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, 2017

Item 1. Reports to Stockholders

LOGO

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

September 30, 2017

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/literature 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			81

Statements of assets and liabilities			81

Statements of operations			84

Statements of changes in net assets			86

Financial highlights			89

Notes to financial statements			107

Other Fund information			133

About the organization			139

Other than Macquarie Bank Limited (MBL), none of the entities noted 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 MBL. MBL does not guarantee or otherwise provide assurance in respect of the obligations of these entities, unless noted otherwise. The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2017, and subject to change for events occurring after such a date.

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 Macquarie Investment Management Business Trust (MIMBT) (formerly, Delaware Management Business Trust), which is a US registered investment advisor. The Funds are distributed by Delaware Distributors, L.P., an affiliate of MIMBT and Macquarie Group Limited. Macquarie Investment Management (MIM), a member of Macquarie Group, refers to the companies comprising the asset management division of 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, 2017 to September 30, 2017 (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, 2017 to Sept. 30, 2017.

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 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A		$1,000.00	$	1,026.60	1.10%	$5.59
Class C		1,000.00		1,022.40	1.85%	9.38
Institutional Class		1,000.00		1,027.70	0.85%	4.32

Hypothetical 5% return (5% return before expenses)
Class A		$1,000.00	$	1,019.55	1.10%	$5.57
Class C		1,000.00		1,015.79	1.85%	9.35
Institutional Class		1,000.00		1,020.81	0.85%	4.31

Optimum International Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A	$	1,000.00	$	1,148.10	1.38%	$ 7.43
Class C		1,000.00		1,144.30	2.13%	11.45
Institutional Class		1,000.00		1,150.30	1.13%	6.09

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.15	1.38%	$ 6.98
Class C		1,000.00		1,014.39	2.13%	10.76
Institutional Class		1,000.00		1,019.40	1.13%	5.72


			(continues	)		1

Disclosure of Fund expenses

Optimum Large Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A	$	1,000.00	$	1,118.80	1.27%	$ 6.75
Class C		1,000.00		1,114.80	2.02%	10.71
Institutional Class		1,000.00		1,120.20	1.02%	5.42

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.70	1.27%	$ 6.43
Class C		1,000.00		1,014.94	2.02%	10.20
Institutional Class		1,000.00		1,019.95	1.02%	5.16

Optimum Large Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A	$	1,000.00	$	1,057.10	1.22%	$ 6.29
Class C		1,000.00		1,052.50	1.97%	10.14
Institutional Class		1,000.00		1,057.60	0.97%	5.00

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.95	1.22%	$ 6.17
Class C		1,000.00		1,015.19	1.97%	9.95
Institutional Class		1,000.00		1,020.21	0.97%	4.91

Optimum Small-Mid Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A	$	1,000.00	$	1,090.90	1.57%	$ 8.23
Class C		1,000.00		1,087.10	2.32%	12.14
Institutional Class		1,000.00		1,092.30	1.32%	6.92

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.20	1.57%	$ 7.94
Class C		1,000.00		1,013.44	2.32%	11.71
Institutional Class		1,000.00		1,018.45	1.32%	6.68

Optimum Small-Mid Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/17		Ending Account Value 9/30/17		Annualized Expense Ratio	Expenses Paid During Period 4/1/17 to 9/30/17*

Actual Fund return^†
Class A	$	1,000.00	$	1,035.60	1.49%	$ 7.60
Class C		1,000.00		1,031.90	2.24%	11.41
Institutional Class		1,000.00		1,037.20	1.24%	6.33

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.60	1.49%	$ 7.54
Class C		1,000.00		1,013.84	2.24%	11.31
Institutional Class		1,000.00		1,018.85	1.24%	6.28

^* “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, 2017 (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		0.14%

Agency Collateralized Mortgage Obligations		7.28%

Agency Commercial Mortgage-Backed Securities		0.66%

Agency Mortgage-Backed Securities		14.95%

Collateralized Debt Obligations		3.67%

Convertible Bonds		0.93%

Corporate Bonds		40.62%
Banking		14.06%
Basic Industry		2.17%
Brokerage		0.38%
Capital Goods		1.40%
Communications		3.36%
Consumer Cyclical		2.27%
Consumer Non-Cyclical		3.77%
Energy		4.03%
Finance Companies		1.68%
Insurance		0.70%
Natural Gas		0.12%
Real Estate		1.57%
Technology		0.86%
Transportation		1.10%
Utilities		3.15%

Municipal Bonds		1.05%


Security type / sector		Percentage of net assets

Non-Agency Asset-Backed Securities		4.29%

Non-Agency Collateralized Mortgage Obligations		1.52%

Non-Agency Commercial Mortgage-Backed Securities		4.21%

Regional Bonds		0.46%

Loan Agreements		3.84%

Sovereign Bonds		4.52%

Supranational Banks		0.60%

US Treasury Obligations		14.10%

Common Stock		0.00%

Convertible Preferred Stock		0.18%

Preferred Stock		0.28%

Options Purchased		0.02%

Short-Term Investments		8.99%

Total Value of Securities Before Options Written		112.31%

Options Written		(0.01%)

Liabilities Net of Receivables and Other Assets		(12.30%)

Total Net Assets		100.00%


			(continues	)		3

Security type / country and sector allocations

Optimum International Fund

As of September 30, 2017 (Unaudited)


Security type / country	Percentage of net assets
Common Stock by Country		98.93	%
Australia		1.92	%
Austria		2.50	%
Bermuda		0.87	%
Brazil		1.75	%
Canada		3.86	%
Chile		0.15	%
China/Hong Kong		7.67	%
Colombia		0.73	%
Czech Republic		0.42	%
Denmark		1.27	%
France		5.82	%
Germany		3.94	%
India		2.57	%
Indonesia		2.86	%
Ireland		2.33	%
Israel		2.69	%
Italy		1.86	%
Japan		18.16	%
Mexico		0.80	%
Netherlands		4.28	%
New Zealand		1.01	%
Norway		2.89	%
Republic of Korea		2.97	%
Singapore		1.08	%
South Africa		0.15	%
Spain		1.93	%
Sweden		1.14	%
Switzerland		5.97	%
Taiwan		3.28	%


Security type / country	Percentage of net assets
Thailand		1.19	%
Turkey		0.52	%
United Kingdom		8.71	%
United States		1.64	%
Short-Term Investments		0.64	%
Securities Lending Collateral		2.29	%
Total Value of Securities		101.86	%
Obligation to Return Securities Lending Collateral		(2.29	%)
Receivables and Other Assets Net of Liabilities		0.43	%
Total Net Assets		100.00	%

Common stock by sector	Percentage of net assets
Consumer Discretionary		10.78	%
Consumer Staples		5.27	%
Energy		5.76	%
Financials		20.51	%
Healthcare		15.15	%
Industrials		10.44	%
Information Technology		12.80	%
Materials		7.03	%
Real Estate		4.05	%
Telecommunication Services		3.55	%
Utilities		3.59	%
Total		98.93	%

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Growth Fund

As of September 30, 2017 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		97.21	%
Consumer Discretionary		16.83	%
Consumer Staples		2.69	%
Energy		0.78	%
Financials		5.32	%
Healthcare		15.35	%
Industrials		8.66	%
Information Technology¹		42.41	%
Materials		1.34	%
Real Estate		2.73	%
Telecommunication Services		0.57	%
Utilities		0.53	%
Convertible Preferred Stock		0.57	%
US Master Limited Partnership		0.53	%
Convertible Bonds		0.37	%
Short-Term Investments		1.32	%
Total Value of Securities		100.00	%
Receivables and Other Assets Net of Liabilities		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
Apple		6.17	%
Amazon.com		6.01	%
Microsoft		4.97	%
Facebook Class A		4.57	%
Alphabet Class C		3.70	%
Visa Class A		3.30	%
Alibaba Group Holding ADR		2.96	%
UnitedHealth Group		2.26	%
Honeywell International		1.86	%
Priceline Group		1.84	%

Optimum Large Cap Value Fund

As of September 30, 2017 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		98.02	%
Consumer Discretionary		6.22	%
Consumer Staples		8.67	%
Energy		7.35	%
Financials²		27.36	%
Healthcare		15.37	%
Industrials		13.66	%
Information Technology		7.96	%
Materials		3.78	%
Real Estate		1.71	%
Telecommunication Services		1.82	%
Utilities		4.12	%
Short-Term Investments		1.81	%
Total Value of Securities		99.83	%
Receivables and Other Assets Net of Liabilities		0.17	%
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
JPMorgan Chase & Co.		4.33	%
Johnson & Johnson		2.71	%
Wells Fargo & Co.		2.30	%
Pfizer		2.03	%
Chubb (Switzerland)		1.98	%
Medtronic (Ireland)		1.72	%
Philip Morris International		1.69	%
Bank of America		1.68	%
Chevron		1.64	%
Northrop Grumman		1.57	%


			(continues	)		5

Security type / sector allocations and top 10 equity holdings

Optimum Small-Mid Cap Growth Fund

As of September 30, 2017 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		96.07	%
Consumer Discretionary		16.58	%
Consumer Staples		1.63	%
Energy		0.56	%
Financials		7.16	%
Healthcare		16.81	%
Industrials		15.76	%
Information Technology³		31.79	%
Materials		5.24	%
Real Estate		0.54	%
Convertible Preferred Stock		1.03	%
Short-Term Investments		2.75	%
Total Value of Securities		99.85	%
Receivables and Other Assets Net of Liabilities		0.15	%
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
Universal Display		2.09	%
2U		1.58	%
Teradyne		1.44	%
Norwegian Cruise Line Holdings		1.44	%
FMC		1.42	%
Take-Two Interactive Software		1.29	%
WABCO Holdings		1.23	%
Square Class A		1.22	%
Vocera Communications		1.22	%
AMETEK		1.20	%

Optimum Small-Mid Cap Value Fund

As of September 30, 2017 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		98.63	%
Consumer Discretionary		9.97	%
Consumer Staples		4.43	%
Energy		4.67	%
Financials		23.71	%
Healthcare		5.85	%
Industrials		14.63	%
Information Technology		10.94	%
Materials		7.77	%
Real Estate		11.16	%
Telecommunication Services		0.99	%
Utilities		4.51	%
Short-Term Investments		1.78	%
Total Value of Securities		100.41	%
Liabilities Net of Receivables and Other Assets		(0.41	%)
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
Zions Bancorporation		1.25	%
Teleflex		1.21	%
Wintrust Financial		1.18	%
Western Alliance Bancorp		1.17	%
Eagle Materials		1.14	%
Huntington Ingalls Industries		1.13	%
Chemical Financial		1.13	%
Alexandria Real Estate Equities		1.03	%
Arthur J. Gallagher & Co.		1.02	%
Albemarle		1.02	%

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 Internet Software & Services, Information Technology Services, Semiconductors and Semiconductor Equipment, Software, and Technology Hardware, Storage & Peripherals. As of Sept. 30, 2017, such amounts, as percentage of total net assets, were 13.05%, 7.39%, 4.04%, 11.22%, and 6.71%, 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%.

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, Capital Markets, Consumer Finance, Diversified Financial Services, and Insurance. As of Sept. 30, 2017, such amounts, as percentage of total net assets, were 12.99%, 6.65%, 1.78%, 0.34%, and 5.60%, 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 (as disclosed herein for financial reporting purposes) are subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The Information Technology sector consisted of Commercial Services, Computers, Electrical Components and Equipment, Electronics, Internet, Machinery-Diversified, Semiconductors, Software, and Telecommunications. As of Sept. 30, 2017, such amounts, as percentage of total net assets, were 2.08%, 0.59%, 2.09%, 2.00%, 4.53%, 1.24%, 7.20%, 11.48%, and 0.58%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sectors for financial reporting purposes may exceed 25%.


			(continues	)		7

Schedules of investments

Optimum Fixed Income Fund

September 30, 2017 (Unaudited)


	Principal amount°		Value (US $)

Agency Asset-Backed Securities – 0.14%

Navient Student Loan Trust
Series 2016-5A A 144A 2.487% (LIBOR01M + 1.25%) 6/25/65 #●		175,912	$	179,427
SLM Student Loan Trust
Series 2003-11 A6 144A 1.87% (LIBOR03M + 0.55%) 12/15/25 #●		400,000		400,841
Series 2008-9 A 2.814%
(LIBOR03M + 1.50%) 4/25/23 ●		2,016,697		2,064,090
Series 2012-5 A2 1.537% (LIBOR01M + 0.30%) 6/25/19 ●		89,965		89,991

Total Agency Asset-Backed Securities (cost $2,701,667)				2,734,349



Agency Collateralized Mortgage Obligations – 7.28%

Fannie Mae Connecticut Avenue Securities
Series 2015-C04 2M1 2.937% (LIBOR01M + 1.70%) 4/25/28 ●		2,244		2,245
Series 2016-C03 1M1 3.237% (LIBOR01M + 2.00%) 10/25/28 ●		80,405		81,766
Series 2016-C04 1M1 2.687% (LIBOR01M + 1.45%) 1/25/29 ●		47,439		47,880
Series 2017-C01 1M1 2.537% (LIBOR01M + 1.30%) 7/25/29 ●		33,538		33,857
Series 2017-C04 2M2 4.087% (LIBOR01M + 2.85%) 11/25/29 ●		420,000		425,738
Series 2017-C05 1M2 3.437% (LIBOR01M + 2.20%) 1/25/30 ●		680,000		671,160
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 ●		8,811		9,815
Series 2002-T4 A3 7.50% 12/25/41		30,932		34,924
Series 2004-T1 1A2 6.50% 1/25/44		9,844		11,282
Fannie Mae Interest Strip
Series 409 C3 3.00% 5/25/27 ∑		734,268		62,779
Series 419 C3 3.00% 11/25/43 S		429,673		83,606


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		472,318	$	487,797
Series 2004-W11 1A2 6.50% 5/25/44		51,020		58,679
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		6,127		6,908
Series 1999-19 PH 6.00% 5/25/29		108,145		120,028
Series 2001-14 Z 6.00% 5/25/31		6,524		7,152
Series 2002-90 A1 6.50% 6/25/42		8,685		10,036
Series 2002-90 A2 6.50% 11/25/42		29,068		33,232
Series 2005-70 PA 5.50% 8/25/35		59,784		67,211
Series 2005-110 MB 5.50% 9/25/35		48,521		50,686
Series 2007-30 OE 1.924% 4/25/37 W^		3,254,990		2,690,516
Series 2008-15 SB 5.363% (6.60% minus LIBOR01M, Cap 6.60%, Floor 0.00%) 8/25/36 S●		133,130		25,487
Series 2008-24 ZA 5.00% 4/25/38		12,878,361		14,043,361
Series 2009-2 AS 4.463% (5.70% minus LIBOR01M, Cap 5.70%, Floor 0.00%) 2/25/39 S●		910,596		111,435
Series 2009-68 SA 5.513% (6.75% minus LIBOR01M, Cap 6.75%, Floor 0.00%) 9/25/39 S●		277,468		47,047
Series 2009-94 AC 5.00% 11/25/39		169,003		184,798
Series 2010-41 PN 4.50% 4/25/40		475,000		505,766
Series 2010-43 HJ 5.50% 5/25/40		94,411		104,377
Series 2010-96 DC 4.00% 9/25/25		402,566		429,066
Series 2010-123 FE 1.717% (LIBOR01M + 0.48%) 11/25/40 ●		2,105,564		2,119,201
Series 2010-129 SM 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 11/25/40 S●		1,031,165		159,792


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2011-118 DC 4.00% 11/25/41		1,170,265	$	1,219,129
Series 2012-98 MI 3.00% 8/25/31 S		1,471,621		164,496
Series 2012-99 AI 3.50% 5/25/39 S		524,045		64,789
Series 2012-115 MI 3.50% 3/25/42 S		271,926		33,756
Series 2012-120 WI 3.00% 11/25/27 S		1,226,276		117,791
Series 2012-122 SD 4.863% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 11/25/42 S●		1,420,864		277,832
Series 2012-137 AI 3.00% 12/25/27 S		561,765		52,697
Series 2012-139 NS 5.463% (6.70% minus LIBOR01M, Cap 6.70%, Floor 0.00%) 12/25/42 S●		1,925,297		434,844
Series 2012-150 DI 3.00% 1/25/28 S		1,817,711		178,273
Series 2013-2 CS 4.913% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 2/25/43 S●		1,445,729		283,986
Series 2013-7 EI 3.00% 10/25/40 S		818,239		107,481
Series 2013-26 ID 3.00% 4/25/33 S		782,384		111,215
Series 2013-38 AI 3.00% 4/25/33 S		739,122		102,822
Series 2013-41 HI 3.00% 2/25/33 S		1,495,584		169,156
Series 2013-43 IX 4.00% 5/25/43 S		4,345,142		1,033,916
Series 2013-44 DI 3.00% 5/25/33 S		2,358,442		336,906
Series 2013-45 PI 3.00% 5/25/33 S		153,578		21,755
Series 2013-55 AI 3.00% 6/25/33 S		1,840,264		265,141
Series 2013-59 PY 2.50% 6/25/43		110,000		101,719
Series 2013-69 IJ 3.00% 7/25/33 S		348,856		49,254
Series 2013-92 SA 4.713% (5.95% minus LIBOR01M, Cap 5.95%, Floor 0.00%) 9/25/43 S●		2,208,691		469,429


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2013-103 SK 4.683% (5.92% minus LIBOR01M, Cap 5.92%, Floor 0.00%) 10/25/43 S●		1,843,477	$	410,390
Series 2014-36 ZE 3.00% 6/25/44		670,755		623,499
Series 2014-68 BS 4.913% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 11/25/44 S●		1,476,704		288,355
Series 2014-90 SA 4.913% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 1/25/45 S●		7,640,977		1,505,516
Series 2015-27 SA 5.213% (6.45% minus LIBOR01M, Cap 6.45%, Floor 0.00%) 5/25/45 S●		546,755		115,324
Series 2015-40 GZ 3.50% 5/25/45		435,071		428,284
Series 2015-43 PZ 3.50% 6/25/45		455,685		470,115
Series 2015-44 Z 3.00% 9/25/43		1,652,749		1,609,510
Series 2015-89 AZ 3.50% 12/25/45		155,661		152,547
Series 2015-95 SH 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 1/25/46 S●		1,383,419		309,640
Series 2016-6 AI 3.50% 4/25/34 S		1,166,395		147,850
Series 2016-30 CI 3.00% 5/25/36 S		926,276		130,130
Series 2016-33 DI 3.50% 6/25/36 S		2,301,162		343,418
Series 2016-36 SB 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 3/25/43 S●		741,167		118,346
Series 2016-40 IO 3.50% 7/25/36 S		306,742		47,355
Series 2016-40 ZC 3.00% 7/25/46		345,708		321,889
Series 2016-50 IB 3.00% 2/25/46 S		134,999		19,770
Series 2016-55 SK 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 8/25/46 S●		1,141,039		258,955


			(continues	)		9

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2016-62 SA 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 9/25/46 S●		2,246,513	$	535,337
Series 2016-64 CI 3.50% 7/25/43 S		1,127,669		164,196
Series 2016-74 GS 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 10/25/46 S●		1,504,246		362,035
Series 2016-79 JS 4.813% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 11/25/46 S●		1,154,849		247,224
Series 2016-85 SA 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 11/25/46 S●		2,323,217		558,997
Series 2016-99 DI 3.50% 1/25/46 S		653,240		109,873
Series 2016-105 SA 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 1/25/47 S●		1,500,288		334,767
Series 2017-4 AI 3.50% 5/25/41 S		1,198,734		146,680
Series 2017-4 BI 3.50% 5/25/41 S		683,857		95,805
Series 2017-6 NI 3.50% 3/25/46 S		134,384		24,551
Series 2017-8 BZ 3.00% 2/25/47		1,096,689		1,022,857
Series 2017-8 SG 4.763% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 2/25/47 S●		1,895,128		426,126
Series 2017-11 EI 3.00% 3/25/42 S		1,886,027		272,420
Series 2017-12 JI 3.50% 5/25/40 S		629,327		89,649
Series 2017-16 SM 4.813% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 3/25/47 S●		2,308,194		500,910
Series 2017-16 WI 3.00% 1/25/45 S		406,923		55,858
Series 2017-16 YT 3.00% 7/25/46		19,000		18,886
Series 2017-21 ZD 3.50% 4/25/47		389,752		388,411


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2017-25 BL 3.00% 4/25/47		157,000	$	151,595
Series 2017-25 GS 5.463% (6.70% minus LIBOR01M, Cap 6.70%, Floor 0.00%) 4/25/47 S●		151,609		24,485
Series 2017-39 CY 3.50% 5/25/47		904,000		910,104
Series 2017-40 GZ 3.50% 5/25/47		335,855		343,828
Series 2017-45 JZ 3.00% 6/25/47		116,154		105,714
Series 2017-45 ZK 3.50% 6/25/47		247,871		244,710
Series 2017-46 VG 3.50% 4/25/38		201,000		207,098
Series 2017-61 SB 4.913% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 8/25/47 S●		3,084,448		708,697
Series 2017-69 SG 4.913% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 9/25/47 S●		1,524,285		344,488
Fannie Mae Trust
Series 2004-W15 1A1 6.00% 8/25/44		44,703		50,328
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		28,028		30,926
Series 2165 PE 6.00% 6/15/29		85,087		94,738
Series 2326 ZQ 6.50% 6/15/31		49,146		55,445
Series 3143 BC 5.50% 2/15/36		2,025,149		2,229,209
Series 3289 SA 5.516% (6.75% minus LIBOR01M, Cap 6.75%, Floor 0.00%) 3/15/37 S●		999,373		187,703
Series 3656 PM 5.00% 4/15/40		629,531		691,033
Series 4050 EI 4.00% 2/15/39 S		1,252,952		134,132
Series 4065 DE 3.00% 6/15/32		120,000		121,953
Series 4096 EI 3.00% 8/15/27 S		1,590,959		153,602
Series 4101 WI 3.50% 8/15/32 S		669,113		107,812


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4109 AI 3.00% 7/15/31 S		2,735,301	$	304,463
Series 4120 IK 3.00% 10/15/32 S		2,232,438		306,698
Series 4135 AI 3.50% 11/15/42 S		1,122,473		231,261
Series 4146 IA 3.50% 12/15/32 S		1,154,359		177,363
Series 4150 UI 3.50% 8/15/32 S		1,971,190		213,961
Series 4159 KS 4.916% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 1/15/43 S●		1,051,478		232,404
Series 4161 IM 3.50% 2/15/43 S		340,423		73,535
Series 4181 DI 2.50% 3/15/33 S		741,092		89,457
Series 4184 GS 4.886% (6.12% minus LIBOR01M, Cap 6.12%, Floor 0.00%) 3/15/43 S●		1,223,900		268,140
Series 4185 LI 3.00% 3/15/33 S		580,773		81,166
Series 4191 CI 3.00% 4/15/33 S		245,562		34,380
Series 4342 CI 3.00% 11/15/33 S		434,362		52,416
Series 4435 DY 3.00% 2/15/35		1,305,000		1,311,583
Series 4448 TS 1.86% 5/15/40 S●		4,329,011		262,369
Series 4453 DI 3.50% 11/15/33 S		554,693		72,459
Series 4464 DA 2.50% 1/15/43		182,936		174,198
Series 4494 SA 4.946% (6.18% minus LIBOR01M, Cap 6.18%, Floor 0.00%) 7/15/45 S●		311,875		64,836
Series 4504 IO 3.50% 5/15/42 S		551,255		60,918
Series 4527 CI 3.50% 2/15/44 S		1,471,539		249,408
Series 4543 HI 3.00% 4/15/44 S		604,663		92,387
Series 4581 LI 3.00% 5/15/36 S		552,437		75,344
Series 4592 WT 5.50% 6/15/46		2,243,416		2,498,496


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4594 SG 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 6/15/46 S●		3,347,678	$	769,010
Series 4600 WI 3.50% 5/15/36 S		973,514		166,468
Series 4601 IN 3.50% 7/15/46 S		5,598,145		1,095,745
Series 4614 HB 2.50% 9/15/46		605,000		549,907
Series 4618 SA 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 9/15/46 S●		696,190		170,142
Series 4623 LZ 2.50% 10/15/46		527,949		463,079
Series 4623 MW 2.50% 10/15/46		610,000		559,998
Series 4625 BI 3.50% 6/15/46 S		2,176,409		453,089
Series 4625 PZ 3.00% 6/15/46		275,463		261,669
Series 4631 GS 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 11/15/46 S●		2,385,283		483,538
Series 4631 LJ 3.00% 3/15/41		168,000		166,287
Series 4636 NZ 3.00% 12/15/46		677,045		647,434
Series 4644 GI 3.50% 5/15/40 S		856,887		134,134
Series 4648 MZ 3.00% 6/15/46		117,320		111,164
Series 4648 SA 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 1/15/47 S●		1,649,355		364,706
Series 4650 JE 3.00% 7/15/46		112,000		108,339
Series 4655 WI 3.50% 8/15/43 S		666,094		111,987
Series 4657 JZ 3.50% 2/15/47		131,657		135,383
Series 4657 NW 3.00% 4/15/45		146,000		144,589
Series 4657 PS 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 2/15/47 S●		1,691,154		357,383


			(continues	)		11

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4660 GI 3.00% 8/15/43 S		490,587	$	78,334
Series 4663 AI 3.00% 3/15/42 S		1,176,903		153,949
Series 4663 HZ 3.50% 3/15/47		155,697		154,434
Series 4664 ZC 3.00% 9/15/45		114,706		110,412
Series 4665 NI 3.50% 7/15/41 S		3,565,743		457,484
Series 4673 WI 3.50% 9/15/43 S		867,720		120,518
Series 4675 KS 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 4/15/47 S●		1,315,363		312,924
Series 4676 KZ 2.50% 7/15/45		338,504		299,990
Series 4681 WI 1.569% 8/15/33 S●		4,471,930		306,386
Series 4700 WI 3.50% 1/15/44 S		1,493,469		209,582
Series 4703 CI 3.50% 7/15/42 S		1,728,498		212,711
Freddie Mac Strips
Series 267 S5 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 8/15/42 S●		1,505,369		287,264
Series 299 S1 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 1/15/43 S●		1,161,040		221,974
Series 319 S2 4.766% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 11/15/43 S●		466,829		100,696
Series 326 S2 4.716% (5.95% minus LIBOR01M, Cap 5.95%, Floor 0.00%) 3/15/44 S●		1,168,674		236,714
Series 337 S1 4.816% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 9/15/44 S●		1,000,172		226,556
Series 350 S5 1.664% 9/15/40 S●		2,223,211		118,232


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2016-DNA3 M1 2.337% (LIBOR01M + 1.10%) 12/25/28 ●		137,765	$	138,097
Series 2017-DNA1 M2 4.487% (LIBOR01M + 3.25%) 7/25/29 ●		750,000		783,815
Series 2017-DNA3 M2 3.734% (LIBOR01M + 2.50%) 3/25/30 ●		315,000		316,132
Freddie Mac Structured Pass
Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		15,121		17,765
Series T-58 2A 6.50% 9/25/43 ◆		7,764		8,972
GNMA
Series 2008-65 SB 4.764% (6.00% minus LIBOR01M, Cap 6.00%, Floor 0.00%) 8/20/38 S●		808,416		120,175
Series 2009-2 SE 4.584% (5.82% minus LIBOR01M, Cap 5.82%, Floor 0.00%) 1/20/39 S●		2,448,149		341,681
Series 2010-113 KE 4.50% 9/20/40		1,170,000		1,280,801
Series 2011-H21 FT 1.93% (H15T1Y + 0.70%) 10/20/61 ●		9,975,819		10,070,405
Series 2011-H23 FA 1.931% (LIBOR01M + 0.70%) 10/20/61 ●		6,625,880		6,663,618
Series 2012-136 MX 2.00% 11/20/42		240,000		211,071
Series 2012-H08 FB 1.831% (LIBOR01M + 0.60%) 3/20/62 ●		1,069,901		1,073,147
Series 2012-H18 NA 1.751% (LIBOR01M + 0.52%) 8/20/62 ●		624,117		623,901
Series 2012-H29 SA 1.746% (LIBOR01M + 0.515%) 10/20/62 ●		4,966,966		4,962,219
Series 2013-113 AZ 3.00% 8/20/43		1,700,870		1,659,793
Series 2013-113 LY 3.00% 5/20/43		173,000		172,484
Series 2015-64 GZ 2.00% 5/20/45		641,212		538,913


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2015-74 CI 3.00% 10/16/39 S		1,210,458	$	153,950
Series 2015-133 AL 3.00% 5/20/45		1,725,000		1,730,832
Series 2015-142 AI 4.00% 2/20/44 S		393,554		50,800
Series 2015-H10 FA 1.831% (LIBOR01M + 0.60%) 4/20/65 ●		15,588,398		15,554,257
Series 2015-H11 FC 1.781% (LIBOR01M + 0.55%) 5/20/65 ●		1,918,049		1,909,372
Series 2015-H12 FB 1.831% (LIBOR01M + 0.60%) 5/20/65 ●		7,738,368		7,721,726
Series 2015-H20 FB 1.831% (LIBOR01M + 0.60%) 8/20/65 ●		2,051,124		2,046,494
Series 2015-H30 FD 1.831% (LIBOR01M + 0.60%) 10/20/65 ●		163,659		163,958
Series 2016-89 QS 4.814% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 7/20/46 S●		1,066,318		258,172
Series 2016-108 SK 4.814% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 8/20/46 S●		1,735,048		398,356
Series 2016-111 PB 2.50% 8/20/46		579,000		530,292
Series 2016-115 SA 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 8/20/46 S●		3,097,491		637,902
Series 2016-116 GI 3.50% 11/20/44 S		2,149,142		373,577
Series 2016-118 DI 3.50% 3/20/43 S		2,433,024		370,329
Series 2016-118 ES 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 9/20/46 S●		1,083,528		256,414
Series 2016-120 AS 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 9/20/46 S●		1,867,007		447,873
Series 2016-120 NS 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 9/20/46 S●		2,500,933		606,561


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2016-121 JS 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 9/20/46 S●		1,821,477	$	433,138
Series 2016-126 NS 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 9/20/46 S●		1,247,767		289,994
Series 2016-134 MW 3.00% 10/20/46		98,000		99,911
Series 2016-147 ST 4.814% (6.05% minus LIBOR01M, Cap 6.05%, Floor 0.00%) 10/20/46 S●		1,185,658		279,207
Series 2016-149 GI 4.00% 11/20/46 S		1,107,706		242,680
Series 2016-156 PB 2.00% 11/20/46		362,000		298,983
Series 2016-160 GI 3.50% 11/20/46 S		1,485,740		342,687
Series 2016-160 GS 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 11/20/46 S●		3,402,707		823,951
Series 2016-160 VZ 2.50% 11/20/46		177,659		152,858
Series 2016-163 MI 3.50% 11/20/46 S		1,165,523		153,607
Series 2016-163 PI 3.50% 5/20/43 S		3,074,138		496,606
Series 2016-163 XI 3.00% 10/20/46 S		1,714,480		229,822
Series 2016-171 IP 3.00% 3/20/46 S		1,524,794		236,735
Series 2016-H06 FD 2.151% (LIBOR01M + 0.92%) 7/20/65 ●		1,992,960		2,017,956
Series 2017-4 BW 3.00% 1/20/47		106,000		101,146
Series 2017-10 IB 4.00% 1/20/47 S		1,428,355		345,223
Series 2017-10 KZ 3.00% 1/20/47		122,421		113,893
Series 2017-18 QI 4.00% 3/16/41 S		1,186,822		209,892
Series 2017-18 QS 4.866% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 2/16/47 S●		1,413,924		306,545
Series 2017-25 CZ 3.50% 2/20/47		462,330		464,135


			(continues	)		13

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-26 SA 4.864% (6.10% minus LIBOR01M, Cap 6.10%, Floor 0.00%) 2/20/47 S●		1,466,754	$	314,226
Series 2017-34 DY 3.50% 3/20/47		230,000		229,914
Series 2017-56 JZ 3.00% 4/20/47		273,392		258,525
Series 2017-56 QS 4.914% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 4/20/47 S●		1,886,920		402,450
Series 2017-68 SB 4.914% (6.15% minus LIBOR01M, Cap 6.15%, Floor 0.00%) 5/20/47 S●		1,472,040		288,909
Series 2017-80 AS 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 5/20/47 S●		3,654,086		809,780
Series 2017-91 SM 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 6/20/47 S●		99,563		23,025
Series 2017-101 AI 4.00% 7/20/47 S		874,766		178,517
Series 2017-101 KS 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 7/20/47 S●		1,436,668		315,463
Series 2017-101 SK 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 7/20/47 S●		3,637,675		800,831
Series 2017-101 TI 4.00% 3/20/44 S		1,374,899		218,146
Series 2017-107 QZ 3.00% 8/20/45		218,086		208,523
Series 2017-114 IK 4.00% 10/20/44 S		1,984,405		418,291
Series 2017-117 SD 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 8/20/47 S●		99,846		21,515
Series 2017-120 QS 4.964% (6.20% minus LIBOR01M, Cap 6.20%, Floor 0.00%) 8/20/47 S●		1,062,182		224,226
Series 2017-130 YJ 2.50% 8/20/47		270,000		244,736


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-137 CZ 3.00% 9/20/47		1,291,000	$	1,220,398

Total Agency Collateralized Mortgage Obligations (cost $144,304,499)				141,676,840



Agency Commercial Mortgage-Backed Securities – 0.66%

Freddie Mac Multifamily Structured Pass Through Certificates
Series K719 A2 2.731% 6/25/22 ◆●		1,900,000		1,937,626
Series KS03 A4 3.161% 5/25/25 ◆●		920,000		948,768
FREMF Mortgage Trust
Series 2011-K10 B 144A 4.781% 11/25/49 #●		550,000		582,332
Series 2011-K12 B 144A 4.492% 1/25/46 #●		685,000		721,320
Series 2011-K15 B 144A 5.116% 8/25/44 #●		75,000		80,605
Series 2011-K704 B 144A 4.69% 10/25/30 #●		650,000		661,265
Series 2012-K22 B 144A 3.811% 8/25/45 #●		665,000		688,889
Series 2012-K23 B 144A 3.781% 10/25/45 #●		1,500,000		1,542,188
Series 2012-K708 B 144A 3.883% 2/25/45 #●		885,000		900,584
Series 2013-K32 B 144A 3.651% 10/25/46 #●		650,000		669,932
Series 2013-K33 B 144A 3.617% 8/25/46 #●		505,000		514,363
Series 2013-K712 B 144A 3.481% 5/25/45 #●		470,000		478,119
Series 2013-K713 B 144A 3.274% 4/25/46 #●		285,000		289,096
Series 2013-K713 C 144A 3.274% 4/25/46 #●		945,000		948,416
Series 2014-K41 B 144A 3.962% 11/25/47 #●		1,245,000		1,272,680
Series 2014-K716 B 144A 4.082% 8/25/47 #●		500,000		518,481

Total Agency Commercial Mortgage-Backed Securities (cost $12,685,876)				12,754,664



Agency Mortgage-Backed Securities – 14.95%

Fannie Mae
5.50% 3/1/37		13,998		15,072


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae
5.50% 7/1/37		47,307	$	49,504
Fannie Mae ARM
2.912% (LIBOR12M + 1.60%) 7/1/45 ●		233,600		237,727
3.047% (LIBOR12M + 1.559%) 4/1/44 ●		1,053,714		1,078,034
3.17% (LIBOR12M + 1.42%) 7/1/37 ●		49,915		52,289
3.45% (LIBOR12M + 1.70%) 8/1/37 ●		35,222		35,039
3.58% (LIBOR12M + 1.83%) 8/1/35 ●		10,641		11,228
Fannie Mae FHAVA
4.50% 7/1/40		510,191		550,855
Fannie Mae S.F. 15 yr
4.50% 8/1/18		8,516		8,710
4.50% 7/1/20		49,693		50,824
Fannie Mae S.F. 30 yr
3.00% 4/1/43		1,375,825		1,387,197
4.00% 10/1/40		25,001		26,427
4.00% 11/1/40		141,623		149,761
4.50% 5/1/35		87,880		94,805
4.50% 8/1/35		166,729		179,481
4.50% 9/1/35		153,554		165,439
4.50% 5/1/39		617,938		666,565
4.50% 9/1/39		135,910		147,879
4.50% 11/1/39		413,785		451,553
4.50% 6/1/40		466,834		508,507
4.50% 8/1/40		132,534		143,524
4.50% 4/1/41		72,659		78,587
4.50% 1/1/42		499,665		543,811
4.50% 10/1/44		357,055		388,245
4.50% 3/1/46		784,823		848,931
4.50% 5/1/46		1,833,119		1,986,364
4.50% 7/1/46		1,266,079		1,365,726
5.00% 3/1/34		2,617		2,875
5.00% 4/1/34		16,500		18,173
5.00% 8/1/34		25,139		27,628
5.00% 4/1/35		7,315		8,104
5.00% 12/1/37		3,024		3,301
5.00% 3/1/38		140,584		153,522
5.00% 6/1/38		7,141		7,785
5.00% 2/1/39		4,217		4,598
5.00% 5/1/40		97,474		106,459
5.50% 12/1/33		17,705		19,679
5.50% 11/1/34		21,275		23,798
5.50% 2/1/35		372,410		419,894
5.50% 8/1/37		120,073		134,606
5.50% 2/1/38		480,811		538,309


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
5.50% 3/1/38		105,361	$	117,548
5.50% 3/1/39		511,623		578,001
5.50% 6/1/39		324,948		362,883
5.50% 9/1/41		519,804		587,811
5.50% 2/1/42		929,791		1,037,609
5.50% 5/1/44		12,305,917		13,790,523
6.00% 4/1/35		203,958		233,239
6.00% 3/1/36		226,847		259,092
6.00% 5/1/36		43,309		49,405
6.00% 6/1/36		20,955		23,855
6.00% 9/1/36		164,429		189,276
6.00% 12/1/36		22,281		25,210
6.00% 6/1/37		12,851		14,623
6.00% 7/1/37		9,848		11,158
6.00% 8/1/37		34,808		39,841
6.00% 9/1/37		309,591		352,284
6.00% 12/1/37		307,094		349,851
6.00% 5/1/38		130,545		148,496
6.00% 8/1/38		96,284		108,701
6.00% 9/1/38		568,899		646,718
6.00% 10/1/38		119,231		135,690
6.00% 11/1/38		54,666		62,121
6.00% 12/1/38		151,705		172,082
6.00% 9/1/39		304,275		345,547
6.00% 10/1/39		1,198,853		1,369,311
6.00% 3/1/40		98,166		111,435
6.00% 7/1/40		346,271		393,287
6.00% 11/1/40		37,792		43,146
6.00% 5/1/41		252,377		285,251
6.00% 7/1/41		1,408,955		1,604,958
6.50% 11/1/33		4,017		4,452
6.50% 2/1/36		46,849		53,179
6.50% 3/1/36		60,123		66,622
6.50% 6/1/36		162,876		185,601
6.50% 2/1/38		27,513		30,891
6.50% 11/1/38		8,166		9,357
6.50% 3/1/40		1,242,804		1,412,474
6.50% 5/1/40		229,326		257,406
7.50% 3/1/32		309		352
7.50% 4/1/32		1,469		1,667
Fannie Mae S.F. 30 yr TBA
3.00% 11/1/47		48,600,000		48,656,954
3.50% 11/1/47		83,800,000		86,201,038
4.00% 11/1/47		78,100,000		82,078,219
4.50% 10/1/47		6,100,000		6,545,348
4.50% 11/1/47		2,836,000		3,039,782


			(continues	)		15

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Freddie Mac ARM
2.558% (LIBOR12M + 1.63%) 10/1/46 ●		631,697	$	634,914
2.921% (LIBOR12M + 1.63%) 10/1/45 ●		481,703		490,434
3.933% (LIBOR12M + 2.18%) 5/1/37 ●		264,959		282,074
5.48% (LIBOR12M + 1.625%) 2/1/38 ●		44,923		47,167
Freddie Mac S.F. 20 yr
5.50% 10/1/23		31,079		34,218
5.50% 8/1/24		11,572		12,741
Freddie Mac S.F. 30 yr
4.50% 4/1/39		72,132		78,048
4.50% 7/1/42		688,606		745,396
4.50% 12/1/43		164,013		177,850
4.50% 8/1/44		999,998		1,080,145
5.00% 5/1/41		482,981		533,945
5.00% 12/1/41		434,434		477,656
5.00% 4/1/44		516,045		569,768
5.50% 3/1/34		28,989		32,402
5.50% 12/1/34		25,603		28,663
5.50% 12/1/35		24,925		27,967
5.50% 11/1/36		32,020		35,780
5.50% 12/1/36		6,830		7,622
5.50% 4/1/38		135,804		151,277
5.50% 6/1/38		18,794		20,852
5.50% 1/1/39		137,989		153,760
5.50% 6/1/39		170,944		190,264
5.50% 3/1/40		77,550		86,418
5.50% 8/1/40		298,195		331,961
5.50% 1/1/41		86,407		96,291
5.50% 6/1/41		1,617,233		1,803,782
6.00% 2/1/36		227,189		258,023
6.00% 3/1/36		193,661		220,431
6.00% 9/1/37		84,397		95,243
6.00% 1/1/38		30,154		33,992
6.00% 6/1/38		84,806		96,244
6.00% 8/1/38		137,635		156,918
6.00% 5/1/40		227,451		258,263
6.00% 7/1/40		503,996		571,597
6.50% 11/1/33		26,368		29,594
6.50% 1/1/35		96,657		112,894
6.50% 8/1/38		14,910		16,526
6.50% 4/1/39		132,936		149,185
7.00% 1/1/38		21,857		24,556
Freddie Mac S.F. 30 yr TBA
3.50% 10/1/47		6,000,000		6,186,797
GNMA I S.F. 30 yr
5.50% 2/15/41		276,519		308,933


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

GNMA I S.F. 30 yr
7.00% 12/15/34		153,997	$	179,937
GNMA II S.F. 30 yr
5.00% 9/20/46		90,184		97,186
5.50% 5/20/37		232,742		258,073
5.50% 4/20/40		168,953		183,828
6.00% 4/20/34		4,824		5,323
6.00% 2/20/39		228,380		254,260
6.00% 10/20/39		395,045		439,865
6.00% 2/20/40		873,638		977,080
6.00% 4/20/46		278,987		312,066
6.50% 10/20/39		340,321		380,191
GNMA II S.F. 30 yr TBA
4.00% 10/1/47		6,000,000		6,317,578

Total Agency Mortgage-Backed Securities (cost $290,630,904)				290,739,087



Collateralized Debt Obligations – 3.67%

AMMC CLO 16
Series 2015-16A AR 144A 2.564% (LIBOR03M + 1.26%) 4/14/29 #●		145,000		145,934
AMMC CLO 21
Series 2017-21A A 144A 0.00% (LIBOR03M + 1.25%) 11/2/30 #●		2,400,000		2,410,992
AMMC CLO XIII
Series 2013-13A A1LR 144A 2.573% (LIBOR03M + 1.26%) 7/24/29 #●		1,500,000		1,516,783
Apex Credit CLO
Series 2015-2A AX 144A 2.754% (LIBOR03M + 1.45%) 10/19/26 #●		135,000		135,280
Series 2017-1A A1 144A 2.783% (LIBOR03M + 1.47%) 4/24/29 #●		1,275,000		1,282,080
Atlas Senior Loan Fund VI
Series 2014-6A AR 144A 2.554% (LIBOR03M + 1.25%) 10/15/26 #●		2,500,000		2,506,407
Avery Point VI CLO
Series 2015-6A A 144A 2.762% (LIBOR03M + 1.45%) 8/5/27 #●		250,000		250,695
Benefit Street Partners CLO IV
Series 2014-IVA A1R 144A 2.797% (LIBOR03M + 1.49%) 1/20/29 #●		2,400,000		2,438,710


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Blue Hill CLO
Series 2013-1A AR 144A 2.484% (LIBOR03M + 1.18%) 1/15/26 #●		1,500,000	$	1,505,523
BlueMountain CLO
Series 2015-1A A1R 144A 2.634% (LIBOR03M + 1.33%) 4/13/27 #●		400,000		401,911
Series 2015-2A A1 144A 2.734% (LIBOR03M + 1.43%) 7/18/27 #●		710,000		711,610
Carlyle Global Market
Strategies CLO
Series 2014-3A A1AR 144A 2.467% (LIBOR03M + 1.15%) 7/27/26 #●		1,900,000		1,899,565
Series 2014-5A A1R 144A 2.444% (LIBOR03M + 1.14%) 10/16/25 #●		400,000		401,380
Cedar Funding V CLO
Series 2016-5A A1 144A 2.914% (LIBOR03M + 1.61%) 7/17/28 #●		530,000		538,467
Cedar Funding VI CLO
Series 2016-6A A1 144A 2.777% (LIBOR03M + 1.47%) 10/20/28 #●		1,230,000		1,246,879
CIFC Funding
Series 2012-3A A1R 144A 2.511% (LIBOR03M + 1.20%) 1/29/25 #●		2,002,686		2,004,296
Dryden XXV Senior Loan Fund
Series 2012-25A AR 144A 2.504% (LIBOR03M + 1.20%) 1/15/25 #●		3,077,034		3,077,034
Emerson Park CLO
Series 2013-1A A1AR 144A 2.284% (LIBOR03M + 0.98%) 7/15/25 #●		300,000		300,371
Figueroa CLO
Series 2013-2A A1R 144A 2.575% (LIBOR03M + 1.25%) 6/20/27 #●		400,000		401,618
Finn Square CLO
Series 2012-1A A1R 144A 2.538% (LIBOR03M + 1.21%) 12/24/23 #●		1,658,808		1,659,814
Flagship CLO VIII
Series 2014-8A AR 144A 2.554% (LIBOR03M + 1.25%) 1/16/26 #●		2,300,000		2,300,212


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Flatiron CLO 2014-1
Series 2014-1A A1R 144A 2.338% (LIBOR03M + 1.18%) 7/17/26 #●		1,250,000	$	1,255,446
Fortress Credit BSL II
Series 2013-2A A1FR 144A 2.456% (LIBOR03M + 1.15%) 10/19/25 #●		2,000,000		2,001,820
Galaxy XVI CLO
Series 2013-16A A2R 144A 2.444% (LIBOR03M + 1.13%) 11/16/25 #●		1,500,000		1,503,312
GoldenTree Loan
Management US CLO 1
Series 2017-1A A 144A 2.527% (LIBOR03M + 1.22%) 4/20/29 #●		1,190,000		1,203,986
Halcyon Loan Advisors Funding
Series 2012-1A A1 144A 2.815% (LIBOR03M + 1.50%) 8/15/23 #●		197,940		198,014
Hull Street CLO
Series 2014-1A AR 144A 2.524% (LIBOR03M + 1.22%) 10/18/26 #●		500,000		501,165
JMP Credit Advisors CLO III
Series 2014-1A AR 144A 2.544% (LIBOR03M + 1.24%) 10/17/25 #●		2,600,000		2,614,810
KVK CLO
Series 2013-2A AR 144A 2.454% (LIBOR03M + 1.15%) 1/15/26 #●		2,000,000		1,999,108
Series 2015-1A AR 144A 2.561% (LIBOR03M + 1.25%) 5/20/27 #●		1,750,000		1,754,566
Limerock CLO II
Series 2014-2A AR 144A 2.604% (LIBOR03M + 1.30%) 4/18/26 #●		2,000,000		2,007,630
Lockwood Grove CLO
Series 2014-1A A1R 144A 2.784% (LIBOR03M + 1.47%) 4/25/25 #●		500,000		500,424
Madison Park Funding XIII
Series 2014-13A AR 144A 2.416% (LIBOR03M + 1.11%) 1/19/25 #●		1,500,000		1,500,169
Malin CLO
Series 2007-1A A1 144A 0.01% (EUR003M + 0.195%) 5/7/23 #●	EUR	113,647		134,208


			(continues	)		17

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

MP CLO V
Series 2014-1A AR 144A 2.554% (LIBOR03M + 1.25%) 7/18/26 #●		2,500,000	$	2,513,620
MP CLO VI
Series 2014-2A AR 144A 2.504% (LIBOR03M + 1.20%) 1/15/27 #●		2,000,000		2,004,744
Nelder Grove CLO
Series 2014-1A A1R 144A 2.611% (LIBOR03M + 1.30%) 8/28/26 #●		1,500,000		1,500,696
Northwoods Capital XV
Series 2017-15A A 144A 2.555% (LIBOR03M + 1.30%) 6/20/29 #●		3,000,000		3,020,136
Oak Hill Credit Partners X
Series 2014-10A AR 144A 2.437% (LIBOR03M + 1.13%) 7/20/26 #●		1,000,000		1,003,104
Oaktree CLO
Series 2014-1A A1R 144A 2.599% (LIBOR03M + 1.29%) 5/13/29 #●		250,000		252,715
OCP CLO
Series 2017-13A A1A 144A 2.561% (LIBOR03M + 1.26%) 7/15/30 #●		1,000,000		1,006,102
Octagon Investment Partners XIX
Series 2014-1A AR 144A 2.404% (LIBOR03M + 1.10%) 4/15/26 #●		1,000,000		1,004,896
OFSI Fund VII
Series 2014-7A AR 144A 2.253% (LIBOR03M + 0.90%) 10/18/26 #●		2,100,000		2,109,618
OZLM IX
Series 2014-9A A1R 144A 2.527% (LIBOR03M + 1.22%) 1/20/27 #●		1,800,000		1,813,586
Shackleton CLO
Series 2015-8A A1 144A 2.817% (LIBOR03M + 1.51%) 10/20/27 #●		250,000		249,925
Sound Point CLO III
Series 2013-2A A1R 144A 2.294% (LIBOR03M + 0.99%) 7/15/25 #●		295,405		295,608
Staniford Street CLO
Series 2014-1A AR 144A 2.50% (LIBOR03M + 1.18%) 6/15/25 #●		1,500,000		1,502,274


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Stoney Lane Funding I
Series 2007-1A A1 144A 1.544% (LIBOR03M + 0.24%) 4/18/22 #●		26,917	$	26,885
TIAA CLO II
Series 2017-1A A 144A 2.49% (LIBOR03M + 1.28%) 4/20/29 #●		1,040,000		1,045,804
Tralee CLO III
Series 2014-3A A1R 144A 2.757% (LIBOR03M + 1.45%) 7/20/26 #●		250,000		250,048
Venture CDO
Series 2016-25A A1 144A 2.797% (LIBOR03M + 1.49%) 4/20/29 #●		490,000		492,312
Venture XVII CLO
Series 2014-17A AR 144A 2.384% (LIBOR03M + 1.08%) 7/15/26 #●		400,000		400,711
Venture XXI CLO
Series 2015-21A A 144A 2.794% (LIBOR03M + 1.49%) 7/15/27 #●		285,000		284,890
Venture XXIV CLO
Series 2016-24A A1D 144A 2.727% (LIBOR03M + 1.42%) 10/20/28 #●		1,115,000		1,130,833
Venture XXVIII CLO
Series 2017-28A A2 144A 2.716% (LIBOR03M + 1.11%) 7/20/30 #●		2,000,000		1,996,658
WhiteHorse IX
Series 2014-9A AR 144A 2.464% (LIBOR03M + 1.16%) 7/17/26 #●		400,000		400,718
WhiteHorse VI
Series 2012-1A A1R 144A 2.511% (LIBOR03M + 1.20%) 2/3/25 #●		2,679,765		2,678,401

Total Collateralized Debt Obligations (cost $70,968,509)				71,294,503



Convertible Bonds – 0.93%

Aerojet Rocketdyne Holdings 144A 2.25% exercise price $26.00, maturity date 12/15/23 #		100,000		149,437


	Principal amount°		Value (US $)

Convertible Bonds (continued)

Alaska Communications Systems Group 6.25% exercise price $10.28, maturity date 5/1/18		216,000	$	222,480
Ares Capital 144A 3.75% exercise price $19.39, maturity date 2/1/22 #		102,000		104,040
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		225,000		270,422
Blackhawk Network Holdings 1.50% exercise price $49.83, maturity date 1/15/22		787,000		881,440
Blackstone Mortgage Trust 4.375% exercise price $35.67, maturity date 5/5/22		338,000		341,803
5.25% exercise price $27.67, maturity date 12/1/18		429,000		490,937
Brookdale Senior Living 2.75% exercise price $29.33, maturity date 6/15/18		711,000		710,111
Cardtronics 1.00% exercise price $52.35, maturity date 12/1/20		243,000		225,079
Cemex 3.72% exercise price $11.01, maturity date 3/15/20		277,000		311,279
Chart Industries 2.00% exercise price $69.03, maturity date 8/1/18		540,000		540,675
Ciena 3.75% exercise price $20.17, maturity date 10/15/18		221,000		267,824
Clearwire Communications 144A 8.25% exercise price $7.08, maturity date 12/1/40 #		515,000		522,725
DISH Network 144A 2.375% exercise price $82.22, maturity date 3/15/24 #		396,000		394,515
3.375% exercise price $65.18, maturity date 8/15/26		363,000		407,921
GAIN Capital Holdings 144A 5.00% exercise price $8.20, maturity date 8/15/22 #		535,000		548,709


	Principal amount°		Value (US $)

Convertible Bonds (continued)

General Cable 4.50% exercise price $31.01, maturity date 11/15/29 f		811,000	$	722,804
Helix Energy Solutions Group 4.25% exercise price $13.89, maturity date 5/1/22		479,000		474,210
Hologic 2.00% exercise price $31.18, maturity date 3/1/42 f		239,000		291,580
Huron Consulting Group 1.25% exercise price $79.89, maturity date 10/1/19		164,000		153,750
IAC FinanceCo. 144A 0.875% exercise price $152.18, maturity date 10/1/22 #		250,000		260,781
Infinera 1.75% exercise price $12.58, maturity date 6/1/18		353,000		362,487
Insulet 144A 1.25% exercise price $58.37, maturity date 9/15/21 #		220,000		249,975
Jefferies Group 3.875% exercise price $43.53, maturity date 11/1/29		298,000		299,490
Kaman 144A 3.25% exercise price $65.26, maturity date 5/1/24 #		576,000		626,400
Knowles 3.25% exercise price $18.43, maturity date 11/1/21		306,000		346,163
Liberty Interactive 144A 1.75% exercise price $341.10, maturity date 9/30/46 #		285,000		339,150
Liberty Media 2.25% exercise price $104.55, maturity date 9/30/46		103,000		109,953
Medicines 2.75% exercise price $48.97, maturity date 7/15/23		427,000		451,019
Neurocrine Biosciences 144A 2.25% exercise price $75.92, maturity date 5/15/24 #		290,000		330,781
New Mountain Finance 5.00% exercise price $15.80, maturity date 6/15/19		331,000		342,585
Novellus Systems 2.625% exercise price $33.54, maturity date 5/15/41		96,000		527,880


			(continues	)		19

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Convertible Bonds (continued)

NXP Semiconductors 1.00% exercise price $102.84, maturity date 12/1/19		375,000	$	455,156
ON Semiconductor 1.00% exercise price $18.50, maturity date 12/1/20		299,000		358,239
Pacira Pharmaceuticals 144A 2.375% exercise price $66.89, maturity date 4/1/22 #		479,000		470,019
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		696,000		681,210
PROS Holdings 2.00% exercise price $33.79, maturity date 12/1/19		506,000		517,385
SolarCity 1.625% exercise price $759.35, maturity date 11/1/19		206,000		195,700
Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		98,000		139,344
Spirit Realty Capital 3.75% exercise price $12.98, maturity date 5/15/21		525,000		537,471
Synaptics 144A 0.50% exercise price $73.02, maturity date 6/15/22 #		249,000		226,434
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		303,000		259,444
Team 144A 5.00% exercise price $21.70, maturity date 8/1/23 #		76,000		72,485
Vector Group 1.75% exercise price $22.35, maturity date 4/15/20 ●		466,000		534,153
2.50% exercise price $14.50, maturity date 1/15/19 ●		147,000		217,284
VEREIT 3.75% exercise price $14.99, maturity date 12/15/20		568,000		591,788
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		585,000		574,763

Total Convertible Bonds (cost $16,927,648)				18,109,280


	Principal amount°		Value (US $)

Corporate Bonds – 40.62%

Banking – 14.06%
Akbank Turk 144A 7.20% 3/16/27 #µ		840,000	$	886,410
Ally Financial 4.125% 3/30/20		200,000		206,500
4.75% 9/10/18		200,000		204,920
5.75% 11/20/25		445,000		484,138
ANZ New Zealand International 144A 2.60% 9/23/19 #		200,000		202,244
Banco Bilbao Vizcaya Argentaria 6.75%µy	EUR	400,000		498,686
Banco de Bogota 144A 4.375% 8/3/27 #		575,000		582,587
Banco Nacional de Costa Rica 144A 5.875% 4/25/21 #		840,000		876,523
Banco Nacional de Desenvol-vimento Economico e Social 144A 4.75% 5/9/24 #		675,000		682,763
6.369% 6/16/18		1,500,000		1,547,220
6.50% 6/10/19		2,500,000		2,661,250
Banco Santander 4.25% 4/11/27		200,000		207,892
Banistmo 144A 3.65% 9/19/22 #		820,000		822,870
Bank Nederlandse Gemeenten 3.50% 7/19/27	AUD	292,000		228,970
Bank of America 1.967% (LIBOR03M + 0.66%) 7/21/21 ●		900,000		902,489
2.313% (LIBOR03M + 1.00%) 4/24/23		1,120,000		1,130,386
2.60% 1/15/19		1,200,000		1,209,962
2.625% 4/19/21		2,300,000		2,319,201
3.30% 8/5/21	AUD	240,000		188,893
3.30% 1/11/23		716,000		733,799
3.593% 7/21/28 µ		2,130,000		2,149,566
4.183% 11/25/27		3,585,000		3,721,305
4.443% 1/20/48 µ		1,140,000		1,237,677
5.65% 5/1/18		3,300,000		3,375,801
5.75% 12/1/17		700,000		704,843
6.875% 4/25/18		4,125,000		4,244,286
7.625% 6/1/19		800,000		873,304
Bank of New York Mellon 2.15% 2/24/20		1,960,000		1,969,774
2.361% (LIBOR03M + 1.05%) 10/30/23 ●		840,000		858,666
2.50% 4/15/21		180,000		181,849


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Bank of New York Mellon 3.442% 2/7/28 µ		1,165,000	$	1,193,035
4.625%µy		1,365,000		1,395,985
Bank of Nova Scotia 1.875% 4/26/21		4,500,000		4,446,105
Barclays 2.00% 3/16/18		1,000,000		1,001,055
4.836% 5/9/28		465,000		482,373
6.50%µy	EUR	400,000		497,570
8.25%µy		1,775,000		1,878,704
Barclays Bank 144A 6.05% 12/4/17 #		300,000		302,131
7.625% 11/21/22		1,800,000		2,071,125
BB&T 1.971% (LIBOR03M + 0.66%) 2/1/19 ●		900,000		906,119
2.18% (LIBOR03M + 0.86%) 6/15/18 ●		65,000		65,312
2.45% 1/15/20		670,000		677,233
BBVA Bancomer 144A 6.50% 3/10/21 #		955,000		1,057,663
144A 7.25% 4/22/20 #		100,000		110,250
BGEO Group 144A 6.00% 7/26/23 #		690,000		712,356
BNP Paribas 144A 7.375%#µy		700,000		791,875
7.375%µy		500,000		565,625
CIT Group 144A 5.50% 2/15/19 #		936,000		980,460
Citigroup 2.191% (LIBOR03M + 0.88%) 7/30/18 ●		2,300,000		2,312,427
2.247% (LIBOR03M + 0.93%) 6/7/19 ●		2,300,000		2,323,450
2.414% (LIBOR03M + 1.10%) 5/17/24 ●		1,535,000		1,539,607
3.20% 10/21/26		1,000,000		986,377
3.75% 10/27/23	AUD	498,000		392,978
4.05% 7/30/22		150,000		157,275
Citizens Bank 2.55% 5/13/21		1,655,000		1,662,944
2.65% 5/26/22		250,000		250,258
Citizens Financial Group 2.375% 7/28/21		115,000		114,347
4.30% 12/3/25		965,000		1,011,510
Compass Bank 2.875% 6/29/22		1,220,000		1,215,182
3.875% 4/10/25		1,145,000		1,144,051


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Cooperatieve Rabobank 2.50% 9/4/20	NOK	1,740,000	$	227,348
3.625% 6/8/22	NZD	538,000		390,422
3.75% 7/21/26		2,405,000		2,443,552
4.375% 8/4/25		2,000,000		2,102,933
6.875% 3/19/20	EU	R2,400,000		3,302,150
Credit Suisse Group 144A 4.282% 1/9/28 #		2,135,000		2,225,903
144A 6.25%#µy		2,035,000		2,170,456
Credit Suisse Group Funding Guernsey 2.75% 3/26/20		2,199,000		2,222,856
3.125% 12/10/20		250,000		255,156
3.80% 9/15/22		3,350,000		3,480,258
3.80% 6/9/23		2,300,000		2,383,067
4.55% 4/17/26		1,810,000		1,945,065
Deutsche Bank 2.85% 5/10/19		3,100,000		3,131,865
4.25% 10/14/21		1,700,000		1,782,833
Dexia Credit Local 144A 1.815% (LIBOR03M + 0.50%) 2/15/19 #●		560,000		562,367
Fifth Third Bancorp 2.60% 6/15/22		630,000		630,099
Fifth Third Bank 2.226% (LIBOR03M + 0.91%) 8/20/18 ●		905,000		910,712
2.25% 6/14/21		665,000		665,208
3.85% 3/15/26		985,000		1,013,350
Goldman Sachs Group 2.366% (LIBOR03M + 1.05%) 6/5/23 ●		505,000		508,243
2.52% (LIBOR03M + 1.20%) 9/15/20 ●		1,700,000		1,732,909
2.674% (LIBOR03M + 1.36%) 4/23/21 ●		1,300,000		1,329,525
2.917% (LIBOR03M + 1.60%) 11/29/23 ●		875,000		908,022
2.99% (BBSW3M + 1.30%) 8/21/19 ●	AUD	140,000		110,920
3.272% 9/29/25 µ		510,000		511,060
3.55% 2/12/21	CA	D100,000		82,657
3.691% 6/5/28 µ		3,005,000		3,033,744
5.15% 5/22/45		910,000		1,043,585
5.20% 12/17/19	NZD	206,000		155,452
5.95% 1/18/18		700,000		708,926
HSBC Bank 144A 1.955% (LIBOR03M + 0.64%) 5/15/18 #●		620,000		622,104


			(continues	)		21

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
HSBC Holdings 2.65% 1/5/22		200,000	$	200,514
2.843% (LIBOR03M + 1.50%) 1/5/22 ●		2,000,000		2,064,760
2.977% (LIBOR03M + 1.66%) 5/25/21 ●		900,000		933,108
6.00%µy	EUR	900,000		1,201,992
Huntington Bancshares 2.30% 1/14/22		670,000		664,080
Huntington National Bank 2.50% 8/7/22		1,245,000		1,239,050
ICICI Bank 144A 4.00% 3/18/26 #		1,070,000		1,089,938
ING Bank 144A 2.094% (LIBOR03M + 0.78%) 8/17/18 #●		4,500,000		4,525,429
ING Groep 3.95% 3/29/27		210,000		219,372
JPMorgan Chase & Co. 1.944% (LIBOR03M + 0.63%) 1/28/19 ●		200,000		201,193
2.214% (LIBOR03M + 0.90%) 4/25/23 ●		895,000		902,041
2.25% 1/23/20		9,100,000		9,149,844
2.417% (LIBOR03M + 1.10%) 6/7/21 ●		2,900,000		2,955,213
2.543% (LIBOR03M + 1.23%) 10/24/23 ●		375,000		383,564
3.54% 5/1/28 µ		835,000		843,264
3.882% 7/24/38 µ		1,260,000		1,270,257
4.032% 7/24/48 µ		835,000		852,330
4.25% 11/2/18	NZD	570,000		417,862
4.25% 10/1/27		160,000		169,406
4.26% 2/22/48 µ		135,000		141,940
4.40% 7/22/20		400,000		424,916
6.75%µy		865,000		990,477
7.90%µy		500,000		515,625
JPMorgan Chase Bank 6.00% 10/1/17		600,000		600,000
KBC Bank 8.00% 1/25/23 µ		2,200,000		2,239,996
KeyBank 2.30% 9/14/22		1,610,000		1,595,948
2.40% 6/9/22		810,000		807,331
3.18% 5/22/22		250,000		254,746
3.40% 5/20/26		2,245,000		2,237,389
6.95% 2/1/28		1,220,000		1,538,781
Korea Development Bank 3.00% 3/17/19		850,000		859,289
Landwirtschaftliche Rentenbank 5.375% 4/23/24	NZD	1,150,000		922,088


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Lloyds Bank 144A 12.00%#µy		2,600,000	$	3,524,292
Lloyds Banking Group 3.00%y		975,000		983,788
7.00%µy	GBP	400,000		559,379
7.50%µy		510,000		573,113
7.625%µy	GBP	2,500,000		3,755,913
7.875%µy	GBP	1,300,000		2,090,400
Manufacturers & Traders Trust 2.05% 8/17/20		485,000		484,349
2.50% 5/18/22		555,000		557,129
Mitsubishi UFJ Financial Group 2.19% 9/13/21		2,050,000		2,025,851
2.377% (LIBOR03M + 1.06%) 9/13/21 ●		450,000		457,010
Mitsubishi UFJ Trust &
Banking 144A 2.45% 10/16/19 #		500,000		503,498
144A 2.65% 10/19/20 #		500,000		504,783
Mizuho Bank 144A 2.45% 4/16/19 #		600,000		604,034
Morgan Stanley 2.125% 4/25/18		3,450,000		3,460,250
2.50% 4/21/21		3,500,000		3,512,313
2.532% (LIBOR03M + 1.22%) 5/8/24 ●		875,000		886,648
3.125% 8/5/21	CAD	387,000		316,057
3.591% 7/22/28 µ		1,615,000		1,619,159
3.95% 4/23/27		860,000		877,587
4.375% 1/22/47		1,870,000		1,994,566
5.00% 9/30/21	AUD	359,000		300,755
5.00% 11/24/25		1,495,000		1,640,652
Nationwide Building Society 4.125% 3/20/23 µ	EUR	300,000		361,041
10.25% 6/20/66 ●	GBP	625,000		1,303,766
Nederlandse Watersc-hapsbank 144A 1.339%
(LIBOR03M + 0.02%) 3/15/19 #●		1,500,000		1,500,119
Norinchukin Bank 2.019% (LIBOR03M + 0.715%) 10/10/17 ●		700,000		700,183
2.019% (LIBOR03M + 0.715%) 10/11/17 ●		700,000		700,199
2.019% (LIBOR03M + 0.715%) 10/12/17 ●		1,500,000		1,500,461
Northern Trust 3.375% 5/8/32 µ		330,000		330,380


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
PNC Bank 1.814% (LIBOR03M + 0.50%) 7/27/22 ●		1,000,000	$	1,001,712
2.30% 6/1/20		500,000		503,963
6.875% 4/1/18		1,415,000		1,451,684
PNC Financial Services Group 3.15% 5/19/27		570,000		571,793
5.00%µy		1,100,000		1,155,000
Popular 7.00% 7/1/19		645,000		665,963
QNB Finance 2.125% 2/14/18		300,000		300,021
Regions Bank 2.25% 9/14/18		345,000		346,524
Regions Financial 2.75% 8/14/22		430,000		429,615
Royal Bank of Canada 2.30% 3/22/21		2,300,000		2,308,524
2.75% 2/1/22		185,000		188,218
Royal Bank of Scotland Group 2.785% (LIBOR03M + 1.47%) 5/15/23 ●		390,000		393,231
3.498% 5/15/23 µ		500,000		503,589
3.875% 9/12/23		690,000		706,746
144A 6.99%#µy		300,000		342,750
8.625%µy		4,970,000		5,522,913
Santander Holdings USA 2.70% 5/24/19		2,100,000		2,117,168
2.767% (LIBOR03M + 1.45%) 11/24/17 ●		2,500,000		2,505,004
Santander UK 2.167% (LIBOR03M + 0.85%) 8/24/18 ●		730,000		734,211
144A 5.00% 11/7/23 # 1,540,000				1,667,734
Santander UK Group Holdings 3.571% 1/10/23		250,000		255,924
7.375%µy	GBP	2,200,000		3,206,139
Societe Generale 144A 4.25% 4/14/25 #		3,600,000		3,694,191
Standard Chartered 144A 2.446% (LIBOR03M + 1.13%) 8/19/19 #●		3,200,000		3,238,184
State Street 2.653% 5/15/23 µ		45,000		45,266
3.10% 5/15/23		525,000		534,386
3.30% 12/16/24		875,000		904,602
Sumitomo Mitsui Financial Group 2.997% (LIBOR03M + 1.68%) 3/9/21 ●		2,300,000		2,378,935


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
SunTrust Banks 2.45% 8/1/22		1,160,000	$	1,156,303
2.70% 1/27/22		1,105,000		1,114,633
3.30% 5/15/26		540,000		534,482
5.05%µy		280,000		287,000
SVB Financial Group 3.50% 1/29/25		2,205,000		2,211,558
Synchrony Financial 2.541% (LIBOR03M + 1.23%) 2/3/20 ●		500,000		505,162
2.711% (LIBOR03M + 1.40%) 11/9/17 ●		1,400,000		1,401,477
Toronto-Dominion Bank 1.861% (LIBOR03M + 0.55%) 4/30/18 ●		835,000		837,683
2.50% 12/14/20		690,000		698,348
Turkiye Garanti Bankasi 144A 5.25% 9/13/22 #		355,000		364,922
144A 6.25% 4/20/21 #		590,000		628,290
Turkiye Is Bankasi 144A 7.00% 6/29/28 #µ		560,000		567,020
UBS 144A 1.637% (LIBOR03M + 0.32%) 12/7/18 #●		2,000,000		2,003,614
144A 1.897% (LIBOR03M + 0.58%) 6/8/20 #●		2,000,000		2,008,798
4.75% 5/22/23 µ		1,300,000		1,319,938
5.125% 5/15/24		200,000		213,863
5.875% 12/20/17		1,163,000		1,173,860
7.625% 8/17/22		500,000		590,625
UBS Group 6.875%µy		555,000		610,634
UBS Group Funding Switzerland 144A 2.859% 8/15/23 #µ		820,000		818,003
144A 3.00% 4/15/21 #		2,705,000		2,743,911
144A 3.084% (LIBOR03M + 1.78%) 4/14/21 #●		400,000		414,537
144A 3.491% 5/23/23 #		1,145,000		1,173,223
144A 4.125% 9/24/25 #		870,000		915,760
144A 4.125% 4/15/26 #		845,000		888,092
144A 4.253% 3/23/28 #		715,000		751,189
US Bancorp 2.375% 7/22/26		1,700,000		1,616,874
2.625% 1/24/22		935,000		948,345
3.15% 4/27/27		1,940,000		1,952,927
3.60% 9/11/24		1,275,000		1,327,090
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		1,820,000		1,623,076


			(continues	)		23

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Wells Fargo & Co. 2.541% (LIBOR03M + 1.23%) 10/31/23 ●		1,440,000	$	1,473,667
2.55% 12/7/20		3,000,000		3,035,273
2.625% 7/22/22		590,000		591,367
3.00% 7/27/21	AUD	979,000		762,650
3.50% 9/12/29	GBP	196,000		288,836
3.584% 5/22/28 µ		1,835,000		1,860,141
4.75% 12/7/46		935,000		1,028,408
Westpac Banking 4.322% 11/23/31 µ		635,000		653,633
5.00%µy		280,000		279,944
Woori Bank 144A 4.75% 4/30/24 #		800,000		833,896
Zions Bancorporation 4.50% 6/13/23		690,000		730,909

				273,386,272

Basic Industry – 2.17%
Allegheny Technologies 7.875% 8/15/23		205,000		222,425
Anglo American Capital 144A 4.875% 5/14/25 #		1,940,000		2,058,660
ArcelorMittal 6.125% 6/1/25 320,000				369,600
Barrick North America Finance 5.75% 5/1/43		670,000		814,876
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		2,795,000		3,075,897
Builders FirstSource 144A 5.625% 9/1/24 #		715,000		758,794
144A 10.75% 8/15/23 #		70,000		80,150
Cemex 144A 7.75% 4/16/26 #		245,000		282,117
CF Industries 6.875% 5/1/18 1,750,000				1,802,500
Chemours 5.375% 5/15/27		180,000		187,650
7.00% 5/15/25		90,000		100,125
Cia Brasileira de Aluminio 144A 6.75% 4/5/21 #		455,000		495,950
CK Hutchison International 17 144A 2.875% 4/5/22 #		1,120,000		1,126,898
Cleveland-Cliffs 144A 5.75% 3/1/25 #		225,000		216,844
Cydsa 144A 6.25% 10/4/27 #		555,000		544,916
Dow Chemical 8.55% 5/15/19		3,662,000		4,045,541
DR Horton 3.75% 3/1/19		200,000		203,796
4.00% 2/15/20		400,000		414,417


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Basic Industry (continued)
Equate Petrochemical 144A 3.00% 3/3/22 #		625,000	$	621,172
First Quantum Minerals 144A 7.25% 4/1/23 #		830,000		856,975
FMG Resources August 2006 144A 4.75% 5/15/22 #		225,000		228,656
144A 5.125% 5/15/24 #		695,000		708,031
Freeport-McMoRan 4.55% 11/14/24		650,000		653,900
6.875% 2/15/23		645,000		706,275
Georgia-Pacific 144A 2.539% 11/15/19 #		1,050,000		1,058,753
8.00% 1/15/24		2,242,000		2,879,798
HD Supply 144A 5.75% 4/15/24 #		510,000		546,975
Hudbay Minerals 144A 7.25% 1/15/23 #		10,000		10,700
144A 7.625% 1/15/25 #		325,000		353,444
International Paper 4.35% 8/15/48		310,000		314,586
4.40% 8/15/47		365,000		370,505
INVISTA Finance 144A 4.25% 10/15/19 #		1,060,000		1,097,100
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		160,000		179,600
Kraton Polymers 144A 10.50% 4/15/23 #		70,000		80,325
Lennar 4.50% 4/30/24		270,000		278,716
4.75% 5/30/25		40,000		41,950
4.875% 12/15/23		185,000		196,331
M/I Homes 6.75% 1/15/21		80,000		83,900
Mexichem 144A 5.50% 1/15/48 #		915,000		904,935
Mosaic 5.625% 11/15/43		930,000		952,124
NCI Building Systems 144A 8.25% 1/15/23 #		275,000		296,313
New Gold 144A 6.25% 11/15/22 #		30,000		31,237
NOVA Chemicals 144A 5.00% 5/1/25 #		526,000		535,205
144A 5.25% 6/1/27 #		180,000		182,250
Novelis 144A 6.25% 8/15/24 #		280,000		292,656
Novolipetsk Steel via Steel
Funding 144A 4.50% 6/15/23 #		595,000		614,940
OCP 144A 4.50% 10/22/25 #		980,000		989,112


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Basic Industry (continued)
OCP
144A 6.875% 4/25/44 #		210,000	$	237,025
Olin 5.125% 9/15/27		360,000		377,100
Phosagro OAO via Phosagro Bond Funding DAC 144A 3.95% 11/3/21 #		955,000		970,817
PolyOne 5.25% 3/15/23		290,000		309,842
PQ 144A 6.75% 11/15/22 #		70,000		76,125
SPCM 144A 4.875% 9/15/25 #		550,000		570,625
Steel Dynamics 5.00% 12/15/26		875,000		936,250
Summit Materials 144A 5.125% 6/1/25 #		230,000		237,567
6.125% 7/15/23		70,000		74,200
8.50% 4/15/22		30,000		33,900
Suzano Austria 144A 7.00% 3/16/47 #		805,000		881,395
Suzano Trading 144A 5.875% 1/23/21 #		124,000		134,385
US Concrete 6.375% 6/1/24		600,000		649,500
Vale Overseas 4.375% 1/11/22		230,000		240,336
5.875% 6/10/21		315,000		347,681
6.25% 8/10/26		1,010,000		1,151,400
Vedanta Resources 144A 6.125% 8/9/24 #		365,000		371,094
144A 6.375% 7/30/22 #		455,000		474,337
VM Holding 144A 5.375% 5/4/27 #		750,000		789,375
WR Grace & Co.-Conn 144A 5.625% 10/1/24 #		508,000		560,070

				42,290,644

Brokerage – 0.38%
Bear Stearns 7.25% 10/2/17		700,000		700,000
7.25% 2/1/18		2,000,000		2,037,356
E*TRADE Financial 3.80% 8/24/27		865,000		876,756
5.875%µy		950,000		1,014,125
Jefferies Group 6.45% 6/8/27		331,000		383,814
6.50% 1/20/43		270,000		309,337
Lazard Group 3.75% 2/13/25		2,100,000		2,144,580

				7,465,968

Capital Goods – 1.40%
3M 2.875% 10/15/27		895,000		891,270


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Capital Goods (continued)
Advanced Disposal Services 144A 5.625% 11/15/24 # 80,000			$	83,800
Allegion US Holding 3.20% 10/1/24		475,000		473,703
3.55% 10/1/27		1,229,000		1,223,273
Ardagh Packaging Finance 144A 6.00% 2/15/25 # 405,000				429,806
144A 7.25% 5/15/24 # 200,000				220,124
Ball 5.25% 7/1/25		725,000		798,587
BMC East 144A 5.50% 10/1/24 #		250,000		261,250
Boise Cascade 144A 5.625% 9/1/24 #		750,000		792,187
BWAY Holding 144A 5.50% 4/15/24 #		840,000		878,850
CCL Industries 144A 3.25% 10/1/26 #		655,000		625,185
Covanta Holding 5.875% 7/1/25		230,000		226,837
Crane 2.75% 12/15/18		170,000		171,762
4.45% 12/15/23		1,050,000		1,103,654
Eaton 3.103% 9/15/27		1,365,000		1,345,992
General Electric 1.692% (LIBOR03M + 0.38%) 5/5/26 ●		920,000		898,196
4.25% 1/17/18	NZD	140,000		101,684
4.65% 10/17/21		89,000		97,491
5.55% 5/4/20		470,000		513,807
6.00% 8/7/19		1,025,000		1,104,051
Heathrow Funding 144A 4.875% 7/15/21 #		200,000		214,731
Herc Rentals 144A 7.75% 6/1/24 #		486,000		529,740
Koppers 144A 6.00% 2/15/25 #		80,000		86,200
Kratos Defense & Security Solutions 7.00% 5/15/19		200,000		205,750
LafargeHolcim Finance US 144A 3.50% 9/22/26 #		2,040,000		2,023,489
Lennox International 3.00% 11/15/23		710,000		711,825
Lockheed Martin 3.10% 1/15/23		1,111,000		1,145,292
Masco 5.95% 3/15/22		304,000		342,610
Owens-Brockway Glass
Container 144A 5.875% 8/15/23 #		600,000		664,125
Parker-Hannifin 3.30% 11/21/24		65,000		66,852


			(continues	)		25

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Capital Goods (continued)
Rockwell Collins 3.20% 3/15/24		530,000	$	540,017
3.50% 3/15/27		370,000		377,820
Roper Technologies 2.80% 12/15/21		685,000		691,257
Siemens Financierings-maatschappij 144A 1.597% (LIBOR03M + 0.28%) 5/25/18 #●		610,000		611,055
144A 3.125% 3/16/24 #		1,325,000		1,352,573
144A 4.20% 3/16/47 #		250,000		270,630
St. Marys Cement 144A 5.75% 1/28/27 #		630,000		667,327
Standard Industries 144A 5.00% 2/15/27 #		985,000		1,029,325
StandardAero Aviation Holdings 144A 10.00% 7/15/23 #		30,000		33,375
TransDigm 6.375% 6/15/26		350,000		359,408
Tyco Electronics Group 3.125% 8/15/27		390,000		389,569
United Technologies 2.80% 5/4/24		720,000		721,000
3.75% 11/1/46		875,000		845,466
WestRock 144A 3.00% 9/15/24 #		480,000		479,874
144A 3.375% 9/15/27 #		430,000		429,001
Zekelman Industries 144A 9.875% 6/15/23 #		90,000		101,700

				27,131,520

Communications – 3.36%
AMC Networks 4.75% 8/1/25		440,000		445,500
AT&T 2.202% (LIBOR03M + 0.89%) 2/14/23 ●		810,000		808,806
2.254% (LIBOR03M + 0.95%) 7/15/21 ●		500,000		506,573
2.80% 2/17/21	��	1,300,000		1,316,232
3.20% 3/1/22		100,000		102,059
3.80% 3/1/24		100,000		102,971
3.875% 8/15/21		900,000		942,709
3.90% 8/14/27		855,000		857,706
4.25% 3/1/27		895,000		921,227
4.90% 8/14/37		2,105,000		2,136,458
5.15% 2/14/50		1,190,000		1,203,809
5.25% 3/1/37		270,000		283,881
Bell Canada 3.35% 3/22/23 CAD		219,000		179,340


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
Cablevision 144A 6.50% 6/15/21 #		950,000	$	1,016,253
CCO Holdings 144A 5.00% 2/1/28 #		900,000		904,500
144A 5.125% 5/1/27 #		525,000		533,531
144A 5.50% 5/1/26 #		530,000		550,537
144A 5.75% 2/15/26 #		80,000		84,200
144A 5.875% 5/1/27 #		60,000		63,000
CenturyLink 6.75% 12/1/23		434,000		440,657
Charter Communications
Operating 4.464% 7/23/22		800,000		845,754
Cincinnati Bell 144A 7.00% 7/15/24 #		185,000		181,300
Comcast 3.15% 2/15/28		1,605,000		1,600,434
Comcel Trust via
Comunicaciones Celulares 144A 6.875% 2/6/24 #		380,000		406,813
Crown Castle Towers 144A 3.663% 5/15/25 #		110,000		112,750
144A 4.883% 8/15/20 #		2,090,000		2,215,087
CSC Holdings 144A 5.50% 4/15/27 #		826,000		861,105
Deutsche Telekom
International Finance 144A 1.95% 9/19/21 #		770,000		754,744
144A 2.485% 9/19/23 #		3,005,000		2,936,948
6.50% 4/8/22	GBP	36,000		58,695
Digicel 144A 6.75% 3/1/23 #		205,000		201,669
Digicel Group 144A 7.125% 4/1/22 #		645,000		587,756
144A 8.25% 9/30/20 #		455,000		446,187
Discovery Communications 3.95% 3/20/28		760,000		759,520
5.00% 9/20/37		390,000		397,578
DISH DBS 4.25% 4/1/18		200,000		202,000
7.75% 7/1/26		300,000		345,000
Gray Television 144A 5.875% 7/15/26 #		640,000		660,800
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		530,000		529,482
Lamar Media 5.75% 2/1/26		501,000		545,464
Level 3 Financing 5.375% 5/1/25		1,036,000		1,067,727
Midcontinent Communications 144A 6.875% 8/15/23 #		355,000		384,287


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
Myriad International Holdings 144A 4.85% 7/6/27 #		570,000	$	590,805
144A 5.50% 7/21/25 #		315,000		344,141
NBCUniversal Enterprise 144A 1.989% (LIBOR03M + 0.685%) 4/15/18 #●		840,000		842,890
Nexstar Broadcasting 144A 5.625% 8/1/24 #		635,000		658,813
Radiate Holdco 144A 6.625% 2/15/25 #		80,000		78,400
SBA Tower Trust 144A 2.24% 4/10/18 #		735,000		734,854
144A 2.898% 10/8/19 #		600,000		603,645
SFR Group 144A 6.25% 5/15/24 #		790,000		837,203
Sinclair Television Group 144A 5.125% 2/15/27 #		615,000		600,394
Sirius XM Radio 144A 5.00% 8/1/27 #		500,000		512,500
144A 5.375% 4/15/25 #		1,147,000		1,212,953
Sprint 7.125% 6/15/24		300,000		338,250
7.875% 9/15/23		628,000		730,050
Sprint Capital 6.90% 5/1/19		900,000		961,875
Sprint Communications 7.00% 8/15/20		260,000		284,731
Telecom Italia 144A 5.303% 5/30/24 #		400,000		436,500
Telefonica Emisiones 5.213% 3/8/47		405,000		447,209
Time Warner Cable 6.75% 7/1/18		1,500,000		1,553,487
7.30% 7/1/38		2,165,000		2,724,326
Time Warner Entertainment 8.375% 3/15/23		1,415,000		1,759,726
T-Mobile USA 6.375% 3/1/25		50,000		53,960
6.50% 1/15/26		760,000		840,750
Tribune Media 5.875% 7/15/22		313,000		327,085
Unitymedia 144A 6.125% 1/15/25 #		340,000		364,225
UPCB Finance IV 144A 5.375% 1/15/25 #		488,000		509,960
Verizon Communications 2.321% (LIBOR03M + 1.00%) 3/16/22 ●		2,800,000		2,842,340
2.946% 3/15/22		1,831,000		1,863,518
3.069% (LIBOR03M + 1.75%) 9/14/18 ●		250,000		253,956


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Communications (continued)
Verizon Communications 3.125% 3/16/22		1,600,000	$	1,640,991
3.25% 2/17/26	EUR	323,000		437,299
144A 3.376% 2/15/25 #		2,691,000		2,709,219
4.125% 3/16/27		1,500,000		1,568,448
4.50% 8/17/27	AUD	900,000		695,001
4.50% 8/10/33		625,000		642,634
5.25% 3/16/37		225,000		247,401
VimpelCom Holdings 144A 4.95% 6/16/24 #		510,000		523,148
144A 5.95% 2/13/23 #		925,000		1,006,863
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		790,000		825,550
VTR Finance 144A 6.875% 1/15/24 #		855,000		906,300
Wind Acquisition Finance 144A 7.375% 4/23/21 #		350,000		364,219
Zayo Group 144A 5.75% 1/15/27 #		120,000		127,500
6.00% 4/1/23		695,000		739,098
6.375% 5/15/25		110,000		118,952

				65,362,218

Consumer Cyclical – 2.27%
Allison Transmission 144A 5.00% 10/1/24 #		275,000		286,096
Amazon.com 144A 3.15% 8/22/27 #		1,700,000		1,710,067
AMC Entertainment Holdings 6.125% 5/15/27		405,000		401,963
American Tire Distributors 144A 10.25% 3/1/22 #		60,000		62,868
BMW US Capital 144A 1.50% 4/11/19 #		500,000		498,586
Boyd Gaming 6.375% 4/1/26		860,000		940,625
Coach 4.125% 7/15/27		645,000		649,404
CVS Health 2.125% 6/1/21		450,000		445,676
CVS Pass Through Trust 144A 5.773% 1/10/33 # ◆		81,520		91,840
Daimler 2.75% 12/10/18	NOK	1,870,000		240,047
Daimler Finance North America 144A 2.00% 8/3/18 #		3,800,000		3,810,695
144A 2.00% 7/6/21 #		300,000		295,521
Dollar General 3.875% 4/15/27		1,650,000		1,717,521
Ford Motor Credit 1.897% 8/12/19		1,000,000		995,453


			(continues	)		27

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Ford Motor Credit 2.24% 6/15/18		4,000,000	$	4,013,250
3.096% 5/4/23		1,340,000		1,329,434
3.20% 1/15/21		4,600,000		4,695,273
5.75% 2/1/21		700,000		768,038
General Motors 6.75% 4/1/46		245,000		295,999
General Motors Financial 4.375% 9/25/21		800,000		848,667
5.25% 3/1/26		725,000		788,061
GLP Capital 5.375% 4/15/26		730,000		798,437
Goodyear Tire & Rubber 4.875% 3/15/27		370,000		381,833
5.00% 5/31/26		530,000		554,513
Hanesbrands 144A 4.875% 5/15/26 #		630,000		657,563
Hilton Worldwide Finance 4.875% 4/1/27		365,000		384,163
Hyundai Capital America 144A 2.125% 10/2/17 #		615,000		615,000
144A 2.55% 2/6/19 #		715,000		716,306
144A 3.00% 3/18/21 #		580,000		582,151
JC Penney 8.125% 10/1/19		108,000		115,560
JD.com 3.125% 4/29/21		1,270,000		1,269,833
KFC Holding 144A 5.00% 6/1/24 #		340,000		359,125
144A 5.25% 6/1/26 #		318,000		337,875
Lear 3.80% 9/15/27		650,000		648,579
Lithia Motors 144A 5.25% 8/1/25 #		345,000		359,231
Lowe’s 1.737% (LIBOR03M + 0.42%) 9/10/19 ●		520,000		523,983
3.70% 4/15/46		1,475,000		1,433,646
4.05% 5/3/47		170,000		175,000
Marriott International 4.50% 10/1/34		160,000		169,161
MGM Resorts International 4.625% 9/1/26		605,000		615,587
Mohegan Gaming &
Entertainment 144A 7.875% 10/15/24 #		110,000		117,975
New Red Finance 144A 5.00% 10/15/25 #		310,000		316,975
PACCAR Financial 1.916%
(LIBOR03M + 0.60%) 12/6/18 ●		835,000		840,012
Penn National Gaming 144A 5.625% 1/15/27 #		930,000		967,200


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Cyclical (continued)
Penske Automotive Group 5.50% 5/15/26		490,000	$	507,836
PetSmart 144A 5.875% 6/1/25 #		405,000		355,387
Priceline Group 3.55% 3/15/28		575,000		576,417
PulteGroup 5.00% 1/15/27		430,000		448,813
Schaeffler Finance 144A 4.75% 5/15/23 #		200,000		207,250
Scientific Games International 10.00% 12/1/22		575,000		638,969
Scotts Miracle-Gro 5.25% 12/15/26		395,000		417,713
Staples 144A 8.50% 9/15/25 #		676,000		659,100
Toyota Motor Credit 2.80% 7/13/22		420,000		428,464
Volkswagen Financial Services 2.375% 11/13/18	GBP	800,000		1,086,172
Wolverine World Wide 144A 5.00% 9/1/26 #		400,000		401,120
Wyndham Worldwide 4.15% 4/1/24		255,000		258,813
ZF North America Capital 144A 4.00% 4/29/20 #		400,000		414,500

				44,225,346

Consumer Non-Cyclical – 3.77%
Abbott Laboratories 2.90% 11/30/21		475,000		483,538
4.90% 11/30/46		1,260,000		1,412,169
AbbVie 2.85% 5/14/23		1,400,000		1,412,191
Actavis 3.25% 10/1/22		300,000		308,081
Air Medical Group Holdings 144A 6.375% 5/15/23 #		110,000		106,425
Albertsons 5.75% 3/15/25		415,000		367,275
6.625% 6/15/24		70,000		65,537
Allergan Funding SCS 2.35% 3/12/18		500,000		501,498
3.45% 3/15/22		1,000,000		1,038,778
Amgen 4.00% 9/13/29	GBP	216,000		327,152
Anheuser-Busch InBev Finance 1.711% (LIBOR03M + 0.40%) 2/1/19 ●		340,000		341,404
2.65% 2/1/21		900,000		915,104
3.65% 2/1/26		4,720,000		4,889,595


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Anheuser-Busch InBev Worldwide 5.375% 1/15/20		1,000,000	$	1,076,492
Aramark Services 4.75% 6/1/26		895,000		944,583
Atento Luxco 1 144A 6.125% 8/10/22 #		740,000		775,339
BAT Capital 144A 2.764% 8/15/22 #		440,000		442,832
144A 3.557% 8/15/27 #		1,065,000		1,070,403
144A 4.39% 8/15/37 #		1,290,000		1,318,402
BAT International Finance 144A 2.75% 6/15/20 #		700,000		711,734
Bayer US Finance 144A 1.582% (LIBOR03M + 0.28%) 10/6/17 #●		295,000		295,006
Becle 144A 3.75% 5/13/25 #		1,815,000		1,835,034
Becton Dickinson 3.363% 6/6/24		595,000		601,187
3.70% 6/6/27		1,240,000		1,252,197
Biogen 5.20% 9/15/45		1,640,000		1,916,782
Boston Scientific 2.85% 5/15/20		900,000		915,437
3.375% 5/15/22		800,000		821,477
Cardinal Health 1.948% 6/14/19		1,200,000		1,201,597
Cardtronics 144A 5.50% 5/1/25 #		90,000		92,296
Celgene 3.25% 8/15/22		1,475,000		1,523,512
Cencosud 144A 6.625% 2/12/45 #		730,000		799,155
Change Healthcare Holdings 144A 5.75% 3/1/25 #		425,000		434,563
Cott Holdings 144A 5.50% 4/1/25 #		380,000		396,340
DaVita 5.00% 5/1/25		1,311,000		1,296,251
5.125% 7/15/24		30,000		29,925
ESAL 144A 6.25% 2/5/23 #		390,000		379,957
HCA 3.75% 3/15/19		2,600,000		2,661,750
5.375% 2/1/25		1,025,000		1,082,656
5.875% 2/15/26		250,000		268,995
7.58% 9/15/25		30,000		34,800
HealthSouth 5.125% 3/15/23		235,000		244,036
5.75% 11/1/24		643,000		661,567
5.75% 9/15/25		270,000		282,231


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Hill-Rom Holdings 144A 5.00% 2/15/25 #		245,000	$	254,800
144A 5.75% 9/1/23 #		325,000		344,500
Imperial Brands Finance 144A 2.05% 2/11/18 #		270,000		270,166
144A 2.95% 7/21/20 #		700,000		710,970
144A 3.75% 7/21/22 #		470,000		489,068
inVentiv Group Holdings 144A 7.50% 10/1/24 #		14,000		15,610
JBS USA 144A 5.75% 6/15/25 #		155,000		155,194
144A 5.875% 7/15/24 #		320,000		322,400
KAR Auction Services 144A 5.125% 6/1/25 #		200,000		208,500
Kernel Holding 144A 8.75% 1/31/22 #		890,000		978,929
Kraft Heinz Foods 2.129% (LIBOR03M + 0.82%) 8/10/22 ●		300,000		300,482
Kroger 2.65% 10/15/26		570,000		522,116
Lamb Weston Holdings 144A 4.625% 11/1/24 #		220,000		230,450
144A 4.875% 11/1/26 #		355,000		373,637
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		935,000		970,717
McCormick & Co. 2.70% 8/15/22		530,000		532,936
Merck & Co. 1.677% (LIBOR03M + 0.36%) 5/18/18 ●		680,000		681,577
MHP 144A 7.75% 5/10/24 #		520,000		561,314
Molson Coors Brewing 3.00% 7/15/26		1,410,000		1,373,347
4.20% 7/15/46		830,000		829,782
MPH Acquisition Holdings 144A 7.125% 6/1/24 #		550,000		592,625
Mylan 3.95% 6/15/26		765,000		779,944
New York and Presbyterian Hospital 4.063% 8/1/56		690,000		701,449
Nielsen Co. Luxembourg 144A 5.00% 2/1/25 #		980,000		1,022,875
PepsiCo 1.654% (LIBOR03M + 0.35%) 10/13/17 ●		950,000		950,120
Pernod Ricard 144A 4.45% 1/15/22 #		1,665,000		1,789,493
Pfizer
1.62% (LIBOR03M + 0.30%) 6/15/18 ●		754,000		755,492
3.00% 12/15/26		1,105,000		1,119,765


			(continues	)		29

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Consumer Non-Cyclical (continued)
Post Holdings 144A 5.00% 8/15/26 #		825,000	$	825,516
144A 5.75% 3/1/27 #		105,000		108,675
Prime Security Services Borrower 144A 9.25% 5/15/23 #		745,000		824,015
Quintiles IMS 144A 5.00% 10/15/26 #		610,000		648,125
Reynolds American 4.00% 6/12/22		900,000		951,514
4.45% 6/12/25		1,300,000		1,396,881
ServiceMaster 144A 5.125% 11/15/24 #		650,000		669,500
Shire Acquisitions Investments Ireland 2.40% 9/23/21		1,620,000		1,615,446
2.875% 9/23/23		1,385,000		1,379,534
Team Health Holdings 144A 6.375% 2/1/25 #		60,000		57,000
Tempur Sealy International 5.50% 6/15/26		450,000		461,250
Tenet Healthcare 144A 5.125% 5/1/25 #		1,555,000		1,537,506
Thermo Fisher Scientific 3.00% 4/15/23		1,980,000		2,014,533
Tyson Foods 2.65% 8/15/19		1,500,000		1,518,374
Universal Health Services 144A 3.75% 8/1/19 #		1,400,000		1,436,750
144A 5.00% 6/1/26 #		210,000		222,075
Zimmer Biomet Holdings 4.625% 11/30/19		1,270,000		1,332,954
Zoetis 3.00% 9/12/27		1,060,000		1,045,617

				73,418,806

Energy – 4.03%
Alta Mesa Holdings 144A 7.875% 12/15/24 #		80,000		86,800
Anadarko Petroleum 6.60% 3/15/46		1,575,000		1,955,865
Andeavor Logistics 5.25% 1/15/25		390,000		419,250
Antero Resources 5.00% 3/1/25		110,000		112,200
5.625% 6/1/23		90,000		94,275
Cheniere Corpus Christi Holdings 5.875% 3/31/25		295,000		318,600
Chevron 1.848% (LIBOR03M + 0.53%) 3/3/22 ●		575,000		579,623


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
ConocoPhillips 2.215% (LIBOR03M + 0.90%) 5/15/22 ●		575,000	$	587,154
Crestwood Midstream Partners 5.75% 4/1/25		405,000		415,125
Diamondback Energy 4.75% 11/1/24		775,000		794,375
Ecopetrol 5.875% 9/18/23		410,000		456,330
7.375% 9/18/43		270,000		308,664
Enbridge 2.02% (LIBOR03M + 0.70%) 6/15/20 ●		1,350,000		1,361,492
3.70% 7/15/27		1,150,000		1,165,534
Energy Partners 5.00% 10/1/22		1,500,000		1,621,401
5.75% 9/1/20		400,000		430,601
Energy Transfer 6.125% 12/15/45		1,640,000		1,806,481
9.70% 3/15/19		694,000		766,761
Energy Transfer Equity 5.50% 6/1/27		50,000		52,875
7.50% 10/15/20		475,000		537,344
Enlink Midstream Partners 6.00%µy		455,000		455,800
Enterprise Products Operating 7.034% 1/15/68 µ		200,000		203,000
Exxon Mobil 1.686% (LIBOR03M + 0.37%) 3/6/22 ●		1,125,000		1,131,321
Florida Gas Transmission 144A 7.90% 5/15/19 #		320,000		347,848
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #		1,065,000		1,093,223
Genesis Energy 6.75% 8/1/22		690,000		708,975
Geopark 144A 6.50% 9/21/24 #		580,000		584,350
Gulfport Energy 6.00% 10/15/24		520,000		526,500
6.625% 5/1/23		245,000		249,287
Hilcorp Energy I 144A 5.00% 12/1/24 #		700,000		689,500
144A 5.75% 10/1/25 #		40,000		40,650
Holly Energy Partners 144A 6.00% 8/1/24 #		40,000		42,150
KazMunayGas National 144A 3.875% 4/19/22 #		345,000		348,831
144A 4.75% 4/19/27 #		550,000		558,900


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Kinder Morgan 2.00% 12/1/17		600,000	$	600,222
Kinder Morgan Energy Partners 5.00% 10/1/21		620,000		668,180
5.95% 2/15/18		1,000,000		1,014,818
6.85% 2/15/20		2,000,000		2,195,937
9.00% 2/1/19		2,200,000		2,390,514
Laredo Petroleum 6.25% 3/15/23		285,000		294,975
Magellan Midstream Partners 4.20% 10/3/47		685,000		675,613
Marathon Oil 4.40% 7/15/27		1,580,000		1,616,006
MPLX 4.875% 12/1/24		1,615,000		1,742,951
Murphy Oil 6.875% 8/15/24		1,030,000		1,100,802
Murphy Oil USA 6.00% 8/15/23		895,000		946,463
Nabors Industries 5.50% 1/15/23		262,000		258,070
Newfield Exploration 5.375% 1/1/26		50,000		52,874
5.75% 1/30/22		475,000		509,437
Noble Energy 3.85% 1/15/28		690,000		692,513
4.95% 8/15/47		155,000		158,536
5.05% 11/15/44		2,055,000		2,127,677
NuStar Logistics 5.625% 4/28/27		285,000		301,387
Oasis Petroleum 6.50% 11/1/21		260,000		266,500
6.875% 3/15/22		40,000		40,900
ONEOK 4.95% 7/13/47		685,000		689,071
7.50% 9/1/23		1,485,000		1,780,946
Pertamina Persero 144A 4.30% 5/20/23 #		475,000		499,778
144A 4.875% 5/3/22 #		525,000		564,301
144A 5.625% 5/20/43 #		255,000		275,013
Petrobras Global Finance 144A 5.299% 1/27/25 #		520,000		519,870
144A 5.999% 1/27/28 #		2,816,000		2,819,520
6.125% 1/17/22		500,000		538,750
6.75% 1/27/41		985,000		980,075
6.85% 6/5/15		1,700,000		1,623,925
7.25% 3/17/44		1,040,000		1,086,800
7.375% 1/17/27		385,000		424,655
Petroleos Mexicanos 3.125% 1/23/19		200,000		202,300


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Petroleos Mexicanos 144A 4.967% (LIBOR03M + 3.65%) 3/11/22 #●		110,000	$	119,905
144A 6.50% 3/13/27 #		390,000		433,485
6.75% 9/21/47		375,000		399,900
144A 6.75% 9/21/47 #		305,000		325,252
9.25% 3/30/18		1,000,000		1,033,949
Plains All American Pipeline 3.85% 10/15/23		205,000		205,979
6.50% 5/1/18		800,000		819,380
8.75% 5/1/19		1,160,000		1,268,447
Precision Drilling 6.625% 11/15/20		191,331		193,005
QEP Resources 5.25% 5/1/23		565,000		552,118
Raizen Fuels Finance 144A 5.30% 1/20/27 #		885,000		931,463
Rio Oil Finance Trust 9.25% 7/6/24		181,189		189,232
Rockies Express Pipeline 144A 6.85% 7/15/18 #		500,000		518,750
Sabine Pass Liquefaction 5.625% 3/1/25		1,575,000		1,739,466
5.75% 5/15/24		6,950,000		7,752,824
5.875% 6/30/26		240,000		268,843
6.25% 3/15/22		400,000		450,204
Shell International Finance 1.759% (LIBOR03M + 0.45%) 5/11/20 ●		595,000		600,319
4.375% 5/11/45		151,000		162,038
Southern Gas Corridor 144A 6.875% 3/24/26 #		600,000		677,013
Southwestern Energy 4.10% 3/15/22		220,000		213,400
6.70% 1/23/25		95,000		96,663
Spectra Energy Partners 2.016% (LIBOR03M + 0.70%) 6/5/20 ●		500,000		504,286
Statoil 1.772% (LIBOR03M + 0.46%) 11/8/18 ●		835,000		838,577
Summit Midstream Holdings 5.75% 4/15/25		425,000		433,500
Sunoco Logistics Partners Operations 5.40% 10/1/47		295,000		301,378
Targa Resources Partners 5.375% 2/1/27		680,000		711,450
Tengizchevroil Finance Co. International 144A 4.00% 8/15/26 #		785,000		780,098


			(continues	)		31

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Energy (continued)
Transcanada Trust 5.30%µy		555,000	$	569,222
5.875%µy		560,000		609,000
Transocean 144A 9.00% 7/15/23 #		70,000		75,775
Transocean Proteus 144A 6.25% 12/1/24 #		308,750		324,959
WildHorse Resource Development 144A 6.875% 2/1/25 #		80,000		80,100
Woodside Finance 144A 3.65% 3/5/25 #		485,000		489,065
144A 3.70% 9/15/26 #		400,000		400,880
144A 4.60% 5/10/21 #		400,000		423,057
144A 8.75% 3/1/19 #		1,125,000		1,226,542
YPF 144A 24.104% (BADLARPP + 4.00%) 7/7/20 #●		1,205,000		1,211,025

			78,441,013

Finance Companies – 1.68%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		1,585,000		1,741,519
AerCap Ireland Capital 3.65% 7/21/27		1,990,000		1,985,788
4.625% 10/30/20		1,000,000		1,064,749
Air Lease 3.00% 9/15/23		985,000		983,583
3.375% 6/1/21		1,600,000		1,651,411
3.625% 4/1/27		715,000		716,606
American Express 7.00% 3/19/18		6,600,000		6,763,447
Aviation Capital Group 144A 2.875% 9/17/18 #		300,000		302,613
144A 2.875% 1/20/22 #		1,540,000		1,541,390
144A 4.875% 10/1/25 #		1,090,000		1,186,571
144A 6.75% 4/6/21 #		500,000		565,490
BOC Aviation 144A 2.375% 9/15/21 #		910,000		894,699
2.375% 9/15/21		600,000		589,912
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 #◆		148,870		166,630
GE Capital International Funding Unlimited 2.342% 11/15/20		251,000		253,494
Intercontinental Exchange 3.10% 9/15/27		570,000		565,598
International Lease Finance 6.25% 5/15/19		200,000		212,639


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Finance Companies (continued)
International Lease Finance 144A 7.125% 9/1/18 #		100,000	$	104,725
8.625% 1/15/22		1,455,000		1,784,366
LeasePlan 144A 2.875% 1/22/19 #		1,600,000		1,604,082
Navient 5.50% 1/15/19		2,500,000		2,589,700
SMBC Aviation Capital
Finance 144A 3.00% 7/15/22 #		400,000		399,685
Springleaf Finance 8.25% 12/15/20		2,500,000		2,831,250
SUAM Finance 144A 4.875% 4/17/24 #		655,000		701,669
SURA Asset Management 144A 4.375% 4/11/27 #		315,000		321,300
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		560,788
Waha Aerospace 3.925% 7/28/20		630,000		645,372

			32,729,076

Insurance – 0.70%
Allstate 3.28% 12/15/26		305,000		310,996
Athene Global Funding 144A 2.564% (LIBOR03M + 1.23%) 7/1/22 #●		700,000		707,093
Berkshire Hathaway 2.75% 3/15/23		600,000		609,338
Berkshire Hathaway Finance 2.90% 10/15/20		885,000		911,243
Cigna 3.05% 10/15/27		1,205,000		1,190,129
HUB International 144A 7.875% 10/1/21 #		120,000		125,100
Liberty Mutual Group 144A 4.95% 5/1/22 #		320,000		349,697
Magellan Health 4.40% 9/22/24		530,000		528,739
MetLife 144A 9.25% 4/8/38 #		1,100,000		1,636,250
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		403,500
Metropolitan Life Global Funding I 144A 3.45% 12/18/26 #		765,000		788,160
Nuveen Finance 144A 2.95% 11/1/19 #		1,130,000		1,149,233
144A 4.125% 11/1/24 #		1,460,000		1,538,984
Progressive 4.125% 4/15/47		780,000		822,710
Prudential Financial 4.50% 9/15/47 µ		80,000		81,408
5.375% 5/15/45 µ		765,000		828,113


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Insurance (continued)
USIS Merger Sub 144A 6.875% 5/1/25 #		200,000	$	204,250
XLIT 3.761% (LIBOR03M + 2.458%)y●		510,000		460,913
5.50% 3/31/45		845,000		891,386

			13,537,242

Natural Gas – 0.12%
AmeriGas Partners 5.875% 8/20/26		825,000		862,125
Boston Gas 144A 3.15% 8/1/27 #		775,000		776,145
Perusahaan Gas Negara Persero 144A 5.125% 5/16/24 #		615,000		664,974

			2,303,244

Real Estate – 1.57%
American Tower 3.55% 7/15/27		270,000		268,699
4.00% 6/1/25		1,170,000		1,211,301
4.40% 2/15/26		525,000		555,956
5.05% 9/1/20		500,000		539,261
American Tower Trust I 144A 3.07% 3/15/23 #		1,285,000		1,289,750
CC Holdings GS V 3.849% 4/15/23		450,000		471,366
Corporate Office Properties 3.60% 5/15/23		690,000		693,496
5.25% 2/15/24		670,000		726,148
Crown Castle International 3.65% 9/1/27		980,000		981,051
5.25% 1/15/23		975,000		1,080,245
CubeSmart 3.125% 9/1/26		930,000		895,342
CyrusOne 144A 5.00% 3/15/24 #		150,000		158,250
Digital Realty Trust 3.40% 10/1/20		2,100,000		2,166,660
Education Realty Operating Partnership 4.60% 12/1/24		950,000		982,219
Equinix 5.375% 5/15/27		350,000		381,500
ESH Hospitality 144A 5.25% 5/1/25 #		845,000		875,631
GEO Group 5.125% 4/1/23		140,000		142,450
5.875% 10/15/24		40,000		41,900
6.00% 4/15/26		85,000		89,781
Goodman Funding Pty 144A 6.375% 11/12/20 #		5,300,000		5,853,574


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Real Estate (continued)
Goodman US Finance Three 144A 3.70% 3/15/28 #		330,000	$	329,468
HCP 5.375% 2/1/21		359,000		390,157
Hospitality Properties Trust 4.50% 3/15/25		870,000		895,138
Host Hotels & Resorts 3.75% 10/15/23		1,270,000		1,299,896
3.875% 4/1/24		250,000		255,768
4.50% 2/1/26		45,000		47,405
Hudson Pacific Properties 3.95% 11/1/27		490,000		488,957
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		600,000		631,500
LifeStorage 3.50% 7/1/26		695,000		669,605
MGM Growth Properties Operating Partnership 4.50% 9/1/26		265,000		270,300
Physicians Realty 4.30% 3/15/27		395,000		404,452
Prologis 4.00% 1/15/18		300,000		300,288
Regency Centers 3.60% 2/1/27		815,000		815,095
SBA Communications 4.875% 9/1/24		525,000		541,406
Trust F/1401 144A 5.25% 1/30/26 #		745,000		793,425
WEA Finance 144A 3.25% 10/5/20 #		1,800,000		1,838,989
Welltower 2.25% 3/15/18		400,000		401,039
WP Carey 4.60% 4/1/24		695,000		728,971

			30,506,439

Technology – 0.86%
Apple 1.659% (LIBOR03M + 0.35%) 5/11/22 ●		1,040,000		1,047,102
1.811% (LIBOR03M + 0.50%) 2/9/22 ●		180,000		182,584
2.90% 9/12/27		835,000		828,729
Broadcom 144A 3.00% 1/15/22 #		1,400,000		1,425,648
CDK Global 144A 4.875% 6/1/27 #		305,000		314,150
5.00% 10/15/24		910,000		980,525
CDW Finance 5.00% 9/1/25		90,000		94,950
Cisco Systems 1.816% (LIBOR03M + 0.50%) 3/1/19 ●		650,000		654,140
CommScope Technologies 144A 5.00% 3/15/27 #		740,000		743,700


			(continues	)		33

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Technology (continued)
Dell International 144A 4.42% 6/15/21 #		300,000	$	315,205
144A 5.45% 6/15/23 #		600,000		658,851
144A 6.02% 6/15/26 #		600,000		667,207
144A 8.10% 7/15/36 #		15,000		18,814
EMC 2.65% 6/1/20		900,000		891,277
Entegris 144A 6.00% 4/1/22 #		60,000		62,775
First Data 144A 5.75% 1/15/24 #		510,000		535,500
144A 7.00% 12/1/23 #		268,000		286,840
Genesys Telecommunications Laboratories 144A 10.00% 11/30/24 #		20,000		22,650
Hewlett Packard Enterprise 2.45% 10/5/17		106,000		106,005
2.85% 10/5/18		150,000		151,532
Infor US 6.50% 5/15/22		70,000		72,931
Intel 2.45% 7/29/20		200,000		203,854
International Business Machines 1.625% 5/15/20		440,000		438,188
Microsoft 3.70% 8/8/46		265,000		267,794
4.25% 2/6/47		1,275,000		1,412,366
NXP 144A 4.625% 6/1/23 #		575,000		619,563
Oracle 1.814% (LIBOR03M + 0.51%) 10/8/19 ●		940,000		948,618
Solera 144A 10.50% 3/1/24 #		50,000		57,173
Symantec 4.20% 9/15/20		2,000,000		2,101,000
144A 5.00% 4/15/25 #		530,000		555,509

			16,665,180

Transportation – 1.10%
Air Canada 2015-1 Class A
Pass Through Trust 144A 3.60% 3/15/27 #◆		528,957		542,181
American Airlines 2011-1 Class A Pass Through Trust 5.25% 1/31/21 ◆		305,780		324,891
American Airlines 2014-1 Class A Pass Through Trust 3.70% 10/1/26 ◆		403,180		416,283
American Airlines 2015-1 Class A Pass Through Trust 3.375% 5/1/27 ◆		338,972		342,362


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Transportation (continued)
American Airlines 2015-2 Class AA Pass Through Trust 3.60% 9/22/27 ◆		227,600	$	235,236
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 1/15/28 ◆		461,523		476,961
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 10/15/28 ◆		1,300,000		1,293,500
AP Moller – Maersk 144A 2.875% 9/28/20 #		200,000		202,634
Ashtead Capital 144A 4.375% 8/15/27 #		450,000		464,063
Avis Budget Car Rental 144A 6.375% 4/1/24 #		235,000		246,163
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ◆		585,775		645,085
Delta Air Lines 3.625% 3/15/22		500,000		514,277
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821% 8/10/22 ◆		242,139		279,525
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #◆		1,286,044		1,337,733
Kansas City Southern 3.00% 5/15/23		500,000		501,696
Latam Airlines 2015-1 Pass Through Trust Class A 4.20% 11/15/27 ◆		456,175		466,439
Penske Truck Leasing 144A 2.70% 3/14/23 #		695,000		689,752
144A 3.30% 4/1/21 #		1,230,000		1,263,051
144A 3.40% 11/15/26 #		140,000		138,505
144A 4.20% 4/1/27 #		2,535,000		2,662,683
Topaz Marine 144A 9.125% 7/26/22 #		560,000		563,220
Transnet SOC 144A 4.00% 7/26/22 #		575,000		567,485
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		310,708		329,565
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		575,443		597,630
United Airlines 2016-1 Class AA Pass Through Trust 3.10% 7/7/28 ◆		555,000		556,066


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Transportation (continued)
United Continental Holdings 4.25% 10/1/22		380,000	$	383,325
United Parcel Service 5.125% 4/1/19		2,210,000		2,321,327
United Rentals North America 5.50% 5/15/27		1,430,000		1,528,313
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ◆		516,785		554,252
XPO Logistics 144A 6.125% 9/1/23 #		850,000		890,375

			21,334,578

Utilities – 3.15%
AEP Texas 144A 2.40% 10/1/22 #		245,000		243,882
144A 3.80% 10/1/47 #		465,000		462,553
AES 5.50% 4/15/25		760,000		802,750
AES Andres 144A 7.95% 5/11/26 #		840,000		913,080
AES Gener 144A 5.25% 8/15/21 #		40,000		42,530
144A 8.375% 12/18/73 #µ		595,000		635,163
Ameren Illinois 9.75% 11/15/18		2,110,000		2,288,836
American Transmission Systems 144A 5.25% 1/15/22 #		2,445,000		2,687,693
Berkshire Hathaway Energy 3.75% 11/15/23		1,235,000		1,304,907
Calpine 144A 5.25% 6/1/26 #		495,000		495,000
Cerro del Aguila 144A 4.125% 8/16/27 #		1,070,000		1,071,391
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		592,230
CMS Energy 6.25% 2/1/20		1,080,000		1,177,911
ComEd Financing III 6.35% 3/15/33		680,000		750,550
Consumers Energy 3.25% 8/15/46		675,000		622,174
Dominion Energy 2.00% 8/15/21		280,000		275,549
3.625% 12/1/24		820,000		849,077
DTE Energy 2.85% 10/1/26		950,000		912,292
3.30% 6/15/22		855,000		877,105
Duke Energy 1.80% 9/1/21		480,000		470,631


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Utilities (continued)
Duke Energy 2.65% 9/1/26		205,000	$	196,346
3.15% 8/15/27		820,000		814,256
Dynegy 7.375% 11/1/22		180,000		188,550
144A 8.00% 1/15/25 #		70,000		72,800
E.ON International Finance 144A 5.80% 4/30/18 #		200,000		204,518
Emera 6.75% 6/15/76 µ		1,365,000		1,559,513
Emera US Finance 4.75% 6/15/46		1,060,000		1,140,543
Enel 144A 8.75% 9/24/73 #µ		1,605,000		1,948,069
Enel Americas 4.00% 10/25/26		525,000		536,235
Enel Finance International 144A 3.625% 5/25/27 #		1,950,000		1,957,068
Entergy 2.95% 9/1/26		195,000		188,865
Entergy Arkansas 3.75% 2/15/21		200,000		209,047
Entergy Louisiana 3.12% 9/1/27		80,000		80,399
4.05% 9/1/23		1,555,000		1,659,370
4.95% 1/15/45		235,000		241,839
Exelon 2.45% 4/15/21		200,000		200,141
3.497% 6/1/22		1,075,000		1,108,202
3.95% 6/15/25		1,070,000		1,119,119
FirstEnergy 2.85% 7/15/22		200,000		200,612
Fortis 2.10% 10/4/21		325,000		319,321
3.055% 10/4/26		1,970,000		1,899,834
Great Plains Energy 4.85% 6/1/21		545,000		581,633
Jersey Central Power & Light 7.35% 2/1/19		1,000,000		1,065,789
Kansas City Power & Light 3.65% 8/15/25		1,350,000		1,386,015
LG&E &KU Energy 3.75% 11/15/20		165,000		171,681
4.375% 10/1/21		1,555,000		1,651,094
Majapahit Holding 7.75% 1/20/20		400,000		447,040
Metropolitan Edison 144A 4.00% 4/15/25 #		600,000		617,396
National Rural Utilities Cooperative Finance 2.70% 2/15/23		1,215,000		1,214,594
4.75% 4/30/43 µ		1,195,000		1,246,359
5.25% 4/20/46 µ		865,000		922,489


			(continues	)		35

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Utilities (continued)
New York State Electric & Gas 144A 3.25% 12/1/26 #		1,015,000	$	1,025,593
Newfoundland & Labrador Hydro 3.60% 12/1/45	CAD	100,000		79,054
NextEra Energy Capital Holdings 2.70% 9/15/19		450,000		455,531
3.55% 5/1/27		1,235,000		1,269,131
NV Energy 6.25% 11/15/20		935,000		1,043,530
Pedernales Electric Cooperative (MBIA) 144A 6.202% 11/15/32 #		620,000		705,376
Pennsylvania Electric 5.20% 4/1/20		1,380,000		1,465,446
Perusahaan Listrik Negara 144A 4.125% 5/15/27 #		500,000		500,937
144A 5.25% 5/15/47 #		410,000		428,027
Public Service Co. of New Hampshire 3.50% 11/1/23		635,000		664,632
Public Service Co. of Oklahoma 5.15% 12/1/19		645,000		685,587
Puget Energy 6.50% 12/15/20		3,800,000		4,247,605
Southern 2.75% 6/15/20		720,000		732,200
2.95% 7/1/23		500,000		503,018
3.25% 7/1/26		2,140,000		2,118,604
Southwestern Electric Power 6.45% 1/15/19		690,000		727,272
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		525,000		549,641
Union Electric 2.95% 6/15/27		900,000		892,422
Wisconsin Electric Power 4.30% 12/15/45		555,000		590,895

			61,308,542

Total Corporate Bonds (cost $770,615,755)				790,106,088



Municipal Bonds – 1.05%

American Municipal Power, Ohio (Combined Hydroelectric Projects) Series B 8.084% 2/15/50		1,500,000		2,484,315


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Bay Area, California Toll Authority (Taxable Build America Bonds) Series S3 6.907% 10/1/50		905,000	$	1,386,596
Buckeye, Ohio Tobacco Settlement Financing Authority (Asset-Backed Senior Turbo) Series A-2 5.875% 6/1/47		295,000		283,772
California State Various Purposes (Build America Bonds) 7.55% 4/1/39		715,000		1,102,337
(High Speed Passenger) Series C 2.015% 4/1/47 ●		1,250,000		1,257,087
Chicago, Illinois Transit Authority (Pension Funding) Series A 6.899% 12/1/40		1,800,000		2,356,794
(Retiree Health Care Funding) Series B 6.899% 12/1/40		1,800,000		2,361,762
Commonwealth of Massachusetts Series C 5.00% 10/1/25		100,000		122,859
Municipal Electric Authority of Georgia (Build America Bond Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		1,800,000		2,250,306
New Jersey Transportation Trust Fund Authority (Build America Bond) Series C 5.754% 12/15/28		1,590,000		1,784,107
New Jersey Turnpike Authority (Build America Bonds) Series A 7.102% 1/1/41		495,000		724,710
Series F 7.414% 1/1/40		240,000		362,414
New York City, New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) 5.508% 8/1/37		700,000		879,851
New York State Urban Development (Build America Bond) 5.77% 3/15/39		800,000		978,888


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Oregon State Taxable Pension 5.892% 6/1/27		65,000	$	79,417
Pennsylvania State Higher Education Assistance Agency Student Loan Revenue (Guaranteed Student Loans) Series 2006-2 A3 5.493% (LIBOR03M + 0.13%) 10/25/36 ●		703,003		680,880
South Carolina Public Service Authority Series D 4.77% 12/1/45		290,000		299,982
Texas Water Development Board (2016 State Water Implementation) Series A 5.00% 10/15/45		255,000		295,155
Series B 5.00% 10/15/46		665,000		773,096

Total Municipal Bonds (cost $19,956,417)				20,464,328



Non-Agency Asset-Backed Securities – 4.29%

ABFC Trust Series 2006-HE1 A2D 1.457% (LIBOR01M + 0.22%) 1/25/37 ●		403,970		271,329
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		77,647		78,353
Ally Master Owner Trust Series 2015-2 A1 1.804% (LIBOR01M + 0.57%) 1/15/21 ●		1,200,000		1,205,586
American Express Credit Account Master Trust Series 2013-1 A 1.654% (LIBOR01M + 0.42%) 2/16/21 ●		500,000		501,584
Series 2013-2 A 1.654% (LIBOR01M + 0.42%) 5/17/21 ●		530,000		532,067
Series 2017-2 A 1.686% (LIBOR01M + 0.45%) 9/16/24 ●		135,000		136,043
Series 2017-5 A 1.614% (LIBOR01M + 0.38%) 2/18/25 ●		620,000		623,026


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Argent Securities Asset-Backed Pass Through Certificates Series 2003-W9 M1 2.272% (LIBOR01M + 1.035%) 1/25/34 ◆●		272,409	$	272,718
Argent Securities Trust Series 2006-M1 A2C 1.387% (LIBOR01M + 0.15%) 7/25/36 ●		1,338,323		573,901
Series 2006-W4 A2C 1.397% (LIBOR01M + 0.16%) 5/25/36 ●		700,274		271,382
Avis Budget Rental Car Funding AESOP Series 2013-1A A 144A 1.92% 9/20/19 #		700,000		699,836
Series 2014-1A A 144A 2.46% 7/20/20 #		665,000		667,044
BA Credit Card Trust Series 2015-A1 A 1.564% (LIBOR01M + 0.33%) 6/15/20 ●		205,000		205,180
Barclays Dryrock Issuance Trust Series 2017-1 A 1.557% (LIBOR01M + 0.33%) 3/15/23 ●		220,000		220,502
Bear Stearns Asset-Backed Securities I Trust Series 2005-FR1 M2 2.242% (LIBOR01M + 1.005%) 6/25/35 ●		2,000,000		1,992,852
Series 2007-HE2 1A2 1.407% (LIBOR01M + 0.17%) 3/25/37 ●		343,127		400,136
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 22A1 2.49% 10/25/36 ●		205,720		152,743
BMW Floorplan Master Owner Trust Series 2015-1A A 144A 1.734% (LIBOR01M + 0.50%) 7/15/20 #●		500,000		501,445
Centex Home Equity Loan Trust Series 2002-A AF6 5.54% 1/25/32		1,108		1,106
Chase Issuance Trust Series 2013-A6 A6 1.65% (LIBOR01M + 0.42%) 7/15/20 ●		500,000		501,490


			(continues	)		37

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Chase Issuance Trust Series 2014-A5 A5 1.60% (LIBOR01M + 0.37%) 4/15/21 ●		500,000	$	502,200
Series 2016-A3 1.784% (LIBOR01M + 0.55%) 6/15/23 ●		500,000		505,891
Series 2017-A1 A 1.534% (LIBOR01M + 0.30%) 1/18/22 ●		1,370,000		1,375,194
Citibank Credit Card Issuance Trust Series 2013-A2 A2 1.517% (LIBOR01M + 0.28%) 5/26/20 ●		200,000		200,316
Series 2013-A7 A7 1.665% (LIBOR01M + 0.43%) 9/10/20 ●		500,000		501,900
Series 2016-A3 A3 1.72% (LIBOR01M + 0.49%) 12/7/23 ●		500,000		504,330
Series 2017-A5 A5 1.856% (LIBOR01M + 0.62%) 4/22/26 ●		1,195,000		1,207,470
Series 2017-A6 A6 2.007% (LIBOR01M + 0.77%) 5/14/29 ●		340,000		343,434
Series 2017-A7 A7 1.602% (LIBOR01M + 0.37%) 8/8/24 ●		500,000		501,800
Citicorp Residential Mortgage Trust Series 2006-3 A5 5.493% 11/25/36 f		900,000		942,411
CNH Equipment Trust Series 2016-B A2B 1.63% (LIBOR01M + 0.40%) 10/15/19 ●		87,632		87,709
Countrywide Asset-Backed Certificates Series 2004-3 2A 1.637% (LIBOR01M + 0.40%) 8/25/34 ●		57,403		56,173
Series 2005-AB2 2A3 2.007% (LIBOR01M + 0.77%) 11/25/35 ●		86,248		86,441
Series 2006-1 AF6 4.789% 7/25/36 ●		433,125		436,331
Series 2006-26 2A4 1.457% (LIBOR01M + 0.22%) 6/25/37 ●		2,000,000		1,689,731


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Countrywide Asset-Backed Certificates Series 2007-6 2A4 1.547% (LIBOR01M + 0.31%) 9/25/37 ●		1,000,000	$	653,246
CSMC Series 2017-1A-A 4.50% 3/1/21		247,564		250,946
CWABS Asset-Backed Certificates Trust Series 2005-3 MV7 2.537% (LIBOR01M + 1.30%) 8/25/35 ●		4,200,000		4,190,971
Series 2005-7 MV3 1.817% (LIBOR01M + 0.58%) 11/25/35 ●		400,000		398,541
Series 2006-11 1AF6 4.605% 9/25/46 ●		280,377		597,889
Series 2006-17 2A2 1.387% (LIBOR01M + 0.15%) 3/25/47 ●		2,120,849		1,990,333
Discover Card Execution Note Trust Series 2013-A6 A6 1.684% (LIBOR01M + 0.45%) 4/15/21 ●		560,000		562,278
Series 2014-A1 A1 1.664% (LIBOR01M + 0.43%) 7/15/21 ●		1,190,000		1,195,801
Series 2017-A1 A1 1.724% (LIBOR01M + 0.49%) 7/15/24 ●		1,000,000		1,010,558
Series 2017-A3 A3 1.464% (LIBOR01M + 0.23%) 10/17/22 ●		8,940,000		8,957,618
Series 2017-A5 A5 1.834% (LIBOR01M + 0.60%) 12/15/26 ●		1,940,000		1,959,348
EquiFirst Mortgage Loan Trust 2004-2 Series 2004-2 M7 4.237% (LIBOR01M + 3.00%) 10/25/34 ●		662,361		640,839
Golden Credit Card Trust Series 2014-2A A 144A 1.684% (LIBOR01M + 0.45%) 3/15/21 #●		420,000		421,713
GSAMP Trust Series 2006-FM3 A2D 1.467% (LIBOR01M + 0.23%) 11/25/36 ●		1,128,952		692,272


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

GSAMP Trust
Series 2007-SEA1 A 144A 1.537% (LIBOR01M + 0.30%) 12/25/36 #●		1,029,129	$	992,279
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		1,015,200		949,740
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A 2A3 1.477% (LIBOR01M + 0.24%) 4/25/37 ●		1,659,693		1,125,396
HSI Asset Securitization Trust
Series 2006-HE1 2A1 1.287% (LIBOR01M + 0.05%) 10/25/36 ●		33,200		18,371
JPMorgan Mortgage Acquisition Trust
Series 2006-CW2 AV5 1.477% (LIBOR01M + 0.24%) 8/25/36 ●		500,000		447,482
Long Beach Mortgage Loan Trust
Series 2006-1 2A4 1.537% (LIBOR01M + 0.30%) 2/25/36 ●		3,940,765		2,794,294
Series 2006-7 1A 1.392% (LIBOR01M + 0.155%) 8/25/36 ●		4,081,401		2,759,873
Mercedes-Benz Master Owner Trust
Series 2016-AA A 144A 1.814% (LIBOR01M + 0.58%) 5/15/20 #●		915,000		917,505
Series 2016-BA A 144A 1.934% (LIBOR01M + 0.70%) 5/17/21 #●		1,021,000		1,028,702
Merrill Lynch Mortgage Investors Trust
Series 2006-FF1 M2 1.527% (LIBOR01M + 0.29%) 8/25/36 ●		2,000,000		1,997,578
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 1.387% (LIBOR01M + 0.15%) 11/25/36 ●		5,688,583		3,636,278
Series 2007-HE5 A2D 1.577% (LIBOR01M + 0.34%) 3/25/37 ●		3,776,987		2,047,900


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Navistar Financial Dealer Note Master Owner Trust II
Series 2016-1 A 144A 2.587% (LIBOR01M + 1.35%) 9/27/21 #●		525,000	$	528,681
New Century Home Equity Loan Trust
Series 2005-1 M2 1.957% (LIBOR01M + 0.72%) 3/25/35 ●		233,599		206,543
Nissan Auto Receivables 2016-c Owner Trust
Series 2016-C A2A 1.07% 5/15/19		99,625		99,537
Option One Mortgage Loan Trust
Series 2005-1 M1 2.017% (LIBOR01M + 0.78%) 2/25/35 ●		2,155,252		2,016,780
Series 2007-4 2A4 1.547% (LIBOR01M + 0.31%) 4/25/37 ●		7,169,743		4,499,275
PFS Financing
Series 2015-AA A 144A 1.854% (LIBOR01M + 0.62%) 4/15/20 #●		250,000		250,492
Series 2017-BA A1 144A 1.834% (LIBOR01M + 0.60%) 7/15/22 #●		160,000		159,774
RAAC Trust
Series 2005-SP2 2A 1.537% (LIBOR01M + 0.30%) 6/25/44 ●		572,819		497,820
RAMP Trust
Series 2006-RZ5 A2 1.417% (LIBOR01M + 0.18%) 8/25/46 ●		119,354		119,259
Series 2007-RZ1 A2 1.397% (LIBOR01M + 0.16%) 2/25/37 ●		566,613		561,281
Rise
Series 2014-1 A 4.75% 2/15/39 ●		2,036,064		2,056,425
Sofi Consumer Loan Program
Series 2017-3 A 144A 2.77% 5/25/26 #		1,932,589		1,940,451
Sofi Professional Loan Program
Series 2016-F A2 144A 3.02% 2/25/40 #		589,300		592,623


			(continues	)		39

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Soundview Home Loan Trust
Series 2006-WF2 A1 1.367% (LIBOR01M + 0.13%) 12/25/36 ●		420,532	$	419,038
SpringCastle America Funding
Series 2016-AA A 144A 3.05% 4/25/29 #		3,299,902		3,321,886
Structured Asset Investment Loan Trust
Series 2003-BC2 M1 2.617% (LIBOR01M + 1.38%) 4/25/33 ●		15,778		13,626
Structured Asset Securities Mortgage Loan Trust
Series 2006-BC1 A6 1.507% (LIBOR01M + 0.27%) 3/25/36 ●		1,800,000		1,521,754
Towd Point Mortgage Trust
Series 2017-1 A1 144A 2.75% 10/25/56 #●		377,501		379,442
Series 2017-2 A1 144A 2.75% 4/25/57 #●		208,508		209,600
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		680,000		677,747
VOLT LIX
Series 2017-NPL6 A1 144A 3.25% 5/25/47 #f		85,966		86,196
VOLT LVIII
Series 2017-NPL5 A1 144A 3.375% 5/28/47 #f		386,706		389,113
VOLT LX
Series 2017-NPL7 A1 144A 3.25% 4/25/59 #f		251,145		252,099
VOLT LXI
Series 2017-NPL8 A1 144A 3.125% 6/25/47 #f		89,192		89,418
VOLT XL
Series 2015-NP14 A1 144A 4.375% 11/27/45 #f		110,250		110,626
Wells Fargo Dealer Floorplan Master Note Trust
Series 2014-2 A 1.686% (LIBOR01M + 0.45%) 10/20/19 ●		1,000,000		1,000,200
Wheels SPV 2
Series 2017-1A A2 144A 1.88% 4/20/26 #		540,000		539,442

Total Non-Agency Asset-Backed Securities (cost $80,483,914)				83,526,533


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations – 1.52%

Alternative Loan Trust
Series 2004-J1 1A1 6.00% 2/25/34		1,799	$	1,831
Alternative Loan Trust Resecuritization
Series 2008-2R 3A1 6.00% 8/25/37 ●		1,402,279		1,135,742
ARM Trust
Series 2004-5 3A1 3.674% 4/25/35 ●		620,818		630,138
Series 2005-10 3A31 3.26% 1/25/36 ●		299,343		285,985
Series 2006-2 1A4 3.37% 5/25/36 ●		1,075,352		997,274
Banc of America Funding Trust
Series 2005-E 7A1 2.137% (COF 11 + 1.43%) 6/20/35 ●		213,622		178,066
Series 2006-I 1A1 3.322% 12/20/36 ●		373,259		377,061
Banc of America Mortgage Trust
Series 2003-D 2A1 3.915% 5/25/33 ●		286,610		290,311
Bank of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		35,669		34,166
Bear Stearns ARM Trust
Series 2003-5 2A1 3.353% (LIBOR12M + 1.95%) 8/25/33 ●		54,101		54,014
Series 2005-2 A2 3.636% (LIBOR12M + 1.95%) 3/25/35 ●		111,576		112,716
Chase Mortgage Finance Trust
Series 2005-A1 3A1 3.167% 12/25/35 ●		136,172		131,743
CHL Mortgage Pass Through Trust
Series 2007-4 1A1 6.00% 5/25/37 ◆		1,286,322		1,055,125
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		1,622,796		1,517,716
Series 2007-1 5A14 6.00% 2/25/37		291,753		264,609
Series 2007-3 4A6 1.487% (LIBOR01M + 0.25%) 4/25/37 ●		258,279		222,830


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

CSMC Mortgage-Backed Trust
Series 2007-3 4A12 5.513% (6.75% minus LIBOR01M, Cap 6.75%, Floor 0.00%) 4/25/37 ∑●		258,279	$	30,776
Series 2007-3 4A15 5.50% 4/25/37		114,684		113,099
Deutsche Mortgage Securities Re-REMIC Trust Certificates
Series 2005-WF1 1A3 144A 3.368% 6/26/35 #●		23,696		23,652
GMACM Mortgage Loan Trust
Series 2006-J1 A1 5.75% 4/25/36		56,014		54,979
GSR Mortgage Loan Trust
Series 2007-AR1 2A1 3.418% 3/25/47 ●		1,046,129		968,232
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 3.503% 10/25/36 ●		618,799		558,336
Series 2006-A7 2A2 3.393% 1/25/37 ●		117,956		118,053
Series 2007-A1 6A1 3.48% 7/25/35 ●		199,065		199,160
Series 2014-2 B1 144A 3.426% 6/25/29 #●		75,217		76,529
Series 2014-2 B2 144A 3.426% 6/25/29 #●		75,217		76,215
Series 2015-1 B1 144A 2.615% 12/25/44 #●		651,050		647,198
Series 2015-4 B1 144A 3.628% 6/25/45 #●		485,087		477,569
Series 2015-4 B2 144A 3.628% 6/25/45 #●		347,170		337,916
Series 2015-5 B2 144A 2.859% 5/25/45 #●		533,585		523,510
Series 2015-6 B1 144A 3.623% 10/25/45 #●		351,111		347,796
Series 2015-6 B2 144A 3.623% 10/25/45 #●		341,622		334,872
Series 2016-4 B1 144A 3.903% 10/25/46 #●		244,747		249,654
Series 2016-4 B2 144A 3.903% 10/25/46 #●		416,070		428,464
Series 2017-1 B2 144A 3.562% 1/25/47 #●		725,984		730,241
Series 2017-2 A3 144A 3.50% 5/25/47 #●		355,549		362,174
Lehman Mortgage Trust
Series 2007-10 2A2 6.50% 1/25/38		1,881,437		1,401,732


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Ludgate Funding
Series 2006-1X A2A 0.467% (BP0003M + 0.19%) 12/1/60 ●	GBP	1,745,684	$	2,245,529
Series 2008-W1X A1 0.941% (BP0003M + 0.60%) 1/1/61 ●	GBP	768,504		1,004,769
Mansard Mortgages Parent
Series 2007-1X A2 0.475%
(BP0003M + 0.18%) 4/15/47 ●	GBP	833,525		1,067,912
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		3,373		3,612
Series 2004-5 6A1 7.00% 6/25/34		44,324		46,422
MASTR ARM Trust
Series 2004-4 4A1 3.402% 5/25/34 ●		96,803		96,165
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 3.341% 2/25/34 ●		6,820		6,827
New Residential Mortgage Loan Trust
Series 2017-2A A3 144A 4.00% 3/25/57 #●		464,590		485,542
Opteum Mortgage Acceptance Trust
Series 2006-1 2A1 5.75% 4/25/36 ●		567,119		569,593
Reperforming Loan REMIC
Trust
Series 2006-R1 AF1 144A 1.577% (LIBOR01M + 0.34%) 1/25/36 #●		1,498,311		1,349,875
RFMSI Trust
Series 2004-S9 2A1 4.75% 12/25/19		48,192		48,298
Sequoia Mortgage Trust
Series 2004-5 A3 1.959% (LIBOR6M + 0.56%) 6/20/34 ●		233,024		223,979
Series 2007-1 4A1 3.559% 9/20/46 ●		719,344		599,073
Series 2015-1 B2 144A 3.875% 1/25/45 #●		370,484		373,691
Series 2017-4 A1 144A 3.50% 7/25/47 #●		381,191		388,383
Structured ARM Loan Trust
Series 2006-1 7A4 3.34% 2/25/36 ●		620,804		551,992


			(continues	)		41

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Structured Asset Mortgage Investments II Trust
Series 2005-AR5 A2 1.487% (LIBOR01M + 0.25%) 7/19/35 ●		472,662	$	461,748
Thrones
Series 2013-1 A 1.788%
(BP0003M + 1.50%) 7/20/44 ●	GBP	1,288,509		1,735,480
WaMu Mortgage Pass Through Certificates Trust
Series 2005-AR16 1A3 2.912% 12/25/35 ◆●		551,969		536,958
Series 2007-HY1 3A3 3.192% 2/25/37 ◆●		298,422		283,059
Series 2007-HY7 4A1 3.321% 7/25/37 ◆●		602,915		560,029
Washington Mutual Mortgage Pass Through Certificates Trust
Series 2005-1 5A2 6.00% 3/25/35 ◆		29,927		8,375
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 3.183% 2/25/34 ●		144,954		148,200
Series 2006-2 3A1 5.75% 3/25/36		66,247		66,319
Series 2006-3 A11 5.50% 3/25/36		91,154		92,911
Series 2006-6 1A3 5.75% 5/25/36		43,979		44,071
Series 2006-AR5 2A1 3.327% 4/25/36 ●		52,349		49,420
Series 2006-AR11 A6 3.48% 8/25/36 ●		602,861		575,291
Series 2006-AR17 A1 3.479% 10/25/36 ●		343,198		334,484
Series 2007-10 1A36 6.00% 7/25/37		253,156		251,368

Total Non-Agency Collateralized Mortgage Obligations (cost $30,563,090)				29,558,859



Non-Agency Commercial Mortgage-Backed Securities – 4.21%

BAMLL Commercial Mortgage Securities Trust
Series 2015-ASHF A 144A 2.447% (LIBOR01M + 1.22%) 1/15/28 #●		900,000		901,132


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Banc of America Commercial Mortgage Trust
Series 2017-BNK3 C 4.352% 2/15/50 ●		325,000	$	332,907
BANK
Series 2017-BNK5 A5 3.39% 6/15/60		1,430,000		1,458,529
Series 2017-BNK5 B 3.896% 6/15/60 ●		605,000		616,735
Series 2017-BNK7 A5 3.435% 9/15/60		715,000		731,116
Series 2017-BNK7 B 3.949% 9/15/60		1,085,000		1,109,606
BBCMS Trust
Series 2015-RRI A 144A 2.477% (LIBOR01M + 1.25%) 5/15/32 #●		4,877,359		4,880,427
Series 2015-STP A 144A 3.323% 9/10/28 #		4,482,541		4,594,049
BX Trust
Series 2017-APPL A 144A 2.114% (LIBOR01M + 0.88%) 7/15/34 #●		600,000		600,373
CD Mortgage Trust
Series 2016-CD2 A3 3.248% 11/10/49		4,000,000		4,057,648
Series 2016-CD2 A4 3.526% 11/10/49 ●		620,000		640,803
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.839% 12/10/54		2,010,000		2,104,556
Series 2017-C8 A4 3.572% 6/15/50		440,000		452,869
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		785,000		817,812
Series 2015-GC27 A5 3.137% 2/10/48		3,085,000		3,106,590
Series 2016-P3 A4 3.329% 4/15/49		1,370,000		1,398,779
COMM Mortgage Trust
Series 2013-WWP A2 144A 3.424% 3/10/31 #		1,100,000		1,150,230
Series 2014-CR20 AM 3.938% 11/10/47		2,225,000		2,318,139
Series 2015-3BP A 144A 3.178% 2/10/35 #		605,000		610,579
Series 2015-CR23 A4 3.497% 5/10/48		780,000		806,185


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Commercial Mortgage Pass Through Certificates
Series 2016-CR28 A4 3.762% 2/10/49 ◆		740,000	$	775,285
DBJPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		1,970,000		2,003,184
DBUBS Mortgage Trust
Series 2011-LC1A C 144A 5.685% 11/10/46 #●		955,000		1,037,102
Series 2016-C3 A5 2.89% 9/10/49		945,000		932,177
GRACE Mortgage Trust
Series 2014-GRCE A 144A 3.369% 6/10/28 #		2,200,000		2,275,798
Series 2014-GRCE B 144A 3.52% 6/10/28 #		1,455,000		1,489,655
GS Mortgage Securities Corp Trust
Series 2016-RENT A 144A 3.203% 2/10/29 #		2,300,000		2,350,964
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #●		375,000		395,126
Series 2017-GS5 A4 3.674% 3/10/50		1,205,000		1,260,693
Series 2017-GS6 A3 3.433% 5/10/50		1,935,000		1,984,947
Series 2017-GS6 XA 1.198% 5/10/50 ●		21,983,936		1,823,453
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		650,000		682,988
Series 2015-C32 A5 3.598% 11/15/48		1,340,000		1,390,189
Series 2015-C33 A4 3.77% 12/15/48		570,000		598,395
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,640,000		1,650,619
Series 2016-C4 A3 3.141% 12/15/49		1,065,000		1,069,022
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.703% 8/12/37 ●		230,000		237,382
Series 2013-LC11 B 3.499% 4/15/46		355,000		354,244


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

JPMorgan Chase Commercial
Mortgage Securities Trust
Series 2016-ATRM A 144A 2.962% 10/5/28 #		2,700,000	$	2,700,339
Series 2016-JP2 A4 2.822% 8/15/49		2,555,000		2,506,658
Series 2016-JP2 AS 3.056% 8/15/49		1,250,000		1,216,471
Series 2016-JP3 B 3.397% 8/15/49 ●		1,550,000		1,509,094
Series 2016-WIKI A 144A 2.798% 10/5/31 #		705,000		713,424
Series 2016-WIKI B 144A 3.201% 10/5/31 #		690,000		700,958
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 ●		708,530		566,073
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2014-C17 A5 3.741% 8/15/47		795,000		831,582
Series 2015-C23 A4 3.719% 7/15/50		1,275,000		1,332,075
Series 2015-C26 A5 3.531% 10/15/48		820,000		845,128
Series 2015-C27 ASB 3.557% 12/15/47		2,200,000		2,295,234
Series 2016-C29 A4 3.325% 5/15/49		795,000		810,274
Morgan Stanley Capital I Trust
Series 2011-C3 A4 4.118% 7/15/49		855,000		901,160
Series 2014-CPT AM 144A 3.516% 7/13/29 #●		2,200,000		2,268,366
Series 2016-BNK2 A4 3.049% 11/15/49		2,066,000		2,055,420
RFTI Issuer
Series 2015-FL1 A 144A 2.984% (LIBOR01M + 1.75%) 8/15/30 #●		1,185,749		1,185,406
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		275,000		282,416
Series 2015-C30 XA 1.147% 9/15/58 ●		6,413,851		372,289
Series 2015-NXS3 A4 3.617% 9/15/57		740,000		768,693
Series 2016-BNK1 A3 2.652% 8/15/49		1,220,000		1,180,762


			(continues	)		43

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust
Series 2017-C38 A5
3.453% 7/15/50		905,000	$	928,448
Series 2017-RB1 XA
1.444% 3/15/50 ●		8,516,152		813,912

Total Non-Agency Commercial Mortgage-Backed Securities (cost $82,469,581)				81,784,469



Regional Bonds – 0.46%D

Argentina – 0.09%
Provincia de Buenos Aires
144A 7.875% 6/15/27 #		630,000		684,369
Provincia de Cordoba
144A 7.125% 6/10/21 #		395,000		424,874
144A 7.125% 8/1/27 #		675,000		709,553

				1,818,796

Australia – 0.05%
New South Wales Treasury
4.00% 5/20/26	AUD	404,900		341,467
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	446,000		332,830
144A 3.25% 7/21/28 #	AUD	495,000		382,849

				1,057,146

Canada – 0.06%
Province of Ontario
2.60% 6/2/27	CAD	203,000		160,179
3.45% 6/2/45	CAD	551,000		452,878
Province of Quebec
1.65% 3/3/22	CAD	419,000		329,558
6.00% 10/1/29	CAD	155,000		161,719

				1,104,334

Finland – 0.02%
Municipality Finance 144A 1.482% (LIBOR03M + 0.17%) 2/7/20 #●		485,000		486,457

				486,457

Japan – 0.05%
Japan Finance Organization For Municipalities 2.125% 3/6/19		900,000		900,554

				900,554

Spain – 0.19%
Autonomous Community of Catalonia
4.90% 9/15/21	EUR	1,800,000		2,249,534


	Principal amount°		Value (US $)

Regional BondsD (continued)

Spain (continued)
Autonomous Community of Catalonia
4.95% 2/11/20	EUR	1,100,000	$	1,368,531

				3,618,065

Total Regional Bonds (cost $8,872,198)				8,985,352



Loan Agreements – 3.84%

Air Medical Group Holdings Tranche B 1st Lien 4.485% (LIBOR03M + 3.25%) 4/28/22 ●		1,015,922		1,010,207
Air Medical Group Holdings Tranche B1 1st Lien 5.237% (LIBOR03M + 4.00%) 4/28/22 ●		225,136		224,686
Air Methods 1st Lien 4.833% (LIBOR03M + 3.50%) 4/21/24 ●		293,357		290,011
Albertsons Tranche B 1st Lien 3.985% (LIBOR03M + 2.75%) 8/25/21 ●		214,463		206,872
Alpha 3 Tranche B1 1st Lien 4.333% (LIBOR03M + 3.00%) 1/31/24 ●		199,500		200,539
American Airlines Tranche B 1st Lien 3.734% (LIBOR03M + 2.50%) 12/14/23 ●		866,751		870,543
American Tire Distributors 1st Lien 5.485% (LIBOR03M + 4.25%) 9/1/21 ●		233,801		235,506
Applied Systems 2nd Lien 8.324% (LIBOR03M + 7.00%) 9/19/25 ●		585,000		601,819
AssuredPartners Tranche B 1st Lien 3.50% (LIBOR03M + 3.50%) 10/22/24 ●		215,000		215,672
ATI Holdings Acquisition 1st Lien 4.801% (LIBOR03M + 3.50%) 5/10/23 ●		854,720		864,869
Blue Ribbon 1st Lien 5.235% (LIBOR03M + 4.00%) 11/13/21 ●		754,408		747,179
Builders FirstSource 1st Lien 4.333% (LIBOR03M + 3.00%) 2/29/24 ●		2,008,934		2,016,259
BWAY Tranche B 1st Lien 4.481% (LIBOR03M + 3.25%) 4/3/24 ●		982,538		985,608


	Principal amount°		Value (US $)

Loan Agreements (continued)

Caesars Entertainment Operating Tranche B 1st Lien 2.50% (LIBOR03M + 2.50%) 4/4/24 ●		430,000	$	430,921
Calpine Construction Finance Tranche B 1st Lien 3.49% (LIBOR03M + 2.25%) 5/3/20 ●		84,121		84,227
CenturyLink Escrow Tranche B 1st Lien 2.75% (LIBOR03M + 2.75%) 1/31/25 ●		850,000		825,259
CH Hold 2nd Lien 8.485% (LIBOR03M + 7.25%) 2/1/25 ●		385,000		394,625
Change Healthcare Holdings Tranche B 1st Lien 3.985% (LIBOR03M + 2.75%) 3/1/24 ●		1,771,100		1,777,077
Charter Communications Operating 1st Lien 3.49% (LIBOR03M + 2.25%) 1/15/24 ●		138,885		139,608
Charter Communications Operating Tranche H 1st Lien 3.24% (LIBOR03M + 2.00%) 1/15/22 ●		46,295		46,485
Chesapeake Energy 1st Lien 8.814% (LIBOR03M + 7.50%) 8/23/21 ●		490,000		528,435
CityCenter Holdings Tranche B 1st Lien 3.735% (LIBOR03M + 2.50%) 4/18/24 ●		458,850		461,180
Constellis Holdings 1st Lien 6.333% (LIBOR03M + 5.00%) 4/21/24 ●		564,585		563,174
Constellis Holdings 2nd Lien 10.333% (LIBOR03M + 9.00%) 4/21/25 ●		237,000		235,272
CSC Holdings Tranche B 1st Lien 3.484% (LIBOR03M + 2.25%) 7/17/25 ●		428,925		426,739
Cyxtera DC Holdings 2nd Lien 8.57% (LIBOR03M + 7.25%) 5/1/25 ●		240,000		243,000
DaVita Tranche B 3.985% (LIBOR03M + 2.75%) 6/24/21 ●		123,836		124,798
Dynegy Tranche C 1st Lien 4.485% (LIBOR03M + 3.25%) 2/7/24 ●		785,050		789,897


	Principal amount°		Value (US $)

Loan Agreements (continued)

Eldorado Resorts Tranche B 1st Lien 3.563% (LIBOR03M + 2.25%) 4/17/24 ●		51,821	$	51,832
Energy Future Intermediate Holding 1st Lien DIP 4.234% (LIBOR03M + 3.00%) 6/28/18 ●		1,100,000		1,106,416
Energy Transfer Equity 1st Lien 3.981% (LIBOR03M + 2.75%) 2/2/24 ●		550,000		553,045
ESH Hospitality Tranche B 1st Lien 3.735% (LIBOR03M + 2.50%) 8/30/23 ●		331,656		333,499
ExamWorks Group Tranche B1 1st Lien 4.485% (LIBOR03M + 3.25%) 7/27/23 ●		1,247,424		1,256,779
First Data 1st Lien 3.487% (LIBOR03M + 2.25%) 7/10/22 ●		661,064		662,593
3.737% (LIBOR03M + 2.50%) 4/26/24 ●		1,480,290		1,486,262
First Eagle Holdings Tranche B 1st Lien 4.833% (LIBOR03M + 3.50%) 12/1/22 ●		1,241,608		1,255,266
Flex Acquisition 1st Lien 4.299% (LIBOR03M + 3.00%) 12/29/23 ●		432,825		434,556
Flying Fortress Holdings Tranche B 1st Lien 3.333% (LIBOR03M + 2.00%) 11/2/22 ●		496,000		499,410
Forterra Finance Tranche B 1st Lien 4.235% (LIBOR03M + 3.00%) 10/25/23 ●		286,366		243,292
Frontier Communications Tranche B 1st Lien 7.00% (LIBOR03M + 2.75%) 6/15/24 ●		508,725		485,015
Gardner Denver Tranche B 1st Lien 4.083% (LIBOR03M + 2.75%) 7/30/24 ●		1,095,785		1,097,902
Gates Global Tranche B 1st Lien 4.583% (LIBOR03M + 3.25%) 3/31/24 ●		720,617		724,548
Genesys Telecommunications Laboratories Tranche B 1st Lien 5.007% (LIBOR03M + 3.75%) 12/1/23 ●		1,027,250		1,034,221


			(continues	)		45

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

Genoa A Qol Healthcare 1st Lien 4.485% (LIBOR03M + 3.25%) 10/28/23 ●		955,368	$	961,936
HCA Tranche B9 1st Lien 3.235% (LIBOR03M + 2.00%) 3/18/23 ●		67,153		67,451
Hilton Worldwide Finance Tranche B2 1st Lien 3.237% (LIBOR03M + 2.00%) 10/25/23 ●		2,020,274		2,030,585
Houghton International 4.583% (LIBOR03M + 3.25%) 12/20/19 ●		10,954		11,015
Hoya Midco Tranche B 1st Lien 5.235% (LIBOR03M + 4.00%) 6/30/24 ●		708,225		709,110
HUB International Tranche B 1st Lien 4.312% (LIBOR03M + 3.00%) 10/2/20 ●		446,530		449,852
Hyperion Insurance Group Tranche B 1st Lien 5.25% (LIBOR03M + 4.00%) 4/29/22 ●		1,369,166		1,386,994
IASIS Healthcare Tranche B3 1st Lien 5.25% (LIBOR03M + 4.00%) 2/17/21 ●		44,819		45,061
INC Research Holdings Tranche B 1st Lien 3.485% (LIBOR03M + 2.25%) 6/26/24 ●		325,000		326,422
INEOS US Finance Tranche B 1st Lien 3.985% (LIBOR03M + 2.75%) 3/31/22 ●		352,121		354,476
3.985% (LIBOR03M + 2.75%) 3/31/24 ●		34,190		34,425
JBS USA Tranche B 1st Lien 3.804% (LIBOR03M + 2.50%) 10/30/22 ●		697,946		690,182
JC Penney Tranche B 1st Lien 5.568% (LIBOR03M + 4.25%) 6/23/23 ●		430,758		421,784
Kingpin Intermediate Holdings Tranche B 1st Lien 5.57% (LIBOR03M + 4.25%) 6/29/24 ●		473,813		477,064
Kloeckner Pentaplast of America Tranche B 1st Lien 5.583% (LIBOR03M + 4.25%) 6/29/22 ●		865,000		868,424


	Principal amount°		Value (US $)

Loan Agreements (continued)

Kraton Polymers Tranche B 1st Lien 4.235% (LIBOR03M + 3.00%) 1/6/22 ●		582,942	$	590,703
Kronos Tranche B 1st Lien 4.811% (LIBOR03M + 3.50%) 11/1/23 ●		535,957		539,591
Kronos Tranche B 2nd Lien 9.561% (LIBOR03M + 8.25%) 11/1/24 ●		505,000		522,296
Las Vegas Sands 1st Lien 3.235% (LIBOR03M + 2.00%) 3/29/24 ●		196,477		197,460
MGM Growth Properties Operating Partnership Tranche B 1st Lien 3.485% (LIBOR03M + 2.25%) 5/1/23 ●		251,175		252,207
Mohegan Gaming & Entertainment Tranche B 1st Lien 5.235% (LIBOR03M + 4.00%) 10/13/23 ●		1,071,224		1,082,204
MPH Acquisition Holdings Tranche B 1st Lien 4.333% (LIBOR03M + 3.00%) 6/7/23 ●		1,004,690		1,013,062
On Semiconductor Tranche B 1st Lien 3.485% (LIBOR03M + 2.25%) 3/31/23 ●		438,063		440,139
Panda Hummel Tranche B1 1st Lien 7.235% (LIBOR03M + 6.00%) 10/27/22 ●		315,000		291,375
Panda Stonewall Tranche B 6.833% (LIBOR03M + 5.50%) 11/13/21 =●		591,000		564,405
Penn National Gaming Tranche B 1st Lien 3.735% (LIBOR03M + 2.50%) 1/19/24 ●		203,975		205,159
Petroleo Global Trading 3.451% 2/19/20 ●		800,000		786,000
PetSmart Tranche B 4.24% (LIBOR03M + 3.00%) 3/10/22 ●		608,699		518,264
PharMerica Tranche B 1st Lien 4.50% (LIBOR03M + 3.50%) 9/26/24 ●		655,000		658,684
PharMerica Tranche B 2nd Lien 8.75% (LIBOR03M + 7.75%) 9/26/25 ●		110,000		110,687


	Principal amount°		Value (US $)

Loan Agreements (continued)

PQ Tranche B 1st Lien 4.562% (LIBOR03M + 3.25%) 11/4/22 ●		1,550,303	$	1,566,637
Radiate Holdco 1st Lien 4.235% (LIBOR03M + 3.00%) 2/1/24 ●		1,373,100		1,356,580
Republic of Angola 7.683% (LIBOR6M + 6.25%) 12/16/23 =●		1,503,125		1,375,359
Ring Container Technologies Group 2.75% (LIBOR03M + 2.75%) 9/29/24 ●		440,000		437,800
Rite Aid 5.99% (LIBOR03M + 4.75%) 8/21/20 ●		475,500		478,769
Russell Investments US Institutional Holdco Tranche B 1st Lien 5.49% (LIBOR03M + 4.25%) 6/1/23 ●		2,058,722		2,084,456
Sable International Finance Tranche B3 1st Lien 4.734% (LIBOR03M + 3.50%) 1/31/25 ●		265,000		262,661
SAM Finance Tranche B 4.571% (LIBOR03M + 3.25%) 12/17/20 ●		692,840		698,098
Scientific Games International Tranche B4 1st Lien 4.485% (LIBOR03M + 3.25%) 8/14/24 ●		1,735,000		1,740,151
SFR Group Tranche B 1st Lien 4.061% (LIBOR03M + 2.75%) 7/18/25 ●		1,411,463		1,409,368
SFR Group Tranche B10 1st Lien 4.561% (LIBOR03M + 3.25%) 1/31/25 ●		797,641		801,193
Sinclair Television Group Tranche B2 1st Lien 3.49% (LIBOR03M + 2.25%) 1/3/24 ●		2,620,200		2,628,116
Sprint Communications Tranche B 1st Lien 3.75% (LIBOR03M + 2.50%) 2/2/24 ●		585,716		587,337
StandardAero Aviation Holdings 1st Lien 4.99% (LIBOR03M + 3.75%) 7/7/22 ●		612,198		617,401
Staples 1st Lien 5.00% (LIBOR03M + 4.00%) 9/12/24 ●		1,370,000		1,364,865


	Principal amount°		Value (US $)

Loan Agreements (continued)

Stars Group Holdings 2nd Lien 8.333% (LIBOR03M + 7.00%) 8/1/22 ●		74,643	$	75,203
Stars Group Holdings Tranche B 1st Lien 4.833% (LIBOR03M + 3.50%) 8/1/21 ●		1,408,167		1,414,816
Summit Materials Tranche B1 3.985% (LIBOR03M + 2.75%) 7/17/22 ●		721,216		727,828
Summit Midstream Partners Holdings Tranche B 1st Lien 7.235% (LIBOR03M + 6.00%) 5/21/22 ●		523,688		531,543
Surgery Center Holdings 1st Lien 4.49% (LIBOR03M + 3.25%) 9/2/24 ●		160,000		158,925
Team Holdings Tranche B 1st Lien 3.985% (LIBOR03M + 2.75%) 2/6/24 ●		442,326		436,244
Telenet Financing USD Tranche A1 1st Lien 3.984% (LIBOR03M + 2.75%) 6/30/25 ●		710,000		712,860
TKC Holdings 1st Lien 5.522% (LIBOR03M + 4.25%) 2/1/23 ●		651,725		657,183
TransDigm Tranche F 1st Lien 4.333% (LIBOR03M + 3.00%) 6/9/23 ●		703,139		705,557
Tribune Media Tranche B 1st Lien 4.235% (LIBOR03M + 3.00%) 12/27/20 ●		33,149		33,273
Tribune Media Tranche C 1st Lien 4.235% (LIBOR03M + 3.00%) 1/27/24 ●		413,162		414,580
Uniti Group 1st Lien 4.235% (LIBOR03M + 3.00%) 10/24/22 ●		390,734		361,915
Univar USA Tranche B 1st Lien 3.985% (LIBOR03M + 2.75%) 7/1/22 ●		49,005		49,238
Univision Communications Tranche C 1st Lien 3.985% (LIBOR03M + 2.75%) 3/15/24 ●		1,118,585		1,109,942
USI Tranche B 1st Lien 3.00% (LIBOR03M + 3.00%) 5/16/24 ●		360,000		359,325
4.314% (LIBOR03M + 3.00%) 5/16/24 ●		1,650,000		1,645,015


			(continues	)		47

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

USIC Holdings Tranche SR 4.923% (LIBOR03M + 3.50%) 12/9/23 ●		1,022,275	$	1,029,623
USS Ultimate Holdings 2nd Lien 8.984% (LIBOR03M + 7.75%) 8/25/25 ●		110,000		110,917
Valeant Pharmaceuticals International Tranche B-F1 5.99% (LIBOR03M + 4.75%) 4/1/22 ●		220,000		224,153
VC GB Holdings 2nd Lien 9.235% (LIBOR03M + 8.00%) 2/28/25 =●		270,000		268,650
Virgin Media Bristol Tranche I 1st Lien 3.984% (LIBOR03M + 2.75%) 1/31/25 ●		310,000		311,526
Western Digital 1st Lien 3.985% (LIBOR03M + 2.75%) 4/29/23 ●		301,720		304,360
WideOpenWest Finance Tranche B 1st Lien 4.484% (LIBOR03M + 3.25%) 8/19/23 ●		756,707		757,112
Windstream Services Tranche B6 1st Lien 5.24% (LIBOR03M + 4.00%) 3/30/21 ●		703,516		629,647
Zayo Group Tranche B2 1st Lien 3.487% (LIBOR03M + 2.25%) 1/19/24 ●		146,567		146,904
Zekelman Industries Tranche B 1st Lien 4.073% (LIBOR03M + 2.75%) 6/14/21 ●		676,463		679,845

Total Loan Agreements (cost $73,898,993)				74,637,095



Sovereign Bonds – 4.52%D

Argentina – 0.38%
Argentine Bonos del Tesoro
15.50% 10/17/26	ARS	13,355,000		891,386
16.00% 10/17/23	ARS	31,962,000		2,086,365
22.75% 3/5/18	ARS	43,185,000		2,532,076
Argentine Republic Government International Bond
5.625% 1/26/22		930,000		977,895
144A 7.125% 6/28/17 #		835,000		835,417

				7,323,139


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Bahrain – 0.07%
Bahrain Government International Bond
144A 7.00% 10/12/28 #		800,000	$	817,588
144A 7.50% 9/20/47 #		500,000		490,211

				1,307,799

Bermuda – 0.04%
Bermuda Government International Bond
144A 3.717% 1/25/27 #		800,000		814,000

				814,000

Brazil – 0.65%
Brazil Letras do Tesouro Nacional
9.09% 7/1/18 ≠	BRL	17,100,000		5,134,400
9.13% 4/1/18 ≠	BRL	5,200,000		1,587,542
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/25	BRL	18,380,000		5,962,672

				12,684,614

Canada – 0.01%
Canadian Government Bond
2.75% 12/1/48	CAD	171,000		144,666

				144,666

Chile – 0.06%
Bonos de la Tesoreria de la Republica en pesos
4.50% 3/1/21	CLP	785,000,000		1,264,794

				1,264,794

Colombia – 0.13%
Colombia Government International Bond
5.00% 6/15/45		600,000		618,750
Colombian TES
7.00% 6/30/32	COP	5,376,000,000		1,847,618

				2,466,368

Costa Rica – 0.02%
Costa Rica Government International Bond
144A 4.25% 1/26/23 #		445,000		443,887

				443,887


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Croatia – 0.04%
Croatia Government International Bond 144A 5.50% 4/4/23 #		655,000	$	728,209

				728,209

Cyprus – 0.08%
Cyprus Government International Bond 3.875% 5/6/22	EUR	1,200,000		1,598,583

				1,598,583

Egypt – 0.06%
Egypt Government International Bond
144A 6.125% 1/31/22 #		600,000		622,069
144A 8.50% 1/31/47 #		550,000		614,816

				1,236,885

India – 0.08%
Export-Import Bank of India 144A 3.375% 8/5/26 #		1,500,000		1,476,927

				1,476,927

Indonesia – 0.13%
Indonesia Government International Bond 144A 5.125% 1/15/45 #		200,000		221,486
Indonesia Treasury Bond
7.50% 8/15/32	IDR	29,521,000,000		2,300,814

				2,522,300

Ivory Coast – 0.07%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		1,400,000		1,379,680

				1,379,680

Jamaica – 0.06%
Jamaica Government International Bond
6.75% 4/28/28		400,000		462,500
7.875% 7/28/45		500,000		617,500

				1,080,000

Japan – 0.06%
Japan Bank For International Cooperation
1.887% (LIBOR03M + 0.57%) 2/24/20 ●		248,000		248,918
2.125% 6/1/20		700,000		700,694


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Japan (continued)
Japan Government Thirty Year Bond 0.80% 6/20/47	JPY	23,500,000	$	205,874

				1,155,486

Jordan – 0.02%
Jordan Government International Bond 144A 5.75% 1/31/27 #		400,000		393,213

				393,213

Kuwait – 0.18%
Kuwait International Government Bond 144A 2.75% 3/20/22 #		3,400,000		3,443,061

				3,443,061

Malaysia – 0.19%
Malaysia Government Bond
3.314% 10/31/17	MYR	900,000		213,187
3.844% 4/15/33	MYR	14,844,000		3,312,221
Malaysia Treasury Bill
2.95% 1/19/18 ≠	MYR	810,000		190,190

				3,715,598

Mexico – 0.40%
Mexican Bonos
5.75% 3/5/26	MXN	43,668,400		2,238,407
6.50% 6/9/22	MXN	82,842,000		4,514,502
Mexico Government International Bond
4.15% 3/28/27		200,000		210,460
4.35% 1/15/47		800,000		780,000

				7,743,369

Nigeria – 0.06%
Nigeria Government International Bond 144A 7.875% 2/16/32 #		1,000,000		1,095,810
				1,095,810
Peru – 0.07%
Peruvian Government International Bond 144A 6.90% 8/12/37 #	PEN	3,868,000		1,332,261

				1,332,261

Poland – 0.01%
Republic of Poland Government Bond 3.25% 7/25/25	PLN	1,087,000		299,841

				299,841


			(continues	)		49

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Republic of Korea – 0.06%
Export-Import Bank of Korea
4.00% 6/7/27	AUD	210,000	$	162,788
Inflation Linked Korea Treasury Bond
1.125% 6/10/23	KRW	1,114,998,086		991,204

				1,153,992

Russia – 0.03%
Russian Foreign Bond - Eurobond
144A 4.75% 5/27/26 #		600,000		637,152

				637,152

Saudi Arabia – 0.28%
Saudi Government International Bond
2.375% 10/26/21		200,000		197,504
144A 2.875% 3/4/23 #		3,569,000		3,559,631
3.25% 10/26/26		1,000,000		990,700
144A 4.50% 10/26/46 #		800,000		799,850

				5,547,685

South Africa – 0.39%
Republic of South Africa Government Bond
8.00% 1/31/30	ZAR	49,861,000		3,392,647
8.75% 1/31/44	ZAR	51,726,000		3,453,702
Republic of South Africa Government International Bond 5.875% 5/30/22		750,000		824,789

				7,671,138

Sri Lanka – 0.06%
Sri Lanka Government International Bond
144A 6.20% 5/11/27 #		580,000		609,539
144A 6.825% 7/18/26 #		510,000		561,340

				1,170,879

Turkey – 0.46%
Export Credit Bank of Turkey
144A 5.375% 10/24/23 #		880,000		906,682
Turkey Government Bond
11.10% 5/15/19	TRY	21,820,000		6,086,169
Turkey Government International Bond
3.25% 3/23/23		1,000,000		953,136
5.75% 5/11/47		980,000		965,565

				8,911,552


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Ukraine – 0.11%
Ukraine Government International Bond
144A 7.375% 9/25/32 #		1,200,000	$	1,171,140
144A 7.75% 9/1/26 #		900,000		928,129

				2,099,269

United Kingdom – 0.02%
United Kingdom Gilt
1.75% 9/7/22	GBP	100,000		140,319
3.50% 1/22/45	GBP	138,800		247,096

				387,415

Uruguay – 0.24%
Uruguay Government International Bond
144A 8.50% 3/15/28 #	UYU	40,984,000		1,463,991
144A 9.875% 6/20/22 #	UYU	87,325,000		3,262,197

				4,726,188

Total Sovereign Bonds (cost $86,947,614)				87,955,760



Supranational Banks – 0.60%

Asian Development Bank
1.462% (LIBOR03M + 0.15%) 2/8/18 ●		740,000		740,408
3.50% 5/30/24	NZD	921,000		668,203
6.00% 2/24/21	INR	47,130,000		732,796
Banque Ouest Africaine de Developpement 144A 5.00% 7/27/27 #		1,000,000		1,029,375
Inter-American Development Bank
1.524% (LIBOR03M + 0.22%) 10/15/20 ●		890,000		895,417
6.25% 6/15/21	IDR	43,200,000,000		3,246,556
International Bank for Reconstruction & Development
1.304% (LIBOR01M + 0.07%) 4/17/19 ●		440,000		439,905
2.50% 11/25/24		440,000		443,245
3.375% 1/25/22	NZD	300,000		220,427
4.625% 10/6/21	NZD	380,000		292,354
International Finance
1.364% (LIBOR03M + 0.06%) 1/9/19 ●		600,000		600,526
3.625% 5/20/20	NZD	163,000		120,818
3.75% 8/9/27	NZD	305,000		217,173


	Principal amount°		Value (US $)

Supranational Banks (continued)

International Finance 6.30% 11/25/24	INR	133,470,000	$	2,084,987

Total Supranational Banks (cost $11,586,146)				11,732,190



US Treasury Obligations – 14.10%

US Floating Rate Note
1.113% (USBMMY3M + 0.06%) 7/31/19 ●		935,000		935,212
US Treasury Bonds
2.50% 2/15/45		37,100,000		34,589,955
2.75% 8/15/42		900,000		888,891
2.75% 11/15/42		1,400,000		1,381,461
2.75% 8/15/47		14,645,000		14,319,206
2.875% 5/15/43		2,200,000		2,216,715
2.875% 8/15/45 ¥		16,700,000		16,768,497
4.375% 5/15/40		100,000		127,428
US Treasury Inflation Indexed Notes
0.125% 4/15/19 ¥		1,253,604		1,258,485
0.125% 4/15/20		1,776,993		1,785,710
0.125% 4/15/21		2,168,922		2,175,382
0.125% 4/15/22		1,207,848		1,207,813
0.125% 7/15/26		20,424		19,862
1.75% 1/15/28		14,161,614		15,855,541
2.375% 1/15/27		1,577,979		1,844,839
2.50% 1/15/29		34,204		41,295
US Treasury Notes
1.125% 8/31/21 ¥		13,800,000		13,447,723
1.375% 9/30/19		23,600,000		23,550,219
1.375% 9/15/20		480,000		476,634
1.50% 8/31/18		5,700,000		5,707,570
1.875% 7/31/22		1,140,000		1,137,284
1.875% 10/31/22		45,700,000		45,532,194
2.00% 10/31/21 ¥		1,600,000		1,611,250
2.00% 5/31/24		51,100,000		50,665,849
2.00% 6/30/24 ¥		7,700,000		7,629,166
2.25% 8/15/27		440,000		436,863
2.375% 5/15/27		28,500,000		28,610,771


Total US Treasury Obligations (cost $276,532,437)				274,221,815


	Number of shares

Common Stock – 0.00%

Century Communications =†		1,975,000		0

Total Common Stock (cost $59,790)				0


	Number of shares		Value (US $)

Convertible Preferred Stock – 0.18%

A Schulman 6.00% exercise price $52.33, maturity date y		317	$	277,014
American Tower 5.50% exercise price $115.11, maturity date 2/15/18		926		113,046
AMG Capital Trust II 5.15% exercise price $200.00, maturity date 10/15/37		7,759		477,663
Bank of America 7.25% exercise price $50.00, maturity date y		229		298,037
Becton Dickinson 6.125% exercise price $211.80, maturity date 5/1/20		3,652		201,810
Crown Castle International 6.875% exercise price $115.20, maturity date 8/1/20		37		39,516
DTE Energy 6.50% exercise price $116.31, maturity date 10/1/19		5,605		305,192
El Paso Energy Capital Trust I 4.75% exercise price $50.00, maturity date 3/31/28		9,952		487,648
Huntington Bancshares 8.50% exercise price $11.95, maturity date y		164		242,720
Teva Pharmaceutical Industries 7.00% exercise price $75.00, maturity date 12/15/18		194		66,858
T-Mobile US 5.50% exercise price $31.02, maturity date 12/15/17		2,180		217,804
Wells Fargo & Co. 7.50% exercise price $156.71, maturity date y		325		427,375
Welltower 6.50% exercise price $57.42, maturity date y		6,247		396,247


Total Convertible Preferred Stock (cost $3,364,737)				3,550,930



Preferred Stock – 0.28%

Bank of America 6.50% µ		1,150,000		1,301,656
General Electric 5.00% µ		2,448,000		2,592,310
Integrys Holdings 6.00% µ		35,650		1,014,688


			(continues	)		51

Schedules of investments

Optimum Fixed Income Fund


	Number of shares		Value (US $)

Preferred Stock (continued)

USB Realty 144A 2.451% #●		500,000	$	439,375

Total Preferred Stock (cost $5,033,229)				5,348,029


	Number of contracts

Options Purchased – 0.02%

Call Swaptions – 0.01%
2 yr IRS exercise rate 1.65% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/15/18, notional amount $88,800,000 (MSC)		88,800,000		152,647

				152,647

Currency Call Options – 0.00%
USD vs CNH strike price $6.70, expiration date 1/19/18, notional amount $1,117,222 (BNP)		2,168,000		22,114
USD vs SGD strike price $1.37, expiration date 1/19/18, notional amount $2,648,000 (BNP)		2,648,000		19,773
USD vs TRY strike price $3.60, expiration date 1/19/18, notional amount $662,542 (BNP)		1,084,000		39,313

				81,200

Currency Put Option – 0.00%
EUR vs USD strike price EUR 1.17, expiration date 10/20/17, notional amount EUR 475,983 (BNP)		1,406,000		3,725

				3,725

Futures Call Option – 0.00%
US Treasury 2 yr notes strike price $109.50, expiration date 11/24/17, notional amount $180,000		450		0

				0


	Number of contracts			Value (US $)

Options Purchased (continued)

Put Swaptions – 0.01%
30 yr IRS exercise rate 2.91% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 8/20/18, notional amount $4,400,000 (MSC)		4,400,000		$	102,644

					102,644


Total Options Purchased (premium paid $1,016,442)					340,216


		Principal amount	°

Short-Term Investments – 8.99%

Certificate of Deposit – 0.23%
Barclays Bank 1.94% 9/4/18		4,450,000			4,453,544

					4,453,544

Discount Notes – 7.47%≠
Federal Farm Credit 0.784% 10/5/17		2,054,061			2,053,892
Federal Home Loan Bank
0.35% 10/2/17		661,580			661,567
0.765% 10/4/17		1,900,000			1,899,897
0.85% 10/6/17		1,200,000			1,199,869
0.90% 10/16/17		6,400,000			6,397,562
0.905% 10/10/17		1,000,000			999,782
0.909% 10/11/17		8,100,000			8,098,015
0.947% 10/13/17		7,500,000			7,497,757
0.947% 10/19/17		6,295,046			6,292,131
0.963% 10/18/17		600,000			599,738
0.98% 10/23/17		2,300,000			2,298,684
0.981% 10/25/17		16,500,000			16,489,671
0.986% 10/27/17		4,800,000			4,796,731
0.997% 10/31/17		1,700,000			1,698,659
0.998% 11/7/17		400,000			399,604
1.004% 11/8/17		2,600,000			2,597,353
1.01% 11/13/17		72,208,121			72,124,721
1.012% 11/10/17		1,500,000			1,498,391
1.013% 11/17/17		3,900,000			3,895,067
1.038% 11/3/17		3,900,000			3,896,568

					145,395,659


	Principal amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements – 1.29%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $4,410,898 (collateralized by US government obligations 3.375% 11/15/19; market value $4,498,745)		4,410,530	$	4,410,530
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $11,027,171 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $11,246,852)		11,026,326		11,026,326
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $9,646,413 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $9,838,521)		9,645,609		9,645,609

				25,082,465

Total Short-Term Investments (cost $174,918,766)				174,931,668

Total Value of Securities Before Options Written – 112.31% (cost $2,164,538,212)			$	2,184,452,055


	Number of contracts			Value (US $)

Options Written – (0.01%)

Call Swaptions – (0.01%)
10 yr IRS exercise rate 2.00% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/15/18, notional amount $(19,100,000) (MSC)		(19,100,000	)	$	(214,932	)

					(214,932	)

Put Swaptions – 0.00%
5 yr IRS exercise rate 2.20% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/27/17, notional amount $(4,900,000) (GSC)		(4,900,000	)		(12,799	)
5 yr IRS exercise rate 2.20% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/27/17, notional amount $(4,900,000) (MSC)		(4,900,000	)		(10,829	)
5 yr IRS exercise rate 2.80% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 8/20/18, notional amount $(19,500,000) (MSC)		(19,500,000	)		(47,834	)

					(71,462	)

Total Options Written (premium received $963,086)				$	(286,394	)

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2017, the aggregate value of Rule 144A securities was $399,064,917, which represents 20.52% 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.

The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”

≠

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

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

Securities have been classified by country of origin.

Fixed to variable rate investment. The interest rate shown reflects the fixed rate in effect at Sept. 30, 2017. Interest rate will reset at a future date.


			(continues	)		53

Schedules of investments

Optimum Fixed Income Fund

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.

y	No contractual maturity date.

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 investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at Sept. 30, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

f	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Sept. 30, 2017.

¥	Fully or partially pledged as collateral for future contracts, TBAs, 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, and swap contracts were outstanding at Sept. 30, 2017:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BAML	AUD	(823,780)		USD	631,741		10/13/17	$	—	$	(14,328	)
BAML	BRL	(8,900,000)		USD	2,624,594		7/3/18		—		(89,688	)
BAML	CAD	(282,000)		USD	233,161		10/3/17		7,147		—
BAML	CAD	511,494		USD	(441,479)		10/13/17		—		(31,503	)
BAML	CAD	(3,636,000)		USD	2,914,178		11/2/17		—		(519	)
BAML	COP	7,744,505,000		USD	(2,556,110)		11/1/17		69,577		—
BAML	EUR	9,171,000		USD	(10,751,163)		10/3/17		90,399		—
BAML	EUR	2,406,734		USD	(2,895,763)		10/13/17		—		(49,063	)
BAML	EUR	(9,171,000)		USD	10,768,679		11/2/17		—		(90,765	)
BAML	GBP	(23,000)		USD	30,294		10/3/17		—		(529	)
BAML	JPY	41,178,223		USD	(377,906)		10/13/17		—		(11,706	)
BAML	KRW	(2,449,664,131)		USD	2,171,924		10/13/17		32,302		—
BAML	NZD	(1,733,572)		USD	1,253,653		10/13/17		1,846		—
BNP	AUD	290,824		USD	(234,810)		10/13/17		—		(6,724	)
BNP	AUD	(3,506,000)		USD	2,742,505		11/2/17		—		(6,423	)
BNP	GBP	(12,099,000)		USD	15,618,344		10/3/17		—		(596,527	)
BNP	MXN	(2,575,375)		USD	142,201		12/15/17		2,538		—
BNP	MYR	(900,000)		USD	210,674		11/2/17		—		(2,355	)
BNP	MYR	(810,000)		USD	189,053		1/23/18		—		(2,373	)
BNP	NOK	(3,327,664)		USD	428,658		10/13/17		10,713		—
BNP	SGD	(9,478,080)		USD	6,962,265		12/4/17		—		(30,336	)
BNYM	CAD	(4,650)		USD	3,719		10/2/17		—		(7	)
CITI	BRL	22,254,720		USD	(7,055,135)		11/3/17		—		(63,594	)
CITI	BRL	(5,200,000)		USD	1,569,669		4/3/18		—		(33,920	)
CITI	BRL	(2,700,000)		USD	803,236		7/3/18		—		(20,197	)


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
CITI	INR	23,338,266		USD	(354,146)		12/4/17	$	129	$	—
CSFB	NZD	(1,635,134)		USD	1,176,806		10/2/17		—		(4,181	)
DB	THB	(4,239,616)		USD	128,346		12/4/17		1,134		—
HSBC	EUR	158,194		USD	(189,418)		10/13/17		—		(2,306	)
HSBC	GBP	(269,976)		USD	349,160		10/13/17		—		(12,779	)
JPMC	BRL	(5,500,000)		USD	1,621,466		7/3/18		—		(55,898	)
JPMC	CAD	(39,000)		USD	31,975		10/3/17		718		—
JPMC	EUR	(9,582,000)		USD	11,564,545		10/3/17		237,118		—
JPMC	GBP	12,122,000		USD	(16,231,945)		10/3/17		13,750		—
JPMC	GBP	(12,879,000)		USD	17,261,479		11/2/17		—		(15,620	)
JPMC	KRW	(907,572,150)		USD	811,288		10/13/17		18,583		—
JPMC	KRW	(2,339,122,800)		USD	2,059,014		12/4/17		14,916		—
JPMC	PLN	(1,265,105)		USD	355,958		10/13/17		9,272		—
JPMC	SEK	813,406		USD	(102,244)		10/13/17		—		(2,299	)
JPMC	TWD	(186,760,561)		USD	6,267,132		12/4/17		100,467		—
TD	AUD	2,944,555		USD	(2,359,672)		10/13/17		—		(50,335	)
TD	CLP	729,952,699		USD	(1,177,856)		10/13/17		—		(37,682	)
TD	COP	3,706,421,384		USD	(1,271,456)		10/13/17		—		(11,691	)
TD	JPY	573,714,276		USD	(5,228,026)		10/13/17		—		(125,943	)
UBS	ZAR	23,401,600		USD	(1,773,050)		10/13/17		—		(48,586	)


Total Foreign Currency Exchange Contracts								$	610,609	$	(1,417,877	)

Futures Contracts


Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Amount			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation
(957)	90 Day Euro	$	(235,686,227	)	$	(234,787,987	)		12/18/18	$	898,240	$	—
(1,285)	90 Day Euro		(315,090,793	)		(314,969,563	)		6/18/19		121,230		—
(143)	90 Day Euro		(35,257,844	)		(35,142,250	)		6/19/18		115,594		—
(166)	90 Day Euro		(40,813,525	)		(40,707,350	)		3/19/19		106,175		—
(39)	90 Day Euro		(9,613,433	)		(9,576,450	)		9/18/18		36,983		—
(45)	90 Day Euro		(11,021,654	)		(11,018,812	)		12/17/19		2,842		—
166	90 Day Euro		40,894,978			40,840,150			3/20/18		—		(54,828	)
41	Bank Accept		8,037,511			8,042,276			3/19/19		4,765		—
22	Bank Accept		4,310,994			4,313,604			6/18/19		2,610		—
75	Bank Accept		14,745,639			14,718,994			12/18/18		—		(26,645	)
39	Bank Accept		7,683,080			7,664,035			6/19/18		—		(19,045	)
(3)	Euro Buxl		(590,851	)		(578,871	)		12/8/17		11,980		—
13	Euro-BOBL		2,022,168			2,015,541			12/8/17		—		(6,627	)
(192)	Euro-Bund		(36,762,886	)		(36,537,162	)		12/8/17		225,724		—
(105)	Euro-O.A.T.		(19,367,791	)		(19,252,797	)		12/8/17		114,994		—
(75)	Long Gilt		(12,548,648	)		(12,449,940	)		12/28/17		98,708		—
(449)	US Treasury 2 yr Notes		(97,124,772	)		(96,850,703	)		1/1/18		274,069		—
(70)	US Treasury 2 yr Notes		(15,146,087	)		(15,140,781	)		10/2/17		5,306		—
2,437	US Treasury 5 yr Notes		288,349,331			286,347,500			1/2/18		—		(2,001,831	)
993	US Treasury 10 yr Notes		125,762,435			124,435,313			12/20/17		—		(1,327,122	)
304	US Treasury Long Bonds		47,212,604			46,455,000			12/20/17		—		(757,604	)


Total Futures Contracts		$	(290,005,771	)						$	2,019,220	$	(4,193,702	)


			(continues	)		55

Schedules of investments

Optimum Fixed Income Fund

Swap Contracts

CDS Contracts²


Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³	Annual Protection Payments		Upfront Payments Paid (Received)			Value			Unrealized Appreciation⁴		Unrealized Depreciation⁴
Centrally Cleared/Protection Purchased Moody’s Ratings:
CDX.NA.HY.27⁵12/20/21-Quarterly	5,742,000		5.00%	$	(235,175	)	$	(450,414	)	$	—	$	(215,239	)
CDX.NA.HY.28⁵6/20/22-Quarterly	2,075,000		5.00%		(130,211	)		(159,246	)		—		(29,035	)

					(365,386	)		(609,660	)		—		(244,274	)

Over-The-Counter/Protection Purchased Moody’s Ratings:
HSBC CDX.EM.27⁶6/20/22-Quarterly	2,240,000		1.00%		112,863			70,622			—		(42,241	)
Centrally Cleared/Protection Sold Moody’s Ratings:
Citigroup CDS 6.125% 5/15/18 Baa1 12/20/20- Quarterly	700,000		1.00%		11,809			15,204			3,395		—
Over-The-Counter/Protection Sold Moody’s Ratings:
BAML Republic of Colombia 10.375% 1/28/33 Baa2 6/20/22-Quarterly	250,000		1.00%		(3,592	)		(989	)		2,603		—
BAML Republic of Colombia LA 10.375% 1/28/33 Baa2 6/20/21-Quarterly	100,000		1.00%		(2,435	)		678			3,113		—
BAML Republic of Italy 6.875% 9/27/23 Baa2 6/20/21-Quarterly	9,800,000		1.00%		(121,950	)		93,547			215,497		—
BNP Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	200,000		1.00%		(4,929	)		1,356			6,285		—
CITI Republic of Brazil 4.25% 1/7/25 Ba2 6/20/22- Quarterly	100,000		1.00%		(5,974	)		(3,328	)		2,646		—
CITI Republic of Colombia 10.375% 1/28/33 Baa2 12/20/22-Quarterly	200,000		1.00%		(2,571	)		(2,169	)		402		—
DB CMBX.NA.AAA⁷10/17/57-Monthly	14,200,000		0.50%		(921,674	)		51,071			972,745		—
DB Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	200,000		1.00%		(4,868	)		1,356			6,224		—
GSC Republic of Brazil 4.25% 1/7/25 Ba2 6/20/22- Quarterly	500,000		1.00%		(30,662	)		(16,643	)		14,019		—
GSC Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	3,100,000		1.00%		(77,462	)		21,016			98,478		—
JPMC Mexico LA 5 yr CDS 5.950% 3/19/19 WR 12/20/19-Quarterly	7,100,000		1.00%		30,042			82,173			52,131		—
JPMC Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly	100,000		1.00%		(2,465	)		678			3,143		—
JPMC Volkswagen International 2 yr 5.375% 5/22/18 A3 12/20/17-Quarterly	EUR 2,500,000		1.00%		(4,579	)		5,745			10,324		—
MSC CMBX.NA.BBB.6⁷5/11/63-Monthly	4,205,000		3.00%		(479,641	)		(637,605	)		—		(157,964	)

					(1,632,760	)		(403,114	)		1,387,610		(157,964	)

Total CDS Contracts				$	(1,873,474	)	$	(926,948	)	$	1,391,005	$	(444,479	)

Interest Rate Swap (IRS) Contracts⁸


Reference Obligation/Termination Date/ Payment Frequency (Fixed Rate/ Floating Rate)	Notional Amount³			Fixed/Floating Interest Rate Paid (Received)		Upfront Payments Paid (Received)			Value			Unrealized Appreciation⁴		Unrealized Depreciation⁴
Centrally Cleared:
2 yr CDOR03 12/13/19- (Semiannually/ Quarterly)		CAD	69,700,000		1.45%/(1.45%)	$	(598,887	)	$	(556,206	)	$	42,681	$	—
2 yr IRS 12/28/18-(Semiannually/ Quarterly)			7,200,000		1.35%/(1.331%)		—			(22,720	)		—		(22,720	)
2 yr IRS 12/20/19-(Semiannually/ Quarterly)			67,300,000		2.00%/(1.335%)		(355,504	)		(171,335	)		184,169		—
2 yr IRS 6/28/21-(Semiannually/ Quarterly)			30,100,000		1.45%/(1.335%)		—			378,709			378,709		—
3 yr IRS 6/21/20-(Semiannually/ Quarterly)			32,700,000		1.25%/(1.326%)		605,494			495,130			—		(110,364	)
4 yr IRS 12/16/19-(Semiannually/ Quarterly)			1,600,000		2.00%/(1.137%)		(3,634	)		(8,588	)		—		(4,954	)
4 yr IRS 6/21/21-(Semiannually/ Quarterly)			16,500,000		1.25%/(1.326%)		431,493			392,487			—		(39,006	)
5 yr Mexico TIEE-Banxico 9/6/21-(28 days)		MXN	26,200,000		5.798%/(7.379%)		(48,572	)		(50,654	)		—		(2,082	)
5 yr Mexico TIEE-Banxico 12/3/21-(28 days)		MXN	17,900,000		7.199%/(7.379%)		(16,785	)		14,804			31,589		—
5 yr IRS 4/6/21-(Semiannually/ Quarterly)			5,035,000		1.199%/(1.301%)		—			119,267			119,267		—
5 yr IRS 8/9/21-(Semiannually/ Quarterly)			6,220,000		1.191%/(1.311%)		—			169,440			169,440		—
5 yr IRS 4/27/22-(Semiannually/ Quarterly)			2,005,000		1.976%/(1.317%)		—			(728	)		—		(728	)
5 yr IRS 6/15/22-(Semiannually/ Quarterly)			1,400,000		2.027%/(1.326%)		—			(3,053	)		—		(3,053	)
5 yr IRS 6/21/22-(Semiannually/ Quarterly)			2,900,000		1.25%/(1.326%)		107,536			97,558			—		(9,978	)
5 yr IRS 8/30/22-(Semiannually/ Quarterly)			3,035,000		1.798%/(1.318%)		—			27,861			27,861		—
5 yr IRS 12/20/22-(Semiannually/ Quarterly)			4,800,000		2.25%/(1.335%)		(63,753	)		(42,719	)		21,034		—
7 yr IRS 12/16/22-(Semiannually/ Quarterly)			42,500,000		2.25%/(1.137%)		289,869			(494,787	)		—		(784,656	)
7 yr IRS 4/6/23-(Semiannually/ Quarterly)			750,000		1.416%/(1.301%)		—			25,048			25,048		—
7 yr IRS 1/25/24-Quarterly			3,260,000		2.125%/(1.314%)		—			(6,753	)		—		(6,753	)
10 yr IRS 4/5/26-(Semiannually/ Quarterly)			1,490,000		1.687%/(1.299%)		—			64,526			64,526		—
10 yr IRS 6/21/27-(Semiannually/ Quarterly)			24,800,000		1.50%/(1.327%)		(1,343,330	)		(1,169,365	)		173,965		—
20 yr Mexico TIEE-Banxico 11/28/36-(28 days)		MXN	14,000,000		8.28%/(7.379%)		74,333			79,005			4,672		—
30 yr IRS 6/15/46-(Semiannually/ Quarterly)			17,100,000		2.50%/(1.32%)		(1,107,842	)		104,088			1,211,930		—


			(continues	)		57

Schedules of investments

Optimum Fixed Income Fund


Reference Obligation/Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³		Fixed/Floating Interest Rate Paid (Received)		Upfront Payments Paid (Received)			Value			Unrealized Appreciation⁴		Unrealized Depreciation⁴
Centrally Cleared (continued):
30 yr IRS 12/21/46-(Semiannually/ Quarterly)		1,770,000		2.767%/(1.326%)	$	—		$	(77,654	)	$	—	$	(77,654	)
30 yr IRS 12/21/46-(Semiannually/ Quarterly)		900,000		2.25%/(1.326%)		(70,397	)		61,456			131,853		—
30 yr IRS 1/27/47-(Semiannually/ Quarterly)		440,000		2.661%/(1.317%)		—			(12,738	)		—		(12,738	)
30 yr IRS 1/30/47-(Semiannually/ Quarterly)		705,000		2.687%/(1.311%)		—			(24,291	)		—		(24,291	)


Total IRS Contracts					$	(2,099,979	)	$	(612,212	)	$	2,586,744	$	(1,098,977	)

The use of foreign currency exchange contracts, futures contracts, 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 amounts presented above represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

²A 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.

³Notional amount shown is stated in US dollars unless noted that the swap is denominated in another currency.

⁴Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of ($616,352).

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

⁶ Markit’s Emerging markets CDX Index, or the CDX.EM Index is composed of 15 sovereign issuers from the following countries: Argentina, Brazil, Chile, China, Colombia, Indonesia, Malaysia, Mexico, Panama, Peru, Philippines, Russia, South Africa, Turkey, and Venezuela, which have S&P credit quality rating of CCC and above.

⁷Markit’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). US Agency and US Agency mortgage-backed securities appear under US Government.

⁸An 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.

Summary of abbreviations:

ARM – Adjustable Rate Mortgage

ARS – Argentine Peso

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BAML – Bank of America Merrill Lynch

BBSW3M – Bank Bill Swap 3 Months

BNP – BNP Paribas

BNYM – BNY Mellon

BOBL – Bundesobligationen (German Treasury Medium Term Bonds)

BP0003M – 3 Month Sterling LIBOR Interest Rate

BRL – Brazilian Real

BUXL – inflationsindexierte Bundesanleihen (German Treasury Long Term Bonds)

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

CDOR03 – Canadian Dollar Offered Rate 3 Months

CDS – Credit Default Swap

CDX.EM – Credit Default Swap Index Emerging Markets

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

CITI – Citigroup Global Markets

Summary of abbreviations: (continued)

CLO – Collateralized Loan Obligation

CLP – Chilean Peso

CMBX.NA – Commercial Mortgage-Backed Index North America

CNH – Chinese Offshore Renminbi

COF 11 – Cost of Funds for the 11th District of San Francisco

COP – Colombian Peso

CSFB – Credit Suisse First Boston

DB – Deutsche Bank

DIP – Debtor in Possession

EUR – European Monetary Unit

EUR003M – The Euro Interbank Offered Rate 3 Month

FHAVA – Federal Housing Administration and Veterans Administration

FREMF – Freddie Mac Multifamily

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GSC – Goldman Sachs Capital

HSBC – Hong Kong Shanghai Bank

H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Year

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

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MASTR – Mortgage Asset Securitization Transactions, Inc.

MBIA – Municipal Bond Insurance Association Group

MSC – Morgan Stanley Capital

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

O.A.T. – Obligations Assimilables du Tresor (French Treasury Obligation)

PEN – Peruvian Nuevo Sol

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment Conduit

S&P – Standard & Poor’s Financial Services LLC

S.F. – Single Family

SEK – Swedish Krona

SGD – Singapore Dollar

TBA – To be announced

TD – Toronto Dominion Bank

THB – Thailand Baht

TIEE – Banxico – Interbank Equilibrium Interest Rate Banco de Mexico

TRY – Turkish Lira

TWD – Taiwan Dollar

UBS – Union Bank of Switzerland

USD – US Dollar

UYU – Uruguayan Peso

yr – Year

ZAR – South African Rand

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


			(continues	)		59

Schedules of investments

Optimum International Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 98.93%D

Australia – 1.92%
BHP Billiton ADR *		64,505	$	2,614,388
Qantas Airways		1,582,213		7,247,053
South32		895,818		2,317,488

				12,178,929

Austria – 2.50%
Erste Group Bank †		123,405		5,331,723
Lenzing		6,846		992,801
Raiffeisen Bank International †		28,475		954,409
Schoeller-Bleckmann Oilfield Equipment *†		44,529		3,563,498
voestalpine		98,215		5,008,285

				15,850,716

Bermuda – 0.87%
Everest Re Group		24,040		5,490,496

				5,490,496

Brazil – 1.75%
Banco Bradesco ADR		485,241		5,371,618
Magazine Luiza		245,700		5,729,108

				11,100,726

Canada – 3.86%
Bank of Montreal		17,000		1,286,564
Canadian Imperial Bank of Commerce		97,907		8,566,225
Magna International Class A		90,268		4,817,428
Power Corp. of Canada		41,474		1,054,010
Pure Industrial Real Estate Trust		123,313		628,548
Rogers Communications Class B *		57,190		2,947,573
Rogers Communications Class B		19,500		1,005,514
Royal Bank of Canada		52,034		4,025,937
Tourmaline Oil †		6,200		126,062

				24,457,861

Chile – 0.15%
Antofagasta		73,277		933,404

				933,404

China/Hong Kong – 7.67%
Anhui Conch Cement		940,000		3,772,903
ASM Pacific Technology		146,700		2,119,044
BYD Class H *		479,000		4,543,169
BYD Electronic International		267,500		792,676
China Construction Bank		815,000		680,893
China Life Insurance Class H		2,008,000		6,019,098
CK Asset Holdings		472,500		3,928,050


	Number of shares		Value (US $)

Common StockD (continued)

China/Hong Kong (continued)
CK Hutchison Holdings		50,000	$	640,414
CLP Holdings		889,500		9,132,157
Hang Seng Bank		43,300		1,058,583
HKT Trust & HKT		964,000		1,171,125
I-CABLE Communications †		206,186		6,775
Jardine Strategic Holdings		15,500		670,389
Melco International Development		234,000		677,871
Melco Resorts & Entertainment ADR		173,653		4,188,510
Shanghai Fosun Pharmaceutical Group Class H		1,061,000		4,404,762
Sun Hung Kai Properties		145,000		2,362,086
Wharf Holdings		269,000		2,406,522

				48,575,027

Colombia – 0.73% Bancolombia ADR		100,402		4,597,408

				4,597,408

Czech Republic – 0.42% Komercni banka		60,850		2,657,344

				2,657,344

Denmark – 1.27% H. Lundbeck		138,622		8,014,026

				8,014,026

France – 5.82%
Air France-KLM †		163,515		2,578,641
BioMerieux		18,123		1,475,273
Bouygues		17,533		832,307
Derichebourg		87,294		915,356
Eramet †		11,519		783,010
Ipsen		44,679		5,944,689
IPSOS		23,199		802,962
Peugeot		79,447		1,891,250
Publicis Groupe *		74,808		5,233,352
Safran *		65,162		6,658,847
Societe Generale		74,345		4,356,721
Sodexo *		43,299		5,397,692

				36,870,100

Germany – 3.94%
Continental		21,466		5,451,701
Deutsche Lufthansa		377,423		10,495,713
Merck		33,785		3,762,745
Siltronic †		20,907		2,600,141
Suedzucker		58,820		1,265,020


	Number of shares		Value (US $)

Common StockD (continued)

Germany (continued) TUI		82,466	$	1,401,913

				24,977,233

India – 2.57%
ICICI Bank ADR		623,529		5,337,408
Jet Airways India †		73,186		540,297
South Indian Bank		4,253,356		1,839,156
SpiceJet †		393,285		771,911
Yes Bank		1,445,790		7,760,997

				16,249,769

Indonesia – 2.86%
Barito Pacific †		43,852,500		6,499,130
Delta Dunia Makmur †		38,784,100		2,608,223
Indofood Sukses Makmur		3,992,400		2,500,100
Telekomunikasi Indonesia Persero		16,746,000		5,823,914
Telekomunikasi Indonesia Persero ADR		19,743		677,185

				18,108,552

Ireland – 2.33%
ICON †		129,491		14,746,435

				14,746,435

Israel – 2.69%
Bank Hapoalim		1,155,160		8,083,382
Bank Leumi Le-Israel		1,387,913		7,376,092
Tower Semiconductor †		51,862		1,594,758

				17,054,232

Italy – 1.86%
Gefran		63,514		969,868
La Doria		45,778		753,683
Prysmian		179,026		6,048,814
Recordati		86,469		3,990,262

				11,762,627

Japan – 18.16%
ANA Holdings		121,000		4,583,355
Asahi Glass		131,800		4,895,458
Astellas Pharma		234,600		2,985,882
Benesse Holdings		26,400		952,485
Canon Marketing Japan		28,800		688,812
Daito Trust Construction		26,300		4,791,401
Daiwa House Industry		222,200		7,675,350
Denso		126,100		6,381,969
Fujitsu		969,000		7,211,826
Furukawa Electric		63,000		3,463,464
Hitachi		595,000		4,195,258


	Number of shares		Value (US $)

Common StockD (continued)

Japan (continued)
Japan Post Holdings		178,500	$	2,108,877
Kansai Electric Power		240,100		3,073,158
Kirin Holdings		237,300		5,575,103
Konami Holdings		71,000		3,418,172
Lion		84,400		1,542,150
Matsumotokiyoshi Holdings		9,600		643,023
Medipal Holdings		151,100		2,626,027
Mixi		122,300		5,906,597
Morinaga Milk Industry		19,400		741,395
Nichiha		22,800		856,005
Nippon Telegraph & Telephone		179,300		8,215,656
NTT DOCOMO		28,000		639,990
Obayashi		109,600		1,314,591
Plenus		26,000		574,528
Rohto Pharmaceutical		62,800		1,418,034
Secom		73,200		5,330,757
Shinmaywa Industries		110,000		999,609
Sumitomo Dainippon Pharma		162,400		2,115,599
Suntory Beverage & Food		13,900		618,291
Suzuken		88,500		3,147,706
Taisei		33,800		1,772,536
T-Gaia		78,900		1,534,337
Tokyo Electric Power Holdings †		1,815,100		7,332,610
Toray Industries		582,700		5,654,161

				114,984,172

Mexico – 0.80% Grupo Financiero Banorte		734,200		5,054,731

				5,054,731

Netherlands – 4.28% ASR Nederland		20,503		820,149
Core Laboratories *		53,041		5,235,147
Heineken		57,238		5,663,844
Royal Dutch Shell Class A		508,901		15,413,368

				27,132,508

New Zealand – 1.01% a2 Milk †		304,139		1,400,598
Air New Zealand		265,927		647,824
Spark New Zealand		772,200		2,038,774
Xero Private Placement		104,850		2,340,154

				6,427,350

Norway – 2.89% DNB		400,998		8,096,179


			(continues	)		61

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Common StockD (continued)

Norway (continued)
Norsk Hydro		694,518	$	5,067,748
Statoil ADR *		255,994		5,142,919

				18,306,846

Republic of Korea – 2.97%
Hyundai Mobis		17,052		3,580,201
LG Display		19,664		526,761
LG Display ADR		46,312		621,507
Samsung Electronics		5,502		12,380,731
SK Hynix		22,885		1,669,011

				18,778,211

Singapore – 1.08%
DBS Group Holdings		284,000		4,371,915
United Industrial		1,076,000		2,492,249

				6,864,164

South Africa – 0.15%
Investec		134,079		971,614

				971,614

Spain – 1.93%
Amadeus IT Group		139,039		9,042,922
Atlantica Yield		161,231		3,176,251

				12,219,173

Sweden – 1.14%
G5 Entertainment		49,155		1,910,098
Getinge Class B		281,641		5,287,534

				7,197,632

Switzerland – 5.97%
Allreal Holding †		7,743		1,356,934
Coca-Cola HBC †		24,130		817,012
Credit Suisse Group ADR		304,386		4,809,299
Ferrexpo		1,246,052		4,882,231
Lonza Group †		21,162		5,560,624
Novartis ADR		82,973		7,123,232
Roche Holding		27,326		6,985,076
STMicroelectronics		154,064		2,988,742
Swiss Life Holding †		8,137		2,868,634
Zehnder Group		11,237		394,545

				37,786,329

Taiwan – 3.28%
Advanced Semiconductor Engineering		3,615,343		4,434,830
Hon Hai Precision Industry		2,998,500		10,413,514
Taiwan Semiconductor Manufacturing		825,000		5,909,030

				20,757,374


	Number of shares		Value (US $)

Common StockD (continued)

Thailand – 1.19%
Bangkok Bank NVDR		119,400	$	668,541
Krung Thai Bank NVDR		2,748,100		1,551,149
PTT Exploration & Production NVDR		911,700		2,450,476
PTT Global Chemical		401,200		927,314
PTT NVDR		97,400		1,192,677
Thai Oil NVDR		276,600		767,181

				7,557,338

Turkey – 0.52%
Akbank Turk		1,238,964		3,269,698

				3,269,698

United Kingdom – 8.71%
AstraZeneca ADR		132,089		4,475,175
Barclays		2,079,777		5,392,827
British American Tobacco		40,185		2,515,732
Debenhams		1,293,595		858,042
Diageo		202,827		6,670,071
Ferroglobe		49,946		657,289
GlaxoSmithKline		124,069		2,480,217
HSBC Holdings		593,404		5,866,295
Imperial Brands		47,294		2,018,546
Indivior †		377,052		1,717,437
Investec		112,822		824,771
ITV		1,634,051		3,828,425
Legal & General Group		380,148		1,324,998
RELX		209,169		4,449,754
Rio Tinto ADR *		93,101		4,393,436
Shire		126,737		6,455,198
Smith & Nephew		66,299		1,198,369

				55,126,582

United States – 1.64%
Carnival *		114,999		7,425,485
Carnival (London Stock Exchange)		10,323		656,464
International Game Technology		67,377		1,654,105
Project Star =p†		142		453,406
Project Star Series G =p†		47		183,449

				10,372,909

Total Common Stock (cost $525,801,032)				626,431,516


	Principal amount°		Value (US $)

Short-Term Investments – 0.64%

Discount Notes – 0.21%≠
Federal Farm Credit 0.784% 10/5/17		356,198	$	356,168
Federal Home Loan Bank 0.35% 10/2/17		71,390		71,389
0.947% 10/19/17		216,056		215,956
0.982% 11/13/17		712,396		711,574

				1,355,087

Repurchase Agreements – 0.43%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $475,974 (collateralized by US government obligations 3.375% 11/15/19; market value $485,454)		475,934		475,934
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $1,189,927 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $1,213,633)		1,189,836		1,189,836
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $1,040,931 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $1,061,662)		1,040,845		1,040,845

				2,706,615

Total Short-Term Investments
(cost $4,061,652)				4,061,702

Total Value of Securities Before Securities Lending Collateral – 99.57%
(cost $529,862,684)				630,493,218


	Principal amount°		Value (US $)

Securities Lending Collateral – 2.29%**

Certificates of Deposit – 0.67%
Australia & New Zealand Banking Group (London) 1.18% 10/2/17 ≠		76,000	$	76,000
Bank of Nova Scotia (Houston) 1.438% (LIBOR01M + 0.20%) 7/6/18 ●		223,000		223,019
1.496% (LIBOR03M + 0.18%) 3/2/18 ●		305,000		305,189
Canadian Imperial Bank of Commerce (Cayman) 1.05% 10/2/17 ≠		653,000		653,000
CommonWealth Bank of Australia (London) 1.12% 10/2/17 ≠		125,000		125,000
National Australia Bank (Cayman) 1.05% 10/2/17 ≠		352,000		352,000
National Bank of Canada (Montreal) 1.06% 10/2/17 ≠		653,000		653,000
Northern Trust Company (Cayman) 1.02% 10/2/17 ≠		653,000		653,000
Royal Bank of Canada (New York) 1.559% (LIBOR03M + 0.32%) 3/16/18 ●		264,000		264,253
Royal Bank of Canada (Toronto) 1.07% 10/2/17 ≠		389,000		389,000
Wells Fargo Bank 1.455% (LIBOR01M + 0.22%) 10/5/18 ●		273,000		273,017
1.672% (LIBOR03M + 0.36%) 11/7/17 ●		272,000		272,136

				4,238,614

Commercial Papers – 0.33%
Apple 1.20% 12/6/17 ≠		261,000		260,435
Australia & New Zealand Banking Group 1.395% (LIBOR01M + 0.16%) 9/7/18 ³●		267,000		267,001
1.402% (LIBOR01M + 0.17%) 9/5/18 ³●		310,000		310,033
CommonWealth Bank Australia 1.61% (LIBOR03M + 0.30%) 11/3/17 ³●		251,000		251,099
1.64% (LIBOR01M + 0.41%) 2/16/18 ³●		276,000		276,347


			(continues	)		63

Schedules of investments

Optimum International Fund


	Principal amount°		Value (US $)

Securities Lending Collateral** (continued)

Commercial Papers (continued)
National Australia Bank
1.63% (LIBOR01M +
0.39%) 2/23/18 ³●		301,000	$	301,350
Novartis Finance Corp
1.16% 11/13/17 ≠		269,000		268,623
1.16% 11/17/17 ≠		153,000		152,766

				2,087,654

Repurchase Agreements – 1.29%
Bank of Nova Scotia 1.05%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $3,381,093 (collateralized by US government obligations 0.00%-8.75% 11/9/17 – 2/15/22; market value $3,448,721)		3,380,797		3,380,797
JP Morgan Securities 1.05%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $3,381,093 (collateralized by US government obligations 0.125% 4/15/21; market value $3,448,717)		3,380,797		3,380,797
Merrill Lynch, Pierce, Fenner & Smith 1.03%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $1,434,479 (collateralized by US government obligations 3.375% 11/15/19; market value $1,463,048)		1,434,356		1,434,356

				8,195,950

Total Securities Lending Collateral
(cost $14,520,749)				14,522,218

Total Value of Securities – 101.86%
(cost $544,383,433)			$	645,015,436∎


*		Fully or partially on loan.
**		See Note 7 in “Notes to financial statements” for additional information on securities lending collateral and non-cash collateral.
=		The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
≠		The rate shown is the effective yield at the time of purchase.
³		Commercial paper exempt from registration under Section 4(a)(2) and/or Rule 144A of the Securities Act of 1933, as amended, and may be resold in transactions exempt from registration only to dealers in that program or other “accredited investors.” At Sept. 30, 2017, the aggregate value of these securities was $1,405,830, which represented 0.22% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”
∎		Includes $20,814,375 of securities loaned.
°		Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
D		Securities have been classified by country of origin. Aggregate classification by business sector has been presented on page 4 in “Security type/country and sector allocations.”
p		Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Sept. 30, 2017, the aggregate value of restricted securities was $636,855, which represented 0.10% of the Fund’s net assets. See the table below for additional details on restricted securities.
†		Non-income producing security.
●		Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at Sept. 30,2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

Restricted Securities


Investment	Date of Acquisition		Cost			Value
Project Star		5/7/14		$	999,482		$	453,406
Project Star Series G		10/29/14			396,443			183,449

Total				$	1,395,925		$	636,855

Summary of abbreviations:

ADR – American Depositary Receipt

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

Summary of abbreviations: (continued)

NVDR – Non-Voting Depositary Receipt

USD – US Dollar

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


			(continues	)		65

Schedules of investments

Optimum Large Cap Growth Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 97.21%²

Consumer Discretionary – 16.83%
Altice USA Class A †		70,061	$	1,913,366
Amazon.com †		100,916		97,015,597
AutoZone †		6,352		3,780,139
CBS Class B		195,173		11,320,034
Charter Communications Class A †		8,891		3,231,167
Comcast Class A		246,094		9,469,697
Delphi Automotive (United Kingdom)		75,320		7,411,488
Dollar General		32,700		2,650,335
Expedia		32,752		4,714,323
Ferrari (Italy)		71,758		7,927,824
Flipkart Limited =p†		1,530		128,073
Flipkart Limited Series A =p†		522		43,695
Flipkart Limited Series C =p†		921		77,095
Flipkart Limited Series E =p†		1,712		143,308
Flipkart Limited Series G =p†		7,188		817,793
Flipkart Limited Series H =p†		6,977		942,788
Home Depot		94,359		15,433,358
Marriott International Class A		40,252		4,438,186
McDonald’s Corp		71,804		11,250,251
MGM Resorts International		84,848		2,765,196
Netflix †		69,668		12,634,292
Newell Brands		137,621		5,872,288
NIKE Class B		18,629		965,914
Norwegian Cruise Line Holdings †		118,612		6,410,979
Priceline Group †		16,173		29,609,852
PVH		40,019		5,044,795
Restaurant Brands International (Canada)		78,034		4,984,812
Tesla †		25,434		8,675,537
Time Warner		39,329		4,029,256
Yum! Brands		107,600		7,920,436

				271,621,874

Consumer Staples – 2.69%
British American Tobacco (United Kingdom)		97,386		6,096,730
Danone (France)		3,942		309,620
Estee Lauder		43,551		4,696,540
Kraft Heinz		54,400		4,218,720
Molson Coors Brewing Class B		29,698		2,424,545
PepsiCo		32,498		3,621,252
Philip Morris International		167,710		18,617,487
Wal-Mart Stores		42,994		3,359,551

				43,344,445


	Number of shares		Value (US $)

Common Stock² (continued)

Energy – 0.78%
Anadarko Petroleum		34,461	$	1,683,420
Halliburton		90,082		4,146,474
Pioneer Natural Resources		45,411		6,699,939

				12,529,833

Financials – 5.32%
Bank of America		379,960		9,628,186
Chubb (Switzerland)		23,570		3,359,904
First Republic Bank		52,106		5,442,993
Intercontinental Exchange		296,305		20,356,153
JPMorgan Chase & Co.		110,230		10,528,067
Morgan Stanley		390,837		18,826,618
S&P Global		25,173		3,934,792
State Street		50,700		4,843,878
TD Ameritrade Holding		180,623		8,814,402
WeWork Companies =p†		2,473		121,720

				85,856,713

Healthcare – 15.35%
ACADIA Pharmaceuticals †		57,685		2,172,994
Aetna		103,054		16,386,617
Alexion Pharmaceuticals †		77,294		10,843,575
Allergan		14,997		3,073,635
Anthem		35,300		6,702,764
Becton Dickinson and Co.		58,703		11,502,853
Biogen †		32,457		10,162,936
BioMarin Pharmaceutical †		38,613		3,593,712
Boston Scientific †		226,264		6,600,121
Bristol-Myers Squibb		38,534		2,456,157
Celgene †		146,610		21,378,670
Centene †		33,234		3,216,054
Cigna		45,185		8,446,884
Clovis Oncology †		23,353		1,924,287
Danaher		126,000		10,808,280
DexCom †		32,469		1,588,546
Envision Healthcare †		9,517		427,789
HCA Holdings †		78,300		6,231,897
Humana		35,936		8,755,088
Illumina †		23,070		4,595,544
Incyte †		27,014		3,153,614
Intuitive Surgical †		12,300		12,864,324
Medtronic		67,302		5,234,077
Merck & Co.		98,200		6,287,746
Stryker		85,400		12,128,508
TESARO †		1,033		133,360
Thermo Fisher Scientific		22,419		4,241,675
UnitedHealth Group		186,145		36,456,498
Vertex Pharmaceuticals †		146,615		22,291,345


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
Zoetis		61,700	$	3,933,992

				247,593,542

Industrials – 8.66%
Acuity Brands		45,355		7,768,404
American Airlines Group		261,400		12,413,886
Boeing		80,618		20,493,902
Equifax		59,805		6,338,732
Fortive		76,800		5,436,672
Fortune Brands Home & Security		74,041		4,977,776
General Dynamics		23,045		4,737,591
HD Supply Holdings †		95,555		3,446,669
Honeywell International		212,272		30,087,433
Illinois Tool Works		50,600		7,486,776
Johnson Controls International		86,557		3,487,382
Roper Technologies		33,185		8,077,229
Stanley Black & Decker		60,368		9,113,757
TransUnion †		111,617		5,275,019
Union Pacific		37,158		4,309,213
United Continental Holdings †		57,921		3,526,230
Wabtec		36,174		2,740,181

				139,716,852

Information Technology – 42.41%
Adobe Systems †		59,977		8,947,369
Alibaba Group Holding ADR †		276,224		47,706,647
Alphabet Class A †		21,100		20,545,492
Alphabet Class C †		62,165		59,623,073
Apple		645,477		99,480,915
Applied Materials		158,688		8,266,058
ASML Holding (Netherlands)		12,800		2,191,360
Autodesk †		64,518		7,242,791
Broadcom		93,049		22,568,104
Cognizant Technology Solutions Class A		116,848		8,476,154
Dropbox Class A =p†		61,727		580,234
Electronic Arts †		134,288		15,854,041
Facebook Class A †		431,528		73,735,189
Fidelity National Information Services		84,800		7,919,472
Fiserv †		49,894		6,434,330
Intuit		71,899		10,219,724
Mastercard Class A		107,000		15,108,400
Microchip Technology		135,632		12,177,041
Micron Technology †		136,011		5,349,313
Microsoft		1,076,217		80,167,404


	Number of shares		Value (US $)

Common Stock² (continued)

Information Technology (continued)
NVIDIA		28,940	$	5,173,604
Oracle		88,541		4,280,957
PayPal Holdings †		354,100		22,673,023
Red Hat †		26,392		2,925,817
salesforce.com †		269,542		25,180,614
ServiceNow †		95,447		11,217,886
Symantec		311,100		10,207,191
Tencent Holdings (China) (Hong Kong Exchange)		205,500		8,984,602
Vantiv Class A †		76,300		5,376,861
Visa Class A		505,946		53,245,757
Western Digital		101,787		8,794,397
Workday Class A †		39,850		4,199,792
Xilinx		133,996		9,490,937

				684,344,549

Materials – 1.34%
Air Products & Chemicals		57,877		8,752,160
DowDuPont		52,494		3,634,160
Sherwin-Williams		14,830		5,309,733
Vulcan Materials		33,403		3,994,999

				21,691,052

Real Estate – 2.73%
American Tower		63,600		8,692,848
Crown Castle International		217,306		21,726,254
Equinix		30,477		13,601,885

				44,020,987

Telecommunication Services – 0.57%
T-Mobile US †		149,452		9,215,210

				9,215,210

Utilities – 0.53%
American Water Works		24,042		1,945,238
NextEra Energy		45,000		6,594,750

				8,539,988

Total Common Stock (cost $1,190,213,474)				1,568,475,045



Convertible Preferred Stock – 0.57%

Airbnb Private Placement
Series D =p†	23,130	2,595,186
Series E =p†	13,611	1,527,154
Magic Leap =p†	43,435	950,416
Uber Technologies
Series G =p†	34,197	1,461,238
WeWork Companies
Series E =p†	22,244	1,094,839


			(continues	)		67

Schedules of investments

Optimum Large Cap Growth Fund


	Number of shares		Value (US $)

Convertible Preferred Stock (continued)

Xiaoju Kuaizhi (China) =p†		32,416	$	1,568,464

Total Convertible Preferred Stock (cost $6,497,745)				9,197,297


US Master Limited Partnership – 0.53%

Blackstone Group		253,396		8,455,825
Total US Master Limited Partnership (cost $7,203,106)				8,455,825

	Principal Amount°

Convertible Bonds – 0.37%

Caesars Entertainment Operating 10.00% maturity date 12/15/18 ‡		5,375,000		5,549,687
10.75% maturity date 12/31/17 ‡		265,000		410,750

Total Convertible Bonds (cost $5,497,430)				5,960,437


Short-Term Investments – 1.32%

Discount Note – 0.03%p Federal Home Loan Bank 0.35% 10/2/17		547,376		547,365

				547,365

Repurchase Agreements – 1.29%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $3,649,477 (collateralized by US government obligations 3.375% 11/15/19; market value $3,722,160)		3,649,172		3,649,172
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $9,123,630 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $9,305,390)		9,122,931		9,122,931


	Principal Amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $7,981,223 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $8,140,169)		7,980,558	$	7,980,558

				20,752,661

Total Short-Term Investments (cost $21,300,026)				21,300,026

Total Value of Securities – 100.00% (cost $1,230,711,781)			$	1,613,388,630


²		Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=		The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
≠		The rate shown is the effective yield at the time of purchase.
°		Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
‡		Non-income producing security. Security is currently in default.
p		Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Sept. 30, 2017, the aggregate value of restricted securities was $12,052,003, which represented 0.75% of the Fund’s net assets. See Note 8 in “Notes to financial statements” and table on the next page for additional details on restricted securities.
†		Non-income producing security.

Restricted securities


Investment	Date of Acquisition	Cost		Value
Airbnb Private Placement Series D	4/16/14	$	941,692	$	2,595,186
Airbnb Private Placement Series E	7/14/15		1,267,108		1,527,154
Dropbox Class A	11/7/14		1,179,060		580,234
Flipkart Limited	3/19/15		174,419		43,695
Flipkart Limited Series A	3/19/15		59,508		77,095
Flipkart Limited Series C	3/19/15		104,994		143,308
Flipkart Limited Series E	3/19/15		195,167		817,793
Flipkart Limited Series G	12/17/14		860,835		942,788
Flipkart Limited Series H	4/17/15		992,408		128,073
Magic Leap	1/20/16		1,000,438		950,416
Uber Technologies Series G	12/3/15		1,667,863		1,461,238
WeWork Companies	6/23/15		81,336		121,720
WeWork Companies Series E	6/23/15		731,596		1,094,839
Xiaoju Kuaizhi (China)	10/19/15		889,048		1,568,464

Total		$	10,145,472	$	12,052,003

The following foreign currency exchange contract was outstanding at Sept. 30, 2017:¹

Foreign Currency Exchange Contract

Counterparty

Contracts to
Receive
(Deliver)

In
Exchange
For

Settlement
Date

Unrealized
Appreciation

BCLY

EUR

(273,101

)

USD 321,822

10/2/17

(1,009

)

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 represent the Fund’s total exposure in such contracts, whereas only the net unrealized appreciation (depreciation) is reflected in the Fund’s net assets.

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

Summary of abbreviations:

ADR – American Depositary Receipt

BCLY – Barclays Bank

EUR – European Monetary Unit

USD – US Dollar

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


			(continues	)		69

Schedules of investments

Optimum Large Cap Value Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 98.02%²

Consumer Discretionary – 6.22%
Advance Auto Parts		12,326	$	1,222,739
BorgWarner		172,661		8,845,423
CBS Class B		120,477		6,987,666
Comcast Class A Special		510,465		19,642,693
Delphi Automotive (United Kingdom)		82,476		8,115,638
Hanesbrands		127,158		3,133,173
Harley-Davidson		23,056		1,111,530
Home Depot		44,605		7,295,594
Interpublic Group of Cos		206,652		4,296,295
Newell Brands		34,904		1,489,354
Omnicom Group		117,887		8,731,890
PVH		47,591		5,999,321
Time Warner		20,594		2,109,855
Walt Disney		89,991		8,870,413

				87,851,584

Consumer Staples – 8.67%
Altria Group		45,928		2,912,754
Archer-Daniels-Midland		57,892		2,460,989
Coty Class A		178,081		2,943,679
CVS Health		134,399		10,929,327
Danone (France)		42,199		3,314,471
Diageo (United Kingdom)		239,616		7,879,896
General Mills		145,393		7,525,542
Hershey		74,702		8,155,217
JM Smucker		23,278		2,442,561
Nestle (Switzerland)		137,780		11,565,426
PepsiCo		127,042		14,156,290
Philip Morris International		214,527		23,814,642
Procter & Gamble		144,378		13,135,510
Reckitt Benckiser Group (United Kingdom)		30,849		2,818,614
Tyson Foods Class A		116,834		8,230,955

				122,285,873

Energy – 7.35%
Chevron		197,231		23,174,644
ConocoPhillips		175,257		8,771,613
Energen †		108,500		5,932,780
EOG Resources		188,810		18,265,479
Exxon Mobil		225,863		18,516,249
Halliburton		134,314		6,182,473
Marathon Petroleum		93,367		5,236,021
Occidental Petroleum		76,697		4,924,714
Schlumberger		183,059		12,770,196

				103,774,169

Financials – 27.36%
Allstate		120,279		11,054,843


	Number of shares		Value (US $)

Common Stock² (continued)

Financials (continued)
American Express		173,148	$	15,662,968
Ameriprise Financial		63,546		9,437,216
Aon (United Kingdom)		92,405		13,500,371
Bank of America		937,992		23,768,717
Bank of New York Mellon		154,413		8,186,977
Berkshire Hathaway Class B †		26,110		4,786,485
BlackRock		15,814		7,070,281
Chubb (Switzerland)		196,474		28,007,369
Citigroup		231,894		16,867,970
Discover Financial Services		146,127		9,422,269
E*TRADE Financial †		150,801		6,576,432
Franklin Resources		63,081		2,807,735
Goldman Sachs Group		72,698		17,243,239
Huntington Bancshares		695,636		9,711,079
JPMorgan Chase & Co.		639,388		61,067,948
MetLife		178,895		9,293,595
Moody’s		35,508		4,943,069
Morgan Stanley		153,339		7,386,340
Nasdaq		90,428		7,014,500
PNC Financial Services Group		75,770		10,211,523
Prudential Financial		39,786		4,230,048
S&P Global		6,728		1,051,654
State Street		200,414		19,147,554
SunTrust Banks		225,982		13,506,944
T Rowe Price Group		33,126		3,002,872
Travelers		106,302		13,024,121
US Bancorp		291,078		15,598,870
Wells Fargo & Co.		589,759		32,525,209

				386,108,198

Healthcare – 15.37%
Abbott Laboratories		210,051		11,208,321
Allergan		40,668		8,334,907
Amgen		34,268		6,389,269
Biogen †		18,982		5,943,644
Celgene †		68,791		10,031,104
Cigna		23,973		4,481,513
Danaher		172,518		14,798,594
Eli Lilly & Co.		54,962		4,701,449
Express Scripts Holding †		50,195		3,178,347
Gilead Sciences		119,717		9,699,471
Hill-Rom Holdings		52,865		3,912,010
Johnson & Johnson		294,523		38,290,935
McKesson		29,749		4,569,744
Medtronic (Ireland)		312,910		24,335,011
Merck & Co.		100,983		6,465,941
Novartis (Switzerland)		19,774		1,696,114
Pfizer		804,430		28,718,151


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
Roche Holding (Switzerland)		5,623	$	1,437,352
Thermo Fisher Scientific		95,464		18,061,789
UnitedHealth Group		54,220		10,618,987

				216,872,653

Industrials – 13.66%
3M		67,436		14,154,816
Canadian National Railway (Canada)		49,745		4,121,373
Cummins		41,835		7,029,535
Delta Air Lines		214,014		10,319,755
Eaton		89,792		6,895,128
Equifax		29,355		3,111,336
HD Supply Holdings †		35,344		1,274,858
Honeywell International		142,603		20,212,549
Illinois Tool Works		41,513		6,142,263
Ingersoll-Rand		46,308		4,129,284
Johnson Controls International		347,929		14,018,059
Lockheed Martin		16,822		5,219,698
Northrop Grumman		76,795		22,095,457
Parker-Hannifin		75,551		13,222,936
Quanta Services †		204,011		7,623,891
Raytheon		33,453		6,241,661
Stanley Black & Decker		97,388		14,702,666
Union Pacific		45,543		5,281,622
United Parcel Service Class B		65,793		7,901,081
United Technologies		66,601		7,731,044
Waste Management		145,223		11,366,604

				192,795,616

Information Technology – 7.96%
Accenture Class A (Ireland)		145,253		19,619,323
Amdocs		26,719		1,718,566
Booz Allen Hamilton Holding		87,657		3,277,495
Broadcom		24,823		6,020,570
Cisco Systems		241,895		8,134,929
Cognizant Technology Solutions Class A		42,475		3,081,137
DXC Technology		25,042		2,150,607
Fidelity National Information Services		78,423		7,323,924
Fiserv †		26,792		3,455,096
Hewlett Packard Enterprise		325,241		4,784,295
International Business Machines		26,482		3,842,009
Microsoft		110,446		8,227,123
ON Semiconductor †		389,036		7,185,495


	Number of shares		Value (US $)

Common Stock² (continued)

Information Technology (continued)
Oracle		332,517	$	16,077,197
QUALCOMM		162,614		8,429,910
Texas Instruments		100,706		9,027,286

				112,354,962

Materials – 3.78%
Crown Holdings †		56,951		3,401,114
DowDuPont		232,391		16,088,429
Monsanto		22,833		2,735,850
Nucor		76,250		4,273,050
PPG Industries		122,191		13,277,274
Sherwin-Williams		15,595		5,583,634
WestRock		140,143		7,950,312

				53,309,663

Real Estate – 1.71%
Equity LifeStyle Properties		78,385		6,668,996
Highwoods Properties		98,433		5,127,375
Prologis		151,613		9,621,361
Public Storage		12,906		2,761,755

				24,179,487

Telecommunication Services – 1.82%
AT&T		512,010		20,055,432
Verizon Communications		113,209		5,602,713

				25,658,145

Utilities – 4.12%
American Electric Power		118,539		8,326,179
DTE Energy		63,576		6,825,519
Duke Energy		113,195		9,499,324
Edison International		133,480		10,300,652
Public Service Enterprise
Group		194,602		9,000,343
Xcel Energy		299,173		14,156,866

				58,108,883


Total Common Stock (cost $1,129,191,648)				1,383,299,233


			(continues	)		71

Schedules of investments

Optimum Large Cap Value Fund


	Principal amount°		Value (US $)

Short-Term Investments – 1.81%

Discount Notes – 0.87%≠
Federal Farm Credit
0.784% 10/5/17		1,689,186	$	1,689,048
Federal Home Loan Bank
0.35% 10/2/17		351,477		351,470
0.947% 10/19/17		6,810,508		6,807,355
0.982% 11/13/17		3,378,372		3,374,470

				12,222,343

Repurchase Agreements – 0.94%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $2,343,375 (collateralized by US government obligations 3.375% 11/15/19; market value $2,390,046)		2,343,180		2,343,180
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $5,858,398 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $5,975,109)		5,857,949		5,857,949
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $5,124,844 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $5,226,905)		5,124,417		5,124,417

				13,325,546

Total Short-Term Investments (cost $25,547,438)				25,547,889

Total Value of Securities – 99.83% (cost $1,154,739,086)			$	1,408,847,122


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 US dollars unless noted that the security is denominated in another currency.
†		Non-income producing security.

The following foreign currency exchange contract was outstanding at Sept. 30, 2017:¹

Foreign Currency Exchange Contract

Counterparty

Contracts to
Receive
(Deliver)

In Exchange
For

Settlement
Date

Unrealized
Appreciation

JPMC

GBP

2,103,101

USD

(2,816,393

)

10/3/17

2,146

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

Summary of abbreviations:

GBP – British Pound Sterling

JPMC – JPMorgan Chase Bank

USD – US Dollar

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

Optimum Small-Mid Cap Growth Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 96.07%²

Consumer Discretionary – 16.58%
At Home Group †		54,145	$	1,236,672
Burlington Stores †		24,062		2,296,958
Chegg †		149,300		2,215,612
Chico’s FAS		84,531		756,552
Coach		87,794		3,536,342
Darden Restaurants		32,644		2,571,694
Dave & Buster’s Entertainment †		22,458		1,178,596
Del Taco Restaurants †		104,049		1,596,112
Despegar.com (Argentina) †		20,819		666,208
Dick’s Sporting Goods		39,437		1,065,193
DR Horton		82,800		3,306,204
Eldorado Resorts †		85,376		2,189,894
Expedia		16,500		2,375,010
Extended Stay America		232,091		4,641,820
Floor & Decor Holdings Class A †		13,581		528,708
Fox Factory Holding †		35,542		1,531,860
G-III Apparel Group †		126,062		3,658,319
Guess		75,600		1,287,468
Houghton Mifflin Harcourt †		95,297		1,148,329
IMAX (Canada) †		52,888		1,197,913
International Game Technology		110,809		2,720,361
Lions Gate Entertainment
Class A †		27,421		917,232
Lions Gate Entertainment
Class B †		34,638		1,101,142
Lumber Liquidators Holdings †		32,300		1,259,054
Media General CVR =†		49,291		0
Mohawk Industries †		12,737		3,152,535
Monro		27,449		1,538,516
Nexstar Media Group		25,292		1,575,692
Norwegian Cruise Line Holdings †		125,740		6,796,247
Party City Holdco †		115,739		1,568,263
Polaris Industries		11,055		1,156,685
Royal Caribbean Cruises		19,425		2,302,639
Skechers U.S.A. Class A †		85,300		2,140,177
Vail Resorts		20,071		4,578,596
Wayfair Class A †		21,467		1,446,876
Wynn Resorts		27,795		4,139,231
Yum China Holdings †		57,100		2,282,287
Zoe’s Kitchen †		66,345		837,937

				78,498,934


	Number of shares		Value (US $)

Common Stock² (continued)

Consumer Staples – 1.63%
Central Garden & Pet Class A †		69,561	$	2,586,974
Inter Parfums		60,045		2,476,856
Performance Food Group †		93,279		2,635,132

				7,698,962

Energy – 0.56%
Diamondback Energy †		12,484		1,222,933
GasLog (Monaco)		80,522		1,405,109

				2,628,042

Financials – 7.16%
Argo Group International Holdings (Bermuda)		43,490		2,674,635
Comerica		62,329		4,753,210
E*TRADE Financial †		54,668		2,384,071
EastWest Bancorp		60,100		3,592,778
Essent Group †		73,518		2,977,479
Evercore Class A		36,463		2,926,156
ServisFirst Bancshares		40,503		1,573,542
Signature Bank †		6,300		806,652
Stifel Financial		44,820		2,396,077
SVB Financial Group †		15,123		2,829,362
Virtu Financial Class A		94,776		1,535,371
Virtus Investment Partners		14,565		1,690,268
Zions Bancorporation		79,960		3,772,513

				33,912,114

Healthcare – 16.81%
Aerie Pharmaceuticals †		30,760		1,494,936
Alnylam Pharmaceuticals †		13,012		1,528,780
AMN Healthcare Services †		41,885		1,914,145
AngioDynamics †		43,864		749,636
athenahealth †		11,413		1,419,321
AtriCure †		82,245		1,839,821
Bioverativ †		24,946		1,423,668
Bluebird Bio †		18,664		2,563,500
Cerus †		230,695		629,797
Clovis Oncology †		37,906		3,123,454
DexCom †		31,910		1,561,197
Emergent BioSolutions †		36,573		1,479,378
Esperion Therapeutics †		23,329		1,169,249
Evolent Health Class A †		121,642		2,165,228
Flexion Therapeutics †		46,976		1,135,880
Foundation Medicine †		26,603		1,069,441
Galapagos ADR †		8,637		878,815
Glaukos †		37,780		1,246,740
HealthEquity †		62,423		3,157,355
ICON (Ireland) †		24,467		2,786,302
IDEXX Laboratories †		33,500		5,208,915


			(continues	)		73

Schedules of investments

Optimum Small-Mid Cap Growth Fund


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
Inogen †		19,189	$	1,824,874
Insulet †		21,628		1,191,270
Intrexon †		35,995		684,265
K2M Group Holdings †		177,631		3,767,553
Medidata Solutions †		20,892		1,630,829
Mettler-Toledo International †		8,749		5,478,274
Nevro †		23,978		2,179,121
Novocure (United Kingdom) †		50,460		1,001,631
OraSure Technologies †		77,800		1,750,500
Pacira Pharmaceuticals †		32,228		1,210,161
Tactile Systems Technology †		44,239		1,369,197
Teladoc †		156,216		5,178,560
TESARO †		9,435		1,218,058
Vocera Communications †		183,586		5,759,093
WellCare Health Plans †		27,505		4,723,709
Wright Medical Group (Netherlands) †		79,300		2,051,491

				79,564,144

Industrials – 15.76%
AMETEK		86,000		5,679,440
AO Smith		45,265		2,690,099
Apogee Enterprises		40,636		1,961,093
Brink’s		21,700		1,828,225
Copart †		105,055		3,610,740
EnPro Industries		35,246		2,838,360
Gardner Denver Holdings †		77,370		2,129,222
Genesee & Wyoming †		32,684		2,418,943
Granite Construction		48,440		2,807,098
Hub Group Class A †		31,746		1,363,491
JELD-WEN Holding †		36,005		1,278,898
John Bean Technologies		25,100		2,537,610
KAR Auction Services		42,754		2,041,076
Kennametal		38,400		1,549,056
Knight-Swift Transportation Holdings		46,360		1,926,259
Kratos Defense & Security Solutions †		122,174		1,598,036
Masonite International †		22,129		1,531,327
Mercury Systems †		29,800		1,546,024
NCI Building Systems †		108,102		1,686,391
Nordson		24,000		2,844,000
On Assignment †		94,023		5,047,155
Owens Corning		30,600		2,366,910
PGT Innovations †		100,989		1,509,786
REV Group		57,075		1,641,477
RPX †		77,157		1,024,645
Schneider National Class B		89,845		2,273,079
SPX †		68,061		1,996,910


	Number of shares		Value (US $)
Common Stock² (continued)

Industrials (continued)
Terex		66,503	$	2,993,965
TransUnion †		50,300		2,377,178
Wabash National		73,012		1,666,134
WABCO Holdings †		39,497		5,845,556

				74,608,183

Information Technology – 31.79%
2U †		133,065		7,456,963
Acxiom †		97,684		2,406,934
Advanced Micro Devices †		134,617		1,716,367
Atlassian (Australia) †		51,258		1,801,719
Axcelis Technologies †		66,910		1,829,989
Benefitfocus †		51,616		1,736,878
Cadence Design Systems †		80,225		3,166,481
Ciena †		103,134		2,265,854
Cloudera †		95,580		1,588,540
Cognex		30,648		3,379,861
Coherent †		6,870		1,615,618
Cornerstone OnDemand †		47,049		1,910,660
CoStar Group †		10,652		2,857,399
CyberArk Software (Israel) †		31,947		1,309,827
Cypress Semiconductor		200,650		3,013,763
Five9 †		109,570		2,618,723
FormFactor †		156,874		2,643,327
Global Payments		12,900		1,225,887
GrubHub †		45,991		2,421,886
Hortonworks †		89,473		1,516,567
IAC/InterActiveCorp †		22,900		2,692,582
IPG Photonics †		17,550		3,247,803
LogMeIn		4,407		484,990
Lumentum Holdings †		29,470		1,601,695
MACOM Technology Solutions Holdings †		22,391		998,862
Micron Technology †		70,945		2,790,267
Microsemi †		57,974		2,984,501
Mimecast †		180,872		5,140,382
MKS Instruments		53,018		5,007,550
Nanometrics †		48,926		1,409,069
New Relic †		42,696		2,126,261
Nuance Communications †		107,999		1,697,744
Okta †		25,072		707,281
OSI Systems †		22,315		2,038,922
Pandora Media †		98,047		754,962
PTC †		55,653		3,132,151
RealPage †		76,220		3,041,178
RingCentral Class A †		73,840		3,082,820
ServiceNow †		43,260		5,084,348
Shopify Class A (Canada) †		39,909		4,648,999


	Number of shares		Value (US $)

Common Stock² (continued)

Information Technology (continued)
Silicon Motion Technology ADR		33,481	$	1,608,092
Square Class A †		200,653		5,780,813
SS&C Technologies Holdings		115,972		4,656,276
Stratasys †		51,955		1,201,200
Take-Two Interactive Software †		59,900		6,123,577
Talend ADR †		35,370		1,448,048
Tech Data †		21,765		1,933,820
Teradyne		183,121		6,828,582
Trimble †		98,555		3,868,284
Ultimate Software Group †		8,109		1,537,466
Universal Display		76,845		9,901,478
Zebra Technologies †		22,734		2,468,458
Zendesk †		68,010		1,979,771

				150,491,475

Materials – 5.24%
Boise Cascade †		88,262		3,080,344
Carpenter Technology		42,458		2,039,258
Celanese Class A		20,200		2,106,254
Chemours		68,200		3,451,602
FMC		75,200		6,716,112
Platform Specialty Products †		253,449		2,825,956
Steel Dynamics		57,491		1,981,715
US Concrete †		34,210		2,610,223

				24,811,464

Real Estate – 0.54%
QTS Realty Trust Class A		49,210		2,576,636

				2,576,636


Total Common Stock (cost $355,410,063)				454,789,954



Convertible Preferred Stock – 1.03%

Clouderap†		30,243		495,378
DocuSign
Series B =p†		1,166		20,825
Series B-1 =p†		349		6,233
Series C =p†		4,474		79,906
Series D =p†		838		14,967
Series E =p†		21,664		386,919
Draftkings
Series D =p†		83,551		154,649
Series D-1 =p†		100,509		138,427
Honest=p†		15,249		649,760
MarkLogic=p†		83,588		1,112,556


	Number of shares		Value (US $)

Convertible Preferred Stock (continued)

Nutanixp†		40,185	$	899,742
Veracode Series 8=p†		30,584		140,075
Zuora=p†		209,844		795,309

Total Convertible Preferred Stock (cost $4,539,068)				4,894,746


	Principal amount°

Short-Term Investments – 2.75%

Discount Notes – 1.67%≠
Federal Farm Credit 0.784% 10/5/17		989,335		989,253
Federal Home Loan Bank
0.35% 10/2/17		134,917		134,914
0.947% 10/19/17		4,805,860		4,803,635
0.982% 11/13/17		1,978,670		1,976,385

				7,904,187

Repurchase Agreements – 1.08%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $899,519 (collateralized by US government obligations 3.375% 11/15/19; market value $917,434)		899,444		899,444
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $2,248,782 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $2,293,582)		2,248,610		2,248,610
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $1,967,203 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $2,006,379)		1,967,039		1,967,039

				5,115,093

Total Short-Term Investments (cost $13,018,986)				13,019,280


			(continues	)		75

Schedules of investments

Optimum Small-Mid Cap Growth Fund


Total Value of Securities – 99.85% (cost $372,968,117)	$	472,703,980


²		Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=		The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 3 in “Notes to financial statements.”
≠		The rate shown is the effective yield at the time of purchase.
°		Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
p		Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Sept. 30, 2017, the aggregate value of restricted securities was $4,894,746, which represented 1.03% of the Fund’s net assets. See table below for additional details on restricted securities.
†		Non-income producing security.

Restricted Securities


Investment	Date of Acquisition		Cost		Value
Cloudera		2/5/14	$	440,338	$	495,378
DocuSign Series B		2/28/14		15,312		20,825
DocuSign Series B-1		2/28/14		4,583		6,233
DocuSign Series C		4/30/15		85,423		79,906
DocuSign Series D		2/28/14		11,005		14,967
DocuSign Series E		2/28/14		284,500		386,919
DraftKings Series D		7/16/15		160,995		81,605
DraftKings Series D		7/17/15		11,634		5,897
DraftKings Series D		8/11/15		132,472		67,147
DraftKings Series D-1		8/11/15		346,062		123,248
DraftKings Series D-1		8/18/15		42,620		15,179
Honest		8/3/15		697,718		649,760
MarkLogic		4/27/15		970,808		1,112,556
Nutanix		8/25/14		538,338		899,742
Veracode Series 8		6/14/17		—		140,075
Zuora		1/15/15		797,260		795,309

Total			$	4,539,068	$	4,894,746

Summary of Abbreviations:

ADR – American Depositary Receipt

CVR – Contingent Voting Rights

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

Optimum Small-Mid Cap Value Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 98.63%

Consumer Discretionary – 9.97%
AMC Networks Class A †		14,900	$	871,203
American Eagle Outfitters		62,200		889,460
Bed Bath & Beyond		23,600		553,892
Bloomin’ Brands		72,500		1,276,000
BorgWarner		30,000		1,536,900
Brinker International		33,200		1,057,752
Cable One		5,502		3,973,104
Carriage Services		30,300		775,680
Children’s Place		7,100		838,865
Columbia Sportswear		31,900		1,964,402
Cooper-Standard Holdings †		17,300		2,006,281
Goodyear Tire & Rubber		70,000		2,327,500
Hanesbrands		113,575		2,798,488
Harley-Davidson		28,800		1,388,448
Haverty Furniture		43,900		1,147,985
Helen of Troy †		32,260		3,125,994
KB Home		50,600		1,220,472
Kohl’s		23,900		1,091,035
Lear		11,700		2,025,036
Marcus		30,500		844,850
Murphy USA †		16,500		1,138,500
Office Depot		145,200		659,208
Penske Automotive Group		19,700		937,129
PulteGroup		53,000		1,448,490
Scripps Networks Interactive Class A		12,800		1,099,392
Shoe Carnival		31,500		704,970
Sonic Automotive Class A		76,300		1,556,520
Tenneco		26,400		1,601,688
Unifi †		14,500		516,635
Wyndham Worldwide		24,229		2,553,979

				43,929,858

Consumer Staples – 4.43%
Bunge		27,700		1,924,042
Dean Foods		87,300		949,824
Edgewell Personal Care †		23,800		1,731,926
Energizer Holdings		69,624		3,206,185
Flowers Foods		103,800		1,952,478
Ingles Markets Class A		35,400		909,780
J&J Snack Foods		23,024		3,023,051
Pilgrim’s Pride †		59,400		1,687,554
Sanderson Farms		17,400		2,810,448
SUPERVALU †		17,800		387,150
Universal		16,100		922,530

				19,504,968


	Number of shares		Value (US $)

Common Stock (continued)

Energy – 4.67%
Andeavor		27,300	$	2,815,995
Centennial Resource Development Class A †		121,903		2,190,597
Diamond Offshore Drilling †		42,600		617,700
Diamondback Energy †		43,542		4,265,374
McDermott International †		140,000		1,017,800
Murphy Oil		28,700		762,272
Parsley Energy Class A †		125,500		3,305,670
PBF Energy		25,600		706,816
Rowan †		54,795		704,116
RSP Permian †		120,300		4,161,177

				20,547,517

Financials – 23.71%
American Financial Group		30,900		3,196,605
Annaly Capital Management		139,300		1,698,067
Apollo Commercial Real Estate Finance		77,600		1,405,336
Ares Capital		56,000		917,840
Arthur J. Gallagher & Co.		73,000		4,493,150
Assurant		18,600		1,776,672
Assured Guaranty (Bermuda)		34,400		1,298,600
Banc of California		67,300		1,396,475
Banco Latinoamericano de Comercio Exterior (Panama)		32,105		945,171
Berkshire Hills Bancorp		44,099		1,708,836
Blackstone Mortgage Trust		41,500		1,287,330
Central Pacific Financial		34,200		1,100,556
Chemical Financial		95,626		4,997,415
CIT Group		61,800		3,031,290
CNA Financial		60,200		3,025,050
CNO Financial Group		127,400		2,973,516
Customers Bancorp †		37,700		1,229,774
Everest Re Group (Bermuda)		12,200		2,786,358
Fifth Street Finance		4,200		22,974
First Busey		45,200		1,417,472
Great Western Bancorp		105,450		4,352,976
Hancock Holding		19,200		930,240
Hanmi Financial		47,900		1,482,505
HCI Group		17,300		661,725
Heritage Insurance Holdings		32,300		426,683
Home BancShares		121,050		3,052,881
International Bancshares		26,600		1,066,660
Kemper		53,800		2,851,400
Lazard Class A		39,600		1,790,712
MGIC Investment †		107,200		1,343,216
New Mountain Finance		71,900		1,024,575


			(continues	)		77

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Number of shares		Value (US $)

Common Stock (continued)

Financials (continued)
Old National Bancorp		86,500	$	1,582,950
Piper Jaffray		9,900		587,565
Prospect Capital		160,841		1,080,852
Radian Group		69,500		1,298,955
Reinsurance Group of America		21,200		2,958,036
Renasant		70,450		3,022,305
South State		24,600		2,215,230
Starwood Property Trust		81,600		1,772,352
TCF Financial		163,600		2,787,744
TriCo Bancshares		45,200		1,841,900
Universal Insurance Holdings		41,300		949,900
Unum Group		75,700		3,870,541
Validus Holdings (Bermuda)		19,500		959,595
Washington Federal		43,100		1,450,315
Western Alliance Bancorp †		96,800		5,138,144
Wintrust Financial		66,200		5,184,122
XL Group		63,750		2,514,937
Zions Bancorporation		117,093		5,524,448

				104,431,951

Healthcare – 5.85%
Centene †		16,400		1,587,028
Cooper		11,735		2,782,486
Integer Holdings †		24,100		1,232,715
Lannett †		44,200		815,490
LifePoint Health †		24,900		1,441,710
Mallinckrodt †		21,200		792,244
PAREXEL International †		4,800		422,784
PerkinElmer		56,700		3,910,599
Premier Class A †		61,250		1,994,913
Quest Diagnostics		11,600		1,086,224
STERIS (United Kingdom)		34,410		3,041,844
Sucampo Pharmaceuticals Class A †		67,400		795,320
Teleflex		22,035		5,331,809
United Therapeutics †		4,600		539,074

				25,774,240

Industrials – 14.63%
ACCO Brands †		146,000		1,737,400
Aircastle		55,700		1,241,553
Alaska Air Group		14,800		1,128,796
Albany International		28,175		1,617,245
Briggs & Stratton		39,700		932,950
Chicago Bridge & Iron (Netherlands)		29,200		490,560
Comfort Systems USA		56,488		2,016,622


	Number of shares		Value (US $)

Common Stock (continued)

Industrials (continued)
Crane		8,400	$	671,916
Curtiss-Wright		40,580		4,242,233
Deluxe		29,800		2,174,208
Ennis		45,800		899,970
GATX		20,400		1,255,824
Gibraltar Industries †		65,900		2,052,785
Hawaiian Holdings †		37,700		1,415,635
Herman Miller		46,400		1,665,760
Hubbell		29,165		3,383,723
Huntington Ingalls Industries		22,070		4,997,531
Interface		151,100		3,309,090
ITT		31,330		1,386,979
JetBlue Airways †		69,200		1,282,276
Middleby †		22,750		2,915,867
Moog Class A †		19,600		1,635,228
Oshkosh		24,800		2,046,992
Owens Corning		22,400		1,732,640
Pentair (United Kingdom)		42,855		2,912,426
Pitney Bowes		45,300		634,653
Ryder System		31,700		2,680,235
Spirit AeroSystems Holdings Class A		51,200		3,979,264
Timken		24,600		1,194,330
Trinity Industries		50,400		1,607,760
Wabash National		130,500		2,978,010
Woodward		28,656		2,223,992

				64,444,453

Information Technology – 10.94%
Amdocs		44,105		2,836,834
Arrow Electronics †		11,500		924,715
Avnet		105,775		4,156,957
Booz Allen Hamilton Holding		80,174		2,997,706
Broadridge Financial Solutions		14,476		1,169,950
Brocade Communications Systems		40,264		481,155
Cirrus Logic †		27,400		1,460,968
Coherent †		3,825		899,525
Convergys		31,400		812,946
CSG Systems International		18,200		729,820
Flex †		158,900		2,632,973
FLIR Systems		49,857		1,939,936
IXYS †		29,700		703,890
j2 Global		32,200		2,378,936
Jabil		43,700		1,247,635
Juniper Networks		47,000		1,308,010
Littelfuse		10,300		2,017,564


	Number of shares		Value (US $)

Common Stock (continued)

Information Technology (continued)
MKS Instruments		23,650	$	2,233,743
NCR †		67,500		2,532,600
ON Semiconductor †		111,200		2,053,864
OSI Systems †		45,851		4,189,406
Plantronics		27,500		1,216,050
Sanmina †		59,300		2,202,995
Tech Data †		23,100		2,052,435
Teradyne		28,900		1,077,681
TTM Technologies †		60,000		922,200
Western Union		51,400		986,880

				48,167,374

Materials – 7.77%
Albemarle		32,907		4,485,553
Cabot		26,400		1,473,120
Celanese Class A		19,000		1,981,130
Clearwater Paper †		25,400		1,250,950
Domtar		45,500		1,974,245
Eagle Materials		46,900		5,004,230
Eastman Chemical		15,700		1,420,693
KapStone Paper & Packaging		92,900		1,996,421
Owens-Illinois †		45,000		1,132,200
Packaging Corp. of America		24,100		2,763,788
PolyOne		62,404		2,498,032
Reliance Steel & Aluminum		21,500		1,637,655
Schweitzer-Mauduit International		32,700		1,355,742
Sensient Technologies		26,125		2,009,535
Stepan		26,600		2,225,356
Summit Materials Class A †		31,200		999,336

				34,207,986

Real Estate – 11.16%
Alexandria Real Estate Equities		38,042		4,525,857
Brandywine Realty Trust		200,200		3,501,498
CBL & Associates Properties		63,700		534,443
City Office REIT (Canada)		41,300		568,701
DDR		101,300		927,908
Franklin Street Properties		70,484		748,540
Getty Realty		53,400		1,527,774
Government Properties Income Trust		37,700		707,629
Highwoods Properties		60,360		3,144,152
Hospitality Properties Trust		104,300		2,971,507
Hudson Pacific Properties		105,700		3,544,121
Independence Realty Trust		82,300		836,991
InfraREIT †		58,000		1,297,460


	Number of shares		Value (US $)

Common Stock (continued)

Real Estate (continued)
LaSalle Hotel Properties		27,000	$	783,540
Lexington Realty Trust		201,200		2,056,264
Mack-Cali Realty		69,300		1,643,103
Medical Properties Trust		157,100		2,062,723
One Liberty Properties		51,900		1,264,284
Physicians Realty Trust		141,250		2,504,363
Piedmont Office Realty Trust		58,900		1,187,424
Preferred Apartment Communities		33,100		624,928
Select Income REIT		88,800		2,079,696
Senior Housing Properties Trust		123,300		2,410,515
STAG Industrial		158,375		4,350,561
Summit Hotel Properties		63,000		1,007,370
VEREIT		128,600		1,066,094
Xenia Hotels & Resorts		60,500		1,273,525

				49,150,971

Telecommunication Services – 0.99%
Iridium Communications †		96,600		994,980
magicJack VocalTec (Israel) †		123,200		880,880
Zayo Group Holdings †		72,825		2,506,637

				4,382,497

Utilities – 4.51%
AES		97,300		1,072,246
ALLETE		45,274		3,499,227
Alliant Energy		102,632		4,266,412
CenterPoint Energy		119,800		3,499,358
IDACORP		45,275		3,981,031
OGE Energy		98,000		3,530,940

				19,849,214

Total Common Stock (cost $348,506,075)				434,391,029

	Principal amount°

Short-Term Investments – 1.78%

Discount Notes – 0.62%≠
Federal Farm Credit 0.784% 10/5/17		320,907		320,880
Federal Home Loan Bank
0.35% 10/2/17		134,762		134,760
0.947% 10/19/17		1,659,154		1,658,386
0.982% 11/13/17		641,813		641,072

				2,755,098


			(continues	)		79

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Principal amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements – 1.16%
Bank of America Merrill Lynch 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $898,491 (collateralized by US government obligations 3.375% 11/15/19; market value $916,385)		898,416	$	898,416
Bank of Montreal 0.92%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $2,246,212 (collateralized by US government obligations 0.125%–3.75% 7/31/19–11/15/43; market value $2,290,961)		2,246,040		2,246,040
BNP Paribas 1.00%, dated 9/29/17, to be repurchased on 10/2/17, repurchase price $1,964,955 (collateralized by US government obligations 0.00%–3.375% 1/4/18–5/15/45; market value $2,004,087)		1,964,791		1,964,791

				5,109,247

Total Short-Term Investments (cost $7,864,246)				7,864,345

Total Value of Securities – 100.41% (cost $356,370,321)			$	442,255,374

≠

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

Principal amount shown is stated in US 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.

Statements of assets and liabilities

Optimum Fund Trust

September 30, 2017 (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		$2,009,520,387		$626,431,516		$1,592,088,604		$1,383,299,233		$459,684,700		$434,391,029
Short-term investments, at value³		174,931,668		4,061,702		21,300,026		25,547,889		13,019,280		7,864,345
Short-term investments held as collateral for loaned securities, at value⁴		—		14,522,218		—		—		—		—
Cash		6,971,644		—		956,088		666,538		52,646		112,890
Cash collateral due from brokers		4,560,330		—		—		—		—		—
Foreign currencies, at value⁵		4,130,145		696,010		—		16,447		—		—
Receivable for securities sold		323,447,034		—		1,250,738		2,225,685		1,239,458		2,931,842
Dividends and interest receivable		14,002,628		1,434,317		586,648		1,787,061		158,794		612,684
Receivable for fund shares sold		3,740,356		859,014		2,006,771		1,974,928		616,130		636,638
Swap payments receivable		239,130		—		—		—		—		—
Unrealized appreciation of interest rate swap contracts		2,679,817		—		—		—		—		—
Upfront payments paid on interest rate swap contracts		1,936,280		—		—		—		—		—
Unrealized appreciation of credit default swap contracts		1,391,005		—		—		—		—		—
Unrealized appreciation of foreign currency exchange contracts		610,609		—		—		2,146		—		—
Upfront payments paid on credit default swap contracts		154,714		—		—		—		—		—
Securities lending income receivable		—		9,530		—		—		—		—
Foreign tax reclaims receivable		—		988,721		27,537		448,123		—		—
Other assets⁶		415,736		—		—		—		—		—

Total assets		2,548,731,483		649,003,028		1,618,216,412		1,415,968,050		474,771,008		446,549,428


			(continues	)		81

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
Liabilities:
Options written, at value⁷		$ 286,394			$ —			$ —			$ —			$ —			$ —
Cash overdraft		—			4,403			—			—			—			—
Payable for securities purchased		587,481,759			1,942			2,391,405			2,804,133			562,364			5,436,798
Cash collateral due to brokers		1,462,000			—			—			—			—			—
Swap payments payable		839,340			—			—			—			—			—
Payable for fund shares redeemed		684,058			348,938			677,050			531,655			217,781			171,401
Variation margin due to brokers on futures contracts		520,409			—			—			—			—			—
Dividend disbursing and transfer agent fees payable		287,725			93,616			238,224			205,235			68,438			63,072
Variation margin due to brokers on centrally cleared interest rate swap contracts		116,824			—			—			—			—			—
Variation margin due to brokers on centrally cleared credit default swap contracts		17,188			—			—			—			—			—
Obligation to return securities lending collateral		—			14,504,404			—			—			—			—
Investment management fees payable to affiliates		842,601			386,248			919,641			745,761			383,973			317,928
Other accrued expenses		524,019			308,595			318,433			270,166			64,770			84,838
Distribution fees payable to affiliates		103,391			27,481			93,407			80,098			14,388			11,606
Administration expenses payable to affiliates		83,920			27,305			69,482			59,860			19,961			18,396
Trustees’ fees and expenses payable to affiliates		55,431			18,153			45,869			39,922			13,286			12,259
Accounting fees payable to affiliates		11,119			3,840			9,263			8,025			2,895			2,694
Upfront payments received on credit default swap contracts		4,036,259			—			—			—			—			—
Upfront payments received on interest rate swap contracts		2,028,188			—			—			—			—			—
Unrealized depreciation of foreign currency exchange contracts		1,417,877			—			1,009			—			—			—
Unrealized depreciation of interest rate swap contracts		1,075,226			—			—			—			—			—
Unrealized depreciation of credit default swap contracts		427,290			—			—			—			—			—
Contingent liabilities⁶		1,385,788			—			—			—			—			—
Other liabilities		69,922			42,505			—						—			—

Total liabilities		603,756,728			15,767,430			4,763,783			4,744,855			1,347,856			6,118,992

Total Net Assets		$1,944,974,755			$633,235,598			$1,613,452,629			$1,411,223,195			$473,423,152			$440,430,436


Net Assets Consist of:
Paid-in capital		$1,916,209,363			$527,222,019			$1,081,665,398			$1,091,291,406			$359,692,601			$335,202,208
Undistributed (accumulated) net investment income (loss)		36,904,823			6,678,209			(870,639	)		12,763,402			(3,125,818	)		3,337,101
Accumulated net realized gain (loss)		(27,526,308	)		(1,267,736	)		149,982,071			53,059,714			17,120,506			16,006,074
Net unrealized appreciation of investments		20,520,078			100,632,003			382,676,849			254,108,036			99,735,863			85,885,053
Net unrealized appreciation (depreciation) of foreign currencies		30,141			(28,897	)		(41	)		(1,509	)		—			—
Net unrealized appreciation (depreciation) of foreign currency exchange contracts		(807,268	)		—			(1,009	)		2,146			—			—
Net unrealized depreciation of futures contracts		(2,174,482	)		—			—			—			—			—
Net unrealized depreciation of options purchased		(676,226	)		—			—			—			—			—
Net unrealized appreciation of options written		676,692			—			—			—			—			—
Net unrealized appreciation of swap contracts		1,817,942			—			—			—			—			—

Total Net Assets		$1,944,974,755			$633,235,598			$1,613,452,629			$1,411,223,195			$473,423,152			$440,430,436


	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	$	33,320,769		$	9,429,833		$	33,570,402		$	28,557,622		$	5,370,865		$	4,205,495
Shares of beneficial interest outstanding, unlimited authorization, no par		3,456,758			664,138			1,782,261			1,752,268			369,815			294,950
Net asset value per share	$	9.64		$	14.20		$	18.84		$	16.30		$	14.52		$	14.26
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)	$	10.09		$	15.07		$	19.99		$	17.29		$	15.41		$	15.13

Class C:
Net assets	$	115,815,117		$	30,887,572		$	104,324,742		$	91,070,160		$	16,427,624		$	13,418,395
Shares of beneficial interest outstanding, unlimited authorization, no par		12,072,985			2,237,100			6,318,805			5,673,176			1,303,534			1,064,811
Net asset value per share	$	9.59		$	13.81		$	16.51		$	16.05		$	12.60		$	12.60

Institutional Class:
Net assets	$	1,795,838,869		$	592,918,193		$	1,475,557,485		$	1,291,595,413		$	451,624,663		$	422,806,546
Shares of beneficial interest outstanding, unlimited authorization, no par		186,177,856			41,429,606			73,976,372			78,975,848			29,130,032			28,073,095
Net asset value per share	$	9.65		$	14.31		$	19.95		$	16.35		$	15.50		$	15.06


¹Investments, at cost	$	1,989,619,446		$	525,801,032		$	1,209,411,755		$	1,129,191,648		$	359,949,131		$	348,506,075
²Including securities on loan		—			20,814,375			—			—			—			—
³Short-term investments, at cost		174,918,766			4,061,652			21,300,026			25,547,438			13,018,986			7,864,246
⁴Short-term investments held as collateral for loaned securities, at cost		—			14,520,749			—			—			—			—
⁵Foreign currencies, at cost		4,127,792			699,059			—			16,502			—			—
⁶See Note 10 in “Notes to financial statements.”		(970,052	)		—			—			—			—			—
⁷Premium received		(963,086	)		—			—			—			—			—

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


			(continues	)		83

Statements of operations

Optimum Fund Trust

Six months ended September 30, 2017 (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	$	32,444,353		$	25,066		$	173,763		$	83,927		$	144,821		$	22,279
Dividends		146,289			9,620,308			7,498,908			16,551,526			908,635			4,312,605
Securities lending income		—			87,685			—			—			—			—
Foreign tax withheld		(33,408	)		(1,062,966	)		(8,047	)		(43,240	)		(772	)		(613	)

		32,557,234			8,670,093			7,664,624			16,592,213			1,052,684			4,334,271

Expenses:
Management fees		5,066,178			2,255,357			5,456,641			4,456,209			2,387,268			2,032,574
Distribution expenses — Class A		41,964			11,409			41,459			35,346			6,603			5,196
Distribution expenses — Class C		604,425			153,474			531,554			463,102			82,122			68,169
Dividend disbursing and transfer agent fees and expenses		1,749,802			558,562			1,432,133			1,245,275			412,881			394,270
Administration expenses		503,314			159,161			411,001			357,016			118,751			111,255
Accounting fees		288,512			95,546			236,229			206,452			73,364			69,311
Reports and statements to shareholders expenses		125,703			42,334			115,591			96,823			21,277			27,781
Trustees’ fees and expenses		121,746			38,846			100,830			86,925			28,852			26,883
Professional fees		83,588			37,903			62,852			52,644			39,191			25,261
Custodian fees		74,885			173,288			62,115			54,990			—			6,359
Pricing fees		74,145			12,121			569			729			572			665
Registration fees		49,276			37,824			52,753			38,018			32,805			37,523
Insurance fees		20,299			5,763			14,749			13,464			4,308			4,126
Interest expense		8,701			—			—			—			—			—
Tax services		878			5,277			548			352			577			564
Other		20,782			7,875			16,698			15,332			6,266			6,598

		8,834,198			3,594,740			8,535,722			7,122,677			3,214,837			2,816,535
Less expenses waived		—			(2,512	)		—			—			(150,885	)		(116,924	)
Less expense paid indirectly		(423	)		(402	)		(459	)		(459	)		(449	)		(452	)


Total operating expenses		8,833,775			3,591,826			8,535,263			7,122,218			3,063,503			2,699,159

Net Investment Income (Loss)		23,723,459			5,078,267			(870,639	)		9,469,995			(2,010,819	)		1,635,112


	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:
Investments	$	11,897,415		$	19,918,972		$	99,806,788		$	12,866,522		$	17,078,839	$	9,113,821
Foreign currencies		1,348,288			65,140			(27,912	)		707			—		—
Foreign currency exchange contracts		(2,284,184	)		(70,797	)		34,734			(505	)		—		—
Futures contracts		4,712,070			—			—			—			—		—
Options purchased		(267,001	)		—			—			—			—		—
Options written		477,949			—			—			—			—		—
Swap contracts		(855,167	)		—			—			—			—		—

Net realized gain		15,029,370			19,913,315			99,813,610			12,866,724			17,078,839		9,113,821

Net change in unrealized appreciation (depreciation) of:
Investments¹		17,984,579			62,871,561			76,056,258			54,366,982			25,331,821		4,943,174
Foreign currencies		37,366			119,361			1,430			18,425			—		—
Foreign currency exchange contracts		(1,072,947	)		530			(1,009	)		2,146			—		—
Futures contracts		(4,703,810	)		—			—			—			—		—
Options purchased		(182,770	)		—			—			—			—		—
Options written		160,363			—			—			—			—		—
Swap contracts		(310,337	)		—			—			—			—		—

Net change in unrealized appreciation (depreciation)		11,912,444			62,991,452			76,056,679			54,387,553			25,331,821		4,943,174

Net Realized and Unrealized Gain		26,941,814			82,904,767			175,870,289			67,254,277			42,410,660		14,056,995

Net Increase in Net Assets Resulting from Operations	$	50,665,273		$	87,983,034		$	174,999,650		$	76,724,272		$	40,399,841	$	15,692,107

¹Includes $(69,991) and $(22,796) 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.


			(continues	)		85

Statements of changes in net assets

Optimum Fund Trust


	Optimum Fixed Income Fund						Optimum International Fund
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17			Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	23,723,459		$	46,326,151		$	5,078,267		$	6,431,141
Net realized gain (loss)		15,029,370			(8,445,438	)		19,913,315			6,860,569
Net change in unrealized appreciation (depreciation)		11,912,444			8,621,973			62,991,452			58,119,957

Net increase in net assets resulting from operations		50,665,273			46,502,686			87,983,034			71,411,667


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			(676,539	)		—			(80,080	)
Class C		—			(1,524,429	)		—			(65,461	)
Institutional Class		—			(37,864,252	)		—			(5,899,992	)

		—			(40,065,220	)		—			(6,045,533	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,852,765			2,615,487			385,780			626,232
Class C		2,840,576			7,193,141			464,256			1,814,846
Institutional Class		179,629,329			378,540,581			50,418,492			85,837,495

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			674,466			—			79,845
Class C		—			1,523,427			—			65,389
Institutional Class		—			37,826,389			—			5,894,688

		184,322,670			428,373,491			51,268,528			94,318,495


Cost of shares redeemed:
Class A		(3,232,744	)		(9,136,395	)		(958,064	)		(2,172,483	)
Class C		(13,742,643	)		(38,409,617	)		(3,455,289	)		(7,546,843	)
Institutional Class		(156,188,894	)		(589,700,192	)		(65,257,949	)		(169,259,362	)

		(173,164,281	)		(637,246,204	)		(69,671,302	)		(178,978,688	)

Increase (decrease) in net assets derived from capital share transactions		11,158,389			(208,872,713	)		(18,402,774	)		(84,660,193	)

Net Increase (Decrease) in Net Assets		61,823,662			(202,435,247	)		69,580,260			(19,294,059	)

Net Assets:
Beginning of period		1,883,151,093			2,085,586,340			563,655,338			582,949,397

End of period	$	1,944,974,755		$	1,883,151,093		$	633,235,598		$	563,655,338

Undistributed net investment income	$	36,904,823		$	13,181,364		$	6,678,209		$	1,599,942

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


	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17			Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(870,639	)	$	(2,656,714	)	$	9,469,995		$	16,818,172
Net realized gain		99,813,610			102,553,139			12,866,724			221,643,748
Net change in unrealized appreciation (depreciation)		76,056,679			131,161,336			54,387,553			(43,657,292	)

Net increase in net assets resulting from operations		174,999,650			231,057,761			76,724,272			194,804,628


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			—			(322,766	)
Class C		—			—			—			(382,046	)
Institutional Class		—			—			—			(16,045,433	)

Net realized gain:
Class A		—			(1,203,358	)		—			(3,180,253	)
Class C		—			(4,316,642	)		—			(10,410,746	)
Institutional Class		—			(45,828,776	)		—			(129,552,015	)

		—			(51,348,776	)		—			(159,893,259	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		1,127,471			1,584,659			991,846			1,599,717
Class C		1,237,436			4,926,393			1,351,715			5,099,592
Institutional Class		110,824,002			227,791,648			111,295,013			320,762,276

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			1,200,552			—			3,494,971
Class C		—			4,311,583			—			10,774,076
Institutional Class		—			45,764,351			—			145,399,962

		113,188,909			285,579,186			113,638,574			487,130,594

Cost of shares redeemed:
Class A		(3,470,219	)		(8,255,058	)		(2,726,874	)		(7,586,746	)
Class C		(13,496,715	)		(30,464,822	)		(10,469,803	)		(26,404,995	)
Institutional Class		(143,485,469	)		(445,881,165	)		(107,898,887	)		(409,895,778	)

		(160,452,403	)		(484,601,045	)		(121,095,564	)		(443,887,519	)

Increase (decrease) in net assets derived from capital share transactions		(47,263,494	)		(199,021,859	)		(7,456,990	)		43,243,075

Net Increase (Decrease) in Net Assets		127,736,156			(19,312,874	)		69,267,282			78,154,444

Net Assets:
Beginning of period		1,485,716,473			1,505,029,347			1,341,955,913			1,263,801,469

End of period	$	1,613,452,629		$	1,485,716,473		$	1,411,223,195		$	1,341,955,913

Undistributed (accumulated) net investment income (loss)	$	(870,639	)	$	—		$	12,763,402		$	3,293,407

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


			(continues	)		87

Statements of changes in net assets

Optimum Fund Trust


	Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17			Six months ended 9/30/17 (Unaudited)			Year ended 3/31/17
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(2,010,819	)	$	(4,110,057	)	$	1,635,112		$	3,607,757
Net realized gain		17,078,839			19,563,168			9,113,821			34,020,737
Net change in unrealized appreciation (depreciation)		25,331,821			68,639,917			4,943,174			38,728,388

Net increase in net assets resulting from operations		40,399,841			84,093,028			15,692,107			76,356,882


Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			—			(16,209	)
Institutional Class		—			—			—			(2,284,918	)

		—			—			—			(2,301,127	)


Capital Share Transactions:
Proceeds from shares sold:
Class A		181,075			420,894			151,368			372,174
Class C		251,896			1,008,435			206,977			624,715
Institutional Class		36,242,992			78,489,396			37,348,292			76,824,883

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		—			—			—			16,178
Institutional Class		—			—			—			2,282,053

		36,675,963			79,918,725			37,706,637			80,120,003


Cost of shares redeemed:
Class A		(566,000	)		(1,198,557	)		(371,168	)		(1,195,842	)
Class C		(1,860,967	)		(4,441,565	)		(1,469,476	)		(4,032,657	)
Institutional Class		(43,465,764	)		(178,827,032	)		(36,002,022	)		(184,660,997	)

		(45,892,731	)		(184,467,154	)		(37,842,666	)		(189,889,496	)

Decrease in net assets derived from capital share transactions		(9,216,768	)		(104,548,429	)		(136,029	)		(109,769,493	)

Net Increase (Decrease) in Net Assets		31,183,073			(20,455,401	)		15,556,078			(35,713,738	)

Net Assets:
Beginning of period		442,240,079			462,695,480			424,874,358			460,588,096

End of period	$	473,423,152		$	442,240,079		$	440,430,436		$	424,874,358

Undistributed (accumulated) net investment income (loss)	$	(3,125,818	)	$	(1,114,999	)	$	3,337,101		$	1,701,989

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

Financial highlights

Optimum Fixed Income Fund Class A

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	9.39	$	9.37		$	9.72		$	9.54		$	9.85		$	9.71

Income (loss) from investment operations:
Net investment income²		0.11		0.20			0.20			0.20			0.21			0.23
Net realized and unrealized gain (loss)		0.14		—	³		(0.28	)		0.20			(0.35	)		0.29

Total from investment operations		0.25		0.20			(0.08	)		0.40			(0.14	)		0.52


Less dividends and distributions from:
Net investment income		—		(0.18	)		(0.25	)		(0.22	)		(0.14	)		(0.17	)
Net realized gain		—		—			(0.02	)		—			(0.03	)		(0.21	)

Total dividends and distributions		—		(0.18	)		(0.27	)		(0.22	)		(0.17	)		(0.38	)


Net asset value, end of period		9.64		9.39			9.37			9.72			9.54			9.85


Total return⁴		2.66%		2.03%			(0.63%	)		4.21%			(1.40%	)		5.47%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,321	$	33,838		$	39,545		$	43,144		$	43,241		$	41,210
Ratio of expenses to average net assets		1.10%		1.17%			1.23%			1.17%			1.31%			1.35%
Ratio of expenses to average net assets prior to fees waived⁵		1.10%		1.18%			1.23%			1.17%			1.34%			1.40%
Ratio of net investment income to average net assets		2.29%		2.12%			2.13%			2.11%			2.24%			2.27%
Ratio of net investment income to average net assets prior to fees waived⁵		2.29%		2.11%			2.13%			2.11%			2.21%			2.22%
Portfolio turnover		200%		419%			536%			482%⁶			323%⁶			208%

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	Amount is less than $0.005 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 some of the periods reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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, 2015 and 2014.

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


			(continues	)		89

Financial highlights

Optimum Fixed Income Fund Class C

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	9.38	$	9.37		$	9.71		$	9.53		$	9.84		$	9.71

Income (loss) from investment operations:
Net investment income²		0.07		0.13			0.13			0.13			0.15			0.16
Net realized and unrealized gain (loss)		0.14		(0.01	)		(0.27	)		0.20			(0.35	)		0.29

Total from investment operations		0.21		0.12			(0.14	)		0.33			(0.20	)		0.45


Less dividends and distributions from:
Net investment income		—		(0.11	)		(0.18	)		(0.15	)		(0.08	)		(0.11	)
Net realized gain		—		—			(0.02	)		—			(0.03	)		(0.21	)

Total dividends and distributions		—		(0.11	)		(0.20	)		(0.15	)		(0.11	)		(0.32	)


Net asset value, end of period	$	9.59	$	9.38		$	9.37		$	9.71		$	9.53		$	9.84


Total return³		2.24%		1.27%			(1.39%	)		3.44%			(2.06%	)		4.69%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	115,815	$	124,024		$	153,266		$	166,154		$	161,353		$	155,728
Ratio of expenses to average net assets		1.85%		1.92%			1.98%			1.92%			1.99%			2.00%
Ratio of expenses to average net assets prior to fees waived⁴		1.85%		1.93%			1.98%			1.92%			2.02%			2.05%
Ratio of net investment income to average net assets		1.54%		1.37%			1.38%			1.36%			1.56%			1.62%
Ratio of net investment income to average net assets prior to fees waived⁴		1.54%		1.36%			1.38%			1.36%			1.53%			1.57%
Portfolio turnover		200%		419%			536%			482%⁵			323%⁵			208%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁵

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

Optimum Fixed Income Fund Institutional Class

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	9.39	$	9.37		$	9.72		$	9.54		$	9.85		$	9.71

Income (loss) from investment operations:
Net investment income²		0.12		0.23			0.23			0.23			0.24			0.26
Net realized and unrealized gain (loss)		0.14		(0.01	)		(0.28	)		0.19			(0.34	)		0.30

Total from investment operations		0.26		0.22			(0.05	)		0.42			(0.10	)		0.56


Less dividends and distributions from:
Net investment income		—		(0.20	)		(0.28	)		(0.24	)		(0.18	)		(0.21	)
Net realized gain		—		—			(0.02	)		—			(0.03	)		(0.21	)

Total dividends and distributions		—		(0.20	)		(0.30	)		(0.24	)		(0.21	)		(0.42	)


Net asset value, end of period	$	9.65	$	9.39		$	9.37		$	9.72		$	9.54		$	9.85


Total return³		2.77%		2.40%			(0.48%	)		4.47%			(1.05%	)		5.72%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,795,839	$	1,725,289		$	1,892,775		$	1,826,156		$	1,509,156		$	1,297,154
Ratio of expenses to average net assets		0.85%		0.92%			0.98%			0.92%			0.99%			1.00%
Ratio of expenses to average net assets prior to fees waived⁴		0.85%		0.93%			0.98%			0.92%			1.02%			1.05%
Ratio of net investment income to average net assets		2.54%		2.37%			2.38%			2.36%			2.56%			2.62%
Ratio of net investment income to average net assets prior to fees waived⁴		2.54%		2.36%			2.38%			2.36%			2.53%			2.57%
Portfolio turnover		200%		419%			536%			482%⁵			323%⁵			208%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁵

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


			(continues	)		91

Financial highlights

Optimum International Fund Class A

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	12.27	$	10.95		$	11.66		$	12.57		$	10.97		$	10.42

Income (loss) from investment operations:
Net investment income²		0.10		0.11			0.08			0.06			0.14			0.19
Net realized and unrealized gain (loss)		1.83		1.31			(0.73	)		(0.84	)		1.54			0.62

Total from investment operations		1.93		1.42			(0.65	)		(0.78	)		1.68			0.81


Less dividends and distributions from:
Net investment income		—		(0.10	)		(0.06	)		(0.13	)		(0.08	)		(0.26	)

Total dividends and distributions		—		(0.10	)		(0.06	)		(0.13	)		(0.08	)		(0.26	)


Net asset value, end of period	$	14.20	$	12.27		$	10.95		$	11.66		$	12.57		$	10.97


Total return³		14.81%		13.08%			(5.58%	)		(6.25%	)		15.31%			8.10%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	9,430	$	8,680		$	9,117		$	10,291		$	11,277		$	9,553
Ratio of expenses to average net assets		1.38%		1.48%			1.56%			1.47%			1.68%			1.75%
Ratio of expenses to average net assets prior to fees waived⁴		1.38%		1.48%			1.56%			1.47%			1.68%			1.84%
Ratio of net investment income to average net assets		1.48%		0.93%			0.74%			0.51%			1.20%			1.81%
Ratio of net investment income to average net assets prior to fees waived⁴		1.48%		0.93%			0.74%			0.51%			1.20%			1.72%
Portfolio turnover		27%		68%			47%			117%			126%			70%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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

Optimum International Fund Class C

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	11.98	$	10.69		$	11.41		$	12.29		$	10.76		$	10.23

Income (loss) from investment operations:
Net investment income (loss)²		0.05		0.02			—	³		(0.03	)		0.06			0.12
Net realized and unrealized gain (loss)		1.78		1.30			(0.72	)		(0.83	)		1.51			0.60

Total from investment operations		1.83		1.32			(0.72	)		(0.86	)		1.57			0.72


Less dividends and distributions from:
Net investment income		—		(0.03	)		—			(0.02	)		(0.04	)		(0.19	)

Total dividends and distributions		—		(0.03	)		—			(0.02	)		(0.04	)		(0.19	)


Net asset value, end of period	$	13.81	$	11.98		$	10.69		$	11.41		$	12.29		$	10.76


Total return⁴		14.43%		12.32%			(6.31%	)		(7.00%	)		14.56%			7.37%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	30,888	$	29,544		$	31,777		$	35,996		$	37,893		$	32,064
Ratio of expenses to average net assets		2.13%		2.23%			2.31%			2.22%			2.36%			2.40%
Ratio of expenses to average net assets prior to fees waived⁵		2.13%		2.23%			2.31%			2.22%			2.36%			2.49%
Ratio of net investment income (loss) to average net assets		0.73%		0.18%			(0.01%	)		(0.24%	)		0.52%			1.16%
Ratio of net investment income (loss) to average net assets prior to fees waived⁵		0.73%		0.18%			(0.01%	)		(0.24%	)		0.52%			1.07%
Portfolio turnover		27%		68%			47%			117%			126%			70%

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	Amount is less than $(0.005) 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 some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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


			(continues	)		93

Financial highlights

Optimum International Fund Institutional Class

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


	Six months ended 9/30/17¹(Unaudited)		Year ended
	Six months ended 9/30/17¹(Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	12.35	$	11.02		$	11.74		$	12.66		$	11.05		$	10.49

Income (loss) from investment operations:
Net investment income²		0.12		0.14			0.11			0.09			0.18			0.22
Net realized and unrealized gain (loss)		1.84		1.32			(0.74	)		(0.85	)		1.55			0.63

Total from investment operations		1.96		1.46			(0.63	)		(0.76	)		1.73			0.85


Less dividends and distributions from:
Net investment income		—		(0.13	)		(0.09	)		(0.16	)		(0.12	)		(0.29	)

Total dividends and distributions		—		(0.13	)		(0.09	)		(0.16	)		(0.12	)		(0.29	)


Net asset value, end of period	$	14.31	$	12.35		$	11.02		$	11.74		$	12.66		$	11.05


Total return³		15.03%		13.36%			(5.38%	)		(6.04%	)		15.79%			8.41%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	592,918	$	525,431		$	542,055		$	477,884		$	589,098		$	426,258
Ratio of expenses to average net assets		1.13%		1.23%			1.31%			1.22%			1.36%			1.40%
Ratio of expenses to average net assets prior to fees waived⁴		1.13%		1.23%			1.31%			1.22%			1.36%			1.49%
Ratio of net investment income to average net assets		1.73%		1.18%			0.99%			0.76%			1.52%			2.16%
Ratio of net investment income to average net assets prior to fees waived⁴		1.73%		1.18%			0.99%			0.76%			1.52%			2.07%
Portfolio turnover		27%		68%			47%			117%			126%			70%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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

Optimum Large Cap Growth Fund Class A

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


	Six months ended 9/30/17¹ (Unaudited)			Year ended
	Six months ended 9/30/17¹ (Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	16.84		$	14.97		$	17.00		$	16.39		$	14.53		$	13.48

Income (loss) from investment operations:
Net investment income (loss)²		(0.03	)		(0.06	)		(0.10	)		(0.08	)		(0.10	)		0.01
Net realized and unrealized gain (loss)		2.03			2.52			(0.20	)		2.71			3.63			1.05

Total from investment operations		2.00			2.46			(0.30	)		2.63			3.53			1.06


Less dividends and distributions from:
Net investment income		—			—			—			—			—			(0.01	)
Net realized gain		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		—

Total dividends and distributions		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		(0.01	)


Net asset value, end of period	$	18.84		$	16.84		$	14.97		$	17.00		$	16.39		$	14.53


Total return³		11.88%			16.83%			(2.27%	)		17.27%			25.17%			7.76%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	33,570		$	32,215		$	33,787		$	40,790		$	39,044		$	34,182
Ratio of expenses to average net assets		1.27%			1.35%			1.42%			1.37%			1.54%			1.60%
Ratio of expenses to average net assets prior to fees waived⁴		1.27%			1.38%			1.44%			1.37%			1.55%			1.63%
Ratio of net investment income (loss) to average net assets		(0.29%	)		(0.35%	)		(0.62%	)		(0.50%	)		(0.62%	)		0.10%
Ratio of net investment income (loss) to average net assets prior to fees waived⁴		(0.29%	)		(0.38%	)		(0.64%	)		(0.50%	)		(0.63%	)		0.07%
Portfolio turnover		28%			52%			88%			86%			98%			102%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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


			(continues	)		95

Financial highlights

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 9/30/17¹(Unaudited)			Year ended
	Six months ended 9/30/17¹(Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	14.81		$	13.34		$	15.44		$	15.16		$	13.63		$	12.72

Income (loss) from investment operations:
Net investment loss²		(0.08	)		(0.15	)		(0.20	)		(0.19	)		(0.19	)		(0.07	)
Net realized and unrealized gain (loss)		1.78			2.21			(0.17	)		2.49			3.39			0.98

Total from investment operations		1.70			2.06			(0.37	)		2.30			3.20			0.91


Less dividends and distributions from:
Net realized gain		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		—

Total dividends and distributions		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		—


Net asset value, end of period	$	16.51		$	14.81		$	13.34		$	15.44		$	15.16		$	13.63


Total return³		11.48%			15.88%			(2.98%	)		16.44%			24.27%			7.15%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	104,325		$	105,082		$	114,907		$	137,892		$	127,540		$	115,242
Ratio of expenses to average net assets		2.02%			2.10%			2.17%			2.12%			2.22%			2.25%
Ratio of expenses to average net assets prior to fees waived⁴		2.02%			2.13%			2.19%			2.12%			2.23%			2.28%
Ratio of net investment loss to average net assets		(1.04%	)		(1.10%	)		(1.37%	)		(1.25%	)		(1.30%	)		(0.55%	)
Ratio of net investment loss to average net assets prior to fees waived⁴		(1.04%	)		(1.13%	)		(1.39%	)		(1.25%	)		(1.31%	)		(0.58%	)
Portfolio turnover		28%			52%			88%			86%			98%			102%

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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

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 9/30/17¹ (Unaudited)			Year ended
	Six months ended 9/30/17¹ (Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	17.81		$	15.76		$	17.76		$	17.00		$	14.97		$	13.88

Income (loss) from investment operations:
Net investment income (loss)²		—	³		(0.02	)		(0.06	)		(0.04	)		(0.05	)		0.06
Net realized and unrealized gain (loss)		2.14			2.66			(0.21	)		2.82			3.75			1.07

Total from investment operations		2.14			2.64			(0.27	)		2.78			3.70			1.13


Less dividends and distributions from:
Net investment income		—			—			—			—			—	⁴		(0.04	)
Net realized gain		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		—

Total dividends and distributions		—			(0.59	)		(1.73	)		(2.02	)		(1.67	)		(0.04	)


Net asset value, end of period	$	19.95		$	17.81		$	15.76		$	17.76		$	17.00		$	14.97


Total return⁵		12.02%			17.14%			(2.00%	)		17.55%			25.51%			8.25%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,475,558		$	1,348,419		$	1,356,335		$	1,413,059		$	1,026,377		$	728,104
Ratio of expenses to average net assets		1.02%			1.10%			1.17%			1.12%			1.22%			1.25%
Ratio of expenses to average net assets prior to fees waived⁶		1.02%			1.13%			1.19%			1.12%			1.23%			1.28%
Ratio of net investment income (loss) to average net assets		(0.04%	)		(0.10%	)		(0.37%	)		(0.25%	)		(0.30%	)		0.45%
Ratio of net investment income (loss) to average net assets prior to fees waived⁶		(0.04%	)		(0.13%	)		(0.39%	)		(0.25%	)		(0.31%	)		0.42%
Portfolio turnover		28%			52%			88%			86%			98%			102%

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	Amount is less than $(0.005) per share.

⁴	For the year ended March 31, 2014, net investment income distributions of $149,730 was made by the Fund’s Institutional Class, which calculated to a de minimis amount of $0.00 per share.

⁵

⁶	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

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


			(continues	)		97

Financial highlights

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 9/30/17¹(Unaudited)		Year ended
	Six months ended 9/30/17¹(Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	15.42	$	15.13		$	16.01		$	15.36		$	12.90		$	11.75

Income (loss) from investment operations:
Net investment income²		0.10		0.17			0.17			0.12			0.16			0.17
Net realized and unrealized gain (loss)		0.78		2.04			(0.89	)		0.70			2.40			1.26

Total from investment operations		0.88		2.21			(0.72	)		0.82			2.56			1.43


Less dividends and distributions from:
Net investment income		—		(0.18	)		(0.16	)		(0.17	)		(0.10	)		(0.28	)
Net realized gain		—		(1.74	)		—			—			—			—

Total dividends and distributions		—		(1.92	)		(0.16	)		(0.17	)		(0.10	)		(0.28	)


Net asset value, end of period	$	16.30	$	15.42		$	15.13		$	16.01		$	15.36		$	12.90


Total return³		5.71%		14.99%			(4.54%	)		5.34%			19.96%			12.48%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	28,558	$	28,739		$	30,502		$	35,952		$	37,299		$	32,995
Ratio of expenses to average net assets		1.22%		1.33%			1.40%			1.33%			1.50%			1.57%
Ratio of expenses to average net assets prior to fees waived⁴		1.22%		1.34%			1.41%			1.33%			1.51%			1.59%
Ratio of net investment income to average net assets		1.22%		1.06%			1.07%			0.79%			1.12%			1.48%
Ratio of net investment income to average net assets prior to fees waived⁴		1.22%		1.05%			1.06%			0.79%			1.11%			1.46%
Portfolio turnover		13%		82%⁵			39%			35%			37%			49%

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

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

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁵	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

Optimum Large Cap Value Fund Class C

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


	Six months ended 9/30/17¹(Unaudited)		Year ended
	Six months ended 9/30/17¹(Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	15.25	$	14.99		$	15.85		$	15.22		$	12.78		$	11.59

Income (loss) from investment operations:
Net investment income²		0.04		0.05			0.05			0.01			0.06			0.10
Net realized and unrealized gain (loss)		0.76		2.01			(0.87	)		0.67			2.39			1.25

Total from investment operations		0.80		2.06			(0.82	)		0.68			2.45			1.35


Less dividends and distributions from:
Net investment income		—		(0.06	)		(0.04	)		(0.05	)		(0.01	)		(0.16	)
Net realized gain		—		(1.74	)		—			—			—			—

Total dividends and distributions		—		(1.80	)		(0.04	)		(0.05	)		(0.01	)		(0.16	)


Net asset value, end of period	$	16.05	$	15.25		$	14.99		$	15.85		$	15.22		$	12.78


Total return³		5.25%		14.13%			(5.19%)			4.48%			19.17%			11.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	91,070	$	95,495		$	103,693		$	122,772		$	123,541		$	111,806
Ratio of expenses to average net assets		1.97%		2.08%			2.15%			2.08%			2.18%			2.22%
Ratio of expenses to average net assets prior to fees waived⁴		1.97%		2.09%			2.16%			2.08%			2.19%			2.24%
Ratio of net investment income to average net assets		0.47%		0.31%			0.32%			0.04%			0.44%			0.83%
Ratio of net investment income to average net assets prior to fees waived⁴		0.47%		0.30%			0.31%			0.04%			0.43%			0.81%
Portfolio turnover		13%		82%⁵			39%			35%			37%			49%

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

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

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	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁵	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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


			(continues	)		99

Financial highlights

Optimum Large Cap Value Fund Institutional Class

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


	Six months ended 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	15.46	$	15.16		$	16.04		$	15.39		$	12.92		$	11.80

Income (loss) from investment operations:
Net investment income²		0.12		0.20			0.20			0.17			0.20			0.21
Net realized and unrealized gain (loss)		0.77		2.06			(0.89	)		0.69			2.41			1.26

Total from investment operations		0.89		2.26			(0.69	)		0.86			2.61			1.47


Less dividends and distributions from:
Net investment income		—		(0.22	)		(0.19	)		(0.21	)		(0.14	)		(0.35	)
Net realized gain		—		(1.74	)		—			—			—			—

Total dividends and distributions		—		(1.96	)		(0.19	)		(0.21	)		(0.14	)		(0.35	)


Net asset value, end of period	$	16.35	$	15.46		$	15.16		$	16.04		$	15.39		$	12.92


Total return³		5.76%		15.30%			(4.29%	)		5.60%			20.31%			12.92%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,291,595	$	1,217,722		$	1,129,606		$	1,146,123		$	1,002,553		$	730,785
Ratio of expenses to average net assets		0.97%		1.08%			1.15%			1.08%			1.18%			1.22%
Ratio of expenses to average net assets prior to fees waived⁴		0.97%		1.09%			1.16%			1.08%			1.19%			1.24%
Ratio of net investment income to average net assets		1.47%		1.31%			1.32%			1.04%			1.44%			1.83%
Ratio of net investment income to average net assets prior to fees waived⁴		1.47%		1.30%			1.31%			1.04%			1.43%			1.81%
Portfolio turnover		13%		82%⁵			39%			35%			37%			49%

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

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

⁴	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁵	As a result of Rothschild Asset Management Inc. replacing Herndon Capital Management, LLC as one of the sub-advisors to Optimum Large Cap Value Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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

100

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 9/30/17¹(Unaudited)			Year ended
	Six months ended 9/30/17¹(Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	13.31		$	10.95		$	15.37		$	15.57		$	14.26		$	13.00

Income (loss) from investment operations:
Net investment loss²		(0.08	)		(0.14	)		(0.15	)		(0.16	)		(0.19	)		(0.08	)
Net realized and unrealized gain (loss)		1.29			2.50			(2.26	)		1.44			3.07			1.65

Total from investment operations		1.21			2.36			(2.41	)		1.28			2.88			1.57


Less dividends and distributions from:
Return of capital		—			—			—	³		—			—			—
Net realized gain		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)

Total dividends and distributions		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)


Net asset value, end of period	$	14.52		$	13.31		$	10.95		$	15.37		$	15.57		$	14.26


Total return⁴		9.09%			21.55%			(16.77%	)		8.93%			21.63%			12.50%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,371		$	5,293		$	5,040		$	7,050		$	7,158		$	6,415
Ratio of expenses to average net assets		1.57%			1.58%			1.66%			1.63%			1.76%			1.86%
Ratio of expenses to average net assets prior to fees waived⁵		1.63%			1.79%			1.85%			1.77%			1.96%			2.05%
Ratio of net investment loss to average net assets		(1.10%	)		(1.16%	)		(1.09%	)		(1.09%	)		(1.28%	)		(0.62%	)
Ratio of net investment loss to average net assets prior to fees waived⁵		(1.16%	)		(1.37%	)		(1.28%	)		(1.23%	)		(1.48%	)		(0.81%	)
Portfolio turnover		40%			180%⁶			104%			72%			58%			78%

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 $0.00 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

As a result of Peregrine Capital Management, LLC and Columbus Circle Investors replacing Columbia Wanger Asset Management and Wellington Management as the sub-advisors to Optimum Small-Mid Cap Growth Fund during the Fund’s fiscal year ending March 31, 2017, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2017.

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


			(continues	)		101

Financial highlights

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 9/30/17¹ (Unaudited)			Year ended
	Six months ended 9/30/17¹ (Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	11.59		$	9.61		$	13.86		$	14.29		$	13.28		$	12.22

Income (loss) from investment operations:
Net investment loss²		(0.11	)		(0.20	)		(0.22	)		(0.25	)		(0.27	)		(0.15	)
Net realized and unrealized gain (loss)		1.12			2.18			(2.02	)		1.30			2.85			1.52

Total from investment operations		1.01			1.98			(2.24	)		1.05			2.58			1.37


Less dividends and distributions from:
Return of capital		—			—			—	³		—						—
Net realized gain		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)

Total dividends and distributions		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)


Net asset value, end of period	$	12.60		$	11.59		$	9.61		$	13.86		$	14.29		$	13.28


Total return⁴		8.71%			20.60%			(17.39%	)		8.08%			20.82%			11.73%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	16,427		$	16,668		$	16,972		$	23,206		$	22,581		$	20,921
Ratio of expenses to average net assets		2.32%			2.33%			2.41%			2.38%			2.45%			2.51%
Ratio of expenses to average net assets prior to fees waived⁵		2.38%			2.54%			2.60%			2.52%			2.65%			2.70%
Ratio of net investment loss to average net assets		(1.85%	)		(1.91%	)		(1.84%	)		(1.84%	)		(1.97%	)		(1.27%	)
Ratio of net investment loss to average net assets prior to fees waived⁵		(1.91%	)		(2.12%	)		(2.03%	)		(1.98%	)		(2.17%	)		(1.46%	)
Portfolio turnover		40%			180%⁶			104%			72%			58%			78%

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 $0.00 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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

102

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 9/30/17¹ (Unaudited)			Year ended
	Six months ended 9/30/17¹ (Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	14.19		$	11.65		$	16.17		$	16.27		$	14.78		$	13.42

Income (loss) from investment operations:
Net investment loss²		(0.06	)		(0.12	)		(0.12	)		(0.13	)		(0.15	)		(0.04	)
Net realized and unrealized gain (loss)		1.37			2.66			(2.39	)		1.51			3.21			1.71

Total from investment operations		1.31			2.54			(2.51	)		1.38			3.06			1.67


Less dividends and distributions from:
Return of capital		—			—			—	³		—			—			—
Net realized gain		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)

Total dividends and distributions		—			—			(2.01	)		(1.48	)		(1.57	)		(0.31	)


Net asset value, end of period	$	15.50		$	14.19		$	11.65		$	16.17		$	16.27		$	14.78


Total return⁴		9.23%			21.80%			(16.54%	)		9.18%			22.03%			12.94%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	451,625		$	420,279		$	440,683		$	527,647		$	436,823		$	321,441
Ratio of expenses to average net assets		1.32%			1.33%			1.41%			1.38%			1.45%			1.51%
Ratio of expenses to average net assets prior to fees waived⁵		1.38%			1.54%			1.60%			1.52%			1.65%			1.70%
Ratio of net investment loss to average net assets		(0.85%	)		(0.91%	)		(0.84%	)		(0.84%	)		(0.97%	)		(0.27%	)
Ratio of net investment loss to average net assets prior to fees waived⁵		(0.91%	)		(1.12%	)		(1.03%	)		(0.98%	)		(1.17%	)		(0.46%	)
Portfolio turnover		40%			180%⁶			104%			72%			58%			78%

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 $8,917 for Institutional Class calculated to a de minimis amount of $0.00 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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


			(continues	)		103

Financial highlights

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 9/30/17¹ (Unaudited)		Year ended
	Six months ended 9/30/17¹ (Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	13.77	$	11.53		$	13.64		$	14.88		$	13.74		$	12.59

Income (loss) from investment operations:
Net investment income (loss)²		0.04		0.08			(0.04	)		(0.09	)		(0.09	)		(0.03	)
Net realized and unrealized gain (loss)		0.45		2.21			(1.58	)		(0.03	)		2.87			1.61

Total from investment operations		0.49		2.29			(1.62	)		(0.12	)		2.78			1.58


Less dividends and distributions from:
Net investment income		—		(0.05	)		—			—			—			—
Return of capital		—		—			—	³		—			—			—
Net realized gain		—		—			(0.49	)		(1.12	)		(1.64	)		(0.43	)

Total dividends and distributions		—		(0.05	)		(0.49	)		(1.12	)		(1.64	)		(0.43	)


Net asset value, end of period	$	14.26	$	13.77		$	11.53		$	13.64		$	14.88		$	13.74


Total return⁴		3.56%		19.84%			(11.96%	)		(0.69%	)		21.85%			13.23%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,205	$	4,279		$	4,302		$	5,440		$	6,058		$	5,711
Ratio of expenses to average net assets		1.49%		1.51%			1.61%			1.62%			1.70%			1.76%
Ratio of expenses to average net assets prior to fees waived⁵		1.55%		1.71%			1.75%			1.68%			1.86%			1.98%
Ratio of net investment income (loss) to average net assets		0.56%		0.64%			(0.35%	)		(0.65%	)		(0.64%	)		(0.22%	)
Ratio of net investment income (loss) to average net assets prior to fees waived⁵		0.50%		0.44%			(0.49%	)		(0.71%	)		(0.80%	)		(0.44%	)
Portfolio turnover		15%		30%			90%⁶			31%			33%			36%

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 $325 for Class A calculated to a de minimis amount of $0.001 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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.

104

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 9/30/17¹(Unaudited)			Year ended
	Six months ended 9/30/17¹(Unaudited)			3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	12.21		$	10.27		$	12.30		$	13.63		$	12.80		$	11.83

Income (loss) from investment operations:
Net investment loss²		(0.01	)		(0.01	)		(0.12	)		(0.18	)		(0.17	)		(0.10	)
Net realized and unrealized gain (loss)		0.40			1.95			(1.42	)		(0.03	)		2.64			1.50

Total from investment operations		0.39			1.94			(1.54	)		(0.21	)		2.47			1.40


Less dividends and distributions from:
Return of capital		—			—			—	³		—			—			—
Net realized gain		—			—			(0.49	)		(1.12	)		(1.64	)		(0.43	)

Total dividends and distributions		—			—			(0.49	)		(1.12	)		(1.64	)		(0.43	)


Net asset value, end of period	$	12.60		$	12.21		$	10.27		$	12.30		$	13.63		$	12.80


Total return⁴		3.19%			18.89%			(12.62%	)		(1.45%	)		21.08%			12.45%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	13,418		$	14,268		$	15,136		$	19,245		$	20,846		$	20,058
Ratio of expenses to average net assets		2.24%			2.26%			2.36%			2.37%			2.40%			2.41%
Ratio of expenses to average net assets prior to fees waived⁵		2.30%			2.46%			2.50%			2.43%			2.56%			2.63%
Ratio of net investment loss to average net assets		(0.19%	)		(0.11%	)		(1.10%	)		(1.40%	)		(1.34%	)		(0.87%	)
Ratio of net investment loss to average net assets prior to fees waived⁵		(0.25%	)		(0.31%	)		(1.24%	)		(1.46%	)		(1.50%	)		(1.09%	)
Portfolio turnover		15%			30%			90%⁶			31%			33%			36%

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 $1,284 for Class C calculated to a de minimis amount of $0.001 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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


			(continues	)		105

Financial highlights

Optimum Small-Mid Cap Value Fund Institutional Class

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


	Six months ended 9/30/17¹(Unaudited)		Year ended
	Six months ended 9/30/17¹(Unaudited)		3/31/17			3/31/16			3/31/15			3/31/14			3/31/13
Net asset value, beginning of period	$	14.52	$	12.16		$	14.31		$	15.53		$	14.23		$	12.99

Income (loss) from investment operations:
Net investment income (loss)²		0.06		0.12			(0.01	)		(0.06	)		(0.05	)		0.02
Net realized and unrealized gain (loss)		0.48		2.32			(1.65	)		(0.04	)		3.00			1.66

Total from investment operations		0.54		2.44			(1.66	)		(0.10	)		2.95			1.68


Less dividends and distributions from:
Net investment income		—		(0.08	)		—			—			(0.01	)		(0.01	)
Return of capital		—		—			—	³		—			—			—
Net realized gain		—		—			(0.49	)		(1.12	)		(1.64	)		(0.43	)

Total dividends and distributions		—		(0.08	)		(0.49	)		(1.12	)		(1.65	)		(0.44	)


Net asset value, end of period	$	15.06	$	14.52		$	12.16		$	14.31		$	15.53		$	14.23


Total return⁴		3.72%		20.05%			(11.67%	)		(0.53%	)		22.29%			13.56%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	422,807	$	406,327		$	441,150		$	499,578		$	439,417		$	318,758
Ratio of expenses to average net assets		1.24%		1.26%			1.36%			1.37%			1.40%			1.41%
Ratio of expenses to average net assets prior to fees waived⁵		1.30%		1.46%			1.50%			1.43%			1.56%			1.63%
Ratio of net investment income (loss) to average net assets		0.81%		0.89%			(0.10%	)		(0.40%	)		(0.34%	)		0.13%
Ratio of net investment income (loss) to average net assets prior to fees waived⁵		0.75%		0.69%			(0.24%	)		(0.46%	)		(0.50%	)		(0.09%	)
Portfolio turnover		15%		30%			90%⁶			31%			33%			36%

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 $31,607 for Institutional Class calculated to a de minimis amount of $0.001 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.

⁵	Expenses paid indirectly were not material, as reflected on the “Statements of operations,” and had no impact on the ratios disclosed.

⁶

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

106

Notes to financial statements

Optimum Fund Trust

September 30, 2017 (Unaudited)

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, (1940 Act), 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 US generally accepted accounting principles (US 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. US 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 US 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-US markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00pm Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. Whenever such a significant


			(continues	)		107

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). The foregoing valuation policies apply to restricted and unrestricted securities.

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 (RIC) 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 or to be taken on each Fund’s federal income tax returns through the six months ended Sept. 30, 2017 and for all open federal income tax years (March 31, 2014–March 31, 2017) 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. If applicable, the Funds recognize interest accrued in unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the six months ended Sept. 30, 2017, the Funds did not incur any interest or tax penalties.

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 US 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. 29, 2017, 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 US 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, 2017, the Fund had average reverse repurchase agreements of $2,966,224 for which it paid interest at an average rate of 0.59%. At Sept. 30, 2017, there were no open reverse repurchase agreements in the Fund.

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. At Sept. 30, 2017, the Fund posted $348,109 in securities collateral for TBA trades, which comprised of US treasury obligations, which is presented on the “Schedules of investments.” The Fund also received $922,000 cash collateral for TBA trades as of Sept. 30, 2017, which is shown as “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

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 US dollars at the exchange rate of such currencies against the US 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

108

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.

Use of Estimates — Each Fund is an investment company, whose financial statements are prepared in conformity with US GAAP. Therefore, each Fund follows the accounting and reporting guidelines for investment companies. The preparation of financial statements in conformity with US 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 certain 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. Distributions received from investments in master limited partnerships are recorded as return of capital on investments on the ex-dividend date. 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, 2017.

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 $1, 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, 2017, 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
$423	$402	$459	$459	$449	$452

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

Delaware Management Company (DMC), a series of Macquarie Investment Management Business Trust (formerly, 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, which are calculated daily and paid monthly.


			(continues	)		109

Notes to financial statements

Optimum Fund Trust

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

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


Optimum Fixed Income Fund		0.6000% of net assets up to $500 million
		0.5500% of net assets from $500 million to $1 billion
		0.5000% of net assets from $1 billion to $1.5 billion
		0.4500% of net assets from $1.5 billion to $2 billion
		0.4250% of net assets from $2 billion to $2.5 billion
		0.4000% of net assets from $2.5 billion to $5 billion
		0.3750% of net assets over $5 billion

Optimum International Fund		0.7500% of net assets up to $500 million
		0.7150% of net assets from $500 million to $1 billion
		0.7000% of net assets from $1 billion to $1.5 billion
		0.6750% of net assets from $1.5 billion to $2 billion
		0.6500% of net assets from $2 billion to $2.5 billion
		0.6000% of net assets over $2.5 billion

Optimum Large Cap Growth Fund		0.7500% of net assets up to $500 million
		0.7000% of net assets from $500 million to $1 billion
		0.6500% of net assets from $1 billion to $1.5 billion
		0.6250% of net assets from $1.5 billion to $2 billion
		0.6000% of net assets from $2 billion to $2.5 billion
		0.5750% of net assets from $2.5 billion to $5 billion
		0.5500% of net assets over $5 billion

Optimum Large Cap Value Fund		0.7000% of net assets up to $500 million
		0.6500% of net assets from $500 million to $1 billion
		0.6000% of net assets from $1 billion to $1.5 billion
		0.5750% of net assets from $1.5 billion to $2 billion
		0.5500% of net assets from $2 billion to $2.5 billion
		0.5250% of net assets from 2.5 billion to $5 billion
		0.5000% of net assets over $5 billion

Optimum Small-Mid Cap Growth Fund		1.1000% of net assets up to $250 million
		1.0000% of net assets from $250 million to $500 million
		0.9000% of net assets from $500 million to $750 million
		0.8000% of net assets from $750 million to $1 billion
		0.7500% of net assets from $1 billion to $1.5 billion
		0.7000% of net assets over $1.5 billion

Optimum Small-Mid Cap Value Fund		1.0000% of net assets up to $250 million
		0.9000% of net assets from $250 million to $500 million
		0.8000% of net assets from $500 million to $750 million
		0.7500% of net assets from $750 million to $1 billion
		0.7000% of net assets from $1 billion to $1.5 billion
		0.6500% of net assets over $1.5 billion

110

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 Rothschild Asset Management Inc. (Rothschild); Optimum Small-Mid Cap Growth Fund – Columbus Circle Investors (CCI) and Peregrine Capital Management LLC (Peregrine); Optimum Small-Mid Cap Value Fund – LSV Asset Management (LSV) and Westwood Management Corp. (Westwood).

For the six months ended Sept. 30, 2017, 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
$1,165,007	$1,192,511	$2,795,191	$2,080,406	$1,106,210	$1,099,345

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, 2017 – July 30, 2018	0.86%	1.13%	1.02%	0.98%	1.29%	1.22%
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%

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. Effective July 1, 2017, DIFSC fees are calculated daily and paid monthly based on the aggregate daily net assets of the Trust at the following annual rate: 0.0075% of the first $3.5 billion; 0.0070% of the next $2 billion; 0.0060% of the next $2 billion; and 0.0050% of aggregate average daily net assets in excess of $7.5 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. Prior to July 1, 2017, DIFSC fees were calculated daily and paid monthly 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


			(continues	)		111

Notes to financial statements

Optimum Fund Trust

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

0.0050% of aggregate average daily net assets in excess of $10 billion. These amounts are included on the “Statements of operations” under “Accounting fees.” For the six months ended Sept. 30, 2017, 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
$67,873	$21,911	$55,535	$48,337	$16,526	$15,528

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 0.0525% of assets up to $7.5 billion of the Trust’s average daily net assets; 0.0475% of assets from $7.5 billion to $10 billion; 0.0425% of asset from $10 billion to $12 billion; 0.0375% of asset from $12 billion to $14 billion; and 0.0325% of assets over $14 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 0.18% 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.”

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 12b-1 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. The fees are calculated daily and paid monthly. Institutional Class shares pay no 12b-1 fees.

For the six months ended Sept. 30, 2017, 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
$16,065	$2,129	$5,710	$4,831	$988	$749

For the six months ended Sept. 30, 2017, 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
$2,814	$916	$2,024	$2,207	$374	$248

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, 2017, 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, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, and Optimum Small Cap Value Fund did not engage in

112

securities cross trades for the six months ended Sept. 30, 2017. Pursuant to these procedures, for the six months ended Sept. 30, 2017, the following Funds engaged in securities sales, which resulted in net realized losses as follows:


	Optimum International Fund			Optimum Small-Mid Cap Growth Fund
Sales	$	1,963,032		$	3,791,652
Net realized loss		(103	)		(239	)

3. Investments

For the six months ended Sept. 30, 2017, 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 US government securities	$	2,533,771,226	$	162,341,317	$	430,510,316	$	177,627,505		$179,214,770		$65,462,822
Purchases of US government securities		1,685,092,565		—		—		—		—		—
Sales other than US government securities		2,669,245,189		174,770,405		467,513,553		184,213,126		196,280,991		64,974,000
Sales of US government securities		1,562,292,671		—		—		—		—		—

At Sept. 30, 2017, the cost of investments and derivatives for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2017, the cost and unrealized appreciation (depreciation) of investments and derivatives 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 and derivatives	$	2,160,278,365		$	544,383,433		$	1,230,711,781		$	1,154,739,086			$	372,968,117			$	356,370,321

Aggregate unrealized appreciation of investments and derivatives	$	46,152,627		$	130,072,080		$	393,062,215		$	271,493,169			$	109,536,165			$	93,149,531
Aggregate unrealized depreciation of investments and derivatives		(26,786,240	)		(29,440,077	)		(10,386,375	)		(17,382,987	)			(9,800,302	)			(7,264,478	)

Net unrealized appreciation of investments and derivatives	$	19,366,387		$	100,632,003		$	382,675,840		$	254,110,182			$	99,735,863			$	85,885,053


			(continues	)		113

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

Qualified late year ordinary losses represent losses realized from Jan. 1, 2017 through March 31, 2017 that in accordance with federal income tax regulations, the Funds have elected to defer and treat as having arisen in the following fiscal year. At March 31, 2017, qualified late year ordinary losses deferred for Optimum Small-Mid Cap Growth Fund were $1,114,999.

Under the Regulated Investment Company Modernization Act of 2010 (Act), net capital losses recognized for tax years beginning after Dec. 22, 2010 may be carried forward indefinitely, and their character is retained as short-term and/or long-term losses. Previously, net capital losses were carried forward for eight years and treated as short-term losses. As a transition rule, the Act requires that post-enactment net capital losses be used before pre-enactment net capital losses.

At March 31, 2017, there were no capital loss carryforwards for Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Capital loss carryforwards available to offset future realized capital gains, through the indicated expiration dates for Optimum Fixed Income Fund and Optimum International Fund were as follows:


	Pre-enactment capital loss Expiration date		No expiration Post-enactment capital loss character
	2018		Short-term		Long-term		Total
Optimum Fixed Income Fund		$ —		$11,736,396		$20,401,723		$32,138,119
Optimum International Fund		4,316,656		9,162,162		5,399,557		18,878,375

US GAAP defines fair value as the price that each Fund would receive to sell an asset or pay to transfer a liability in an orderly transaction between market participants at the measurement date under current market conditions. A three-level hierarchy for fair value measurements has been established based upon the transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability 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.

114

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Sept. 30, 2017:


				Optimum Fixed Income Fund
Securities	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset- & Mortgage-Backed Securities	$	—		$	714,069,304		$	—	$	714,069,304
Corporate Debt		—			808,215,368			—		808,215,368
Foreign Debt		—			108,673,302			—		108,673,302
Municipal Bonds		—			20,464,328			—		20,464,328
Loan Agreements¹		—			72,428,681			2,208,414		74,637,095
Common Stock		—			—			—		—
Convertible Preferred Stock¹		1,326,106			2,224,824			—		3,550,930
Preferred Stock		—			5,348,029			—		5,348,029
US Treasury Obligations		—			274,221,815			—		274,221,815
Short-Term Investments		—			174,931,668			—		174,931,668
Options Purchased		—			340,216			—		340,216

Total Value of Securities Before Options Written	$	1,326,106		$	2,180,917,535		$	2,208,414	$	2,184,452,055

Liabilities:
Options Written	$	—		$	(286,394	)	$	—	$	(286,394	)

Derivatives
Assets:
Foreign Currency Exchange Contracts	$	—		$	610,609		$	—	$	610,609
Futures Contracts		2,019,220			—			—		2,019,220
Swap Contracts		—			3,977,749			—		3,977,749
Liabilities:
Foreign Currency Exchange Contracts		—			(1,417,877	)		—		(1,417,877	)
Futures Contracts		(4,193,702	)		—			—		(4,193,702	)
Swap Contracts		—			(1,543,456	)		—		(1,543,456	)

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:


	Level 1			Level 2			Level 3			Total
Loan Agreements		—			97.04	%		2.96	%		100.00	%
Convertible Preferred Stock		37.35	%		62.65	%		—			100.00	%


			(continues	)		115

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


			Optimum International Fund
Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stock
Australia	$	2,614,388		$ 9,564,541		$ —		$ 12,178,929
Austria		9,564,584		6,286,132		—		15,850,716
Bermuda		5,490,496		—		—		5,490,496
Brazil		11,100,726		—		—		11,100,726
Canada		24,457,861		—		—		24,457,861
Chile		—		933,404		—		933,404
China/Hong Kong		5,359,635		43,215,392		—		48,575,027
Colombia		4,597,408		—		—		4,597,408
Czech Republic		2,657,344		—		—		2,657,344
Denmark		—		8,014,026		—		8,014,026
France		802,962		36,067,138		—		36,870,100
Germany		—		24,977,233		—		24,977,233
India		5,337,408		10,912,361		—		16,249,769
Indonesia		677,185		17,431,367		—		18,108,552
Ireland		14,746,435		—		—		14,746,435
Israel		1,594,758		15,459,474		—		17,054,232
Italy		1,723,551		10,039,076		—		11,762,627
Japan		—		114,984,172		—		114,984,172
Mexico		5,054,731		—		—		5,054,731
Netherlands		11,719,140		15,413,368		—		27,132,508
New Zealand		2,340,154		4,087,196		—		6,427,350
Norway		5,142,919		13,163,927		—		18,306,846
Republic of Korea		621,507		18,156,704		—		18,778,211
Singapore		—		6,864,164		—		6,864,164
South Africa		—		971,614		—		971,614
Spain		3,176,251		9,042,922		—		12,219,173
Sweden		1,910,098		5,287,534		—		7,197,632
Switzerland		17,209,307		20,577,022		—		37,786,329
Taiwan		—		20,757,374		—		20,757,374
Thailand		767,181		6,790,157		—		7,557,338
Turkey		—		3,269,698		—		3,269,698
United Kingdom		10,383,942		44,742,640		—		55,126,582
United States		9,079,590		656,464		636,855		10,372,909
Short-Term Investments		—		4,061,702		—		4,061,702
Securities Lending Collateral		—		14,522,218		—		14,522,218

Total Value of Securities	$	158,129,561		$486,249,020		$636,855		$645,015,436

116


			Optimum Large Cap Growth Fund
Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stock
Consumer Discretionary		$ 269,469,122		$ —			$ 2,152,752		$ 271,621,874
Consumer Staples		36,938,095		6,406,350			—		43,344,445
Energy		12,529,833		—			—		12,529,833
Financials		85,734,993		—			121,720		85,856,713
Healthcare		247,593,542		—			—		247,593,542
Industrials		139,716,852		—			—		139,716,852
Information Technology		674,779,713		8,984,602			580,234		684,344,549
Materials		21,691,052		—			—		21,691,052
Real Estate		44,020,987		—			—		44,020,987
Telecommunication Services		9,215,210		—			—		9,215,210
Utilities		8,539,988		—			—		8,539,988
Convertible Preferred Stock		—		—			9,197,297		9,197,297
US Master Limited Partnership		8,455,825		—			—		8,455,825
Corporate Debt		—		5,960,437			—		5,960,437
Short-Term Investments		—		21,300,026			—		21,300,026

Total Value of Securities		$1,558,685,212		$42,651,415			$12,052,003		$1,613,388,630

Derivatives
Liabilities:
Foreign Currency Exchange Contract		$ —		$ (1,009	)		$ —		$ (1,009	)

			Optimum Large Cap Value Fund
Securities	Level 1		Level 2			Total
Assets:
Common Stock
Consumer Discretionary		$ 87,851,584		$ —			$ 87,851,584
Consumer Staples		96,707,466		25,578,407			122,285,873
Energy		103,774,169		—			103,774,169
Financials		386,108,198		—			386,108,198
Healthcare		213,739,187		3,133,466			216,872,653
Industrials		192,795,616		—			192,795,616
Information Technology		112,354,962		—			112,354,962
Materials		53,309,663		—			53,309,663
Real Estate		24,179,487		—			24,179,487
Telecommunication Services		25,658,145		—			25,658,145
Utilities		58,108,883		—			58,108,883
Short-Term Investments		—		25,547,889			25,547,889

Total Value of Securities		$1,354,587,360		$54,259,762			$1,408,847,122

Derivatives
Assets:
Foreign Currency Exchange Contract	$	—	$	2,146		$	2,146


			(continues	)		117

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


				Optimum Small-Mid Cap Growth Fund
Securities	Level 1			Level 2		Level 3		Total
Assets:
Common Stock		$	454,789,954		$ —		$ —		$454,789,954
Convertible Preferred Stock¹			899,742		495,378		3,499,626		4,894,746
Short-Term Investments			—		13,019,280		—		13,019,280

Total Value of Securities		$	455,689,696		$13,514,658		$3,499,626		$472,703,980


	Level 2			Level 3			Level 3			Total
Convertible Preferred Stock		18.38	%		10.12	%		71.50	%		100.00	%


				Optimum Small-Mid Cap Value Fund
Securities	Level 1			Level 2		Total
Assets:
Common Stock		$	434,391,029		$ —		$	434,391,029
Short-Term Investments			—		7,864,345			7,864,345

Total Value of Securities		$	434,391,029		$7,864,345			$442,255,374

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, 2017, 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, 2017, 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 based on fair value at the beginning of the reporting 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 a reconciliation of Level 3 investments as they are not considered significant to each Fund’s net assets at the beginning, interim, or end of the period. 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, 2017 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

118

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:


	Convertible Preferred Stock
Beginning balance March 31, 2017	$	4,584,960
Sales		(1,065,862	)
Net realized gain		501,101
Transfers into Level 3		693,782
Transfers out of Level 3		(1,134,120	)
Net change in unrealized depreciation		(80,235	)

Ending balance Sept. 30, 2017	$	3,499,626

Net change in unrealized depreciation from investments still held at the end of the period	$	(184,152	)

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 are as follows:

Assets

Value

Valuation
Techniques

Unobservable
Inputs

Range of
Unobservable
Inputs

Weighted
Average
Discounted
Enterprise
Value / Revenue
Multiple

Convertible

Comparable company approach.

Estimated value of retained portion of purchase price held in escrow for contingencies.

Enterprise value / revenue multiple Range of comparable companies.

Preferred Stock

$3,359,551

1.8x to 11.2x

6.4x

Convertible Preferred Stock

140,075

Value of retained portion to be delivered to shareholders 18 months after transaction closes, less 10% liquidity discount.

N/A

Total

$3,499,626

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


			(continues	)		119

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 9/30/17			Year ended 3/31/17			Six months ended 9/30/17			Year ended 3/31/17			Six months ended 9/30/17			Year ended 3/31/17
Shares sold:
Class A		194,165			277,152			29,481			55,487			63,331			102,264
Class C		298,266			762,019			36,282			164,385			78,632			359,119
Institutional Class		18,767,244			39,990,811			3,744,240			7,475,950			5,805,555			13,872,596
Shares issued upon reinvestment of dividends and distributions:
Class A		—			73,073			—			6,992			—			78,519
Class C		—			164,873			—			5,854			—			319,613
Institutional Class		—			4,107,100			—			513,028			—			2,831,952

		19,259,675			45,375,028			3,810,003			8,221,696			5,947,518			17,564,063

Shares redeemed:
Class A		(339,455	)		(966,352	)		(72,714	)		(188,046	)		(194,468	)		(524,169	)
Class C		(1,441,761	)		(4,076,187	)		(265,803	)		(675,780	)		(853,639	)		(2,200,265	)
Institutional Class		(16,349,861	)		(62,330,129	)		(4,848,369	)		(14,653,443	)		(7,554,483	)		(27,022,876	)

		(18,131,077	)		(67,372,668	)		(5,186,886	)		(15,517,269	)		(8,602,590	)		(29,747,310	)

Net increase (decrease)		1,128,598			(21,997,640	)		(1,376,883	)		(7,295,573	)		(2,655,072	)		(12,183,247	)


	Optimum Large Cap Value Fund						Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund

	Six months ended 9/30/17			Year ended 3/31/17			Six months ended 9/30/17			Year ended 3/31/17			Six months ended 9/30/17			Year ended 3/31/17
Shares sold:
Class A		63,852			103,359			13,336			35,937			11,033			30,413
Class C		87,724			333,639			21,131			97,187			16,977			57,348
Institutional Class		7,071,788			20,845,005			2,470,502			6,203,398			2,569,949			5,847,685
Shares issued upon reinvestment of dividends and distributions:
Class A		—			233,309			—			—			—			1,195
Class C		—			726,016			—			—			—			—
Institutional Class		—			9,693,331			—			—			—			159,920

		7,223,364			31,934,659			2,504,969			6,336,522			2,597,959			6,096,561

Shares redeemed:
Class A		(174,944	)		(489,275	)		(41,323	)		(98,337	)		(26,957	)		(93,744	)
Class C		(676,930	)		(1,716,380	)		(155,810	)		(425,001	)		(120,489	)		(362,310	)
Institutional Class		(6,873,160	)		(26,278,928	)		(2,966,696	)		(14,415,539	)		(2,476,317	)		(14,304,324	)

		(7,725,034	)		(28,484,583	)		(3,163,829	)		(14,938,877	)		(2,623,763	)		(14,760,378	)

Net increase (decrease)		(501,670	)		3,450,076			(658,860	)		(8,602,355	)		(25,804	)		(8,663,817	)

120

Certain shareholders may exchange shares of one class for another class in the same Fund. There were no exchange transactions for the year ended March 31, 2017. For the six months ended Sept. 30, 2017, each Fund had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the tables on the previous page and the “Statements of changes in net assets.”


	Six months ended 9/30/17
	Exchange Redemptions Class A Shares ��		Exchange Subscriptions Institutional Class Shares		Value
Optimum Fixed Income Fund		10,541		10,541	$	99,925
Optimum International Fund		2,018		2,002		26,451
Optimum Large Cap Growth Fund		5,634		5,327		99,779
Optimum Large Cap Value Fund		5,573		5,559		86,160
Optimum Small-Mid Cap Growth Fund		1,130		1,060		15,484
Optimum Small-Mid Cap Value Fund		756		716		10,373

5. Derivatives

US 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 US 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 US 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, 2017, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not use foreign currency exchange contracts.

During the six months ended Sept. 30, 2017, Optimum Fixed Income Fund and Optimum Large Cap Growth Fund each used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies.

During the six months ended Sept. 30, 2017, Optimum International Fund and Optimum Large Cap Value Fund each used foreign currency exchange contracts to facilitate or expedite the settlement of portfolio transactions. Optimum International Fund also used foreign currency exchange contracts to fix the US dollar value of a security between trade date and settlement date.

During the six months ended Sept. 30, 2017, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund 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


			(continues	)		121

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

Fund deposits cash or pledges US 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 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 $1,221,000 cash and securities collateral valued at $3,188,023, 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, 2017, 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.

During the six months ended Sept. 30, 2017, 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 adjust the Fund’s overall exposure to certain markets, to receive premiums for writing options, and to manage the Fund’s exposure to changes in foreign currencies.

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 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.

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

122

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, 2017, Optimum Fixed Income Fund used 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, 2017, 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 centrally cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at Sept. 30, 2017, the notional value of the protection sold was EUR 2,500,00 and USD 40,755,000, 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 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, 2017, net unrealized appreciation of the protection sold was $1,233,042.

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, 2017, Optimum Fixed Income Fund used CDS contracts to hedge against credit events, to enhance total return, 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, 2017, for bilateral derivative contracts, Optimum Fixed Income Fund posted $1,710,000 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 $1,629,330 cash collateral for certain centrally cleared derivatives. The Fund also posted $3,560,535 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. 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, 2017, for


			(continues	)		123

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

bilateral derivative contracts, the Fund received $540,000 in cash collateral. Cash collateral received is presented as “Cash collateral due to brokers” on the “Statements of assets and liabilities.”

Fair values of derivative instruments for Optimum Fixed Income Fund as of Sept. 30, 2017 were as follows:


	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts				Interest rate Contracts			Credit Contracts			Total
Unrealized appreciation of foreign currency exchange contracts			$610,609			$ —			$ —			$ 610,609
Variation margin due from broker on futures contracts*			—			2,019,220			—			2,019,220
Unrealized appreciation of swap contracts			—			2,679,817			1,391,005			4,070,822
Total			$610,609			$4,699,037			$1,391,005			$6,700,651

	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts				Interest Contracts			Credit Contracts			Total
Unrealized depreciation of foreign currency exchange contracts		$	(1,417,877	)		$ —			$ —			$(1,417,877	)
Variation margin due from broker on futures contracts*			—			(4,193,702	)		—			(4,193,702	)
Options written, at value			—			(286,394	)		—			(286,394	)
Variation margin due to brokers on centrally cleared swap contracts			—			(116,824	)		(17,188	)		(134,012	)
Unrealized depreciation of swap contracts			—			(1,075,226	)		(427,290	)		(1,502,516	)

Total		$	(1,417,877	)		$(5,672,146	)		$(444,478	)		$(7,534,501	)

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through Sept. 30, 2017. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on Optimum Fixed Income Fund’s “Statements of operations” for the six months ended Sept. 30, 2017 was as follows:


	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts		Options Purchased			Options Written		Swap Contracts			Total
Currency contracts	$	(2,284,184	)	$	100,198		$ (23,692	)	$	—		$ 24,479		$	(2,183,199	)
Equity contracts		—			979,859		—			—		—			979,859
Interest rate contracts		—			3,632,013		(243,309	)		477,949		(519,291	)		3,347,362
Credit contracts		—			—					—		(360,355	)		(360,355	)

Total	$	(2,284,184	)	$	4,712,070		$(267,001	)	$	477,949		$(855,167	)	$	1,783,667

124


	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Purchased			Options Written		Swap Contracts			Total
Currency contracts	$	(1,072,947	)	$	(362,338	)	$	24,337		$	—	$	—		$	(1,410,948	)
Equity contracts		—			—			—			—		—			—
Interest rate contracts		—			(4,341,472	)		(207,107	)		160,363		358,902			(4,029,314	)
Credit contracts		—			—			—			—		(669,239	)		(669,239	)

Total	$	(1,072,947	)	$	(4,703,810	)	$	(182,770	)	$	160,363	$	(310,337	)	$	(6,109,501	)

Derivatives generally. The tables below summarize the average balance of derivative holdings by the Funds during the six months ended Sept. 30, 2017.


				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	49,002,703		USD	540,904		USD	66,730		USD	22,352
Futures contracts (average notional value)			553,281,162			—			—			—
Options contracts (average notional value)			473,538			—			—			—
CDS contracts (average notional value)*		USD	16,560,571			—			—			—
Interest rate swap contracts (average notional value)**		CAD	8,170,635			—			—			—
		MXN	82,271,429			—			—			—
		USD	27,900,000			—			—			—

				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	91,212,042		USD	469,418		USD	59,648		USD	—
Futures contracts (average notional value)			802,913,169			—			—			—
Options contracts (average notional value)			531,809			—			—			—
CDS contracts (average notional value)*		EUR	2,500,000			—			—			—
		USD	42,172,024			—			—			—
Interest rate swap contracts (average notional value)**			191,474,325			—			—			—

* Long represents buying protection and short represents selling protection.

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


			(continues	)		125

Notes to financial statements

Optimum Fund Trust

6. Offsetting

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 in order to better define its contractual rights and to secure rights that will help each Fund mitigate its counterparty risk. 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.”

At Sept. 30, 2017, the Funds 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		$	422,484		$	(288,101	)		$	134,383
BNP Paribas			37,115			(651,702	)			(614,587	)
BNY Mellon			—			(7	)			(7	)
Citigroup Global Markets			3,177			(117,711	)			(114,534	)
Credit Suisse First Boston			—			(4,181	)			(4,181	)
Deutsche Bank			980,103			—				980,103
Goldman Sachs			112,806			—				112,806
Hong Kong Shanghai Bank			—			(57,326	)			(57,326	)
JPMorgan Chase Bank			460,422			(73,817	)			386,605
Morgan Stanley Capital			676,383			(840,616	)			(164,233	)
Toronto Dominion Bank			—			(225,651	)			(225,651	)
UBS			—			(48,586	)			(48,586	)

Total		$	2,692,490		$	(2,307,698	)		$	384,792

126


					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^(b)
Bank of America Merrill Lynch		$	134,383				$—			$ —				$—		$	—		$	134,383
BNP Paribas			(614,587	)			—			—				—			614,587			—
BNY Mellon			(7	)			—			—				—			—			(7	)
Citigroup Global Markets			(114,534	)			—			—				—			110,000			(4,534	)
Credit Suisse
First Boston			(4,181	)			—			—				—			—			(4,181	)
Deutsche Bank			980,103				—			—				—			—			980,103
Goldman Sachs			112,806				—			—				—			—			112,806
Hong Kong Shanghai Bank			(57,326	)			—			—				—			—			(57,326	)
JPMorgan Chase Bank			386,605				—			(386,605	)			—			—			—
Morgan Stanley Capital			(164,233	)			—			—				—			164,233			—
Toronto Dominion Bank			(225,651	)			—			—				—			225,651			—
UBS			(48,586	)			—			—				—			—			(48,586	)

Total		$	384,792			$	—		$	(386,605	)		$	—		$	1,114,471		$	1,112,658


	Optimum Large Cap Growth Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Barclays Bank		$	—		$	(1,009	)		$	(1,009	)


					Optimum Large Cap Growth 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 Amount^(b)
Barclays Bank		$	(1,009	)		$—		$—		$—		$—		$	(1,009	)


	Optimum Large Cap Value Fund
Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability		Net Position
JPMorgan Chase Bank		$	2,146		$—		$	2,146


				Optimum Large Cap Value 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 Amount^(a)
JPMorgan Chase Bank		$	2,146		$—		$—		$—		$—		$	2,146


			(continues	)		127

Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)

Master Repurchase Agreements


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

Bank of America Merrill Lynch		$ 4,410,530		$ (4,410,530	)		$—		$ (4,410,530	)		$—
Bank of Montreal		11,026,326		(11,026,326	)		—		(11,026,326	)		—
BNP Paribas		9,645,609		(9,645,609	)		—		(9,645,609	)		—

Total		$25,082,465		$(25,082,465	)		$—		$(25,082,465	)		$—


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

Bank of America Merrill Lynch		$ 475,934		$ (475,934	)		$—		$ (475,934	)		$—
Bank of Montreal		1,189,836		(1,189,836	)		—		(1,189,836	)		—
BNP Paribas		1,040,845		(1,040,845	)		—		(1,040,845	)		—

Total		$2,706,615		$(2,706,615	)		$—		$(2,706,615	)		$—


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

Bank of America Merrill Lynch		$ 3,649,172		$ (3,649,172	)		$—		$ (3,649,172	)		$—
Bank of Montreal		9,122,931		(9,122,931	)		—		(9,122,931	)		—
BNP Paribas		7,980,558		(7,980,558	)		—		(7,980,558	)		—

Total		$20,752,661		$(20,752,661	)		$—		$(20,752,661	)		$—


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

Bank of America Merrill Lynch		$ 2,343,180		$ (2,343,180	)		$—		$ (2,343,180	)		$—
Bank of Montreal		5,857,949		(5,857,949	)		—		(5,857,949	)		—
BNP Paribas		5,124,417		(5,124,417	)		—		(5,124,417	)		—

Total		$13,325,546		$(13,325,546	)		$—		$(13,325,546	)		$—

128


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

Bank of America Merrill Lynch		$	899,444		$	(899,444	)		$	—		$	(899,444	)		$	—
Bank of Montreal			2,248,610			(2,248,610	)			—			(2,248,610	)			—
BNP Paribas			1,967,039			(1,967,039	)			—			(1,967,039	)			—

Total		$	5,115,093		$	(5,115,093	)		$	—		$	(5,115,093	)		$	—

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

Bank of America Merrill Lynch		$	898,416		$	(898,416	)		$	—		$	(898,416	)		$	—
Bank of Montreal			2,246,040			(2,246,040	)			—			(2,246,040	)			—
BNP Paribas			1,964,791			(1,964,791	)			—			(1,964,791	)			—

Total		$	5,109,247		$	(5,109,247	)		$	—		$	(5,109,247	)		$	—

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, 2017, 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^(a)	Fair value of Non-Cash Collateral Received	Net Exposure^(b)

The Bank of New York Mellon	$20,814,375	$(14,034,900)	$(6,779,475)	$—

^(a) The value of the related collateral exceeded the value of the repurchase agreements and securities lending transactions as of Sept. 30, 2017.

^(b) Net exposure represents the 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 US securities and foreign securities that are denominated and payable in US 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


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Notes to financial statements

Optimum Fund Trust

7. Securities Lending (continued)

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.

Cash collateral received by each Fund of the Trust is generally invested in 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 US 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 as disclosed on the “Schedules of investments.” Securities purchased with cash collateral are valued at the market value. A Fund can also accept US government securities and letters of credit (non-cash collateral) in connection with securities loans.

In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Funds or, at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to 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.

During the six months ended Sept. 30, 2017, 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.

The following table reflects a breakdown of transactions accounted for as secured borrowings, the gross obligation by the type of collateral pledged, and the remaining contractual maturity of those transactions as of Sept. 30, 2017 for Optimum International Fund:


Securities Lending Transactions	Overnight and Continuous		Under 30 days	Between 30 & 90 days	Over 90 days	Total
Common stock	$	14,522,218	$—	$—	$—	$	14,522,218

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

130

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 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. When a loan agreement is purchased, the Fund may pay an assignment fee. On an ongoing basis, the Fund may receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a loan agreement. Prepayment penalty fees are received upon the prepayment of a loan agreement by the borrower. Prepayment penalty, facility, commitment, consent, and amendment fees are recorded to income as earned or paid. 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 US 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, 2017. 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. The Funds also invests in real estate acquired as a result of ownership of securities or other instruments, including issuers that invest, deal, or otherwise engage in transactions in real estate or interests therein. These instruments may include interests in private equity limited partnerships or limited liability companies that hold real estate investments (Real Estate Limited Partnerships). The Funds will limit their investments in Real Estate Limited Partnerships to 5% of their total assets at the time of purchase.


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Notes to financial statements

Optimum Fund Trust

8. Credit and Market Risk (continued)

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund and Optimum Small-Mid Cap Growth Fund invested in growth stocks (such as those in the technology sector), which reflect projections of future earnings and revenue. These prices may rise or fall dramatically depending on whether those projections are met. These companies’ stock prices may be more volatile, particularly over the short-term.

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, 4(a)(2) and restricted securities have been identified on the “Schedules of investments.”

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.

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 US 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 contingent liability of $1,385,788 and an asset of $415,736 based on the expected recoveries to unsecured creditors as of Sept. 30, 2017 that resulted in a net decrease in the Fund’s NAV to reflect this likely recovery.

11. Recent Accounting Pronouncements

In October 2016, the Securities and Exchange Commission released its Final Rule on Investment Company Reporting Modernization (Rule). The Rule contains amendments to Regulation S-X which impact financial statement presentation, particularly the presentation of derivative investments. The financial statements presented are in compliance with the most recent Regulation S-X amendments.

12. Subsequent Events

Effective Oct. 12, 2017, ClearBridge Investments, LLC (ClearBridge) replaced Fred Alger Management, Inc. (Alger) as a sub-advisor for Optimum Large Cap Growth Fund.

Management has determined that no other material events or transactions occurred subsequent to Sept. 30, 2017 that would require recognition or disclosure in the Funds’ financial statements.

132

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a Meeting Held September 19–20, 2017

At a meeting held Sept. 19-20, 2017 (the “September Meeting”), the Board of Trustees (the “Board” or “Trustees”), including a majority of the 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 ClearBridge Investments LLC (“ClearBridge”) to replace Fred Alger Management, Inc. (“Alger”) as a sub-adviser to Optimum Large Cap Growth Fund, effective on or about October 6, 2017; and (iii) approved the continuation of Sub-Advisory Agreements for the existing sub-advisers of all the Funds, limited in the case of Alger until its replacement by ClearBridge and excluding Acadian Asset Management LLC (“Acadian”), which was approved at a Board meeting held June 21, 2017 (the “June Meeting”), as described in more detail below.

In reaching such decisions, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings, as well as information furnished specifically for the renewal reviews conducted at the September 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 ClearBridge, the Board considered and reviewed information about ClearBridge, including its personnel, operations and financial condition, which had been provided by ClearBridge. 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, ClearBridge; research and analysis supporting DMC’s recommendation to hire ClearBridge for Optimum Large Cap Growth Fund; a description of the proposed sub-advisory fees under the Sub-Advisory Agreement with ClearBridge, along with fees that ClearBridge charges to other comparable accounts; information concerning Clearbridge’s organizational structure and the experience of its investment management personnel; a “due diligence” report describing various material items in relation to ClearBridge’s personnel, organization and policies; copies of ClearBridge’s Form ADV, compliance policies and procedures and its Code of Ethics; and a copy of the Sub-Advisory Agreement with ClearBridge.

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 Investment Management Agreement and the related Sub-Advisory Agreements were provided to the Independent Trustees in advance of the September Meeting. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds (including the Sub-Advisory Agreement for ClearBridge but not including the Sub-Advisory Agreement for Acadian) were considered at the September 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.


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Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a Meeting Held September 19–20, 2017 (continued)

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, the quality and thoroughness of the monitoring of each Fund’s investment performance, reports furnished by DMC as to adherence with various compliance and procedural matters, such as the Code of Ethics and fair value pricing, the monitoring of various service providers to the Funds, and DMC’s success in obtaining meaningful information on a timely basis from each of the Fund’s sub-advisers. Particular attention was given to the analysis 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 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 ClearBridge, the Board reviewed the services to be provided by ClearBridge pursuant to its Sub-Advisory Agreement, noting specifically that the Sub-Advisory Agreement with ClearBridge contains substantially similar provisions to those in the Sub-Advisory Agreement for Alger, except for the provisions relating to the fees. The Board reviewed materials provided by ClearBridge regarding the experience and qualifications of the personnel who will be responsible for managing the portion of Optimum Large Cap Growth Fund to be subadvised by ClearBridge. The Board also placed weight on the performance of a representative ClearBridge portfolio that utilized the investment process and parameters that would be employed by ClearBridge with respect to its portion of Optimum Large Cap Growth Fund (the “ClearBridge Account”). The Board also considered that ClearBridge would serve as a sub-adviser of the Fund along with T. Rowe Price Associates, Inc. (“T. Rowe Price”). 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 ClearBridge to each Fund, as applicable, and its shareholders and was confident in the abilities of the existing sub-advisers and ClearBridge 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 September Meeting), particular attention in assessing performance was given to the Lipper Reports furnished in connection with the contract renewals. The Lipper Reports prepared for each individual Fund showed the annualized total return investment performance of its Institutional Class shares in comparison with a Performance Universe selected by Lipper for the one year period ended June 30, 2017, as well as the three, five, and ten year periods ended on that date. In addition, the Board was provided with benchmark returns and gross performance returns for the Funds and each of their respective sub-advisers for various calendar years and periods ended June 30, 2017. 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 ClearBridge for Optimum Large Cap Growth Fund, the Board also reviewed the performance of the ClearBridge 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 middle performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis in the second lowest performing quintile of its Performance Universe for the three year period, the lowest performing quintile of its Performance Universe for the five year period, and in the middle performing quintile of its Performance Universe for the previous ten year period. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the one year, three year, five year, and ten year periods ended June 30, 2017. The Board discussed with Management the reasons for the Fund’s relative underperformance versus the Fund’s Lipper Performance Universe for the three and five year periods but, given that the Fund’s comparative performance results had improved for the one year period and given that the Fund had consistently outperformed its benchmark, the Trustees found the overall performance results of the Fund to be acceptable.

134

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 highest performing quintile of its Performance Universe for the one year period, and on an annualized basis to be in the second highest performing quintile of its Performance Universe for the three year period, and the middle quintile of its Performance Universe for the five year period, and the second lowest quintile of its Performance Universe for the ten year period. The Trustees discussed with Management the reasons for the relative underperformance for the ten year period. It was noted that Earnest Partners, LLC and Acadian had been appointed as the Fund’s sub-advisers in October 2013 and January 2015, respectively, and that the Fund’s comparative performance results had improved over more recent periods, including the one year period. The Trustees found the overall comparative performance results of the Fund to be acceptable.

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 highest performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to be in the highest performing quintile of the Performance Universe for the three and five year periods, and the middle performing quintile for the ten year period. The Trustees found such overall comparative results to be satisfactory, but also noted Management’s recommendation to appoint ClearBridge as a sub-adviser to the Fund to replace Alger. In connection therewith, the Trustees reviewed a “combination analysis” showing various performance metrics that would have resulted from combining the performance of the ClearBridge Account with the performance of T. Rowe Price over various time periods. The Trustees also noted Management’s belief that, based on the combination analysis, ClearBridge’s approach to investing should add attractive diversification qualities and stronger style consistency in the large cap growth category for the Fund.

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 one year period, and on an annualized basis to be in the lowest performing quintile of its Lipper Universe for each of the three, five, and ten year periods. The Trustees discussed with Management the reasons for the relative underperformance for the Fund and the steps taken to improve such performance. In particular, it was noted that Rothschild Asset Management Inc. (“Rothschild”) had been appointed as a sub-adviser to the Fund to replace Herndon Capital Management LLC in October 2016. The Board noted that one indication of improved performance was that the Fund had outperformed its benchmark on a gross performance basis for the one year period ended June 30, 2017. Although the Board was not satisfied with the comparative performance results of the Fund, the Board believed that Management was taking appropriate actions to improve performance, noting the appointment of Rothschild as a sub-adviser to the Fund, but intend to closely monitor future performance.

Optimum Small-Mid Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the middle performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to be in the lowest performing quintile of such Universe for the previous three and ten year periods, and the second lowest performing quintile of its Lipper Performance Universe for the five year period. The Trustees discussed with Management the reasons for the Fund’s relative underperformance and the steps taken to improve such performance. In particular, the Trustees and Management discussed the appointment in early 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 comparative performance results had improved over various periods. The Board noted that the Fund had outperformed its benchmark on a gross performance basis for the one year period ended June 30, 2017. Although the Trustees were not satisfied with the historical comparative performance of the Fund and intend to closely monitor future performance, the Board believed that Management has taken appropriate actions to improve performance, noting the 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 second lowest performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to be in the lowest performing quintile of such Universe for the three, five, and ten 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 noted the appointment in early 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 well since its appointment to the Fund and that the Fund’s comparative performance results for the one year period had modestly improved. The Board noted that the Fund had outperformed its benchmark on a gross performance basis for the one year period ended June 30, 2017. Although the Board was not satisfied with the historical comparative performance for the Fund, the Board believed that


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Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at a Meeting Held September 19–20, 2017 (continued)

Management has taken appropriate actions to improve performance, noting the appointment of LSV as a sub-adviser to the Fund, but intends to closely monitor future performance.

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 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 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 improved as compared to the Funds’ rankings versus the Lipper Expense Group. The Board also noted the favorable impact of the Fee Restructuring (as defined below) on the Funds’ actual total expense ratios, including as compared to the Lipper Expense Universe.

In regards to considering the appropriateness of the sub-advisory fees to be charged by ClearBridge to the Large Cap Growth Fund, the Board was provided with a description of the fees to be charged by ClearBridge under its Sub-Advisory Agreement for the Fund, which showed them to be slightly lower than the sub-advisory fees charged by Alger 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 ClearBridge’s sub-advisory fees for the Fund were competitive with those charged by ClearBridge to other comparable investment companies or accounts it advises, and was informed by Management that ClearBridge’s fees for the Fund were competitive with fees of other sub-advisers 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 a designated percentage of the applicable Fund’s average daily net assets, and that the Trustees had also previously discussed in detail the current cap on expenses in effect for each Fund through July 30, 2018. The Trustees also noted that Management had in recent years agreed to various restructurings and overall reductions in fees charged to the Funds through several mechanisms, including a recent fee restructuring with regard to the investment management, administration and transfer agency fee schedules for each of the Funds to reduce the Funds’ expenses going forward that became effective April 1, 2017 (the “Fee Restructuring”).

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 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

136

product of arms-length negotiations between DMC and each sub-adviser. Information about ClearBridge’s profitability from its relationship with the Large Cap Growth Fund was not available because it had not begun to provide services to the Fund. 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 Wall Street Reform and Consumer Protection Act and recent US Securities and Exchange Commission 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 ClearBridge) 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.

Board Consideration of Optimum International Fund Sub-Advisory Agreement at Meeting Held June 21, 2017

At the June Meeting, the Board, including a majority of the Independent Trustees, approved a new Sub-Advisory Agreement between DMC and Acadian, under which Acadian would continue to serve as a sub-adviser to Optimum International Fund after the Transaction (as defined below). The decision to approve a new Sub-Advisory Agreement for Acadian arose from a possible “change of control” of Acadian, under applicable provisions of the Investment Company Act of 1940, following a series of transactions made by Acadian’s ultimate parent company that significantly reduced its indirect ownership interest in Acadian (collectively, the “Transaction”).

Because Acadian was an existing sub-adviser to Optimum International Fund, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings with respect to Acadian, as well as information furnished specifically for the contract approval proposed at the June Meeting. Information furnished at Board meetings throughout the year included: an analysis by Management (with the assistance of its consultant, LPL) of the investment performance of Acadian and the portion of the Optimum International Fund’s assets (i.e., “sleeve” of Optimum International Fund) it sub-advised; information comparing, among other things, the Optimum International Fund’s investment performance with those of other mutual funds deemed comparable by Lipper; and compliance reports and related certifications furnished by Acadian and Management. Material furnished specifically in connection with the June Meeting and the review of the Sub-Advisory Agreement for Acadian included: a memorandum from Management reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by Acadian; a description of Acadian’s proposed sub-advisory fees under the Sub-Advisory Agreement showing their competitiveness with the fees charged by Acadian to other comparable accounts; information concerning Acadian’s organizational structure and the experience of its investment management personnel; a “due diligence” report describing various material items in relation to Acadian’s personnel, organization and policies; copies of Acadian’s compliance policies and procedures and its Code of Ethics; a copy of the Sub-Advisory Agreement; and materials specifically discussing the Transaction.

In considering such materials, the Independent Trustees received assistance and advice from and met separately with their independent counsel. In this regard, the Independent Trustees reviewed with independent counsel their legal duties and obligations in connection with the approval of the Sub-Advisory Agreement for Acadian and discussed, in detail, the matters related to such approval. The materials prepared by Management specifically in connection with the approval of the Sub-Advisory Agreement were provided to the Independent Trustees in advance of the June Meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. 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. In considering the nature, extent and quality of the services to be provided by Acadian, the Board specifically considered that the Sub-Advisory Agreement for Acadian contains substantially similar provisions to those in the prior Acadian sub-advisory agreement for Optimum International Fund. The Board reviewed materials provided by Acadian regarding its experience and the qualifications of its personnel, and placed weight on Acadian’s representation that there were no planned changes with respect to Acadian’s personnel responsible for security selection and portfolio management of the portion of the Optimum International Fund’s assets managed by Acadian in connection with the Transaction. The quality of the services of Acadian was also considered primarily in respect to the investment performance of its sleeve of Optimum International Fund as described further in the “Investment Performance” section on the next page. The Board was also satisfied with the adherence by Acadian with the investment policies and restrictions of Optimum International Fund, as well as


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Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum International Fund Sub-Advisory Agreement at Meeting Held June 21, 2017 (continued)

their adherence to various Fund compliance and other procedures. Based upon these considerations, the Board determined that the nature, extent and quality of the services to be provided by Acadian under the Sub-Advisory Agreement were satisfactory.

Investment performance. The Board placed significant emphasis on Acadian’s prior investment performance on its sleeve of Optimum International Fund. While consideration was given to performance reports and discussions throughout the year, particular attention in assessing performance was given to Acadian’s performance on its portion of Optimum International Fund to date relative to the Fund’s peers and benchmark. The Board was satisfied with such performance. As noted above, the Board placed weight on Acadian’s representation that there are no planned changes with respect to the Acadian personnel currently responsible for security selection and portfolio management of its portion of Optimum International Fund in connection with the Transaction. The Board believed such information and analysis evidenced the benefits to Optimum International Fund of retaining Acadian as a sub-adviser and the high quality of portfolio management services expected to be provided by Acadian under the Sub-Advisory Agreement.

Advisory fees; profitability; and economies of scale. The Board was provided with a description of the fees to be charged by Acadian under the Sub-Advisory Agreement which showed them to be identical to the sub-advisory fees from the prior Acadian sub-advisory agreement for Optimum International Fund. The Board also was provided with information showing that Acadian’s fees were competitive with those charged by Acadian to other comparable investment companies or accounts. The Board was informed that Acadian may receive certain fall-out benefits in connection with their relationship with Optimum International Fund, such as soft-dollar arrangements. The Board also noted that the management fee paid by Optimum International Fund to DMC would stay the same at current asset levels, and that Management’s profitability is not expected to be impacted following the re-approval of Acadian at current asset levels. The Board was also provided with profitability information with respect to the portion of Optimum International Fund sub-advised by Acadian. The Trustees recognized that, to the extent the Optimum International Fund’s assets increase, economies of scale may result in DMC realizing a larger profit margin on management services provided to the Fund. The Trustees also noted that economies of scale are shared with Optimum International Fund and its shareholders through investment management fee breakpoints so that as the Fund grows in size, its effective investment management fee rate declines. Based upon such facts, the Board believed that the fees to be charged by Acadian under the Sub-Advisory Agreement was fair and reasonable in relation to the services being provided.

138

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

Matt Audette

Chief Financial Officer and Managing

Director —

LPL Financial LLC

Shawn K. Lytle

President — Macquarie Investment

Management

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

Susan M. Stalnecker

Senior Advisor — Boston Consulting

Group

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 Macquarie Investment 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/literature; 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/proxy; and (ii) on the SEC’s website at sec.gov.


						139

Item 2. Code of Ethics

Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

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

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

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

Not applicable.

Item 11. Controls and Procedures

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

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

Item 12. Exhibits

(a) (1) Code of Ethics

Not applicable.

(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.

(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.

Not applicable.

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

SIGNATURES

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

OPTIMUM FUND TRUST

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 5, 2017

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.

SHAWN K. LYTLE
By:	Shawn K. Lytle
Title:	President and Chief Executive Officer
Date:	December 5, 2017

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 5, 2017

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