		36,577
Series 2003-26 AT 5.00% 11/25/32		17,785		17,849


	Principal amount°		Value (U.S. $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2005-70 PA 5.50% 8/25/35		74,665	$	84,662
Series 2005-110 MB 5.50% 9/25/35		76,154		80,940
Series 2007-30 OE 1.98% 4/25/37 W^		3,787,339		3,460,221
Series 2007-114 A6 0.725% 10/27/37 ●		1,529,248		1,526,591
Series 2008-15 SB 6.075% 8/25/36 ∑●		163,321		33,928
Series 2008-24 ZA 5.00% 4/25/38		16,420,731		18,374,995
Series 2009-2 AS 5.175% 2/25/39 ∑●		1,664,457		233,302
Series 2009-68 SA 6.225% 9/25/39 ∑●		358,432		71,984
Series 2009-94 AC 5.00% 11/25/39		218,005		242,570
Series 2010-41 PN 4.50% 4/25/40		475,000		526,234
Series 2010-43 HJ 5.50% 5/25/40		121,763		137,839
Series 2010-96 DC 4.00% 9/25/25		554,247		589,631
Series 2010-123 FE 1.005% 11/25/40 ●		2,662,225		2,668,282
Series 2010-129 SM 5.475% 11/25/40 ∑●		1,279,525		222,595
Series 2011-118 DC 4.00% 11/25/41		1,488,360		1,568,027
Series 2012-98 MI 3.00% 8/25/31 ∑		1,828,452		178,973
Series 2012-122 SD 5.575% 11/25/42 ∑●		1,711,681		372,042
Series 2013-26 ID 3.00% 4/25/33 ∑		926,280		117,187
Series 2013-38 AI 3.00% 4/25/33 ∑		880,154		103,108
Series 2013-43 IX 4.00% 5/25/43 ∑		4,993,847		1,038,617
Series 2013-44 DI 3.00% 5/25/33 ∑		2,775,587		390,051
Series 2013-55 AI 3.00% 6/25/33 ∑		2,135,858		268,550
Series 2014-36 ZE 3.00% 6/25/44		650,956		656,019
Series 2014-68 BS 5.625% 11/25/44 ∑●		1,771,196		373,403
Series 2014-90 SA 5.625% 1/25/45 ∑●		4,978,847		1,027,383


	Principal amount°		Value (U.S. $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2015-27 SA 5.925% 5/25/45 ∑●		666,619	$	157,580
Series 2015-44 Z 3.00% 9/25/43		1,603,962		1,601,322
Series 2015-95 SH 5.475% 1/25/46 ∑●		1,559,118		396,206
Series 2016-55 SK 5.475% 8/25/46 ∑●		1,268,842		341,856
Series 2016-62 SA 5.475% 9/25/46 ∑●		2,443,255		702,456
Fannie Mae Whole Loan Trust
Series 2004-W15 1A1 6.00% 8/25/44		53,037		59,070
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		35,880		40,263
Series 2165 PE 6.00% 6/15/29		106,061		122,618
Series 2326 ZQ 6.50% 6/15/31		60,005		68,959
Series 2557 WE 5.00% 1/15/18		59,186		60,267
Series 3143 BC 5.50% 2/15/36		2,600,117		2,916,624
Series 3289 SA 6.226% 3/15/37 ∑●		1,186,263		217,039
Series 3656 PM 5.00% 4/15/40		447,991		497,614
Series 4065 DE 3.00% 6/15/32		120,000		127,654
Series 4109 AI 3.00% 7/15/31 ∑		3,367,989		329,830
Series 4120 IK 3.00% 10/15/32 ∑		2,668,800		317,712
Series 4146 IA 3.50% 12/15/32 ∑		1,411,622		197,766
Series 4159 KS 5.626% 1/15/43 ∑●		1,243,491		318,277
Series 4181 DI 2.50% 3/15/33 ∑		851,611		98,677
Series 4184 GS 5.596% 3/15/43 ∑●		1,433,379		366,225
Series 4185 LI 3.00% 3/15/33 ∑		674,621		88,981
Series 4191 CI 3.00% 4/15/33 ∑		284,736		35,974
Series 4342 CI 3.00% 11/15/33 ∑		519,787		53,149
Series 4435 DY 3.00% 2/15/35		1,305,000		1,362,237


	Principal amount°		Value (U.S. $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4453 DI 3.50% 11/15/33 ∑		698,703	$	82,754
Series 4592 WT 5.50% 6/15/46		2,986,731		3,351,016
Series 4594 SG 5.476% 6/15/46 ∑●		3,638,868		1,013,508
Freddie Mac Strips
Series 267 S5 5.476% 8/15/42 ∑●		1,809,170		407,115
Series 299 S1 5.476% 1/15/43 ∑●		1,334,814		283,608
Series 326 S2 5.426% 3/15/44 ∑●		943,212		208,273
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2015-DNA3 M1 1.875% 4/25/28 ●		180,086		180,472
Series 2016-DNA3 M1 1.625% 12/25/28 ●		327,855		328,367
Freddie Mac Structured Pass Through Securities
Series T-54 2A 6.50% 2/25/43 ¿		16,956		20,458
Series T-58 2A 6.50% 9/25/43 ¿		8,827		10,457
GNMA
Series 2008-65 SB 5.468% 8/20/38 ∑●		1,064,423		168,183
Series 2009-2 SE 5.288% 1/20/39 ∑●		3,170,881		483,628
Series 2010-113 KE 4.50% 9/20/40		1,170,000		1,314,061
Series 2011-H21 FT 1.23% 10/20/61 ●		11,475,568		11,483,866
Series 2011-H23 FA 1.194% 10/20/61 ●		7,595,718		7,629,155
Series 2012-H08 FB 1.094% 3/20/62 ●		1,187,986		1,189,436
Series 2012-H18 NA 1.014% 8/20/62 ●		685,210		684,114
Series 2012-H29 SA 1.009% 10/20/62 ●		5,386,290		5,365,126
Series 2013-113 AZ 3.00% 8/20/43		1,650,664		1,632,212
Series 2015-133 AL 3.00% 5/20/45		1,725,000		1,750,837
Series 2015-H10 FA 1.094% 4/20/65 ●		17,121,997		16,952,287


			(continues	)		9

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2015-H11 FC 1.044% 5/20/65 ●		2,170,497	$	2,140,313
Series 2015-H12 FB 1.094% 5/20/65 ●		8,629,531		8,544,613
Series 2015-H20 FB 1.094% 8/20/65 ●		2,259,126		2,235,810
Series 2016-111 PB 2.50% 8/20/46		579,000		566,353
Series 2016-H06 FD 1.414% 7/20/65 ●		2,238,805		2,255,629

Total Agency Collateralized Mortgage Obligations (cost $118,067,532)				117,053,518



Agency Commercial Mortgage-Backed Securities – 0.46%

FHLMC Multifamily Structured Pass Through Certificates
Series K041 A2 3.171% 10/25/24 ¿		1,330,000		1,446,595
Series K055 A2 2.673% 3/25/26 ¿		1,135,000		1,187,541
Series K716 A2 3.13% 6/25/21 ¿		810,000		866,038
Series K722 A1 2.183% 5/25/22 ¿		722,231		738,365
FREMF Mortgage Trust
Series 2011-K10 B 144A 4.79% 11/25/49 #●		245,000		266,145
Series 2011-K13 B 144A 4.767% 1/25/48 #●		650,000		708,452
Series 2011-K15 B 144A 5.116% 8/25/44 #●		75,000		82,864
Series 2012-K22 B 144A 3.811% 8/25/45 #●		665,000		706,622
Series 2012-K708 B 144A 3.883% 2/25/45 #●		885,000		912,142
Series 2012-K708 C 144A 3.883% 2/25/45 #●		230,000		229,974
Series 2013-K33 B 144A 3.618% 8/25/46 #●		505,000		519,525
Series 2013-K712 B 144A 3.484% 5/25/45 #●		470,000		482,567
Series 2013-K713 B 144A 3.274% 4/25/46 #●		285,000		292,339
Series 2013-K713 C 144A 3.274% 4/25/46 #●		1,000,000		996,962

Total Agency Commercial Mortgage-Backed Securities (cost $9,304,668)				9,436,131


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities – 21.88%

Fannie Mae
5.50% 3/1/37		21,796	$	23,442
5.50% 7/1/37		124,295		133,243
Fannie Mae ARM
2.412% 5/1/43 ●		405,642		417,618
2.553% 6/1/43 ●		147,132		151,220
2.668% 7/1/37 ●		50,940		53,351
2.913% 7/1/45 ●		291,774		303,396
2.951% 12/1/45 ●		376,056		392,824
2.964% 4/1/46 ●		49,346		51,408
3.069% 4/1/44 ●		1,380,875		1,438,036
3.076% 8/1/35 ●		16,506		17,412
3.216% 4/1/44 ●		389,669		406,851
3.232% 3/1/44 ●		548,247		576,343
3.275% 9/1/43 ●		354,192		370,875
6.099% 8/1/37 ●		35,720		35,882
Fannie Mae S.F. 15 yr
4.50% 8/1/18		30,183		30,964
4.50% 7/1/20		105,486		108,824
Fannie Mae S.F. 30 yr
3.00% 4/1/43		1,540,115		1,604,488
4.00% 10/1/40		30,204		32,522
4.00% 11/1/40		179,523		193,227
4.50% 5/1/35		113,432		125,164
4.50% 8/1/35		223,355		245,469
4.50% 9/1/35		179,031		196,694
4.50% 4/1/39		1,702,136		1,874,952
4.50% 5/1/39		763,414		838,307
4.50% 11/1/39		502,505		560,259
4.50% 1/1/40		1,453,487		1,609,392
4.50% 6/1/40		546,581		607,955
4.50% 8/1/40		165,739		182,279
4.50% 4/1/41		74,466		81,570
4.50% 7/1/41		1,378,525		1,530,445
4.50% 8/1/41		274,856		307,109
4.50% 1/1/42		406,993		450,490
4.50% 8/1/42		8,185,163		9,032,954
4.50% 10/1/43		3,820,168		4,228,915
4.50% 10/1/44		466,832		516,387
4.50% 2/1/46		19,522,000		21,660,616
4.50% 3/1/46		630,892		697,131
5.00% 3/1/34		3,330		3,715
5.00% 4/1/34		19,548		21,764
5.00% 8/1/34		31,765		35,429
5.00% 4/1/35		8,270		9,324
5.00% 12/1/37		3,825		4,245
5.00% 3/1/38		158,912		176,351
5.00% 6/1/38		10,143		11,256
5.00% 2/1/39		4,318		4,792


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
5.00% 5/1/40		99,990	$	111,073
5.50% 12/1/32		15,912		18,085
5.50% 2/1/33		44,539		50,475
5.50% 6/1/33		197,444		224,173
5.50% 12/1/33		23,543		26,869
5.50% 7/1/34		30,396		34,607
5.50% 9/1/34		368,867		419,780
5.50% 11/1/34		82,223		93,549
5.50% 12/1/34		92,173		104,617
5.50% 2/1/35		1,193,432		1,364,910
5.50% 3/1/35		40,501		45,591
5.50% 5/1/35		351,566		399,734
5.50% 6/1/35		54,250		61,729
5.50% 1/1/36		441,445		502,032
5.50% 4/1/36		1,399,621		1,587,499
5.50% 7/1/36		506,579		576,002
5.50% 9/1/36		660,657		750,943
5.50% 1/1/37		329,155		372,234
5.50% 2/1/37		446,838		505,362
5.50% 8/1/37		236,535		268,834
5.50% 9/1/37		428,336		483,994
5.50% 1/1/38		348,835		396,334
5.50% 2/1/38		193,984		219,869
5.50% 3/1/38		146,798		166,783
5.50% 6/1/38		83,589		94,622
5.50% 7/1/38		157,350		178,299
5.50% 11/1/38		1,184,394		1,339,910
5.50% 1/1/39		774,555		880,463
5.50% 2/1/39		5,832,770		6,615,025
5.50% 6/1/39		429,789		487,444
5.50% 10/1/39		654,981		740,321
5.50% 3/1/40		1,536,503		1,746,533
5.50% 7/1/40		210,688		238,440
5.50% 3/1/41		2,306,415		2,621,999
5.50% 9/1/41		2,536,735		2,874,039
6.00% 4/1/35		254,771		295,163
6.00% 5/1/36		56,910		65,357
6.00% 6/1/36		27,858		31,991
6.00% 9/1/36		192,333		225,067
6.00% 12/1/36		29,755		34,341
6.00% 2/1/37		88,589		101,652
6.00% 5/1/37		203,932		233,533
6.00% 6/1/37		16,392		19,008
6.00% 7/1/37		14,637		16,858
6.00% 8/1/37		153,806		176,885
6.00% 9/1/37		508,615		582,335
6.00% 11/1/37		5,116		5,864
6.00% 5/1/38		945,464		1,084,813


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
6.00% 8/1/38		98,536	$	112,799
6.00% 9/1/38		769,859		885,602
6.00% 10/1/38		40,760		46,772
6.00% 11/1/38		72,968		84,493
6.00% 12/1/38		215,804		249,971
6.00% 1/1/39		129,544		148,322
6.00% 9/1/39		412,124		472,649
6.00% 10/1/39		1,536,126		1,789,831
6.00% 3/1/40		124,141		142,452
6.00% 7/1/40		464,678		532,822
6.00% 9/1/40		107,742		123,628
6.00% 11/1/40		49,122		57,258
6.00% 5/1/41		1,033,623		1,184,579
6.00% 6/1/41		687,092		788,270
6.00% 7/1/41		3,240,534		3,726,865
6.50% 11/1/33		4,866		5,605
6.50% 2/1/36		76,361		87,957
6.50% 3/1/36		87,976		101,336
6.50% 6/1/36		182,548		210,271
6.50% 2/1/38		38,185		45,833
6.50% 11/1/38		10,208		11,758
6.50% 3/1/40		1,668,015		1,953,778
6.50% 5/1/40		301,529		354,410
7.50% 3/1/32		328		362
7.50% 4/1/32		1,837		2,154
Fannie Mae S.F. 30 yr TBA
3.00% 10/1/46		2,555,000		2,655,503
3.00% 11/1/46		87,515,000		90,750,036
3.50% 10/1/46		83,800,000		88,422,090
4.00% 10/1/46		96,000,000		103,102,502
4.50% 10/1/46		32,000,000		35,044,240
Freddie Mac ARM
2.48% 1/1/44 ●		927,260		958,468
2.592% 12/1/33 ●		42,249		44,720
2.763% 10/1/45 ●		342,626		354,068
2.82% 9/1/45 ●		2,111,026		2,186,823
2.938% 10/1/45 ●		548,428		571,599
2.949% 11/1/44 ●		190,303		197,289
2.981% 11/1/45 ●		405,138		422,347
3.112% 3/1/46 ●		802,412		837,916
3.307% 5/1/37 ●		379,513		404,618
5.384% 2/1/38 ●		75,081		79,123
Freddie Mac S.F. 20 yr
5.50% 10/1/23		50,505		56,639
5.50% 8/1/24		15,846		17,781
Freddie Mac S.F. 30 yr
4.50% 4/1/39		91,209		100,827
4.50% 5/1/40		2,276,950		2,549,225


			(continues	)		11

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac S.F. 30 yr
4.50% 7/1/42		870,316	$	957,880
4.50% 12/1/43		196,306		217,411
4.50% 8/1/44		1,318,611		1,458,064
4.50% 7/1/45		3,758,000		4,132,996
5.50% 3/1/34		35,490		40,314
5.50% 12/1/34		32,722		37,309
5.50% 6/1/36		19,360		21,990
5.50% 11/1/36		39,430		44,578
5.50% 12/1/36		9,164		10,370
5.50% 4/1/38		179,784		203,798
5.50% 6/1/38		26,044		29,533
5.50% 6/1/39		184,409		208,649
5.50% 3/1/40		107,161		121,644
5.50% 8/1/40		402,754		456,263
5.50% 1/1/41		113,801		128,953
5.50% 6/1/41		1,287,964		1,464,441
6.00% 2/1/36		266,538		309,006
6.00% 3/1/36		246,854		286,121
6.00% 1/1/38		42,577		48,800
6.00% 6/1/38		112,501		129,092
6.00% 8/1/38		185,238		215,309
6.00% 5/1/40		289,198		334,089
6.00% 7/1/40		659,871		757,343
6.50% 11/1/33		27,485		31,719
6.50% 1/1/35		100,075		119,368
6.50% 8/1/38		31,294		35,852
6.50% 4/1/39		170,681		196,423
7.00% 1/1/38		25,226		29,622
Freddie Mac S.F. 30 yr TBA
3.50% 10/1/46		6,000,000		6,329,883
GNMA I S.F. 30 yr
5.00% 3/15/40		718,469		803,150
7.00% 12/15/34		184,529		223,148
GNMA II S.F. 30 yr
5.50% 5/20/37		267,123		298,856
5.50% 4/20/40		250,804		276,805
6.00% 4/20/34		5,417		6,131
6.00% 2/20/39		426,664		487,910
6.00% 4/20/46		414,479		467,847
GNMA II S.F. 30 yr TBA
4.00% 11/1/46		6,000,000		6,425,625

Total Agency Mortgage-Backed Securities (cost $446,755,090)				450,051,813


	Principal amount°		Value (U.S. $)

Collateralized Debt Obligations – 2.05%

ALM VII
Series 2012-7A A1 144A 2.108% 10/19/24 #●		250,000	$	250,519
Anchorage Capital CLO 6
Series 2015-6A A1 144A 2.22% 4/15/27 #●		435,000		434,342
Ares XXV CLO
Series 2012-3A AR 144A 1.768% 1/17/24 #●		700,000		700,622
Avery Point III CLO
Series 2013-3A A 144A 2.079% 1/18/25 #●		1,000,000		999,526
Avery Point VI CLO
Series 2015-6A A 144A 2.228% 8/5/27 #●		250,000		250,413
Benefit Street Partners CLO IV
Series 2014-IVA A1A 144A 2.186% 7/20/26 #●		2,400,000		2,401,219
Benefit Street Partners CLO VI
Series 2015-VIA A1A 144A 2.229% 4/18/27 #●		520,000		520,389
BlueMountain CLO
Series 2014-4 144A 2.329% 11/30/26 #●		500,000		499,792
Series 2015-2A A1 144A 2.109% 7/18/27 #●		710,000		710,829
Carlyle Global Market Strategies CLO
Series 2012-1A AR 144A 1.926% 4/20/22 #●		3,851,261		3,849,720
Series 2014-2A A 144A 2.287% 5/15/25 #●		1,500,000		1,503,054
Cavalry CLO V
Series 2014-5A A 144A 2.049% 1/16/24 #●		342,098		341,714
Cedar Funding V CLO
Series 2016-5A A1 144A 2.243% 7/17/28 #●		530,000		529,277
Cent CLO 20
Series 2013-20A A 144A 2.195% 1/25/26 #●		429,000		428,205
Cent CLO 21
Series 2014-21A A1B 144A 2.124% 7/27/26 #●		1,250,000		1,245,084
CIFC Funding
Series 2014-2A A1L 144A 2.305% 5/24/26 #●		250,000		249,734
Cordatus CLO I
Series 2006-1X A1 0.049% 1/30/24 ●	EUR	1,678,014		1,876,925


	Principal amount°		Value (U.S. $)

Collateralized Debt Obligations (continued)

Elm CLO
Series 2014-1A A 144A 2.079% 1/17/23 #●		472,711	$	472,471
Finn Square CLO
Series 2012-1A 144A 2.05% 12/24/23 #		4,400,000		4,382,400
Fraser Sullivan CLO VII
Series 2012-7A A1R 144A 1.771% 4/20/23 #●		207,093		206,606
Halcyon Loan Advisors Funding
Series 2012-1A A1 144A 2.317% 8/15/23 #●		500,000		500,681
JFIN CLO
Series 2015-2A AX 144A 2.129% 10/19/26 #●		180,000		179,600
Jubilee CDO I-R
Series I-RA A 144A 0.023% 7/30/24 #●	EUR	378,922		420,465
Series I-RX A 0.023% 7/30/24 ●	EUR	1,894,611		2,115,596
KVK CLO
Series 2012-1A A 144A 2.05% 7/15/23 #●		371,875		371,661
Lockwood Grove CLO
Series 2014-1A A1 144A 2.085% 1/25/24 #●		333,340		332,863
Madison Park Funding IX
Series 2012-9AR AR 144A 2.107% 8/15/22 #●		500,000		500,203
Magnetite IX
Series 2014-9A A1 144A 2.135% 7/25/26 #●		2,405,000		2,405,563
Malin CLO
Series 2007-1A A1 144A 0.01% 5/7/23 #●	EUR	239,287		268,064
Neuberger Berman CLO XIX
Series 2015-19A A1 144A 2.10% 7/15/27 #●		1,300,000		1,299,020
Neuberger Berman CLO XVII
Series 2014-17A A 144A 2.238% 8/4/25 #●		1,350,000		1,352,878
OHA Credit Partners VI
Series 2012-6A AR 144A 2.038% 5/15/23 #●		4,210,098		4,205,278
Palmer Square Loan Funding
Series 2016-2 144A 1.98% 6/21/24 #●		1,000,000		993,847
Shackleton CLO
Series 2014-5A A 144A 2.288% 5/7/26 #●		1,565,000		1,562,876


	Principal amount°		Value (U.S. $)

Collateralized Debt Obligations (continued)

Shackleton CLO
Series 2015-VIII 144A 2.206% 10/20/27 #●		250,000	$	250,338
Stoney Lane Funding I
Series 2007-1A A1 144A 0.919% 4/18/22 #●		373,788		367,020
Venture XI CLO
Series 2012-11AR AR 144A 2.117% 11/14/22 #●		750,000		749,179
Venture XXI CLO
Series 2015-21A A 144A 2.17% 7/15/27 #●		285,000		285,127
Venture XXIV CLO
Series 2016-24A A1D 144A 2.24% 10/20/28 #●		1,115,000		1,112,491
Voya CLO
Series 2012-2AR AR 144A 1.98% 10/15/22 #●		200,000		200,015
Westwood CDO II
Series 2007-2A 1 144A 0.935% 4/25/22 #●		785,879		780,921

Total Collateralized Debt Obligations (cost $41,947,424)				42,106,527



Convertible Bonds – 0.83%

Alaska Communications Systems Group 6.25% exercise price $10.28, maturity date 5/1/18 @		604,000		596,450
Atlas Air Worldwide Holdings 2.25% exercise price $74.05, maturity date 6/1/22		311,000		303,031
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		225,000		281,672
Blackhawk Network Holdings 144A 1.50% exercise price $49.83, maturity date 1/15/22 #		432,000		413,640
Blackstone Mortgage Trust 5.25% exercise price $27.99, maturity date 12/1/18		662,000		729,027
Blucora 4.25% exercise price $21.66, maturity date 4/1/19		275,000		263,656


			(continues	)		13

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Convertible Bonds (continued)

Brookdale Senior Living 2.75% exercise price $29.33, maturity date 6/15/18		571,000	$	569,216
Cardtronics 1.00% exercise price $52.35, maturity date 12/1/20		537,000		567,877
Cemex 3.72% exercise price $11.45, maturity date 3/15/20		391,000		409,328
Chart Industries 2.00% exercise price $69.03, maturity date 8/1/18 @		616,000		608,300
Ciena 144A 3.75% exercise price $20.17, maturity date 10/15/18 #		278,000		353,060
Clearwire Communications 144A 8.25% exercise price $19.90, maturity date 12/1/40 #		393,000		410,194
DISH Network 144A 3.375% exercise price $65.18, maturity date 8/15/26 #		107,000		117,700
GAIN Capital Holdings 4.125% exercise price $12.00, maturity date 12/1/18 @		369,000		352,395
General Cable 4.50% exercise price $31.96, maturity date 11/15/29 @f		580,000		390,413
HealthSouth 2.00% exercise price $37.59, maturity date 12/1/43		489,000		575,492
Helix Energy Solutions Group 3.25% exercise price $25.02, maturity date 3/15/32		407,000		385,378
Hologic 2.00% exercise price $31.18, maturity date 3/1/42 f		239,000		326,235
Infinera 1.75% exercise price $12.58, maturity date 6/1/18		353,000		371,533
Insulet 144A 1.25% exercise price $58.37, maturity date 9/15/21 #		20,000		19,788
Jefferies Group 3.875% exercise price $44.04, maturity date 11/1/29		501,000		509,767
Knowles 144A 3.25% exercise price $18.43, maturity date 11/1/21 #		148,000		157,065


	Principal amount°		Value (U.S. $)

Convertible Bonds (continued)

Liberty Interactive 144A 1.00% exercise price $64.15, maturity date 9/30/43 #		571,000	$	493,418
Liberty Media 144A 2.25% exercise price $104.55, maturity date 9/30/46 #		106,000		110,571
Medicines 144A 2.75% exercise price $48.97, maturity date 7/15/23 #		195,000		199,509
Meritor 4.00% exercise price $26.73, maturity date 2/15/27 f		836,000		839,135
Microchip Technology 1.625% exercise price $65.17, maturity date 2/15/25		224,000		286,720
Micron Technology 3.00% exercise price $29.16, maturity date 11/15/43		244,000		218,075
New Mountain Finance 5.00% exercise price $15.80, maturity date 6/15/19 @		207,000		212,175
Novellus Systems 2.625% exercise price $34.00, maturity date 5/15/41		210,000		586,031
Nuance Communications 2.75% exercise price $32.30, maturity date 11/1/31		30,000		30,244
NuVasive 144A 2.25% exercise price $59.82, maturity date 3/15/21 #		172,000		218,440
NXP Semiconductors 1.00% exercise price $102.84, maturity date 12/1/19		262,000		309,815
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		303,000		308,681
PROS Holdings 2.00% exercise price $33.79, maturity date 12/1/19		693,000		686,070
Ship Finance International 5.75% exercise price $17.77, maturity date 10/15/21		151,000		151,000
Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18 @		547,000		490,249


	Principal amount°		Value (U.S. $)

Convertible Bonds (continued)

Spirit Realty Capital 3.75% exercise price $13.10, maturity date 5/15/21		362,000	$	411,551
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		513,000		544,101
TPG Specialty Lending 4.50% exercise price $25.83, maturity date 12/15/19 @		355,000		367,425
Vector Group
1.75% exercise price $23.46, expiration date 4/15/20 ●		484,000		553,877
2.50% exercise price $15.22, expiration date 1/15/19 ●		147,000		218,330
VEREIT 3.75% exercise price $14.99, maturity date 12/15/20		626,000		640,479
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		564,000		537,210

Total Convertible Bonds (cost $16,657,883)				17,124,323



Corporate Bonds – 44.89%

Banking – 15.05%
Ally Financial
4.125% 3/30/20		200,000		204,000
4.75% 9/10/18		200,000		207,500
5.50% 2/15/17		2,500,000		2,533,537
ANZ New Zealand International 144A 2.60% 9/23/19 #		200,000		204,495
Australia & New Zealand Banking Group 2.625% 12/10/18	CAD	151,000		118,343
Banco Bilbao Vizcaya Argentaria 6.75% 12/29/49 ●	EUR	400,000		417,309
Banco Nacional de Comercio Exterior SNC 144A 3.80% 8/11/26 #●		870,000		845,814
Banco Nacional de Costa Rica 144A 5.875% 4/25/21 #		1,050,000		1,095,937
Bank Nederlandse Gemeenten
144A 0.743% 7/14/17 #●		1,174,000		1,174,357
144A 1.625% 4/19/21 #		1,450,000		1,463,111
5.25% 5/20/24	AUD	292,000		264,525


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
Bank of America
1.15% 6/15/17 ●		3,800,000	$	3,798,647
1.72% 1/15/19 ●		830,000		835,600
2.60% 1/15/19		1,200,000		1,224,096
2.625% 4/19/21		2,300,000		2,339,086
3.30% 8/5/21	AUD	240,000		185,278
3.30% 1/11/23		716,000		742,228
4.45% 3/3/26		5,085,000		5,467,804
5.65% 5/1/18		3,300,000		3,501,858
5.75% 12/1/17		700,000		733,627
6.00% 9/1/17		3,200,000		3,328,202
6.40% 8/28/17		1,000,000		1,043,561
6.875% 4/25/18		5,025,000		5,423,287
7.625% 6/1/19		800,000		918,650
Bank of New York Mellon
1.325% 9/11/19 ●		830,000		830,046
2.15% 2/24/20		1,960,000		1,994,567
2.20% 8/16/23		810,000		808,329
2.50% 4/15/21		180,000		185,105
2.80% 5/4/26		490,000		503,498
4.625% 12/29/49 ●		1,060,000		1,046,750
Bank of Nova Scotia 1.875% 4/26/21		4,500,000		4,533,997
Bank of Scotland 144A 5.25% 2/21/17 #		1,000,000		1,016,630
Banque Federative du Credit Mutuel 144A 2.00% 4/12/19 #@		500,000		502,788
Barclays
3.20% 8/10/21		3,825,000		3,848,363
6.50% 6/15/49 ●	EUR	400,000		420,751
Barclays Bank 7.625% 11/21/22		1,400,000		1,556,625
BB&T
1.417% 2/1/19 ●		750,000		752,155
1.71% 6/15/18 ●		65,000		65,414
2.05% 5/10/21		4,435,000		4,484,202
BBVA Bancomer
144A 6.50% 3/10/21 #		435,000		476,869
144A 7.25% 4/22/20 #		100,000		110,450
BNP Paribas
144A 7.375% 8/19/25 #●		2,300,000		2,297,125
7.375% 12/29/49 ●		500,000		499,375
Branch Banking & Trust 3.625% 9/16/25		250,000		268,450
Capital One 2.25% 9/13/21		1,495,000		1,496,172
CIT Group 5.25% 3/15/18		6,100,000		6,374,500


			(continues	)		15

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
CIT Group 144A 5.50% 2/15/19 #		2,800,000	$	2,971,500
Citigroup
1.632% 7/30/18 ●		2,300,000		2,310,028
1.763% 6/7/19 ●		2,300,000		2,313,476
2.255% 9/1/23 ●		830,000		834,663
4.05% 7/30/22		150,000		159,615
8.40% 4/29/49 ●		1,900,000		2,092,375
Citizens Bank
2.55% 5/13/21		1,655,000		1,686,253
Citizens Financial Group
2.375% 7/28/21		115,000		115,531
4.30% 12/3/25		965,000		1,014,453
Compass Bank 3.875% 4/10/25		1,145,000		1,122,035
Cooperatieve Rabobank
2.50% 9/4/20	NOK	1,740,000		227,931
3.75% 7/21/26		2,405,000		2,413,848
4.375% 8/4/25		2,000,000		2,114,426
6.875% 3/19/20	EUR	2,400,000		3,191,141
8.40% 11/29/49 ●		500,000		521,341
Corp Financiera de Desarrollo 144A 4.75% 7/15/25 #		690,000		763,071
Credit Agricole 144A 1.815% 6/10/20 #●		200,000		201,118
Credit Suisse 1.645% 9/12/17 ●		400,000		400,496
Credit Suisse Group 144A 6.25% 12/29/49 #●		2,350,000		2,231,031
Credit Suisse Group Funding Guernsey
2.75% 3/26/20		2,449,000		2,459,940
3.125% 12/10/20		1,445,000		1,465,354
144A 3.45% 4/16/21 #@		400,000		408,568
3.80% 9/15/22		3,350,000		3,426,836
144A 3.80% 6/9/23 #		2,300,000		2,333,964
144A 4.55% 4/17/26 #		1,810,000		1,904,151
DBS Bank
144A 3.625% 9/21/22 #●		700,000		711,957
3.625% 9/21/22 ●		200,000		203,416
Deutsche Bank 2.85% 5/10/19		3,100,000		3,035,157
DNB Bank 144A 3.20% 4/3/17 #		3,300,000		3,330,393
Eksportfinans 5.50% 6/26/17		600,000		615,726
Fifth Third Bancorp 2.875% 7/27/20		435,000		452,074


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
Fifth Third Bank
1.721% 8/20/18 ●		905,000	$	910,571
2.25% 6/14/21		665,000		676,549
3.85% 3/15/26		985,000		1,051,828
Goldman Sachs Group
1.481% 5/22/17 ●		1,800,000		1,803,294
2.05% 9/15/20 ●		3,500,000		3,521,763
2.429% 11/29/23 ●		875,000		890,753
3.025% 8/21/19 ●	AUD	140,000		107,235
3.55% 2/12/21	CAD	100,000		80,745
5.15% 5/22/45		1,150,000		1,258,960
5.20% 12/17/19	NZD	206,000		157,689
5.95% 1/18/18		700,000		738,755
HBOS 1.535% 9/6/17 ●		500,000		499,175
HSBC Bank 144A 1.457% 5/15/18 #●		620,000		620,684
HSBC Holdings
2.358% 1/5/22 ●		2,800,000		2,814,624
2.485% 5/25/21 ●		1,100,000		1,122,186
2.65% 1/5/22		1,345,000		1,341,403
6.00% 12/29/49 ●	EUR	700,000		826,645
6.375% 3/29/49 ●		200,000		200,102
Huntington Bancshares 2.30% 1/14/22		800,000		798,034
ICICI Bank
144A 4.00% 3/18/26 #		1,070,000		1,112,293
4.75% 11/25/16		2,600,000		2,611,703
Industrial & Commercial Bank of China 2.635% 5/26/21		1,125,000		1,144,755
ING Bank 144A 1.584% 8/17/18 #●		4,500,000		4,502,543
Intesa Sanpaolo 2.375% 1/13/17		1,000,000		1,001,458
JPMorgan Chase & Co.
1.373% 1/28/19 ●		574,000		575,077
1.933% 6/7/21 ●		2,900,000		2,922,968
2.25% 1/23/20		10,075,000		10,212,118
2.75% 6/23/20		105,000		108,107
2.95% 10/1/26		335,000		336,301
4.25% 11/2/18	NZD	570,000		424,146
4.25% 10/1/27		5,870,000		6,312,076
4.40% 7/22/20		400,000		436,046
5.30% 12/29/49 ●		2,300,000		2,337,375
6.30% 4/23/19		300,000		334,320
7.90% 4/29/49 ●		500,000		514,375
JPMorgan Chase Bank 1.65% 9/23/19		250,000		250,894


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
JPMorgan Chase Bank
4.375% 11/30/21 ●	EUR	2,600,000	$	2,931,277
6.00% 10/1/17		600,000		625,843
KBC Bank 8.00% 1/25/23 ●		2,200,000		2,340,910
KeyBank
3.18% 5/22/22		250,000		258,056
3.40% 5/20/26		2,690,000		2,754,791
6.95% 2/1/28		1,220,000		1,594,857
KeyCorp
2.90% 9/15/20		2,500,000		2,597,743
5.00% 12/29/49 ●		1,675,000		1,654,063
KFW
1.014% 12/29/17 ●		600,000		599,979
1.50% 6/15/21		975,000		979,295
Korea Development Bank 3.00% 3/17/19		850,000		882,424
Lloyds Bank
1.584% 8/17/18 ●		3,200,000		3,189,030
1.75% 5/14/18		400,000		401,277
144A 12.00% 12/29/49 #●		6,700,000		9,220,875
Lloyds Banking Group
7.625% 12/29/49 ●	GBP	500,000		664,277
7.875% 12/29/49 ●	GBP	800,000		1,080,367
Mitsubishi UFJ Financial Group
1.912% 9/13/21 ●		450,000		449,802
2.19% 9/13/21		2,050,000		2,046,074
Mitsubishi UFJ Trust & Banking
1.577% 9/19/17 ●		1,900,000		1,901,077
144A 2.45% 10/16/19 #		500,000		508,734
144A 2.65% 10/19/20 #		500,000		512,311
Mizuho Bank 144A 2.45% 4/16/19 #		600,000		609,968
Morgan Stanley
1.565% 1/24/19 ●		369,000		370,435
1.874% 1/27/20 ●		845,000		854,218
2.125% 4/25/18		3,450,000		3,480,325
2.50% 4/21/21		3,500,000		3,547,555
3.125% 8/5/21	CAD	387,000		308,420
3.125% 7/27/26		1,755,000		1,769,207
3.95% 4/23/27		2,835,000		2,950,923
5.00% 9/30/21	AUD	359,000		297,875
5.45% 1/9/17		700,000		707,736
MUFG Capital Finance 4 5.271% 1/29/49 ●	EUR	100,000		114,301


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
National City Bank 1.203% 6/7/17 ●		325,000	$	325,088
Natixis 1.553% 9/25/17 ●		4,300,000		4,310,058
Oesterreichische Kontrollbank 0.987% 8/10/17 ●		1,540,000		1,541,252
PNC Bank
2.30% 6/1/20		500,000		508,935
2.45% 11/5/20		1,035,000		1,060,070
2.60% 7/21/20		700,000		722,539
6.875% 4/1/18		1,415,000		1,524,487
PNC Financial Services Group 5.625% 2/1/17		225,000		228,256
Regions Bank 2.25% 9/14/18		345,000		347,920
Royal Bank of Canada 2.30% 3/22/21		2,300,000		2,364,690
Royal Bank of Scotland 9.50% 3/16/22 ●		2,500,000		2,582,143
Royal Bank of Scotland Group 3.875% 9/12/23		1,745,000		1,719,652
144A 6.99% 10/29/49 #●		300,000		336,000
8.625% 12/29/49 ●		3,075,000		3,017,344
Santander Bank 1.597% 1/12/18 ●		1,400,000		1,393,959
Santander Holdings USA
2.275% 11/24/17 ●		2,500,000		2,522,553
2.70% 5/24/19		2,100,000		2,127,529
Santander UK
1.362% 3/13/17 ●		225,000		224,871
1.675% 8/24/18 ●		730,000		730,569
Santander UK Group Holdings
2.875% 10/16/20		440,000		444,217
3.125% 1/8/21		550,000		560,894
Societe Generale 144A 4.25% 4/14/25 #		3,600,000		3,599,791
Standard Chartered 144A 1.941% 8/19/19 #●		3,200,000		3,226,650
State Street
2.55% 8/18/20		1,000,000		1,037,684
3.10% 5/15/23		525,000		545,923
3.55% 8/18/25		900,000		976,916
Sumitomo Mitsui Banking
1.129% 5/2/17 ●		1,000,000		999,900
1.55% 9/15/17 ●		3,800,000		3,801,748
Sumitomo Mitsui Financial Group 2.514% 3/9/21 ●		2,300,000		2,370,819
Sumitomo Mitsui Trust Bank 1.584% 9/18/17 ●		2,700,000		2,701,849


			(continues	)		17

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Banking (continued)
SunTrust Bank 3.30% 5/15/26		540,000	$	551,983
SunTrust Banks 2.35% 11/1/18		535,000		544,489
SVB Financial Group 3.50% 1/29/25		2,205,000		2,231,652
Swedbank 144A 2.65% 3/10/21 #		1,135,000		1,171,550
Synchrony Financial
1.875% 8/15/17		500,000		501,101
1.989% 2/3/20 ●		500,000		489,362
2.192% 11/9/17 ●		1,400,000		1,410,263
Toronto-Dominion Bank
1.302% 4/30/18 ●		835,000		837,122
2.125% 4/7/21		750,000		759,456
2.50% 12/14/20		1,130,000		1,162,678
3.625% 9/15/31 ●		795,000		798,566
Turkiye Garanti Bankasi 144A 6.25% 4/20/21 #		590,000		623,200
UBS
4.75% 5/22/23 ●		400,000		408,476
5.875% 12/20/17		1,163,000		1,224,460
7.25% 2/22/22 ●		2,100,000		2,136,210
7.625% 8/17/22		500,000		583,750
UBS Group Funding Jersey
144A 2.453% 4/14/21 #●		400,000		410,075
144A 2.65% 2/1/22 #		1,930,000		1,928,786
144A 3.00% 4/15/21 #		3,165,000		3,254,098
144A 4.125% 9/24/25 #		870,000		913,461
144A 4.125% 4/15/26 #		1,135,000		1,195,789
US Bancorp
2.375% 7/22/26		1,700,000		1,681,164
3.60% 9/11/24		1,275,000		1,367,885
US Bank 0.982% 1/30/17 ●		850,000		850,233
USB Capital IX 3.50% 10/29/49 ●		1,820,000		1,560,650
Wells Fargo
1.432% 1/30/20 ●		1,430,000		1,426,717
2.55% 12/7/20		3,000,000		3,060,684
3.00% 7/27/21	AUD	979,000		752,616
3.50% 9/12/29	GBP	196,000		291,964
Woori Bank 144A 4.75% 4/30/24 #		800,000		866,966
Zions Bancorporation 4.50% 6/13/23		830,000		868,668

				309,654,836

Basic Industry – 1.55%
AECOM 5.875% 10/15/24		555,000		595,237


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Basic Industry (continued)
Air Liquide Finance
144A 1.75% 9/27/21 #		900,000	$	899,019
144A 2.50% 9/27/26 #		1,140,000		1,148,590
Ball 5.25% 7/1/25		610,000		659,563
BHP Billiton Finance
3.00% 3/30/20	AUD	250,000		192,810
3.25% 9/25/24	GBP	123,000		179,385
BHP Billiton Finance USA 144A 6.25% 10/19/75 #●		490,000		531,650
CCL Industries 144A 3.25% 10/1/26 #		655,000		658,805
CF Industries 6.875% 5/1/18		1,655,000		1,780,954
Cia Brasileira de Aluminio 144A 6.75% 4/5/21 #		655,000		697,509
Dow Chemical 8.55% 5/15/19		2,322,000		2,724,981
Eastman Chemical 4.65% 10/15/44		2,610,000		2,673,232
Georgia-Pacific
144A 2.539% 11/15/19 #		1,050,000		1,073,820
8.00% 1/15/24		2,242,000		2,976,748
Glencore Finance Canada
144A 3.60% 1/15/17 #		500,000		500,635
144A 5.80% 11/15/16 #		300,000		301,058
Heathrow Funding 144A 4.875% 7/15/21 #@		200,000		218,754
International Paper
4.40% 8/15/47		1,835,000		1,863,468
5.15% 5/15/46		1,045,000		1,163,506
INVISTA Finance 144A 4.25% 10/15/19 #		1,060,000		1,060,085
Lundin Mining 144A 7.50% 11/1/20 #		460,000		491,050
MMC Norilsk Nickel
144A 5.55% 10/28/20 #		258,000		277,027
144A 6.625% 10/14/22 #		605,000		685,765
NOVA Chemicals 144A 5.00% 5/1/25 #		1,156,000		1,173,340
OCP
144A 4.50% 10/22/25 #		1,180,000		1,199,865
144A 6.875% 4/25/44 #		210,000		238,961
PolyOne 5.25% 3/15/23		290,000		301,635
Rio Tinto Finance USA 3.75% 6/15/25		1,310,000		1,411,927
Southern Copper
5.375% 4/16/20		25,000		27,541
5.875% 4/23/45		1,095,000		1,094,589
Suzano Austria 144A 5.75% 7/14/26 #		1,070,000		1,080,807


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Basic Industry (continued)
Suzano Trading 144A 5.875% 1/23/21 #		725,000	$	761,250
Vale Overseas 5.875% 6/10/21		1,055,000		1,107,223
WR Grace & Co-Conn 144A 5.125% 10/1/21 #		130,000		138,450

				31,889,239

Brokerage – 0.38%
Affiliated Managers Group 3.50% 8/1/25		830,000		826,669
Bear Stearns
6.40% 10/2/17		700,000		733,300
7.25% 2/1/18		2,000,000		2,148,212
E*TRADE Financial 5.875% 12/29/49 ●		1,120,000		1,162,000
Jefferies Group
6.45% 6/8/27		331,000		375,464
6.50% 1/20/43		220,000		230,351
Lazard Group
3.75% 2/13/25		2,100,000		2,117,747
6.85% 6/15/17		215,000		221,865

				7,815,608

Capital Goods – 0.97%
Ardagh Packaging Finance
144A 4.067% 5/15/21 #●		435,000		442,613
144A 4.625% 5/15/23 #		275,000		277,750
Cemex 144A 7.25% 1/15/21 #		305,000		327,417
Cemex Finance 144A 6.00% 4/1/24 #		785,000		806,587
Crane
2.75% 12/15/18		170,000		173,400
4.45% 12/15/23		1,180,000		1,271,339
Crown Americas 144A 4.25% 9/30/26 #		364,000		364,910
Eagle Materials 4.50% 8/1/26		55,000		55,829
Fortive 144A 3.15% 6/15/26 #		990,000		1,020,199
Fortune Brands Home & Security 3.00% 6/15/20		580,000		597,759
General Electric
1.158% 5/5/26 ●		920,000		896,540
144A 3.80% 6/18/19 #		345,000		367,911
4.25% 1/17/18	NZD	140,000		103,522
4.65% 10/17/21		89,000		101,468
5.55% 5/4/20		470,000		533,490
6.00% 8/7/19		1,025,000		1,158,646


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Capital Goods (continued)
LafargeHolcim Finance US
144A 3.50% 9/22/26 #		1,470,000	$	1,512,836
144A 4.75% 9/22/46 #		370,000		384,153
Lockheed Martin
3.10% 1/15/23		1,111,000		1,173,228
3.55% 1/15/26		725,000		784,948
Masco 3.50% 4/1/21		1,265,000		1,315,600
Owens-Brockway Glass Container 144A 5.875% 8/15/23 #		600,000		646,125
Parker-Hannifin 3.30% 11/21/24		65,000		69,597
Reynolds Group Issuer 8.25% 2/15/21		170,000		177,385
SBA Communications 144A 4.875% 9/1/24 #		525,000		530,250
Siemens Financierings-maatschappij
144A 1.105% 5/25/18 #●		610,000		610,634
144A 2.35% 10/15/26 #		2,060,000		2,037,173
144A 3.30% 9/15/46 #		270,000		263,589
St. Marys Cement 144A 5.75% 1/28/27 #		920,000		911,950
Union Andina de Cementos 144A 5.875% 10/30/21 #		460,000		484,104
Waste Management 2.40% 5/15/23		505,000		510,799

				19,911,751

Communications – 3.92%
21st Century Fox America
4.50% 2/15/21		155,000		172,041
4.95% 10/15/45		1,255,000		1,428,446
Altice US Finance I
144A 5.375% 7/15/23 #		500,000		518,750
144A 5.50% 5/15/26 #		530,000		545,900
AT&T
1.768% 6/30/20 ●		2,210,000		2,230,314
2.80% 2/17/21		2,200,000		2,265,963
3.40% 5/15/25		2,300,000		2,367,328
4.125% 2/17/26		1,135,000		1,228,826
4.35% 6/15/45		715,000		707,174
144A 4.50% 3/9/48 #		2,950,000		2,977,830
Bell Canada 3.35% 3/22/23 CAD		219,000		178,126
Cablevision 144A 6.50% 6/15/21 #		950,000		992,750
CCO Holdings
144A 5.125% 5/1/23 #		440,000		460,350
144A 5.50% 5/1/26 #		520,000		543,400


			(continues	)		19

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Communications (continued)
CenturyLink
5.80% 3/15/22		1,160,000	$	1,193,350
6.75% 12/1/23		359,000		374,706
Charter Communications Operating
144A 4.464% 7/23/22 #		800,000		864,329
144A 4.908% 7/23/25 #		3,320,000		3,668,600
Columbus Cable Barbados 144A 7.375% 3/30/21 #		595,000		633,288
Comcast 2.35% 1/15/27		4,660,000		4,604,234
Crown Castle Towers
144A 3.663% 5/15/25 #		110,000		115,941
144A 4.883% 8/15/20 #		2,090,000		2,286,371
CSC Holdings
5.25% 6/1/24		376,000		358,140
144A 5.50% 4/15/27 #		826,000		846,650
Deutsche Telekom International Finance
144A 1.95% 9/19/21 #		770,000		770,255
144A 2.485% 9/19/23 #		3,005,000		3,014,358
6.50% 4/8/22	GBP	36,000		60,178
Digicel 144A 6.00% 4/15/21 #		205,000		182,122
Digicel Group 144A 8.25% 9/30/20 #		1,080,000		943,650
DISH DBS
4.25% 4/1/18		200,000		206,000
5.00% 3/15/23		555,000		541,125
Frontier Communications 8.875% 9/15/20		365,000		395,113
Gray Television 144A 5.125% 10/15/24 #		475,000		467,281
Grupo Televisa 6.125% 1/31/46		570,000		627,319
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		530,000		528,595
KT 144A 1.75% 4/22/17 #		900,000		902,111
Level 3 Financing 5.375% 5/1/25		966,000		1,010,677
Millicom International Cellular
144A 6.00% 3/15/25 #		675,000		686,036
144A 6.625% 10/15/21 #		685,000		716,065
Myriad International Holdings 144A 5.50% 7/21/25 #		700,000		754,075
NBCUniversal Enterprise 144A 1.365% 4/15/18 #●		840,000		846,003
Nexstar Escrow 144A 5.625% 8/1/24 #		525,000		527,625


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Communications (continued)
Ooredoo International Finance 144A 3.75% 6/22/26 #		755,000	$	783,407
SBA Tower Trust
144A 2.24% 4/16/18 #		735,000		737,528
144A 2.898% 10/15/19 #		600,000		608,432
Scripps Networks Interactive 3.50% 6/15/22		300,000		313,490
SFR Group
144A 6.00% 5/15/22 #		485,000		496,519
144A 7.375% 5/1/26 #		1,800,000		1,842,192
Sinclair Television Group 144A 5.125% 2/15/27 #		1,015,000		994,700
Sirius XM Radio 144A 5.375% 4/15/25 #		1,732,000		1,792,620
Sky 144A 3.75% 9/16/24 #		1,875,000		1,985,831
Sprint Communications
6.00% 12/1/16		4,400,000		4,427,500
144A 7.00% 3/1/20 #		615,000		662,663
144A 9.00% 11/15/18 #		530,000		586,975
9.125% 3/1/17		100,000		102,625
TELUS 2.80% 2/16/27		720,000		722,422
Time Warner Cable
6.75% 7/1/18		1,500,000		1,630,518
7.30% 7/1/38		1,020,000		1,309,152
T-Mobile USA
6.125% 1/15/22		515,000		549,119
6.836% 4/28/23		380,000		410,875
Tribune Media 5.875% 7/15/22		628,000		638,597
UPCB Finance IV 144A 5.375% 1/15/25 #		488,000		492,709
Verizon Communications
1.75% 8/15/21		565,000		559,470
2.606% 9/14/18 ●		650,000		667,262
3.00% 11/1/21		5,000		5,238
3.25% 2/17/26	EUR	323,000		445,122
3.65% 9/14/18		1,400,000		1,461,929
4.125% 8/15/46		4,595,000		4,615,788
4.862% 8/21/46		422,000		474,620
5.15% 9/15/23		1,400,000		1,633,323
Viacom 3.45% 10/4/26		660,000		661,033
Vimpel Communications 144A 7.748% 2/2/21 #		420,000		470,431
VimpelCom Holdings 144A 5.95% 2/13/23 #		645,000		670,123
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		990,000		1,009,800


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Communications (continued)
VTR Finance 144A 6.875% 1/15/24 #		1,055,000	$	1,104,585
WPP Finance 2010 5.625% 11/15/43		340,000		404,910
Zayo Group 6.00% 4/1/23		695,000		733,225

				80,746,128

Consumer Cyclical – 3.56%
Adient Global Holdings 144A 4.875% 8/15/26 #		370,000		371,387
American Axle & Manufacturing 6.25% 3/15/21		415,000		434,713
Aramark Services
144A 4.75% 6/1/26 #		1,165,000		1,173,737
144A 5.125% 1/15/24 #		1,005,000		1,047,713
BMW US Capital 144A 1.50% 4/11/19 #		500,000		500,971
Cencosud
144A 5.15% 2/12/25 #		600,000		642,113
144A 6.625% 2/12/45 #		530,000		569,019
CVS Health
2.125% 6/1/21		750,000		758,435
3.875% 7/20/25		2,740,000		2,988,271
CVS Pass Through Trust 144A 5.773% 1/10/33 #¿		84,736		98,712
Daimler 2.75% 12/10/18	NOK	1,870,000		241,220
Daimler Finance North America
144A 1.097% 8/1/17 #●		540,000		540,056
144A 1.195% 3/10/17 #●		650,000		650,497
144A 1.469% 8/3/17 #●		4,500,000		4,515,075
144A 2.00% 8/3/18 #		3,800,000		3,832,494
144A 2.00% 7/6/21 #		300,000		300,704
Delphi Automotive 3.15% 11/19/20		300,000		310,924
DR Horton
3.75% 3/1/19		200,000		208,750
4.00% 2/15/20		200,000		211,750
Ford Motor Credit
1.361% 9/8/17 ●		700,000		700,327
2.24% 6/15/18		4,000,000		4,033,612
3.096% 5/4/23		940,000		948,091
3.20% 1/15/21		4,600,000		4,727,162
5.00% 5/15/18		1,300,000		1,365,081
5.75% 2/1/21		700,000		789,591
General Motors Financial 3.00% 9/25/17		3,400,000		3,445,070


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
General Motors Financial
3.45% 4/10/22		2,410,000	$	2,447,449
3.70% 5/9/23		730,000		743,509
4.375% 9/25/21		500,000		534,623
4.75% 8/15/17		900,000		924,538
5.25% 3/1/26		570,000		627,171
Goodyear Tire & Rubber 5.00% 5/31/26		675,000		696,094
Hanesbrands 144A 4.875% 5/15/26 #		1,085,000		1,114,837
Hyundai Capital America
144A 2.125% 10/2/17 #		615,000		618,130
144A 2.55% 2/6/19 #		715,000		727,830
144A 2.75% 9/27/26 #		795,000		786,897
144A 3.00% 3/18/21 #		580,000		602,185
Hyundai Capital Services 144A 1.657% 3/18/17 #●		205,000		205,131
IHO Verwaltungs
144A PIK 4.125% 9/15/21 #T		300,000		303,750
144A PIK 4.75% 9/15/26 #T		205,000		206,537
JD.com 3.125% 4/29/21		735,000		736,119
KFC Holding
144A 5.00% 6/1/24 #		340,000		356,150
144A 5.25% 6/1/26 #		318,000		337,080
L Brands 6.75% 7/1/36		575,000		621,357
Lowe’s
1.265% 9/10/19 ●		520,000		521,411
3.70% 4/15/46		1,475,000		1,528,041
Marriott International 3.125% 6/15/26		1,165,000		1,179,877
MGM Resorts International 4.625% 9/1/26		415,000		406,700
PACCAR Financial 1.435% 12/6/18 ●		835,000		840,984
Sally Holdings 5.75% 6/1/22		15,000		15,713
Starbucks 2.45% 6/15/26		575,000		584,723
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		1,145,000		1,201,731
4.50% 10/1/34		160,000		168,251
Target 3.625% 4/15/46		1,575,000		1,630,087
Toyota Credit Canada 2.05% 5/20/20	CAD	100,000		77,743
Toyota Finance Australia 3.04% 12/20/16	NZD	760,000		552,732
Toyota Motor Credit 2.80% 7/13/22		420,000		441,371


			(continues	)		21

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Volkswagen Financial Services 2.375% 11/13/18	GBP	800,000	$	1,063,724
Volkswagen International Finance 144A 1.241% 11/18/16 #●		620,000		620,206
Walgreens Boots Alliance
2.60% 6/1/21		585,000		599,315
3.10% 6/1/23		3,955,000		4,085,357
3.45% 6/1/26		1,135,000		1,180,629
4.80% 11/18/44		275,000		304,350
Wolverine World Wide 144A 5.00% 9/1/26 #		400,000		405,000
Wyndham Worldwide 2.95% 3/1/17		700,000		703,255
Wynn Las Vegas 144A 5.50% 3/1/25 #		6,600,000		6,707,250
ZF North America Capital 144A 4.00% 4/29/20 #		400,000		424,500

				73,237,812

Consumer Non-Cyclical – 4.96%
AbbVie
2.30% 5/14/21		1,000,000		1,009,764
2.85% 5/14/23		1,400,000		1,423,367
3.20% 5/14/26		1,565,000		1,587,525
4.45% 5/14/46		875,000		917,628
Actavis Funding SCS
1.30% 6/15/17		1,425,000		1,424,057
2.35% 3/12/18		500,000		505,333
3.00% 3/12/20		1,200,000		1,240,006
3.45% 3/15/22		1,690,000		1,776,367
3.80% 3/15/25		3,120,000		3,307,890
Altria Group 3.875% 9/16/46		855,000		890,960
Amgen
1.411% 5/22/19 ●		1,000,000		1,001,591
4.00% 9/13/29	GBP	216,000		339,473
Anheuser-Busch InBev Finance
1.157% 2/1/19 ●		340,000		339,633
2.65% 2/1/21		900,000		929,637
3.65% 2/1/26		5,310,000		5,714,006
Anheuser-Busch InBev Worldwide 5.375% 1/15/20		1,000,000		1,117,940
Arcor SAIC 144A 6.00% 7/6/23 #		610,000		651,175
AstraZeneca 3.375% 11/16/25		1,300,000		1,390,000


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
BAT International Finance 144A 2.75% 6/15/20 #		700,000	$	725,232
Bayer US Finance 144A 1.144% 10/6/17 #●		295,000		294,345
Becle 144A 3.75% 5/13/25 #		1,815,000		1,854,231
Becton Dickinson 6.375% 8/1/19		1,330,000		1,501,710
Biogen
4.05% 9/15/25		2,355,000		2,568,735
5.20% 9/15/45		870,000		1,027,412
Boston Scientific 3.375% 5/15/22		800,000		842,359
BRF 144A 4.35% 9/29/26 #		1,015,000		998,760
Celgene 3.25% 8/15/22		1,475,000		1,550,173
DaVita 5.00% 5/1/25		1,641,000		1,651,256
ESAL 144A 6.25% 2/5/23 #		360,000		351,000
Gilead Sciences
2.55% 9/1/20		500,000		516,739
2.95% 3/1/27		825,000		834,771
4.15% 3/1/47		2,040,000		2,090,451
Gruma 144A 4.875% 12/1/24 #		590,000		632,775
HCA
3.75% 3/15/19		1,700,000		1,761,625
5.25% 6/15/26		535,000		569,775
5.375% 2/1/25		1,006,000		1,039,953
HealthSouth
5.125% 3/15/23		235,000		235,587
5.75% 11/1/24		178,000		185,230
5.75% 9/15/25		190,000		199,025
Imperial Brands Finance
144A 2.05% 2/11/18 #		270,000		271,705
144A 2.95% 7/21/20 #		700,000		723,375
144A 3.75% 7/21/22 #		470,000		499,359
JBS Investments 144A 7.75% 10/28/20 #		435,000		457,837
JBS USA
144A 5.75% 6/15/25 #		210,000		207,375
144A 5.875% 7/15/24 #		320,000		320,000
Kinetic Concepts 144A 9.625% 10/1/21 #		800,000		802,000
Kraft Heinz Foods 3.00% 6/1/26		2,930,000		2,959,403
Kroger
1.209% 10/17/16 ●		420,000		420,077
3.875% 10/15/46		330,000		333,532
Mallinckrodt International Finance 144A 5.50% 4/15/25 #		887,000		847,085


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		455,000	$	467,285
Medtronic 0.919% 2/27/17 ●		1,430,000		1,430,606
Merck
1.161% 5/18/18 ●		680,000		682,896
1.182% 2/10/20 ●		900,000		903,990
Molson Coors Brewing
2.10% 7/15/21		455,000		459,699
3.00% 7/15/26		720,000		726,482
4.20% 7/15/46		2,045,000		2,139,872
Mylan
144A 3.15% 6/15/21 #		765,000		780,195
144A 3.95% 6/15/26 #		3,865,000		3,901,760
New York & Presbyterian Hospital 4.063% 8/1/56		690,000		745,936
PepsiCo 1.019% 10/13/17 ●		950,000		952,489
Pernod Ricard
144A 3.25% 6/8/26 #		1,790,000		1,821,928
144A 4.45% 1/15/22 #		1,940,000		2,142,344
Perrigo Finance Unlimited 3.50% 12/15/21		475,000		491,548
Pfizer 1.15% 6/15/18 ●		754,000		756,538
Post Holdings 144A 5.00% 8/15/26 #		605,000		603,487
Prestige Brands 144A 5.375% 12/15/21 #		277,000		288,080
Reynolds American
3.25% 6/12/20		102,000		107,404
4.00% 6/12/22		1,455,000		1,582,670
4.45% 6/12/25		3,335,000		3,727,563
Shire Acquisitions Investments Ireland
2.40% 9/23/21		1,470,000		1,473,538
2.875% 9/23/23		1,385,000		1,393,846
3.20% 9/23/26		625,000		629,306
Sigma Alimentos 144A 4.125% 5/2/26 #		805,000		809,025
Sysco 3.30% 7/15/26		2,855,000		2,965,643
Tempur Sealy International 144A 5.50% 6/15/26 #		340,000		351,050
Teva Pharmaceutical Finance Netherlands III
2.20% 7/21/21		1,005,000		1,002,344
2.80% 7/21/23		3,660,000		3,675,039
Thermo Fisher Scientific 3.00% 4/15/23		1,980,000		2,030,690
Transurban Finance 144A 3.375% 3/22/27 #		410,000		413,979
Tyson Foods 2.65% 8/15/19		1,500,000		1,539,123


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Universal Health Services 144A 5.00% 6/1/26 #		210,000	$	219,187
Valeant Pharmaceuticals International 4.50% 5/15/23	EUR	4,200,000		3,753,225
Zimmer Biomet Holdings
3.375% 11/30/21		745,000		781,255
4.625% 11/30/19		1,270,000		1,369,987

				101,959,253

Energy – 3.51%
Anadarko Petroleum 5.55% 3/15/26		1,295,000		1,466,079
BG Energy Capital 144A 4.00% 10/15/21 #		600,000		656,749
BP Capital Markets 3.017% 1/16/27		875,000		889,939
Chevron 1.365% 3/3/22 ●		1,575,000		1,543,963
CNOOC Finance 2015 Australia 2.625% 5/5/20		695,000		709,418
CNOOC Nexen Finance 2014 1.625% 4/30/17		1,000,000		1,001,110
Colorado Interstate Gas 144A 4.15% 8/15/26 #		1,015,000		1,008,310
ConocoPhillips
1.717% 5/15/22 ●		1,075,000		1,058,006
4.95% 3/15/26		1,610,000		1,818,139
Devon Energy 1.39% 12/15/16 ●		500,000		499,399
Ecopetrol
5.875% 9/18/23		950,000		1,027,187
7.375% 9/18/43		450,000		474,750
Empresa Nacional del Petroleo 144A 4.75% 12/6/21 #		1,124,000		1,205,761
Energy Transfer Equity 7.50% 10/15/20		475,000		523,687
Energy Transfer Partners
4.75% 1/15/26		1,195,000		1,236,878
6.125% 12/15/45		665,000		696,941
9.70% 3/15/19		694,000		796,670
EnLink Midstream Partners
2.70% 4/1/19		605,000		601,376
4.85% 7/15/26		500,000		504,091
Enterprise Products Operating
3.95% 2/15/27		930,000		976,548
7.034% 1/15/68 ●		200,000		211,358
Exxon Mobil 1.205% 3/6/22 ●		1,125,000		1,118,176
Hess 4.30% 4/1/27		910,000		918,973


			(continues	)		23

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Energy (continued)
Kinder Morgan
2.00% 12/1/17		600,000	$	600,503
7.00% 6/15/17		800,000		828,024
Kinder Morgan Energy Partners
5.00% 10/1/21		620,000		677,219
5.95% 2/15/18		1,000,000		1,051,991
6.85% 2/15/20		2,000,000		2,271,416
9.00% 2/1/19		2,200,000		2,522,802
Murphy Oil USA 6.00% 8/15/23		580,000		612,625
Noble Energy 5.05% 11/15/44		705,000		698,630
Pertamina Persero
144A 4.875% 5/3/22 #		525,000		567,076
144A 5.25% 5/23/21 #		440,000		480,771
144A 5.625% 5/20/43 #		455,000		479,264
Petrobras Global Finance
2.82% 1/15/19 ●		1,400,000		1,375,500
4.875% 3/17/20		470,000		472,350
6.125% 10/6/16		100,000		100,035
6.25% 3/17/24		575,000		560,625
6.75% 1/27/41		300,000		259,050
6.85% 6/5/15		1,700,000		1,446,700
7.25% 3/17/44		600,000		543,000
7.875% 3/15/19		600,000		651,000
8.375% 5/23/21		1,240,000		1,357,800
8.75% 5/23/26		90,000		99,675
Petroleos Mexicanos
3.50% 7/23/20		60,000		60,570
5.75% 3/1/18		800,000		841,600
6.625% 6/15/35		545,000		557,453
144A 6.75% 9/21/47 #		570,000		571,425
Petronas Global Sukuk 144A 2.707% 3/18/20 #		965,000		988,001
Plains All American Pipeline
6.50% 5/1/18		800,000		853,033
8.75% 5/1/19		1,160,000		1,337,999
Regency Energy Partners
5.00% 10/1/22		1,500,000		1,585,145
5.50% 4/15/23		220,000		227,330
5.75% 9/1/20		400,000		434,654
5.875% 3/1/22		965,000		1,065,274
Rio Oil Finance Trust 9.25% 7/6/24		232,026		214,044
Rockies Express Pipeline 144A 6.85% 7/15/18 #		500,000		528,750


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Energy (continued)
Sabine Pass Liquefaction 5.75% 5/15/24		5,500,000	$	5,946,875
Shell International Finance
1.027% 11/15/16 ●		340,000		340,161
1.266% 5/11/20 ●		595,000		595,998
2.875% 5/10/26		655,000		665,623
3.75% 9/12/46		1,714,000		1,696,642
4.00% 5/10/46		580,000		594,894
Sinopec Group Overseas Development 2012 2.75% 5/17/17		500,000		504,269
Sinopec Group Overseas Development 2014 144A 1.75% 4/10/17 #		500,000		501,034
Southwestern Energy 7.50% 2/1/18		1,000,000		1,052,500
Statoil 1.248% 11/8/18 ●		835,000		836,672
Sunoco Logistics Partners Operations 3.90% 7/15/26		965,000		985,974
Targa Resources Partners
144A 5.125% 2/1/25 #		440,000		441,650
144A 5.375% 2/1/27 #		495,000		499,331
Tengizchevroil Finance Co International 144A 4.00% 8/15/26 #		1,000,000		992,000
Transcanada Trust 5.875% 8/15/76 ●		695,000		737,047
Williams Partners
4.875% 5/15/23		1,800,000		1,822,858
7.25% 2/1/17		1,410,000		1,435,897
Woodside Finance
144A 3.65% 3/5/25 #		485,000		489,899
144A 3.70% 9/15/26 #		950,000		956,923
144A 4.60% 5/10/21 #		400,000		427,964
144A 8.75% 3/1/19 #		1,125,000		1,287,719
YPF
144A 8.50% 3/23/21 #		295,000		329,958
144A 8.75% 4/4/24 #		275,000		306,927
144A 31.354% 7/7/20 #●		805,000		942,655

				72,256,312

Finance Companies – 1.89%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #●		820,000		846,650
AerCap Ireland Capital
3.95% 2/1/22		2,315,000		2,378,663
4.625% 10/30/20		1,000,000		1,052,500


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Finance Companies (continued)
Air Lease
3.00% 9/15/23		985,000	$	976,263
3.375% 6/1/21		1,600,000		1,663,744
American Express 7.00% 3/19/18		7,500,000		8,092,800
American Express Credit 1.555% 5/26/20 ●		1,000,000		1,005,421
Aviation Capital Group
144A 2.875% 9/17/18 #		445,000		451,119
144A 4.875% 10/1/25 #		1,045,000		1,135,131
144A 6.75% 4/6/21 #		790,000		929,237
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 # ¿		200,000		234,061
GE Capital International Funding Unlimited 2.342% 11/15/20		251,000		257,951
International Lease Finance
6.25% 5/15/19		200,000		217,250
144A 7.125% 9/1/18 #		100,000		109,375
8.75% 3/15/17		3,300,000		3,398,634
LeasePlan 144A 2.875% 1/22/19 #		1,600,000		1,616,050
Murray Street Investment Trust I 4.647% 3/9/17 f		4,700,000		4,759,267
Nationwide Building Society 144A 4.00% 9/14/26 #		1,855,000		1,850,298
Navient
5.50% 1/15/19		700,000		712,250
7.25% 1/25/22		750,000		767,813
Peachtree Corners Funding Trust 144A 3.976% 2/15/25 #		860,000		867,163
SMBC Aviation Capital Finance 144A 2.65% 7/15/21 #		895,000		897,228
Springleaf Finance
6.90% 12/15/17		300,000		316,125
8.25% 12/15/20		2,500,000		2,750,000
SUAM Finance 144A 4.875% 4/17/24 #		655,000		696,265
Waha Aerospace 3.925% 7/28/20		840,000		873,180

				38,854,438

Insurance – 0.59%
Berkshire Hathaway
2.75% 3/15/23		600,000		624,050
3.125% 3/15/26		1,035,000		1,089,153


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Insurance (continued)
Berkshire Hathaway Finance 2.90% 10/15/20		885,000	$	930,782
Highmark 144A 6.125% 5/15/41 #@		160,000		156,263
Liberty Mutual Group 144A 4.95% 5/1/22 #		320,000		357,514
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		377,879
MetLife Capital Trust X 144A 9.25% 4/8/38 #		1,100,000		1,585,320
Principal Life Global Funding II 144A 3.00% 4/18/26 #		745,000		758,105
Prudential Financial
5.375% 5/15/45 ●		765,000		799,425
5.875% 9/15/42 ●		555,000		612,997
TIAA Asset Management Finance
144A 2.95% 11/1/19 #		1,130,000		1,165,195
144A 4.125% 11/1/24 #		1,460,000		1,541,818
USI 144A 7.75% 1/15/21 #		92,000		93,840
XLIT
4.45% 3/31/25		660,000		671,123
5.50% 3/31/45		900,000		883,595
6.50% 12/29/49 ●		565,000		425,083

				12,072,142

Natural Gas – 0.25%
CenterPoint Energy 5.95% 2/1/17		35,000		35,523
Dominion Gas Holdings 4.60% 12/15/44		675,000		729,843
Florida Gas Transmission 144A 7.90% 5/15/19 #@		320,000		363,205
KeySpan Gas East 144A 2.742% 8/15/26 #		1,065,000		1,079,334
Laclede Group 1.567% 8/15/17 ●		700,000		698,253
Southern Gas Co. Capital
3.25% 6/15/26		670,000		693,719
3.95% 10/1/46		740,000		751,257
Texas Eastern Transmission 144A 6.00% 9/15/17 #@		800,000		831,369

				5,182,503

Real Estate – 1.79%
Alexandria Real Estate Equities 3.95% 1/15/27		320,000		335,491
American Tower 2.25% 1/15/22		225,000		224,819


			(continues	)		25

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Real Estate (continued)
American Tower
2.80% 6/1/20		405,000	$	415,793
4.00% 6/1/25		1,440,000		1,543,055
4.40% 2/15/26		670,000		735,225
5.05% 9/1/20		500,000		553,281
American Tower Trust I 144A 3.07% 3/15/23 #		970,000		1,012,254
AvalonBay Communities 2.95% 5/11/26		1,390,000		1,391,854
CC Holdings GS V 3.849% 4/15/23		450,000		482,012
Corporate Office Properties
3.60% 5/15/23		690,000		690,585
5.25% 2/15/24		670,000		728,651
Crown Castle International 5.25% 1/15/23		1,190,000		1,351,947
CubeSmart 3.125% 9/1/26		930,000		927,850
DDR
7.50% 4/1/17		1,640,000		1,688,293
7.875% 9/1/20		415,000		498,845
Digital Realty Trust 3.40% 10/1/20		2,100,000		2,190,529
Education Realty Operating Partnership 4.60% 12/1/24		950,000		991,843
Equinix 5.375% 4/1/23		1,203,000		1,267,661
GEO Group
5.125% 4/1/23		285,000		243,675
5.875% 10/15/24		285,000		246,525
6.00% 4/15/26		35,000		29,925
Goodman Funding 144A 6.375% 11/12/20 #		5,300,000		6,151,752
HCP 5.375% 2/1/21		2,300,000		2,578,962
Hospitality Properties Trust 4.50% 3/15/25		870,000		888,983
Host Hotels & Resorts
3.75% 10/15/23		1,270,000		1,288,125
4.50% 2/1/26		45,000		47,462
Kite Realty Group 4.00% 10/1/26		330,000		333,298
MGM Growth Properties Operating Partnership 144A 4.50% 9/1/26 #		755,000		758,775
PLA Administradora Industrial 144A 5.25% 11/10/22 #		670,000		685,075
Prologis 4.00% 1/15/18		300,000		307,698
Sovran Acquisition 3.50% 7/1/26		695,000		710,694


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Real Estate (continued)
Trust F/1401 144A 5.25% 1/30/26 #		745,000	$	775,917
UDR
2.95% 9/1/26		525,000		522,220
4.00% 10/1/25		290,000		313,269
Ventas Realty 1.25% 4/17/17		1,000,000		999,705
WEA Finance 144A 3.25% 10/5/20 #		1,800,000		1,877,094
Welltower 2.25% 3/15/18		400,000		403,658
WP Carey 4.60% 4/1/24		695,000		727,374

				36,920,174

Technology – 1.20%
Activision Blizzard 144A 3.40% 9/15/26 #		1,250,000		1,257,934
Apple
1.088% 5/6/19 ●		840,000		843,384
3.85% 8/4/46		1,050,000		1,076,747
CDK Global 4.50% 10/15/24		700,000		700,664
Cisco Systems
1.342% 3/1/19 ●		650,000		654,501
1.85% 9/20/21		950,000		956,368
2.20% 9/20/23		950,000		958,460
Diamond 1 Finance
144A 4.42% 6/15/21 #		300,000		313,862
144A 6.02% 6/15/26 #		2,240,000		2,460,192
Fidelity National Information Services
3.00% 8/15/26		770,000		764,053
5.00% 10/15/25		1,410,000		1,610,816
First Data
144A 5.75% 1/15/24 #		1,380,000		1,423,125
144A 7.00% 12/1/23 #		868,000		920,080
Hewlett Packard Enterprise
144A 2.45% 10/5/17 #		300,000		302,478
144A 2.85% 10/5/18 #		150,000		152,907
Intel 2.45% 7/29/20		200,000		207,058
International Business Machines
1.368% 11/6/21 ●		690,000		691,042
1.625% 5/15/20		440,000		444,739
Microsoft
2.40% 8/8/26		1,240,000		1,242,637
3.45% 8/8/36		1,080,000		1,102,497
NXP 144A 4.625% 6/1/23 #		775,000		849,594
Oracle
1.171% 10/8/19 ●		940,000		948,229
4.00% 7/15/46		965,000		999,752


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Technology (continued)
Quintiles IMS 144A 5.00% 10/15/26 #		200,000	$	208,500
Samsung Electronics America 144A 1.75% 4/10/17 #		745,000		746,766
Symantec 4.20% 9/15/20		2,000,000		2,086,892
Tencent Holdings 144A 3.375% 5/2/19 #		690,000		715,216

				24,638,493

Transportation – 1.16%
Air Canada 2015-1 Class A Pass Through Trust 144A 3.60% 3/15/27 #¿		556,941		577,854
American Airlines 2011-1 Class A Pass Through Trust 5.25% 1/31/21 ¿		355,777		385,129
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ¿		429,294		448,612
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ¿		357,940		367,336
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ¿		239,205		253,856
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ¿		483,812		512,236
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 10/15/28 ¿		1,300,000		1,308,190
AP Moeller - Maersk 144A 2.875% 9/28/20 #@		200,000		203,805
Autoridad del Canal de Panama 144A 4.95% 7/29/35 #		780,000		889,200
Burlington Northern Santa Fe 4.70% 9/1/45		1,915,000		2,257,121
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ¿		623,138		712,715
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821% 8/10/22 ¿		263,701		312,156
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #¿		1,465,171		1,534,674
ERAC USA Finance 144A 3.30% 12/1/26 #		1,655,000		1,706,184


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Transportation (continued)
Kansas City Southern 1.443% 10/28/16 ●		900,000	$	899,995
Latam Airlines 2015-1 Pass Through Trust Class A 4.20% 11/15/27 ¿		483,639		475,176
Norfolk Southern 2.90% 6/15/26		1,180,000		1,212,714
Penske Truck Leasing
144A 3.30% 4/1/21 #		855,000		889,904
144A 3.375% 2/1/22 #		1,570,000		1,634,607
144A 3.75% 5/11/17 #		200,000		202,759
UAL 2009-1 Pass Through Trust 10.40% 11/1/16 ¿		84,075		84,281
UAL 2009-2A Pass Through Trust 9.75% 1/15/17 ¿		333,245		341,389
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		329,955		354,289
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		612,510		645,432
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ¿		555,000		568,237
United Parcel Service 5.125% 4/1/19		2,210,000		2,423,581
United Rentals North America
4.625% 7/15/23		195,000		200,606
5.50% 7/15/25		1,351,000		1,383,086
5.75% 11/15/24		27,000		28,147
5.875% 9/15/26		350,000		362,250
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ¿		557,384		608,246

				23,783,767

Utilities – 4.11%
AES 5.50% 4/15/25		1,940,000		2,007,900
AES Andres 144A 7.95% 5/11/26 #		500,000		534,375
AES Gener
144A 5.00% 7/14/25 #		550,000		572,296
144A 5.25% 8/15/21 #		265,000		281,702
144A 8.375% 12/18/73 #●		476,000		508,130
Ameren 3.65% 2/15/26		635,000		679,194
Ameren Illinois 9.75% 11/15/18		2,110,000		2,463,324


			(continues	)		27

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Utilities (continued)
American Transmission Systems 144A 5.25% 1/15/22 #		2,445,000	$	2,812,356
AmeriGas Partners 5.875% 8/20/26		460,000		488,750
Appalachian Power 4.45% 6/1/45		585,000		641,991
Berkshire Hathaway Energy 3.75% 11/15/23		1,235,000		1,350,263
Black Hills
3.15% 1/15/27		480,000		485,577
3.95% 1/15/26		310,000		332,595
Calpine 144A 5.25% 6/1/26 #		20,000		20,300
5.375% 1/15/23		438,000		438,547
5.50% 2/1/24		699,000		693,757
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		614,442
CMS Energy 6.25% 2/1/20		1,080,000		1,231,602
ComEd Financing III 6.35% 3/15/33 @		680,000		717,845
Commonwealth Edison
3.65% 6/15/46		55,000		56,450
4.35% 11/15/45		965,000		1,106,963
Consumers Energy
3.25% 8/15/46		1,215,000		1,198,881
4.10% 11/15/45		275,000		311,411
Dominion Resources
2.00% 8/15/21		280,000		279,654
2.85% 8/15/26		240,000		239,224
3.90% 10/1/25		1,645,000		1,773,136
DTE Energy
2.85% 10/1/26		950,000		947,957
3.30% 6/15/22		855,000		905,935
Duke Energy
1.625% 8/15/17		1,000,000		1,003,196
1.80% 9/1/21		280,000		278,829
2.65% 9/1/26		205,000		201,595
4.80% 12/15/45		650,000		740,955
Duke Energy Carolinas 3.875% 3/15/46		545,000		577,323
E.ON International Finance 144A 5.80% 4/30/18 #		200,000		212,566
Electricite de France 144A 1.156% 1/20/17 #●		840,000		840,595
Emera 6.75% 6/15/76 ●		1,515,000		1,632,361
Emera US Finance 144A 4.75% 6/15/46 #		1,990,000		2,144,434


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Utilities (continued)
Enel 144A 8.75% 9/24/73 #●		1,405,000	$	1,645,606
Enel Finance International
144A 6.00% 10/7/39 #		550,000		667,356
144A 6.25% 9/15/17 #		900,000		939,890
Entergy
2.95% 9/1/26		195,000		195,726
4.00% 7/15/22		1,070,000		1,162,175
Entergy Arkansas 3.75% 2/15/21		200,000		215,131
Entergy Louisiana
4.05% 9/1/23		1,555,000		1,717,819
4.95% 1/15/45		235,000		250,459
Entergy Mississippi 2.85% 6/1/28		780,000		798,587
Exelon
2.45% 4/15/21		200,000		204,208
3.95% 6/15/25		1,330,000		1,437,149
FirstEnergy 2.75% 3/15/18		1,000,000		1,011,973
Fortis
144A 2.10% 10/4/21 #		325,000		324,192
144A 3.055% 10/4/26 #		2,010,000		2,005,753
Great Plains Energy 4.85% 6/1/21		545,000		597,131
Indiana Michigan Power 4.55% 3/15/46		465,000		525,559
IPALCO Enterprises 5.00% 5/1/18		165,000		172,837
ITC Holdings
3.25% 6/30/26		920,000		935,862
3.65% 6/15/24		70,000		73,733
Jersey Central Power & Light 7.35% 2/1/19		1,000,000		1,115,651
Kansas City Power & Light 3.65% 8/15/25		1,350,000		1,434,961
LG&E & KU Energy
3.75% 11/15/20		165,000		176,174
4.375% 10/1/21		1,555,000		1,716,187
Louisville Gas & Electric 4.375% 10/1/45		275,000		316,003
Majapahit Holding 7.75% 1/20/20		400,000		461,000
Massachusetts Electric 144A 4.004% 8/15/46 #		3,075,000		3,206,124
Metropolitan Edison 144A 4.00% 4/15/25 #		600,000		627,269
MidAmerican Energy 4.25% 5/1/46		1,525,000		1,744,030


	Principal amount°		Value (U.S. $)

Corporate Bonds (continued)

Utilities (continued)
National Rural Utilities Cooperative Finance
2.70% 2/15/23		1,330,000	$	1,385,848
4.75% 4/30/43 ●		1,640,000		1,669,225
5.25% 4/20/46 ●		430,000		465,092
NextEra Energy Capital Holdings
2.40% 9/15/19		1,455,000		1,484,472
2.70% 9/15/19		450,000		461,224
3.625% 6/15/23		330,000		350,671
NV Energy 6.25% 11/15/20		935,000		1,098,280
Pedernales Electric Cooperative 144A 6.202% 11/15/32 #		620,000		766,554
Pennsylvania Electric 5.20% 4/1/20		1,380,000		1,493,114
Perusahaan Listrik Negara 144A 5.50% 11/22/21 #		900,000		1,004,166
Public Service Co. of New Hampshire 3.50% 11/1/23		635,000		679,881
Public Service Co. of Oklahoma 5.15% 12/1/19		1,300,000		1,427,464
Puget Energy 6.50% 12/15/20		3,800,000		4,414,475
SCANA 4.125% 2/1/22		810,000		847,706
South Carolina Electric & Gas 4.10% 6/15/46		815,000		872,033
Southern
2.35% 7/1/21		635,000		647,840
2.75% 6/15/20		1,260,000		1,300,775
2.95% 7/1/23		500,000		517,374
3.25% 7/1/26		1,170,000		1,214,295
4.40% 7/1/46		1,080,000		1,170,249
Southwestern Electric Power 6.45% 1/15/19		690,000		760,429
Southwestern Public Service 3.40% 8/15/46		60,000		59,768
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		960,000		1,025,369
Wisconsin Electric Power 4.30% 12/15/45		555,000		640,412
Xcel Energy 3.30% 6/1/25		1,690,000		1,786,117

				84,547,789

Total Corporate Bonds (cost $903,324,218)				923,470,245


	Principal amount°		Value (U.S. $)

Municipal Bonds – 1.86%

American Municipal Power, Ohio (Combined Hydroelectric Projects)
Series B 8.084% 2/15/50		1,500,000	$	2,491,575
Bay Area, California Toll Authority (Taxable Build America Bonds)
Series S1 6.918% 4/1/40		800,000		1,185,912
Series S1 7.043% 4/1/50		3,000,000		4,831,500
Series S3 6.907% 10/1/50		905,000		1,456,299
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		1,715,000		2,746,367
Series B 5.00% 9/1/26		495,000		642,822
Chicago, Illinois Transit Authority
(Pension Funding) Series A 6.899% 12/1/40		1,800,000		2,392,470
(Retiree Health Care Funding) Series B 6.899% 12/1/40		1,800,000		2,384,604
Clark County Department of Aviation, Nevada Airport Revenue (Build America Bonds)
Series C 6.82% 7/1/45		600,000		935,850
Commonwealth of Massachusetts
Series B 5.00% 7/1/26		180,000		234,493
Series C 5.00% 10/1/25		455,000		586,541
Series D 5.00% 4/1/26		160,000		207,621
Dallas, Texas Area Rapid Transit
Series A 5.00% 12/1/46		775,000		929,349
Los Angeles, California Community College District Revenue (Build America Bond) 6.60% 8/1/42		800,000		1,236,480
Municipal Electric Authority of Georgia Build America Bond (Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		1,800,000		2,419,884


			(continues	)		29

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Municipal Bonds (continued)

New Jersey Transportation Trust Fund Authority (Build America Bond)
Series C 5.754% 12/15/28		1,590,000	$	1,784,791
New Jersey Turnpike Authority (Build America Bonds)
Series A 7.102% 1/1/41		495,000		756,499
Series E 5.00% 1/1/45		765,000		904,911
Series F 7.414% 1/1/40		240,000		377,467
New York City Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) 5.508% 8/1/37		700,000		923,545
New York City, New York
Series C 5.00% 8/1/26		355,000		457,623
Series C 5.00% 8/1/27		200,000		255,826
New York State Urban Development (Build America Bond) 5.77% 3/15/39		800,000		1,035,376
Oregon State Taxable Pension 5.892% 6/1/27		65,000		84,325
Pennsylvania Turnpike Commission
Series B-1 1.82% 12/1/21 ●		750,000		747,345
Port Authority of New York & New Jersey Consolidated Bonds (One Hundred Sixty-Fifth Series) 5.647% 11/1/40		3,300,000		4,377,681
South Carolina Public Service Authority
Series D 4.77% 12/1/45		290,000		331,563
Texas Water Development Board
Series A 5.00% 10/15/45		255,000		310,682
Texas Water Development Board 2016 (State Water Implementation)
Series B 5.00% 10/15/46		665,000		811,367
University of California
Series Y-1 1.027% 7/1/41 ●		500,000		500,105

Total Municipal Bonds (cost $34,248,918)				38,340,873


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities – 4.41%

ABFC Trust
Series 2006-HE1 A2D 0.745% 1/25/37 ●		436,844	$	285,667
Accredited Mortgage Loan Trust
Series 2006-2 A4 0.785% 9/25/36 ●		3,500,000		3,069,803
Series 2007-1 A3 0.655% 2/25/37 ●		1,780,903		1,716,216
AEP Texas Central Transition Funding II
Series 2006-A A4 5.17% 1/1/18		256,560		263,764
American Express Credit Account Master Trust
Series 2013-1 A 0.944% 2/16/21 ●		500,000		501,734
Series 2013-2 A 0.944% 5/17/21 ●		530,000		531,658
Series 2014-1 A 0.894% 12/15/21 ●		1,000,000		1,003,889
American Express Credit Account Secured Note Trust
Series 2012-4 A 0.764% 5/15/20 ●		205,000		205,160
Ameriquest Mortgage Securities Asset-Backed Pass Through Certificates
Series 2005-R5 M2 0.985% 7/25/35 ¿●		1,400,000		1,363,762
Series 2005-R7 M2 1.025% 9/25/35 ¿●		2,000,000		1,861,599
Argent Securities Asset-Backed Pass Through Certificates
Series 2003-W9 M1 1.559% 1/25/34 ¿●		310,840		290,855
Argent Securities Trust
Series 2006-M1 A2C 0.675% 7/25/36 ●		1,396,698		594,702
Series 2006-M1 A2D 0.765% 7/25/36 ●		1,396,698		613,318
Series 2006-W4 A2C 0.685% 5/25/36 ●		723,651		255,559
Avis Budget Rental Car Funding AESOP
Series 2013-1A A 144A 1.92% 9/20/19 #		700,000		699,823
Series 2014-1A A 144A 2.46% 7/20/20 #		665,000		671,744


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Bank of America Credit Card Trust
Series 2014-A2 A 0.794% 9/16/19 ●		1,000,000	$	1,000,800
Series 2014-A3 A 0.814% 1/15/20 ●		1,170,000		1,171,296
Series 2015-A1 A 0.854% 6/15/20 ●		205,000		205,368
Bear Stearns Asset-Backed Securities I Trust
Series 2005-FR1 M2 1.195% 6/25/35 ●		2,000,000		1,783,562
Series 2007-HE2 1A2 0.695% 3/25/37 ●		423,526		448,744
Bear Stearns Asset-Backed Securities Trust
Series 2007-SD1 22A1 2.198% 10/25/36 ●		230,645		166,125
California Republic Auto Receivables Trust
Series 2013-1 A2 144A 1.41% 9/17/18 #		36,574		36,611
Capital One Multi-Asset Execution Trust
Series 2007-A1 A1 0.574% 11/15/19 ●		500,000		500,000
Series 2007-A5 A5 0.564% 7/15/20 ●		100,000		99,910
Centex Home Equity Loan Trust
Series 2002-A AF6 5.54% 1/25/32		1,977		1,972
Chase Issuance Trust
Series 2013-A6 A6 0.944% 7/15/20 ●		500,000		501,914
Series 2013-A9 A 0.944% 11/16/20 ●		400,000		401,653
Series 2014-A5 A5 0.894% 4/15/21 ●		500,000		501,440
Series 2016-A3 A3 1.074% 6/15/23 ●		500,000		500,754
Chesapeake Funding
Series 2014-1A A 144A 0.939% 3/7/26 #●		556,524		555,256
Citibank Credit Card Issuance Trust
Series 2013-A2 A2 0.805% 5/26/20 ●		200,000		200,321
Series 2013-A4 A4 0.945% 7/24/20 ●		500,000		501,947


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Citibank Credit Card Issuance Trust
Series 2013-A7 A7 0.948% 9/10/20 ●		500,000	$	502,299
Series 2014-A9 A9 0.796% 11/23/18 ●		610,000		610,119
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.904% 11/25/36 f		900,000		924,942
Citigroup Mortgage Loan Trust
Series 2007-FS1 1A1 144A 4.595% 10/25/37 #f		2,547,897		2,384,288
CNH Equipment Trust
Series 2016-B A2B 0.924% 10/15/19 ●		195,000		195,235
Countrywide Asset-Backed Certificates
Series 2004-3 2A 0.925% 8/25/34 ●		59,986		55,473
Series 2005-AB2 2A3 1.295% 11/25/35 ●		250,844		249,202
Series 2006-1 AF6 4.872% 7/25/36 ●		664,780		647,435
Series 2006-26 2A4 0.745% 6/25/37 ●		2,000,000		1,641,156
Series 2007-6 2A4 0.835% 9/25/37 ●		1,000,000		506,413
CWABS Asset-Backed Certificates Trust
Series 2005-7 MV3 1.105% 11/25/35 ●		400,000		391,799
Series 2006-11 1AF6 4.679% 9/25/46 ●		406,536		667,692
Series 2006-17 2A2 0.675% 3/25/47 ●		2,493,435		2,317,449
Discover Card Execution Note Trust
Series 2013-A1 A1 0.824% 8/17/20 ●		450,000		450,951
Series 2013-A6 A6 0.974% 4/15/21 ●		300,000		301,355
Series 2014-A1 A1 0.954% 7/15/21 ●		1,940,000		1,948,034
Ford Credit Auto Owner Trust
Series 2016-2 A 144A 2.03% 12/15/27 #		1,080,000		1,089,288


			(continues	)		31

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Ford Credit Floorplan Master Owner Trust A
Series 2014-1 A2 0.924% 2/15/19 ●		750,000	$	750,578
Series 2014-4 A2 0.874% 8/15/19 ●		1,240,000		1,239,311
Golden Credit Card Trust
Series 2014-2A A 144A 0.974% 3/15/21 #●		420,000		419,835
GreatAmerica Leasing Receivables Funding
Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		100,021
GSAMP Trust
Series 2006-FM3 A2D 0.755% 11/25/36 ●		1,202,654		716,596
Series 2007-SEA1 A 144A 0.825% 12/25/36 #@●		1,127,610		1,044,890
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		1,036,800		961,848
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A 2A3 0.765% 4/25/37 ●		1,820,999		1,142,681
HSI Asset Securitization Trust
Series 2006-HE1 2A1 0.575% 10/25/36 ●		35,302		18,797
JPMorgan Mortgage Acquisition Trust
Series 2006-CW2 AV5 0.765% 8/25/36 ●		500,000		417,752
Long Beach Mortgage Loan Trust
Series 2006-1 2A4 0.825% 2/25/36 ●		4,170,933		2,897,666
Series 2006-7 1A 0.68% 8/25/36 ●		4,329,534		2,360,691
Mercedes-Benz Master Owner Trust
Series 2016-AA A 144A 1.104% 5/15/20 #●		915,000		917,841
Merrill Lynch Mortgage Investors Trust
Series 2006-FF1 M2 0.815% 8/25/36 ●		2,000,000		1,947,091
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 0.675% 11/25/36 ●		6,171,694		3,703,424
Series 2007-HE5 A2D 0.865% 3/25/37 ●		4,057,202		2,188,509


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Navistar Financial Dealer Note Master Owner Trust II
Series 2016-1 A 144A 2.146% 9/27/21 #=●		525,000	$	525,000
New Century Home Equity Loan Trust
Series 2005-1 M2 1.245% 3/25/35 ●		409,066		349,243
Nissan Auto Receivables Owner Trust
Series 2016-B A1 0.63% 5/15/17		2,154,996		2,154,996
Option One Mortgage Loan Trust
Series 2005-1 M1 1.305% 2/25/35 ●		2,155,252		1,735,181
Series 2007-4 2A4 0.835% 4/25/37 ●		7,641,344		4,806,747
Penarth Master Issuer
Series 2015-2A A1 144A 0.931% 5/18/19 #●		4,400,000		4,398,416
PFS Financing
Series 2015-AA A 144A 1.144% 4/15/20 #●		250,000		248,060
RAAC Trust
Series 2005-SP2 2A 0.825% 6/25/44 ●		653,753		540,809
RAMP Trust
Series 2006-RZ5 A2 0.705% 8/25/46 ●		341,995		334,308
Series 2007-RZ1 A2 0.685% 2/25/37 ●		788,316		750,806
Rise
Series 2014-1 A 4.75% 2/15/39 @●		2,515,625		2,485,438
Soundview Home Loan Trust
Series 2006-OPT2 A3 0.705% 5/25/36 ●		2,302,832		2,202,692
Series 2006-WF2 A1 0.655% 12/25/36 ●		692,730		670,576
SpringCastle America Funding
Series 2016-AA A 144A 3.05% 4/25/29 #		4,500,000		4,522,500
Structured Asset Investment Loan Trust
Series 2003-BC2 M1 1.905% 4/25/33 ●		18,264		15,461
Structured Asset Securities Corp Mortgage Loan Trust
Series 2006-BC1 A6 0.795% 3/25/36 ●		1,800,000		1,365,457


	Principal amount°		Value (U.S. $)

Non-Agency Asset-Backed Securities (continued)

Trade MAPS 1
Series 2013-1A A 144A 1.218% 12/10/18 #●		500,000	$	499,184
VOLT XLI
Series 2016-NPL1 A1 144A 4.25% 2/26/46 #f		1,926,334		1,943,801
VOLT XLII
Series 2016-NPL2 A1 144A 4.25% 3/26/46 #f		1,961,766		1,986,005
Wells Fargo Dealer Floorplan Master Note Trust
Series 2014-2 A 0.982% 10/20/19 ●		1,000,000		1,000,536

Total Non-Agency Asset-Backed Securities (cost $88,170,263)				90,752,803



Non-Agency Collateralized Mortgage Obligations – 2.38%

Alternative Loan Trust
Series 2004-J1 1A1 6.00% 2/25/34		2,186		2,209
Alternative Loan Trust Resecuritization
Series 2008-2R 3A1 6.00% 8/25/37		1,635,363		1,330,128
ARM Trust
Series 2004-5 3A1 2.901% 4/25/35 ●		816,867		813,198
Series 2005-10 3A31 2.909% 1/25/36 ●		397,716		348,472
Series 2006-2 1A4 3.254% 5/25/36 ●		1,327,502		1,186,652
Banc of America Funding Trust
Series 2005-E 7A1 2.123% 6/20/35 ●		298,792		198,974
Series 2006-I 1A1 2.839% 12/20/36 ●		494,154		496,257
Banc of America Mortgage Trust
Series 2003-D 2A1 3.374% 5/25/33 ●		439,740		441,988
Bank of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		54,908		52,929
Bear Stearns ALT-A Trust
Series 2005-8 21A1 2.987% 10/25/35 ●		2,210,116		1,988,443
Bear Stearns ARM Trust
Series 2003-5 2A1 3.019% 8/25/33 ●		80,156		79,834


	Principal amount°		Value (U.S. $)

Non-Agency Collateralized Mortgage Obligations (continued)

Bear Stearns ARM Trust
Series 2005-2 A2 3.128% 3/25/35 ●		143,543	$	144,642
Series 2005-5 A1 2.58% 8/25/35 ●		1,476,293		1,482,972
Chase Mortgage Finance Trust
Series 2005-A1 3A1 2.677% 12/25/35 ●		177,133		163,083
CHL Mortgage Pass Through Trust
Series 2007-4 1A1 6.00% 5/25/37 ¿		1,561,988		1,319,391
Claris ABS
Series 2011-1 A 0.208% 10/31/60 ●	EUR	3,772,453		4,233,598
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		1,905,247		1,741,734
Series 2007-1 5A14 6.00% 2/25/37		348,612		297,149
Series 2007-3 4A6 0.775% 4/25/37 ●		325,440		266,121
Series 2007-3 4A12 6.225% 4/25/37 @S●		325,440		46,691
Series 2007-3 4A15 5.50% 4/25/37		144,506		137,138
Deutsche Mortgage Securities Re-REMIC Trust Certificates
Series 2005-WF1 1A3 144A 3.056% 6/26/35 #●		169,067		167,783
Eurosail-UK
Series 2007-4X A2A 0.679% 6/13/45 ●	GBP	69,395		89,802
First Horizon Mortgage Pass Through Trust
Series 2005-AR2 2A1 3.035% 6/25/35 ¿●		136,304		129,447
GSR Mortgage Loan Trust
Series 2007-AR1 2A1 2.993% 3/25/47 ●		1,366,999		1,128,332
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 3.059% 10/25/36 ●		812,675		714,966
Series 2006-A7 2A2 2.932% 1/25/37 ●		161,077		143,775
Series 2007-A1 6A1 2.944% 7/25/35 ●		273,221		270,279
Series 2014-2 B1 144A 3.433% 6/25/29 #●		83,270		82,936
Series 2014-2 B2 144A 3.433% 6/25/29 #●		83,270		80,801


			(continues	)		33

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Non-Agency Collateralized Mortgage Obligations (continued)

JPMorgan Mortgage Trust
Series 2015-1 B1 144A 2.66% 12/25/44 #●		656,518	$	649,294
Series 2015-4 B1 144A 3.631% 6/25/45 #●		496,945		483,846
Series 2015-4 B2 144A 3.631% 6/25/45 #●		355,657		339,375
Series 2015-5 B2 144A 2.892% 5/25/45 #●		541,433		508,318
Series 2015-6 B1 144A 3.642% 10/25/45 #●		361,214		365,670
Series 2015-6 B2 144A 3.642% 10/25/45 #●		351,452		349,274
Lehman Mortgage Trust
Series 2007-10 2A2 6.50% 1/25/38		2,236,430		1,693,414
Ludgate Funding
Series 2006-1X A2A 0.575% 12/1/60 ●	GBP	1,921,963		2,284,763
Series 2008-W1X A1 1.123% 1/1/61 ●	GBP	881,811		1,059,818
Mansard Mortgages Parent
Series 2007-1X A2 0.708% 4/15/47 ●	GBP	917,846		1,088,450
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		3,774		4,019
Series 2004-5 6A1 7.00% 6/25/34		54,675		57,352
MASTR ARM Trust
Series 2004-4 4A1 2.922% 5/25/34 ●		122,908		119,654
MASTR Asset Securitization Trust
Series 2003-9 2A7 5.50% 10/25/33		37,710		37,443
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 2.806% 2/25/34 ●		7,938		7,974
Opteum Mortgage Acceptance Trust
Series 2006-1 2A1 5.75% 4/25/36 ●		916,576		922,987
RALI Trust
Series 2004-QS2 CB 5.75% 2/25/34		34,772		35,778
Reperforming Loan REMIC Trust
Series 2006-R1 AF1 144A 0.865% 1/25/36 #●		1,877,715		1,640,391


	Principal amount°		Value (U.S. $)

Non-Agency Collateralized Mortgage Obligations (continued)

RFMSI Trust
Series 2004-S9 1A23 5.50% 12/25/34		2,453,832	$	2,454,861
Series 2004-S9 2A1 4.75% 12/25/19		83,682		83,992
Sequoia Mortgage Trust
Series 2004-5 A3 1.491% 6/20/34 ●		285,976		265,981
Series 2007-1 4A1 3.702% 9/20/46 ●		878,916		708,853
Series 2013-11 B1 144A 3.665% 9/25/43 #●		396,366		402,453
Series 2015-1 B2 144A 3.879% 1/25/45 #●		380,127		379,559
Structured ARM Loan Trust
Series 2005-22 1A4 2.986% 12/25/35 ●		1,816,737		1,477,808
Series 2006-1 7A4 2.886% 2/25/36 ●		820,529		659,915
Structured Asset Mortgage Investments II Trust
Series 2005-AR5 A2 0.781% 7/19/35 ●		576,815		559,015
Structured Asset Securities Trust
Series 2005-6 4A1 5.00% 5/25/35		36,358		36,785
Thrones
Series 2013-1 A 2.023% 7/20/44 ●		GBP 1,673,411		2,179,698
WaMu Mortgage Pass Through Certificates Trust
Series 2005-AR13 A1A1 0.815% 10/25/45 ¿●		4,271,668		4,037,365
Series 2005-AR16 1A3 2.599% 12/25/35 ¿●		698,251		652,865
Series 2007-HY1 3A3 4.172% 2/25/37 ¿●		354,422		328,198
Series 2007-HY7 4A1 4.338% 7/25/37 ¿●		754,367		679,146
Washington Mutual Mortgage Pass Through Certificates Trust
Series 2005-1 5A2 6.00% 3/25/35 ¿		39,198		18,247
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 2.853% 2/25/34 ●		171,898		174,483
Series 2006-2 3A1 5.75% 3/25/36		94,945		96,021


	Principal amount°		Value (U.S. $)

Non-Agency Collateralized Mortgage Obligations (continued)

Wells Fargo Mortgage-Backed Securities Trust
Series 2006-3 A11 5.50% 3/25/36		112,335	$	114,067
Series 2006-6 1A3 5.75% 5/25/36		60,003		59,935
Series 2006-AR5 2A1 3.158% 4/25/36 ●		65,175		61,036
Series 2006-AR11 A6 3.037% 8/25/36 ●		910,920		858,011
Series 2006-AR17 A1 3.003% 10/25/36 ●		560,925		531,279
Series 2007-10 1A36 6.00% 7/25/37		358,885		357,008
WinWater Mortgage Loan Trust
Series 2015-3 B1 144A 3.911% 3/20/45 #●		538,480		555,892

Total Non-Agency Collateralized Mortgage Obligations (cost $51,919,548)				48,960,017



Non-Agency Commercial Mortgage-Backed Securities – 3.92%

BAMLL Commercial Mortgage Securities Trust
Series 2015-ASHF A 144A 1.744% 1/15/28 #●		900,000		900,796
Banc of America Commercial Mortgage Trust
Series 2007-4 AM 6.005% 2/10/51 ●		505,000		520,698
Banc of America Re-REMIC
Series BALL 2009-UB2 A4AA 144A 5.815% 2/24/51 #●		1,498,588		1,508,063
BBCMS Trust
Series 2015-RRI A 144A 1.674% 5/15/32 #●		4,877,359		4,877,309
Series 2015-STP A 144A 3.323% 9/10/28 #		4,500,000		4,643,973
Citigroup Commercial Mortgage Trust 2.941% 10/10/49		760,000		782,773
Series 2014-GC25 A4 3.635% 10/10/47		1,100,000		1,192,223
Series 2015-GC27 A5 3.137% 2/10/48		3,085,000		3,231,977


	Principal amount°		Value (U.S. $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

COMM Mortgage Trust
Series 2014-CR19 A5 3.796% 8/10/47		470,000	$	514,816
Series 2014-CR20 AM 3.938% 11/10/47		2,225,000		2,412,842
Series 2015-CR23 A4 3.497% 5/10/48		1,110,000		1,191,137
CSMC
Series 2010-UD1 A 144A 5.921% 12/16/49 #●		1,473,840		1,483,881
DB-JPM
Series 2016-C1 A4 3.276% 5/10/49		805,000		856,176
Series 2016-C3 A5 2.89% 9/10/49		945,000		974,348
DBUBS Mortgage Trust
Series 2011-LC1A A3 144A 5.002% 11/10/46 #		2,050,000		2,266,497
Series 2011-LC1A C 144A 5.884% 11/10/46 #●		815,000		926,147
German Residential Funding
Series 2013-2 A 0.702% 11/27/24 ●	EUR	2,585,629		2,931,881
GMACM Mortgage Loan Trust
Series 2006-J1 A1 5.75% 4/25/36		71,328		66,418
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		2,200,000		2,342,450
GS Mortgage Securities Corp Trust 2016-RENT Series 144A 3.203% 2/10/29 #		2,300,000		2,404,302
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #●		375,000		409,331
Series 2014-GC24 A5 3.931% 9/10/47		1,800,000		1,988,028
Hilton USA Trust
Series 2013-HLT AFX 144A 2.662% 11/5/30 #		5,040,000		5,039,109
Series 2013-HLT BFX 144A 3.367% 11/5/30 #		2,545,000		2,544,550
Hyatt Hotel Portfolio Trust
Series 2015-HYT A 144A 1.781% 11/15/29 #●		900,000		900,706
JPMBB Commercial Mortgage Securities Trust
Series 2015-C33 A4 3.77% 12/15/48		570,000		624,611


			(continues	)		35

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

JPMDB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,640,000	$	1,725,724
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.678% 8/12/37 ●		230,000		246,833
Series 2005-LDP5 D 5.735% 12/15/44 ●		420,000		418,795
Series 2007-LDPX A3 5.42% 1/15/49		534,762		538,743
Series 2011-C5 C 144A 5.562% 8/15/46 #●		410,000		450,993
Series 2016-ATRM A 144A 2.962% 10/5/28 #		2,700,000		2,734,893
Series 2016-JP2 A4 2.822% 8/15/49		1,000,000		1,024,869
Series 2016-JP3 B 3.397% 8/15/49 ●		300,000		307,533
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		19,004		19,000
Series 2006-C6 AJ 5.452% 9/15/39 ●		920,000		855,554
Series 2006-C6 AM 5.413% 9/15/39		270		270
ML-CFC Commercial Mortgage Trust
Series 2007-7 A4 5.81% 6/12/50 ●		861,558		875,962
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		795,000		873,485
Series 2015-C23 A4 3.719% 7/15/50		1,275,000		1,399,370
Series 2015-C26 A5 3.531% 10/15/48		4,000,000		4,340,123
Series 2015-C27 ASB 3.557% 12/15/47		2,200,000		2,375,764
Series 2016-C29 A4 3.325% 5/15/49		795,000		845,727
Morgan Stanley Capital I Trust
Series 2014-CPT 144A 3.516% 7/13/29 #@●		2,200,000		2,323,851
Series 2015-XLF1 A 144A 1.678% 8/14/31 #●		1,648,922		1,639,942


	Principal amount°		Value (U.S. $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Morgan Stanley Re-REMIC Trust
Series 2009-GG10 A4A 144A 5.988% 8/12/45 #●		3,844,503	$	3,886,099
RFTI
Series 2015-FL1 A 144A 2.274% 8/15/30 #●		2,200,000		2,195,629
Wachovia Bank Commercial Mortgage Trust
Series 2007-C31 A5FL 144A 0.74% 4/15/47 #●		400,000		396,038
Series 2007-C32 A4FL 144A 0.705% 6/15/49 #●		700,000		692,188
Wells Fargo Commercial Mortgage Trust 2.652% 8/15/49		1,220,000		1,239,773
Series 2012-LC5 A3 2.918% 10/15/45		615,000		645,071
Series 2014-LC18 A5 3.405% 12/15/47		275,000		292,806
Series 2015-NXS3 A4 3.617% 9/15/57		740,000		799,394

Total Non-Agency Commercial Mortgage-Backed Securities (cost $79,981,121)				80,679,471



Regional Bonds – 0.63%D

Argentina – 0.06%
City of Buenos Aires Argentina 144A 7.50% 6/1/27 #		1,105,000		1,206,107

				1,206,107

Australia – 0.05%
New South Wales Treasury 4.00% 5/20/26	AUD	404,900		359,215
Queensland Treasury
144A 3.25% 7/21/26 #	AUD	446,000		366,610
144A 3.25% 7/21/28 #	AUD	495,000		404,941

				1,130,766

Canada – 0.17%
Province of British Columbia 2.25% 6/2/26		1,495,000		1,526,697
Province of Manitoba 2.125% 6/22/26		1,255,000		1,258,877
Province of Ontario 3.45% 6/2/45	CAD	551,000		489,308


	Principal amount°		Value (U.S. $)

Regional BondsD (continued)

Canada (continued)
Province of Quebec 6.00% 10/1/29	CAD	155,000	$	168,047

				3,442,929

Germany – 0.10%
State of North Rhine-Westphalia 1.079% 5/3/17 ●		2,000,000		2,002,960

				2,002,960

Japan – 0.08%
Japan Finance Organization For Municipalities 144A 2.125% 4/13/21 #		1,646,000		1,663,291

				1,663,291

Spain – 0.17%
Autonomous Community of Catalonia
4.90% 9/15/21	EUR	1,800,000		2,111,707
4.95% 2/11/20	EUR	1,100,000		1,318,283

				3,429,990

Total Regional Bonds (cost $12,804,246)				12,876,043



Senior Secured Loans – 5.34%«

Accudyne Industries Borrower 1st Lien 4.00% 12/13/19		944,521		885,489
Air Medical Group Holdings Tranche B 1st Lien 4.25% 4/28/22		2,471,116		2,456,908
Albertsons Tranche Tranche B4 1st Lien 4.50% 8/22/21		1,293,694		1,303,073
Allied Universal Holdco Tranche 1st Lien 5.50% 7/28/22		1,355,960		1,361,470
Amaya Holdings 1st Lien 5.00% 8/1/21		1,414,888		1,415,331
American Airlines Tranche B1 1st Lien 3.50% 5/23/19		1,241,751		1,245,438
AMF Bowling Centers Tranche 1st Lien 6.00% 8/17/23		1,070,000		1,069,331
Applied Systems 1st Lien 4.00% 1/23/21		245,309		246,102
Applied Systems 2nd Lien 7.50% 1/23/22 @		1,450,501		1,461,682
Ardagh Group USA Delayed Draw Tranche B 1st Lien 4.00% 12/17/19		518,944		521,052
ATI Holdings Acquisition 1st Lien 5.50% 5/10/23		648,375		652,967


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Avago Technologies Cayman Finance Tranche B3 1st Lien 3.524% 2/1/23		3,673,696	$	3,721,915
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		980,308		986,190
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		221,546		222,100
Blue Ribbon 1st Lien 5.00% 11/13/21		1,219,262		1,227,645
Boyd Gaming Tranche B2 1st Lien 3.525% 8/17/23		410,000		413,280
Builders FirstSource Tranche B 1st Lien 4.75% 7/31/22		2,879,093		2,898,288
BWAY Holding Tranche B 1st Lien 5.50% 8/14/20		460,364		463,193
Caesars Growth Properties Holdings Tranche B 1st Lien 6.25% 5/8/21		776,265		768,502
Calpine Tranche B 1st Lien 4.00% 1/15/23		198,500		199,790
Change Healthcare Holdings 1st Lien 3.75% 11/2/18		502,453		503,772
Charter Communications Operating Tranche H 1st Lien 3.25% 8/24/21		166,165		166,970
Charter Communications Operating Tranche I 1st Lien 3.50% 1/24/23		497,500		501,266
CityCenter Holdings Tranche B 1st Lien 4.25% 10/16/20		461,876		465,436
ColourOZ Investment 2 1st Lien 4.50% 9/7/21		441,513		439,857
CommScope Tranche B 1st Lien 3.75% 12/29/22		595,980		601,005
Communications Sales & Leasing Tranche B 1st Lien 5.00% 10/24/22		315,380		316,839
Community Health Systems Tranche F 1st Lien 4.083% 12/31/18		273,234		272,072
Community Health Systems Tranche G 1st Lien 3.75% 12/31/19		400,208		393,037
Community Health Systems Tranche H 1st Lien 4.00% 1/27/21		649,818		639,177
CSC Holdings 1st Lien 5.00% 10/9/22		653,363		655,813
DaVita Healthcare Partners Tranche B 1st Lien 3.50% 6/24/21		738,013		743,317


			(continues	)		37

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Dell International 4.00% 9/7/23		1,385,000	$	1,394,594
Dynegy Finance IV Tranche 1st Lien 5.00% 6/27/23		760,000		765,858
ESH Hospitality Tranche 1st Lien 3.75% 8/30/23		335,000		337,841
ExamWorks Group 4.75% 7/27/23		945,000		952,235
FCA US Tranche B 1st Lien 3.25% 12/31/18		258,695		259,295
First Data Tranche B 1st Lien
4.275% 7/10/22		918,000		924,566
4.525% 3/24/21		2,448,563		2,466,232
First Eagle Holdings Tranche B 1st Lien 4.838% 12/1/22		952,800		951,609
Flint Group 2nd Lien 8.25% 9/7/22 @		235,000		225,013
Flint Group Tranche C 1st Lien 4.50% 9/7/21		72,987		72,987
Flying Fortress Tranche B 1st Lien 3.588% 4/30/20		1,151,000		1,158,913
FMG Resources August 2006 1st Lien 3.75% 6/30/19		914,406		914,549
Frank Russell 6.75% 6/1/23		2,085,773		2,074,040
Gardner Denver 1st Lien 4.25% 7/30/20		1,594,544		1,548,302
Gates Global 1st Lien 4.25% 7/6/21		1,205,069		1,189,037
Green Energy Partners/ Stonewall Tranche B 1st Lien 6.50% 11/13/21		591,000		577,703
HCA Tranche B6 1st Lien 3.774% 3/17/23		229,845		232,772
HCA Tranche B7 1st Lien 3.588% 2/9/24		360,000		363,343
Hilton Worldwide Finance Tranche B1 1st Lien 3.50% 10/26/20		266,135		267,632
Hilton Worldwide Finance Tranche B2 1st Lien 3.215% 10/25/23		2,720,631		2,743,949
Houghton International 1st Lien 4.25% 12/20/19		110,688		110,411
Huntsman International Tranche B 1st Lien 3.75% 10/1/21		95,303		95,877
Hyperion Insurance Group Tranche B 1st Lien 5.50% 4/29/22		832,325		816,719
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		428,402		424,453


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Immucor Tranche B2 1st Lien 5.00% 8/17/18		1,036,030	$	1,010,938
Ineos US Finance Tranche B 1st Lien
3.75% 12/15/20		972,816		976,464
4.25% 3/31/22		261,023		262,305
inVentiv Health Tranche B 1st Lien 4.75% 9/29/23		945,000		946,919
JC Penney Tranche B 1st Lien 5.25% 6/23/23		1,378,913		1,387,876
Keurig Green Mountain Tranche B 1st Lien 5.25% 3/3/23		1,170,932		1,187,911
KIK Custom Products 1st Lien 6.00% 8/26/22 @		1,573,033		1,575,655
Kinetic Concepts Tranche F1 1st Lien 5.00% 11/4/20		664,612		671,189
KRATON Polymers Tranche B 1st Lien 6.00% 1/6/22		980,000		988,346
Landry’s Tranche B 1st Lien
4.00% 4/24/18		465,976		467,141
4.00% 9/22/23		305,000		306,906
Las Vegas Sands Tranche B 3.25% 12/19/20		198,469		199,798
Level 3 Financing Tranche B 1st Lien 4.00% 1/15/20		655,000		659,503
LTS Buyer 1st Lien 4.088% 4/13/20		10,643		10,661
LTS Buyer 2nd Lien 8.00% 4/1/21		627,238		629,982
MGM Growth Properties Operating Partnership Tranche B 1st Lien 4.00% 4/25/23		1,149,225		1,160,717
Micron Technology Tranche B 1st Lien 6.53% 4/26/22		259,350		262,684
Mohegan Tribal Gaming Authority Tranche B 5.50% 6/15/18		2,035,241		2,034,923
MPH Acquisition Holdings 5.00% 6/7/23		1,057,233		1,071,770
NBTY Tranche B 1st Lien 5.00% 5/5/23		1,722,683		1,732,014
Neiman Marcus Group 1st Lien 4.25% 10/25/20		269,309		249,640
ON Semiconductor Tranche B 1st Lien 5.25% 3/31/23		845,000		851,103
Panda Hummel Tranche B1 1st Lien 7.00% 10/27/22		315,000		299,775
Panda Liberty Tranche B 1st Lien 7.50% 8/21/20		1,124,155		1,104,483


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Petco Animal Supplies 5.00% 1/26/23		1,278,575	$	1,292,072
PQ 1st Lien 5.75% 11/4/22		1,847,370		1,862,380
Prime Security Services Borrower 2nd Lien 9.75% 7/1/22		978,750		996,368
Prime Security Services Borrower Tranche B 1st Lien
4.75% 7/1/21		494,540		500,165
4.75% 5/2/22		1,086,278		1,098,498
Prospect Medical Holdings Tranche B 1st Lien 7.00% 6/30/22		1,085,000		1,076,184
Republic of Angola (Unsecured) 7.175% 12/16/23 @=		1,734,375		1,500,234
Revlon Consumer Products Tranche B 1st Lien 4.25% 7/22/23		405,000		406,591
Reynolds Group Holdings 1st Lien
4.25% 1/21/23		1,605,236		1,612,076
4.25% 2/5/23		165,000		165,703
Rite Aid 2nd Lien 5.75% 8/21/20		365,500		367,042
Sable International Finance Tranche B1 1st Lien 5.588% 12/31/22		1,150,000		1,162,219
Sable International Finance Tranche B2 1st Lien 5.83% 12/31/22		945,000		955,041
SAM Finance Tranche B 1st Lien 4.25% 12/17/20		632,415		633,798
Scientific Games International 1st Lien 6.00% 10/18/20		1,300,646		1,306,221
SFR Group Tranche 1st Lien 4.752% 1/31/23		259,348		261,861
SFR Group Tranche B 1st Lien 5.002% 1/15/24		1,685,775		1,702,107
Sinclair Television Group Tranche B1 1st Lien 3.50% 7/31/21		3,012,967		3,030,541
Solera Holdings Tranche B 1st Lien 5.75% 3/3/23		1,452,700		1,469,269
Spectrum Brands 1st Lien 5.25% 6/23/22		381,404		383,382
Standard Aviation Holdings 1st Lien 5.25% 7/7/22		755,347		758,967
Stardust Finance Holdings 10.50% 3/13/23		340,000		339,008


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Stardust Finance Holdings Tranche B 1st Lien 6.50% 3/13/22 @		1,127,594	$	1,125,127
Station Casinos Tranche B 1st Lien 3.75% 6/8/23		324,188		325,889
Summit Materials Tranche B 1st Lien 4.00% 7/17/22		543,125		545,756
SUPERVALU 1st Lien 5.50% 3/21/19		43,408		43,501
Telenet Financing USD Tranche B 1st Lien 4.357% 6/30/24		265,000		267,733
T-Mobile USA Tranche B 1st Lien 3.50% 11/9/22		2,430,717		2,451,334
TransDigm Tranche E 1st Lien 3.75% 5/14/22		218,728		219,161
TransDigm Tranche F 1st Lien 3.75% 6/9/23		542,447		542,956
TransDigm Tranche F Delayed Draw 1st Lien 3.75% 6/9/23		488,202		488,660
Tribune Media Tranche B 1st Lien 3.75% 12/27/20		543,125		547,986
Univar USA Tranche B 1st Lien 4.25% 7/1/22		175,230		175,522
Univision Communications 1st Lien 4.00% 3/1/20		911,861		914,283
Univision Communications Tranche C4 1st Lien 4.00% 3/1/20		1,438,085		1,441,680
USI Insurance Services Tranche B 1st Lien 4.25% 12/27/19		1,474,162		1,476,466
Valeant Pharmaceuticals International 1st Lien 5.25% 12/11/19		1,334,803		1,338,307
Valeant Pharmaceuticals International Tranche A3 1st Lien 4.28% 10/20/18		443,506		443,616
Western Digital Tranche B 1st Lien 4.50% 4/29/23		817,950		827,919
WideOpenWest Finance Tranche B 1st Lien 4.50% 8/19/23		1,247,805		1,244,003
Windstream Services Tranche B6 1st Lien 5.75% 3/29/21		707,086		709,959
WireCo WorldGroup 1st Lien 6.50% 7/22/23		680,000		683,400
WireCo Worldgroup 2nd Lien 10.00% 7/11/24 @		405,000		407,025


			(continues	)		39

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Senior Secured Loans« (continued)

Zekelman Industries 6.00% 6/14/21		683,288	$	694,391

Total Senior Secured Loans (cost $108,633,536)				109,929,341



Sovereign Bonds – 2.25%D

Argentina – 0.04%
Argentine Republic Government International Bond 144A 7.125% 7/6/36 #		855,000		907,583

				907,583

Australia – 0.02%
Australia Government Bond 3.75% 4/21/37	AUD	352,000		321,998

				321,998

Brazil – 0.21%
Banco Nacional de Desenvol-vimento Economico e Social
144A 6.369% 6/16/18 #		1,500,000		1,582,500
144A 6.50% 6/10/19 #		2,500,000		2,706,250

				4,288,750

Canada – 0.01%
Canadian Government Bond 2.75% 12/1/48	CAD	171,000		166,300

				166,300

Colombia – 0.03%
Colombia Government International Bond
4.50% 1/28/26		400,000		442,500
5.00% 6/15/45		200,000		217,500

				660,000

Croatia – 0.04%
Croatia Government International Bond 144A 6.375% 3/24/21 #		655,000		737,982

				737,982


	Principal amount°		Value (U.S. $)

Sovereign BondsD (continued)

Cyprus – 0.07%
Cyprus Government International Bond 3.875% 5/6/22	EUR	1,200,000	$	1,407,737

				1,407,737

Dominican Republic – 0.08%
Dominican Republic International Bond 144A 6.875% 1/29/26 #		1,345,000		1,560,200

				1,560,200

Ecuador – 0.06%
Ecuador Government International Bond 144A 10.75% 3/28/22 #		1,300,000		1,329,250

				1,329,250

Germany – 0.02%
FMS Wertmanagement AoeR 1.375% 6/8/21		465,000		464,952

				464,952

Guatemala – 0.03%
Guatemala Government Bond 144A 4.50% 5/3/26 #		655,000		685,294

				685,294

Hungary – 0.07%
Hungary Government International Bond 5.75% 11/22/23		1,160,000		1,368,379

				1,368,379

India – 0.07%
Export-Import Bank of India 144A 3.375% 8/5/26 #		1,500,000		1,524,915

				1,524,915

Indonesia – 0.07%
Indonesia Government International Bond 144A 5.125% 1/15/45 #		200,000		228,564
Indonesia Treasury Bond 9.00% 3/15/29	IDR	14,600,000,000		1,279,220

				1,507,784

Jamaica – 0.05%
Jamaica Government International Bond 8.00% 3/15/39		900,000		1,084,500

				1,084,500


	Principal amount°		Value (U.S. $)

Sovereign BondsD (continued)

Mexico – 0.29%
Mexican Bonos
5.75% 3/5/26	MXN	72,182,400	$	3,656,828
8.50% 5/31/29	MXN	19,697,000		1,216,386
Mexico Government International Bond
3.60% 1/30/25		200,000		207,750
4.35% 1/15/47		800,000		788,000

				5,868,964

Mongolia – 0.02%
Mongolia Government International Bond 144A 10.875% 4/6/21 #		430,000		462,255

				462,255

New Zealand – 0.00%
New Zealand Government Bond 4.50% 4/15/27	NZD	69,000		60,710

				60,710

Paraguay – 0.04%
Paraguay Government International Bond 144A 5.00% 4/15/26 #		800,000		868,000

				868,000

Peru – 0.06%
Peruvian Government International Bond 6.95% 8/12/31	PEN	3,855,000		1,241,847

				1,241,847

Poland – 0.12%
Poland Government Bond
2.50% 7/25/26	PLN	8,756,000		2,212,526
3.25% 7/25/25	PLN	1,087,000		293,432

				2,505,958

Portugal – 0.01%
Portugal Government International Bond 144A 5.125% 10/15/24 #		131,000		130,943

				130,943

Qatar – 0.05%
Qatar Government International Bond
144A 3.25% 6/2/26 #		745,000		759,073
144A 4.625% 6/2/46 #		315,000		345,153

				1,104,226


	Principal amount°		Value (U.S. $)

Sovereign BondsD (continued)

Republic of Korea – 0.28%
Export-Import Bank of Korea
4.375% 9/15/21		700,000	$	785,786
5.00% 4/11/22		2,000,000		2,335,794
5.125% 6/29/20		1,500,000		1,684,533
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	1,094,487,607		1,018,843

				5,824,956

Senegal – 0.04%
Senegal Government International Bond 144A 6.25% 7/30/24 #		835,000		868,438

				868,438

Serbia – 0.03%
Republic of Serbia 144A 4.875% 2/25/20 #		665,000		696,534

				696,534

Singapore – 0.03%
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		575,147

				575,147

South Africa – 0.16%
South Africa Government Bond 8.00% 1/31/30	ZAR	29,449,000		1,976,591
South Africa Government International Bond 5.875% 5/30/22		1,085,000		1,227,298

				3,203,889

Sri Lanka – 0.07%
Sri Lanka Government International Bond
144A 6.00% 1/14/19 #		535,000		553,138
144A 6.125% 6/3/25 #		880,000		902,459

				1,455,597

Turkey – 0.05%
Export Credit Bank of Turkey 144A 5.375% 2/8/21 #		910,000		933,205

				933,205

Ukraine – 0.05%
Ukraine Government International Bond 144A 7.75% 9/1/19 #		1,000,000		990,040

				990,040


			(continues	)		41

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (U.S. $)

Sovereign BondsD (continued)

United Kingdom – 0.02%
United Kingdom Gilt
1.75% 9/7/22		GBP 100,000	$	140,441
3.50% 1/22/45		GBP 138,800		262,619

				403,060

Uruguay – 0.06%
Uruguay Government International Bond 5.10% 6/18/50		1,115,000		1,159,600

				1,159,600

Total Sovereign Bonds (cost $45,529,755)				46,368,993



Supranational Banks – 0.61%

Asian Development Bank 0.50% 3/24/20		AUD 420,000		301,581
European Bank for Reconstruction & Development
7.375% 4/15/19		IDR 9,200,000,000		718,034
9.25% 12/2/20		IDR10,980,000,000		927,528
Inter-American Development Bank
0.90% 10/15/20 ��		1,490,000		1,493,728
6.00% 9/5/17		INR 156,600,000		2,337,075
International Bank for Reconstruction & Development
0.601% 4/17/19 ●		440,000		439,047
0.994% 12/16/17 ●		585,000		585,946
2.50% 11/25/24		440,000		464,974
3.50% 1/22/21		NZD 4,774,000		3,607,303
3.75% 2/10/20		NZD 500,000		379,245
4.625% 10/6/21		NZD 380,000		302,852
International Finance
0.924% 1/9/19 ●		600,000		599,770
3.00% 5/6/21		NZD 305,000		225,779
3.625% 5/20/20		NZD 163,000		123,208

Total Supranational Banks (cost $12,142,878)				12,506,070



U.S. Treasury Obligations – 18.18%

U.S. Treasury Bonds
2.25% 8/15/46		700,000		687,340
2.50% 2/15/45		43,900,000		45,378,201
2.50% 2/15/46		6,400,000		6,617,248


	Principal amount°		Value (U.S. $)

U.S. Treasury Obligations (continued)

U.S. Treasury Bonds
2.50% 5/15/46		10,186,000	$	10,542,907
2.75% 8/15/42		900,000		981,088
2.75% 11/15/42		1,400,000		1,524,606
2.875% 5/15/43		2,200,000		2,450,336
2.875% 8/15/45 ¥		16,700,000		18,604,835
3.00% 5/15/42		7,300,000		8,325,278
3.00% 11/15/44		2,500,000		2,851,173
3.00% 5/15/45		14,400,000		16,421,904
3.125% 8/15/44 ¥		9,900,000		11,556,706
4.375% 5/15/40		100,000		139,779
U.S. Treasury Inflation Indexed Bonds
0.125% 4/15/18		1,145,144		1,157,925
0.125% 4/15/19		1,232,400		1,253,737
0.125% 4/15/20 ¥		12,125,798		12,366,010
0.125% 7/15/22		732,522		750,590
0.125% 7/15/24		36,079,888		36,637,286
0.125% 7/15/26		5,140,224		5,199,398
0.25% 1/15/25		10,058,499		10,251,240
0.375% 7/15/25		2,536,925		2,621,432
0.625% 1/15/26		13,601,635		14,312,810
1.75% 1/15/28		32,416,032		37,977,553
2.375% 1/15/25		23,082,013		27,523,938
2.375% 1/15/27		11,789,804		14,471,407
2.50% 1/15/29		12,923,401		16,423,742
3.875% 4/15/29		278,132		401,200
U.S. Treasury Notes
0.75% 4/30/18		3,000,000		3,000,702
0.75% 7/31/18 ¥		5,100,000		5,099,204
0.875% 3/31/18		4,500,000		4,509,667
1.125% 7/31/21		105,000		104,861
1.125% 8/31/21		13,800,000		13,787,608
1.50% 8/15/26		5,600,000		5,545,753
1.625% 5/15/26		10,930,000		10,946,646
2.00% 10/31/21 ¥		1,600,000		1,662,813
2.125% 9/30/21 ¥		20,900,000		21,840,500

Total U.S. Treasury Obligations (cost $364,518,869)				373,927,423


	Number of shares		Value (U.S. $)

Common Stock – 0.00%

Century Communications @=†		1,975,000	$	0

Total Common Stock (cost $59,790)				0



Exchange-Traded Fund – 0.02%

iShares iBoxx $ High Yield Corporate Bond ETF		5,700		497,382

Total Exchange-Traded Fund (cost $477,728)				497,382



Convertible Preferred Stock – 0.10%

Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		203		247,831
Crown Castle International 4.50% exercise price $85.77, expiration date 11/1/16		3,100		350,362
DTE Energy 6.50% exercise price $116.31, expiration date 10/1/19		753		39,156
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		6,250		292,125
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49 @		305		442,244
T-Mobile US 5.50% exercise price $31.02, expiration date 12/15/17		3,927		306,581
Wells Fargo & Co. 7.50% exercise price $156.71, expiration date 12/31/49		366		478,948

Total Convertible Preferred Stock (cost $1,978,114)				2,157,247



Preferred Stock – 0.29%

General Electric 3.19% ●		2,448,000		2,606,386
Integrys Energy Group 6.00% ●		35,650		977,256
PNC Preferred Funding Trust II 144A 2.41% #●		2,000,000		1,915,000
USB Realty 144A 2.44% #●		500,000		450,000

Total Preferred Stock (cost $5,467,188)				5,948,642


	Number of shares		Value (U.S. $)

Options Purchased – 0.01%

Call Swaption – 0.00%
2 yr IRS pay a fixed rate 0.95% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/22/16 (BNP)		5,000,000	$	4,940

				4,940

Put Swaptions – 0.01%
5 yr IRS pay a fixed rate 1.30% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/30/16 (GSC)		900,000		2,486
5 yr IRS pay a fixed rate 1.40% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/22/16 (GSC)		4,900,000		12,358
30 yr IRS pay a fixed rate 2.91% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 8/20/18 (MSC) @		4,400,000		94,542

				109,386

Total Options Purchased (premium paid $462,558)				114,326


	Principal amount°

Short-Term Investments – 1.07%

Discount Notes – 0.53%≠
Federal Home Loan Bank
0.245% 11/25/16		800,000		799,753
0.275% 10/12/16		604,250		604,223
0.28% 10/20/16		592,402		592,352
0.285% 11/10/16		266,986		266,927
0.30% 11/3/16		592,402		592,295
0.31% 11/1/16		7,756,106		7,754,796
0.31% 1/25/17		362,672		362,373

				10,972,719

U.S. Treasury Obligations – 0.54%≠
U.S. Treasury Bills 0.126% 10/6/16		3,336,212		3,336,188


			(continues	)		43

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°			Value (U.S. $)

Short-Term Investments (continued)

U.S. Treasury Obligations≠ (continued)
U.S. Treasury Bills 0.189% 11/3/16		7,756,106			$ 7,754,873
					11,091,061

Total Short-Term Investments (cost $22,062,172)					22,063,780

Total Value of Securities Before Options Written – 117.02% (cost $2,367,568,191)					$2,407,394,197

	Number of contracts

Options Written – 0.00%

Put Swaptions – 0.00%
2 yr IRS pay a fixed rate 1.35% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/22/16 (BNP)		(12,400,000	)		(3,695	)
5 yr IRS pay a fixed rate 1.48% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/30/16 (GSC)		(1,800,000	)		(1,625	)
5 yr IRS pay a fixed rate 1.57% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/22/16 (GSC)		(9,800,000	)		(10,535	)
5 yr IRS pay a fixed rate 2.80% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 8/20/18 (MSC)		(19,500,000	)		(55,673	)

Total Options Written (premium received $463,124)					(71,528	)

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2016, the aggregate value of Rule 144A securities was 397,574,579, which represents 19.33% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

@	Illiquid security. At Sept. 30, 2016, the aggregate value of illiquid securities was $19,152,396, which represents 0.93% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

¿	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.

T	100% of the income received was in the form of cash.

=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2016, the aggregate value of fair valued securities was $2,224,218, which represents 0.11% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

≠	The rate shown is the effective yield at the time of purchase.

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 U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank 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 Sept. 30, 2016.

°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

D	Securities have been classified by country of origin.

S	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.

W	Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.

†	Non-income-producing security.

●	Variable rate security. Each rate shown is as of Sept. 30, 2016. Interest rates reset periodically.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Sept. 30, 2016.

¥	Fully or partially pledged as collateral for future contracts, reverse repurchase agreements and swap contracts.

^	Zero coupon security. The rate shown is the yield at the time of purchase.

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreement, and swap contracts were outstanding at Sept. 30, 2016:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation (Depreciation)
BAML	AUD	(13,323,000	)	USD	10,010,835		10/4/16	$	(185,161	)
BAML	AUD	(2,965,421	)	USD	2,273,440		10/28/16		5,370
BAML	CAD	(2,612,000	)	USD	2,023,418		10/4/16		32,410
BAML	CAD	(1,815,258	)	USD	1,373,707		10/28/16		(10,223	)
BAML	EUR	(33,382,000	)	USD	37,375,487		10/4/16		(131,047	)
BAML	EUR	2,330,201		USD	(2,619,752	)	10/28/16		1,399
BAML	GBP	(7,736,000	)	USD	10,235,114		10/4/16		207,126
BAML	JPY	(2,848,800,000	)	USD	28,400,526		10/4/16		302,796
BAML	JPY	(15,526,257	)	USD	154,861		10/28/16		1,568
BAML	NZD	(3,426,460	)	USD	2,507,621		10/28/16		15,616
BAML	TWD	(69,157,201	)	USD	2,166,578		11/10/16		(49,915	)
BCLY	COP	3,340,995,966		USD	(1,152,429	)	10/28/16		(224	)
BNP	AUD	(1,278,816	)	USD	979,383		10/28/16		1,294
BNP	EUR	28,246,000		USD	(31,692,012	)	10/4/16		43,942
BNP	EUR	(28,246,000	)	USD	31,730,144		11/2/16		(49,934	)
BNP	GBP	7,069,000		USD	(9,196,769	)	10/4/16		(33,396	)
BNP	GBP	(7,736,000	)	USD	10,069,641		11/2/16		35,787
BNP	INR	38,831,774		USD	(582,185	)	10/28/16		(1,361	)
BNP	INR	23,338,266		USD	(344,623	)	11/10/16		3,767
BNP	NOK	1,488,961		USD	(183,329	)	10/28/16		2,938
BNP	THB	(4,239,616	)	USD	121,267		11/10/16		(1,014	)
BNYM	CAD	(4,650	)	USD	3,542		10/3/16		(2	)
CITI	EUR	4,728,000		USD	(5,276,973	)	10/4/16		35,198
CITI	GBP	(811,000	)	USD	1,059,878		11/14/16		7,776
CITI	JPY	2,848,800,000		USD	(28,080,827	)	10/4/16		16,903
CITI	JPY	(2,848,800,000	)	USD	28,114,082		11/2/16		(18,525	)
CITI	KRW	(20,684,936,100	)	USD	18,858,491		11/10/16		88,841
CITI	MXN	(217,214,212	)	USD	11,963,902		10/20/16		788,178
CITI	MYR	(17,102,354	)	USD	4,204,118		11/15/16		65,010
CITI	SGD	(15,642,501	)	USD	11,655,243		11/10/16		181,716
CITI	ZAR	(8,362,301	)	USD	617,709		10/28/16		11,667
DB	MXN	44,147,250		USD	(2,250,000	)	10/20/16		21,387
DB	SGD	6,164,421		USD	(4,537,000	)	11/10/16		(15,494	)
HSBC	GBP	99,517		USD	(129,640	)	10/28/16		(574	)
JPMC	CAD	2,612,000		USD	(1,974,275	)	10/4/16		16,732
JPMC	CAD	(2,612,000	)	USD	1,974,612		11/2/16		(16,815	)
JPMC	EUR	408,000		USD	(457,274	)	10/4/16		1,136
JPMC	GBP	(111,000	)	USD	144,265		11/14/16		267
JPMC	KRW	(1,037,881,750	)	USD	945,032		10/28/16		3,158
JPMC	MXN	261,296,000		USD	(14,246,360	)	10/20/16		(802,618	)
JPMC	PLN	(864,314	)	USD	226,220		10/28/16		343
JPMC	SEK	813,406		USD	(94,856	)	10/28/16		96
TD	EUR	(1,169,399	)	USD	1,313,792		10/28/16		(1,618	)
TD	INR	39,046,199		USD	(585,619	)	10/28/16		(1,588	)
TD	JPY	60,018,033		USD	(599,379	)	10/28/16		(6,809	)


			(continues	)		45

Schedules of investments

Optimum Fixed Income Fund


Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
TD	MXN	(9,157,683	)		USD	469,592		10/28/16	$	(1,114	)
TD	NZD	(2,761,482	)		USD	2,012,712		10/28/16		4,334
TD	ZAR	(15,865,000	)		USD	1,171,017		10/28/16		21,230
UBS	IDR	(31,630,953,285	)		USD	2,440,659		10/28/16		18,494


									$	609,047

Futures Contracts


Contracts to Buy (Sell)	Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
60 90 Day Euro	$	14,845,642		$	14,852,250			6/20/17	$	6,608
(4) 90 Day Euro		(989,605	)		(989,350	)		12/19/17		255
(60) 90 Day Euro		(14,800,358	)		(14,812,500	)		6/18/19		(12,142	)
(39) 90 Day Euro		(9,613,433	)		(9,637,875	)		9/18/18		(24,442	)
(138) 90 Day Euro		(33,974,379	)		(34,041,150	)		12/17/19		(66,771	)
(235) 90 Day Euro		(57,914,207	)		(58,094,938	)		6/19/18		(180,731	)
(542) 90 Day Euro		(133,749,101	)		(134,029,825	)		3/20/18		(280,724	)
(1,002) 90 Day Euro		(246,727,610	)		(247,506,525	)		12/18/18		(778,915	)
(647) 90 Day Euro		(159,009,302	)		(160,100,150	)		9/19/17		(1,090,848	)
(123) 90 Day Sterling		(19,691,650	)		(19,874,500	)		9/21/17		(182,850	)
(915) 90 Day Sterling		(147,137,552	)		(147,846,889	)		6/21/18		(709,337	)
(1,061) 90 Day Sterling		(170,029,451	)		(171,454,949	)		3/22/18		(1,425,498	)
12 Australian 10 yr Bonds		889,128			900,832			12/16/16		11,704
27 Australian 3 yr Bonds		2,028,725			2,036,482			12/16/16		7,757
(43) Euro-Bund		(7,988,277	)		(8,003,981	)		12/9/16		(15,704	)
277 U.S. Treasury 10 yr Notes		36,430,548			36,321,625			12/21/16		(108,923	)
1,765 U.S. Treasury 5 yr Notes		214,476,360			214,475,078			1/2/17		(1,282	)
475 U.S. Treasury Long Bonds		80,021,187			79,874,219			12/21/16		(146,968	)


	$	(652,933,335	)						$	(4,998,811	)

Swap Contracts

CDS Contracts²


Counterparty	Swap Referenced Obligation	Notional Value³		Annual Protection Payments		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)⁴
	Protection Purchased / Moody’s ratings:
ICE	CSFB CDX.NA.HY.27⁵		3,000,000		5.00%		12/20/21	$	(129,090	)	$	(2,366	)
ICE	CSFB CDX.NA.IG.26⁶		10,300,000		1.00%		6/20/21		(117,472	)		(28,624	)


											$	(30,990	)

	Protection Sold / Moody’s ratings:
BAML	Citigroup CDS 6.125% 5/15/18 Baa1		700,000		1.00%		12/20/20		(1,254	)		9,836
	Italy Government
BAML	6.875% 9/27/23 Baa2		9,800,000		1.00%		6/20/21		(154,727	)		(46,788	)


Counterparty	Swap Referenced Obligation	Notional Value³		Annual Protection Payments		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)⁴
BAML	Republic of Colombia LA CDS 10.375% 1/28/33 Baa2 CDS		100,000		1.00%		6/20/21	$	(3,090	)		788
BAML	Volkswagen International 5.375% 5/22/18 A3	EUR	1,800,000		1.00%		12/20/16		(2,045	)		5,236
BNP	Republic of Colombia LA CDS 10.375% 1/28/33 Baa2 CDS		200,000		1.00%		6/20/21		(6,254	)		1,650
DB	CMBX.NA.AAA.8⁷		14,200,000		0.50%		10/17/57		(944,675	)		599,215
DB	Republic of Colombia LA CDS 10.375% 1/28/33 Baa2 CDS		200,000		1.00%		6/20/21		(6,177	)		1,573
GSC	Republic of Colombia LA CDS 10.375% 1/28/33 Baa2 CDS		3,100,000		1.00%		6/20/21		(98,282	)		26,917
JPMC	Mexico LA 5 yr CDS 5.950% 3/19/19 A3		14,300,000		1.00%		12/20/19		87,773			(123,403	)
JPMC	Republic of Colombia LA CDS 10.375% 1/28/33 Baa2 CDS		100,000		1.00%		6/20/21		(3,127	)		825
JPMC	Volkswagen International 5.375% 5/22/18 A3	EUR	2,500,000		1.00%		12/20/17		(27,635	)		50,502


											$	526,351

Interest Rate Swap Contracts⁸


Counterparty	Swap Referenced Obligation	Notional Value³		Fixed Interest Rate Received (Paid)	Variable Interest Rate Received (Paid)	Termination Date	Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)⁴
CME	BAML 10 yr		1,490,000	1.69%	0.85%	4/5/26	$	—		$	(29,316	)
	BAML 2 yr GBP-BBA-
CME	6-month LIBOR	GBP	2,900,000	0.50%	0.53%	3/15/19		(5,587	)		(428	)
	BAML 3 yr USD-BBA-
CME	3-month LIBOR		5,100,000	0.98%	0.85%	4/6/19		—			7,926
	BAML 5 yr USD-BBA-
CME	3-month LIBOR		5,035,000	1.20%	0.85%	4/6/21		—			(7,681	)
	BAML 5 yr USD-BBA-
CME	3-month LIBOR		6,220,000	1.19%	0.85%	8/9/21		—			(2,701	)
	BAML 7 yr USD-BBA-
CME	3-month LIBOR		3,450,000	1.42%	0.85%	4/6/23		—			(26,298	)
	CSFB 2 yr GBP-BBA-
CME	6-month LIBOR	GBP	3,200,000	1.50%	0.71%	12/16/17		(3,459	)		(46,913	)
	CSFB 2 yr USD-BBA-
CME	3-month LIBOR		30,100,000	1.45%	0.85%	6/28/21		—			(58,228	)
	CSFB 30 yr
	USD-BBA- 3-month
CME	LIBOR		24,500,000	2.75%	0.85%	12/16/45		(295,747	)		(5,151,213	)
	CSFB 30 yr
	USD-BBA- 3-month
CME	LIBOR		500,000	2.50%	0.85%	6/15/46		(21,069	)		(60,590	)


			(continues	)		47

Schedules of investments

Optimum Fixed Income Fund


Counterparty	Swap Referenced Obligation	Notional Value³		Fixed Interest Rate Received (Paid)		Variable Interest Rate Received (Paid)		Termination Date		Upfront Payments Paid (Received)			Unrealized Appreciation (Depreciation)⁴
	CSFB 30 yr
	USD-BBA- 3-month
CME	LIBOR		900,000		2.25%		0.85%		12/21/46	$	(72,804	)	$	(16,825	)
	CSFB 4 yr USD-BBA-
CME	3-month LIBOR		1,600,000		2.00%		0.85%		12/16/19		(5,280	)		(41,345	)
	CSFB 5 yr USD-BBA-
CME	3-month LIBOR		2,900,000		2.00%		0.85%		6/15/21		(83,889	)		(26,772	)
	MSC 10 yr USD-BBA-
CME	3-month LIBOR		10,700,000		2.35%		0.78%		8/5/25		—			(832,142	)
	MSC 10 yr USD-BBA-
CME	3-month LIBOR		11,400,000		1.75%		0.85%		12/21/26		(204,995	)		(44,379	)
	CSFB 10 yr
	USD-BBA- 3-month
LCH	LIBOR		7,300,000		2.50%		0.85%		12/16/25		(70,903	)		(619,018	)
	CSFB 10 yr
	USD-BBA- 3-month
LCH	LIBOR		900,000		1.75%		0.85%		12/21/26		(5,595	)		(16,527	)
	CSFB 30 yr
	USD-BBA- 3-month
LCH	LIBOR		31,000,000		2.50%		0.85%		6/15/46		(1,946,955	)		(3,412,908	)
	CSFB 5 yr USD-BBA-
LCH	3-month LIBOR		43,000,000		2.00%		0.85%		12/16/20		143,467			(1,675,628	)
	CSFB 5 yr USD-BBA-
LCH	3-month LIBOR		40,400,000		2.00%		0.85%		6/15/21		(1,232,871	)		(332,101	)
	CSFB 7 yr USD-BBA-
LCH	3-month LIBOR		42,500,000		2.25%		0.85%		12/16/22		345,495			(2,892,820	)


													$	(15,285,907	)

Reverse Repurchase Agreement⁹

Counterparty

Interest
Rate

Trade
Date

Maturity
Date

Face

Value

Repurchase
Price

JPMC - U.S. Treasury Note

0.95%

9/28/16

10/3/16

$(4,906,125)

$(4,906,772)

The type of underlying collateral and the remaining maturity of open reverse repurchase agreement in relation to the reverse repurchase agreement is as follows:

Remaining Contracted Maturity of the Agreement

Reverse Repurchase

Agreement

Up to

30 days

Total

U.S. Treasury Obligation

$(4,906,125)

The use of foreign currency exchange contracts, futures contracts, reverse repurchase agreement, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional values and reverse repurchase agreements 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.

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at Sept. 30, 2016:

Unfunded Commitments


Borrower	Unfunded Amount	Cost	Value	Unrealized Appreciation (Depreciation)
Allied Universal Holdco	$269,040	$266,349	$270,133	$3,784

¹See Note 5 in “Notes to financial statements.”

² 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). 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 daily as unrealized appreciation or depreciation. 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.

³ Notional value shown is stated in U.S. dollars unless noted that the swap is denominated in another currency.

⁴ Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of ($1,300,341).

⁵ Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of one hundred (100) of the most liquid North American entities with high yield credit ratings that trade is in the CDS market.

⁶ Markit’s CDX.NA.IG Index, is composed of one hundred twenty five (125) of the most liquid North American entities with investment grade credit ratings that trade in the CDS market.

⁷ Markit’s CMBX Index or the CMBX.NA Index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality rating are measured on a scale that generally ranges from AAA (highest) to D (lowest). U.S. Agency and U.S. Agency mortgage-backed securities appear under U.S. Government.

⁸ An interest rate swap agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) 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 (losses) on swap contracts.

⁹ See Note 1 in “Notes to financial statements.”

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BBA – LIBOR – British Bankers Association Rate

BCLY – Barclays Bank

BNP – BNP Paribas

BNYM – Bank of New York Mellon

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

CDX.NA.HY – Credit Default Swap Index North America High Yield

CDX.NA.IG – Credit Default Swap Index North America Investment Grade

CITI – Citigroup Global Markets

CLO – Collateralized Loan Obligation

CME – Chicago Mercantile Exchange Inc.

COP – Colombian Peso

CSFB – Credit Suisse First Boston

DB – Deutsche Bank

EUR – European Monetary Unit

GBP – British Pound Sterling

GSC – Goldman Sachs Capital

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

IDR – Indonesian Rupiah

INR – Indian Rupee

IRS – Interest Rate Swaptions

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

LCH – London Clearing House

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone


			(continues	)		49

Schedules of investments

Optimum Fixed Income Fund

Summary of abbreviations: (continued)

NZD – New Zealand Dollar

PEN – Peruvian Nuevo Sol

PHP – Philippine Peso

PIK – Payment-in-Kind

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

SGD – Singapore Dollar

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

THB – Thailand Baht

TWD – Taiwan Dollar

UBS – Union Bank of Switzerland

USD – U.S. Dollar

yr – Year

ZAR – South African Rand

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

Optimum International Fund

September 30, 2016 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 96.37%D

Australia – 2.60%
BHP Billiton ADR *		74,564	$	2,583,643
Cochlear		31,291		3,391,725
OZ Minerals		215,351		1,007,031
Qantas Airways		1,582,213		3,800,182
Resolute Mining		1,283,396		1,911,214
St Barbara †		1,007,190		2,442,944

				15,136,739

Austria – 2.81%
Conwert Immobilien Invest *†		214,634		4,039,783
Erste Group Bank †		166,826		4,940,002
Schoeller-Bleckmann Oilfield Equipment *		51,403		3,406,530
voestalpine		115,270		3,984,996

				16,371,311

Bermuda – 0.91%
Everest Re Group		27,789		5,279,076

				5,279,076

Brazil – 0.58%
Banco Bradesco ADR		374,252		3,394,466

				3,394,466

Canada – 2.17%
Canadian Imperial Bank of Commerce		41,400		3,210,200
Dominion Diamond		96,800		940,737
Magna International Class A		105,944		4,548,013
Rogers Communications Class B *		66,109		2,804,344
Royal Bank of Canada		15,700		972,432
Tourmaline Oil †		6,200		167,955

				12,643,681

China/Hong Kong – 5.49%
Anhui Conch Cement *		1,085,000		2,998,799
BOC Hong Kong Holdings		376,500		1,281,004
BYD Class H *		449,000		2,986,680
China Construction Bank		1,587,000		1,191,898
China Life Insurance Class H		2,357,000		6,175,727
China Telecom		3,326,000		1,696,807
CLP Holdings		889,500		9,212,606
Orient Overseas International		699,500		2,481,706
Shanghai Fosun Pharmaceutical Group Class H		313,000		978,925
Wharf Holdings		269,000		1,973,538
Yue Yuen Industrial Holdings		255,500		1,055,942

				32,033,632


	Number of shares		Value (U.S. $)

Common StockD (continued)

Colombia – 0.63%
Bancolombia ADR		93,797	$	3,661,835

				3,661,835

Czech Republic – 0.42%
Komercni banka		70,244		2,435,924

				2,435,924

Denmark – 1.78%
GN Store Nord		81,635		1,760,401
H. Lundbeck †		136,328		4,477,454
Vestas Wind Systems		50,311		4,155,869

				10,393,724

Finland – 1.13%
Neste		138,457		5,906,020
Orion Class B		17,344		683,764

				6,589,784

France – 4.78%
Atos		27,604		2,971,810
Derichebourg		140,436		445,967
GDF Suez VVPR Strip @=†		8,820		0
Gecina		19,565		3,083,241
Ipsen		20,818		1,462,574
IPSOS		33,336		1,088,923
Metropole Television		38,968		703,084
Peugeot †		286,939		4,381,783
Rexel		39,127		599,362
Safran		56,008		4,028,215
Societe Generale		85,823		2,968,984
Sodexo		40,511		4,825,666
Thales		14,215		1,308,930

				27,868,539

Germany – 4.80%
adidas		15,254		2,653,044
AURELIUS Equity Opportunities		10,157		641,006
Continental		19,871		4,186,845
Deutsche Lufthansa		417,193		4,651,016
Deutsche Post		29,926		936,938
HOCHTIEF		5,523		779,434
Merck		32,946		3,553,717
METRO		44,504		1,324,696
OSRAM Licht		28,147		1,653,535
SAP		8,822		806,793
Suedzucker		23,619		656,860
thyssenkrupp		49,813		1,190,177
TUI		84,474		1,205,237
Vonovia		99,672		3,778,484

				28,017,782


			(continues	)		51

Schedules of investments

Optimum International Fund


	Number of shares		Value (U.S. $)

Common StockD (continued)

India – 2.68%
Bharat Petroleum		261,420	$	2,408,526
ICICI Bank ADR		655,767		4,898,580
Oil & Natural Gas		522,760		2,021,805
Yes Bank		334,248		6,315,903

				15,644,814

Indonesia – 1.48%
Indofood Sukses Makmur		4,608,800		3,082,299
Telekomunikasi Indonesia Persero		16,746,000		5,576,212

				8,658,511

Ireland – 2.19%
Amarin ADR †		135,178		431,218
ICON †		159,720		12,357,536

				12,788,754

Israel – 3.79%
Bank Hapoalim		1,136,250		6,451,810
Bank Leumi Le-Israel †		1,259,694		4,794,178
Plus500		91,064		781,116
Taro Pharmaceutical Industries †		50,633		5,595,453
Teva Pharmaceutical Industries ADR		97,718		4,496,005

				22,118,562

Italy – 1.81%
Enel		588,981		2,624,925
La Doria		45,778		444,623
Prysmian		206,943		5,418,905
Recordati		64,025		2,057,746

				10,546,199

Japan – 13.14%
Adastria		53,400		1,226,858
Astellas Pharma		48,000		749,715
Chubu Electric Power		125,300		1,823,174
Daiichi Sankyo		136,700		3,284,685
Daito Trust Construction		33,200		5,309,994
Daiwa House Industry		224,600		6,164,076
Denso		189,100		7,545,949
Fuji Electric		227,000		1,043,250
Fujitsu		769,000		4,138,471
Gurunavi		56,900		1,565,032
Hitachi		687,000		3,219,685
Konami Holdings		84,200		3,253,516
Lion		162,000		2,624,837
Medipal Holdings		43,600		755,768
Mixi		122,300		4,431,036


	Number of shares		Value (U.S. $)

Common StockD (continued)

Japan (continued)
Nippon Telegraph & Telephone		98,600	$	4,509,569
NTT Data		72,300		3,610,978
Otsuka Holdings		105,900		4,827,205
Secom		74,600		5,570,704
Suzuken		82,300		2,717,589
T-Gaia		78,900		1,129,177
Tokyo Electric Power †		471,700		2,043,361
Yamazaki Baking		209,100		5,141,565

				76,686,194

Mexico – 0.64%
Grupo Financiero Banorte		712,600		3,740,923

				3,740,923

Netherlands – 2.89%
Core Laboratories *		61,312		6,887,177
Delta Lloyd		295,147		1,353,721
Royal Dutch Shell Class A		345,599		8,624,312

				16,865,210

New Zealand – 1.15%
Fisher & Paykel Healthcare		137,547		1,004,085
Spark New Zealand		1,608,376		4,231,482
Xero Private Placement †		104,850		1,477,305

				6,712,872

Norway – 2.37%
DNB		463,529		6,093,900
Norsk Hydro		815,127		3,524,419
Statoil ADR *		250,006		4,200,101

				13,818,420

Peru – 0.60%
Credicorp		23,006		3,501,973

				3,501,973

Republic of Korea – 3.98%
Hyundai Mobis		19,684		4,939,823
Korea Electric Power		80,594		3,947,995
Samsung Electronics		8,844		12,883,607
SK Hynix		39,595		1,453,530

				23,224,955

Russia – 0.16%
Sberbank of Russia ADR @		100,076		939,457

				939,457

Singapore – 1.18%
DBS Group Holdings		407,500		4,623,843
United Industrial *@		1,141,000		2,277,388

				6,901,231


	Number of shares			Value (U.S. $)

Common StockD (continued)

Spain – 2.21%
ACS Actividades De Construccion Y Servicios		123,212		$	3,724,566
Amadeus IT Group		184,143			9,191,122

					12,915,688

Sweden – 1.77%
Boliden		72,945			1,714,547
Electrolux Class B		122,164			3,059,817
Getinge Class B		230,511			4,468,688
Svenska Cellulosa Class B		36,398			1,080,325

					10,323,377

Switzerland – 6.80%
Credit Suisse Group ADR		259,899			3,415,073
dorma+kaba Holding Class B †		1,556			1,153,603
Galenica		4,855			5,162,919
Glencore †		1,028,071			2,815,038
Lonza Group †		36,991			7,080,039
Nestle		36,651			2,894,112
Novartis ADR *		80,284			6,339,225
Roche Holding		27,996			6,956,967
STMicroelectronics		312,876			2,557,090
Swiss Life Holding †		3,076			797,676
Zehnder Group †		11,237			499,760

					39,671,502

Taiwan – 3.28%
Advanced Semiconductor Engineering		3,311,000			3,976,384
AU Optronics		4,201,000	��		1,542,200
Hon Hai Precision Industry		1,974,500			4,996,794
Taiwan Semiconductor Manufacturing		1,464,000			8,605,602

					19,120,980

Thailand – 0.15%
PTT Exploration & Production NVDR		368,500			866,860

					866,860

Turkey – 1.24%
Akbank		2,192,181			5,872,704
Turkiye Halk Bankasi		455,129			1,383,136

					7,255,840

United Kingdom – 11.79%
Aggreko		83,667			1,031,490
Barclays		2,726,703			5,911,552
British American Tobacco		40,185			2,562,842
Compass Group		75,319			1,458,677
Debenhams		1,953,525			1,411,123


	Number of shares		Value (U.S. $)

Common StockD (continued)

United Kingdom (continued)
Diageo		234,455	$	6,715,630
Galliford Try		38,251		656,649
Great Portland Estates		93,186		764,181
HSBC Holdings		685,938		5,156,038
Inchcape		77,185		658,602
Indivior		377,052		1,499,475
Investec		329,179		2,006,597
ITV		1,857,836		4,506,597
Kingfisher		419,430		2,046,426
Land Securities Group		74,437		1,020,066
Legal & General Group		520,920		1,476,300
Metro Bank †		60,572		2,162,798
Mondi		199,760		4,196,958
National Grid		176,813		2,497,100
Persimmon		72,586		1,706,685
Reckitt Benckiser Group		8,523		802,397
Rio Tinto		164,797		5,477,231
Rio Tinto ADR *		107,619		3,594,475
Shire		146,500		9,473,158

				68,793,047

United States – 2.97%
Carnival		132,932		6,489,740
International Game Technology		232,100		5,658,598
Project Star @=†		142		3,481,711
Project Star Series G @=†		47		1,152,397
Valeant Pharmaceuticals International †		22,000		539,792

				17,322,238

Total Common Stock (cost $551,924,876)				562,244,100



Exchange-Traded Funds – 2.27%

iShares MSCI EAFE ETF		172,374		10,192,475

iShares MSCI Emerging Markets ETF		80,491		3,014,388

Total Exchange-Traded Funds (cost $12,676,920)				13,206,863


			(continues	)		53

Schedules of investments

Optimum International Fund


	Principal amount°		Value (U.S. $)


Short-Term Investments – 0.84%

Discount Notes – 0.18%≠
Federal Home Loan Bank
0.275% 10/12/16		73,016		$ 73,013
0.28% 10/20/16		71,584		71,578
0.285% 11/10/16		341,036		340,961
0.30% 11/3/16		71,584		71,571
0.31% 1/25/17		276,820		276,593
0.315% 11/1/16		189,587		189,555

				1,023,271

Repurchase Agreements – 0.63%
Bank of America Merrill Lynch 0.39%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $1,017,219 (collateralized by U.S. government obligations 0.125% 4/15/21; market value $1,037,530)		1,017,186		1,017,186
Bank of Montreal 0.38%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $1,695,364 (collateralized by U.S. government obligations 0.00%–4.625% 11/10/16–2/15/45; market value $1,729,216)		1,695,310		1,695,310
BNP Paribas 0.45%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $983,541 (collateralized by U.S. government obligations 0.00%–1.25% 10/31/17–8/15/40; market value $1,003,174)		983,504		983,504

				3,696,000

U.S. Treasury Obligation – 0.03%≠
U.S. Treasury Bill 0.256% 11/3/16		189,587		189,557

				189,557

Total Short-Term Investments (cost $4,908,700)				4,908,828


			Value (U.S. $)

Total Value of Securities Before Securities Lending Collateral – 99.48% (cost $569,510,496)			$580,359,791


	Number of shares


Securities Lending Collateral – 3.80%**

Separate Account Optimum International Fund		22,201,280	22,201,280

Total Securities Lending Collateral (cost $22,201,280)			22,201,280

Total Value of Securities – 103.28% (cost $591,711,776)			$602,561,071∎


*		Fully or partially on loan.
**		See Note 7 in “Notes to financial statements” for additional information on securities lending collateral and non-cash collateral.
@		Illiquid security. At Sept. 30, 2016, the aggregate value of illiquid securities was $7,850,953, which represents 1.35% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
=		Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2015, the aggregate value of fair valued securities was $4,634,108, which represents 0.79% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
≠		The rate shown is the effective yield at the time of purchase.
∎		Includes $26,210,316 of securities loaned.
°		Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
D		Securities have been classified by country of origin. Aggregate classification by business sectors has been presented on page 4 in “Security type / country and sector allocations.
†		Non-income-producing security.

The following foreign currency exchange contracts were outstanding at Sept. 30, 2016:¹

Foreign Currency Exchange Contracts


Counterparty	Contract to Receive (Deliver)			In Exchange For				Settlement Date		Unrealized Appreciation (Depreciation)

BNYM	EUR	(771,040	)		USD	866,627			10/3/16	$	361
NT	EUR	(527,075	)		HKD	4,592,300			10/4/16		(108	)
NT	SGD	(59,460	)		USD	43,605			10/4/16		2
SSB	EUR	(1,199,247	)		JPY	136,620,453			10/5/16		(208	)
SSB	JPY	136,620,453			USD	(1,347,275	)		10/5/16		266


										$	313

The use of foreign currency exchange contracts involves elements of market risk and risks in excess of the amounts disclosed in the financial statements. The foreign currency exchange contracts 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 5 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – BNY Mellon

EAFE – Europe Australasia Far East

ETF – Exchange-Traded Fund

EUR – European Monetary Unit

HKD - Hong Kong Dollar

JPY – Japanese Yen

NT – Northern Trust

NVDR – Non-Voting Depositor Receipt

SGD – Singapore Dollar

SSB – State Street Bank

USD - U.S. Dollar

VVPR Strip – Dividend Coupon

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


						55

Schedule of investments

Optimum Large Cap Growth Fund

September 30, 2016 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 96.97%²

Consumer Discretionary – 22.15%
Amazon.com †		132,300	$	110,776,113
AutoZone †		11,186		8,594,651
CBS Class B		181,166		9,917,027
Comcast Class A		252,492		16,750,319
Ctrip.com International ADR †		132,596		6,174,996
Delphi Automotive (United Kingdom)		136,929		9,765,776
Dollar Tree †		28,355		2,238,060
Ferrari (Italy) †		93,790		4,864,887
Flipkart Limited @=†		1,530		147,324
Flipkart Limited Series A @=†		522		50,263
Flipkart Limited Series C @=†		921		88,683
Flipkart Limited Series E @=†		1,712		164,848
Flipkart Limited Series G @=†		7,188		692,133
Flipkart Limited Series H @=†		6,977		671,815
Hanesbrands		303,200		7,655,800
Home Depot		86,315		11,107,014
Johnson Controls International		99,591		4,633,969
Las Vegas Sands		126,700		7,290,318
Lowe’s		148,800		10,744,848
Marriott International Class A		83,500		5,622,055
MGM Resorts International †		381,670		9,934,870
Netflix †		73,466		7,240,074
Newell Brands		256,997		13,533,462
Norwegian Cruise Line Holdings †		101,400		3,822,780
O’Reilly Automotive †		9,000		2,520,990
Priceline Group †		23,100		33,991,419
PVH		40,315		4,454,808
Ross Stores		95,300		6,127,790
Royal Caribbean Cruises		15,517		1,162,999
ServiceMaster Global Holdings †		90,943		3,062,960
Signet Jewelers (Bermuda)		64,203		4,785,050
Starbucks		108,300		5,863,362
Tesla Motors †		38,226		7,799,251
Time Warner		18,406		1,465,302
Tractor Supply		88,182		5,939,058
Walt Disney		12,400		1,151,464

				330,806,538

Consumer Staples – 5.00%
Church & Dwight		76,100		3,646,712
Costco Wholesale		42,120		6,423,721
CVS Health		50,100		4,458,399
Molson Coors Brewing Class B		114,477		12,569,575
Mondelez International		131,900		5,790,410


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Consumer Staples (continued)
PepsiCo		130,563	$	14,201,338
Philip Morris International		195,375		18,994,358
Walgreens Boots Alliance		106,500		8,586,030

				74,670,543

Energy – 0.82%
Anadarko Petroleum		86,099		5,455,233
EOG Resources		16,340		1,580,241
Halliburton		70,494		3,163,771
Pioneer Natural Resources		10,800		2,005,020

				12,204,265

Financials – 3.12%
Bank of America		82,302		1,288,026
BlackRock		4,300		1,558,578
Blackstone Mortgage Trust		123,844		3,647,206
Goldman Sachs Group		11,850		1,911,050
Intercontinental Exchange		30,000		8,080,800
Morgan Stanley		519,992		16,670,944
S&P Global		18,012		2,279,599
State Street		78,400		5,458,992
TD Ameritrade Holding		158,072		5,570,457
WeWork Companies @=†		2,473		93,094

				46,558,746

Healthcare – 17.41%
ACADIA Pharmaceuticals †		68,100		2,166,261
Aetna		85,029		9,816,598
Alexion Pharmaceuticals †		58,949		7,223,610
Allergan †		123,341		28,406,666
Amsurg †		23,800		1,595,790
Anthem		38,600		4,836,966
Biogen †		42,750		13,382,033
BioMarin Pharmaceutical †		74,400		6,883,488
Boston Scientific †		212,739		5,063,188
Bristol-Myers Squibb		262,838		14,172,225
Celgene †		127,140		13,289,944
Centene †		74,819		5,009,880
Cigna		39,300		5,121,576
Danaher		189,600		14,862,744
DexCom †		58,550		5,132,493
Edwards Lifesciences †		55,100		6,642,856
Eli Lilly & Co.		77,496		6,219,829
Gilead Sciences		49,751		3,936,299
HCA Holdings †		35,259		2,666,638
Humana		55,374		9,795,107
Illumina †		19,526		3,547,093
Incyte †		35,429		3,340,600
Intuitive Surgical †		16,400		11,887,212


	Number of shares			Value (U.S. $)

Common Stock² (continued)

Healthcare (continued)
McKesson		12,900		$	2,151,075
Medtronic		51,450			4,445,280
STERIS (United Kingdom)		41,900			3,062,890
Stryker		61,900			7,205,779
Thermo Fisher Scientific		83,749			13,321,116
UnitedHealth Group		200,983			28,137,620
Vertex Pharmaceuticals †		134,900			11,764,629
Zoetis		94,000			4,888,940

					259,976,425

Industrials – 7.07%
3M		6,250			1,101,438
American Airlines Group		337,300			12,348,553
Boeing		67,100			8,839,754
Delta Air Lines		79,000			3,109,440
Eaton		25,259			1,659,769
FedEx		26,800			4,681,424
Fortive		98,600			5,018,740
General Electric		123,965			3,671,843
HD Supply Holdings †		191,500			6,124,170
Honeywell International		245,550			28,628,675
IHS Markit (United Kingdom) Class A †		72,198			2,711,035
Illinois Tool Works		12,200			1,462,048
Kansas City Southern		11,700			1,091,844
Lockheed Martin		21,489			5,151,343
Roper Technologies		33,300			6,076,251
Southwest Airlines		73,800			2,870,082
Stericycle †		14,636	��		1,172,929
Union Pacific		38,127			3,718,526
Verisk Analytics Class A †		43,000			3,495,040
Wabtec		31,836			2,599,409

					105,532,313

Information Technology – 37.69%
Activision Blizzard		123,076			5,452,267
Adobe Systems †		71,900			7,804,026
Alibaba Group Holding ADR †		135,885			14,375,274
Alphabet Class A †		34,100			27,418,446
Alphabet Class C †		104,052			80,878,579
Apple		576,256			65,145,741
ASML Holding (Netherlands)		109,327			11,980,053
Broadcom		97,127			16,756,350
comScore †		30,050			921,333
Dropbox Class A @=†		61,727			552,457
Electronic Arts †		115,984			9,905,034
Facebook Class A †		555,629			71,270,532
Fiserv †		47,700			4,744,719
Mastercard Class A		192,000			19,539,840


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Information Technology (continued)
Microsemi †		37,600	$	1,578,448
Microsoft		1,085,729		62,537,990
Mobileye (Israel) †		97,639		4,156,492
NetSuite †		56,183		6,218,896
NXP Semiconductors (Netherlands) †		197,032		20,099,234
Palo Alto Networks †		25,274		4,026,906
PayPal Holdings †		372,629		15,266,610
QUALCOMM		27,122		1,857,857
Sabre		118,200		3,330,876
salesforce.com †		282,321		20,137,957
ServiceNow †		159,743		12,643,658
Tencent Holdings (China) (Hong Kong Exchange)		389,800		10,837,234
VeriSign †		68,843		5,386,276
Visa Class A		570,368		47,169,434
Western Digital		33,885		1,981,256
Yahoo †		207,443		8,940,793
				562,914,568
Materials – 1.08%
Air Products & Chemicals		36,450		5,479,893
Ashland Global Holdings		39,200		4,545,240
Martin Marietta Materials		12,600		2,256,786
Monsanto		17,100		1,747,620
Sherwin-Williams		7,700		2,130,282
				16,159,821
Real Estate – 1.68%
American Tower		113,300		12,840,289
Crown Castle International		98,650		9,293,817
Equinix		8,200		2,954,050
				25,088,156
Telecommunication Services – 0.68%
AT&T		78,110		3,172,047
Level 3 Communications †		37,874		1,756,596
T-Mobile US †		71,200		3,326,464
Zayo Group Holdings †		66,236		1,967,872
				10,222,979
Utilities – 0.27%
Nextera Energy		32,500		3,975,400
				3,975,400

Total Common Stock (cost $1,208,566,746)				1,448,109,754


			(continues	)		57

Schedule of investments

Optimum Large Cap Growth Fund


	Number of shares		Value (U.S. $)

Convertible Preferred Stock – 0.62%

Airbnb Private Placement @=†		36,741	$	3,664,915
LivingSocial Private Placement Series F @=†		14,824		0
Magic Leap @=†		43,435		950,416
Snapchat @=†		37,203		1,085,732
Uber Technologies Series G @=†		34,197		1,584,470
WeWork Companies Series E @=†		22,244		837,358
Xiaoju Kuaizhi (China) @=†		32,416		1,177,211

Total Convertible Preferred Stock (cost $7,754,618)				9,300,102



U.S. Master Limited Partnerships – 0.38%

Blackstone Group		218,350		5,574,475

Total U.S. Master Limited Partnerships (cost $6,858,208)				5,574,475


	Principal amount°

Short-Term Investments – 1.72%

Repurchase Agreements – 1.72%
Bank of America Merrill Lynch 0.39%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $7,073,747 (collateralized by U.S. government obligations 0.125% 4/15/21; market value $7,214,991)		7,073,517		7,073,517
Bank of Montreal 0.38%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $11,789,568 (collateralized by U.S. government obligations 0.00%–4.625% 11/10/16–2/15/45; market value $12,024,978)		11,789,194		11,789,194


	Principal amount°	Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 0.45%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $6,839,545 (collateralized by U.S. government obligations 0.00%–1.25% 10/31/17–8/15/40; market value $6,976,075)	6,839,289		$ 6,839,289
			25,702,000
Total Short-Term Investments (cost $25,702,000)			25,702,000

Total Value of Securities – 99.69% (cost $1,248,881,572)			$1,488,686,331


@		Illiquid security. At Sept. 30, 2016, the aggregate value of illiquid securities was $11,760,719, which represents 0.79% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
²		Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=		Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2015, the aggregate value of fair valued securities was $11,760,719, which represents 0.79% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”
°		Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†		Non-income-producing security.

ADR – American Depositary Receipt

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

Optimum Large Cap Value Fund

September 30, 2016 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 98.20%²

Consumer Discretionary – 8.19%
Advance Auto Parts		16,112	$	2,402,621
Comcast Class A Special		167,722		11,126,677
Delphi Automotive (United Kingdom)		104,787		7,473,409
Hanesbrands		77,210		1,949,553
Harley-Davidson		78,581		4,132,575
Interpublic Group		76,912		1,718,983
Johnson Controls International		402,601		18,733,042
Newell Brands		33,499		1,764,057
Omnicom Group		214,672		18,247,120
Ross Stores		137,775		8,858,933
Target		91,217		6,264,784
Time		7,077		102,475
Time Warner		95,663		7,615,731
TJX		185,697		13,886,422
Walt Disney		20,513		1,904,837
Yum! Brands		61,101		5,548,582

				111,729,801

Consumer Staples – 11.04%
Altria Group		301,162		19,042,473
Archer-Daniels-Midland		164,031		6,917,187
Campbell Soup		154,548		8,453,776
Coty Class A †		136,666		3,211,651
CVS Health		155,033		13,796,387
Danone (France)		69,870		5,188,046
Diageo (United Kingdom)		343,827		9,848,436
General Mills		166,691		10,648,221
JM Smucker		37,376		5,065,943
Kroger		150,954		4,480,315
Mead Johnson Nutrition		1,989		157,151
Nestle (Switzerland)		175,967		13,895,072
Philip Morris International		466,657		45,368,394
Procter & Gamble		49,657		4,456,716

				150,529,768

Energy – 6.56%
Chevron		82,355		8,475,977
Devon Energy		300,709		13,264,274
EOG Resources		93,284		9,021,496
Exxon Mobil		106,775		9,319,322
Marathon Petroleum		323,471		13,129,688
National Oilwell Varco		57,498		2,112,476
Occidental Petroleum		110,056		8,025,283
Oceaneering International		62,299		1,713,845
Schlumberger		122,612		9,642,208


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Energy (continued)
Tesoro		40,734	$	3,240,797
Valero Energy		215,648		11,429,344

				89,374,710

Financials – 25.89%
Affiliated Managers Group †		52,714		7,627,716
American Express		311,893		19,973,628
Ameriprise Financial		75,477		7,530,340
Aon (United Kingdom)		123,398		13,881,041
Bank of New York Mellon		221,568		8,836,132
BB&T		46,336		1,747,794
BlackRock		22,690		8,224,217
CBOE Holdings		194,083		12,586,282
Chubb (Switzerland)		131,949		16,579,392
Citigroup		253,022		11,950,229
Discover Financial Services		222,836		12,601,376
Eaton Vance		307,897		12,023,378
Federated Investors Class B		324,669		9,619,942
Franklin Resources		194,810		6,929,392
Goldman Sachs Group		93,255		15,039,234
JPMorgan Chase & Co.		577,418		38,450,265
MetLife		268,499		11,929,411
Moody’s		158,706		17,184,686
Nasdaq		128,275		8,663,693
PNC Financial Services Group		93,373		8,411,974
Prudential Financial		82,053		6,699,627
S&P Global		150,164		19,004,756
State Street		95,493		6,649,178
Synchrony Financial		442,077		12,378,156
Travelers		152,535		17,472,884
U.S. Bancorp		378,888		16,250,506
Wells Fargo		560,471		24,817,656

				353,062,885

Healthcare – 12.95%
Abbott Laboratories		247,792		10,479,124
AbbVie		239,609		15,112,140
Cigna		34,398		4,482,747
Danaher		120,051		9,410,798
Express Scripts Holding †		72,025		5,079,923
Gilead Sciences		99,438		7,867,535
Johnson & Johnson		267,829		31,638,640
McKesson		29,651		4,944,304
Medtronic (Ireland)		229,552		19,833,293
Merck & Co.		219,518		13,700,118
Mylan †		292,322		11,143,315
Novartis (Switzerland)		28,373		2,239,206
Pfizer		610,769		20,686,746


			(continues	)		59

Schedule of investments

Optimum Large Cap Value Fund


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Healthcare (continued)
Roche Holding (Switzerland)		8,071	$	2,005,632
St. Jude Medical		87,028		6,941,353
Thermo Fisher Scientific		69,111		10,992,796

				176,557,670

Industrials – 12.37%
3M		101,407		17,870,956
Canadian National Railway (Canada)		71,378		4,668,121
Caterpillar		24,361		2,162,526
Deere		27,191		2,320,752
Eaton		131,432		8,636,397
Equifax		14,914		2,007,126
Honeywell International		143,705		16,754,566
Illinois Tool Works		67,539		8,093,874
Ingersoll-Rand		66,448		4,514,477
Lockheed Martin		95,623		22,922,746
Northrop Grumman		38,145		8,161,123
Pentair (United Kingdom)		64,736		4,158,641
Rockwell Collins		152,774		12,884,959
Stanley Black & Decker		39,508		4,858,694
Union Pacific		65,349		6,373,488
United Parcel Service Class B		220,488		24,112,568
United Rentals †		77,873		6,112,252
United Technologies		118,506		12,040,210

				168,653,476

Information Technology – 12.35%
Accenture Class A (Ireland)		291,506		35,613,288
Alliance Data Systems †		31,150		6,682,609
Amdocs		30,791		1,781,259
Analog Devices		29,984		1,932,469
Apple		124,597		14,085,691
Cognizant Technology Solutions Class A †		60,948		2,907,829
Fidelity National Information Services		107,261		8,262,315
Fiserv †		38,445		3,824,124
Harris		118,629		10,867,603
Hewlett Packard Enterprise		655,460		14,911,715
HP		537,921		8,353,913
International Business Machines		37,998		6,035,982
Mastercard Class A		96,656		9,836,681
Oracle		139,557		5,481,799
Texas Instruments		193,780		13,599,480
Western Digital		243,203		14,220,079
Western Union		479,217		9,977,298

				168,374,134


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Materials – 4.67%
Celanese Class A		74,279	$	4,944,010
Crown Holdings †		81,720		4,665,395
EI du Pont de Nemours & Co.		103,621		6,939,498
LyondellBasell Industries Class A		178,508		14,398,455
Monsanto		32,762		3,348,276
NewMarket		28,753		12,344,238
PPG Industries		164,361		16,988,353
				63,628,225
Real Estate – 1.04%
CBRE Group Class A †		505,573		14,145,932
				14,145,932
Telecommunication Services – 1.11%
Verizon Communications		258,615		13,442,808
Vodafone Group (United Kingdom)		608,093		1,743,966
				15,186,774
Utilities – 2.03%
AES		1,472,392		18,920,237
Duke Energy		85,939		6,878,558
Xcel Energy		46,390		1,908,485
				27,707,280

Total Common Stock (cost $1,062,904,797)				1,338,950,655

	Principal amount°

Short-Term Investments – 1.55%

Discount Notes – 0.49%≠
Federal Home Loan Bank
0.275% 10/12/16		1,768,156		1,768,076
0.28% 10/20/16		1,733,486		1,733,338
0.285% 11/10/16		450,453		450,353
0.30% 11/3/16		1,733,486		1,733,172
0.31% 1/25/17		398,162		397,834
0.315% 11/1/16		632,698		632,591
				6,715,364


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements – 0.79%
Bank of America Merrill Lynch 0.39%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $2,956,981 (collateralized by U.S. government obligations 0.125% 4/15/21; market value $3,016,025)		2,956,885	$	2,956,885
Bank of Montreal 0.38%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $4,928,298 (collateralized by U.S. government obligations 0.00%–4.625% 11/10/16–2/15/45; market value $5,026,705)		4,928,142		4,928,142
BNP Paribas 0.45%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $2,859,080 (collateralized by U.S. government obligations 0.00%–1.25% 10/31/17–8/15/40; market value $2,916,152)		2,858,973		2,858,973
				10,744,000
U.S. Treasury Obligations – 0.27%≠
U.S. Treasury Bills
0.23% 10/6/16		3,076,665		3,076,643
0.256% 11/3/16		632,698		632,597
				3,709,240

Total Short-Term Investments (cost $21,167,962)				21,168,604
Total Value of Securities – 99.75% (cost $1,084,072,759)			$	1,360,119,259


²		Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
≠		The rate shown is the effective yield at the time of purchase.
°		Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†		Non-income-producing security.

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


			(continues	)		61

Schedules of investments

Optimum Small-Mid Cap Growth Fund

September 30, 2016 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 95.71²

Consumer Discretionary – 13.72%
At Home Group †		47,995	$	727,124
BorgWarner		30,200		1,062,436
Burlington Stores †		64,548		5,229,679
Chico’s FAS		103,588		1,232,697
Dave & Buster’s Entertainment †		24,600		963,828
Del Taco Restaurants †		113,590		1,353,993
Dick’s Sporting Goods		39,964		2,266,758
Domino’s Pizza		14,800		2,247,380
Extended Stay America		126,803		1,800,603
Five Below †		30,900		1,244,961
Gentherm †		64,183		2,016,630
Houghton Mifflin Harcourt †		117,051		1,569,654
IMAX (Canada) †		126,245		3,657,318
iRobot †		24,700		1,086,306
Jack in the Box		11,200		1,074,528
Kate Spade †		80,839		1,384,772
Lions Gate Entertainment		76,985		1,538,930
Mattel		166,500		5,041,620
Media General †		50,031		922,071
Monro Muffler Brake		24,520		1,499,888
Panera Bread Class A †		11,100		2,161,392
Party City Holdco †		115,190		1,972,053
Sportsman’s Warehouse Holdings †		90,771		954,911
Tempur Sealy International †		18,922		1,073,634
Tenneco †		80,000		4,661,600
Tower International		40,610		978,701
Ulta Salon Cosmetics & Fragrance †		15,400		3,664,892
Vail Resorts		25,800		4,047,504
William Lyon Homes Class A †		63,279		1,173,827
Zoe’s Kitchen †		56,934		1,263,365

				59,873,055

Consumer Staples – 1.78%
Amplify Snack Brands †		63,146		1,022,965
Blue Buffalo Pet Products †		50,300		1,195,128
Central Garden & Pet Class A †		84,079		2,085,159
Inter Parfums		45,100		1,455,377
TreeHouse Foods †		12,300		1,072,437
WhiteWave Foods †		17,289		941,041

				7,772,107

Energy – 3.81%
Diamondback Energy †		53,018		5,118,358
GasLog (Monaco)		81,548		1,186,523
Newfield Exploration †		80,500		3,498,530


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Energy (continued)
Parsley Energy Class A †		98,500	$	3,300,735
PDC Energy †		23,824		1,597,637
QEP Resources		97,573		1,905,601

				16,607,384

Financials – 5.21%
Argo Group International Holdings (Bermuda)		47,478		2,678,709
Banc of California		110,847		1,935,389
Essent Group †		111,241		2,960,123
Evercore Partners Class A		49,702		2,560,150
First Republic Bank		39,700		3,061,267
ServisFirst Bancshares		28,269		1,467,444
Signature Bank †		12,909		1,529,071
Stifel Financial †		44,037		1,693,222
SVB Financial Group †		20,390		2,253,910
Virtu Financial Class A		81,068		1,213,588
Virtus Investment Partners		14,308		1,400,181

				22,753,054

Healthcare – 25.67%
Accuray †		208,384		1,327,406
Adeptus Health Class A †		33,180		1,428,399
Agilent Technologies		70,500		3,319,845
Alder Biopharmaceuticals †		30,489		999,125
Align Technology †		57,911		5,429,156
Alnylam Pharmaceuticals †		16,141		1,094,037
AMN Healthcare Services †		75,741		2,413,866
Analogic		20,141		1,784,493
AtriCure †		101,864		1,611,488
Capital Senior Living †		90,463		1,519,778
Cempra †		35,716		864,327
Cepheid †		38,757		2,042,106
Cerus †		298,941		1,856,424
Coherus Biosciences †		58,255		1,560,069
Cooper		11,900		2,133,194
Cotiviti Holdings †		27,651		927,138
Cynosure Class A †		42,580		2,169,025
DexCom †		67,362		5,904,953
Ensign Group		78,167		1,573,502
Evolent Health Class A †		95,293		2,346,114
Flexion Therapeutics †		63,356		1,237,976
HealthEquity †		68,364		2,587,577
HealthSouth		52,900		2,146,153
ICON (Ireland) †		41,230		3,189,965
IDEXX Laboratories †		79,200		8,928,216
Inogen †		37,025		2,217,798
Insulet †		30,500		1,248,670
Intercept Pharmaceuticals †		8,400		1,382,556


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Healthcare (continued)
Intra-Cellular Therapies †		23,600	$	359,664
Intrexon †		27,660		775,033
K2M Group Holdings †		157,838		2,806,360
Laboratory Corp of America Holdings †		28,300		3,890,684
Lexicon Pharmaceuticals †		55,900		1,010,113
LifePoint Health †		20,213		1,197,216
Medidata Solutions †		25,351		1,413,572
Mettler-Toledo International †		4,300		1,805,269
Neurocrine Biosciences †		13,800		698,832
Nevro †		79,490		8,297,961
Novocure (United Kingdom) †		82,869		707,701
NuVasive †		54,900		3,659,634
Pacific Biosciences of California †		86,779		777,540
Pacira Pharmaceuticals †		31,947		1,093,226
Portola Pharmaceuticals †		39,201		890,255
Radius Health †		15,724		850,511
Spectranetics †		116,857		2,931,942
Surgery Partners †		99,807		2,020,094
Teladoc †		58,074		1,063,335
TESARO †		9,754		977,741
Ultragenyx Pharmaceutical †		14,700		1,042,818
Vocera Communications †		93,900		1,586,910
WellCare Health Plans †		42,400		4,964,616
Wright Medical Group (Netherlands) †		77,925		1,911,500

				111,975,883

Industrials – 13.75%
Allegion (Ireland)		66,300		4,568,733
AO Smith		24,709		2,441,002
Apogee Enterprises		54,714		2,445,169
Chicago Bridge & Iron (Netherlands)		43,964		1,232,311
Copart †		57,582		3,084,092
Dycom Industries †		20,800		1,701,024
EnPro Industries		27,132		1,541,640
Fortune Brands Home & Security		56,800		3,300,080
Genesee & Wyoming †		29,488		2,033,198
Granite Construction		43,156		2,146,579
HD Supply Holdings †		75,500		2,414,490
Hub Group Class A †		51,903		2,115,566
Kansas City Southern		33,000		3,079,560
KAR Auction Services		42,009		1,813,108
Masco		120,900		4,148,079
Masonite International †		21,742		1,351,700
Mercury Systems †		49,900		1,226,043


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Industrials (continued)
Middleby †		35,400	$	4,376,148
NCI Building Systems †		120,784		1,762,239
On Assignment †		61,537		2,233,178
PGT †		152,768		1,630,034
RPX †		75,821		810,526
SPX †		53,375		1,074,973
Swift Transportation †		78,272		1,680,500
TransUnion †		66,900		2,308,050
Wabash National †		129,201		1,839,822
West		73,884		1,631,359

				59,989,203

Information Technology – 29.42%
2U †		67,726		2,593,229
Acxiom †		105,309		2,806,485
Applied Micro Circuits †		176,319		1,225,417
Benefitfocus †		47,044		1,877,996
Cadence Design Systems †		108,044		2,758,363
Ciena †		93,058		2,028,664
Coherent †		18,300		2,022,882
CommScope Holding †		138,700		4,176,257
CommVault Systems †		20,300		1,078,539
Cornerstone OnDemand †		60,165		2,764,582
CyberArk Software (Israel) †		43,679		2,165,168
Cypress Semiconductor		197,168		2,397,563
Dolby Laboratories Class A		65,177		3,538,459
Five9 †		146,504		2,297,183
FormFactor †		193,624		2,100,820
GrubHub †		25,500		1,096,245
Hortonworks †		100,862		842,198
Integrated Device Technology †		42,600		984,060
MAXIMUS		34,939		1,976,150
Micron Technology †		307,600		5,469,128
Microsemi †		70,329		2,952,411
Mimecast †		34,051		651,396
MKS Instruments		23,200		1,153,736
Mobileye (Israel) †		178,100		7,581,717
Nanometrics †		60,815		1,358,607
Nuance Communications †		171,414		2,485,503
Nutanix Class A †		1,958		72,446
NVIDIA		47,900		3,282,108
OSI Systems †		28,576		1,868,299
Pandora Media †		96,343		1,380,595
Proofpoint †		18,600		1,392,210
PTC †		72,142		3,196,612
Pure Storage Class A †		36,123		489,467
RealPage †		102,366		2,630,806


			(continues	)		63

Schedules of investments

Optimum Small-Mid Cap Growth Fund


	Number of shares		Value (U.S. $)

Common Stock² (continued)

Information Technology (continued)
RingCentral Class A †		147,800	$	3,496,948
Rubicon Project †		109,427		906,056
SecureWorks Class A †		45,820		573,208
ServiceNow †		71,100		5,627,565
Shopify (Canada) Class A †		70,668		3,033,071
Silicon Motion Technology ADR		27,744		1,436,862
Square Class A †		136,958		1,596,930
SS&C Technologies Holdings		126,620		4,070,833
Stamps.com †		42,000		3,969,420
Synchronoss Technologies †		34,447		1,418,527
Take-Two Interactive Software †		35,300		1,591,324
Talend ADR †		28,878		755,448
Teradyne		125,544		2,709,240
Trimble Navigation †		126,100		3,601,416
Tyler Technologies †		13,275		2,273,078
Ultimate Software Group †		7,971		1,629,193
Universal Display †		51,900		2,880,969
Vantiv Class A †		70,556		3,970,186
Western Union		101,300		2,109,066
Zendesk †		130,256		4,000,162

				128,344,803

Materials – 1.82%
Albemarle		20,900		1,786,741
Boise Cascade †		86,733		2,203,018
Headwaters †		61,200		1,035,504
Steel Dynamics		78,464		1,960,815
US Concrete †		20,800		958,152

				7,944,230

Real Estate – 0.53%
QTS Realty Trust		43,961		2,323,339

				2,323,339

Total Common Stock (cost $374,509,066)				417,583,058



Convertible Preferred Stock – 1.48%

Cloudera@=†		30,243		675,024
DocuSign
Series B @=†		1,166		22,702
Series B-1 @=†		349		6,795
Series C @=†		4,474		87,109
Series D @=†		838		16,316
Series E @=†		21,664		421,798


	Number of shares		Value (U.S. $)

Convertible Preferred Stock (continued)

DraftKings
Series D @=†		56,648	$	182,973
Series D-1 @=†		50,706		163,780
Honest@=†		15,249		661,197
MarkLogic@=†		83,588		1,162,709
Nutanix@=†		40,185		1,338,161
Veracode Series 8@=†		30,584		664,590
Zuora@=†		209,844		1,045,023

Total Convertible Preferred Stock (cost $5,103,829)				6,448,177


	Principal amount°

Short-Term Investments – 2.81%

Discount Notes – 0.73%≠
Federal Home Loan Bank
0.275% 10/12/16		466,125		466,104
0.28% 10/20/16		456,985		456,946
0.285% 11/10/16		310,526		310,457
0.30% 11/3/16		456,985		456,903
0.31% 1/25/17		382,276		381,961
0.315% 11/1/16		1,134,685		1,134,493

				3,206,864


Repurchase Agreements – 1.48%
Bank of America Merrill Lynch 0.39%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $1,772,152 (collateralized by U.S. government obligations 0.125% 4/15/21; market value $1,807,537)		1,772,094		1,772,094
Bank of Montreal 0.38%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $2,953,584 (collateralized by U.S. government obligations 0.00%–4.625% 11/10/16–2/15/45; market value $3,012,561)		2,953,491		2,953,491


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 0.45%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $1,713,479 (collateralized by U.S. government obligations 0.00%–2.625% 10/31/17–8/15/40; market value $1,747,683)		1,713,415	$	1,713,415

				6,439,000

U.S. Treasury Obligations – 0.60%≠
U.S. Treasury Bills
0.23% 10/6/16		1,464,912		1,464,902
0.256% 11/3/16		1,134,685		1,134,504

				2,599,406

Total Short-Term Investments (cost $12,244,845)				12,245,270


Total Value of Securities – 100.00% (cost $391,857,740)			$	436,276,505

Illiquid security. At Sept. 30, 2016, the aggregate value of illiquid securities was $6,448,177, which represents 1.48% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

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

Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2016, the aggregate value of fair valued securities was $6,448,177, which represents 1.48% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

≠

The rate shown is the effective yield at the time of purchase.

Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†

Non-income-producing security.

ADR – American Depositary Receipt

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


			(continues	)		65

Schedules of investments

Optimum Small-Mid Cap Value Fund

September 30, 2016 (Unaudited)


	Number of shares		Value (U.S. $)

Common Stock – 99.20%

Consumer Discretionary – 12.18%
AMC Networks Class A †		32,800	$	1,701,008
American Eagle Outfitters		62,200		1,110,892
Bed Bath & Beyond		23,600		1,017,396
Bloomin’ Brands		72,500		1,249,900
Brinker International		40,700		2,052,501
Cable One		8,902		5,198,768
Carriage Services		36,100		853,765
Children’s Place		10,400		830,648
ClubCorp Holdings		152,755		2,210,365
Columbia Sportswear		5,900		334,766
Cooper-Standard Holding †		17,300		1,709,240
Goodyear Tire & Rubber		56,700		1,831,410
Hanesbrands		90,200		2,277,550
Harley-Davidson		38,300		2,014,197
Haverty Furniture		43,900		879,756
Helen of Troy †		42,160		3,632,927
KB Home		50,600		815,672
Kohl’s		30,200		1,321,250
Lear		14,200		1,721,324
Lions Gate Entertainment		100,611		2,011,214
Marcus		64,800		1,622,592
Marriott Vacations Worldwide		14,500		1,063,140
Murphy USA †		16,500		1,177,440
Penske Automotive Group		18,500		891,330
Scripps Networks Interactive Class A		12,800		812,672
Shoe Carnival		40,700		1,085,062
Sonic Automotive Class A		76,300		1,434,440
Tenneco †		26,400		1,538,328
Time		239,750		3,471,580
Unifi †		40,900		1,203,687
Wyndham Worldwide		27,200		1,831,376

				50,906,196

Consumer Staples – 4.68%
Dean Foods		87,300		1,431,720
Edgewell Personal Care †		23,800		1,892,576
Energizer Holdings		85,124		4,252,795
Flowers Foods		103,800		1,569,456
Ingles Markets Class A		35,400		1,399,716
J&J Snack Foods @		24,524		2,921,299
Pilgrim’s Pride		59,400		1,254,528
Sanderson Farms		17,400		1,676,142
SUPERVALU †		124,600		621,754
Universal		33,100		1,927,082
Whole Foods Market		21,200		601,020

				19,548,088


	Number of shares		Value (U.S. $)

Common Stock (continued)

Energy – 4.43%
Ardmore Shipping (Ireland)		95,000	$	668,800
Bristow Group		39,700		556,594
Diamond Offshore Drilling		42,600		750,186
Diamondback Energy †		44,542		4,300,085
HollyFrontier		70,400		1,724,800
Parsley Energy Class A †		72,600		2,432,826
REX American Resources †		6,524		552,974
Rowan		54,795		830,692
RSP Permian †		113,000		4,382,140
Tesoro		21,600		1,718,496
Western Refining		22,100		584,766

				18,502,359

Financials – 20.21%
American Financial Group		30,900		2,317,500
Annaly Capital Management		139,300		1,462,650
Apollo Commercial Real Estate Finance		77,600		1,270,312
Ares Capital		56,000		868,000
Aspen Insurance Holdings (Bermuda)		37,600		1,751,784
Assurant		18,600		1,715,850
Assured Guaranty (Bermuda)		34,400		954,600
Banc of California		121,100		2,114,406
Blackstone Mortgage Trust		41,500		1,222,175
Central Pacific Financial		47,900		1,206,601
Chemical Financial		66,126		2,918,140
CIT Group		30,800		1,118,040
CNA Financial		60,200		2,071,482
CNO Financial Group		127,400		1,945,398
Cousins Properties		189,900		1,982,556
Endurance Specialty Holdings (Bermuda)		29,300		1,917,685
Everest Re Group (Bermuda)		12,200		2,317,634
First Busey		45,200		1,021,520
Great Western Bancorp		59,900		1,995,868
Hancock Holding		46,300		1,501,509
Hanmi Financial		47,900		1,261,686
Hanover Insurance Group		18,800		1,417,896
Heritage Insurance Holdings		12,100		174,361
Home BancShares		192,900		4,014,249
Huntington Bancshares		215,900		2,128,774
International Bancshares		47,300		1,408,594
MGIC Investment †		107,200		857,600
New Mountain Finance		71,900		989,344
Old National Bancorp		86,500		1,216,190
Piper Jaffray †		18,900		912,870
Prospect Capital		159,200		1,289,520


	Number of shares		Value (U.S. $)

Common Stock (continued)

Financials (continued)
Radian Group		69,500	$	941,725
Reinsurance Group of America		21,200		2,288,328
Senior Housing Properties Trust		123,300		2,800,143
Starwood Property Trust		81,600		1,837,632
TCF Financial		184,600		2,678,546
TriCo Bancshares		45,200		1,210,004
Universal Insurance Holdings		41,300		1,040,760
Unum Group		75,700		2,672,967
Validus Holdings (Bermuda) †		39,200		1,952,944
Washington Federal		73,500		1,960,980
Western Alliance Bancorp †		105,300		3,952,962
Wintrust Financial		78,000		4,334,460
XL Group		119,000		4,001,970
Zions Bancorporation		110,993		3,443,003

				84,461,218

Healthcare – 7.50%
Akorn †		31,000		845,060
Community Health Systems †		38,400		443,136
CONMED		20,400		817,224
Cooper		24,400		4,373,944
Integra LifeSciences Holdings †		29,400		2,426,970
Kindred Healthcare		107,600		1,099,672
Lannett †		34,600		919,322
Patterson		86,974		3,995,586
PerkinElmer		54,600		3,063,606
Premier Class A †		96,600		3,124,044
Quest Diagnostics		16,100		1,362,543
SciClone Pharmaceuticals †		19,600		200,900
STERIS (United Kingdom)		29,300		2,141,830
Sucampo Pharmaceuticals Class A †		67,400		829,694
Teleflex		24,800		4,167,640
United Therapeutics †		12,900		1,523,232

				31,334,403

Industrials – 13.27%
ACCO Brands †		176,600		1,702,424
Aircastle		55,700		1,106,202
Alaska Air Group		14,800		974,728
Apogee Enterprises		44,100		1,970,829
B/E Aerospace		60,400		3,120,264
Briggs & Stratton		39,700		740,405
Crane		19,100		1,203,491
Deluxe		29,800		1,991,236
Ennis		45,800		771,730


	Number of shares		Value (U.S. $)

Common Stock (continued)

Industrials (continued)
Equifax		25,307	$	3,405,816
Fluor		21,300		1,093,116
GATX		20,400		908,820
Hawaiian Holdings †		37,700		1,832,220
Herman Miller		111,500		3,188,900
Hillenbrand		25,966		821,564
Huntington Ingalls Industries		39,070		5,994,120
Interface		169,700		2,832,293
ITT		31,330		1,122,867
JetBlue Airways †		69,200		1,193,008
Moog Class A †		19,600		1,166,984
Oshkosh		24,800		1,388,800
Pitney Bowes		252,300		4,581,768
Ryder System		36,000		2,374,200
Spirit AeroSystems Holdings Class A †		51,200		2,280,448
Tetra Tech		27,900		989,613
Timken		24,600		864,444
Trinity Industries		50,400		1,218,672
Wabash National †		130,500		1,858,320
Woodward		44,256		2,765,115

				55,462,397

Information Technology – 14.79%
Amdocs		83,300		4,818,905
Avnet		113,200		4,647,992
Benchmark Electronics †		58,100		1,449,595
Booz Allen Hamilton Holding		177,474		5,609,953
Broadridge Financial Solutions		58,276		3,950,530
Brocade Communications Systems		502,500		4,638,075
Cardtronics Class A †		44,700		1,993,620
Cirrus Logic †		27,400		1,456,310
Convergys		31,400		955,188
CSG Systems International		18,200		752,206
Flextronics International †		158,900		2,164,218
FLIR Systems		118,207		3,714,064
Ingram Micro Class A		50,500		1,800,830
IXYS		58,800		708,540
j2 Global		87,400		5,821,714
Jabil Circuit		43,700		953,534
Mentor Graphics		50,500		1,335,220
NCR †		80,300		2,584,857
OSI Systems †		49,351		3,226,568
Plantronics		27,500		1,428,900
Sanmina †		59,300		1,688,271
Tech Data †		23,100		1,956,801
Teradata †		48,100		1,491,100


			(continues	)		67

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Number of shares		Value (U.S. $)

Common Stock (continued)

Information Technology (continued)
Teradyne		73,300	$	1,581,814
Western Union		51,400		1,070,148

				61,798,953

Materials – 6.72%
Albemarle		47,807		4,087,021
Cabot		26,400		1,383,624
CF Industries Holdings		31,500		767,025
Chemtura †		26,500		869,465
Clearwater Paper @†		25,400		1,642,618
Domtar		45,500		1,689,415
Eastman Chemical		15,700		1,062,576
KapStone Paper & Packaging		208,500		3,944,820
Packaging Corp of America		24,100		1,958,366
PolyOne		113,800		3,847,578
Reliance Steel & Aluminum		21,500		1,548,645
Schweitzer-Mauduit International		32,700		1,260,912
Sensient Technologies		27,400		2,076,920
Stepan		26,600		1,932,756

				28,071,741

Real Estate – 9.98%
Alexandria Real Estate Equities		42,192		4,589,224
Brandywine Realty Trust		249,400		3,895,628
CBL & Associates Properties		63,700		773,318
City Office REIT (Canada)		10,200		129,846
Corporate Office Properties Trust		39,400		1,116,990
Franklin Street Properties		70,484		888,098
Getty Realty		63,200		1,512,376
Highwoods Properties		53,900		2,809,268
Hospitality Properties Trust		104,300		3,099,796
Hudson Pacific Properties		59,400		1,952,478
Lexington Realty Trust		201,200		2,072,360
Mack-Cali Realty		69,300		1,886,346
Medical Properties Trust		157,100		2,320,367
One Liberty Properties		51,900		1,253,904
Piedmont Office Realty Trust		58,900		1,282,253
Preferred Apartment Communities		33,100		447,181
PS Business Parks		36,400		4,133,948
Select Income REIT		88,800		2,388,720
STAG Industrial		123,900		3,036,789
Summit Hotel Properties @		162,100		2,133,236

				41,722,126

Telecommunication Services – 0.84%
Inteliquent		82,300		1,328,322


	Number of shares		Value (U.S. $)

Common Stock (continued)

Telecommunication Services (continued)
Iridium Communications †		178,100	$	1,444,391
magicJack VocalTec (Israel) †		123,200		750,288

				3,523,001

Utilities – 4.60%
AES		97,300		1,250,305
Alliant Energy		114,232		4,376,228
CenterPoint Energy		142,200		3,303,306
IDACORP		24,800		1,941,344
NorthWestern		69,542		4,000,751
OGE Energy		115,900		3,664,758
Otter Tail		20,383		705,048

				19,241,740

Total Common Stock (cost $362,792,665)				414,572,222


	Principal amount°

Short-Term Investments – 0.23%

Discount Notes – 0.05%≠
Federal Home Loan Bank
0.275% 10/12/16		42,370		42,368
0.28% 10/20/16		41,539		41,536
0.285% 11/10/16		25,816		25,811
0.30% 11/3/16		41,539		41,532
0.31% 1/25/17		44,616		44,579

				195,826

Repurchase Agreements – 0.18%
Bank of America Merrill Lynch 0.39%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $209,164 (collateralized by U.S. government obligations 0.125% 4/15/21; market value $213,345)		209,162		209,162
Bank of Montreal 0.38%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $348,614 (collateralized by U.S. government obligations 0.00%–4.625% 11/10/16–2/15/45; market value $355,575)		348,603		348,603


	Principal amount°		Value (U.S. $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 0.45%, dated 9/30/16, to be repurchased on 10/3/16, repurchase price $202,243 (collateralized by U.S. government obligations 0.00%–2.625% 10/31/17–8/15/40; market value $206,280)		202,235	$	202,235

				760,000

U.S. Treasury Obligation – 0.00%≠
U.S. Treasury Bill 0.23% 10/6/16		7,697		7,697

				7,697

Total Short-Term Investments (cost $963,503)				963,523


Total Value of Securities – 99.43% (cost $363,756,168)			$	415,535,745

Illiquid security. At Sept. 30, 2016, the aggregate value of illiquid securities was $6,697,153, which represents 1.60% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

≠

The rate shown is the effective yield at the time of purchase.

Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.

†

Non-income-producing security.

REIT – Real Estate Investment Trust

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


						69

Statements of assets and liabilities

Optimum Fund Trust

September 30, 2016 (Unaudited)


	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
Assets:
Investments, at value^1,2		$	2,385,330,417		$	575,450,963		$	1,462,984,331		$	1,338,950,655		$	424,031,235		$	414,572,222
Short-term investments, at value³			22,063,780			4,908,828			25,702,000			21,168,604			12,245,270			963,523
Short-term investments held as collateral for loaned securities, at value⁴			—			22,201,280			—			—			—			—
Cash			32,707,578			179,622			447,265			1,019,068			30,537			—
Cash collateral due from brokers			4,593,583			—			—			—			—			—
Foreign currencies, at value⁵			2,235,423			377,479			—			20,136			—			—
Receivable for securities sold			174,896,874			8,306,666			14,238,773			4,678,778			1,924,898			3,538,022
Dividends and interest receivable			14,085,738			2,438,694			655,918			2,303,315			122,299			648,294
Receivable for fund shares sold			3,845,424			588,446			1,734,650			1,617,113			597,675			619,034
Unrealized appreciation on foreign currency exchange contracts			1,936,479			629			—			—			—			—
Variation margin due from broker on interest rate swap contracts			1,521,548			—			—			—			—			—
Unrealized appreciation on credit default swap contracts			696,542			—			—			—			—			—
Swap payments receivable			133,605			—			—			—			—			—
Unrealized appreciation on interest rate swap contracts			7,926			—			—			—			—			—
Securities lending income receivable			—			11,205			—			—			—			—
Upfront payments paid on interest rate swap contracts			488,962			—			—			—			—			—
Upfront payments paid on credit default swap contracts			87,773			—			—			—			—			—
Other assets⁶			415,737			—			—			—			—			—

Total assets			2,645,047,389			614,463,812			1,505,762,937			1,369,757,669			438,951,914			420,341,095


	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
Liabilities:
Reverse repurchase agreement payable		$	4,906,125			$	—			$	—			$	—			$	—			$	—
Options written, at value⁷			71,528				—				—				—				—				—
Cash overdraft			—				—				—				—				—				1,103,161
Payable for securities purchased			549,242,661				7,324,083				9,281,358				3,505,567				1,726,835				430,656
Cash collateral due to brokers			2,205,000				—				—				—				—				—
Payable for fund shares redeemed			1,857,601				667,272				1,549,684				1,363,359				438,060				450,834
Swap payments payable			1,444,849				—				—				—				—				—
Variation margin receivable on futures contracts			1,015,986				—				—				—				—				—
Dividend disbursing and transfer agent fees payable			338,499				96,153				244,030				225,071				71,718				68,834
Variation margin due to broker on central cleared credit default swap contracts			33,443				—				—				—				—				—
Interest payable for reverse repurchase agreements			471				—				—				—				—				—
Obligation to return securities lending collateral			—				22,201,280				—				—				—				—
Unrealized depreciation of foreign currency exchange contract			1,327,432				316				—				—				—				—
Investment management fees payable to affiliates			907,105				370,890				868,201				781,185				328,298				274,697
Other accrued expenses			383,605				145,209				208,691				171,726				45,065				43,999
Administration expenses payable to affiliates			149,296				55,946				116,232				109,596				43,031				41,301
Trustees’ fees and expenses payable			45,511				13,125				33,206				30,446				9,754				9,332
Accounting fees payable to affiliates			12,067				3,428				8,699				8,023				2,557				2,454
Distribution fees payable to affiliates			126,478				27,461				96,451				88,069				15,149				12,964
Unrealized depreciation on interest rate swap contracts			16,815,381				—				—				—				—				—
Upfront receipts on interest rate swap contracts			3,949,154				—				—				—				—				—
Upfront receipts on credit default swap contracts			1,493,828				—				—				—				—				—
Unrealized depreciation on credit default swap contracts			167,738				—				—				—				—				—
Bond proceeds payable⁶			1,385,788				—				—				—				—				—
Other liabilities			3,950				145,725				—				—				—				—

Total liabilities			587,883,496				31,050,888				12,406,552				6,283,042				2,680,467				2,438,232

Total Net Assets		$	2,057,163,893			$	583,412,924			$	1,493,356,385			$	1,363,474,627			$	436,271,447			$	417,902,863


Net Assets Consist of:
Paid-in capital		$	2,023,638,994			$	594,269,818			$	1,224,730,840			$	1,079,598,518			$	408,220,814			$	376,830,891
Undistributed (accumulated) net investment income (loss)			28,826,333				5,504,822				(2,741,330	)			11,714,105				(3,143,766	)			1,939,641
Accumulated net realized gain (loss)			(14,955,608	)			(27,024,808	)			31,563,538				(3,867,938	)			(13,224,366	)			(12,647,246	)
Net unrealized appreciation of investments			40,174,202				10,703,570				239,804,759				276,046,500				44,418,765				51,779,577
Net unrealized depreciation of foreign currencies			(82,744	)			(40,791	)			(1,422	)			(16,558	)			—				—
Net unrealized appreciation of foreign currency exchange contracts			609,047				313				—				—				—				—
Net unrealized depreciation of futures contracts			(4,998,810	)			—				—				—				—				—
Net unrealized appreciation of written option contracts			43,366				—				—				—				—				—
Net unrealized depreciation of swap contracts			(16,090,887	)			—				—				—				—				—

Total Net Assets		$	2,057,163,893			$	583,412,924			$	1,493,356,385			$	1,363,474,627			$	436,271,447			$	417,902,863


			(continues	)		71

Statements of assets and liabilities

Optimum Fund Trust


	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
Net Asset Value
Class A:
Net assets	$	38,349,694		$	9,224,134		$	33,505,023		$	29,895,894		$	5,401,768	$	4,398,703
Shares of beneficial interest outstanding, unlimited authorization, no par		3,974,510			792,301			2,106,464			1,874,081			446,012		357,997
Net asset value per share	$	9.65		$	11.64		$	15.91		$	15.95		$	12.11	$	12.29
Sales charge		4.50	%		5.75	%		5.75	%		5.75	%		5.75%		5.75%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	10.10		$	12.35		$	16.88		$	16.92		$	12.85	$	13.04

Class C:
Net assets	$	142,460,373		$	30,658,004		$	108,236,254		$	97,832,925		$	16,842,438	$	14,437,296
Shares of beneficial interest outstanding, unlimited authorization, no par		14,835,523			2,706,205			7,667,331			6,215,116			1,590,616		1,324,108
Net asset value per share	$	9.60		$	11.33		$	14.12		$	15.74		$	10.59	$	10.90

Institutional Class:
Net assets	$	1,876,353,826		$	543,530,786		$	1,351,615,108		$	1,235,745,808		$	414,027,241	$	399,066,864
Shares of beneficial interest outstanding, unlimited authorization, no par		194,310,907			46,324,602			80,606,573			77,222,451			32,103,171		30,765,562
Net asset value per share	$	9.66		$	11.73		$	16.77		$	16.00		$	12.90	$	12.97


¹Investments, at cost	$	2,345,506,019		$	564,601,796		$	1,223,179,572		$	1,062,904,797		$	379,612,895	$	362,792,665
²Including securities on loan		—			26,210,316			—			—			—		—
³Short-term investments, at cost		22,062,172			4,908,700			25,702,000			21,167,962			12,244,845		963,503
⁴Short-term investments held as collateral for loaned securities, at cost		—			22,201,280			—			—			—		—
⁵Foreign currencies, at cost		2,243,163			375,838			—			20,090			—		—
⁶See Note 10 in “Notes to financial statements.”		(970,052	)		—			—			—			—		—
⁷Premium received		(463,124	)		—			—			—			—		—

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

Statements of operations

Optimum Fund Trust

Six months ended September 30, 2016 (Unaudited)


	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
Investment Income:
Interest		$	33,479,112			$	6,268			$	49,440			$	42,225			$	6,339			$	8,617
Dividends			100,528				8,787,342				7,419,959				16,388,190				976,841				4,827,416
Securities lending income			—				90,374				—				—				—				—
Foreign tax withheld			(15,234	)			(793,288	)			(15,706	)			(83,698	)			(2,936	)			(1,358	)

			33,564,406				8,090,696				7,453,693				16,346,717				980,244				4,834,675

Expenses:
Management fees			5,624,998				2,250,098				5,521,644				4,830,712				2,365,662				2,122,878
Distribution expenses — Class A			49,368				11,524				42,214				38,369				6,545				5,469
Distribution expenses — Class C			746,950				155,893				557,339				510,360				84,839				74,274
Dividend disbursing and transfer agent fees and expenses			2,113,160				595,232				1,518,285				1,399,548				441,772				430,680
Administration expenses			918,483				339,670				711,717				670,945				258,072				251,361
Accounting fees			379,751				106,108				272,529				251,063				78,262				76,227
Reports and statements to shareholders expenses			177,679				59,814				142,113				124,826				44,653				73,186
Custodian fees			109,451				77,795				33,607				29,711				20,620				8,204
Trustees’ fees and expenses			104,053				29,348				74,702				68,606				21,796				21,062
Professional fees			85,303				38,049				51,637				45,928				23,677				23,079
Pricing fees			69,768				14,218				737				729				374				251
Registration fees			47,754				37,752				52,752				37,753				32,894				37,260
Insurance fees			20,688				4,916				15,119				12,216				5,023				4,747
Interest expense			1,261				—				—				—				—				—
Tax services			883				20,839				1,543				408				400				265
Other			13,614				5,318				10,391				9,625				4,933				5,349

			10,463,164				3,746,574				9,006,329				8,030,799				3,389,522				3,134,292
Less expenses waived			(64,547	)			—				(219,532	)			(32,189	)			(421,860	)			(406,550	)
Less expense paid indirectly			(414	)			(412	)			(460	)			(462	)			(449	)			(453	)

Total operating expenses			10,398,203				3,746,162				8,786,337				7,998,148				2,967,213				2,727,289

Net Investment Income (Loss)			23,166,203				4,344,534				(1,332,644	)			8,348,569				(1,986,969	)			2,107,386


			(continues	)		73

Statements of operations

Optimum Fund Trust


	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
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments¹		$	24,954,863			$	790,063			$	28,533,575			$	34,593,249			$	6,315,099			$	14,063,346
Foreign currencies			(2,142,089	)			340,970				218				(15,451	)			(4,755	)			—
Foreign currency exchange contracts			(4,641,861	)			(168,267	)			253				2,064				(15,293	)			—
Futures contracts			530,953				—				—				—				—				—
Options purchased			(437,223	)			—				—				—				—				—
Options written			1,706,480				—				—				—				—				—
Swap contracts			(2,076,794	)			—				—				—				—				—

Net realized gain			17,894,329				962,766				28,534,046				34,579,862				6,295,051				14,063,346

Net change in unrealized appreciation (depreciation) of:
Investments²			25,492,189				31,217,153				64,345,787				32,659,534				38,654,457				9,566,086
Foreign currencies			16,361				(46,092	)			(234	)			(8,004	)			183				—
Foreign currency exchange contracts			3,167,073				334				—				—				—				—
Futures contracts			(2,962,638	)			—				—				—				—				—
Options purchased			466,832				—				—				—				—				—
Options written			(423,595	)			—				—				—				—				—
Swap contracts			(4,954,508	)			—				—				—				—				—

Net change in unrealized appreciation (depreciation)			20,801,714				31,171,395				64,345,553				32,651,530				38,654,640				9,566,086

Net Realized and Unrealized Gain			38,696,043				32,134,161				92,879,599				67,231,392				44,949,691				23,629,432

Net Increase in Net Assets Resulting from Operations		$	61,862,246			$	36,478,695			$	91,546,955			$	75,579,961			$	42,962,722			$	25,736,818


¹Includes $25,140 capital gain taxes paid for Optimum Fixed Income Fund. ²Includes $3,821 and $145,725 capital gain taxes accrued for Optimum Fixed Income Fund and Optimum International Fund, respectively.

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 ended 9/30/16 (Unaudited)			Year ended 3/31/16			Six months ended 9/30/16 (Unaudited)			Year ended 3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	23,166,203		$	47,403,894		$	4,344,534		$	5,015,942
Net realized gain (loss)		17,894,329			(27,629,119	)		962,766			(10,956,221	)
Net change in unrealized appreciation (depreciation)		20,801,714			(30,091,919	)		31,171,395			(23,203,947	)

Net increase (decrease) in net assets resulting from operations		61,862,246			(10,317,144	)		36,478,695			(29,144,226	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(1,085,313	)		—			(50,629	)
Class C		—			(3,029,706	)		—			—
Institutional Class		—			(54,756,893	)		—			(4,309,148	)

Net realized gain:
Class A		—			(85,457	)		—			—
Class C		—			(332,935	)		—			—
Institutional Class		—			(3,939,345	)		—			—

		—			(63,229,649	)		—			(4,359,777	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		1,281,379			4,608,270			446,286			1,203,348
Class C		4,318,885			20,019,238			867,471			4,103,792
Institutional Class		212,187,836			480,837,856			44,962,864			183,077,658

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			1,167,080			—			50,419
Class C		—			3,361,112			—			—
Institutional Class		—			58,657,351			—			4,306,426

		217,788,100			568,650,907			46,276,621			192,741,643

Cost of shares redeemed:
Class A		(3,615,686	)		(7,872,126	)		(908,504	)		(1,788,908	)
Class C		(18,874,139	)		(30,460,309	)		(3,778,063	)		(5,982,044	)
Institutional Class		(285,582,968	)		(406,639,728	)		(77,605,222	)		(92,688,776	)

		(308,072,793	)		(444,972,163	)		(82,291,789	)		(100,459,728	)

Increase (decrease) in net assets derived from capital share transactions		(90,284,693	)		123,678,744			(36,015,168	)		92,281,915

Net Increase (Decrease) in Net Assets		(28,422,447	)		50,131,951			463,527			58,777,912

Net Assets:
Beginning of period		2,085,586,340			2,035,454,389			582,949,397			524,171,485

End of period	$	2,057,163,893		$	2,085,586,340		$	583,412,924		$	582,949,397

Undistributed net investment income	$	28,826,333		$	5,660,130		$	5,504,822		$	1,160,288

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


			(continues	)		75

Statements of changes in net assets

Optimum Fund Trust


	Optimum Large Cap Growth Fund								Optimum Large Cap Value Fund
	Six months ended 9/30/16 (Unaudited)				Year ended 3/31/16				Six months ended 9/30/16 (Unaudited)				Year ended 3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(1,332,644	)		$	(7,209,710	)		$	8,348,569			$	15,708,179
Net realized gain			28,534,046				96,753,459				34,579,862				1,430,982
Net change in unrealized appreciation (depreciation)			64,345,553				(122,893,611	)			32,651,530				(75,770,012	)

Net increase (decrease) in net assets resulting from operations			91,546,955				(33,349,862	)			75,579,961				(58,630,851	)


Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—				—				—				(321,261	)
Class C			—				—				—				(274,376	)
Institutional Class			—				—				—				(14,327,950	)

Net realized gain:
Class A			—				(3,719,537	)			—				—
Class C			—				(13,957,426	)			—				—
Institutional Class			—				(136,563,101	)			—				—

			—				(154,240,064	)			—				(14,923,587	)


Capital Share Transactions:
Proceeds from shares sold:
Class A			996,064				2,170,167				1,059,790				2,199,582
Class C			2,179,554				8,435,040				2,370,346				8,104,091
Institutional Class			121,718,935				290,002,877				220,123,960				254,483,230

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			—				3,677,396				—				317,257
Class C			—				13,948,506				—				274,091
Institutional Class			—				136,409,018				—				14,310,905

			124,894,553				454,643,004				223,554,096				279,689,156


Cost of shares redeemed:
Class A			(3,316,308	)			(8,356,642	)			(3,289,681	)			(6,085,917	)
Class C			(15,087,406	)			(27,572,016	)			(13,250,559	)			(20,750,036	)
Institutional Class			(209,710,756	)			(317,836,544	)			(182,920,659	)			(220,344,722	)

			(228,114,470	)			(353,765,202	)			(199,460,899	)			(247,180,675	)

Increase (decrease) in net assets derived from capital share transactions			(103,219,917	)			100,877,802				24,093,197				32,508,481

Net Increase (Decrease) in Net Assets			(11,672,962	)			(86,712,124	)			99,673,158				(41,045,957	)

Net Assets:
Beginning of period			1,505,029,347				1,591,741,471				1,263,801,469				1,304,847,426

End of period		$	1,493,356,385			$	1,505,029,347			$	1,363,474,627			$	1,263,801,469

Undistributed (accumulated) net investment income (loss)		$	(2,741,330	)		$	(1,408,686	)		$	11,714,105			$	3,365,536

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


	Optimum Small-Mid Cap Growth Fund								Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/16 (Unaudited)				Year ended 3/31/16				Six months ended 9/30/16 (Unaudited)				Year ended 3/31/16
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(1,986,969	)		$	(4,546,430	)		$	2,107,386			$	(655,163	)
Net realized gain (loss)			6,295,051				22,927,598				14,063,346				(16,532,077	)
Net change in unrealized appreciation (depreciation)			38,654,640				(111,069,637	)			9,566,086				(45,591,581	)

Net increase (decrease) in net assets resulting from operations			42,962,722				(92,688,469	)			25,736,818				(62,778,821	)


Dividends and Distributions to Shareholders from:

Return of capital:
Class A			—				(108	)			—				(325	)
Class C			—				(416	)			—				(1,284	)
Institutional Class			—				(8,917	)			—				(31,607	)

Net realized gain:
Class A			—				(848,264	)			—				(181,566	)
Class C			—				(3,111,096	)			—				(716,111	)
Institutional Class			—				(64,692,634	)			—				(16,831,364	)

			—				(68,661,435	)			—				(17,762,257	)


Capital Share Transactions:
Proceeds from shares sold:
Class A			292,719				451,922				290,299				413,183
Class C			426,125				1,541,727				415,118				1,260,654
Institutional Class			41,556,528				118,186,291				40,532,368				116,775,502

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			—				837,719				—				181,312
Class C			—				3,109,916				—				716,788
Institutional Class			—				64,636,607				—				16,847,228

			42,275,372				188,764,182				41,237,785				136,194,667

Cost of shares redeemed:
Class A			(458,291	)			(1,341,729	)			(469,198	)			(923,567	)
Class C			(2,192,586	)			(3,951,373	)			(1,993,923	)			(3,003,693	)
Institutional Class			(109,011,250	)			(117,328,470	)			(107,196,715	)			(115,400,981	)

			(111,662,127	)			(122,621,572	)			(109,659,836	)			(119,328,241	)

Increase (decrease) in net assets derived from capital share transactions			(69,386,755	)			66,142,610				(68,422,051	)			16,866,426

Net Decrease in Net Assets			(26,424,033	)			(95,207,294	)			(42,685,233	)			(63,674,652	)

Net Assets:
Beginning of period			462,695,480				557,902,774				460,588,096				524,262,748

End of period		$	436,271,447			$	462,695,480			$	417,902,863			$	460,588,096

Accumulated net investment loss		$	(3,143,766	)		$	(1,156,797	)		$	1,939,641			$	(167,745	)

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


			(continues	)		77

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	9.370		$	9.720			$	9.540			$	9.850			$	9.710			$	9.550

Income (loss) from investment operations:
Net investment income²			0.098			0.202				0.203				0.213				0.225				0.293
Net realized and unrealized gain (loss)			0.182			(0.278	)			0.194				(0.353	)			0.302				0.338

Total from investment operations			0.280			(0.076	)			0.397				(0.140	)			0.527				0.631


Less dividends and distributions from:
Net investment income			—			(0.254	)			(0.217	)			(0.142	)			(0.172	)			(0.342	)
Net realized gain			—			(0.020	)			—				(0.028	)			(0.215	)			(0.129	)

Total dividends and distributions			—			(0.274	)			(0.217	)			(0.170	)			(0.387	)			(0.471	)


Net asset value, end of period		$	9.650		$	9.370			$	9.720			$	9.540			$	9.850			$	9.710


Total return³			2.88%			(0.63%	)			4.21%				(1.40%	)			5.47%				6.71%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	38,350		$	39,545			$	43,144			$	43,241			$	41,210			$	40,620
Ratio of expenses to average net assets			1.17%			1.23%				1.17%				1.31%				1.35%				1.35%
Ratio of expenses to average net assets prior to fees waived			1.17%			1.23%				1.17%				1.34%				1.40%				1.44%
Ratio of net investment income to average net assets			2.05%			2.13%				2.11%				2.24%				2.27%				3.01%
Ratio of net investment income to average net assets prior to fees waived			2.05%			2.13%				2.11%				2.21%				2.22%				2.92%
Portfolio turnover⁴			189%			536%				482%				323%				208%				211%

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.

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.

⁴

As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ‘s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the years ended March 31, 2016, 2015, and 2014.

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	9.370		$	9.710			$	9.530			$	9.840			$	9.710			$	9.540

Income (loss) from investment operations:
Net investment income²			0.062			0.131				0.131				0.148				0.161				0.229
Net realized and unrealized gain (loss)			0.168			(0.269	)			0.194				(0.351	)			0.292				0.350

Total from investment operations			0.230			(0.138	)			0.325				(0.203	)			0.453				0.579


Less dividends and distributions from:
Net investment income			—			(0.182	)			(0.145	)			(0.079	)			(0.108	)			(0.280	)
Net realized gain			—			(0.020	)			—				(0.028	)			(0.215	)			(0.129	)

Total dividends and distributions			—			(0.202	)			(0.145	)			(0.107	)			(0.323	)			(0.409	)


Net asset value, end of period		$	9.600		$	9.370			$	9.710			$	9.530			$	9.840			$	9.710


Total return³			2.46%			(1.39%	)			3.44%				(2.06%	)			4.69%				6.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	142,460		$	153,266			$	166,154			$	161,353			$	155,728			$	154,778
Ratio of expenses to average net assets			1.92%			1.98%				1.92%				1.99%				2.00%				2.00%
Ratio of expenses to average net assets prior to fees waived			1.92%			1.98%				1.92%				2.02%				2.05%				2.09%
Ratio of net investment income to average net assets			1.30%			1.38%				1.36%				1.56%				1.62%				2.36%
Ratio of net investment income to average net assets prior to fees waived			1.30%			1.38%				1.36%				1.53%				1.57%				2.27%
Portfolio turnover⁴			189%			536%				482%				323%				208%				211%

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.

⁴

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


			(continues	)		79

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	9.370		$	9.720			$	9.540			$	9.850			$	9.710			$	9.550

Income (loss) from investment operations:
Net investment income²			0.110			0.226				0.227				0.244				0.260				0.327
Net realized and unrealized gain (loss)			0.180			(0.278	)			0.194				(0.350	)			0.301				0.338

Total from investment operations			0.290			(0.052	)			0.421				(0.106	)			0.561				0.665


Less dividends and distributions from:
Net investment income			—			(0.278	)			(0.241	)			(0.176	)			(0.206	)			(0.376	)
Net realized gain			—			(0.020	)			—				(0.028	)			(0.215	)			(0.129	)

Total dividends and distributions			—			(0.298	)			(0.241	)			(0.204	)			(0.421	)			(0.505	)


Net asset value, end of period		$	9.660		$	9.370			$	9.720			$	9.540			$	9.850			$	9.710


Total return³			3.10%			(0.48%	)			4.47%				(1.05%	)			5.72%				7.20%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,876,354		$	1,892,775			$	1,826,156			$	1,509,156			$	1,297,154			$	1,014,595
Ratio of expenses to average net assets			0.92%			0.98%				0.92%				0.99%				1.00%				1.00%
Ratio of expenses to average net assets prior to fees waived			0.92%			0.98%				0.92%				1.02%				1.05%				1.09%
Ratio of net investment income to average net assets			2.30%			2.38%				2.36%				2.56%				2.62%				3.36%
Ratio of net investment income to average net assets prior to fees waived			2.30%			2.38%				2.36%				2.53%				2.57%				3.27%
Portfolio turnover⁴			189%			536%				482%				323%				208%				211%

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.

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.

⁴

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	10.950		$	11.660			$	12.570			$	10.970			$	10.420			$	11.200

Income (loss) from investment operations:
Net investment income²			0.073			0.083				0.062				0.142				0.185				0.192
Net realized and unrealized gain (loss)			0.617			(0.734	)			(0.846	)			1.540				0.620				(0.790	)

Total from investment operations			0.690			(0.651	)			(0.784	)			1.682				0.805				(0.598	)


Less dividends and distributions from:
Net investment income			—			(0.059	)			(0.126	)			(0.082	)			(0.255	)			(0.182	)

Total dividends and distributions			—			(0.059	)			(0.126	)			(0.082	)			(0.255	)			(0.182	)


Net asset value, end of period		$	11.640		$	10.950			$	11.660			$	12.570			$	10.970			$	10.420


Total return³			6.30%			(5.58%	)			(6.25%	)			15.31%				8.10%				(5.30%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	9,224		$	9,117			$	10,291			$	11,277			$	9,553			$	9,318
Ratio of expenses to average net assets			1.48%			1.56%				1.47%				1.68%				1.75%				1.75%
Ratio of expenses to average net assets prior to fees waived			1.48%			1.56%				1.47%				1.68%				1.84%				1.84%
Ratio of net investment income to average net assets			1.30%			0.74%				0.51%				1.20%				1.81%				1.84%
Ratio of net investment income to average net assets prior to fees waived			1.30%			0.74%				0.51%				1.20%				1.72%				1.75%
Portfolio turnover			38%			47%				117%				126%				70%				50%

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	)		81

Financial highlights

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	10.690		$	11.410			$	12.290			$	10.760			$	10.230			$	10.950

Income (loss) from investment operations:
Net investment income (loss)²			0.030			(0.001	)			(0.028	)			0.061				0.116				0.122
Net realized and unrealized gain (loss)			0.610			(0.719	)			(0.832	)			1.512				0.606				(0.773	)

Total from investment operations			0.640			(0.720	)			(0.860	)			1.573				0.722				(0.651	)


Less dividends and distributions from:
Net investment income			—			—				(0.020	)			(0.043	)			(0.192	)			(0.069	)

Total dividends and distributions			—			—				(0.020	)			(0.043	)			(0.192	)			(0.069	)


Net asset value, end of period		$	11.330		$	10.690			$	11.410			$	12.290			$	10.760			$	10.230


Total return³			5.99%			(6.31%	)			(7.00%	)			14.56%				7.37%				(5.94%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	30,658		$	31,777			$	35,996			$	37,893			$	32,064			$	32,995
Ratio of expenses to average net assets			2.23%			2.31%				2.22%				2.36%				2.40%				2.40%
Ratio of expenses to average net assets prior to fees waived			2.23%			2.31%				2.22%				2.36%				2.49%				2.49%
Ratio of net investment income (loss) to average net assets			0.55%			(0.01%	)			(0.24%	)			0.52%				1.16%				1.19%
Ratio of net investment income (loss) to average net assets prior to fees waived			0.55%			(0.01%	)			(0.24%	)			0.52%				1.07%				1.10%
Portfolio turnover			38%			47%				117%				126%				70%				50%

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 International Fund Institutional Class

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


	Six months
	ended			Year ended
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	11.020		$	11.740			$	12.660			$	11.050			$	10.490			$	11.300

Income (loss) from investment operations:
Net investment income²			0.087			0.111				0.093				0.182				0.223				0.229
Net realized and unrealized gain (loss)			0.623			(0.743	)			(0.856	)			1.551				0.627				(0.793	)

Total from investment operations			0.710			(0.632	)			(0.763	)			1.733				0.850				(0.564	)


Less dividends and distributions from:
Net investment income			—			(0.088	)			(0.157	)			(0.123	)			(0.290	)			(0.246	)

Total dividends and distributions			—			(0.088	)			(0.157	)			(0.123	)			(0.290	)			(0.246	)


Net asset value, end of period		$	11.730		$	11.020			$	11.740			$	12.660			$	11.050			$	10.490


Total return³			6.44%			(5.38%	)			(6.04%	)			15.79%				8.41%				(4.93%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	543,531		$	542,055			$	477,884			$	589,098			$	426,258			$	252,539
Ratio of expenses to average net assets			1.23%			1.31%				1.22%				1.36%				1.40%				1.40%
Ratio of expenses to average net assets prior to fees waived			1.23%			1.31%				1.22%				1.36%				1.49%				1.49%
Ratio of net investment income to average net assets			1.55%			0.99%				0.76%				1.52%				2.16%				2.19%
Ratio of net investment income to average net assets prior to fees waived			1.55%			0.99%				0.76%				1.52%				2.07%				2.10%
Portfolio turnover			38%			47%				117%				126%				70%				50%

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	)		83

Financial highlights

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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	14.970			$	17.000			$	16.390			$	14.530			$	13.480			$	12.430

Income (loss) from investment operations:
Net investment income (loss)²			(0.027	)			(0.102	)			(0.083	)			(0.099	)			0.014				(0.040	)
Net realized and unrealized gain (loss)			0.967				(0.200	)			2.711				3.631				1.042				1.090

Total from investment operations			0.940				(0.302	)			2.628				3.532				1.056				1.050


Less dividends and distributions from:
Net investment income			—				—				—				—				(0.006	)			—
Net realized gain			—				(1.728	)			(2.018	)			(1.672	)			—				—

Total dividends and distributions			—				(1.728	)			(2.018	)			(1.672	)			(0.006	)			—


Net asset value, end of period		$	15.910			$	14.970			$	17.000			$	16.390			$	14.530			$	13.480


Total return³			6.28%				(2.27%	)			17.27%				25.17%				7.76%				8.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	33,505			$	33,787			$	40,790			$	39,044			$	34,182			$	34,170
Ratio of expenses to average net assets			1.34%				1.42%				1.37%				1.54%				1.60%				1.61%
Ratio of expenses to average net assets prior to fees waived			1.37%				1.44%				1.37%				1.55%				1.63%				1.64%
Ratio of net investment income (loss) to average net assets			(0.35%	)			(0.62%	)			(0.50%	)			(0.62%	)			0.10%				(0.34%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			(0.38%	)			(0.64%	)			(0.50%	)			(0.63%	)			0.07%				(0.37%	)
Portfolio turnover			24%				88%				86%				98%				102%				89%

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 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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	13.340			$	15.440			$	15.160			$	13.630			$	12.720			$	11.820

Income (loss) from investment operations:
Net investment loss²			(0.075	)			(0.203	)			(0.189	)			(0.192	)			(0.069	)			(0.112	)
Net realized and unrealized gain (loss)			0.855				(0.169	)			2.487				3.394				0.979				1.012

Total from investment operations			0.780				(0.372	)			2.298				3.202				0.910				0.900


Less dividends and distributions from:
Net realized gain			—				(1.728	)			(2.018	)			(1.672	)			—				—

Total dividends and distributions			—				(1.728	)			(2.018	)			(1.672	)			—				—


Net asset value, end of period		$	14.120			$	13.340			$	15.440			$	15.160			$	13.630			$	12.720


Total return³			5.85%				(2.98%	)			16.44%				24.27%				7.15%				7.61%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	108,236			$	114,907			$	137,892			$	127,540			$	115,242			$	120,183
Ratio of expenses to average net assets			2.09%				2.17%				2.12%				2.22%				2.25%				2.26%
Ratio of expenses to average net assets prior to fees waived			2.12%				2.19%				2.12%				2.23%				2.28%				2.29%
Ratio of net investment loss to average net assets			(1.10%	)			(1.37%	)			(1.25%	)			(1.30%	)			(0.55%	)			(0.99%	)
Ratio of net investment loss to average net assets prior to fees waived			(1.13%	)			(1.39%	)			(1.25%	)			(1.31%	)			(0.58%	)			(1.02%	)
Portfolio turnover			24%				88%				86%				98%				102%				89%

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	)		85

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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	15.760			$	17.760			$	17.000			$	14.970			$	13.880			$	12.760

Income (loss) from investment operations:
Net investment income (loss)²			(0.008	)			(0.064	)			(0.044	)			(0.049	)			0.062				0.002
Net realized and unrealized gain (loss)			1.018				(0.208	)			2.822				3.754				1.068				1.118

Total from investment operations			1.010				(0.272	)			2.778				3.705				1.130				1.120


Less dividends and distributions from:
Net investment income			—				—				—				(0.003	)			(0.040	)			—
Net realized gain			—				(1.728	)			(2.018	)			(1.672	)			—				—
Total dividends and distributions			—				(1.728	)			(2.018	)			(1.675	)			(0.040	)			—

Net asset value, end of period		$	16.770			$	15.760			$	17.760			$	17.000			$	14.970			$	13.880

Total return³			6.41%				(2.00%	)			17.55%				25.51%				8.25%				8.78%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,351,615			$	1,356,335			$	1,413,059			$	1,026,377			$	728,104			$	650,869
Ratio of expenses to average net assets			1.09%				1.17%				1.12%				1.22%				1.25%				1.26%
Ratio of expenses to average net assets prior to fees waived			1.12%				1.19%				1.12%				1.23%				1.28%				1.29%
Ratio of net investment income (loss) to average net assets			(0.10%	)			(0.37%	)			(0.25%	)			(0.30%	)			0.45%				0.01%
Ratio of net investment income (loss) to average net assets prior to fees waived			(0.13%	)			(0.39%	)			(0.25%	)			(0.31%	)			0.42%				(0.02%	)
Portfolio turnover			24%				88%				86%				98%				102%				89%

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 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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	15.130		$	16.010			$	15.360			$	12.900			$	11.750			$	11.060

Income (loss) from investment operations:
Net investment income²			0.081			0.165				0.124				0.157				0.173				0.133
Net realized and unrealized gain (loss)			0.739			(0.890	)			0.692				2.399				1.259				0.635

Total from investment operations			0.820			(0.725	)			0.816				2.556				1.432				0.768


Less dividends and distributions from:
Net investment income			—			(0.155	)			(0.166	)			(0.096	)			(0.282	)			(0.078	)

Total dividends and distributions			—			(0.155	)			(0.166	)			(0.096	)			(0.282	)			(0.078	)


Net asset value, end of period		$	15.950		$	15.130			$	16.010			$	15.360			$	12.900			$	11.750


Total return³			5.42%			(4.54%	)			5.34%				19.96%				12.48%				7.01%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	29,896		$	30,502			$	35,952			$	37,299			$	32,995			$	31,478
Ratio of expenses to average net assets			1.33%			1.40%				1.33%				1.50%				1.57%				1.57%
Ratio of expenses to average net assets prior to fees waived			1.33%			1.41%				1.33%				1.51%				1.59%				1.60%
Ratio of net investment income to average net assets			1.04%			1.07%				0.79%				1.12%				1.48%				1.25%
Ratio of net investment income to average net assets prior to fees waived			1.04%			1.06%				0.79%				1.11%				1.46%				1.22%
Portfolio turnover			20%			39%				35%				37%				49%				57%

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	)		87

Financial highlights

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	14.990		$	15.850			$	15.220			$	12.780			$	11.590			$	10.930

Income (loss) from investment operations:
Net investment income²			0.022			0.049				0.007				0.061				0.096				0.063
Net realized and unrealized gain (loss)			0.728			(0.871	)			0.674				2.389				1.254				0.612

Total from investment operations			0.750			(0.822	)			0.681				2.450				1.350				0.675


Less dividends and distributions from:
Net investment income			—			(0.038	)			(0.051	)			(0.010	)			(0.160	)			(0.015	)

Total dividends and distributions			—			(0.038	)			(0.051	)			(0.010	)			(0.160	)			(0.015	)


Net asset value, end of period		$	15.740		$	14.990			$	15.850			$	15.220			$	12.780			$	11.590


Total return³			5.00%			(5.19%	)			4.48%				19.17%				11.85%				6.19%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	97,833		$	103,693			$	122,772			$	123,541			$	111,806			$	111,557
Ratio of expenses to average net assets			2.08%			2.15%				2.08%				2.18%				2.22%				2.22%
Ratio of expenses to average net assets prior to fees waived			2.08%			2.16%				2.08%				2.19%				2.24%				2.25%
Ratio of net investment income to average net assets			0.29%			0.32%				0.04%				0.44%				0.83%				0.60%
Ratio of net investment income to average net assets prior to fees waived			0.29%			0.31%				0.04%				0.43%				0.81%				0.57%
Portfolio turnover			20%			39%				35%				37%				49%				57%

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 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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	15.160		$	16.040			$	15.390			$	12.920			$	11.800			$	11.110

Income (loss) from investment operations:
Net investment income²			0.101			0.204				0.165				0.203				0.214				0.171
Net realized and unrealized gain (loss)			0.739			(0.890	)			0.690				2.410				1.255				0.631

Total from investment operations			0.840			(0.686	)			0.855				2.613				1.469				0.802


Less dividends and distributions from:
Net investment income			—			(0.194	)			(0.205	)			(0.143	)			(0.349	)			(0.112	)

Total dividends and distributions			—			(0.194	)			(0.205	)			(0.143	)			(0.349	)			(0.112	)


Net asset value, end of period		$	16.000		$	15.160			$	16.040			$	15.390			$	12.920			$	11.800


Total return³			5.54%			(4.29%	)			5.60%				20.31%				12.92%				7.32%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,235,746		$	1,129,606			$	1,146,123			$	1,002,553			$	730,785			$	617,485
Ratio of expenses to average net assets			1.08%			1.15%				1.08%				1.18%				1.22%				1.22%
Ratio of expenses to average net assets prior to fees waived			1.08%			1.16%				1.08%				1.19%				1.24%				1.25%
Ratio of net investment income to average net assets			1.29%			1.32%				1.04%				1.44%				1.83%				1.60%
Ratio of net investment income to average net assets prior to fees waived			1.29%			1.31%				1.04%				1.43%				1.81%				1.57%
Portfolio turnover			20%			39%				35%				37%				49%				57%

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	)		89

Financial highlights

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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	10.950			$	15.370			$	15.570			$	14.260			$	13.000			$	13.900

Income (loss) from investment operations:
Net investment loss²			(0.065	)			(0.148	)			(0.164	)			(0.193	)			(0.079	)			(0.169	)
Net realized and unrealized gain (loss)			1.225				(2.264	)			1.442				3.073				1.653				0.064

Total from investment operations			1.160				(2.412	)			1.278				2.880				1.574				(0.105	)


Less dividends and distributions from:
Return of capital			—				—	³			—				—				—				—
Net realized gain			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)

Total dividends and distributions			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)


Net asset value, end of period		$	12.110			$	10.950			$	15.370			$	15.570			$	14.260			$	13.000


Total return⁴			10.59%				(16.77%	)			8.93%				21.63%				12.50%				0.33%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	5,402			$	5,040			$	7,050			$	7,158			$	6,415			$	5,989
Ratio of expenses to average net assets			1.59%				1.66%				1.63%				1.76%				1.86%				1.90%
Ratio of expenses to average net assets prior to fees waived			1.79%				1.85%				1.77%				1.96%				2.05%				2.06%
Ratio of net investment loss to average net assets			(1.13%	)			(1.09%	)			(1.09%	)			(1.28%	)			(0.62%	)			(1.34%	)
Ratio of net investment loss to average net assets prior to fees waived			(1.33%	)			(1.28%	)			(1.23%	)			(1.48%	)			(0.81%	)			(1.50%	)
Portfolio turnover			130%				104%				72%				58%				78%				82%

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	For the year ended March 31, 2016, return of capital distribution of $108 for Class A calculated to a de minimis amount of $0.000 per share.

⁴

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 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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	9.610			$	13.860			$	14.290			$	13.280			$	12.220			$	13.200

Income (loss) from investment operations:
Net investment loss²			(0.095	)			(0.223	)			(0.252	)			(0.274	)			(0.151	)			(0.237	)
Net realized and unrealized gain (loss)			1.075				(2.019	)			1.300				2.854				1.525				0.052

Total from investment operations			0.980				(2.242	)			1.048				2.580				1.374				(0.185	)


Less dividends and distributions from:
Return of capital			—				—	³			—				—				—				—
Net realized gain			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)

Total dividends and distributions			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)


Net asset value, end of period		$	10.590			$	9.610			$	13.860			$	14.290			$	13.280			$	12.220


Total return⁴			10.20%				(17.39%	)			8.08%				20.82%				11.73%				(0.27%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	16,842			$	16,972			$	23,206			$	22,581			$	20,921			$	20,992
Ratio of expenses to average net assets			2.34%				2.41%				2.38%				2.45%				2.51%				2.55%
Ratio of expenses to average net assets prior to fees waived			2.54%				2.60%				2.52%				2.65%				2.70%				2.71%
Ratio of net investment loss to average net assets			(1.88%	)			(1.84%	)			(1.84%	)			(1.97%	)			(1.27%	)			(1.99%	)
Ratio of net investment loss to average net assets prior to fees waived			(2.08%	)			(2.03%	)			(1.98%	)			(2.17%	)			(1.46%	)			(2.15%	)
Portfolio turnover			130%				104%				72%				58%				78%				82%

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	For the year ended March 31, 2016, return of capital distribution of $416 for Class C calculated to a de minimis amount of $0.000 per share.

⁴

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	)		91

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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	11.650			$	16.170			$	16.270			$	14.780			$	13.420			$	14.270

Income (loss) from investment operations:
Net investment loss²			(0.054	)			(0.120	)			(0.132	)			(0.152	)			(0.036	)			(0.128	)
Net realized and unrealized gain (loss)			1.304				(2.392	)			1.510				3.212				1.710				0.073

Total from investment operations			1.250				(2.512	)			1.378				3.060				1.674				(0.055	)


Less dividends and distributions from:
Return of capital			—				—	³			—				—				—				—
Net realized gain			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)

Total dividends and distributions			—				(2.008	)			(1.478	)			(1.570	)			(0.314	)			(0.795	)


Net asset value, end of period		$	12.900			$	11.650			$	16.170			$	16.270			$	14.780			$	13.420


Total return⁴			10.73%				(16.54%	)			9.18%				22.03%				12.94%				0.68%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	414,027			$	440,683			$	527,647			$	436,823			$	321,441			$	321,641
Ratio of expenses to average net assets			1.34%				1.41%				1.38%				1.45%				1.51%				1.55%
Ratio of expenses to average net assets prior to fees waived			1.54%				1.60%				1.52%				1.65%				1.70%				1.71%
Ratio of net investment loss to average net assets			(0.88%	)			(0.84%	)			(0.84%	)			(0.97%	)			(0.27%	)			(0.99%	)
Ratio of net investment loss to average net assets prior to fees waived			(1.08%	)			(1.03%	)			(0.98%	)			(1.17%	)			(0.46%	)			(1.15%	)
Portfolio turnover			130%				104%				72%				58%				78%				82%

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	For the year ended March 31, 2016, return of capital distribution of $8,916 for Institutional Class calculated to a de minimis amount of $0.000 per share.

⁴

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	11.530		$	13.640			$	14.880			$	13.740			$	12.590			$	12.610

Income (loss) from investment operations:
Net investment income (loss)²			0.047			(0.043	)			(0.092	)			(0.092	)			(0.027	)			(0.044	)
Net realized and unrealized gain (loss)			0.713			(1.579	)			(0.032	)			2.873				1.609				0.148

Total from investment operations			0.760			(1.622	)			(0.124	)			2.781				1.582				0.104


Less dividends and distributions from:
Return of capital			—			(0.001	)			—				—				—				—
Net realized gain			—			(0.487	)			(1.116	)			(1.641	)			(0.432	)			(0.124	)

Total dividends and distributions			—			(0.488	)			(1.116	)			(1.641	)			(0.432	)			(0.124	)


Net asset value, end of period		$	12.290		$	11.530			$	13.640			$	14.880			$	13.740			$	12.590


Total return³			6.59%			(11.96%	)			(0.69%	)			21.85%				13.23%				1.01%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	4,399		$	4,302			$	5,440			$	6,058			$	5,711			$	5,372
Ratio of expenses to average net assets			1.51%			1.61%				1.62%				1.70%				1.76%				1.79%
Ratio of expenses to average net assets prior to fees waived			1.70%			1.75%				1.68%				1.86%				1.98%				1.98%
Ratio of net investment income (loss) to average net assets			0.79%			(0.35%	)			(0.65%	)			(0.64%	)			(0.22%	)			(0.38%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			0.60%			(0.49%	)			(0.71%	)			(0.80%	)			(0.44%	)			(0.57%	)
Portfolio turnover⁴			17%			90%				31%				33%				36%				30%

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.

⁴

As a result of LSV Asset Management replacing The Delafield Group, a division of Tocqueville Asset Management L.P., and The Killen Group, Inc. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2016, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2016.

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


			(continues	)		93

Financial highlights

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
	9/30/16¹				3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	10.270			$	12.300			$	13.630			$	12.800			$	11.830			$	11.930

Income (loss) from investment operations:
Net investment income (loss)²			0.002				(0.122	)			(0.179	)			(0.175	)			(0.100	)			(0.113	)
Net realized and unrealized gain (loss)			0.628				(1.420	)			(0.035	)			2.646				1.502				0.137

Total from investment operations			0.630				(1.542	)			(0.214	)			2.471				1.402				0.024


Less dividends and distributions from:
Return of capital			—				(0.001	)			—				—				—				—
Net realized gain			—				(0.487	)			(1.116	)			(1.641	)			(0.432	)			(0.124	)

Total dividends and distributions			—				(0.488	)			(1.116	)			(1.641	)			(0.432	)			(0.124	)


Net asset value, end of period		$	10.900			$	10.270			$	12.300			$	13.630			$	12.800			$	11.830


Total return³			6.13%				(12.62%	)			(1.45%	)			21.08%				12.45%				0.39%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	14,437			$	15,136			$	19,245			$	20,846			$	20,058			$	19,986
Ratio of expenses to average net assets			2.26%				2.36%				2.37%				2.40%				2.41%				2.44%
Ratio of expenses to average net assets prior to fees waived			2.45%				2.50%				2.43%				2.56%				2.63%				2.63%
Ratio of net investment income (loss) to average net assets			0.04%				(1.10%	)			(1.40%	)			(1.34%	)			(0.87%	)			(1.03%	)
Ratio of net investment loss to average net assets prior to fees waived			(0.15%	)			(1.24%	)			(1.46%	)			(1.50%	)			(1.09%	)			(1.22%	)
Portfolio turnover⁴			17%				90%				31%				33%				36%				30%

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.

⁴

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

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
	9/30/16¹			3/31/16				3/31/15				3/31/14				3/31/13				3/31/12
	(Unaudited)
Net asset value, beginning of period		$	12.160		$	14.310			$	15.530			$	14.230			$	12.990			$	12.960

Income (loss) from investment operations:
Net investment income (loss)²			0.066			(0.013	)			(0.059	)			(0.050	)			0.016				(0.004	)
Net realized and unrealized gain (loss)			0.744			(1.649	)			(0.045	)			2.995				1.661				0.158

Total from investment operations			0.810			(1.662	)			(0.104	)			2.945				1.677				0.154


Less dividends and distributions from:
Net investment income			—			—				—				(0.004	)			(0.005	)			—
Net realized gain			—			(0.487	)			(1.116	)			(1.641	)			(0.432	)			(0.124	)
Return of capital			—			(0.001	)			—				—				—				—

Total dividends and distributions			—			(0.488	)			(1.116	)			(1.645	)			(0.437	)			(0.124	)


Net asset value, end of period		$	12.970		$	12.160			$	14.310			$	15.530			$	14.230			$	12.990


Total return³			6.66%			(11.67%	)			(0.53%	)			22.29%				13.56%				1.37%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	399,067		$	441,150			$	499,578			$	439,417			$	318,758			$	310,737
Ratio of expenses to average net assets			1.26%			1.36%				1.37%				1.40%				1.41%				1.44%
Ratio of expenses to average net assets prior to fees waived			1.45%			1.50%				1.43%				1.56%				1.63%				1.63%
Ratio of net investment income (loss) to average net assets			1.04%			(0.10%	)			(0.40%	)			(0.34%	)			0.13%				(0.03%	)
Ratio of net investment income (loss) to average net assets prior to fees waived			0.85%			(0.24%	)			(0.46%	)			(0.50%	)			(0.09%	)			(0.22%	)
Portfolio turnover⁴			17%			90%				31%				33%				36%				30%

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.

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.

⁴

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


			(continues	)		95

Notes to financial statements

Optimum Fund Trust

September 30, 2016 (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 (1940 Act), as amended, and offer Class A, 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) instead of front-end sales charge of 1.00% 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 C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 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 Funds.

Security Valuation — Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs 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 or ETF does not trade, the mean between the bid and ask prices will be used, which approximates fair value. Equity securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Open-end investment company securities are valued at net asset value (NAV) per share, as reported by the underlying investment company. 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, interest rate swap options contracts (swaptions) and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty 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. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the 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, which approximates fair value. 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 Trust’s 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,


96

government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal and Foreign 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 each Fund’s 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 each Fund’s tax positions taken for all open federal income tax years (March 31, 2013–March 31, 2016) and has concluded that no provision for federal income tax is required in any Fund’s financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries in which it invests that may date back to the inception of each Fund.

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.

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 each Fund’s 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 as of the date of this report were entered into on Sept. 30, 2016, and matured on the next business day.

Reverse Repurchase Agreements — Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the six months ended Sept. 30, 2016, the Fund had average reverse repurchase agreements of $416,561, for which it paid interest at an average rate of 0.30%. At Sept. 30, 2016, the Fund posted $4,906,772 in securities collateral for reverse repurchase agreements, which comprised of U.S. treasury obligations.

To Be Announced Trades (TBA) — Optimum Fixed Income Fund may contract to purchase or sell securities for a fixed price at a transaction date beyond the customary settlement period (examples: 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 or sell 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 or the transaction is completed; however, the market value may change prior to delivery.

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 daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. 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 bifurcate 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. That portion of gains (losses), which is due to changes in foreign exchange rates is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, the realized gains and losses are included on the “Statements of operations” under “Net realized and unrealized gain (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.


			(continues	)		97

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

Use of Estimates — Each Fund is an investment company, whose financial statements are prepared in conformity with U.S. GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. 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, the 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 a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among 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 debt securities are accreted or amortized to interest income, respectively, over the lives of the respective securities using the effective interest method. 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 tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims 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 may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Funds may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no such earnings credits for the six months ended Sept. 30, 2016.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included on the ”Statements of operations“ under ”Dividend disbursing and transfer agent fees and expenses“ with the corresponding expense offset shown under ”Less expense paid indirectly.“ For the six months ended Sept. 30, 2016, each Fund earned the following amounts under this agreement:


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
$414	$412	$460	$462	$449	$453

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 Board, to select and contract with one or more investment sub-advisors 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-advisors, and to monitor the sub-advisors’ compliance with the relevant Fund’s investment objective, policies and restrictions. DMC pays the sub-advisors 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 from $1 billion to $2.5 billion
		0.4750% of net assets over $2.5 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

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 – Acadian Asset Management LLC (Acadian), and EARNEST Partners, LLC (EARNEST); Optimum Large Cap Growth Fund – T. Rowe Price Associates, Inc. (T. Rowe Price), and Fred Alger Management, Inc. (Alger); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Herndon Capital Management, LLC (Herndon); Optimum Small-Mid Cap Growth Fund – Columbus Circle Investors (CCI) and Peregrine Capital Management (Peregrine); Optimum Small-Mid Cap Value Fund – LSV Asset Management (LSV) and Westwood Management Corp. (Westwood).

For the six months ended Sept. 30, 2016, DMC paid the following sub-advisory fees:


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
$1,267,968	$1,143,204	$2,677,813	$2,055,058	$935,824	$1,087,378


			(continues	)		99

Notes to financial statements

Optimum Fund Trust

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

DMC has contractually agreed to waive that portion, if any, of its management fee and/or pay/reimburse each Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs, and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)) do not exceed the following percentages of each Fund’s average daily net assets. For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Board and DMC. These waivers and reimbursements may be terminated only by agreement of DMC and the Funds.


	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
Operating expense limitation as a percentage of average daily net assets (per annum) for the period July 29, 2016 – July 29, 2017	0.92%	1.25%	1.10%	1.08%	1.33%	1.25%
Operating expense limitation as a percentage of average daily net assets (per annum) for the period July 29, 2015 – July 29, 2016	0.92%	1.25%	1.09%	1.08%	1.34%	1.27%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Trust. Those services include overseeing the Funds’ pricing process, the calculation and payment of fund expenses, and financial reporting in shareholder reports, registration statements and other regulatory filings. DIFSC also manages the process for the payment of dividends and distributions and the dissemination of Funds’ NAVs and performance data. For these services, the Funds pay DIFSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. DIFSC fees are calculated based on the aggregate daily net assets of the Trust at the following annual rate: 0.0075% of the first $3 billion; 0.0070% of the next $2 billion; 0.0065% of the next $2.5 billion; 0.0055% of the next $2.5 billion; and 0.0050% of aggregate average daily net assets in excess of $10 billion. The fees payable to DIFSC under the service agreement described above are allocated among all funds in the Trust on a relative NAV basis. These amounts are included on the “Statements of operations” under “Accounting fees.” For the six months ended Sept. 30, 2016, each Fund was charged for these services as follows:


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
$74,374	$20,781	$53,322	$49,170	$15,328	$14,929

DIFSC provides the Trust with administrative services including: preparation, filing and maintaining governing documents; preparation of materials and reports for the Board; and preparation and filing of registration statements and other regulatory filings. For these administrative services, each Fund pays DIFSC a fee at an annual rate (plus out-of-pocket expenses) of 0.120% of assets up to $500 million of the Funds’ average daily net assets; 0.095% of assets from $500 million to $1 billion; and 0.070% of assets over $1 billion.

DIFSC is also the shareholder servicing, dividend disbursing, and transfer agent for each Fund. For these services, the Trust pays DIFSC a fee at an annual rate of 0.200% of the Trust’s total average daily net assets, subject to certain minimums, plus out-of-pocket expenses. Pursuant to a sub-transfer agency agreement between DIFSC and BNY Mellon Investment Servicing (US) Inc. (BNYMIS), BNYMIS provides certain sub-transfer agency services to the Funds. Sub-transfer agency fees are paid by the Funds and are also included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses.”

100

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 12b1- fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class C shares. Institutional Class shares pay no 12b-1 fees.

For the six months ended Sept. 30, 2016, DDLP earned commissions on sales of Class A shares for each Fund as follows:


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
$20,874	$1,896	$5,150	$5,214	$1,809	$1,812

For the six months ended Sept. 30, 2016, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:


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
$8,333	$1,353	$3,951	$4,385	$661	$509

DMC, DIFSC and DDLP are indirect, wholly owned subsidiaries of Delaware Management Holdings, Inc. Certain officers of DMC, DIFSC and DDLP are officers and/or Trustees of the Trust. These officers and Trustees are paid no compensation by the Funds.

Cross trades for the six months ended Sept. 30, 2016, were executed by the Funds pursuant to procedures adopted by the Board designed to ensure compliance with Rule 17a-7 under the 1940 Act. Cross trading is the buying or selling of portfolio securities between funds of investment companies, or between a fund of an investment company and another entity, that are or could be considered affiliates by virtue of having a common investment advisor (or affiliated investment advisors), common directors/trustees and/or common officers. At its regularly scheduled meetings, the Board reviews such transactions for compliance with the procedures adopted by the Board. Optimum Fixed Income Fund and Optimum Large Cap Growth Fund did not engage in securities cross trades for the six months ended Sept. 30, 2016. Pursuant to these procedures, for the six months ended Sept. 30, 2016, the Funds engaged in securities sales, which resulted in net realized gain as follows. There were no Rule 17a-7 securities purchases for the six months ended Sept. 30, 2016.


	Optimum International Fund		Optimum Large Cap Value Fund		Optimum Small-Mid Cap Growth Fund		Optimum Small-Mid Cap Value Fund
Sales		$1,540,801		$35,328,096		$1,450,689		$2,468,401
Net realized gain		2		23,135		1,309		178

3. Investments

For the six months ended Sept. 30, 2016, each Fund made purchases and sales of investments securities other than short-term investments as follows:


	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
Purchases other than U.S. government securities		$	3,178,721,049		$	214,678,914		$	348,586,799		$	309,738,966		$547,854,942		$70,912,840
Purchases of U.S. government securities			1,273,604,126			—			—			—		—		—
Sales other than U.S. government securities			3,113,143,631			244,313,259			451,860,242			272,880,512		614,482,934		129,576,732
Sales of U.S. government securities			1,305,021,272			—			—			—		—		—


			(continues	)		101

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

At Sept. 30, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2016, the cost and unrealized appreciation (depreciation) of investments for each Fund were as follows:


	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
Cost of investments		$	2,367,568,191			$	591,711,776			$	1,248,881,572			$	1,084,072,759			$	391,857,740			$	363,756,168

Aggregate unrealized appreciation of investments		$	60,414,779			$	72,422,043			$	269,828,344			$	295,981,196			$	57,359,831			$	61,351,082
Aggregate unrealized depreciation of investments			(20,588,773	)			(61,572,748	)			(30,023,585	)			(19,934,696	)			(12,941,066	)			(9,571,506	)

Net unrealized appreciation of investments		$	39,826,006			$	10,849,295			$	239,804,759			$	276,046,500			$	44,418,765			$	51,779,576

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2016, Optimum Fixed Income Fund, Optimum Large Cap Growth, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund did not have any pre-enactment capital loss carryforwards outstanding. Capital loss carryforwards remaining at March 31, 2016 will expire as follows:


Year of Expiration	Optimum International Fund	Optimum Large Cap Value Fund
3/31/18	$4,316,656	$13,066,441

On Dec. 22, 2010, the Regulated Investment Company Modernization Act of 2010 (Act) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes were generally effective for taxable years beginning after the date of enactment. Under the Act, each Fund is 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.

Losses incurred that will be carried forward under the Act are as follows:


	Loss carryforward character
	Short-term		Long-term
Optimum Fixed Income Fund		$ 5,564,709		$8,459,920
Optimum International Fund		18,690,282		3,477,514

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

102

asset or liability 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. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded 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. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)

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

Level 3 investments are valued using significant unobservable inputs. Each Fund may also use an income-based valuation approach in which the anticipated future cash flows of the investment are discounted to calculate fair value. Discounts may also be applied due to the nature or duration of any restrictions on the disposition of the investments. Valuations may also be based upon current market prices of securities that are comparable in coupon, rating, maturity, and industry. The derived value of a Level 3 investment may not represent the value which is received upon disposition and this could impact the results of operations.

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Sept. 30, 2016:


	Optimum Fixed Income Fund

Securities	Level 1			Level 2			Level 3		Total
Agency, Asset- & Mortgage-Backed Securities	$	—		$	842,069,509		$	—	$	842,069,509
Corporate Debt¹		—			939,286,378			1,308,190		940,594,568
Foreign Debt		—			71,751,106			—		71,751,106
Municipal Bonds		—			38,340,873			—		38,340,873
Senior Secured Loans¹		—			105,450,778			4,478,563		109,929,341
Common Stock		—			—			—		—
Convertible Preferred Stock¹		1,909,416			247,831			—		2,157,247
Exchange-Traded Fund		497,382			—			—		497,382
Preferred Stock¹		977,256			4,971,386			—		5,948,642
U.S. Treasury Obligations		—			373,927,423			—		373,927,423
Short-Term Investments		—			22,063,780			—		22,063,780
Options Purchased		—			114,326			—		114,326

Total Value of Securities	$	3,384,054		$	2,398,223,390		$	5,786,753	$	2,407,394,197

Foreign Currency Exchange Contracts	$	—		$	609,047		$	—	$	609,047
Futures Contracts		(4,998,811	)		—			—		(4,998,811	)
Swap Contracts		—			(14,790,546	)		—		(14,790,546	)
Reverse Repurchase Agreements		—			(4,906,125	)		—		(4,906,125	)
Options Written		—			(71,528	)		—		(71,528	)

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments, Level 2 investments represent investments with observable inputs or matrix-priced investments, and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 investments, Level 2 investments, and Level 3 investments represent the following percentages of the total market value of these security types:


			(continues	)		103

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


	Level 1			Level 2		Level 3		Total
Corporate Debt		—			99.86%		0.14%		100.00	%
Senior Secured Loans		—			96.83%		3.17%		100.00	%
Convertible Preferred Stock		88.51	%		11.49%		—		100.00	%
Preferred Stock		16.43	%		83.57%		—		100.00	%


	Optimum International Fund

Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	2,583,643	$	12,553,096	$	—	$	15,136,739
Austria		4,039,783		12,331,528		—		16,371,311
Bermuda		5,279,076		—		—		5,279,076
Brazil		3,394,466		—		—		3,394,466
Canada		12,643,681		—		—		12,643,681
China/Hong Kong		—		32,033,632		—		32,033,632
Colombia		3,661,835		—		—		3,661,835
Czech Republic		—		2,435,924		—		2,435,924
Denmark		—		10,393,724		—		10,393,724
Finland		—		6,589,784		—		6,589,784
France		—		27,868,539		—		27,868,539
Germany		656,860		27,360,922		—		28,017,782
India		4,898,580		10,746,234		—		15,644,814
Indonesia		—		8,658,511		—		8,658,511
Ireland		12,788,754		—		—		12,788,754
Israel		10,091,458		12,027,104		—		22,118,562
Italy		—		10,546,199		—		10,546,199
Japan		—		76,686,194		—		76,686,194
Mexico		3,740,923		—		—		3,740,923
Netherlands		6,887,177		9,978,033		—		16,865,210
New Zealand		1,477,305		5,235,567		—		6,712,872
Norway		4,200,101		9,618,319		—		13,818,420
Peru		3,501,973		—		—		3,501,973
Republic of Korea		—		23,224,955		—		23,224,955
Russia		—		939,457		—		939,457
Singapore		—		6,901,231		—		6,901,231
Spain		—		12,915,688		—		12,915,688
Sweden		—		10,323,377		—		10,323,377
Switzerland		9,754,298		29,917,204		—		39,671,502
Taiwan		—		19,120,980		—		19,120,980
Thailand		—		866,860		—		866,860
Turkey		—		7,255,840		—		7,255,840
United Kingdom		3,594,475		65,198,572		—		68,793,047
United States		12,688,130		—		4,634,108		17,322,238
Exchange-Traded Funds		13,206,863		—		—		13,206,863
Short-Term Investments		—		4,908,828		—		4,908,828
Securities Lending Collateral		—		22,201,280		—		22,201,280

Total Value of Securities	$	119,089,381	$	478,837,582	$	4,634,108	$	602,561,071

Foreign Currency Exchange Contracts	$	—	$	313	$	—	$	313

104


	Optimum Large Cap Growth Fund
Securities	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	328,991,472	$	—	$	1,815,066	$	330,806,538
Consumer Staples		74,670,543		—		—		74,670,543
Energy		12,204,265		—		—		12,204,265
Financials		46,465,652		—		93,094		46,558,746
Healthcare		259,976,425		—		—		259,976,425
Industrials		105,532,313		—		—		105,532,313
Information Technology		551,524,877		10,837,234		552,457		562,914,568
Materials		16,159,821		—		—		16,159,821
Real Estate		25,088,156		—		—		25,088,156
Telecommunication Services		10,222,979		—		—		10,222,979
Utilities		3,975,400		—		—		3,975,400
Convertible Preferred Stock		—		—		9,300,102		9,300,102
U.S. Master Limited Partnerships		5,574,475		—		—		5,574,475
Short-Term Investments		—		25,702,000		—		25,702,000

Total Value of Securities	$	1,440,386,378	$	36,539,234	$	11,760,719	$	1,488,686,331



				Optimum Large Cap Value Fund
Securities	Level 1			Level 2			Total
Common Stock
Consumer Discretionary		$	111,729,801		$	—		$	111,729,801
Consumer Staples			121,598,214			28,931,554			150,529,768
Energy			89,374,710			—			89,374,710
Financials			353,062,885			—			353,062,885
Healthcare			172,312,832			4,244,838			176,557,670
Industrials			168,653,476			—			168,653,476
Information Technology			168,374,134			—			168,374,134
Materials			63,628,225			—			63,628,225
Real Estate			14,145,932			—			14,145,932
Telecommunication Services			13,442,808			1,743,966			15,186,774
Utilities			27,707,280			—			27,707,280
Short-Term Investments			—			21,168,604			21,168,604

Total Value of Securities		$	1,304,030,297		$	56,088,962		$	1,360,119,259


			(continues	)		105

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


	Optimum Small-Mid Cap Growth Fund
Securities	Level 1		Level 2		Level 3		Total
Common Stock		$417,583,058		$ —		$ —		$417,583,058
Convertible Preferred Stock		—		—		6,448,177		6,448,177
Short-Term Investments		—		12,245,270		—		12,245,270
Total Value of Securities		$417,583,058		$12,245,270		$6,448,177		$436,276,505

			Optimum Small-Mid Cap Value Fund
Securities		Level 1		Level 2		Total
Common Stock		$414,572,222		$ —		$414,572,222
Short-Term Investments		—		963,523		963,523
Total Value of Securities		$414,572,222		$963,523		$415,535,745

Securities valued at zero on the “Schedules of investments” are considered to be Level 3 investments in these tables.

As a result of utilizing international fair value pricing at Sept. 30, 2016, the majority of Optimum International Fund’s common stock investments and a portion of Optimum Large Cap Growth Fund’s and Optimum Large Cap Value Fund’s common stock investments were categorized as Level 2.

During the six months ended Sept. 30, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant 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. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in each Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Funds’ NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Funds’ NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. Each Fund’s policy is to recognize transfers between levels at the beginning of the period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. With the exception of Optimum Small-Mid Cap Growth Fund, management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to each Fund’s net assets at the end of the period. There were no Level 3 investments during the six months ended Sept. 30, 2016 for Optimum Small-Mid Cap Value Fund.

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for Optimum Small-Mid Cap Growth Fund:


	Common Stock			Convertible Preferred Stock			Total
Beginning balance March 31, 2016		$ 133,374			$ 6,261,635			$ 6,395,009
Purchases		—			2,447,732			2,447,732
Sales		—			(1,313,030	)		(1,313,030	)
Transfers out of Level 3		(366,983	)		(555,295	)		(922,278	)
Net change in unrealized appreciation (depreciation)		233,609			(392,865	)		(159,256	)
Ending balance Sept. 30, 2016		$ —			$ 6,448,177			$ 6,448,177
Net change in unrealized appreciation (depreciation) from investments still held at the end of the period		$ —			$ 285,248			$ 285,248

106

Sensitivity Analysis for Optimum Small-Mid Cap Growth Fund

Valuation: Each Fund fair values its financial instruments at fair value using independent pricing sources under the policies approved by the Board. The Pricing Committee is the committee formed by the advisor to develop pricing policies and procedures and to provide oversight of the pricing function for the Funds.

When market quotations are not readily available for one or more portfolio securities, the Funds’ NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that a Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Funds’ pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

Quantitative information about Level 3 fair value measurements for Optimum Small-Mid Cap Growth Fund:

Assets

Value

Valuation
Techniques

Unobservable

Inputs

Range of
Unobservable
Inputs

Weighted
Average
Discounted
Enterprise
Value / Revenue
Multiple

Convertible Preferred Stock

$6,448,177

Comparable
Company Approach

Enterprise Value / Revenue Multiple

Range of Comparable Companies

2.3x to 9.2x

4.96x

A significant change to the inputs may result in a significant change to the valuation.


			(continues	)		107

Notes to financial statements

Optimum Fund Trust

4. Capital Shares

Transactions in capital shares were as follows:


	Optimum Fixed Income Fund						Optimum International Fund						Optimum Large Cap Growth Fund
	Six months ended 9/30/16			Year ended 3/31/16			Six months ended 9/30/16			Year ended 3/31/16			Six months ended 9/30/16			Year ended 3/31/16

Shares sold:
Class A		134,607			484,087			40,145			106,661			65,416			134,056
Class C		455,446			2,109,294			80,138			370,858			161,018			569,981
Institutional Class		22,275,211			50,670,245			4,006,190			16,417,062			7,577,018			16,932,034
Shares issued upon reinvestment of dividends and distributions:
Class A		—			126,444			—			4,638			—			233,634
Class C		—			363,757			—			—			—			992,070
Institutional Class		—			6,368,876			—			394,001			—			8,237,260
		22,865,264			60,122,703			4,126,473			17,293,220			7,803,452			27,099,035
Shares redeemed:
Class A		(378,272	)		(831,370	)		(80,782	)		(160,976	)		(215,736	)		(510,659	)
Class C		(1,985,698	)		(3,222,618	)		(346,095	)		(552,865	)		(1,109,032	)		(1,879,403	)
Institutional Class		(29,956,995	)		(43,001,210	)		(6,879,788	)		(8,328,689	)		(13,014,073	)		(18,670,206	)
		(32,320,965	)		(47,055,198	)		(7,306,665	)		(9,042,530	)		(14,338,841	)		(21,060,268	)
Net increase (decrease)		(9,455,701	)		13,067,505			(3,180,192	)		8,250,690			(6,535,389	)		6,038,767


	Optimum Large Cap Value Fund						Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/16			Year ended 3/31/16			Six months ended 9/30/16			Year ended 3/31/16			Six months ended 9/30/16			Year ended 3/31/16

Shares sold:
Class A		68,207			143,327			25,588			33,959			24,250			33,499
Class C		154,432			531,160			43,112			127,921			39,420			113,119
Institutional Class		14,371,512			16,516,757			3,425,427			8,398,792			3,245,782			8,991,621
Shares issued upon reinvestment of dividends and distributions:
Class A		—			20,818			—			70,219			—			15,444
Class C		—			18,116			—			296,465			—			68,396
Institutional Class		—			937,805			—			5,097,525			—			1,361,942
		14,594,151			18,167,983			3,494,127			14,024,881			3,309,452			10,584,021
Shares redeemed:
Class A		(210,093	)		(394,347	)		(39,778	)		(102,565	)		(39,263	)		(74,853	)
Class C		(858,423	)		(1,375,133	)		(218,523	)		(332,514	)		(188,597	)		(273,196	)
Institutional Class		(11,666,873	)		(14,408,404	)		(9,160,623	)		(8,288,503	)		(8,756,402	)		(8,979,943	)
		(12,735,389	)		(16,177,884	)		(9,418,924	)		(8,723,582	)		(8,984,262	)		(9,327,992	)
Net increase (decrease)		1,858,762			1,990,099			(5,924,797	)		5,301,299			(5,674,810	)		1,256,029

108

Certain shareholders may exchange shares of one class for another class in the same Fund. There were no exchange transactions for the six months ended Sept. 30, 2016. For the year ended March 31, 2016, each Fund had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the table above and the “Statements of changes in net assets.”


	Year ended 3/31/16
	Exchange Redemptions		Exchange Subscriptions
	Class C Shares		Class A Shares		Value
Optimum Fixed Income Fund		10,722		10,688		$	102,288
Optimum International Fund		1,512		1,476			17,488
Optimum Large Cap Growth Fund		4,535		4,109			73,970
Optimum Large Cap Value Fund		3,867		3,821			61,640
Optimum Small-Mid Cap Growth Fund		837		753			11,843
Optimum Small-Mid Cap Value Fund		652		587			7,731

5. Derivatives

U.S. GAAP requires 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 and foreign cross currency exchange contracts as a way of managing foreign exchange rate risk. Each Fund may also 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 enter into these contracts to hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies. In addition, each Fund may enter into these contracts to facilitate or expedite the settlement of portfolio transactions. 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 and foreign cross 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 and foreign cross 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, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its 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.

During the six months ended Sept. 30, 2016, the Funds used foreign currency exchange contracts to hedge the U.S. dollar value of securities the Funds already own that are denominated in foreign currencies, and to facilitate or expedite the settlement of portfolio transactions.

During the six months ended Sept. 30, 2016, the Funds held foreign currency exchange contracts which are reflected on the “Statements of operations” under “Net realized and unrealized gain (loss) on foreign currency exchange contracts.”

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 may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the 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 the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the 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


			(continues	)		109

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

secondary market for these instruments. When investing in futures, there is reduced counterparty credit risk to the Fund because futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees against default. The Fund posted $653,000 cash and $3,480,000 in securities collateral as margin for open futures contracts. Securities collateral are presented on the “Schedules of investments” and cash collateral is presented on the “Statements of assets and liabilities” as “Cash collateral due from brokers.”

During the six months ended Sept. 30, 2016, Optimum Fixed Income Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

Options Contracts — Optimum Fixed Income Fund may enter 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 caused by interest rates or market conditions 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 option 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 option 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 Sept. 30, 2016 for Optimum Fixed Income Fund were as follows:


Call options	Number of contracts			Premiums
Options outstanding March 31, 2016		73,110,000		$	255,102
Options written		55,762,463			641,496
Options expired		(102,172,463	)		(410,263	)
Options terminated in closing purchase transactions		(26,700,000	)		(486,336	)

Options outstanding Sept. 30, 2016		—		$	—

Put options	Number of contracts			Premiums
Options outstanding March 31, 2016		268,400,364		$	1,351,614
Options written		71,662,769			764,631
Options expired		(249,162,557	)		(1,217,191	)
Options terminated in closing purchase transactions		(47,400,576	)		(435,930	)

Options outstanding Sept. 30, 2016		43,500,000		$	463,124

During the six months ended Sept. 30, 2016, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to protect the value of portfolio securities, to manage the Fund’s exposure to changes in foreign currencies and to take advantage of liquidity available in the options market.

Swap Contracts — Optimum Fixed Income Fund may enter into currency swap contracts, index swap contracts, inflation swaps, interest rate swap contracts, and CDS contracts in the normal course of pursuing its investment objective. The Fund may invest in interest rate swaps to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may use currency swaps to protect against currency fluctuations. 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. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into

110

such transactions, the unsecured long-term debt of the actual counterparty, combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s Financial Services LLC. (S&P) or Baa3 by Moody’s Investors Service Inc. (Moody’s) or is determined to be of equivalent credit quality by DMC.

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 the London Interbank Offered Rate (LIBOR). The change in value of swap contracts outstanding, if any, is recorded as unrealized appreciation or depreciation. 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 swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated, for bilateral swap contracts, 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.

During the six months ended Sept. 30, 2016, Optimum Fixed Income Fund used inflation swaps to hedge the inflation risk in nominal bonds (i.e., non-inflation-protected bonds) thereby creating “synthetic” inflation-indexed bonds.

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 Optimum Fixed Income 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 (1) for bilateral swap contracts, 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 and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2016, Optimum Fixed Income Fund entered into interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

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 Sept. 30, 2016, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. 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 daily as unrealized appreciation or depreciation. 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. Initial margin and variation margin are posted to central counterparties for central cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at Sept. 30, 2016, the notional value of the protection sold was EUR 4,300,000 and USD 42,700,000, which reflects the maximum potential amount Optimum Fixed Income Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, 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


			(continues	)		111

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

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 Sept. 30, 2016, net unrealized appreciation of the protection sold was $526,351.

CDS contracts may involve greater risks than if Optimum Fixed Income 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 (1) for bilateral swap contracts, 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 and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2016, Optimum Fixed Income Fund used CDS contracts to hedge against credit events, and to gain exposure to certain securities or markets.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event Optimum Fixed Income Fund terminated its position in the contract on a given day. 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 “Schedules of investments.”

At Sept. 30, 2016, for bilateral derivative contracts, Optimum Fixed Income Fund posted $1,470,000 in cash collateral for certain open derivatives, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Optimum Fixed Income Fund posted $2,470,583 cash and $9,675,486 securities collateral respectively for certain centrally cleared derivatives. Cash collateral is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities” and securities collateral is presented on the “Schedules of investments.” At Sept. 30, 2016, the Fund received $2,205,000 in cash collateral and $686,100 in securities collateral for certain open derivatives. Cash collateral received is presented as “Cash collateral due to brokers” on the “Statements of assets and liabilities” and securities collateral is presented on the “Schedules of investments.”

Fair values of derivative instruments for Optimum Fixed Income Fund as of Sept. 30, 2016 were as follows:


	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest rate Contracts			Credit Contracts			Total
Unrealized appreciation on foreign currency exchange contracts		$1,936,479			$ —			$ —			$1,936,479
Variation margin due from broker on futures contracts*		6,863			19,461			—			26,324
Variation margin due from broker on swap contracts		—			1,521,548			—			1,521,548
Unrealized appreciation on swap contracts		—			7,926			696,542			704,468
Total		$1,943,342			$1,548,935			$696,542			$4,188,819

	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Interest Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts		$(1,327,432	)		$ —			$ —			$ (1,327,432	)
Variation margin due to broker on futures contracts*		(4,752,258	)		(272,877	)		—			(5,025,135	)
Options written, at value		—			(71,528	)		—			(71,528	)
Variation margin due to broker on credit default swap contracts		—			—			(33,443	)		(33,443	)
Unrealized depreciation on swap contracts		—			(16,815,381	)		(167,738	)		(16,983,119	)
Total		$(6,079,690	)		$(17,159,786	)		$(201,181	)		$(23,440,657	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through Sept. 30, 2016. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

112

The effect of derivative instruments on Optimum Fixed Income Fund’s ”Statements of operations“ for the six months ended Sept. 30, 2016 was as follows:


	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts				Futures Contracts				Options Purchased				Options Written			Swap Contracts				Total
Currency contracts		$	(4,641,861	)		$	(264,832	)		$	(7,710	)		$	826,458		$	—			$	(4,087,945	)
Equity contracts			—				(831,394	)			—				—			—				(831,394	)
Interest rate contracts			—				1,627,179				2,517				829,602			(2,106,373	)			352,925
Credit contracts			—				—				(432,030	)			50,420			29,579				(352,031	)

Total		$	(4,641,861	)		$	530,953			$	(437,223	)		$	1,706,480		$	(2,076,794	)		$	(4,918,445	)



	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts				Options Purchased			Options Written				Swap Contracts				Total
Currency contracts		$	3,167,073		$	(2,031,358	)		$	7,509		$	141,422			$	—			$	1,284,646
Equity contracts			—			77,415				—			—				—				77,415
Interest rate contracts			—			(1,008,695	)			459,323			(534,114	)			(5,222,014	)			(6,305,500	)
Credit contracts			—			—				—			(30,903	)			267,506				236,603

Total		$	3,167,073		$	(2,962,638	)		$	466,832		$	(423,595	)		$	(4,954,508	)		$	(4,706,836	)

Derivatives generally. The tables below summarize the average balance of derivative holdings by the Funds during the six months ended Sept. 30, 2016.


	Long Derivative Volume
	Optimum Fixed Income Fund		Optimum International Fund		Optimum Large Cap Growth Fund		Optimum Large Cap Value Fund
Foreign currency exchange contracts (average cost)	USD	58,624,850	USD	917,393	USD	0	USD	54,828
Futures contracts (average notional value)		368,947,251		—		—		—
Options contracts (average notional value)		193,605		—		—		—
CDS contracts (average notional value)*	EUR	1,209,805		—		—		—
	USD	9,710,703		—		—		—
Inflation swap contracts (average notional value)**		312,500		—		—		—
Interest rate swap contracts (average notional value)**	CAD	8,149,219		—		—		—
	GBP	6,100,000		—		—		—
	MXN	585,567,188		—		—		—
	USD	265,885,000		—		—		—


			(continues	)		113

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)


	Short Derivative Volume
	Optimum Fixed Income Fund		Optimum International Fund		Optimum Large Cap Growth Fund		Optimum Large Cap Value Fund
Foreign currency exchange contracts (average cost)	USD	187,477,629	USD	1,000,075	USD	26,079	USD	14,781
Futures contracts (average notional value)		1,045,883,648		—		—		—
Options contracts (average notional value)		378,143		—		—		—
CDS contracts (average notional value)*	EUR	4,353,906		—		—		—
	USD	38,466,602		—		—		—

*Long represents buying protection and short represents selling protection.

**Long represents receiving fixed interest payments and short represents paying fixed interest payments.

6. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expanded disclosure requirements on the offsetting of certain assets and liabilities. The disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset on the “Statements of assets and liabilities” and require an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarified which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate its counterparty risk, each Fund entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or a similar agreement with certain of its derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between each Fund and a counterparty that governs certain over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, each Fund may, under certain circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out), including the bankruptcy or insolvency of the counterparty. However, bankruptcy, or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

For financial reporting purposes, each Fund does not offset derivative assets and derivative liabilities that are subject to netting arrangements on the “Statements of assets and liabilities.”

114

At Sept. 30, 2016, Optimum Fixed Income Fund and Optimum International Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Optimum Fixed Income Fund


Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	582,145		$	(423,134	)		$	159,011
Barclays Bank			—			(224	)			(224	)
BNP Paribas			91,319			(85,705	)			5,614
Citigroup Global Markets			1,195,289			(18,525	)			1,176,764
Deutsche Bank			622,175			(15,494	)			606,681
Goldman Sachs			37,125			—				37,125
Hong Kong Shanghai Bank			—			(574	)			(574	)
JPMorgan Chase Bank			73,059			(942,836	)			(869,777	)
Morgan Stanley Capital			379,448			—				379,448
Toronto Dominion Bank			25,564			(11,129	)			14,435
UBS			18,494			—				18,494

Total		$	3,024,618		$	(1,497,621	)		$	1,526,997

Optimum Fixed Income Fund


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received				Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(a)
Bank of America Merrill Lynch		$	159,011			$	—		$	–			$	—		$	–		$	159,011
Barclays Bank			(224	)			—			—				—			–			(224	)
BNP Paribas			5,614				—			(5,614	)			—			—			—
Citigroup Global Markets			1,176,764				—			(1,176,764	)			—			—			—
Deutsche Bank			606,681				—			—				—			—			606,681
Goldman Sachs			37,125				—			—				—			—			37,125
Hong Kong Shanghai Bank			(574	)			—			—				—						(574	)
JPMorgan Chase Bank			(869,777	)			—			—				—			869,777			—
Morgan Stanley Capital			379,448				—			(379,448	)			—			—			—
Toronto Dominion Bank			14,435				—			—				—			—			14,435
UBS			18,494				—			—				—			—			18,494

Total		$	1,526,997			$	—		$	(1,561,826	)		$	—		$	869,777		$	834,948


			(continues	)		115

Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)

Optimum International Fund


Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
BNY Mellon		$	361		$	—			$	361
Northern Trust			2			(108	)			(106	)
State Street Bank			266			(208	)			58

Total		$	629		$	(316	)		$	313

Optimum International Fund


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(a)
BNY Mellon		$	361			$	—		$	—		$	—		$	—		$	361
Northern Trust			(106	)			—			—			—			—			(106	)
State Street Bank			58				—			—			—			—			58

Total		$	313			$	—		$	—		$	—		$	—		$	313

Repurchase Agreements

Repurchase agreements are entered into by a Fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits a Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, a Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, a Fund would recognize a liability with respect to such excess collateral. The liability reflects a Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of Sept. 30, 2016, the following tables are a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:


				Optimum International Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposure^(a)

Bank of America Merrill Lynch		$	1,017,186		$	(1,017,186	)		$	—		$	(1,017,186	)		$	—
Bank of Montreal			1,695,310			(1,695,310	)			—			(1,695,310	)			—
BNP Paribas			983,504			(983,504	)			—			(983,504	)			—

Total		$	3,696,000		$	(3,696,000	)		$	—		$	(3,696,000	)		$	—



				Optimum Large Cap Growth Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposure^(a⁾

Bank of America Merrill Lynch		$	7,073,517		$	(7,073,517	)		$	—		$	(7,073,517	)		$	—
Bank of Montreal			11,789,194			(11,789,194	)			—			(11,789,194	)			—
BNP Paribas			6,839,289			(6,839,289	)			—			(6,839,289	)			—

Total		$	25,702,000		$	(25,702,000	)		$	—		$	(25,702,000	)		$	—

116


				Optimum Large Cap Value Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposure^(a)

Bank of America Merrill Lynch		$	2,956,885		$	(2,956,885	)		$	—		$	(2,956,885	)		$	—
Bank of Montreal			4,928,142			(4,928,142	)			—			(4,928,142	)			—
BNP Paribas			2,858,973			(2,858,973	)			—			(2,858,973	)			—

Total		$	10,744,000		$	(10,744,000	)		$	—		$	(10,744,000	)		$	—


				Optimum Small-Mid Cap Growth Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposure^(a)

Bank of America Merrill Lynch		$	1,772,094		$	(1,772,094	)		$	—		$	(1,772,094	)		$	—
Bank of Montreal			2,953,491			(2,953,491	)			—			(2,953,491	)			—
BNP Paribas			1,713,415			(1,713,415	)			—			(1,713,415	)			—

Total		$	6,439,000		$	(6,439,000	)		$	—		$	(6,439,000	)		$	—


				Optimum Small-Mid Cap Value Fund
Counterparty	Repurchase Agreements			Fair Value of Non-Cash Collateral Received				Cash Collateral Received			Net Collateral Received				Net Exposure^(a)

Bank of America Merrill Lynch		$	209,162		$	(209,162	)		$	—		$	(209,162	)		$	—
Bank of Montreal			348,603			(348,603	)			—			(348,603	)			—
BNP Paribas			202,235			(202,235	)			—			(202,235	)			—

Total		$	760,000		$	(760,000	)		$	—		$	(760,000	)		$	—

Reverse repurchase agreements

Borrowed bond agreements, repurchase, reverse repurchase transactions, and treasury roll transactions are entered into by Optimum Fixed Income Fund under MRA which permit the Fund, under certain circumstances, including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables under the MRA with collateral held and/or posted to the counterparty and create one single net payment due to or from the Fund. With reverse repurchase transactions, borrowed bond agreements and treasury roll transactions, typically the Fund and the counterparties are permitted to sell, repledge, or use the collateral associated with the transaction. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Pursuant to the terms of the MRA, the Fund receives or posts securities as collateral with a market value in excess of the repurchase price to be paid or received by the Fund upon the maturity of the transaction. Upon a bankruptcy or insolvency of the MRA counterparty, the Fund is considered an unsecured creditor with respect to excess collateral and, as such, the return of excess collateral may be delayed.


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Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)

As of Sept. 30, 2016, the following table is a summary of Optimum Fixed Income Fund’s open reverse repurchase agreements by counterparty which are subject to offset under an MRA on a net basis:


					Optimum Fixed Income Fund
Counterparty	Reverse Repurchase Agreements				Fair Value of Non-Cash Collateral Received			Cash Collateral Pledged			Net Collateral Pledged			Net Exposure^(a)

JPMorgan Chase Securities		$	(4,906,125	)		$	4,906,125		$	—		$	4,906,125		$	—

In the event the counterparty of securities under an MRA files for bankruptcy or becomes insolvent, the Fund’s use of the proceeds of the agreement may be restricted while the other party, or its trustee or receiver, determines whether or not to enforce the Fund’s obligation to repurchase the securities.

Securities Lending

Securities lending transactions are entered into by Optimum International Fund under Master Securities Lending Agreements (each, an “MSLA”) which provide the right, in the event of default (including bankruptcy or insolvency), for the non-defaulting party to liquidate the collateral and calculate a net exposure to the defaulting party or request additional collateral. In the event that a borrower defaults, the Fund, as lender, would offset the market value of the collateral received against the market value of the securities loaned. When the value of the collateral is greater than that of the market value of the securities loaned, the lender is left with a net amount payable to the defaulting party. However, bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of an MSLA counterparty’s bankruptcy or insolvency. Under the MSLA, the borrower can resell or re-pledge the loaned securities, and the Fund can reinvest cash collateral, or, upon an event of default, resell or re-pledge the collateral.

As of Sept. 30, 2016, the following table is a summary of Optimum International Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:


Counterparty	Securities Loaned at Value			Cash Collateral Received				Fair value of Non-Cash Collateral Received				Net Exposure^(a)

The Bank of New York Mellon		$	26,210,316		$	(22,201,280	)		$	(4,929,178	)	$(920,142)

^(a)Net exposure represents the net receivable (payable) that would be due from (to) the counterparty in the event of default.

7. 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: (1) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 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 that 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 the 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 on any particular day may be more or less than the value of the security on loan.

118

Prior to Dec. 29, 2015, cash collateral received was generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust), a pooled account established by BNY Mellon for the use of funds managed by DMC that participate in BNY Mellon’s securities lending program. The Collective Trust sought to maintain a NAV per unit of $1.00.

On Dec. 29, 2015, the assets in the Collective Trust were transferred to a series of individual separate accounts, each corresponding to a Fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by U.S. Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; and asset-backed securities.

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 changes 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.

Each Fund may incur investment losses as a result of investing securities lending collateral. This could occur if an investment in the collateral investment account defaulted or became impaired. Under those circumstances, the value of a Fund’s cash collateral account may be less than the amount a Fund would be required to return to the borrowers of the securities and that Fund would be required to make up for this shortfall.

Investments purchased with cash collateral are presented on the ”Schedules of investments“ under the caption “Securities Lending Collateral.” At Sept. 30, 2016, Optimum Fixed Income Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund had no securities on loan.

8. 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 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 in high yield fixed income securities, which are securities rated lower than BBB by S&P and lower than Baa3 by Moody’s, 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 bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance


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Notes to financial statements

Optimum Fund Trust

additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

Optimum Fixed Income Fund invests in certain obligations that may have liquidity protection designed to ensure that the receipt of payments due on the underlying security is timely. Such protection may be provided through guarantees, insurance policies, or letters of credit obtained by the issuer or sponsor through third parties, through various means of structuring the transaction or through a combination of such approaches. The Fund will not pay any additional fees for such credit support, although the existence of credit support may increase the price of a security.

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 and 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 Sept. 30, 2016. 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 promulgated under the Securities Act of 1933 (the Act), as amended, and other securities which may not be readily marketable. The Funds may also invest in securities exempt from registration under Section 4(a)(2) of the Act, which exempts from registration transactions by an issuer not involving any public offering. 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 Trust’s 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 ”Schedules of investments.“ When monitoring compliance with the Funds’ illiquid limit, certain holdings that are common to multiple clients of the investment manager may be aggregated and considered illiquid in the aggregate solely for monitoring purposes. For purposes of determining illiquidity for financial reporting purposes, only the holdings of these Funds will be considered.

9. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has 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.

120

10. General Motors Term Loan Litigation

Optimum Fixed Income Fund received notice of a litigation proceeding related to a General Motors Corporation (G.M.) term loan participation previously held by the Fund in 2009. We believe the matter subject to the litigation notice will likely lead to a recovery from the Fund of certain amounts received by the Fund because a U.S. Court of Appeals has ruled that the Fund and similarly situated investors were unsecured creditors rather than secured lenders of G.M. as a result of an erroneous Uniform Commercial Code filing made by a third party. The Fund received the full principal on the loans in 2009 after the G.M. bankruptcy. However, based upon the court ruling the estate is seeking to recover such amounts arguing that, as unsecured creditors, the Fund should not have received payment in full. Based upon currently available information related to the litigation and the Fund’s potential exposure, the Fund recorded a liability of $1,385,788 and an asset of $415,736 based on the expected recoveries to unsecured creditors as of Sept. 30, 2016 that resulted in a net decrease in the Fund’s NAV to reflect this likely recovery.

11. Subsequent Events

On Oct. 13, 2016, Rothschild Asset Management Inc. (Rothschild) replaced Herndon as a sub-advisor to Optimum Large Cap Value Fund.

Management has determined that no other material events or transactions occurred subsequent to Sept. 30, 2016 that would require recognition or disclosure in the Funds’ financial statements.


			(continues	)		121

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2016

At a meeting held Sept. 21-22, 2016, the Board of Trustees (the “Board” or “Trustees”), including a majority of non-interested or Independent Trustees, approved: (i) the renewal of the Investment Management Agreement between Delaware Management Company (“DMC” or “Management”) and Optimum Fund Trust (the “Trust”), on behalf of each of the six separate series within the Trust (each, a “Fund” or collectively, the “Funds”); (ii) approved a new Sub-Advisory Agreement between DMC and Rothschild Asset Management Inc. (“Rothschild”) to replace Herndon Capital Management LLC (“Herndon”) as a sub-adviser to Optimum Large Cap Value Fund, effective on or about October 7, 2016; and (iii) approved the continuation of Sub-Advisory Agreements for the existing sub-advisers of all the Funds, limited in the case of Herndon until its replacement by Rothschild.

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 Sept. 21-22, 2016 Board meeting. Information furnished at Board meetings throughout the year included an analysis by DMC (with the assistance of its consultant, LPL Financial LLC (“LPL”)) of the investment performance of each Fund and its sub-adviser(s), presentations given to the Board by portfolios managers from DMC and each sub-adviser on a rotating basis, and compliance reports and related certifications furnished in regards to 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); information on the fees charged by DMC and each sub-adviser showing their competitiveness 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 received 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., an independent third-party analyst and subsidiary of Broadridge Inc. (“Lipper”), comparing, among other things, each Fund’s investment performance and various expenses with those of other mutual funds deemed comparable by Lipper (“Lipper Report”).

In reaching its decision with respect to the Sub-Advisory Agreement with Rothschild, the Board considered and reviewed information about Rothschild, including its personnel, operations and financial condition, which had been provided by Rothschild. The Board also reviewed material furnished by DMC (with the assistance of LPL), including: a memorandum from DMC reviewing the Sub-Advisory Agreement with, and the various services proposed to be rendered by, Rothschild; research and analysis supporting DMC’s recommendation to hire Rothschild for Optimum Large Cap Value Fund; a description of the proposed sub-advisory fees under the Sub-Advisory Agreement with Rothschild, along with fees that Rothschild charges to other comparable accounts; information concerning Rothschild’s organizational structure and the experience of its investment management personnel; a “due diligence” report describing various material items in relation to Rothschild’s personnel, organization and policies; copies of Rothschild’s Form ADV, compliance policies and procedures and its Code of Ethics; and a copy of the Sub-Advisory Agreement with Rothschild.

In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. In this regard, the Independent Trustees reviewed with independent counsel their legal duties and obligations in connection with the approval and/or renewal of investment management and other agreements with DMC, its affiliates and the sub-advisers and discussed, in detail, the matters related to such approvals. The materials prepared by Management specifically in connection with the approval of the Agreements were provided to the Independent Trustees in advance of the Board Meetings. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds (including the Sub-Advisory Agreement for Rothschild) were considered at this Meeting, the Board dealt with each Fund separately. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decisions. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, Extent, and Quality of Services. Following discussions in this regard, 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 (including Management personnel who had recently joined the firm), the quality and thoroughness of the monitoring of each Fund’s investment performance, reports

122

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 the analysis involved in the review of sub-adviser performance for each Fund, including the complementary nature of investment strategies employed by the sub-advisers (and DMC with respect to Optimum Fixed Income Fund) to each of the Funds.

The nature of the services provided by the existing sub-advisers to each Fund was considered primarily in respect to the investment performance of the Funds as described further in the “Investment Performance” section below. The Board also considered the adherence by each sub-adviser (and DMC with respect to Optimum Fixed Income Fund) 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 the sub-advisers’ portfolio managers (and DMC’s portfolio managers with respect to Optimum Fixed Income Fund) and reports of Management’s discussions with the sub-advisers, as well as certificates and materials furnished in connection with Board meetings and the contract renewals.

In considering the nature, extent and quality of the services to be provided by Rothschild, the Board reviewed the services to be provided by Rothschild pursuant to its Sub-Advisory Agreement, noting specifically that the Sub-Advisory Agreement with Rothschild contains substantially similar provisions to those in the Sub-Advisory Agreement of Herndon, except for the provisions relating to the fees. The Board reviewed materials provided by Rothschild regarding the experience and qualifications of the personnel who will be responsible for managing the portion of Optimum Large Cap Value Fund to be subadvised by Rothschild. The Board also placed weight on the performance of a representative Rothschild portfolio that utilized the investment process and parameters that would be employed by Rothschild with respect to its portion of Optimum Large Cap Value Fund (the “Rothschild Account”). The Board also considered that Rothschild would co-manage the Fund with Massachusetts Financial Services Company (“MFS”). In this regard, the Board considered the compatibility of the two sub-advisers’ investment philosophies and methodologies that they would each employ for the Fund.

Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by the existing sub-advisers and Rothschild to each Fund and its shareholders and was confident in the abilities of the existing sub-advisers and Rothschild to provide quality services to the Funds and their shareholders.

Investment Performance. The Board placed significant emphasis on the investment performance of each Fund. While consideration was given to performance reports and discussions held 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 Sept. 21-22, 2016 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 1-year period ended June 30, 2016, as well as the 3-, 5-, and 10-year periods ended on that date. In addition, the Board reviewed calendar year returns for each of the Fund’s sub-advisers. The Trustees also compared Fund performance to other industry benchmarks, including measures of risk-adjusted performance of a Fund, as part of their evaluation of investment performance. In regards to the appointment of Rothschild for Optimum Large Cap Value Fund, the Board also reviewed the performance of the Rothschild Account. 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 core plus bond funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the lowest performing quintile of its Lipper Performance Universe for the 1-year period, and on an annualized basis in the lowest performing quintile of its Performance Universe for the 3- and 5-year periods, and on an annualized basis in the middle performing quintile of its Performance Universe for the previous 10-year period. The Board discussed with Management the reasons for the Fund’s relative underperformance. It was noted that one of the primary reasons for the Fund’s underperformance over recent years has been the Fund’s exposure to low duration fixed income securities. These low duration portions of the Fund’s portfolio have done relatively well versus indices which track these type of securities, but such low duration securities have not performed as well versus the Fund’s benchmark and peers. Given that the Fund had demonstrated a good performance track record over the longer, 10-year period, the Trustees found such overall comparative results to be acceptable given that the low duration portions of the Fund’s portfolio had hindered more recent performance results.

Optimum International Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional international multi-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second highest performing quintile of its Performance Universe for the 1-year period, and on an annualized basis to be in the lowest performing quintile of its Performance Universe for the 3-year and 10-year periods, and the second lowest quintile of its Performance Universe for the


			(continues	)		123

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2016 (continued)

5-year period. The Board discussed with Management the reasons for the Fund’s relative underperformance. It was noted that Earnest Partners, LLC (“EARNEST”) and Acadian Asset Management LLC (“Acadian”) had been appointed as the Fund’s new sub-advisers over the past few years, and that the Fund’s recent performance returns (including the 1-year returns noted above) had been encouraging and showed performance improvement. While the Trustees were not satisfied with the Fund’s overall comparative performance noted in the Lipper Report, they believed Management was taking appropriate actions to improve performance, noting the recent appointments of both EARNEST and Acadian as sub-advisers to the Fund and the Fund’s recent, improved performance.

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 lowest performing quintile of its Lipper Performance Universe for the 1-year period, and on an annualized basis to be in the second highest performing quintile of the Performance Universe for the 3- and 5-year periods, and the middle performing quintile for the 10-year period. The Board discussed with Management the reasons for the relative underperformance for the 1-year period. While noting such discussions, the Trustees found such overall comparative results to be satisfactory.

Optimum Large Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional 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 Lipper Performance Universe for the 1-year period, and on an annualized basis to be in the lowest performing quintile of its Lipper Universe for each of the 3-, 5-, and 10-year periods. The Trustees discussed with Management the reasons for the relative underperformance for the Fund. The Board was not satisfied with such comparative performance. The Trustees also reviewed a “combination analysis” showing various performance metrics that would have resulted from combining the performance of the Rothschild Account with the performance of MFS over various time periods measured in several different ways. In connection with this combination analysis, Management noted that Rothschild’s approach to investing in securities balances security valuation, expectational upside, and quality, and Management believed that Rothschild’s investment philosophy would make an attractive pairing with MFS’s investment strategy. Although the Board was not satisfied with the historical comparative performance for the Fund, the Board believed that Management was taking appropriate actions to improve performance, noting its recommendation to appoint Rothschild as a sub-adviser to the Fund to replace Herndon.

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 1-year period, and on an annualized basis to be in the lowest performing quintile of such Universe for the previous 3-, 5-, and 10-year periods. The Trustees discussed with Management the reasons for the Fund’s relative underperformance and the steps recently taken to improve such performance. In particular, the Trustees and Management discussed the appointments earlier in 2016 of Columbus Circle Investors (“CCI”) and Peregrine Capital Management, Inc. (“Peregrine”) as sub-advisers to the Fund to replace the Fund’s two prior sub-advisers. The Trustees noted that both CCI and Peregrine had performed well since their appointments to the Fund and that the Fund’s overall performance results had steadily improved in recent months. Although the Board was not satisfied with the historical comparative performance of the Fund, the Board believed that Management was taking appropriate actions to improve performance, noting the recent appointments of CCI and Peregrine as sub-advisers to the Fund.

Optimum Small-Mid Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the lowest performing quintile of its Lipper Performance Universe for the 1-year period, and on an annualized basis to also be in the lowest performing quintile of such Universe for the 3-, 5-, and 10-year periods. The Trustees discussed with Management the reasons for the Fund’s relative underperformance and the steps recently taken to improve such performance. In particular, the Trustees and Management discussed the appointment earlier in 2016 of LSV Asset Management (“LSV”) as a sub-adviser to the Fund to replace two of the Fund’s prior sub-advisers. The Trustees noted that LSV had performed very well since their appointment to the Fund and that the Fund’s overall performance results had steadily improved in recent months. Although the Board was not satisfied with the historical comparative performance for the Fund, the Board believed that Management was taking appropriate actions to improve performance, noting the appointment of LSV as a new sub-adviser to the Fund.

Comparative Expenses. In considering the appropriateness of the investment management fees charged to the Funds, the Board also reviewed and considered the investment management fees in light of the nature, extent and quality of the investment management services provided, and to be provided, by DMC and each sub-adviser, as more fully discussed above. The Board noted that the sub-advisory fees are paid by DMC to each sub-adviser and are not additional fees borne by the Funds. The Board also noted that the sub-advisory fees paid, and to be

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paid, by DMC to each sub-adviser were the product of arms-length negotiations between DMC and each sub-adviser, and the Board considered the allocation of the investment management fees charged to the Funds between DMC and each sub-adviser in light of the nature, extent and quality of the investment management services provided, and to be provided by, DMC and each sub-adviser. The Trustees considered various other products, portfolios and entities that are advised by DMC and each sub-adviser, as well as their relative fees and reasons for differences with respect thereto and any potential conflicts of interest.

Attention was also given to a comparative analysis of each Fund’s Institutional Class share expenses, including investment management fees, in comparison to a group of other multi-advised institutional funds constituting its 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 and investment management fees (taking into account expense waivers) of each Fund to be the highest or towards the highest in its respective Lipper Expense Group. The Lipper Report also provided information on the actual total expenses (taking into account expense waivers) for each Fund versus a broader Lipper Expense Universe. This portion of the Lipper Report showed that the Funds’ actual total expense percentile rankings versus the Lipper Expense Universe materially improved as compared to the Funds’ rankings versus the Lipper Expense Group.

In regards to considering the appropriateness of the sub-advisory fees to be charged by Rothschild on Optimum Large Cap Value Fund, the Board was provided with a description of the fees to be charged by Rothschild under its Sub-Advisory Agreement for the Fund, which showed them to be slightly higher than the sub-advisory fees charged by Herndon under its respective Sub-Advisory Agreement at the Fund’s current amount of assets under management. The Board discussed the impact that the differences in such sub-advisory fees would have on DMC’s profitability for the Fund. The Board also was provided with information showing that Rothschild’s sub-advisory fees for the Fund were competitive with those charged by Rothschild to other comparable investment companies or accounts it advises, and was informed by Management that Rothschild’s fees for the Fund were competitive with fees of other investment managers being considered as possible sub-advisers to the Fund. The Board also noted that the management fee paid by the Fund to DMC would stay the same at current asset levels.

The Trustees noted that DMC, since inception, had waived fees to the extent necessary to keep expenses of each Fund from exceeding certain percentage amounts, and that the Trustees had also previously discussed in detail the current cap on expenses in effect for each Fund through July 29, 2017. The Trustees also noted that Management had in recent years agreed to a restructuring and overall reduction in fees charged to the Funds through several mechanisms: a lowering of the Funds’ fees by service providers affiliated with DMC that was fully completed on January 1, 2014; a reduction in sub-transfer agent fees paid by each Fund as a result of the change to omnibus shareholder accounting for the accounts LPL maintains in the Funds effective on November 1, 2013; and Management agreeing to a framework for providing additional expense waivers for the Funds as appropriate to the extent combined assets of the Funds are above $4.2 billion on an annual basis. In addition to the foregoing fee restructuring, and as requested by the Board, Management agreed to provide a proposal at the December 2016 Board meeting to reduce the Funds’ expenses going forward. While intending to continuously monitor the fee structure of each Fund, the Trustees found the expense structure of each Fund to be acceptable in view of the nature and structure of Fund operations, and Management’s cap on expenses, and taking into account possible future savings resulting from the aforementioned fee restructurings.

DMC’s Profitability; Economies of Scale. Based on the asset size of each Fund and the reimbursement and/or waiver of expenses by DMC, as well as other profitability information furnished to 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 the information made available by the sub-advisers on profits being realized by sub-advisers in relation to the services being provided to the Funds or in relation to the sub-advisers’ overall investment advisory business, but believed such information to be of limited relevance since the fees paid to the sub-advisers were the product of arms-length negotiations between DMC and each sub-adviser. The Board also took into account Management’s expenditures in improving shareholder services provided to the Funds, as well as the need to meet regulatory and compliance requirements resulting from the Sarbanes-Oxley Act of 2002, the Dodd-Frank Act and recent SEC and other regulatory requirements. The Board was also provided with information on potential fall-out benefits derived or to be derived by DMC and its affiliates or the sub-advisers (including Rothschild) in connection with their relationship to the Funds, such as the fees received for non-investment management services provided to the Funds by certain affiliates of DMC, 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 to 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 investment management fee rate declines. Optimum Small-Mid Cap Growth Fund has a fixed


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Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2016 (continued)

investment management fee of 1.1% at all asset levels without breakpoints, but the Board noted that the actual investment management fee charged the Fund was reduced as a result of Management expense caps. It was also noted that Management’s proposal to reduce the Funds’ expenses, which is to be presented at the December 2016 Board meeting, would likely include additional breakpoints in Optimum Small-Mid Cap Growth Fund’s investment management fee schedule. The investment management fee schedules for all the other Funds contained breakpoints. The Board considered that the asset size of Optimum International Fund and Optimum Small-Mid Cap Value Fund, as of June 30, 2016, exceeded the last fee breakpoint under their respective investment management agreements. The Trustees noted, however, that the actual investment management fees charged these two Funds were also limited as a result of Management expense caps, and it was also noted that Management’s proposal to reduce the Funds’ expenses, which is to be presented at the December 2016 Board meeting, would likely include additional breakpoints in each of these Fund’s investment management fee schedules.

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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 Dan H. Arnold President — LPL Financial LLC Shawn K. Lytle President — Delaware Investments Philadelphia, PA Robert J. Christian Private Investor Durant Adams Hunter Managing Partner — Ridgeway Partners Pamela J. Moret Private Investor Stephen Paul Mullin President — Econsult Solutions, Inc. Robert A. Rudell Private Investor Jon Edward Socolofsky Private Investor	Affiliated officers David F. Connor Senior Vice President, General Counsel, and Secretary Optimum Fund Trust Philadelphia, PA Daniel V. Geatens Vice President and Treasurer 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 Investments Fund Services Company 2005 Market Street Philadelphia, PA 19103-7094 For shareholders 800 914-0278 For securities dealers and financial institutions representatives only 800 362-7500 Website 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 the Funds use to determine how to vote proxies (if any) relating to portfolio securities and the Schedules of Investments included in the Funds’ most recent Forms N-Q are available without charge (i) upon request, by calling 800 914-0278; (ii) on the Funds’ website at optimummutualfunds.com; and (iii) on the SEC’s website at 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 the Funds 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 optimummutualfunds.com; and (ii) on the SEC’s website at sec.gov.


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Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

PwC has informed the Trust that it has identified an issue related to its independence under Rule 2-01(c)(1)(ii)(A) of Regulation S-X (referred to as the “Loan Rule”). The Loan Rule prohibits accounting firms, such as PwC, from being considered independent if they have certain financial relationships with their audit clients or certain affiliates of those clients. The Trust is required under various securities laws to have its financial statements audited by an independent accounting firm. PwC has informed the Trust that PwC has relationships with lenders who hold or own more than ten percent of the shares of certain funds within the Trust. These relationships call into question PwC’s independence under the Loan Rule with respect to those funds, as well as all other funds in the complex. The SEC has granted no-action relief to another fund complex in circumstances that appear to be substantially similar to the Trust’s (see Fidelity Management & Research Company et al., No-Action Letter (June 20, 2016)). In addition, PwC has advised the Trust’s Audit Committee that PwC believes that under the facts and circumstances surrounding PwC’s lending relationships, its ability to exercise objective and impartial judgment in connection with its audit engagement with the Trust has not been impaired and that a reasonable investor with knowledge of all relevant facts and circumstances would reach the same conclusion. If in the future, however, the independence of PwC is called into question under the Loan Rule by circumstances that are not addressed in the SEC’s no-action letter, the Trust will need to take other action in order for the Trust’s filings with the SEC containing financial statements to be deemed compliant with applicable securities laws. Finally, the SEC has indicated that its no-action relief will expire 18 months from its issuance, after which PwC and the Trust will no longer be able rely on the letter unless its term is extended or made permanent by the SEC Staff.

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/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 5, 2016

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/ SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 5, 2016

/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 5, 2016

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