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, 2018

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, 2018

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

Financial statements

Schedules of investments			8

Statements of assets and liabilities			87

Statements of operations			90

Statements of changes in net assets			92

Financial highlights			95

Notes to financial statements			113

Other Fund information			139

About the organization			143

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, 2018, 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.

Macquarie Investment Management (MIM) is the marketing name for certain companies comprising the asset management division of Macquarie Group. Investment products and advisory services are distributed and offered by and referred through affiliates which include Delaware Distributors, L.P. (DDLP), a registered broker/dealer and member of FINRA; and Macquarie Investment Management Business Trust (MIMBT) and Delaware Capital Management Advisers, Inc., each of which are SEC-registered investment advisors. Investment advisory services are provided by the series of MIMBT. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide. Delaware Funds^® by Macquarie refers to certain investment solutions that MIM distributes, offers, refers or advises.

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

Disclosure of Fund expenses

For the six-month period from April 1, 2018 to September 30, 2018 (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 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, 2018 to Sept. 30, 2018.

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 Funds’ 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 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	993.60	1.09%	$5.44
Class C		1,000.00		990.40	1.84%	9.17
Institutional Class		1,000.00		995.70	0.84%	4.19

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.61	1.09%	$5.51
Class C		1,000.00		1,015.85	1.84%	9.29
Institutional Class		1,000.00		1,020.87	0.84%	4.25

Optimum International Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	981.30	1.35%	$ 6.71
Class C		1,000.00		977.30	2.10%	10.41
Institutional Class		1,000.00		982.80	1.10%	5.47

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.30	1.35%	$ 6.83
Class C		1,000.00		1,014.54	2.10%	10.61
Institutional Class		1,000.00		1,019.55	1.10%	5.57


			(continues	)		1

Disclosure of Fund expenses

Optimum Large Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	1,120.20	1.25%	$ 6.64
Class C		1,000.00		1,115.60	2.00%	10.61
Institutional Class		1,000.00		1,121.30	1.00%	5.32

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.80	1.25%	$ 6.33
Class C		1,000.00		1,015.04	2.00%	10.10
Institutional Class		1,000.00		1,020.05	1.00%	5.06

Optimum Large Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	1,049.70	1.20%	$ 6.17
Class C		1,000.00		1,045.90	1.95%	10.00
Institutional Class		1,000.00		1,050.90	0.95%	4.88

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.05	1.20%	$ 6.07
Class C		1,000.00		1,015.29	1.95%	9.85
Institutional Class		1,000.00		1,020.31	0.95%	4.81

Optimum Small-Mid Cap Growth Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	1,180.50	1.54%	$ 8.42
Class C		1,000.00		1,175.70	2.29%	12.49
Institutional Class		1,000.00		1,181.60	1.29%	7.05

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.35	1.54%	$ 7.79
Class C		1,000.00		1,013.59	2.29%	11.56
Institutional Class		1,000.00		1,018.60	1.29%	6.53

Optimum Small-Mid Cap Value Fund

Expense analysis of an investment of $1,000


	Beginning Account Value 4/1/18		Ending Account Value 9/30/18		Annualized Expense Ratio	Expenses Paid During Period 4/1/18 to 9/30/18*

Actual Fund return^†
Class A	$	1,000.00	$	1,045.40	1.46%	$ 7.49
Class C		1,000.00		1,041.60	2.21%	11.29
Institutional Class		1,000.00		1,046.30	1.21%	6.21

Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.75	1.46%	$ 7.38
Class C		1,000.00		1,014.01	2.21%	11.14
Institutional Class		1,000.00		1,019.00	1.21%	6.12

*“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, 2018 (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		0.09%

Agency Collateralized Mortgage Obligations		6.30%

Agency Commercial Mortgage-Backed Securities		0.85%

Agency Mortgage-Backed Securities		22.27%

Agency Obligation		0.10%

Collateralized Debt Obligations		4.64%

Convertible Bonds		1.40%

Corporate Bonds		35.87%
Banking		13.49%
Basic Industry		1.40%
Brokerage		0.32%
Capital Goods		1.34%
Communications		3.29%
Consumer Cyclical		1.89%
Consumer Non-Cyclical		2.97%
Energy		3.34%
Finance Companies		1.45%
Insurance		0.65%
Natural Gas		0.04%
Real Estate Investment Trusts		0.81%
Technology		1.08%
Transportation		0.76%
Utilities		3.04%

Municipal Bonds		0.69%


Security type / sector	Percentage of net assets

Non-Agency Asset-Backed Securities		3.79%

Non-Agency Collateralized Mortgage Obligations		1.34%

Non-Agency Commercial Mortgage-Backed Securities		3.19%

Regional Bonds		0.34%

Loan Agreements		4.98%

Sovereign Bonds		5.85%

Supranational Banks		0.49%

US Treasury Obligations		23.22%

Common Stock		0.00%

Convertible Preferred Stock		0.34%

Preferred Stock		0.10%

Options Purchased		0.01%

Short-Term Investments		5.16%

Total Value of Securities Before Options Written		121.02%

Options Written		0.00%

Liabilities Net of Receivables and Other Assets		(21.02%)

Total Net Assets		100.00%


			(continues	)		3

Security type / country and sector allocations

Optimum International Fund

As of September 30, 2018 (Unaudited)


Security type / country	Percentage of net assets
Common Stock by Country		97.51	%
Australia		2.50	%
Austria		2.34	%
Bermuda		0.78	%
Brazil		3.42	%
Canada		5.26	%
Chile		0.54	%
China/Hong Kong		10.38	%
Colombia		0.80	%
Czech Republic		0.35	%
Denmark		0.99	%
Finland		1.07	%
France		7.34	%
Germany		4.32	%
Greece		0.02	%
Hungary		0.26	%
India		1.93	%
Indonesia		0.53	%
Ireland		2.55	%
Israel		3.63	%
Italy		0.79	%
Japan		9.72	%
Luxembourg		0.03	%
Mexico		1.71	%
Netherlands		6.26	%
Norway		3.00	%
Poland		0.22	%
Republic of Korea		3.09	%
Russia		0.07	%
Singapore		1.21	%
South Africa		0.55	%
Spain		3.79	%
Sweden		0.84	%


Security type / country	Percentage of net assets
Switzerland		4.43	%
Taiwan		3.34	%
Thailand		2.31	%
Turkey		0.34	%
United Kingdom		5.80	%
United States		1.00	%
Preferred Stock		1.09	%
Short-Term Investments		1.02	%
Securities Lending Collateral		4.05	%
Total Value of Securities		103.67	%
Obligation to Return Securities Lending Collateral		(4.05	%)
Receivables and Other Assets Net of Liabilities		0.38	%
Total Net Assets		100.00	%

Common stock by sector	Percentage of net assets
Consumer Discretionary		8.02	%
Consumer Staples		4.50	%
Energy		10.46	%
Financials		21.18	%
Healthcare		13.84	%
Industrials		7.80	%
Information Technology		16.45	%
Materials		10.12	%
Real Estate		1.48	%
Telecommunication Services		0.52	%
Utilities		3.14	%
Total		97.51	%

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Growth Fund

As of September 30, 2018 (Unaudited)


Security type / sector	��	Percentage of net assets
Common Stock²			98.20	%
Consumer Discretionary			20.17	%
Consumer Staples			3.53	%
Energy			1.43	%
Financials			5.42	%
Healthcare			15.49	%
Industrials			8.08	%
Information Technology¹			40.09	%
Materials			1.84	%
Real Estate			1.41	%
Utilities			0.74	%
Convertible Preferred Stock			0.59	%
Convertible Bond			0.10	%
Short-Term Investments			1.40	%
Total Value of Securities			100.29	%
Liabilities Net of Receivables and Other Assets			(0.29	%)
Total Net Assets			100.00	%

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

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


Top 10 equity holdings	Percentage of net assets
Amazon.com		8.34	%
Microsoft		4.82	%
Visa Class A		3.57	%
Alphabet Class C		3.08	%
Facebook Class A		3.00	%
UnitedHealth Group		2.74	%
Alphabet Class A		2.01	%
Apple		1.85	%
Alibaba Group Holding ADR		1.71	%
Boeing		1.70	%

Optimum Large Cap Value Fund

As of September 30, 2018 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		97.89	%
Consumer Discretionary		6.46	%
Consumer Staples		6.98	%
Energy		8.27	%
Financials²		26.04	%
Healthcare		16.09	%
Industrials		13.22	%
Information Technology		9.12	%
Materials		2.65	%
Real Estate		2.25	%
Telecommunication Services		3.05	%
Utilities		3.76	%
Short-Term Investments		1.88	%
Total Value of Securities		99.77	%
Receivables and Other Assets Net of Liabilities		0.23	%
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.		4.27	%
Johnson & Johnson		2.80	%
Pfizer		2.49	%
Comcast Class A		2.10	%
Wells Fargo & Co.		1.96	%
Medtronic (Ireland)		1.84	%
Verizon Communications		1.79	%
Chubb (Switzerland)		1.77	%
Chevron		1.74	%
Bank of America		1.66	%


			(continues	)		5

Security type / sector allocations and top 10 equity holdings

Optimum Small-Mid Cap Growth Fund

As of September 30, 2018 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock²		97.40	%
Consumer Discretionary		13.81	%
Consumer Staples		1.51	%
Energy		2.58	%
Financials		7.11	%
Healthcare³		25.60	%
Industrials		14.19	%
Information Technology³		30.06	%
Materials		2.18	%
Real Estate		0.36	%
Convertible Preferred Stock		1.17	%
Short-Term Investments		2.02	%
Total Value of Securities		100.59	%
Liabilities Net of Receivables and Other Assets		(0.59	%)
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
Zendesk		2.18	%
DexCom		2.06	%
WellCare Health Plans		1.68	%
Zebra Technologies Class A		1.59	%
Diamondback Energy		1.57	%
G-III Apparel Group		1.48	%
IAC/InterActiveCorp		1.46	%
Teladoc Health		1.36	%
PTC		1.36	%
Ultimate Software Group		1.35	%

Optimum Small-Mid Cap Value Fund

As of September 30, 2018 (Unaudited)


Security type / sector	Percentage of net assets
Common Stock		98.04	%
Consumer Discretionary		11.88	%
Consumer Staples		3.30	%
Energy		6.38	%
Financials		22.33	%
Healthcare		5.56	%
Industrials		13.96	%
Information Technology		10.38	%
Materials		8.30	%
Real Estate		11.70	%
Telecommunication Services		1.01	%
Utilities		3.24	%
Short-Term Investments		1.60	%
Total Value of Securities		99.64	%
Receivables and Other Assets Net of Liabilities		0.36	%
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 Bancorp		1.65	%
Everest Re Group (Bermuda)		1.38	%
Huntington Ingalls Industries		1.33	%
IDACORP		1.24	%
Western Alliance Bancorp		1.20	%
Alliant Energy		1.20	%
WPX Energy		1.18	%
Wintrust Financial		1.13	%
Chemical Financial		1.12	%
Cable One		1.11	%

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 Commercial Services, Computers, Internet, Semiconductors, and Software. As of Sept. 30, 2018, such amounts, as percentage of total net assets, were 7.28%, 1.85%, 12.47%, 2.76%, and 15.73%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Information Technology sector for financial reporting purposes may exceed 25%.

²To monitor compliance with Optimum Large Cap Value Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Financials sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The Financials sector consisted of Banks, Commercial Services, Diversified Financial Services, and Insurance. As of Sept. 30, 2018, such amounts, as percentage of total net assets, were 15.14%, 0.34%, 4.24%, and 6.32%, 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 Healthcare and 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 Healthcare sector consisted of Biotechnology, Commercial Services, Computers, Healthcare Products, Healthcare Services, Pharmaceuticals, Retail, and Software. As of Sept. 30, 2018, such amounts, as percentage of total net assets, were 3.26%, 1.35%, 0.23%, 7.51%, 4.63%, 6.05%, 0.34%, and 2.22%, respectively. The Information Technology sector consisted of Commercial Services, Computers, Electronics, Internet, Office Equipment, Semiconductors, Software, and Telecommunications. As of Sept. 30, 2018, such amounts, as percentage of total net assets, were 1.20%, 2.00%, 1.79%, 8.22%, 1.59%, 4.57%, 10.20%, and 0.49%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the Healthcare and Information Technology sector for financial reporting purposes may exceed 25%.


			(continues	)		7

Schedules of investments

Optimum Fixed Income Fund

September 30, 2018 (Unaudited)


	Principal amount°		Value (US $)

Agency Asset-Backed Securities – 0.09%

SLM Student Loan Trust
Series 2003-11 A6 144A 2.884% (LIBOR03M + 0.55%) 12/15/25 #●		320,223	$	321,747
Series 2008-9 A 3.835% (LIBOR03M + 1.50%) 4/25/23 ●		1,720,282		1,756,575


Total Agency Asset-Backed Securities (cost $2,051,973)				2,078,322



Agency Collateralized Mortgage Obligations – 6.30%

Fannie Mae Connecticut Avenue Securities
Series 2016-C03 1M1 4.216% (LIBOR01M + 2.00%) 10/25/28 ●		44,460		44,983
Series 2016-C04 1M1 3.666% (LIBOR01M + 1.45%) 1/25/29 ●		24,530		24,698
Series 2017-C01 1M1 3.516% (LIBOR01M + 1.30%) 7/25/29 ●		20,766		20,908
Series 2017-C04 2M2 5.066% (LIBOR01M + 2.85%) 11/25/29 ●		420,000		442,445
Series 2018-C01 1M2 4.466% (LIBOR01M + 2.25%, Floor 2.25%) 7/25/30 ●		690,000		705,728
Series 2018-C02 2M2 4.416% (LIBOR01M + 2.20%, Floor 2.20%) 8/25/30 ●		630,000		638,126
Series 2018-C03 1M2 4.366% (LIBOR01M + 2.15%, Floor 2.15%) 10/25/30 ●		555,000		562,147
Series 2018-C05 1M2 4.566% (LIBOR01M + 2.35%, Floor 2.35%) 1/25/31 ●		545,000		553,858
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 ●		7,283		7,800
Series 2002-T4 A3 7.50% 12/25/41		25,968		29,117
Series 2004-T1 1A2 6.50% 1/25/44		8,740		9,633
Fannie Mae Interest Strip
Series 409 C3 3.00% 5/25/27 S		569,557		48,115


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae Interest Strip
Series 417 C24 3.50% 12/25/42 S		54,836	$	10,279
Series 418 C12 3.00% 8/25/33 S		2,213,908		286,632
Series 419 C3 3.00% 11/25/43 S		503,111		100,579
Fannie Mae REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		263,419		266,499
Series 2004-W11 1A2 6.50% 5/25/44		45,147		49,586
Series 2004-W15 1A1 6.00% 8/25/44		38,181		41,067
Fannie Mae REMICs
Series 1999-19 PH 6.00% 5/25/29		81,674		87,274
Series 2001-14 Z 6.00% 5/25/31		4,652		4,901
Series 2007-30 OE 1.894% 4/25/37 W		2,327,941		1,896,233
Series 2008-15 SB 4.384% (6.60% minus LIBOR01M, Cap 6.60%) 8/25/36 S●		110,669		17,181
Series 2008-24 ZA 5.00% 4/25/38		10,649,602		11,173,037
Series 2009-2 AS 3.484% (5.70% minus LIBOR01M, Cap 5.70%) 2/25/39 S●		746,741		60,205
Series 2009-68 SA 4.534% (6.75% minus LIBOR01M, Cap 6.75%) 9/25/39 S●		209,765		30,792
Series 2009-94 AC 5.00% 11/25/39		136,399		145,063
Series 2010-41 PN 4.50% 4/25/40		461,824		475,275
Series 2010-96 DC 4.00% 9/25/25		278,947		293,297
Series 2010-123 FE 2.696% (LIBOR01M + 0.48%, Cap 6.50%, Floor 0.48%) 11/25/40 ●		1,715,219		1,727,160
Series 2011-118 DC 4.00% 11/25/41		994,794		999,559
Series 2012-98 DI 3.50% 9/25/27 S		1,180,799		120,014
Series 2012-98 IY 3.00% 9/25/27 S		763,619		68,641


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2012-98 MI 3.00% 8/25/31 S		1,204,561	$	133,347
Series 2012-99 AI 3.50% 5/25/39 S		565,976		58,542
Series 2012-115 MI 3.50% 3/25/42 S		226,628		25,730
Series 2012-120 CI 3.50% 12/25/31 S		103,662		10,390
Series 2012-120 WI 3.00% 11/25/27 S		1,023,764		96,716
Series 2012-121 ID 3.00% 11/25/27 S		43,181		4,054
Series 2012-128 IC 3.00% 11/25/32 S		1,931,418		247,691
Series 2012-132 AI 3.00% 12/25/27 S		1,312,211		116,718
Series 2012-137 AI 3.00% 12/25/27 S		447,757		39,557
Series 2012-137 WI 3.50% 12/25/32 S		324,280		48,622
Series 2012-139 NS 4.484% (6.70% minus LIBOR01M, Cap 6.70%) 12/25/42 S●		2,601,890		542,810
Series 2012-144 EI 3.00% 1/25/28 S		593,346		49,942
Series 2012-144 PI 3.50% 6/25/42 S		366,026		48,440
Series 2012-146 IO 3.50% 1/25/43 S		1,722,728		345,771
Series 2012-149 IC 3.50% 1/25/28 S		1,230,131		128,455
Series 2012-150 DI 3.00% 1/25/28 S		1,439,948		131,835
Series 2013-1 YI 3.00% 2/25/33 S		1,534,904		201,264
Series 2013-7 EI 3.00% 10/25/40 S		672,542		90,018
Series 2013-26 ID 3.00% 4/25/33 S		724,682		101,464
Series 2013-35 IB 3.00% 4/25/33 S		1,112,393		144,372
Series 2013-35 IG 3.00% 4/25/28 S		810,730		72,498
Series 2013-38 AI 3.00% 4/25/33 S		702,970		94,836
Series 2013-41 HI 3.00% 2/25/33 S		1,249,172		135,798
Series 2013-43 IX 4.00% 5/25/43 S		3,823,750		934,487


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2013-44 DI 3.00% 5/25/33 S		2,088,354	$	294,471
Series 2013-45 PI 3.00% 5/25/33 S		525,476		73,601
Series 2013-55 AI 3.00% 6/25/33 S		1,588,044		225,114
Series 2013-59 PY 2.50% 6/25/43		110,000		95,409
Series 2013-60 CI 3.00% 6/25/31 S		466,019		42,457
Series 2013-69 IJ 3.00% 7/25/33 S		621,221		86,326
Series 2013-87 IW 2.50% 6/25/28 S		3,490,899		261,902
Series 2013-92 SA 3.734% (5.95% minus LIBOR01M, Cap 5.95%) 9/25/43 S●		1,859,189		325,143
Series 2013-101 HS 4.284% (6.50% minus LIBOR01M, Cap 6.50%) 10/25/43 S●		597,576		124,120
Series 2013-103 SK 3.704% (5.92% minus LIBOR01M, Cap 5.92%) 10/25/43 S●		1,635,068		289,735
Series 2014-36 ZE 3.00% 6/25/44		691,157		608,976
Series 2014-63 KI 3.50% 11/25/33 S		384,870		46,342
Series 2014-68 BS 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 11/25/44 S●		1,267,433		228,826
Series 2014-90 SA 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 1/25/45 S●		6,494,327		1,058,150
Series 2015-27 SA 4.234% (6.45% minus LIBOR01M, Cap 6.45%) 5/25/45 S●		456,112		86,473
Series 2015-40 GZ 3.50% 5/25/45		450,545		421,108
Series 2015-43 PZ 3.50% 6/25/45		471,893		442,644
Series 2015-44 Z 3.00% 9/25/43		1,658,834		1,453,363
Series 2015-57 LI 3.50% 8/25/35 S		1,625,279		257,192


			(continues	)		9

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2015-59 CI 3.50% 8/25/30 S		551,328	$	52,637
Series 2015-89 AZ 3.50% 12/25/45		161,197		150,408
Series 2015-95 SH 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/46 S●		1,193,085		206,414
Series 2016-6 AI 3.50% 4/25/34 S		945,784		118,109
Series 2016-30 CI 3.00% 5/25/36 S		780,725		108,445
Series 2016-33 DI 3.50% 6/25/36 S		1,934,268		292,983
Series 2016-33 EL 3.00% 6/25/46		92,000		81,167
Series 2016-36 SB 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 3/25/43 S●		639,805		77,832
Series 2016-40 IO 3.50% 7/25/36 S		254,502		42,134
Series 2016-40 ZC 3.00% 7/25/46		406,501		359,384
Series 2016-50 IB 3.00% 2/25/46 S		123,940		19,075
Series 2016-51 LI 3.00% 8/25/46 S		2,509,839		395,757
Series 2016-55 SK 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 8/25/46 S●		990,936		184,367
Series 2016-62 SA 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 9/25/46 S●		2,000,487		381,824
Series 2016-64 CI 3.50% 7/25/43 S		923,425		127,420
Series 2016-71 PI 3.00% 10/25/46 S		1,242,540		187,474
Series 2016-74 GS 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 10/25/46 S●		1,337,752		273,299
Series 2016-85 SA 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 11/25/46 S●		2,078,871		397,648
Series 2016-99 DI 3.50% 1/25/46 S		590,617		111,645


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2016-105 SA 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 1/25/47 S●		1,263,988	$	241,001
Series 2017-1 EI 3.50% 9/25/35 S		417,871		65,140
Series 2017-4 AI 3.50% 5/25/41 S		958,802		121,166
Series 2017-4 BI 3.50% 5/25/41 S		566,421		89,002
Series 2017-6 NI 3.50% 3/25/46 S		115,738		22,293
Series 2017-8 SG 3.784% (6.00% minus LIBOR01M, Cap 6.00%) 2/25/47 S●		1,694,976		314,161
Series 2017-11 EI 3.00% 3/25/42 S		1,730,121		257,842
Series 2017-12 JI 3.50% 5/25/40 S		510,471		74,496
Series 2017-15 NZ 3.50% 3/25/47		132,112		124,792
Series 2017-16 SM 3.834% (6.05% minus LIBOR01M, Cap 6.05%) 3/25/47 S●		2,141,522		402,934
Series 2017-16 WI 3.00% 1/25/45 S		492,502		67,218
Series 2017-16 YT 3.00% 7/25/46		403,000		381,561
Series 2017-16 YW 3.00% 3/25/47		420,000		379,129
Series 2017-21 ZD 3.50% 4/25/47		503,727		473,568
Series 2017-25 BL 3.00% 4/25/47		157,000		143,314
Series 2017-26 VZ 3.00% 4/25/47		931,958		816,181
Series 2017-39 CY 3.50% 5/25/47		983,000		949,052
Series 2017-40 GZ 3.50% 5/25/47		347,801		328,226
Series 2017-45 JZ 3.00% 6/25/47		119,687		100,182
Series 2017-45 ZK 3.50% 6/25/47		256,687		239,498
Series 2017-46 VG 3.50% 4/25/38		201,000		195,514


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Fannie Mae REMICs
Series 2017-61 SB 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 8/25/47 S●		2,757,304	$	520,405
Series 2017-69 SG 3.934% (6.15% minus LIBOR01M, Cap 6.15%) 9/25/47 S●		1,410,870		263,018
Series 2017-77 HZ 3.50% 10/25/47		493,965		468,541
Series 2017-88 EI 3.00% 11/25/47 S		1,194,520		232,857
Series 2017-88 IE 3.00% 11/25/47 S		888,815		169,780
Series 2017-94 CZ 3.50% 11/25/47		309,767		290,910
Series 2017-95 FA 2.432% (LIBOR01M + 0.35%, Floor 0.35%) 11/25/47 ●		772,368		773,413
Series 2017-96 EZ 3.50% 12/25/47		549,781		518,960
Series 2017-99 IE 3.00% 12/25/47 S		913,019		184,911
Series 2018-8 MU 3.00% 2/25/48		885,000		795,820
Series 2018-15 GZ 3.00% 3/25/48		124,151		112,393
Freddie Mac REMICs
Series 2165 PE 6.00% 6/15/29		69,003		73,997
Series 3143 BC 5.50% 2/15/36		1,666,026		1,767,572
Series 3289 SA 4.592% (6.75% minus LIBOR01M, Cap 6.75%) 3/15/37 S●		741,912		103,371
Series 3656 PM 5.00% 4/15/40		522,117		554,042
Series 4050 EI 4.00% 2/15/39 S		903,980		87,856
Series 4072 BI 3.50% 7/15/27 S		217,945		22,880
Series 4096 EI
3.00% 8/15/27 S		1,256,741		114,861
Series 4101 WI 3.50% 8/15/32 S		513,136		93,440
Series 4109 AI 3.00% 7/15/31 S		2,271,284		275,524
Series 4120 IK 3.00% 10/15/32 S		1,980,270		279,878


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4120 MI 3.00% 10/15/32 S		335,225	$	48,994
Series 4135 AI 3.50% 11/15/42 S		1,642,697		345,900
Series 4139 IP 3.50% 4/15/42 S		362,629		46,775
Series 4142 IO 3.00% 12/15/27 S		641,412		56,809
Series 4146 AI 3.00% 12/15/27 S		744,081		60,430
Series 4146 IA 3.50% 12/15/32 S		1,020,745		158,847
Series 4150 UI 3.50% 8/15/32 S		2,223,449		243,816
Series 4159 KS 3.992% (6.15% minus LIBOR01M, Cap 6.15%) 1/15/43 S●		913,633		171,005
Series 4161 IM 3.50% 2/15/43 S		302,798		68,534
Series 4181 DI 2.50% 3/15/33 S		638,137		77,319
Series 4184 GS 3.962% (6.12% minus LIBOR01M, Cap 6.12%) 3/15/43 S●		1,071,928		201,140
Series 4185 LI 3.00% 3/15/33 S		519,097		74,319
Series 4186 IB 3.00% 3/15/33 S		904,503		117,042
Series 4188 JI 3.00% 4/15/33 S		1,274,868		145,659
Series 4191 CI 3.00% 4/15/33 S		212,337		29,509
Series 4205 AI 2.50% 5/15/28 S		231,455		19,781
Series 4216 KI 3.50% 6/15/28 S		1,158,572		114,186
Series 4342 CI 3.00% 11/15/33 S		375,019		45,491
Series 4435 DY 3.00% 2/15/35		1,305,000		1,224,972
Series 4453 DI 3.50% 11/15/33 S		448,134		61,023
Series 4464 DA 2.50% 1/15/43		511,040		456,786
Series 4494 SA 4.022% (6.18% minus LIBOR01M, Cap 6.18%) 7/15/45 S●		269,269		48,993


			(continues	)		11

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4504 IO 3.50% 5/15/42 S		442,867	$	53,116
Series 4527 CI 3.50% 2/15/44 S		1,277,073		232,262
Series 4531 PZ 3.50% 11/15/45		267,190		246,272
Series 4543 HI 3.00% 4/15/44 S		530,984		83,926
Series 4580 MI 3.50% 2/15/43 S		74,084		11,402
Series 4581 LI 3.00% 5/15/36 S		476,700		65,412
Series 4592 WT 5.50% 6/15/46		1,802,056		1,951,050
Series 4594 SG 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 6/15/46 S●		2,970,248		620,236
Series 4600 WI 3.50% 5/15/36 S		868,734		152,714
Series 4601 IN 3.50% 7/15/46 S		4,794,104		933,428
Series 4610 IB 3.00% 6/15/41 S		4,136,319		508,010
Series 4618 SA 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 9/15/46 S●		623,664		126,913
Series 4623 LZ 2.50% 10/15/46		541,300		437,954
Series 4625 BI 3.50% 6/15/46 S		1,889,134		415,110
Series 4625 PZ 3.00% 6/15/46		332,560		291,424
Series 4627 PI 3.50% 5/15/44 S		1,683,679		245,627
Series 4631 GS 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/46 S●		2,054,465		364,386
Series 4636 NZ 3.00% 12/15/46		697,638		612,901
Series 4644 GI 3.50% 5/15/40 S		713,164		103,351
Series 4648 MZ 3.00% 6/15/46		168,193		149,509
Series 4648 SA 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/47 S●		1,439,633		290,649


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac REMICs
Series 4650 JE 3.00% 7/15/46		112,000	$	99,876
Series 4655 WI 3.50% 8/15/43 S		749,205		129,622
Series 4657 JZ 3.50% 2/15/47		181,786		161,626
Series 4657 NW 3.00% 4/15/45		146,000		138,224
Series 4657 PS 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 2/15/47 S●		1,605,311		305,514
Series 4660 GI 3.00% 8/15/43 S		447,419		72,308
Series 4663 AI 3.00% 3/15/42 S		1,138,715		161,091
Series 4663 HZ 3.50% 3/15/47		161,235		152,312
Series 4664 ZC 3.00% 9/15/45		118,195		100,492
Series 4665 NI 3.50% 7/15/41 S		2,932,274		384,809
Series 4667 CI 3.50% 7/15/40 S		83,074		9,762
Series 4667 LI 3.50% 10/15/43 S		376,948		64,930
Series 4669 QI 3.50% 6/15/41 S		216,942		34,436
Series 4669 QW 3.00% 9/15/44		46,000		42,555
Series 4673 WI 3.50% 9/15/43 S		828,233		131,905
Series 4674 GI 3.50% 10/15/40 S		76,435		8,780
Series 4676 KZ 2.50% 7/15/45		347,064		284,126
Series 4690 WI 3.50% 12/15/43 S		1,062,156		171,262
Series 4691 LI 3.50% 1/15/41 S		735,163		111,480
Series 4693 EI 3.50% 8/15/42 S		515,885		81,038
Series 4700 WI 3.50% 1/15/44 S		1,344,920		242,713
Series 4703 CI 3.50% 7/15/42 S		1,535,286		215,364
Series 4791 AZ 3.50% 12/15/47		385,574		374,946


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

Freddie Mac Strips
Series 267 S5 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 8/15/42 S●		1,282,058	$	217,672
Series 299 S1 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 1/15/43 S●		1,017,158		167,190
Series 304 C38 3.50% 12/15/27 S		710,508		64,110
Series 319 S2 3.842% (6.00% minus LIBOR01M, Cap 6.00%) 11/15/43 S●		644,062		115,035
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2017-DNA1 M2 5.466% (LIBOR01M + 3.25%, Floor 3.25%) 7/25/29 ●		750,000		820,843
Series 2017-DNA3 M2 4.716% (LIBOR01M + 2.50%) 3/25/30 ●		315,000		329,612
Series 2017-HQA3 M2 4.566% (LIBOR01M + 2.35%) 4/25/30 ●		790,000		815,439
Series 2018-DNA1 M2 4.016% (LIBOR01M + 1.80%) 7/25/30 ●		1,040,000		1,033,418
Series 2018-HQA1 M2 4.516% (LIBOR01M + 2.30%) 9/25/30 ●		955,000		966,853
Freddie Mac Structured Pass Through Certificates
Series T-54 2A 6.50% 2/25/43 ◆		13,889		15,560
Series T-58 2A 6.50% 9/25/43 ◆		6,778		7,586
GNMA
Series 2008-65 SB 3.835% (6.00% minus LIBOR01M, Cap 6.00%) 8/20/38 S●		647,042		65,693
Series 2009-2 SE 3.655% (5.82% minus LIBOR01M, Cap 5.82%) 1/20/39 S●		1,983,568		225,412
Series 2010-113 KE 4.50% 9/20/40		1,087,324		1,140,786


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2011-157 SG 4.435% (6.60% minus LIBOR01M, Cap 6.60%) 12/20/41 S●		933,479	$	179,279
Series 2011-H21 FT 3.12% (H15T1Y + 0.70%, Cap 15.25%, Floor 0.70%) 10/20/61 ●		8,412,803		8,465,185
Series 2011-H23 FA 2.78% (LIBOR01M + 0.70%, Cap 11.00%, Floor 0.70%) 10/20/61 ●		5,667,765		5,708,086
Series 2012-61 PI 3.00% 4/20/39 S		53,827		4,117
Series 2012-108 KI 4.00% 8/16/42 S		1,892,527		363,764
Series 2012-136 MX 2.00% 11/20/42		240,000		203,612
Series 2012-H08 FB 2.68% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 3/20/62 ●		956,757		961,086
Series 2012-H18 NA 2.60% (LIBOR01M + 0.52%, Cap 10.50%, Floor 0.52%) 8/20/62 ●		555,847		557,872
Series 2012-H29 SA 2.595% (LIBOR01M + 0.515%, Cap 12.00%, Floor 0.515%) 10/20/62 ●		4,454,705		4,474,704
Series 2013-113 LY 3.00% 5/20/43		173,000		159,342
Series 2015-44 AI 3.00% 8/20/41 S		65,308		6,702
Series 2015-64 GZ 2.00% 5/20/45		654,154		492,079
Series 2015-74 CI 3.00% 10/16/39 S		1,026,777		122,730
Series 2015-76 MZ 3.00% 5/20/45		454,169		420,823
Series 2015-111 IH 3.50% 8/20/45 S		1,496,194		216,766
Series 2015-127 LM 3.00% 9/20/45		122,000		109,629
Series 2015-133 AL 3.00% 5/20/45		1,725,000		1,614,416
Series 2015-142 AI 4.00% 2/20/44 S		292,999		39,834


			(continues	)		13

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2015-H10 FA 2.68% (LIBOR01M + 0.60%, Cap 7.50%) 4/20/65 ●		13,521,116	$	13,603,619
Series 2015-H11 FC 2.63% (LIBOR01M + 0.55%, Cap 7.50%, Floor 0.55%) 5/20/65 ●		1,722,533		1,729,798
Series 2015-H12 FB 2.68% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 5/20/65 ●		7,153,212		7,194,569
Series 2015-H20 FB 2.68% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 8/20/65 ●		1,818,997		1,830,390
Series 2015-H30 FD 2.68% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 10/20/65 ●		146,111		146,903
Series 2016-75 JI 3.00% 9/20/43 S		3,626,446		552,146
Series 2016-89 QS 3.885% (6.05% minus LIBOR01M, Cap 6.05%) 7/20/46 S●		1,017,149		202,091
Series 2016-103 DY 2.50% 8/20/46		24,000		20,251
Series 2016-108 SK 3.885% (6.05% minus LIBOR01M, Cap 6.05%) 8/20/46 S●		1,598,785		299,080
Series 2016-115 SA 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 8/20/46 S●		2,762,562		500,748
Series 2016-116 GI 3.50% 11/20/44 S		1,914,899		295,109
Series 2016-118 DI 3.50% 3/20/43 S		2,131,159		297,870
Series 2016-118 ES 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		1,054,335		197,746
Series 2016-120 IA 3.00% 2/20/46 S		140,049		21,842
Series 2016-120 NS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		2,269,593		431,818


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2016-121 JS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		1,663,629	$	314,978
Series 2016-126 NS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 9/20/46 S●		1,108,535		216,690
Series 2016-134 MW 3.00% 10/20/46		98,000		93,754
Series 2016-147 ST 3.885% (6.05% minus LIBOR01M, Cap 6.05%) 10/20/46 S●		1,049,368		200,336
Series 2016-149 GI 4.00% 11/20/46 S		1,135,347		258,984
Series 2016-156 PB 2.00% 11/20/46		362,000		279,614
Series 2016-159 MI 3.00% 3/20/46 S		102,183		16,388
Series 2016-160 GI 3.50% 11/20/46 S		1,334,741		312,040
Series 2016-160 GS 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 11/20/46 S●		3,058,485		590,619
Series 2016-160 VZ 2.50% 11/20/46		182,152		142,848
Series 2016-163 MI 3.50% 11/20/46 S		937,107		117,645
Series 2016-163 PI 3.50% 5/20/43 S		2,743,676		453,461
Series 2016-163 XI 3.00% 10/20/46 S		1,482,632		211,015
Series 2016-171 IO 3.00% 7/20/44 S		2,291,913		304,248
Series 2016-171 IP 3.00% 3/20/46 S		1,370,988		204,529
Series 2016-H06 FD 3.00% (LIBOR01M + 0.92%, Cap 7.50%, Floor 0.92%) 7/20/65 ●		1,846,509		1,880,545
Series 2017-4 BW 3.00% 1/20/47		106,000		98,941
Series 2017-10 IB 4.00% 1/20/47 S		1,219,742		270,036
Series 2017-10 KZ 3.00% 1/20/47		174,500		155,795
Series 2017-11 IM 3.00% 5/20/42 S		2,989,691		371,676


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-18 GM 2.50% 2/20/47		90,000	$	79,550
Series 2017-18 QI 4.00% 3/16/41 S		1,042,604		195,673
Series 2017-18 QS 3.942% (6.10% minus LIBOR01M, Cap 6.10%) 2/16/47 S●		1,288,744		233,708
Series 2017-25 CZ 3.50% 2/20/47		478,774		460,946
Series 2017-25 WZ 3.00% 2/20/47		369,102		338,397
Series 2017-26 SA 3.935% (6.10% minus LIBOR01M, Cap 6.10%) 2/20/47 S●		1,219,477		213,483
Series 2017-34 DY 3.50% 3/20/47		230,000		226,365
Series 2017-52 GH 3.00% 4/20/47		95,000		87,738
Series 2017-56 JZ 3.00% 4/20/47		297,358		261,096
Series 2017-56 QS 3.985% (6.15% minus LIBOR01M, Cap 6.15%) 4/20/47 S●		1,684,195		294,939
Series 2017-56 QW 3.00% 12/20/46		110,000		101,830
Series 2017-68 SB 3.985% (6.15% minus LIBOR01M, Cap 6.15%) 5/20/47 S●		2,557,271		418,618
Series 2017-80 AS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 5/20/47 S●		3,289,256		590,639
Series 2017-91 SM 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 6/20/47 S●		94,218		17,249
Series 2017-101 AI 4.00% 7/20/47 S		808,717		159,401
Series 2017-101 KS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 7/20/47 S●		1,308,638		233,292
Series 2017-101 SK 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 7/20/47 S●		3,289,061		584,640


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-101 TI 4.00% 3/20/44 S		1,219,690	$	199,544
Series 2017-107 QZ 3.00% 8/20/45		224,720		190,936
Series 2017-107 T 3.00% 1/20/47		614,000		584,718
Series 2017-113 LB 3.00% 7/20/47		595,000		543,312
Series 2017-114 IK 4.00% 10/20/44 S		1,765,640		384,967
Series 2017-117 SD 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 8/20/47 S●		92,848		16,942
Series 2017-120 QS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 8/20/47 S●		1,440,536		280,216
Series 2017-121 IL 3.00% 2/20/42 S		91,556		14,430
Series 2017-130 YJ 2.50% 8/20/47		270,000		236,892
Series 2017-134 ES 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		811,409		140,032
Series 2017-134 KI 4.00% 5/20/44 S		1,028,669		178,956
Series 2017-134 SD 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		4,723,485		891,510
Series 2017-137 CZ 3.00% 9/20/47		1,669,274		1,453,520
Series 2017-137 IO 3.00% 6/20/45 S		1,905,188		321,964
Series 2017-141 JS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 9/20/47 S●		1,249,082		241,268
Series 2017-144 EI 3.00% 12/20/44 S		1,751,130		279,466
Series 2017-163 HS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 11/20/47 S●		5,648,102		966,140
Series 2017-163 ZK 3.50% 11/20/47		3,400,193		3,200,469
Series 2017-174 HI 3.00% 7/20/45 S		1,598,680		273,099


			(continues	)		15

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Collateralized Mortgage Obligations (continued)

GNMA
Series 2017-184 AL 3.00% 6/20/47		340,000	$	330,390
Series 2018-1 ST 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 1/20/48 S●		2,648,763		504,701
Series 2018-8 VZ 3.00% 3/20/47		448,877		432,907
Series 2018-11 AI 3.00% 1/20/46 S		1,062,221		190,237
Series 2018-13 PZ 3.00% 1/20/48		224,439		202,747
Series 2018-14 ZE 3.50% 1/20/48		122,829		115,653
Series 2018-22 LZ 3.00% 2/20/48		147,557		126,854
Series 2018-24 HZ 3.00% 2/20/48		113,975		100,377
Series 2018-34 TY 3.50% 3/20/48		196,000		185,627
Series 2018-37 SA 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		898,230		164,326
Series 2018-46 AS 4.035% (6.20% minus LIBOR01M, Cap 6.20%) 3/20/48 S●		3,164,454		611,551
Series 2018-63 BZ 3.00% 4/20/48		486,030		424,384


Total Agency Collateralized Mortgage Obligations (cost $149,780,602)				145,605,471



Agency Commercial Mortgage-Backed Securities – 0.85%

Freddie Mac Multifamily Structured Pass Through Certificates
Series K058 A2 2.653% 8/25/26 ◆		685,000		647,023
Series K061 A2 3.347% 11/25/26 ◆●		2,000,000		1,979,017
Series X3FX A2FX 3.00% 6/25/27 ◆		1,070,000		1,023,769
FREMF Mortgage Trust
Series 2011-K10 B 144A 4.781% 11/25/49 #●		550,000		562,853
Series 2011-K15 B 144A 5.116% 8/25/44 #●		75,000		77,951


	Principal amount°		Value (US $)

Agency Commercial Mortgage-Backed Securities (continued)

FREMF Mortgage Trust
Series 2012-K18 B 144A 4.40% 1/25/45 #●		1,000,000	$	1,023,746
Series 2012-K22 B 144A 3.812% 8/25/45 #●		665,000		664,566
Series 2012-K23 B 144A 3.782% 10/25/45 #●		1,500,000		1,500,104
Series 2013-K24 B 144A 3.622% 11/25/45 #●		3,675,000		3,646,260
Series 2013-K25 C 144A 3.744% 11/25/45 #●		500,000		490,676
Series 2013-K28 C 144A 3.61% 6/25/46 #●		300,000		293,945
Series 2013-K33 B 144A 3.615% 8/25/46 #●		505,000		500,594
Series 2013-K33 C 144A 3.615% 8/25/46 #●		300,000		292,747
Series 2013-K712 B 144A 3.473% 5/25/45 #●		470,000		469,917
Series 2013-K713 B 144A 3.263% 4/25/46 #●		285,000		284,120
Series 2013-K713 C 144A 3.263% 4/25/46 #●		945,000		938,478
Series 2014-K716 B 144A 4.081% 8/25/47 #●		500,000		504,385
Series 2014-K717 B 144A 3.753% 11/25/47 #●		1,225,000		1,225,418
Series 2014-K717 C 144A 3.753% 11/25/47 #●		415,000		410,447
Series 2015-K49 B 144A 3.848% 10/25/48 #●		840,000		812,337
Series 2015-K721 C 144A 3.681% 11/25/47 #●		475,000		453,701
Series 2016-K53 B 144A 4.156% 3/25/49 #●		280,000		275,569
Series 2016-K722 B 144A 3.966% 7/25/49 #●		425,000		426,099
Series 2016-K723 B 144A 3.703% 11/25/23 #●		620,000		600,011
Series 2017-K71 B 144A 3.882% 11/25/50 #●		470,000		446,233


Total Agency Commercial Mortgage-Backed Securities (cost $19,793,674)				19,549,966



Agency Mortgage-Backed Securities – 22.27%

Fannie Mae
5.50% 3/1/37		8,303		8,574
5.50% 7/1/37		22,563		23,232


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae ARM 4.564% (LIBOR12M + 1.83%, Cap 10.178%) 8/1/35 ●		9,952	$	10,457
Fannie Mae FHAVA 4.50% 7/1/40		419,533		434,413
Fannie Mae S.F. 15 yr 4.50% 7/1/20		12,757		12,915
Fannie Mae S.F. 30 yr
3.00% 4/1/43		1,223,464		1,181,017
4.00% 10/1/40		21,911		22,292
4.00% 11/1/40		120,132		122,218
4.00% 3/1/46		100,001		101,328
4.00% 9/1/48		19,000,000		19,195,047
4.50% 5/1/35		73,716		76,518
4.50% 8/1/35		135,974		141,009
4.50% 9/1/35		120,798		124,982
4.50% 5/1/39		508,889		529,977
4.50% 8/1/39		902,429		939,980
4.50% 11/1/39		374,669		390,952
4.50% 6/1/40		424,003		441,128
4.50% 8/1/40		105,703		109,763
4.50% 4/1/41		70,442		73,310
4.50% 10/1/43		532,168		554,225
4.50% 2/1/44		1,823,335		1,898,112
4.50% 10/1/44		290,227		302,017
4.50% 3/1/46		636,325		661,267
4.50% 5/1/46		1,488,283		1,542,606
4.50% 7/1/46		970,722		1,003,970
4.50% 8/1/48		4,052,156		4,183,029
5.00% 3/1/34		2,144		2,281
5.00% 4/1/34		12,434		13,196
5.00% 8/1/34		20,487		21,751
5.00% 4/1/35		5,751		6,097
5.00% 12/1/37		1,642		1,726
5.00% 3/1/38		130,553		137,773
5.00% 6/1/38		5,771		6,069
5.00% 2/1/39		4,111		4,316
5.00% 5/1/40		94,891		100,968
5.00% 6/1/44		963,191		1,026,892
5.00% 7/1/47		695,061		740,592
5.00% 9/1/48		3,104,418		3,285,365
5.50% 12/1/33		12,060		12,893
5.50% 2/1/35		307,890		335,505
5.50% 3/1/38		80,115		86,355
5.50% 9/1/41		476,302		525,906
5.50% 5/1/44		12,583,821		13,626,076
5.50% 8/1/48		846,152		919,156
6.00% 9/1/36		150,333		166,233
6.00% 8/1/38		32,360		34,952


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

Fannie Mae S.F. 30 yr
6.00% 12/1/38		7,410	$	8,168
6.00% 6/1/41		2,342,821		2,581,222
6.00% 7/1/41		7,915,703		8,726,563
6.50% 11/1/33		2,960		3,245
6.50% 2/1/36		39,069		42,833
6.50% 3/1/36		58,032		63,623
6.50% 6/1/36		121,327		133,563
6.50% 2/1/38		26,458		29,007
6.50% 11/1/38		7,212		8,082
Fannie Mae S.F. 30 yr TBA
3.00% 10/1/48		25,200,000		24,114,533
3.00% 11/1/48		30,000,000		28,678,479
3.50% 10/1/48		53,939,000		53,079,914
3.50% 11/1/48		232,961,000		229,004,926
4.00% 10/1/48		43,100,000		43,519,794
4.00% 12/1/48		27,000,000		27,191,063
4.50% 10/1/48		6,100,000		6,292,770
Freddie Mac ARM
3.50% (LIBOR12M + 1.625%, Cap 10.50%) 2/1/38 ●		15,252		15,892
4.564% (LIBOR12M + 2.18%, Cap 10.606%) 5/1/37 ●		169,257		179,784
Freddie Mac S.F. 20 yr
5.50% 10/1/23		21,199		22,581
5.50% 8/1/24		8,777		9,350
Freddie Mac S.F. 30 yr
3.50% 8/1/48		169,999		167,380
3.50% 9/1/48		5,830,001		5,740,337
4.50% 4/1/39		60,153		62,434
4.50% 7/1/42		555,635		579,698
4.50% 12/1/43		121,700		126,916
4.50% 8/1/44		713,955		741,241
4.50% 11/1/45		191,676		198,139
4.50% 8/1/48		3,920,088		4,069,371
5.00% 12/1/41		359,112		382,857
5.00% 4/1/44		413,534		440,285
5.00% 12/1/44		541,730		576,925
5.50% 12/1/35		19,007		20,529
5.50% 1/1/39		110,953		120,233
5.50% 6/1/41		4,740,946		5,133,512
5.50% 9/1/41		705,839		769,634
6.00% 7/1/40		6,115,000		6,771,837
6.50% 11/1/33		23,750		26,273
6.50% 1/1/35		81,079		91,416
7.00% 1/1/38		18,473		20,422
GNMA I S.F. 30 yr 5.50% 2/15/41		222,207		239,028


			(continues	)		17

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Agency Mortgage-Backed Securities (continued)

GNMA I S.F. 30 yr 7.00% 12/15/34		129,273	$	145,350
GNMA II S.F. 30 yr
5.00% 9/20/46		67,677		71,706
5.00% 7/20/48		783,634		820,504
5.00% 9/20/48		791,000		827,120
5.50% 5/20/37		135,100		143,340
6.00% 4/20/34		4,635		4,926
6.00% 2/20/39		141,435		151,024
6.00% 10/20/39		272,205		291,149
6.00% 2/20/40		628,702		673,872
6.00% 4/20/46		194,092		211,852
GNMA II S.F. 30 yr TBA 4.00% 10/20/48		6,000,000		6,101,367


Total Agency Mortgage-Backed Securities (cost $516,217,248)				514,564,509



Agency Obligation – 0.10%

Federal Home Loan Mortgage 2.25% 11/24/20		2,300,000		2,271,577


Total Agency Obligation (cost $2,300,000)				2,271,577



Collateralized Debt Obligations – 4.64%

Allegro CLO VI
Series 2017-2A A 144A 3.466% (LIBOR03M + 1.13%, Floor 1.13%) 1/17/31 #●		400,000		399,392
AMMC CLO 16
Series 2015-16A AR 144A 3.599% (LIBOR03M + 1.26%) 4/14/29 #●		145,000		145,081
AMMC CLO 21
Series 2017-21A A 144A 3.599% (LIBOR03M + 1.25%) 11/2/30 #●		2,400,000		2,410,423
AMMC CLO 22
Series 2018-22A A 144A 3.365% (LIBOR03M + 1.03%, Floor 1.03%) 4/25/31 #●		1,300,000		1,291,242
AMMC CLO XII
Series 2013-12A AR 144A 3.541% (LIBOR03M + 1.20%, Floor 1.20%) 11/10/30 #●		2,000,000		2,000,496
AMMC CLO XIII
Series 2013-13A A1LR 144A 3.602% (LIBOR03M + 1.26%) 7/24/29 #●		1,500,000		1,507,572


	Principal amount°		Value (US $)

Collateralized Debt Obligations (continued)

Apex Credit CLO
Series 2017-1A A1 144A 3.812% (LIBOR03M + 1.47%, Floor 1.47%) 4/24/29 #●		1,275,000	$	1,277,620
Series 2018-1A A2 144A 3.365% (LIBOR03M + 1.03%) 4/25/31 #●		2,400,000		2,383,831
Arbor Realty CLO
Series 2017-FL3 A 144A 3.148% (LIBOR01M + 0.99%) 12/15/27 #●		250,000		250,397
Atlas Senior Loan Fund X
Series 2018-10A A 144A 3.429% (LIBOR03M + 1.09%) 1/15/31 #●		1,500,000		1,492,415
Atrium XII
Series 12A AR 144A 3.177% (LIBOR03M + 0.83%) 4/22/27 #●		2,500,000		2,487,853
Atrium XIII
Series 13A A1 144A 3.527% (LIBOR03M + 1.18%) 11/21/30 #●		250,000		250,129
Battalion CLO XII
Series 2018-12A A1 144A 3.40% (LIBOR03M + 1.07%, Floor 1.07%) 5/17/31 #●		1,000,000		995,145
Benefit Street Partners CLO IV
Series 2014-IVA A1R 144A 3.838% (LIBOR03M + 1.49%) 1/20/29 #●		2,400,000		2,403,206
BlueMountain CLO
Series 2015-1A A1R 144A 3.667% (LIBOR03M + 1.33%) 4/13/27 #●		400,000		399,796
Catamaran CLO
Series 2013-1A AR 144A 3.187% (LIBOR03M + 0.85%) 1/27/28 #●		3,500,000		3,472,602
Cedar Funding VI CLO
Series 2016-6A A1 144A 3.818% (LIBOR03M + 1.47%) 10/20/28 #●		1,230,000		1,229,860
CFIP CLO
Series 2017-1A A 144A 3.553% (LIBOR03M + 1.22%) 1/18/30 #●		2,300,000		2,300,002


	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
CIFC Funding
Series 2015-2A AR 144A 3.119% (LIBOR03M + 0.78%, Floor 0.78%) 4/15/27 #●		2,050,000	$	2,042,308
Crown Point CLO 5
Series 2018-5A A 144A 3.276% (LIBOR03M + 0.94%) 7/17/28 #●		400,000		399,545
CVP CLO 2017-2
Series 2017-2A A 144A 3.538% (LIBOR03M + 1.19%, Floor 1.19%) 1/20/31 #●		400,000		399,897
ECP CLO
Series 2015-7A A1R 144A 3.488% (LIBOR03M + 1.14%) 4/22/30 #●		3,000,000		2,984,325
Emerson Park CLO
Series 2013-1A A1AR 144A 3.319% (LIBOR03M + 0.98%) 7/15/25 #●		68,738		68,706
Galaxy XXI CLO
Series 2015-21A AR 144A 3.368% (LIBOR03M + 1.02%) 4/20/31 #●		1,650,000		1,638,737
GoldenTree Loan Management US CLO 1
Series 2017-1A A 144A 3.568% (LIBOR03M + 1.22%) 4/20/29 #●		1,190,000		1,192,223
Halcyon Loan Advisors Funding
Series 2012-1A A1 144A 3.814% (LIBOR03M + 1.50%) 8/15/23 #●		36,461		36,457
Hull Street CLO
Series 2014-1A AR 144A 3.553% (LIBOR03M + 1.22%) 10/18/26 #●		500,000		499,744
Jamestown CLO IV
Series 2014-4A A1CR 144A 3.029% (LIBOR03M
+ 0.69%) 7/15/26 #●		1,140,805		1,136,300
Jamestown CLO VII
Series 2015-7A A1R 144A 3.165% (LIBOR03M + 0.83%, Floor 0.83%) 7/25/27 #●		700,000		699,646


	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Jamestown CLO VIII
Series 2015-8A A1AR 144A 3.209% (LIBOR03M + 0.87%, Floor 0.87%) 1/15/28 #●		1,500,000	$	1,494,126
KKR CLO 20
Series 20 A 144A 3.469% (LIBOR03M + 1.13%, Floor 1.13%) 10/16/30 #●		300,000		300,228
KVK CLO
Series 2013-2A AR 144A 3.489% (LIBOR03M + 1.15%) 1/15/26 #●		1,149,760		1,149,174
Marathon CLO V
Series 2013-5A A1R 144A 3.182% (LIBOR03M + 0.87%) 11/21/27 #●		1,100,000		1,099,584
Mariner CLO 5
Series 2018-5A A 144A 3.324% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #●		1,800,000		1,791,610
Midocean Credit CLO VIII
Series 2018-8A A1 144A 3.472% (LIBOR03M + 1.15%) 2/20/31 #●		1,750,000		1,746,418
Midocean Credit CLO IX
Series 2018-9A A1 144A 3.397% (LIBOR03M + 1.15%, Floor 1.15%) 7/20/31 #●		1,250,000		1,249,303
Monarch Grove CLO
Series 2018-1A A1 144A 3.215% (LIBOR03M + 0.88%) 1/25/28 #●		5,100,000		5,095,283
Mountain View CLO X
Series 2015-10A AR 144A 3.157% (LIBOR03M + 0.82%, Floor 0.82%) 10/13/27 #●		2,000,000		1,998,984
Neuberger Berman Loan Advisers CLO 29
Series 2018-29A A1 144A 3.566% (LIBOR03M + 1.13%, Floor 1.13%) 10/19/31 #●		2,800,000		2,800,000
Northwoods Capital XV
Series 2017-15A A 144A 3.638% (LIBOR03M + 1.30%) 6/20/29 #●		3,000,000		3,008,316


			(continues	)		19

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Northwoods Capital XVII
Series 2018-17A A 144A 3.308% (LIBOR03M + 1.06%, Floor 1.06%) 4/22/31 #●		1,700,000	$	1,697,022
Oak Hill Credit Partners X
Series 2014-10A AR 144A 3.478% (LIBOR03M + 1.13%) 7/20/26 #●		1,000,000		1,000,095
Oaktree CLO
Series 2014-1A A1R 144A 3.628% (LIBOR03M + 1.29%) 5/13/29 #●		250,000		250,772
OCP CLO
Series 2015-9A A1R 144A 3.139% (LIBOR03M + 0.80%) 7/15/27 #●		2,100,000		2,094,032
Series 2015-10A A1R 144A 3.155% (LIBOR03M + 0.82%) 10/26/27 #●		3,200,000		3,198,294
Series 2017-13A A1A 144A 3.599% (LIBOR03M + 1.26%) 7/15/30 #●		1,000,000		1,002,894
Octagon Investment Partners XIX
Series 2014-1A AR 144A 3.439% (LIBOR03M + 1.10%) 4/15/26 #●		785,818		785,418
OFSI Fund VI
Series 2014-6A A1R 144A 2.989% (LIBOR03M + 0.65%) 3/20/25 #●		1,596,817		1,596,007
OFSI Fund VII
Series 2014-7A AR 144A 3.233% (LIBOR03M + 0.90%) 10/18/26 #●		2,100,000		2,098,929
OZLM IX
Series 2014-9A A1R 144A 3.568% (LIBOR03M + 1.22%) 1/20/27 #●		1,800,000		1,799,496
OZLM XVIII
Series 2018-18A A 144A 3.35% (LIBOR03M + 1.02%, Floor 1.02%) 4/15/31 #●		1,350,000		1,339,459
Saranac CLO VII
Series 2014-2A A1AR 144A 3.552% (LIBOR03M + 1.23%) 11/20/29 #●		250,000		250,182


	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Shackleton III CLO
Series 2013-3A AR 144A 3.459% (LIBOR03M + 1.12%, Floor 1.12%) 7/15/30 #●		1,750,000	$	1,742,556
Sound Point CLO VIII
Series 2015-1A AR 144A 3.199% (LIBOR03M + 0.86%) 4/15/27 #●		3,200,000		3,213,526
Sounds Point CLO IV-R
Series 2013-3RA A 144A 3.651% (LIBOR03M + 1.15%, Floor 1.15%) 4/18/31 #●		1,000,000		998,413
Staniford Street CLO
Series 2014-1A AR 144A 3.514% (LIBOR03M + 1.18%) 6/15/25 #●		917,364		917,550
Steele Creek CLO
Series 2017-1A A 144A 3.589% (LIBOR03M + 1.25%) 1/15/30 #●		250,000		250,031
TIAA CLO II
Series 2017-1A A 144A 3.628% (LIBOR03M + 1.28%) 4/20/29 #●		1,040,000		1,041,654
TICP CLO I
Series 2015-1A AR 144A 3.148% (LIBOR03M + 0.80%) 7/20/27 #●		1,200,000		1,194,841
TICP CLO IX
Series 2017-9A A 144A 3.488% (LIBOR03M + 1.14%) 1/20/31 #●		400,000		398,785
Venture 31 CLO
Series 2018-31A A1 144A 3.342% (LIBOR03M + 1.03%, Floor 1.03%) 4/20/31 #●		1,500,000		1,488,213
Venture 33 CLO
Series 2018-33A A1L 144A 3.318% (LIBOR03M + 1.14%, Floor 1.14%) 7/15/31 #●		1,250,000		1,249,318
Venture 34 CLO
Series 2018-34A A 144A 3.567% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #●		2,500,000		2,500,000


	Principal amount°		Value (US $)
Collateralized Debt Obligations (continued)
Venture XVI CLO
Series 2014-16A ARR 144A 3.189% (LIBOR03M + 0.85%, Floor 0.85%) 1/15/28 #●		1,200,000	$	1,198,697
Venture XVII CLO
Series 2014-17A ARR 144A 3.219% (LIBOR03M + 0.88%) 4/15/27 #●		400,000		398,844
Venture XX CLO
Series 2015-20A AR 144A 3.159% (LIBOR03M + 0.82%) 4/15/27 #●		2,000,000		1,998,984
Venture XXII CLO
Series 2015-22A AR 144A 3.419% (LIBOR03M + 1.08%) 1/15/31 #●		1,750,000		1,747,557
Venture XXIV CLO
Series 2016-24A A1D 144A 3.768% (LIBOR03M + 1.42%) 10/20/28 #●		1,115,000		1,115,191
Venture XXVIII CLO
Series 2017-28A A2 144A 3.458% (LIBOR03M + 1.11%) 7/20/30 #●		2,100,000		2,094,922
Venture CDO
Series 2016-25A A1 144A 3.838% (LIBOR03M + 1.49%) 4/20/29 #●		490,000		491,077
Voya CLO
Series 2014-3A A1R 144A 3.055% (LIBOR03M + 0.72%) 7/25/26 #●		1,100,000		1,099,205
Series 2018-3A A1A 144A 3.487% (LIBOR03M + 1.15%, Floor 1.15%) 10/15/31 #●		2,500,000		2,500,000
WhiteHorse IX
Series 2014-9A AR 144A 3.496% (LIBOR03M + 1.16%) 7/17/26 #●		398,928		398,724
Z Capital Credit Partners CLO
Series 2015-1A A1R 144A 3.289% (LIBOR03M + 0.95%, Floor 0.95%) 7/16/27 #●		2,600,000		2,592,270

Total Collateralized Debt Obligations (cost $107,403,312)				107,270,934


	Principal amount°		Value (US $)
Convertible Bonds – 1.40%
Aerojet Rocketdyne Holdings 2.25% exercise price $26.00, maturity date 12/15/23		230,000	$	328,853
Ares Capital 3.75% exercise price $19.39, maturity date 2/1/22		125,000		126,645
BioMarin Pharmaceutical 1.50% exercise price $94.15, maturity date 10/15/20		457,000		550,504
Blackstone Mortgage Trust
4.375% exercise price $35.67, maturity date 5/5/22		228,000		228,590
4.75% exercise price $36.23, maturity date 3/15/23		515,000		514,518
5.25% exercise price $27.36, maturity date 12/1/18		726,000		896,850
Booking Holdings 0.35% exercise price $1,315.10, maturity date 6/15/20		448,000		681,004
Cemex 3.72% exercise price $11.01, maturity date 3/15/20		1,329,000		1,342,508
Chart Industries 144A 1.00% exercise price $58.73, maturity date 11/15/24 #		502,000		716,630
Cheniere Energy 4.25% exercise price $138.38, maturity date 3/15/45		1,314,000		1,060,561
Cree 144A 0.875% exercise price $59.97, maturity date 9/1/23 #		272,000		250,230
CSG Systems International 4.25% exercise price $57.09, maturity date 3/15/36		741,000		780,529
DISH Network
2.375% exercise price $82.22, maturity date 3/15/24		396,000		352,473
3.375% exercise price $65.18, maturity date 8/15/26		912,000		872,115
Dycom Industries 0.75% exercise price $96.89, maturity date 9/15/21		425,000		473,487


			(continues	)		21

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Convertible Bonds (continued)
Empire State Realty OP 144A 2.625% exercise price $19.25, maturity date 8/15/19 #		547,000	$	550,027
GAIN Capital Holdings 5.00% exercise price $8.20, maturity date 8/15/22		941,000		972,523
GCI Liberty 144A 1.75% exercise price $370.52, maturity date 9/30/46 #		773,000		853,428
Helix Energy Solutions Group
4.125% exercise price $9.47, maturity date 9/15/23		34,000		44,202
4.25% exercise price $13.89, maturity date 5/1/22		805,000		865,623
Huron Consulting Group 1.25% exercise price $79.89, maturity date 10/1/19		706,000		689,056
Insulet
1.25% exercise price $58.37, maturity date 9/15/21		239,000		439,448
144A 1.375% exercise price $93.18, maturity date 11/15/24 #		410,000		519,370
Knowles 3.25% exercise price $18.43, maturity date 11/1/21		489,000		559,416
Liberty Media 2.25% exercise price $35.35, maturity date 9/30/46		1,563,000		858,712
Ligand Pharmaceuticals 144A 0.75% exercise price $248.48, maturity date 5/15/23 #		410,000		500,105
Medicines 2.75% exercise price $48.97, maturity date 7/15/23		923,000		841,693
Meritor 3.25% exercise price $39.92, maturity date 10/15/37		487,000		465,978
Microchip Technology 1.625% exercise price $98.03, maturity date 2/15/27		806,000		860,989
Neurocrine Biosciences 2.25% exercise price $75.92, maturity date 5/15/24		378,000		645,276


	Principal amount°		Value (US $)
Convertible Bonds (continued)
New Mountain Finance 5.00% exercise price $15.80, maturity date 6/15/19		500,000	$	505,607
Novellus Systems 2.625% exercise price $32.95, maturity date 5/15/41		130,000		596,208
NRG Energy 144A 2.75% exercise price $47.74, maturity date 6/1/48 #		732,000		772,434
NXP Semiconductors 1.00% exercise price $102.57, maturity date 12/1/19		719,000		750,441
Pacira Pharmaceuticals 2.375% exercise price $66.89, maturity date 4/1/22		664,000		703,837
Palo Alto Networks 144A 0.75% exercise price $266.35, maturity date 7/1/23 #		577,000		605,963
Paratek Pharmaceuticals 144A 4.75% exercise price $15.90, maturity date 5/1/24 #		1,118,000		1,060,703
PDC Energy 1.125% exercise price $85.39, maturity date 9/15/21		700,000		680,967
PROS Holdings 2.00% exercise price $48.63, maturity date 6/1/47		775,000		761,259
Quotient Technology 144A 1.75% exercise price $17.36, maturity date 12/1/22 #		547,000		609,570
Retrophin 2.50% exercise price $38.80, maturity date 9/15/25		158,000		162,644
RPM International 2.25% exercise price $52.12, maturity date 12/15/20		403,000		497,685
Spectrum Pharmaceuticals 2.75% exercise price $10.53, maturity date 12/15/18		98,000		161,749
Spirit Realty Capital 3.75% exercise price $11.46, maturity date 5/15/21		378,000		381,987
Splunk 144A 1.125% exercise price $148.30, maturity date 9/15/25 #		185,000		191,450


	Principal amount°		Value (US $)
Convertible Bonds (continued)
Synaptics 0.50% exercise price $73.02, maturity date 6/15/22		565,000	$	541,848
Synchronoss Technologies 0.75% exercise price $53.17, maturity date 8/15/19		322,000		308,481
Team 5.00% exercise price $21.70, maturity date 8/1/23		413,000		521,413
Tesla Energy Operations 1.625% exercise price $759.35, maturity date 11/1/19		610,000		535,246
Vector Group
1.75% exercise price $21.28, maturity date 4/15/20 ●		514,500		537,527
2.50% exercise price $13.81, maturity date 1/15/19 ●		726,600		783,458
VEREIT 3.75% exercise price $14.99, maturity date 12/15/20		451,000		455,741
Verint Systems 1.50% exercise price $64.46, maturity date 6/1/21		785,000		812,418
Vishay Intertechnology 144A 2.25% exercise price $31.49, maturity date 6/15/25 #		659,000		614,318


Total Convertible Bonds (cost $31,094,544)				32,394,297



Corporate Bonds – 35.87%
Banking – 13.49%
Akbank Turk 144A 7.20% 3/16/27 #µ		840,000		700,213
Ally Financial
3.50% 1/27/19		100,000		100,125
3.75% 11/18/19		100,000		99,875
4.125% 3/30/20		1,000,000		1,006,250
8.00% 3/15/20		100,000		106,450
ANZ New Zealand International 144A 2.60% 9/23/19 #		200,000		199,339
Banco Bilbao Vizcaya Argentaria 6.75%µy	EUR	400,000		483,969
Banco de Credito e Inversiones 144A 3.50% 10/12/27 #		570,000		521,194


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Banco Nacional de Desenvolvimento Economico e Social 6.50% 6/10/19		2,500,000	$	2,559,925
Banco Santander
3.848% 4/12/23		1,400,000		1,369,007
6.25%µy	EUR	400,000		484,124
Banco Santander Mexico 144A 4.125% 11/9/22 #		745,000		742,020
Bank of America
2.60% 1/15/19		174,000		173,981
2.625% 4/19/21		1,000,000		983,943
3.004% 12/20/23 µ		2,001,000		1,942,522
3.007% (LIBOR03M + 0.66%) 7/21/21 ●		900,000		905,351
3.023% (LIBOR03M + 0.65%) 6/25/22 ●		1,800,000		1,805,440
3.111% (LIBOR03M + 0.77%) 2/5/26 ●		1,550,000		1,525,238
3.30% 8/5/21	AUD	240,000		175,029
3.30% 1/11/23		716,000		705,657
3.55% 3/5/24 µ		2,100,000		2,076,643
3.864% 7/23/24 µ		4,155,000		4,156,597
4.125% 1/22/24		200,000		203,280
4.271% 7/23/29 µ		1,755,000		1,753,372
5.625% 7/1/20		510,000		530,985
5.875%µy		900,000		893,250
Bank of China 144A 5.00% 11/13/24 #		795,000		812,545
Bank of Georgia 144A 6.00% 7/26/23 #		690,000		675,282
Bank of Montreal 3.803% 12/15/32 µ		1,380,000		1,291,114
Bank of New York Mellon 3.389% (LIBOR03M + 1.05%) 10/30/23 ●		1,420,000		1,449,167
Bank of Nova Scotia 1.875% 4/26/21		4,500,000		4,352,517
Bankia 3.50% 1/17/19	EUR	800,000		938,689
Barclays
3.695% (LIBOR03M + 1.38%) 5/16/24 ●		1,800,000		1,791,937
4.972% 5/16/29 µ		3,000,000		2,966,034
6.50%µy	EUR	1,000,000		1,198,784
7.75%µy		1,990,000		1,999,950
8.25%µy		1,975,000		1,994,813
Barclays Bank 7.625% 11/21/22		1,800,000		1,954,575
BB&T 2.563% (LIBOR03M + 0.22%) 2/1/21 ●		980,000		978,824


			(continues	)		23

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)

Banking (continued)
BBVA Bancomer 144A 7.25% 4/22/20 #		100,000	$	104,560
BNG Bank 3.50% 7/19/27	AUD	292,000		215,372
BNP Paribas
144A 7.375%#µy		700,000		736,715
7.375%µy		500,000		526,225
Branch Banking & Trust 2.85% 4/1/21		670,000		662,911
CIT Group 4.125% 3/9/21		400,000		402,300
Citibank 3.40% 7/23/21		540,000		540,063
Citigroup
2.65% 10/26/20		3,200,000		3,158,660
3.20% 10/21/26		1,000,000		934,446
3.216% (BBSW3M + 1.25%) 8/7/19 ●	AUD	454,000		329,878
3.247% (LIBOR03M + 0.93%) 6/7/19 ●		2,300,000		2,312,508
3.412% (LIBOR03M + 1.10%) 5/17/24 ●		1,560,000		1,573,410
3.75% 10/27/23	AUD	498,000		363,766
4.044% 6/1/24 µ		1,800,000		1,808,524
4.05% 7/30/22		150,000		151,365
4.075% 4/23/29 µ		3,400,000		3,338,816
Citizens Bank 2.55% 5/13/21		2,605,000		2,539,315
Citizens Financial Group
2.375% 7/28/21		115,000		111,015
4.30% 12/3/25		965,000		952,513
Compass Bank
2.875% 6/29/22		1,220,000		1,177,607
3.875% 4/10/25		1,145,000		1,099,792
Cooperatieve Rabobank
2.50% 9/4/20	NOK	1,740,000		217,960
2.765% (LIBOR03M + 0.43%) 4/26/21 ●		500,000		501,237
3.375% 4/24/23	NZD	541,000		362,294
3.75% 7/21/26		1,350,000		1,276,617
4.375% 8/4/25		2,000,000		1,982,575
6.875% 3/19/20	EUR	2,400,000		3,052,739
Credit Suisse Group
144A 4.207% 6/12/24 #µ		4,335,000		4,323,613
144A 6.25% 1/1/00 #µy		2,035,000		2,012,106
144A 7.50% 1/1/00 #µy		935,000		964,219
Credit Suisse Group Funding Guernsey
2.75% 3/26/20		2,199,000		2,180,213
3.125% 12/10/20		250,000		248,099
3.80% 9/15/22		3,350,000		3,334,190
3.80% 6/9/23		2,300,000		2,275,532


	Principal amount°		Value (US $)
Corporate Bonds (continued)

Banking (continued)
DBS Group Holdings 144A 4.52% 12/11/28 #µ		940,000	$	949,831
Deutsche Bank
2.70% 7/13/20		500,000		489,975
2.85% 5/10/19		3,100,000		3,092,164
3.307% (LIBOR03M + 0.97%) 7/13/20 ●		100,000		99,639
4.25% 10/14/21		2,000,000		1,992,204
Dexia Credit Local 144A 2.814% (LIBOR03M + 0.50%) 2/15/19 #●		560,000		560,937
Fifth Third Bancorp
2.60% 6/15/22		530,000		510,729
3.95% 3/14/28		1,865,000		1,833,378
Fifth Third Bank
2.30% 3/15/19		800,000		798,716
3.35% 7/26/21		700,000		698,289
Goldman Sachs Group
2.876% 10/31/22 µ		300,000		292,825
2.908% 6/5/23 µ		600,000		580,881
3.20% 2/23/23		2,200,000		2,153,465
3.258% (BBSW3M + 1.30%) 8/21/19 ●	AUD	140,000		101,774
3.366% (LIBOR03M + 1.05%) 6/5/23 ●		780,000		789,729
3.414% (LIBOR03M + 1.10%) 11/15/18 ●		1,300,000		1,301,625
3.484% (LIBOR03M + 1.17%) 11/15/21 ●		1,700,000		1,719,949
3.484% (LIBOR03M +
1.17%) 5/15/26 ●		875,000		876,306
3.534% (LIBOR03M + 1.20%) 9/15/20 ●		1,700,000		1,727,181
3.55% 2/12/21	CAD	100,000		78,222
3.695% (LIBOR03M + 1.36%) 4/23/21 ●		1,300,000		1,328,906
4.223% 5/1/29 µ		5,575,000		5,501,685
5.15% 5/22/45		1,780,000		1,817,807
5.20% 12/17/19	NZD	206,000		140,408
6.00% 6/15/20		2,440,000		2,551,454
HSBC Bank 144A 4.125% 8/12/20 #		500,000		507,927
HSBC Holdings
2.65% 1/5/22		200,000		194,150
3.322% (LIBOR03M + 1.00%) 5/18/24 ●		1,000,000		998,990
3.40% 3/8/21		400,000		399,154


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
HSBC Holdings
3.837% (LIBOR03M + 1.50%) 1/5/22 ●		5,200,000	$	5,338,629
3.971% (LIBOR03M + 1.66%) 5/25/21 ●		900,000		927,406
4.292% 9/12/26 µ		1,165,000		1,153,016
4.30% 3/8/26		200,000		199,209
6.00%µy	EUR	900,000		1,161,221
6.50%µy		830,000		801,987
Huntington Bancshares 2.30% 1/14/22		670,000		642,106
Huntington National Bank 2.50% 8/7/22		1,245,000		1,193,469
Intesa Sanpaolo 144A 3.875% 1/12/28 #		3,300,000		2,800,079
ITAU CorpBanca
2.50% 12/7/18		500,000		500,113
2.57% 1/11/19		300,000		299,998
JPMorgan Chase & Co.
2.25% 1/23/20		10,800,000		10,691,321
2.969% (LIBOR03M + 0.63%) 1/28/19 ●		200,000		200,399
3.22% 3/1/25 µ		500,000		484,726
3.235% (LIBOR03M + 0.90%) 4/25/23 ●		1,000,000		1,009,856
3.237% (LIBOR03M + 0.89%) 7/23/24 ●		1,495,000		1,501,129
3.417% (LIBOR03M + 1.10%) 6/7/21 ●		2,900,000		2,958,928
3.797% 7/23/24 µ		3,455,000		3,454,540
4.005% 4/23/29 µ		900,000		885,310
4.203% 7/23/29 µ		1,320,000		1,315,094
4.40% 7/22/20		400,000		408,508
6.75%µy		865,000		945,013
JPMorgan Chase Bank 2.675% (LIBOR03M + 0.34%) 4/26/21 ●		3,000,000		3,003,403
KeyBank
2.30% 9/14/22		730,000		697,999
3.18% 5/22/22		250,000		246,488
3.40% 5/20/26		1,995,000		1,893,992
6.95% 2/1/28		1,220,000		1,454,733
Korea Development Bank 3.00% 3/17/19		850,000		850,890
Landwirtschaftliche
Rentenbank 5.375% 4/23/24	NZD	648,000		482,619
Lloyds Bank 2.40% 3/17/20		400,000		394,816


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Lloyds Bank
2.70% 8/17/20		1,500,000	$	1,486,430
144A 12.00%#µy		2,300,000		2,820,943
Lloyds Banking Group
3.153% (LIBOR03M + 0.80%) 6/21/21 ●		600,000		601,925
7.00%µy	GBP	400,000		530,682
7.50% 1/1/00 µy		610,000		630,588
7.625%µy	GBP	2,500,000		3,532,442
7.875%µy	GBP	1,300,000		1,934,675
Manufacturers & Traders Trust 2.05% 8/17/20		485,000		474,923
Mitsubishi UFJ Financial Group
2.19% 9/13/21		2,350,000		2,262,790
3.394% (LIBOR03M + 1.06%) 9/13/21 ●		1,600,000		1,626,210
3.535% 7/26/21		2,500,000		2,504,789
Mitsubishi UFJ Trust & Banking
144A 2.45% 10/16/19 #		500,000		497,413
144A 2.65% 10/19/20 #		500,000		492,117
Mizuho Bank
144A 2.40% 3/26/20 #		1,100,000		1,086,287
144A 2.45% 4/16/19 #		600,000		599,115
Mizuho Financial Group 3.474% (LIBOR03M + 1.14%) 9/13/21 ●		1,900,000		1,932,282
Morgan Stanley
2.50% 4/21/21		3,500,000		3,420,603
2.891% (LIBOR03M + 0.55%) 2/10/21 ●		3,000,000		3,010,196
3.125% 8/5/21	CAD	387,000		299,871
3.125% 1/23/23		400,000		389,998
3.563% (LIBOR03M + 1.22%) 5/8/24 ●		1,150,000		1,169,441
3.737% 4/24/24 µ		4,650,000		4,621,855
5.00% 9/30/21	AUD	359,000		274,207
5.00% 11/24/25		1,010,000		1,047,144
5.50% 1/26/20		915,000		942,620
7.30% 5/13/19		2,200,000		2,258,949
Nationwide Building Society
144A 3.766% 3/8/24 #µ		800,000		781,205
144A 4.125% 10/18/32 #µ		1,740,000		1,591,136
144A 4.302% 3/8/29 #µ		5,200,000		4,982,155
10.25%y●	GBP	625,000		1,335,985


			(continues	)		25

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Nederlandse Waterschapsbank 144A 2.354% (LIBOR03M + 0.02%) 3/15/19 #●		1,500,000	$	1,500,187
PNC Bank
2.45% 11/5/20		250,000		245,918
2.70% 11/1/22		760,000		732,403
2.837% (LIBOR03M + 0.50%) 7/27/22 ●		1,000,000		1,002,522
4.05% 7/26/28		1,665,000		1,673,034
PNC Financial Services Group 5.00%µy		1,100,000		1,098,625
Popular
6.125% 9/14/23		290,000		294,315
7.00% 7/1/19		645,000		661,770
QNB Finance 2.75% 10/31/18		300,000		299,955
Regions Financial
2.75% 8/14/22		430,000		414,969
3.80% 8/14/23		710,000		706,934
Royal Bank of Canada
2.30% 3/22/21		2,300,000		2,250,184
2.75% 2/1/22		185,000		181,426
Royal Bank of Scotland Group
3.498% 5/15/23 µ		500,000		484,811
3.784% (LIBOR03M + 1.47%) 5/15/23 ●		390,000		393,007
3.875% 9/12/23		245,000		238,308
3.923% (LIBOR03M + 1.55%) 6/25/24 ●		455,000		458,202
4.519% 6/25/24 µ		540,000		538,956
4.80% 4/5/26		5,000,000		4,999,939
8.625% 1/1/00 µy		4,970,000		5,336,538
Santander UK
2.941% (LIBOR03M + 0.62%) 6/1/21 ●		1,300,000		1,308,619
3.40% 6/1/21		700,000		697,521
144A 5.00% 11/7/23 #		1,985,000		2,004,157
Santander UK Group Holdings
3.823% 11/3/28 µ		3,200,000		2,935,665
7.375%µy	GBP	2,200,000		3,019,089
Sberbank of Russia Via SB Capital 4.15% 3/6/19		700,000		695,772
Societe Generale 144A 4.25% 4/14/25 #		3,600,000		3,475,948
Standard Chartered 144A 3.452% (LIBOR03M + 1.13%) 8/19/19 #●		6,200,000		6,245,213


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
State Bank of India 3.287% (LIBOR03M + 0.95%) 4/6/20 ●		900,000	$	903,058
State Street
2.653% 5/15/23 µ		45,000		43,590
3.10% 5/15/23		525,000		514,135
3.30% 12/16/24		100,000		98,404
Sumitomo Mitsui Financial Group 4.007% (LIBOR03M + 1.68%) 3/9/21 ●		2,300,000		2,368,135
SunTrust Bank
2.45% 8/1/22		1,160,000		1,114,858
3.00% 2/2/23		585,000		571,140
3.30% 5/15/26		540,000		508,865
SunTrust Banks
2.70% 1/27/22		1,105,000		1,075,889
4.00% 5/1/25		340,000		340,892
SVB Financial Group 3.50% 1/29/25		1,395,000		1,350,121
Turkiye Garanti Bankasi
144A 5.25% 9/13/22 #		355,000		328,455
144A 6.25% 4/20/21 #		590,000		574,070
UBS
144A 2.637% (LIBOR03M + 0.32%) 12/7/18 #●		2,000,000		2,000,918
144A 2.907% (LIBOR03M + 0.58%) 6/8/20 #●		2,000,000		2,009,272
5.125% 5/15/24		200,000		202,422
7.625% 8/17/22		500,000		558,250
UBS Group Funding Switzerland
144A 3.00% 4/15/21 #		2,905,000		2,862,749
144A 4.119% (LIBOR03M + 1.78%) 4/14/21 #●		400,000		412,600
144A 4.125% 9/24/25 #		870,000		864,937
6.875%µy		555,000		561,733
6.875%µy		460,000		474,612
US Bancorp
2.375% 7/22/26		1,815,000		1,644,846
3.15% 4/27/27		1,830,000		1,747,881
3.60% 9/11/24		1,275,000		1,264,128
US Bank 3.40% 7/24/23		565,000		562,895
USB Capital IX 3.50% (LIBOR03M + 1.02%)y●		1,820,000		1,628,900
Wells Fargo & Co.
2.55% 12/7/20		2,800,000		2,756,672
3.00% 7/27/21	AUD	979,000		708,083
3.268% (LIBOR03M + 0.93%) 2/11/22 ●		1,300,000		1,313,602


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Banking (continued)
Wells Fargo & Co.
3.50% 9/12/29	GBP	196,000	$	267,710
3.572% (LIBOR03M + 1.23%) 10/31/23 ●		1,440,000		1,469,343
3.584% 5/22/28 µ		5,300,000		5,086,558
Wells Fargo Bank 3.325% 7/23/21 µ		2,250,000		2,247,876
Westpac Banking 5.00%µy		280,000		249,249
Woori Bank 144A 4.75% 4/30/24 #		800,000		801,256
Zions Bancorporation 4.50% 6/13/23		690,000		695,175

				311,580,704

Basic Industry – 1.40%
Anglo American Capital
144A 4.50% 3/15/28 #		1,160,000		1,114,840
144A 4.75% 4/10/27 #		2,910,000		2,839,563
BHP Billiton Finance USA 144A 6.25% 10/19/75 #µ		2,795,000		2,922,173
Braskem Netherlands Finance
144A 3.50% 1/10/23 #		320,000		306,368
144A 4.50% 1/10/28 #		905,000		862,465
4.50% 1/10/28		800,000		763,960
Builders FirstSource 144A 5.625% 9/1/24 #		345,000		332,925
CK Hutchison International 17 144A 2.875% 4/5/22 #		655,000		636,308
Cleveland-Cliffs 5.75% 3/1/25		400,000		390,500
CSN Resources 144A 7.625% 2/13/23 #		805,000		751,427
Cydsa 144A 6.25% 10/4/27 #		785,000		751,637
Dow Chemical 8.55% 5/15/19		3,662,000		3,786,902
Equate Petrochemical 144A 3.00% 3/3/22 #		625,000		603,687
First Quantum Minerals 144A 7.25% 4/1/23 #		830,000		792,650
Freeport-McMoRan
4.55% 11/14/24		325,000		316,875
6.875% 2/15/23		410,000		438,700
Georgia-Pacific
144A 2.539% 11/15/19 #		500,000		496,238
8.00% 1/15/24		2,242,000		2,679,665
Hudbay Minerals
144A 7.25% 1/15/23 #		10,000		10,326
144A 7.625% 1/15/25 #		325,000		337,187


	Principal amount°		Value (US $)

Corporate Bonds (continued)

Basic Industry (continued)
Israel Chemicals 144A 6.375% 5/31/38 #		975,000	$	977,389
Joseph T Ryerson & Son 144A 11.00% 5/15/22 #		160,000		175,022
Mexichem 144A 5.50% 1/15/48 #		915,000		842,944
NOVA Chemicals
144A 5.00% 5/1/25 #		226,000		215,265
144A 5.25% 6/1/27 #		180,000		168,075
Novelis 144A 6.25% 8/15/24 #		202,000		206,545
Novolipetsk Steel Via Steel Funding DAC 144A 4.00% 9/21/24 #		715,000		664,128
OCP
144A 4.50% 10/22/25 #		980,000		944,475
144A 6.875% 4/25/44 #		210,000		225,642
Olin 5.125% 9/15/27		360,000		348,300
Petkim Petrokimya Holding 144A 5.875% 1/26/23 #		675,000		624,995
Phosagro OAO via Phosagro Bond Funding DAC 144A 3.95% 11/3/21 #		955,000		927,116
SASOL Financing USA
5.875% 3/27/24		240,000		244,764
6.50% 9/27/28		250,000		253,607
Suzano Austria 144A 7.00% 3/16/47 #		805,000		843,463
Syngenta Finance
144A 3.933% 4/23/21 #		825,000		823,176
144A 4.441% 4/24/23 #		845,000		840,558
144A 5.182% 4/24/28 #		1,235,000		1,183,162
Tronox Finance 144A 5.75% 10/1/25 #		290,000		269,700
Vedanta Resources 144A 7.125% 5/31/23 #		510,000		499,163

				32,411,885

Brokerage – 0.32%
Charles Schwab
2.632% (LIBOR03M + 0.32%) 5/21/21 ●		1,055,000		1,057,709
3.25% 5/21/21		465,000		465,200
3.85% 5/21/25		490,000		493,762
5.00%µy		355,000		343,463
E*TRADE Financial
3.80% 8/24/27		655,000		623,400
5.30%µy		250,000		247,734
5.875%µy		815,000		835,375


			(continues	)		27

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Brokerage (continued)
Jefferies Group
4.15% 1/23/30		780,000	$	701,961
6.45% 6/8/27		331,000		358,998
6.50% 1/20/43		270,000		278,537
Lazard Group 3.75% 2/13/25		2,100,000		2,027,338

				7,433,477

Capital Goods – 1.34%
Advanced Disposal Services 144A 5.625% 11/15/24 #		80,000		81,079
Allegion US Holding 3.55% 10/1/27		25,000		22,760
Ardagh Packaging Finance
144A 6.00% 2/15/25 #		205,000		201,823
144A 7.25% 5/15/24 #		200,000		210,000
BMC East 144A 5.50% 10/1/24 #		250,000		242,187
Boise Cascade 144A 5.625% 9/1/24 #		430,000		440,621
BWAY Holding 144A 5.50% 4/15/24 #		460,000		453,371
CCL Industries 144A 3.25% 10/1/26 #		655,000		599,247
Corning 4.375% 11/15/57		415,000		364,371
Covanta Holding 5.875% 7/1/25		230,000		232,875
Crane 4.45% 12/15/23		1,050,000		1,073,491
General Dynamics
3.00% 5/11/21		50,000		49,742
3.375% 5/15/23		850,000		850,235
General Electric
2.721% (LIBOR03M + 0.38%) 5/5/26 ●		920,000		879,886
4.65% 10/17/21		89,000		91,939
5.55% 5/4/20		470,000		487,086
6.00% 8/7/19		1,025,000		1,051,712
Grupo Cementos de Chihuahua 144A 5.25% 6/23/24 #		730,000		730,730
Harris
2.786% (LIBOR03M + 0.475%) 2/27/19 ●		2,800,000		2,801,399
2.819% (LIBOR03M + 0.48%) 4/30/20 ●		3,100,000		3,099,909
4.40% 6/15/28		520,000		522,573
Heathrow Funding 144A 4.875% 7/15/21 #		200,000		207,718
L3 Technologies 3.85% 6/15/23		1,005,000		1,008,320


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
L3 Technologies 4.40% 6/15/28		1,630,000	$	1,627,520
Lennox International 3.00% 11/15/23		710,000		676,740
Martin Marietta Materials 4.25% 12/15/47		680,000		582,056
Masco 5.95% 3/15/22		304,000		324,773
New Enterprise Stone & Lime 144A 10.125% 4/1/22 #		405,000		435,628
Northrop Grumman
2.55% 10/15/22		1,380,000		1,330,707
3.25% 8/1/23		490,000		481,657
Nvent Finance
144A 3.95% 4/15/23 #		475,000		467,018
144A 4.55% 4/15/28 #		2,210,000		2,154,462
Parker-Hannifin 3.30% 11/21/24		65,000		63,774
Standard Industries 144A 5.00% 2/15/27 #		520,000		490,750
Textron 2.891% (LIBOR03M + 0.55%) 11/10/20 ●		2,900,000		2,898,200
TransDigm 6.375% 6/15/26		350,000		354,375
United Technologies
3.65% 8/16/23		390,000		388,490
4.125% 11/16/28		2,780,000		2,766,961
4.625% 11/16/48		215,000		215,878

				30,962,063

Communications – 3.29%
Altice France 144A 6.25% 5/15/24 #		385,000		381,920
Altice Luxembourg 144A 7.75% 5/15/22 #		400,000		390,800
Amazon.Com 3.15% 8/22/27		1,700,000		1,631,171
AMC Networks 4.75% 8/1/25		220,000		211,655
AT&T
3.071% (LIBOR03M + 0.75%) 6/1/21 ●		2,200,000		2,220,585
3.20% 3/1/22		100,000		98,577
3.289% (LIBOR03M + 0.95%) 7/15/21 ●		500,000		506,128
3.514% (LIBOR03M + 1.18%) 6/12/24 ●		7,345,000		7,383,739
3.80% 3/1/24		100,000		99,111
144A 4.10% 2/15/28 #		2,276,000		2,209,980
144A 4.30% 2/15/30 #		470,000		452,682
4.50% 3/9/48		1,180,000		1,031,885
5.25% 3/1/37		530,000		529,132


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Baidu 4.375% 3/29/28		805,000	$	795,125
Bell Canada 3.35% 3/22/23	CAD	219,000		169,640
CCO Holdings
144A 5.00% 2/1/28 #		900,000		848,160
144A 5.125% 5/1/27 #		215,000		204,381
144A 5.875% 5/1/27 #		400,000		397,500
Cequel Communications Holdings I 144A 7.75% 7/15/25 #		420,000		449,400
Charter Communications Operating
3.579% 7/23/20		400,000		400,406
4.464% 7/23/22		1,800,000		1,831,349
4.50% 2/1/24		800,000		804,291
5.375% 4/1/38		1,650,000		1,601,850
Comunicaciones Celulares Via Comcel Trust 144A 6.875% 2/6/24 #		795,000		815,372
Crown Castle Towers
144A 3.663% 5/15/25 #		110,000		107,751
144A 4.241% 7/15/28 #		440,000		445,597
CSC Holdings 6.75% 11/15/21		400,000		422,500
Deutsche Telekom International Finance
1.25% 10/6/23	GBP	318,000		401,045
144A 1.95% 9/19/21 #		1,155,000		1,104,441
144A 4.375% 6/21/28 #		1,580,000		1,577,311
6.50% 4/8/22	GBP	36,000		54,398
Digicel Group
144A 7.125% 4/1/22 #		890,000		587,275
144A 8.25% 9/30/20 #		455,000		348,644
Discovery Communications 5.20% 9/20/47		1,525,000		1,499,647
DISH DBS 5.125% 5/1/20		200,000		202,500
Gray Television 144A 5.875% 7/15/26 #		415,000		412,406
GTP Acquisition Partners I 144A 2.35% 6/15/20 #		530,000		518,516
Level 3 Financing 5.375% 5/1/25		446,000		447,115
Myriad International Holdings 144A 4.85% 7/6/27 #		570,000		562,761
NBCUniversal Media 5.15% 4/30/20		900,000		927,825
SBA Tower Trust 144A 2.898% 10/15/19 #		600,000		598,808
Sirius XM Radio
144A 5.00% 8/1/27 #		100,000		96,721
144A 5.375% 4/15/25 #		287,000		288,794


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Sprint
7.125% 6/15/24		80,000	$	83,300
7.625% 3/1/26		200,000		212,150
7.875% 9/15/23		276,000		298,041
Sprint Capital 6.90% 5/1/19		2,600,000		2,648,750
Sprint Communications
144A 7.00% 3/1/20 #		400,000		416,000
7.00% 8/15/20		260,000		272,891
144A 9.00% 11/15/18 #		1,500,000		1,511,175
Sprint Spectrum 144A 4.738% 3/20/25 #		1,465,000		1,468,003
Telecom Italia 144A 5.303% 5/30/24 #		200,000		195,000
Telefonica Emisiones 4.895% 3/6/48		2,540,000		2,370,994
TELUS 4.60% 11/16/48		2,380,000		2,374,015
TimeWarner Cable 7.30% 7/1/38		2,120,000		2,431,995
TimeWarner Entertainment 8.375% 3/15/23		1,415,000		1,639,034
T-Mobile USA 6.50% 1/15/26		400,000		420,080
Tribune Media 5.875% 7/15/22		233,000		239,116
UPCB Finance IV 144A 5.375% 1/15/25 #		488,000		488,615
VEON Holdings 144A 5.95% 2/13/23 #		925,000		935,619
Verizon Communications
3.25% 2/17/26	EUR	323,000		425,754
3.376% 2/15/25		2,691,000		2,621,030
3.414% (LIBOR03M + 1.10%) 5/15/25 ●		4,375,000		4,416,762
4.125% 3/16/27		1,500,000		1,503,403
144A 4.329% 9/21/28 #		3,427,000		3,453,497
4.50% 8/17/27	AUD	900,000		657,982
4.50% 8/10/33		2,355,000		2,342,040
Viacom 4.375% 3/15/43		1,420,000		1,241,768
Virgin Media Secured Finance 144A 5.25% 1/15/26 #		505,000		495,678
Vodafone Group
3.329% (LIBOR03M + 0.99%) 1/16/24 ●		785,000		787,481
3.75% 1/16/24		2,360,000		2,335,743
VTR Finance 144A 6.875% 1/15/24 #		830,000		847,638
Warner Media 4.85% 7/15/45		345,000		322,456
Zayo Group 144A 5.75% 1/15/27 #		405,000		406,823


			(continues	)		29

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
Zayo Group 6.375% 5/15/25		110,000	$	114,705

				76,046,432

Consumer Cyclical – 1.89%
AMC Entertainment Holdings 6.125% 5/15/27		405,000		390,116
American Axle & Manufacturing 6.25% 3/15/26		175,000		172,375
Best Buy 4.45% 10/1/28		1,530,000		1,525,557
BMW US Capital
144A 1.50% 4/11/19 #		500,000		496,912
144A 2.819% (LIBOR03M + 0.50%) 8/13/21 #●		500,000		501,479
Boyd Gaming 6.375% 4/1/26		280,000		288,960
Daimler 2.75% 12/10/18	NOK	1,870,000		230,783
Daimler Finance North America
144A 3.181% (LIBOR03M + 0.84%) 5/4/23 #●		1,200,000		1,205,505
144A 3.35% 2/22/23 #		775,000		762,660
Dollar Tree
3.70% 5/15/23		2,095,000		2,069,343
4.00% 5/15/25		1,585,000		1,556,075
DR Horton
3.75% 3/1/19		200,000		200,259
4.00% 2/15/20		400,000		402,536
Ford Motor Credit
1.897% 8/12/19		1,000,000		989,463
3.20% 1/15/21		4,200,000		4,139,762
3.296% (LIBOR03M + 0.93%) 9/24/20 ●		1,900,000		1,902,696
3.656% (LIBOR03M + 1.27%) 3/28/22 ●		400,000		399,668
4.14% 2/15/23		655,000		644,926
5.75% 2/1/21		700,000		728,103
General Motors 6.75% 4/1/46		245,000		265,704
General Motors Financial
3.189% (LIBOR03M + 0.85%) 4/9/21 ●		500,000		502,092
3.55% 4/9/21		700,000		700,097
4.35% 4/9/25		1,030,000		1,012,854
4.375% 9/25/21		1,000,000		1,018,422
5.25% 3/1/26		265,000		271,572
GLP Capital
5.30% 1/15/29		485,000		487,076
5.375% 4/15/26		205,000		208,692


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Hilton Domestic Operating 144A 5.125% 5/1/26 #		1,000,000	$	998,750
Hyundai Capital America 144A 2.55% 2/6/19 #		715,000		714,013
JD.com 3.125% 4/29/21		930,000		903,926
KFC Holding 144A 5.25% 6/1/26 #		393,000		393,295
Live Nation Entertainment 144A 5.625% 3/15/26 #		215,000		217,687
Lowe’s
2.747% (LIBOR03M + 0.42%) 9/10/19 ●		520,000		521,867
4.05% 5/3/47		170,000		164,087
Marriott International 4.50% 10/1/34		160,000		158,285
McDonald’s 2.769% (LIBOR03M + 0.43%) 10/28/21 ●		2,600,000		2,607,836
MGM Resorts International
5.25% 3/31/20		200,000		204,650
5.75% 6/15/25		270,000		271,890
6.625% 12/15/21		300,000		318,600
6.75% 10/1/20		700,000		737,625
PACCAR Financial 2.923% (LIBOR03M + 0.60%) 12/6/18 ●		835,000		835,880
Penn National Gaming 144A 5.625% 1/15/27 #		505,000		488,436
Penske Automotive Group 5.50% 5/15/26		165,000		160,825
Royal Caribbean Cruises 3.70% 3/15/28		1,440,000		1,337,206
Sands China
144A 4.60% 8/8/23 #		300,000		300,667
144A 5.125% 8/8/25 #		470,000		469,528
144A 5.40% 8/8/28 #		1,800,000		1,795,393
Schaeffler Finance 144A 4.75% 5/15/23 #		200,000		202,000
Scientific Games International 10.00% 12/1/22		575,000		611,409
Toyota Motor 3.419% 7/20/23		375,000		374,794
Toyota Motor Credit
2.712% (LIBOR03M + 0.40%) 5/17/22 ●		4,000,000		4,010,667
2.95% 4/13/21		185,000		184,169
Volkswagen Financial Services 2.375% 11/13/18	GBP	800,000		1,044,199
Wolverine World Wide 144A 5.00% 9/1/26 #		400,000		393,500


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
ZF North America Capital 144A 4.00% 4/29/20 #		250,000	$	251,076

				43,745,947

Consumer Non-Cyclical – 2.97%
Abbott Laboratories 2.90% 11/30/21		1,045,000		1,032,750
AbbVie
2.30% 5/14/21		1,200,000		1,168,652
2.85% 5/14/23		900,000		867,237
3.20% 5/14/26		500,000		466,182
3.75% 11/14/23		430,000		428,310
4.25% 11/14/28		1,495,000		1,475,625
Adani Abbot Point Terminal 144A 4.45% 12/15/22 #		1,500,000		1,346,322
Air Medical Group Holdings 144A 6.375% 5/15/23 #		87,000		78,517
Allergan Finance 3.25% 10/1/22		300,000		294,765
Allergan Funding
3.00% 3/12/20		1,400,000		1,398,825
3.45% 3/15/22		1,000,000		994,443
Amgen 4.00% 9/13/29	GBP	216,000		311,552
Anheuser-Busch InBev Finance
2.65% 2/1/21		775,000		764,314
2.743% (LIBOR03M + 0.40%) 2/1/19 ●		490,000		490,603
3.65% 2/1/26		1,750,000		1,699,731
Anheuser-Busch InBev Worldwide 3.077% (LIBOR03M + 0.74%) 1/12/24 ●		800,000		804,191
AstraZeneca
3.50% 8/17/23		680,000		674,093
4.00% 1/17/29		1,755,000		1,726,522
Atento Luxco 1 144A 6.125% 8/10/22 #		740,000		728,900
BAT Capital
144A 2.297% 8/14/20 #		830,000		813,716
144A 2.764% 8/15/22 #		615,000		593,060
144A 3.222% 8/15/24 #		1,425,000		1,359,641
BAT International Finance 144A 2.75% 6/15/20 #		700,000		692,960
Bayer US Finance II
144A 3.50% 6/25/21 #		1,010,000		1,008,235
144A 4.25% 12/15/25 #		500,000		496,695
144A 4.375% 12/15/28 #		2,690,000		2,639,187
Becton Dickinson 3.363% 6/6/24		240,000		232,108


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Boston Scientific
2.85% 5/15/20		600,000	$	595,901
3.375% 5/15/22		800,000		792,098
Bunge Finance 4.35% 3/15/24		1,290,000		1,278,428
Campbell Soup 3.65% 3/15/23		1,525,000		1,496,927
Cardinal Health 1.948% 6/14/19		1,200,000		1,193,485
Celgene 3.25% 2/20/23		200,000		196,028
Central Nippon Expressway 2.079% 11/5/19		1,200,000		1,185,374
Cott Holdings 144A 5.50% 4/1/25 #		260,000		254,475
CVS Health
2.125% 6/1/21		450,000		434,614
2.957% (LIBOR03M + 0.63%) 3/9/20 ●		1,400,000		1,407,505
3.35% 3/9/21		500,000		499,339
3.70% 3/9/23		980,000		976,606
4.30% 3/25/28		4,970,000		4,930,442
CVS Pass Through Trust 144A 5.773% 1/10/33 #◆		78,404		83,305
DaVita 5.00% 5/1/25		246,000		237,314
Encompass Health
5.75% 11/1/24		363,000		369,320
5.75% 9/15/25		270,000		273,375
Equifax 3.184% (LIBOR03M + 0.87%) 8/15/21 ●		700,000		704,465
ESAL 144A 6.25% 2/5/23 #		465,000		463,256
General Mills 3.70% 10/17/23		1,345,000		1,338,077
Halfmoon Parent
144A 3.224% (LIBOR03M + 0.89%) 7/15/23 #●		1,045,000		1,045,740
144A 4.125% 11/15/25 #		1,645,000		1,642,247
144A 4.375% 10/15/28 #		1,120,000		1,118,359
HCA
5.375% 2/1/25		500,000		511,250
7.58% 9/15/25		30,000		33,525
Hill-Rom Holdings 144A 5.75% 9/1/23 #		325,000		334,750
Imperial Brands Finance
144A 2.95% 7/21/20 #		700,000		693,413
144A 3.75% 7/21/22 #		470,000		468,219
JBS USA
144A 5.75% 6/15/25 #		155,000		151,513
144A 5.875% 7/15/24 #		320,000		316,400
144A 6.75% 2/15/28 #		490,000		487,550


			(continues	)		31

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
KAR Auction Services 144A 5.125% 6/1/25 #		190,000	$	184,775
Kernel Holding 144A 8.75% 1/31/22 #		890,000		907,432
Kraft Heinz Foods 3.161% (LIBOR03M + 0.82%) 8/10/22 ●		300,000		301,727
Marfrig Holdings Europe 144A 8.00% 6/8/23 #		935,000		941,779
MHP
144A 6.95% 4/3/26 #		455,000		425,812
144A 7.75% 5/10/24 #		520,000		521,087
MPH Acquisition Holdings 144A 7.125% 6/1/24 #		330,000		343,860
Mylan 144A 4.55% 4/15/28 #		705,000		686,378
Nestle Holdings 144A 4.00% 9/24/48 #		1,340,000		1,314,750
New York and Presbyterian Hospital 4.063% 8/1/56		690,000		660,292
Pernod Ricard 144A 4.45% 1/15/22 #		1,410,000		1,439,109
Prime Security Services Borrower 144A 9.25% 5/15/23 #		220,000		235,840
Rede D’or Finance 144A 4.95% 1/17/28 #		945,000		819,788
Reynolds American 4.00% 6/12/22		900,000		906,169
Shire Acquisitions Investments Ireland 2.875% 9/23/23		300,000		286,415
Tenet Healthcare 5.125% 5/1/25		515,000		508,563
Teva Pharmaceutical Finance Netherlands II 1.125% 10/15/24	EUR	300,000		311,276
Teva Pharmaceutical Finance Netherlands III
6.00% 4/15/24		2,250,000		2,286,870
6.75% 3/1/28		720,000		760,368
Tyson Foods 2.65% 8/15/19		1,500,000		1,497,699
Universal Health Services
144A 3.75% 8/1/19 #		1,400,000		1,412,250
144A 5.00% 6/1/26 #		210,000		211,575
Zimmer Biomet Holdings
3.15% 4/1/22		300,000		294,045
4.625% 11/30/19		1,270,000		1,289,559

				68,647,854


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy – 3.34%
Abu Dhabi Crude Oil Pipeline 144A 4.60% 11/2/47 #		780,000	$	762,415
Alta Mesa Holdings 7.875% 12/15/24		200,000		191,000
Anadarko Petroleum 6.60% 3/15/46		315,000		371,209
Andeavor Logistics 4.25% 12/1/27		1,430,000		1,399,081
BP Capital Markets America
3.796% 9/21/25		725,000		727,948
3.937% 9/21/28		1,065,000		1,072,453
Cheniere Corpus Christi Holdings 5.875% 3/31/25		295,000		310,487
Chesapeake Energy 7.00% 10/1/24		335,000		335,419
Chevron 2.851% (LIBOR03M + 0.53%) 3/3/22 ●		575,000		581,939
ConocoPhillips 3.214% (LIBOR03M + 0.90%) 5/15/22 ●		575,000		586,539
Crestwood Midstream Partners 5.75% 4/1/25		405,000		415,125
Diamond Offshore Drilling 7.875% 8/15/25		290,000		301,963
Ecopetrol
5.875% 9/18/23		30,000		32,040
7.375% 9/18/43		270,000		307,800
Enable Midstream Partners 4.95% 5/15/28		700,000		695,648
Enbridge
2.731% (LIBOR03M + 0.40%) 1/10/20 ●		3,750,000		3,750,435
3.034% (LIBOR03M + 0.70%) 6/15/20 ●		2,050,000		2,057,992
6.00% 1/15/77 µ		555,000		538,690
6.25% 3/1/78 µ		420,000		406,671
Enbridge Energy Partners
4.375% 10/15/20		230,000		233,450
5.20% 3/15/20		655,000		671,363
5.50% 9/15/40		380,000		408,717
Energy Transfer Equity 7.50% 10/15/20		237,000		254,360
Energy Transfer Partners
4.20% 9/15/23		305,000		307,699
5.00% 10/1/22		1,500,000		1,554,660
5.75% 9/1/20		400,000		413,830
6.00% 6/15/48		425,000		454,079
6.625%µy		1,235,000		1,184,828
9.70% 3/15/19		694,000		715,965


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Eni
144A 4.00% 9/12/23 #		570,000	$	564,117
144A 4.75% 9/12/28 #		570,000		563,694
Ensco 7.75% 2/1/26		290,000		288,913
Equinor 2.803% (LIBOR03M + 0.46%) 11/8/18 ●		835,000		835,358
Exxon Mobil 2.693% (LIBOR03M + 0.37%) 3/6/22 ●		1,125,000		1,134,947
Florida Gas Transmission 144A 7.90% 5/15/19 #		320,000		329,581
Frontera Energy 144A 9.70% 6/25/23 #		590,000		620,975
Gazprom OAO Via Gaz Capital 144A 4.95% 3/23/27 #		1,065,000		1,023,092
Genesis Energy 6.75% 8/1/22		350,000		358,750
Geopark 144A 6.50% 9/21/24 #		655,000		660,731
Gulfport Energy 6.625% 5/1/23		245,000		250,513
KazMunayGas National 144A 6.375% 10/24/48 #		730,000		768,383
Kinder Morgan
4.30% 3/1/28		1,030,000		1,022,401
5.20% 3/1/48		965,000		986,415
Kinder Morgan Energy Partners
5.00% 10/1/21		620,000		644,490
6.85% 2/15/20		2,000,000		2,094,428
9.00% 2/1/19		2,200,000		2,243,088
Laredo Petroleum 6.25% 3/15/23		285,000		286,425
Marathon Oil
2.80% 11/1/22		115,000		110,616
4.40% 7/15/27		330,000		330,408
5.20% 6/1/45		1,175,000		1,227,641
MPLX 4.875% 12/1/24		2,345,000		2,438,538
Murphy Oil 6.875% 8/15/24		525,000		557,010
Murphy Oil USA 6.00% 8/15/23		425,000		438,813
Nabors Industries 144A 5.75% 2/1/25 #		315,000		302,677
Newfield Exploration 5.75% 1/30/22		265,000		278,581
Noble Energy
3.85% 1/15/28		1,100,000		1,040,535
4.95% 8/15/47		865,000		830,188
5.05% 11/15/44		250,000		242,684


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
NuStar Logistics 5.625% 4/28/27		285,000	$	282,863
Oasis Petroleum 144A 6.25% 5/1/26 #		260,000		265,720
Occidental Petroleum 4.20% 3/15/48		605,000		596,319
ONEOK 7.50% 9/1/23		2,035,000		2,322,418
Pertamina Persero
144A 4.875% 5/3/22 #		525,000		537,304
144A 5.625% 5/20/43 #		255,000		252,210
Petrobras Global Finance
5.999% 1/27/28		5,191,000		4,799,079
6.125% 1/17/22		170,000		175,925
6.85% 6/5/15		1,700,000		1,462,000
7.25% 3/17/44		600,000		570,375
7.375% 1/17/27		385,000		390,505
Petroleos Mexicanos
5.981% (LIBOR03M + 3.65%) 3/11/22 ●		110,000		116,993
6.50% 3/13/27		390,000		399,360
6.75% 9/21/47		460,000		440,077
Precision Drilling
144A 7.125% 1/15/26 #		165,000		169,950
7.75% 12/15/23		235,000		249,687
QEP Resources 5.25% 5/1/23		475,000		464,906
Rio Oil Finance Trust Series 2014-1 9.25% 7/6/24		166,457		177,628
Sabine Pass Liquefaction
5.625% 3/1/25		1,455,000		1,553,245
5.75% 5/15/24		6,395,000		6,871,137
5.875% 6/30/26		940,000		1,016,311
6.25% 3/15/22		400,000		430,201
Shell International Finance
2.788% (LIBOR03M + 0.45%) 5/11/20 ●		595,000		599,005
4.375% 5/11/45		151,000		156,939
Southwestern Energy 6.20% 1/23/25		95,000		94,584
Spectra Energy Partners 3.016% (LIBOR03M + 0.70%) 6/5/20 ●		500,000		502,368
Summit Midstream Holdings 5.75% 4/15/25		425,000		411,188
Targa Resources Partners 5.375% 2/1/27		340,000		341,700
Tecpetrol 144A 4.875% 12/12/22 #		1,340,000		1,222,750


			(continues	)		33

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Transcanada Trust 5.875% 8/15/76 µ		560,000	$	573,300
Transcontinental Gas Pipe Line
4.00% 3/15/28		405,000		396,296
4.60% 3/15/48		470,000		458,451
Transocean 144A 9.00% 7/15/23 #		70,000		76,300
Transocean Proteus 144A 6.25% 12/1/24 #		276,250		282,120
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		520,000		501,800
Tullow Oil 144A 7.00% 3/1/25 #		960,000		937,200
Williams
3.75% 6/15/27		435,000		415,875
4.55% 6/24/24		605,000		615,232
4.85% 3/1/48		795,000		770,247
Woodside Finance
144A 3.70% 9/15/26 #		400,000		380,797
144A 4.60% 5/10/21 #		400,000		406,298
YPF
144A 7.00% 12/15/47 #		470,000		374,830
144A 36.75% (BADLARPP + 4.00%) 7/7/20 #●		1,205,000		527,188

				77,106,478

Finance Companies – 1.45%
AerCap Global Aviation Trust 144A 6.50% 6/15/45 #µ		1,385,000		1,447,325
AerCap Ireland Capital
3.65% 7/21/27		1,990,000		1,827,180
4.45% 10/1/25		1,200,000		1,188,632
4.625% 10/30/20		1,000,000		1,019,532
4.625% 7/1/22		1,100,000		1,123,085
Air Lease
3.00% 9/15/23		1,135,000		1,078,721
3.625% 4/1/27		715,000		661,075
Aviation Capital Group
144A 3.50% 11/1/27 #		195,000		178,237
144A 4.875% 10/1/25 #		1,090,000		1,110,370
144A 6.75% 4/6/21 #		500,000		534,908
BOC Aviation
144A 2.375% 9/15/21 #		910,000		867,094
2.375% 9/15/21		600,000		571,711
3.00% 5/23/22		300,000		288,521
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 #◆		148,870		156,856


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
CPPIB Capital 144A 3.125% 9/25/23 #		775,000	$	772,498
GATX 3.061% (LIBOR03M + 0.72%) 11/5/21 ●		1,900,000		1,904,997
GE Capital International Funding Unlimited
2.342% 11/15/20		251,000		245,321
4.418% 11/15/35		285,000		267,591
Goodman HK Finance 4.375% 6/19/24		550,000		548,964
Intercontinental Exchange
3.45% 9/21/23		1,225,000		1,219,833
3.75% 9/21/28		3,345,000		3,313,938
4.25% 9/21/48		250,000		245,595
International Lease Finance
6.25% 5/15/19		200,000		203,924
8.625% 1/15/22		1,455,000		1,654,607
LeasePlan 144A 2.875% 1/22/19 #		1,600,000		1,598,911
Navient
4.875% 6/17/19		400,000		403,300
5.50% 1/15/19		2,700,000		2,716,875
8.00% 3/25/20		200,000		211,900
NFP 144A 6.875% 7/15/25 #		964,000		968,820
ORIX 3.20% 1/19/22		500,000		488,797
SMBC Aviation Capital Finance 144A 3.00% 7/15/22 #		400,000		384,476
Springleaf Finance
6.00% 6/1/20		100,000		103,125
8.25% 12/15/20		2,600,000		2,837,250
Swiss Insured Brazil Power Finance 144A 9.85% 7/16/32 #	BRL	1,500,000		344,492
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		537,512
Waha Aerospace 3.925% 7/28/20		420,000		422,228

				33,448,201

Insurance – 0.65%
Acrisure 144A 7.00% 11/15/25 #		380,000		355,178
AIA Group 144A 3.90% 4/6/28 #		1,000,000		982,463
Ambac Assurance 144A 5.10% 6/7/20 #		40,315		55,131
Ambac LSNI 144A 7.396% (LIBOR03M + 5.00%) 2/12/23 #●		135,458		137,320


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Insurance (continued)
AssuredPartners 144A 7.00% 8/15/25 #		553,000	$	548,853
Athene Global Funding 144A 3.628% (LIBOR03M + 1.23%) 7/1/22 #●		700,000		713,069
AXA Equitable Holdings
144A 4.35% 4/20/28 #		365,000		353,603
144A 5.00% 4/20/48 #		590,000		550,877
HUB International 144A 7.00% 5/1/26 #		90,000		90,343
Liberty Mutual Group 144A 4.95% 5/1/22 #		320,000		331,649
MetLife 144A 9.25% 4/8/38 #		1,100,000		1,485,000
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		369,000
Nationstar Mortgage Holdings 144A 8.125% 7/15/23 #		2,000,000		2,099,600
Nuveen Finance
144A 2.95% 11/1/19 #		1,130,000		1,128,722
144A 4.125% 11/1/24 #		770,000		762,234
Prudential Financial 5.375% 5/15/45 µ		765,000		765,000
USIS Merger Sub 144A 6.875% 5/1/25 #		1,338,000		1,338,000
Voya Financial 144A 4.70% 1/23/48 #µ		795,000		709,538
Willis North America
3.60% 5/15/24		370,000		359,895
4.50% 9/15/28		665,000		665,765
XLIT
4.797% (LIBOR03M + 2.458%)y●		510,000		503,944
5.50% 3/31/45		725,000		767,740

				15,072,924

Natural Gas – 0.04%
AmeriGas Partners 5.875% 8/20/26		300,000		299,250
KazTransGas 144A 4.375% 9/26/27 #		630,000		602,128

				901,378

Real Estate Investment Trusts – 0.81%
American Tower 5.05% 9/1/20		500,000		515,813
American Tower Trust I 144A 3.07% 3/15/23 #		1,285,000		1,256,029
Corporate Office Properties
3.60% 5/15/23		690,000		667,530
5.25% 2/15/24		670,000		690,649


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts (continued)
Crown Castle International
3.80% 2/15/28		2,115,000	$	2,008,521
5.25% 1/15/23		1,325,000		1,389,928
CubeSmart 3.125% 9/1/26		670,000		612,065
Digital Realty Trust 3.40% 10/1/20		2,100,000		2,102,963
Equinix 5.375% 5/15/27		350,000		351,456
ESH Hospitality 144A 5.25% 5/1/25 #		260,000		252,850
GEO Group
5.125% 4/1/23		140,000		134,750
6.00% 4/15/26		85,000		81,813
Greystar Student Housing Growth & Income 4.60% 12/1/24		950,000		1,015,489
Growthpoint Properties International 144A 5.872% 5/2/23 #		610,000		616,155
Hospitality Properties Trust 4.50% 3/15/25		870,000		848,041
Host Hotels & Resorts
3.75% 10/15/23		1,270,000		1,240,447
3.875% 4/1/24		250,000		244,390
4.50% 2/1/26		45,000		44,875
Iron Mountain US Holdings 144A 5.375% 6/1/26 #		380,000		359,860
Kilroy Realty 3.45% 12/15/24		720,000		689,335
Life Storage 3.50% 7/1/26		695,000		645,567
SBA Communications 4.875% 9/1/24		525,000		520,406
WEA Finance 144A 3.25% 10/5/20 #		1,800,000		1,794,695
WP Carey 4.60% 4/1/24		695,000		701,493

				18,785,120

Technology – 1.08%
Analog Devices 2.95% 1/12/21		575,000		570,246
Apple
2.688% (LIBOR03M + 0.35%) 5/11/22 ●		1,040,000		1,051,514
2.841% (LIBOR03M + 0.50%) 2/9/22 ●		180,000		182,432
Broadcom
3.00% 1/15/22		1,400,000		1,364,764
3.50% 1/15/28		895,000		814,349
CDK Global 4.875% 6/1/27		305,000		298,900


			(continues	)		35

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Technology (continued)
CDK Global
5.00% 10/15/24		910,000	$	932,095
5.875% 6/15/26		400,000		414,152
CDW Finance 5.00% 9/1/25		90,000		90,000
Cisco Systems 2.821% (LIBOR03M + 0.50%) 3/1/19 ●		650,000		651,417
CommScope Technologies 144A 5.00% 3/15/27 #		740,000		714,100
Dell International
4.42% 6/15/21		1,600,000		1,625,120
144A 4.42% 6/15/21 #		300,000		304,632
144A 5.45% 6/15/23 #		600,000		630,857
144A 6.02% 6/15/26 #		1,845,000		1,967,783
144A 8.10% 7/15/36 #		15,000		18,028
EMC 2.65% 6/1/20		1,900,000		1,866,117
First Data 144A 5.75% 1/15/24 #		260,000		264,290
Fiserv
3.80% 10/1/23		510,000		511,285
4.20% 10/1/28		700,000		702,445
Genesys Telecommunications Laboratories 144A 10.00% 11/30/24 #		20,000		22,200
Infor US 6.50% 5/15/22		70,000		71,299
International Business Machines 1.625% 5/15/20		440,000		430,934
Marvell Technology Group 4.875% 6/22/28		1,340,000		1,348,814
Microchip Technology
144A 3.922% 6/1/21 #		395,000		392,904
144A 4.333% 6/1/23 #		2,685,000		2,670,532
MSCI 144A 5.375% 5/15/27 #		245,000		250,513
NXP 144A 4.625% 6/1/23 #		575,000		585,177
Oracle
2.50% 5/15/22		1,200,000		1,168,356
2.849% (LIBOR03M + 0.51%) 10/8/19 ●		940,000		944,557
Symantec 4.20% 9/15/20		2,000,000		2,022,315

				24,882,127

Transportation – 0.76%
American Airlines 2011-1 Class A Pass Through Trust 5.25% 1/31/21 ◆		259,523		267,657
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 10/15/28 ◆		1,231,161		1,151,294


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
AP Moller - Maersk 144A 2.875% 9/28/20 #		200,000	$	197,104
Avis Budget Car Rental 144A 6.375% 4/1/24 #		235,000		234,706
Burlington Northern Santa Fe 4.15% 12/15/48		2,220,000		2,196,938
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ◆		548,393		569,991
Delta Air Lines 3.625% 3/15/22		500,000		494,137
Delta Air Lines 2007-1 Class A Pass Through Trust 6.821% 8/10/22 ◆		221,948		243,233
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #◆		1,097,849		1,115,501
FedEx 4.05% 2/15/48		1,760,000		1,581,888
Kansas City Southern 3.00% 5/15/23		500,000		481,291
Latam Airlines 2015-1 Pass Through Trust Class A 4.20% 11/15/27 ◆		427,800		413,897
Norfolk Southern 3.80% 8/1/28		870,000		862,191
Penske Truck Leasing
144A 3.30% 4/1/21 #		435,000		430,818
144A 3.95% 3/10/25 #		1,000,000		980,879
144A 4.20% 4/1/27 #		810,000		796,039
Union Pacific 3.50% 6/8/23		750,000		748,661
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ◆		291,517		295,285
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ◆		539,071		535,656
United Parcel Service 5.125% 4/1/19		2,210,000		2,237,306
United Rentals North America
5.50% 5/15/27		285,000		282,506
5.875% 9/15/26		400,000		412,000
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ◆		479,953		491,759
XPO Logistics 144A 6.125% 9/1/23 #		373,000		387,920

				17,408,657


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities – 3.04%
Aegea Finance 144A 5.75% 10/10/24 #		785,000	$	735,937
AEP Texas 2.40% 10/1/22		745,000		712,883
AES Andres 144A 7.95% 5/11/26 #		840,000		871,500
AES Gener
144A 5.25% 8/15/21 #		20,000		20,701
144A 8.375% 12/18/73 #µ		735,000		753,235
Ameren Illinois 9.75% 11/15/18		2,110,000		2,128,176
American Electric Power 2.15% 11/13/20		300,000		293,742
American Transmission Systems 144A 5.25% 1/15/22 #		2,445,000		2,569,141
Ausgrid Finance
144A 3.85% 5/1/23 #		1,550,000		1,541,465
144A 4.35% 8/1/28 #		735,000		732,057
Avangrid 3.15% 12/1/24		305,000		291,041
Berkshire Hathaway Energy 3.75% 11/15/23		1,145,000		1,157,061
Calpine
144A 5.25% 6/1/26 #		86,000		79,980
5.75% 1/15/25		320,000		284,400
CenterPoint Energy 6.125%µy		1,060,000		1,079,875
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		557,242
CMS Energy 6.25% 2/1/20		1,080,000		1,122,553
ComEd Financing III 6.35% 3/15/33		680,000		720,678
Consolidated Edison of New York 2.773% (LIBOR03M + 0.40%) 6/25/21 ●		500,000		502,848
Dominion Energy
2.00% 8/15/21		280,000		267,721
144A 2.914% (LIBOR03M + 0.60%) 5/15/20 #●		3,300,000		3,301,461
3.625% 12/1/24		820,000		802,299
DTE Energy 3.30% 6/15/22		715,000		706,315
Duke Energy
1.80% 9/1/21		770,000		736,372
144A 2.819% (LIBOR03M + 0.50%) 5/14/21 #●		3,300,000		3,309,897
Electricite de France
144A 4.50% 9/21/28 #		1,195,000		1,177,905
144A 5.00% 9/21/48 #		1,110,000		1,081,587
Emera 6.75% 6/15/76 µ		1,365,000		1,460,550
Enel 144A 8.75% 9/24/73 #µ		1,605,000		1,781,550


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Enel Finance International
144A 2.875% 5/25/22 #		1,100,000	$	1,046,955
144A 3.625% 5/25/27 #		1,340,000		1,215,244
144A 4.625% 9/14/25 #		265,000		259,648
Entergy Arkansas 3.75% 2/15/21		200,000		201,413
Entergy Louisiana
4.00% 3/15/33		95,000		95,313
4.05% 9/1/23		1,555,000		1,590,075
4.95% 1/15/45		235,000		236,580
Eskom Holdings SOC 144A 6.35% 8/10/28 #		630,000		628,658
Evergy 4.85% 6/1/21		545,000		556,828
Exelon
2.45% 4/15/21		200,000		194,487
3.497% 6/1/22		1,075,000		1,057,022
3.95% 6/15/25		670,000		668,794
FirstEnergy 2.85% 7/15/22		200,000		193,476
Fortis 2.10% 10/4/21		325,000		310,687
Interstate Power & Light 4.10% 9/26/28		985,000		992,779
Israel Electric
144A 4.25% 8/14/28 #		325,000		309,644
144A 5.00% 11/12/24 #		425,000		432,438
ITC Holdings 2.70% 11/15/22		330,000		316,784
Jersey Central Power & Light 7.35% 2/1/19		1,000,000		1,015,547
Kallpa Generacion 144A 4.125% 8/16/27 #		870,000		809,100
Kansas City Power & Light 3.65% 8/15/25		1,350,000		1,329,083
LG&E & KU Energy
3.75% 11/15/20		165,000		165,738
4.375% 10/1/21		1,555,000		1,586,163
Mississippi Power 3.95% 3/30/28		795,000		779,040
National Rural Utilities Cooperative Finance
4.75% 4/30/43 µ		1,195,000		1,208,848
5.25% 4/20/46 µ		865,000		888,221
Nevada Power 2.75% 4/15/20		970,000		967,445
New York State Electric & Gas 144A 3.25% 12/1/26 #		1,015,000		965,800
Newfoundland & Labrador Hydro 3.60% 12/1/45	CAD	100,000		78,653
NextEra Energy Capital Holdings 2.70% 9/15/19		450,000		448,875


			(continues	)		37

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
NiSource 144A 5.65%#µy		875,000	$	867,344
NV Energy 6.25% 11/15/20		935,000		988,243
Pedernales Electric Cooperative (MBIA) 144A 6.202% 11/15/32 #		620,000		718,904
Pennsylvania Electric 5.20% 4/1/20		280,000		286,509
Perusahaan Listrik Negara
144A 4.125% 5/15/27 #		300,000		281,656
144A 5.25% 5/15/47 #		410,000		384,125
PSEG Power 3.85% 6/1/23		1,145,000		1,141,786
Public Service Co. of Oklahoma 5.15% 12/1/19		645,000		660,162
Puget Energy 6.50% 12/15/20		3,800,000		4,028,124
Sempra Energy
2.784% (LIBOR03M + 0.45%) 3/15/21 ●		2,050,000		2,048,706
2.90% 2/1/23		195,000		188,364
3.80% 2/1/38		675,000		610,140
Southern 144A 2.802% (LIBOR03M + 0.49%) 2/14/20 #●		2,000,000		2,000,155
Southern Power 144A 2.888% (LIBOR03M + 0.55%) 12/20/20 #●		1,700,000		1,700,420
Southwestern Electric Power
4.10% 9/15/28		1,415,000		1,417,233
6.45% 1/15/19		690,000		697,502
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		525,000		520,386
Vistra Operations 144A 5.50% 9/1/26 #		400,000		405,000

				70,274,269


Total Corporate Bonds (cost $835,113,791)				828,707,516



Municipal Bonds – 0.69%
American Municipal Power, Ohio (Combined Hydroelectric Projects) Series B 8.084% 2/15/50		1,500,000		2,356,620
Buckeye, Ohio Tobacco Settlement Financing Authority (Asset-Backed Senior Turbo) Series A-2 5.875% 6/1/47		145,000		145,000


	Principal amount°		Value (US $)
Municipal Bonds (continued)
California State Various Purposes
(Build America Bonds) 7.55% 4/1/39		395,000	$	577,936
(High Speed Passenger) Series C 3.041% 4/1/47 ●		1,250,000		1,257,637
Chicago, Illinois Transit Authority
(Pension Funding) Series A 6.899% 12/1/40		1,800,000		2,292,624
(Retiree Health Care Funding) Series B 6.899% 12/1/40		1,800,000		2,292,624
Commonwealth of Massachusetts Series C 5.00% 10/1/25		50,000		58,153
Municipal Electric Authority of Georgia (Build America Bond Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		1,797,000		2,132,500
New Jersey Transportation Trust Fund Authority (Build America Bond) Series C 5.754% 12/15/28		1,590,000		1,750,336
New York City, New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) 5.508% 8/1/37		700,000		823,466
New York State Urban Development (Build America Bond) 5.77% 3/15/39		800,000		922,408
Oregon State Taxable Pension 5.892% 6/1/27		30,000		34,448
Pennsylvania Higher Education Assistance Agency Revenue (Guaranteed Student Loans) Series 2006-2 A3 2.686% (LIBOR03M + 0.13%) 10/25/36 ●		590,650		586,639
South Carolina Public Service Authority Series D 4.77% 12/1/45		145,000		148,035


	Principal amount°		Value (US $)

Municipal Bonds (continued)

Texas Water Development Board (2016 State Water Implementation)
Series A 5.00% 10/15/45		130,000	$	143,430
Series B 5.00% 10/15/46		305,000		340,194


Total Municipal Bonds (cost $15,802,123)				15,862,050



Non-Agency Asset-Backed Securities – 3.79%

ABFC Trust
Series 2006-HE1 A2D 2.436% (LIBOR01M + 0.22%, Floor 0.22%) 1/25/37 ●		373,253		247,741
Ally Master Owner Trust
Series 2015-2 A1 2.728% (LIBOR01M + 0.57%, Floor 0.57%) 1/15/21 ●		1,200,000		1,201,532
American Express Credit Account Master Trust
Series 2017-2 A 2.608% (LIBOR01M + 0.45%) 9/16/24 ●		1,635,000		1,646,273
Series 2017-5 A 2.538% (LIBOR01M + 0.38%) 2/18/25 ●		620,000		622,692
Series 2017-8 A 2.278% (LIBOR01M + 0.12%, Floor 0.12%) 5/16/22 ●		760,000		760,299
Series 2018-5 A 2.498% (LIBOR01M + 0.34%) 12/15/25 ●		1,030,000		1,030,408
Series 2018-9 A 2.592% (LIBOR01M + 0.38%) 4/15/26 ●		1,200,000		1,200,028
Argent Securities Asset-Backed Pass Through Certificates
Series 2003-W9 M1 3.251% (LIBOR01M + 1.035%) 1/25/34 ●		237,193		237,646
Argent Securities Trust
Series 2006-M1 A2C 2.366% (LIBOR01M + 0.15%, Floor 0.15%) 7/25/36 ●		1,294,074		511,573
Series 2006-W4 A2C 2.376% (LIBOR01M + 0.16%, Floor 0.16%) 5/25/36 ●		673,213		246,912


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Avis Budget Rental Car Funding AESOP
Series 2014-1A A 144A 2.46% 7/20/20 #		565,000	$	563,522
Barclays Dryrock Issuance Trust
Series 2017-1 A 2.488% (LIBOR01M + 0.33%, Floor 0.33%) 3/15/23 ●		2,220,000		2,223,982
Bayview Opportunity Master Fund IIIa Trust
Series 2017-RN8 A1 144A 3.352% 11/28/32 #f		84,773		84,374
Bear Stearns Asset-Backed Securities I Trust
Series 2005-FR1 M2 3.221% (LIBOR01M + 1.005%) 6/25/35 ●		2,000,000		2,000,730
Series 2007-HE2 1A2 2.386% (LIBOR01M + 0.17%, Floor 0.17%) 3/25/37 ●		251,183		327,597
Bear Stearns Asset-Backed Securities Trust
Series 2007-SD1 22A1 3.04% 10/25/36 ●		190,673		139,608
BMW Floorplan Master Owner Trust
Series 2018-1 A2 144A 2.478% (LIBOR01M + 0.32%) 5/15/23 #●		500,000		500,645
BMW Vehicle Lease Trust
Series 2017-2 A2B 2.345% (LIBOR01M + 0.18%) 2/20/20 ●		617,111		617,296
Business Jet Securities
Series 2018-2 A 144A 4.447% 6/15/33 #		944,446		945,909
CARDS II Trust
Series 2017-1A A 144A 2.528% (LIBOR01M + 0.37%) 4/18/22 #●		1,045,000		1,046,036
Centex Home Equity Loan Trust
Series 2002-A AF6 5.54% 1/25/32		747		752
Chase Issuance Trust
Series 2014-A5 A5 2.528% (LIBOR01M + 0.37%) 4/15/21 ●		500,000		500,850
Series 2016-A3 2.708% (LIBOR01M + 0.55%) 6/15/23 ●		500,000		505,101


			(continues	)		39

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Chase Issuance Trust
Series 2017-A1 A 2.458% (LIBOR01M + 0.30%) 1/15/22 ●		1,370,000	$	1,374,083
Series 2018-A1 A1 2.358% (LIBOR01M + 0.20%) 4/17/23 ●		185,000		185,260
Citibank Credit Card Issuance Trust
Series 2016-A3 A3 2.611% (LIBOR01M + 0.49%) 12/7/23 ●		500,000		504,695
Series 2017-A5 A5 2.832% (LIBOR01M + 0.62%, Floor 0.62%) 4/22/26 ●		1,045,000		1,055,375
Series 2017-A7 A7 2.503% (LIBOR01M + 0.37%) 8/8/24 ●		500,000		500,935
Series 2018-A2 A2 2.495% (LIBOR01M + 0.33%) 1/20/25 ●		515,000		515,204
Series 2018-A4 A4 2.461% (LIBOR01M + 0.34%) 6/7/25 ●		2,000,000		2,000,892
Citicorp Residential Mortgage Trust
Series 2006-3 A5 5.323% 11/25/36 ●		900,000		925,098
Countrywide Asset-Backed Certificates
Series 2004-3 2A 2.616% (LIBOR01M + 0.40%) 8/25/34 ●		54,618		53,589
Series 2006-1 AF6 4.773% 7/25/36 ●		288,333		290,482
Series 2006-26 2A4 2.436% (LIBOR01M + 0.22%, Floor 0.22%) 6/25/37 ●		2,000,000		1,906,614
Series 2007-6 2A4 2.526% (LIBOR01M + 0.31%, Floor 0.31%) 9/25/37 ●		1,000,000		717,988
CSMC
Series 2017-1A-A 4.50% 3/1/21		161,046		162,542
CWABS Asset-Backed Certificates Trust
Series 2005-3 MV7 4.166% (LIBOR01M + 1.95%) 8/25/35 ●		4,200,000		4,214,653


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

CWABS Asset-Backed Certificates Trust
Series 2005-7 MV3 2.796% (LIBOR01M + 0.58%, Floor 0.58%) 11/25/35 ●		215,388	$	215,095
Series 2006-11 1AF6 4.332% 9/25/46 ●		198,787		191,921
Series 2006-17 2A2 2.366% (LIBOR01M + 0.15%, Floor 0.15%) 3/25/47 ●		1,781,807		1,740,052
Discover Card Execution Note Trust
Series 2014-A1 A1 2.588% (LIBOR01M + 0.43%, Floor 0.43%) 7/15/21 ●		1,190,000		1,191,526
Series 2017-A1 A1 2.648% (LIBOR01M + 0.49%) 7/15/24 ●		1,205,000		1,215,102
Series 2017-A3 A3 2.388% (LIBOR01M + 0.23%) 10/17/22 ●		3,940,000		3,945,878
Series 2017-A7 A7 2.518% (LIBOR01M + 0.36%) 4/15/25 ●		2,625,000		2,632,542
Series 2018-A3 A3 2.388% (LIBOR01M + 0.23%, Floor 0.23%) 12/15/23 ●		560,000		560,111
EquiFirst Mortgage Loan Trust
Series 2004-2 M7 5.216% (LIBOR01M + 3.00%) 10/25/34 ●		662,361		667,301
Ford Credit Auto Lease Trust
Series 2017-B A2B 2.318% (LIBOR01M + 0.16%) 6/15/20 ●		667,163		667,360
Ford Credit Auto Owner Trust
Series 2018-1 A 144A 3.19% 7/15/31 #		840,000		819,000
Golden Credit Card Trust
Series 2014-2A A 144A 2.608% (LIBOR01M + 0.45%) 3/15/21 #●		420,000		420,546
GSAMP Trust
Series 2006-FM3 A2D 2.446% (LIBOR01M + 0.23%, Floor 0.23%) 11/25/36 ●		1,053,834		652,259


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

GSAMP Trust
Series 2007-SEA1 A 144A 2.516% (LIBOR01M + 0.30%, Floor 0.30%) 12/25/36 #●		924,939	$	895,823
Hardee’s Funding
Series 2018-1A A2I 144A 4.25% 6/20/48 #		650,000		649,201
Hertz Vehicle Financing
Series 2018-2A A 144A 3.65% 6/27/22 #		100,000		99,727
HOA Funding
Series 2014-1A A2 144A 4.846% 8/20/44 #		993,600		981,548
Home Equity Mortgage Loan Asset-Backed Trust
Series 2007-A 2A3 2.456% (LIBOR01M + 0.24%, Floor 0.24%) 4/25/37 ●		1,530,935		1,144,784
HSI Asset Securitization Trust
Series 2006-HE1 2A1 2.266% (LIBOR01M + 0.05%, Floor 0.05%) 10/25/36 ●		31,521		15,900
JPMorgan Mortgage Acquisition Trust
Series 2006-CW2 AV5 2.456% (LIBOR01M + 0.24%, Floor 0.24%) 8/25/36 ●		500,000		473,825
Long Beach Mortgage Loan Trust
Series 2006-1 2A4 2.516% (LIBOR01M + 0.30%, Floor 0.30%) 2/25/36 ●		3,310,432		2,777,516
Series 2006-7 1A 2.371% (LIBOR01M + 0.155%, Floor 0.155%) 8/25/36 ●		3,139,361		2,049,569
Mercedes-Benz Master Owner Trust
Series 2016-BA A 144A 2.858% (LIBOR01M + 0.70%, Floor 0.75%) 5/17/21 #●		1,021,000		1,024,480
Series 2018-BA A 144A 2.50% (LIBOR01M + 0.34%) 5/15/23 #●		600,000		601,095


		Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Merrill Lynch Mortgage Investors Trust
Series 2006-FF1 M2 2.506% (LIBOR01M + 0.29%, Floor 0.29%) 8/25/36 ●			712,838	$	713,001
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 2.366% (LIBOR01M + 0.15%, Floor 0.15%) 11/25/36 ●			5,255,709		3,636,766
Series 2007-HE5 A2D 2.556% (LIBOR01M + 0.34%, Floor 0.34%) 3/25/37 ●			3,587,158		1,971,287
Navistar Financial Dealer Note Master Owner Trust II
Series 2018-1 A 144A 2.798% (LIBOR01M + 0.63%, Floor 0.63%) 9/25/23 #●			450,000		450,353
New Century Home Equity Loan Trust
Series 2005-1 M2 2.936% (LIBOR01M + 0.72%, Cap 12.50%) 3/25/35 ●			233,599		224,868
New Residential Mortgage Loan Trust
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #●			404,964		401,990
Option One Mortgage Loan Trust
Series 2005-1 M1 2.996% (LIBOR01M + 0.78%) 2/25/35 ●			2,155,252		2,088,739
Series 2007-4 2A4 2.526% (LIBOR01M + 0.31%, Floor 0.31%) 4/25/37 ●	��		6,744,187		4,700,386
PFS Financing
Series 2018-A A 144A 2.463% (LIBOR01M + 0.40%) 2/15/22 #●			445,000		444,963
RAAC Trust
Series 2005-SP2 2A 2.516% (LIBOR01M + 0.30%, Cap 14.00%, Floor 0.30%) 6/25/44 ●			454,768		409,716


			(continues	)		41

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

RAMP Trust
Series 2007-RZ1 A2 2.376% (LIBOR01M + 0.16%, Cap 14.00%, Floor 0.16%) 2/25/37 ●		352,825	$	350,280
Rise
Series 2014-1 A 4.75% 2/15/39 ●		1,630,421		1,601,889
Sofi Consumer Loan Program
Series 2017-3 A 144A 2.77% 5/25/26 #		1,169,681		1,158,989
Series 2018-1 A1 144A 2.55% 2/25/27 #		816,624		812,873
Sofi Professional Loan Program
Series 2016-F A2 144A 3.02% 2/25/40 #		431,094		419,165
Soundview Home Loan Trust
Series 2006-WF2 A1 2.346% (LIBOR01M + 0.13%, Floor 0.13%) 12/25/36 ●		213,542		213,124
SpringCastle America Funding
Series 2016-AA A 144A 3.05% 4/25/29 #		2,325,690		2,315,449
Structured Asset Investment Loan Trust
Series 2003-BC2 M1 3.596% (LIBOR01M + 1.38%) 4/25/33 ●		15,778		15,568
Structured Asset Securities Mortgage Loan Trust
Series 2006-BC1 A6 2.486% (LIBOR01M + 0.27%, Floor 0.27%) 3/25/36 ●		1,800,000		1,619,477
Towd Point Mortgage Trust
Series 2017-1 A1 144A 2.75% 10/25/56 #●		298,454		292,248
Series 2017-2 A1 144A 2.75% 4/25/57 #●		159,618		156,645
Series 2017-4 M1 144A 3.25% 6/25/57 #●		615,000		573,585
Series 2018-1 A1 144A 3.00% 1/25/58 #●		278,599		273,361
Toyota Auto Receivables 2018-C Owner Trust
Series 2018-C A2B 2.278% (LIBOR01M + 0.12%) 8/16/21 ●		245,000		245,074


	Principal amount°		Value (US $)

Non-Agency Asset-Backed Securities (continued)

Trafigura Securitisation Finance
Series 2018-1A A1 144A 2.948% (LIBOR01M + 0.73%, Floor 0.73%) 3/15/22 #●		650,000	$	650,000
Verizon Owner Trust
Series 2016-2A A 144A 1.68% 5/20/21 #		680,000		675,231
Series 2017-3A A1B 144A 2.435% (LIBOR01M + 0.27%) 4/20/22 #●		2,000,000		2,000,001
VOLT LIX
Series 2017-NPL6 A1 144A 3.25% 5/25/47 #		49,296		49,021
VOLT LX
Series 2017-NPL7 A1 144A 3.25% 6/25/47 #		134,124		133,233
VOLT LXI
Series 2017-NPL8 A1 144A 3.125% 6/25/47 #		49,645		49,231
VOLT LXIII
Series 2017-NP10 A1 144A 3.00% 10/25/47 #		304,586		301,182
Volvo Financial Equipment Master Owner Trust
Series 2017-A A 144A 2.563% (LIBOR01M + 0.50%) 11/15/22 #●		1,075,000		1,077,896
Wendys Funding
Series 2018-1A A2I 144A 3.573% 3/15/48 #		476,400		458,392


Total Non-Agency Asset-Backed Securities (cost $84,624,778)				87,685,060



Non-Agency Collateralized Mortgage Obligations – 1.34%

Alternative Loan Trust Resecuritization
Series 2008-2R 3A1 6.00% 8/25/37 ●		1,260,870		988,131
ARM Mortgage Trust
Series 2004-5 3A1 3.987% 4/25/35 ●		455,502		460,918
Series 2005-10 3A31 3.709% 1/25/36 ●		219,519		208,040
Series 2006-2 1A4 3.997% 5/25/36 ●		799,524		741,183
Banc of America Alternative Loan Trust
Series 2005-6 7A1 5.50% 7/25/20		20,175		18,903


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Banc of America Funding Trust
Series 2005-E 7A1 2.448% (COF 11 + 1.43%, Floor 1.43%) 6/20/35 ●		175,434	$	150,071
Series 2006-I 1A1 4.151% 12/20/36 ●		254,818		260,867
Banc of America Mortgage Trust
Series 2003-D 2A1 4.458% 5/25/33 ●		218,451		222,082
Bear Stearns ARM Trust
Series 2003-5 2A1 4.191% 8/25/33 ●		37,615		37,629
Chase Mortgage Finance Trust
Series 2005-A1 3A1 3.427% 12/25/35 ●		105,709		101,282
CHL Mortgage Pass Through Trust
Series 2007-4 1A1 6.00% 5/25/37 ◆		1,139,768		908,412
Civic Mortgage
Series 2018-1 A1 144A 3.892% 6/25/22 #f		839,222		839,240
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		1,278,610		1,237,452
Series 2007-1 5A14 6.00% 2/25/37		254,556		222,234
Series 2007-3 4A6 2.466% (LIBOR01M + 0.25%, Cap 7.00%, Floor 0.25%) 4/25/37 ●		217,138		185,715
Series 2007-3 4A12 4.534% (6.75% minus
LIBOR01M, Cap 6.75%) 4/25/37 S●		217,138		23,831
Series 2007-3 4A15 5.50% 4/25/37		96,416		95,227
Flagstar Mortgage Trust
Series 2018-1 A5 144A 3.50% 3/25/48 #●		595,096		584,984
Series 2018-5 A7 144A 4.00% 9/25/48 #●		530,000		531,387
Galton Funding Mortgage Trust
Series 2018-1 A43 144A 3.50% 11/25/57 #●		449,130		447,054
GMACM Mortgage Loan Trust
Series 2006-J1 A1 5.75% 4/25/36		42,781		42,340


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

GSR Mortgage Loan Trust
Series 2007-AR1 2A1 3.811% 3/25/47 ●		835,233	$	761,043
Holmes Master Issuer
Series 2018-2A A2 144A 2.561% (LIBOR03M + 0.42%) 10/15/54 #●		1,745,000		1,745,410
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 4.15% 10/25/36 ●		472,054		436,617
Series 2006-A7 2A2 3.819% 1/25/37 ●		94,224		90,433
Series 2007-A1 6A1 3.994% 7/25/35 ●		148,621		149,629
Series 2014-2 B1 144A 3.418% 6/25/29 #●		66,986		65,540
Series 2014-2 B2 144A 3.418% 6/25/29 #●		66,986		65,139
Series 2015-4 B1 144A 3.624% 6/25/45 #●		791,140		764,452
Series 2015-4 B2 144A 3.624% 6/25/45 #●		338,133		320,497
Series 2015-5 B2 144A 3.076% 5/25/45 #●		620,441		611,446
Series 2015-6 B1 144A 3.615% 10/25/45 #●		340,469		331,760
Series 2015-6 B2 144A 3.615% 10/25/45 #●		331,267		320,458
Series 2016-4 B1 144A 3.902% 10/25/46 #●		238,124		233,235
Series 2016-4 B2 144A 3.902% 10/25/46 #●		404,812		394,255
Series 2017-1 B2 144A 3.551% 1/25/47 #●		709,845		673,646
Series 2017-2 A3 144A 3.50% 5/25/47 #●		318,907		309,423
Series 2018-3 A5 144A 3.50% 9/25/48 #●		1,373,684		1,351,507
Series 2018-4 A15 144A 3.50% 10/25/48 #●		736,036		731,036
Series 2018-6 1A4 144A 3.50% 12/25/48 #●		474,668		470,533
Series 2018-7FRB A2 144A 2.815% (LIBOR01M + 0.75%) 4/25/46 #=●		547,007		547,911
Lehman Mortgage Trust
Series 2007-10 2A2 6.50% 1/25/38		1,641,972		1,137,034
Ludgate Funding
Series 2006-1X A2A 0.99% (BP0003M + 0.19%) 12/1/60 ●	GBP	1,568,871		1,968,311


			(continues	)		43

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Ludgate Funding
Series 2008-W1X A1 1.399% (BP0003M + 0.60%) 1/1/61 ●	GBP	679,933	$	870,956
Mansard Mortgages Parent
Series 2007-1X A2 0.933% (BP0003M + 0.18%) 4/15/47 ●	GBP	748,180		934,967
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		2,358		2,514
Series 2004-5 6A1 7.00% 6/25/34		35,908		37,449
MASTR ARM Trust
Series 2004-4 4A1 3.965% 5/25/34 ●		75,293		75,064
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 3.908% 2/25/34 ●		5,639		5,662
Opteum Mortgage Acceptance Trust
Series 2006-1 2A1 5.75% 4/25/36 ●		267,268		267,454
Reperforming Loan REMIC Trust
Series 2006-R1 AF1 144A 2.556% (LIBOR01M + 0.34%, Cap 9.50%, Floor 0.34%) 1/25/36 #●		1,206,314		1,183,624
RFMSI Trust
Series 2004-S9 2A1 4.75% 12/25/19		14,743		14,742
Sequoia Mortgage Trust
Series 2004-5 A3 3.059% (LIBOR06M + 0.56%, Cap 11.50%) 6/20/34 ●		183,463		176,569
Series 2007-1 4A1 4.012% 9/20/46 ●		595,115		493,670
Series 2015-1 B2 144A 3.876% 1/25/45 #●		360,290		357,000
Series 2017-4 A1 144A 3.50% 7/25/47 #●		341,619		331,905
Series 2018-5 A4 144A 3.50% 5/25/48 #●		606,219		597,223
Structured ARM Loan Trust
Series 2006-1 7A4 3.639% 2/25/36 ●		410,694		386,479


	Principal amount°		Value (US $)

Non-Agency Collateralized Mortgage Obligations (continued)

Structured Asset Mortgage Investments II Trust
Series 2005-AR5 A2 2.418% (LIBOR01M + 0.25%, Cap 11.00%, Floor 0.25%) 7/19/35 ●		374,286	$	365,570
TORRENS
Series 2010-2 A4 2.935% (BBSW1M + 1.10%) 9/14/41 ●	AUD	1,001,891		724,383
WaMu Mortgage Pass Through Certificates Trust
Series 2005-AR16 1A3 3.445% 12/25/35 ◆●		433,657		434,799
Series 2007-HY1 3A3 3.462% 2/25/37 ◆●		247,830		239,775
Series 2007-HY7 4A1 3.882% 7/25/37 ◆●		496,276		458,277
Washington Mutual Mortgage Pass Through Certificates Trust
Series 2005-1 5A2 6.00% 3/25/35 ◆		11,967		1,718
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 3.804% 2/25/34 ●		107,687		110,514
Series 2006-2 3A1 5.75% 3/25/36		42,138		41,114
Series 2006-3 A11 5.50% 3/25/36		73,998		74,609
Series 2006-6 1A3 5.75% 5/25/36		32,677		32,228
Series 2006-AR5 2A1 4.191% 4/25/36 ●		36,636		36,819
Series 2006-AR11 A6 4.518% 8/25/36 ●		415,318		400,299
Series 2006-AR17 A1 4.56% 10/25/36 ●		239,534		240,629
Series 2007-10 1A36 6.00% 7/25/37		190,112		189,531


Total Non-Agency Collateralized Mortgage Obligations (cost $31,920,427)				30,871,840



Non-Agency Commercial Mortgage-Backed Securities – 3.19%

Banc of America Commercial Mortgage Trust
Series 2017-BNK3 C 4.352% 2/15/50 ●		325,000		318,964


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

BANK
Series 2017-BNK5 A5 3.39% 6/15/60		1,430,000	$	1,387,606
Series 2017-BNK5 B 3.896% 6/15/60 ●		605,000		596,344
Series 2017-BNK7 A5 3.435% 9/15/60		715,000		694,541
Series 2017-BNK7 B 3.949% 9/15/60		1,085,000		1,069,277
Series 2017-BNK8 A4 3.488% 11/15/50		515,000		501,697
Series 2018-BN14 A4 4.231% 9/15/60		800,000		826,894
BBCMS Trust
Series 2015-STP A 144A 3.323% 9/10/28 #		3,615,356		3,609,199
BENCHMARK Mortgage Trust
Series 2018-B1 A5 3.666% 1/15/51 ●		110,000		109,045
Series 2018-B6 A4 4.261% 11/10/51		620,000		640,490
BX Trust
Series 2017-APPL A 144A 3.038% (LIBOR01M + 0.88%, Floor 0.88%) 7/15/34 #●		542,624		542,625
Caesars Palace Las Vegas Trust
Series 2017-VICI A 144A 3.531% 10/15/34 #		650,000		649,583
CD Mortgage Trust
Series 2017-CD6 B 3.911% 11/13/50 ●		440,000		431,664
CFCRE Commercial Mortgage Trust
Series 2016-C7 A3 3.839% 12/10/54		3,100,000		3,101,162
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		785,000		786,062
Series 2015-GC27 A5 3.137% 2/10/48		2,000,000		1,944,593
Series 2016-P3 A4 3.329% 4/15/49		1,305,000		1,270,388
Series 2017-C4 A4 3.471% 10/12/50		635,000		619,119
Series 2018-C5 A4 4.228% 6/10/51		3,200,000		3,295,068


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

COMM Mortgage Trust
Series 2013-WWP A2 144A 3.424% 3/10/31 #		1,100,000	$	1,106,737
Series 2014-CR20 AM 3.938% 11/10/47		2,225,000		2,235,783
Series 2015-3BP A 144A 3.178% 2/10/35 #		605,000		588,482
Series 2015-CR23 A4 3.497% 5/10/48		780,000		774,363
Commercial Mortgage Pass Through Certificates
Series 2016-CR28 A4 3.762% 2/10/49 ◆		1,330,000		1,331,378
DBJPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		1,170,000		1,137,719
Series 2016-C3 A5 2.89% 8/10/49		945,000		892,157
DBUBS Mortgage Trust
Series 2011-LC1A C 144A 5.884% 11/10/46 #●		600,000		627,923
GRACE Mortgage Trust
Series 2014-GRCE B 144A 3.52% 6/10/28 #		3,705,000		3,701,178
GS Mortgage Securities Corp II
Series 2018-GS10 C 4.561% 7/10/51 ●		465,000		463,359
GS Mortgage Securities Trust
Series 2010-C1 C 144A 5.635% 8/10/43 #●		375,000		381,896
Series 2015-GC32 A4 3.764% 7/10/48		1,000,000		1,006,570
Series 2016-RENT A 144A 3.203% 2/10/29 #		2,300,000		2,287,567
Series 2017-GS5 A4 3.674% 3/10/50		1,280,000		1,272,628
Series 2017-GS6 A3 3.433% 5/10/50		1,935,000		1,888,232
Series 2017-GS6 XA 1.195% 5/10/50 ●		21,929,634		1,611,637
Series 2018-GS9 A4 3.992% 3/10/51 ●		570,000		577,939
JPMBB Commercial Mortgage Securities Trust
Series 2015-C31 A3 3.801% 8/15/48		6,677,272		6,732,896
Series 2015-C33 A4 3.77% 12/15/48		570,000		570,574


			(continues	)		45

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

JPMDB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,640,000	$	1,576,377
Series 2016-C4 A3 3.141% 12/15/49		1,065,000		1,021,078
Series 2017-C7 A5 3.409% 10/15/50		1,395,000		1,356,530
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.745% 8/12/37 ●		230,000		236,559
Series 2013-LC11 B 3.499% 4/15/46		355,000		347,165
Series 2016-JP2 AS 3.056% 8/15/49		1,250,000		1,176,485
Series 2016-JP3 B 3.397% 8/15/49 ●		1,550,000		1,470,681
Series 2016-WIKI A 144A 2.798% 10/5/31 #		705,000		690,100
Series 2016-WIKI B 144A 3.201% 10/5/31 #		690,000		677,572
LB-UBS Commercial Mortgage Trust
Series 2006-C6 AJ 5.452% 9/15/39 ●		464,032		320,182
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C26 A5 3.531% 10/15/48		960,000		949,996
Series 2015-C27 ASB 3.557% 12/15/47		2,200,000		2,206,070
Series 2016-C29 A4 3.325% 5/15/49		795,000		773,147
Morgan Stanley Capital I Trust
Series 2014-CPT AM 144A 3.516% 7/13/29 #●		2,200,000		2,186,959
Series 2016-BNK2 A4 3.049% 11/15/49		2,066,000		1,953,560
UBS Commercial Mortgage Trust
Series 2018-C9 A4 4.117% 3/15/51 ●		970,000		986,467
UBS-Barclays Commercial Mortgage Trust
Series 2013-C5 B 144A 3.649% 3/10/46 #●		480,000		473,264
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		275,000		271,585


	Principal amount°		Value (US $)

Non-Agency Commercial Mortgage-Backed Securities (continued)

Wells Fargo Commercial Mortgage Trust
Series 2015-C30 XA 1.084% 9/15/58 ●		6,307,366	$	319,302
Series 2015-NXS3 A4 3.617% 9/15/57		510,000		506,434
Series 2016-BNK1 A3 2.652% 8/15/49		1,220,000		1,132,614
Series 2017-C38 A5 3.453% 7/15/50		905,000		880,204
Series 2017-RB1 XA 1.439% 3/15/50 ●		8,486,604		716,512


Total Non-Agency Commercial Mortgage-Backed Securities (cost $76,542,463)				73,812,182



Regional Bonds – 0.34%D

Argentina – 0.04%
Provincia de Cordoba
144A 7.125% 8/1/27 #		675,000		541,687
144A 7.45% 9/1/24 #		395,000		340,767

				882,454

Australia – 0.04%
New South Wales Treasury
4.00% 5/20/26		AUD 404,900		316,252
Queensland Treasury
144A 2.75% 8/20/27 #		AUD 446,000		314,015
144A 3.25% 7/21/28 #		AUD 495,000		360,421

				990,688

Canada – 0.04%
Province of Ontario
2.60% 6/2/27		CAD 203,000		151,878
3.45% 6/2/45		CAD 551,000		442,592
Province of Quebec
1.65% 3/3/22		CAD 419,000		315,604
6.00% 10/1/29		CAD 155,000		152,148

				1,062,222

Finland – 0.02%
Municipality Finance 144A 2.513% (LIBOR03M + 0.17%) 2/7/20 #●		485,000		486,191

				486,191

Japan – 0.04%
Japan Finance Organization For Municipalities 2.125% 3/6/19		900,000		897,345

				897,345


	Principal amount°		Value (US $)

Regional BondsD (continued)

Spain – 0.16%
Autonomous Community of Catalonia
4.90% 9/15/21		EUR 1,800,000	$	2,263,246
4.95% 2/11/20		EUR 1,100,000		1,341,700

				3,604,946


Total Regional Bonds (cost $8,233,021)				7,923,846



Loan Agreements – 4.98%

Acrisure Tranche B 1st Lien 6.592% (LIBOR03M + 4.25%) 11/22/23 ●		898,196		903,529
Air Medical Group Holdings Tranche B 1st Lien 5.383% (LIBOR01M + 3.25%) 4/28/22 ●		1,327		1,310
Albertson’s Tranche B4 1st Lien 4.992% (LIBOR01M + 2.75%) 8/25/21 ●		785,979		787,797
Alpha 3 Tranche B1 1st Lien 5.386% (LIBOR03M + 3.00%) 1/31/24 ●		352,103		353,973
Altice France Tranche B11 1st Lien 4.992% (LIBOR01M + 2.75%) 7/31/25 ●		1,152,313		1,130,707
Altice France Tranche B12 1st Lien 5.846% (LIBOR03M + 3.688%) 1/31/26 ●		308,851		305,763
Altice France Tranche B13 1st Lien 6.158% (LIBOR01M + 4.00%) 1/31/26 ●		135,000		134,106
Altra Industrial Motion Tranche B 1st Lien 0.00% 10/1/25 ● X		355,000		356,331
American Airlines Tranche B 1st Lien 4.158% (LIBOR01M + 2.00%) 12/14/23 ●		1,978,083		1,970,511
Applied Systems 2nd Lien 9.386% (LIBOR03M + 7.00%) 9/19/25 ●		765,000		783,852
Applied Systems Tranche B 1st Lien 5.386% (LIBOR03M + 3.00%) 9/19/24 ●		1,246,851		1,255,770
Aramark Services Tranche B3 1st Lien 4.084% (LIBOR03M + 1.75%) 3/11/25 ●		1,013,575		1,016,869


	Principal amount°			Value (US $)

Loan Agreements (continued)

AssuredPartners Tranche B 1st Lien 5.326% (LIBOR01M + 3.25%) 10/22/24 ●		1,065,412		$	1,068,520
Avis Budget Car Rental Tranche B 1st Lien 4.25% (LIBOR01M + 2.00%) 2/13/25 ●		555,800			556,839
Ball Metalpack Finco Tranche B 1st Lien 6.742% (LIBOR01M + 4.50%) 7/31/25 ●		538,650			545,046
Ball Metalpack Finco Tranche B 2nd Lien 10.992% (LIBOR01M + 8.75%) 7/31/26 ●		118,000			116,820
Banff Merger Sub Tranche B 1st Lien 0.00% 6/28/25 ● X		700,000			707,519
Bausch Health Tranche B 1st Lien 5.104% (LIBOR01M + 3.00%) 6/1/25 ●		533,957			537,295
Blue Ribbon 1st Lien 6.115% (LIBOR01M + 4.00%) 11/13/21 ●		940,510			891,133
Bombardier Recreational Products Tranche B 1st Lien 4.24% (LIBOR01M + 2.00%) 5/23/25 ●		560,000			560,584
Builders FirstSource 1st Lien 5.386% (LIBOR03M + 3.00%) 2/29/24 ●		1,666,415			1,670,282
BWAY Holding Tranche B 1st Lien 5.581% (LIBOR03M + 3.25%) 4/3/24 ●		972,688			973,295
Calpine Construction Finance 1st Lien 4.742% (LIBOR01M + 2.50%) 1/15/25 ●		252,086			252,581
Casablanca US Holdings Tranche B 1st Lien 6.342% (LIBOR03M + 4.00%) 3/1/24 ●		84,360			83,517
CH Hold 2nd Lien 9.492% (LIBOR01M + 7.25%) 2/1/25 ●		161,000	��		163,415
Change Healthcare Holdings Tranche B 1st Lien 4.992% (LIBOR01M + 2.75%) 3/1/24 ●		1,174,771			1,179,991
Charter Communications Operating Tranche B 1st Lien 4.25% (LIBOR01M + 2.00%) 4/30/25 ●		714,600			716,427


			(continues	)		47

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

Chemours Tranche B2 1st Lien 4.00% (LIBOR01M + 1.75%) 4/3/25 ●		1,107,984	$	1,108,504
CityCenter Holdings Tranche B 1st Lien 4.492% (LIBOR01M + 2.25%) 4/18/24 ●		1,025,191		1,027,570
Community Health Systems Tranche H 1st Lien 5.563% (LIBOR03M + 3.25%) 1/27/21 ●		539,121		532,382
Constellis Holdings 2nd Lien 0.00% 4/21/25 ● X		127,000		124,460
Core & Main Tranche B 1st Lien 5.317% (LIBOR03M + 3.00%) 8/1/24 ●		902,218		906,864
CROWN Americas Tranche B 1st Lien 4.163% (LIBOR01W + 2.00%) 4/3/25 ●		867,825		873,520
CSC Holdings 1st Lien 4.408% (LIBOR01M + 2.25%) 7/17/25 ●		424,625		425,068
CSC Holdings Tranche B 1st Lien 4.658% (LIBOR01M + 2.50%) 1/25/26 ●		294,263		294,925
Dakota Holdings Tranche B 1st Lien 5.492% (LIBOR01M + 3.25%) 2/13/25 ●		127,360		127,668
DaVita Tranche B 1st Lien 4.992% (LIBOR01M + 2.75%) 6/24/21 ●		122,556		123,246
Delek US Holdings Tranche B 1st Lien 4.742% (LIBOR01M + 2.50%) 3/30/25 ●		812,122		816,521
DG Investment Intermediate Holdings 2 1st Lien 5.242% (LIBOR01M + 3.00%) 2/1/25 ●		108,307		108,408
DG Investment Intermediate Holdings 2 Tranche DD 1st Lien 5.242% (LIBOR01M + 3.00%) 2/1/25 ●		11,663		11,674
Digicel International Finance Tranche B 1st Lien 5.57% (LIBOR03M + 3.25%) 5/10/24 ●		279,549		267,085
DTZ US Borrower Tranche B 1st Lien 5.492% (LIBOR01M + 3.25%) 8/21/25 ●		1,300,000		1,305,958


	Principal amount°		Value (US $)

Loan Agreements (continued)

Dynatrace 1st Lien 5.474% (LIBOR01M + 3.25%) 8/23/25 ●		1,025,000	$	1,033,168
Energy Transfer Equity Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 2/2/24 ●		390,000		390,623
Enterprise Merger Sub 1st Lien 0.00% 9/28/25 ● X		1,925,000		1,920,188
ESH Hospitality Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 8/30/23 ●		1,642,990		1,644,915
ExamWorks Group Tranche B1 1st Lien 5.492% (LIBOR01M + 3.25%) 7/27/23 ●		1,030,926		1,040,591
First Data 1st Lien 4.212% (LIBOR01M + 2.00%) 7/10/22 ●		579,267		580,317
First Data Tranche 1st Lien 4.212% (LIBOR01M + 2.00%) 4/26/24 ●		2,604,227		2,608,949
First Eagle Holdings Tranche B 1st Lien 5.386% (LIBOR03M + 3.00%) 12/1/22 ●		798,522		805,883
Flex Acquisition 1st Lien 5.337% (LIBOR03M + 3.00%) 12/29/23 ●		198,563		198,749
Flying Fortress Holdings Tranche B 1st Lien 4.136% (LIBOR03M + 1.75%) 10/30/22 ●		496,000		499,152
Frontier Communications Tranche A-DD 1st Lien 5.00% (LIBOR01M + 2.75%) 3/31/21 ●		243,056		239,031
Frontier Communications Tranche B1 1st Lien 6.00% (LIBOR01M + 3.75%) 6/15/24 ●		454,577		447,048
Gardner Denver Tranche B1 1st Lien 4.992% (LIBOR01M + 2.75%) 7/30/24 ●		1,202,474		1,211,214
Gates Global Tranche B2 1st Lien 4.992% (LIBOR01M + 2.75%) 3/31/24 ●		713,411		718,482
Gentiva Health Services 1st Lien 6.00% (LIBOR01M + 3.75%) 7/2/25 ●		259,005		262,404


	Principal amount°		Value (US $)

Loan Agreements (continued)

GEO Group Tranche B 1st Lien 4.25% (LIBOR01M + 2.00%) 3/23/24 ●		368,131	$	367,940
GIP III Stetson I Tranche B 1st Lien 6.583% (LIBOR03M + 4.25%) 7/18/25 ●		311,000		312,944
Gray Television Tranche B2 1st Lien 4.354% (LIBOR01M + 2.25%) 2/7/24 ●		1,498,322		1,503,807
Greeneden US Holdings II Tranche B3 1st Lien 5.742% (LIBOR01M + 3.50%) 12/1/23 ●		1,016,991		1,023,824
Greenhill & Co. Tranche B 1st Lien 5.952% (LIBOR02M + 3.75%) 10/12/22 ●		320,671		325,080
Grizzly Acquisitions Tranche B 1st Lien 0.00% 10/1/25 ● X		175,000		174,563
GVC Holdings Tranche B2 1st Lien 4.742% (LIBOR01M + 2.50%) 3/16/24 ●		828,835		833,325
HCA Tranche B10 1st Lien 4.242% (LIBOR01M + 2.00%) 3/13/25 ●		1,567,125		1,580,620
HCA Tranche B11 1st Lien 3.992% (LIBOR01M + 1.75%) 3/18/23 ●		221,756		223,697
Hearthside Group Holdings 1st Lien 5.242% (LIBOR01M + 3.00%) 5/25/25 ●		312,218		311,688
Heartland Dental 1st Lien 5.992% (LIBOR01M + 3.75%) 4/30/25 ●		627,991		629,038
Hilton Worldwide Finance Tranche B2 1st Lien 3.966% (LIBOR01M + 1.75%) 10/25/23 ●		2,045,208		2,055,441
Hoya Midco Tranche B 1st Lien 5.576% (LIBOR01M + 3.50%) 6/30/24 ●		701,125		699,372
HUB International Tranche B 1st Lien 5.335% (LIBOR03M + 3.00%) 4/25/25 ●		1,047,375		1,050,353
HVSC Merger Sub 2nd Lien 10.592% (LIBOR03M + 8.25%) 10/26/25 ●		40,000		40,100
Hyperion Insurance Group Tranche B 1st Lien 5.75% (LIBOR01M + 3.50%) 12/20/24 ●		960,142		967,343


	Principal amount°		Value (US $)

Loan Agreements (continued)

INEOS US Finance Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 3/31/24 ●		952,800	$	955,555
IQVIA Tranche B3 1st Lien 4.136% (LIBOR03M + 1.75%) 6/11/25 ●		1,027,425		1,028,581
Iron Mountain Tranche B 1st Lien 3.992% (LIBOR01M + 1.75%) 1/2/26 ●		1,582,050		1,565,570
JBS USA Tranche B 1st Lien 4.844% (LIBOR03M + 2.50%) 10/30/22 ●		837,969		840,588
Kronos 2nd Lien 10.593% (LIBOR03M + 8.25%) 11/1/24 ●		85,000		87,218
Kronos Tranche B 1st Lien 5.343% (LIBOR03M + 3.00%) 11/1/23 ●		531,937		535,112
Lamar Media Tranche B 1st Lien 3.938% (LIBOR01M + 1.75%) 3/16/25 ●		497,500		499,884
Las Vegas Sands Tranche B 1st Lien 3.992% (LIBOR01M + 1.75%) 3/27/25 ●		195,000		195,066
Lucid Energy Group II Borrower 1st Lien 5.165% (LIBOR01M + 3.00%) 2/18/25 ●		931,924		918,721
LUX HOLDCO III 1st Lien 5.195% (LIBOR02M + 3.00%) 3/28/25 ●		222,880		224,691
Marketo Tranche B 1st Lien 5.593% (LIBOR03M + 3.25%) 2/7/25 ●		111,720		112,069
MGM Growth Properties Operating Partnership Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 3/25/25 ●		799,388		801,316
Microchip Technology 1st Lien 4.08% (LIBOR01M + 2.00%) 5/29/25 ●		1,477,640		1,480,405
MPH Acquisition Holdings Tranche B 1st Lien 5.136% (LIBOR03M + 2.75%) 6/7/23 ●		1,437,511		1,441,891
NCI Building Systems Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 2/8/25 ●		860,675		862,289


			(continues	)		49

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

NFP Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 1/8/24 ●		898,898	$	900,021
Nielsen Finance Tranche B4 1st Lien 4.133% (LIBOR01M + 2.00%) 10/4/23 ●		584,919		584,993
OCI Partners 1st Lien 6.386% (LIBOR03M + 4.00%) 3/13/25 ●		164,175		166,432
ON Semiconductor Tranche B 1st Lien 3.992% (LIBOR01M + 1.75%) 3/31/23 ●		1,810,462		1,815,328
Panda Hummel Tranche B1 1st Lien 8.242% (LIBOR01M + 6.00%) 10/27/22 ●		168,578		168,051
Panda Stonewall Tranche B1 1st Lien 7.886% (LIBOR03M + 5.50%) 11/13/21 =●		289,582		289,763
Penn National Gaming Tranche B 1st Lien Loan 0.00% 8/15/25 ● X		1,750,000		1,760,782
Loan 4.742% (LIBOR01M + 2.50%) 1/19/24 ●		495,442		497,146
Pisces Midco Tranche B 1st Lien 6.087% (LIBOR03M + 3.75%) 4/12/25 ●		374,063		376,946
PQ 1st Lien Tranche B 1st Lien 4.742% (LIBOR01M + 2.50%) 2/8/25 ●		1,479,867		1,483,105
Prestige Brands Tranche B5 1st Lien 4.242% (LIBOR01M + 2.00%) 1/26/24 ●		793,880		794,749
Radiate Holdco Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 2/1/24 ●		652,654		652,283
Refinitiv US Holdings Tranche B 1st Lien 0.00% 10/1/25 ● X		909,000		908,107
Republic of Angola 0.796% (LIBOR06M + 6.25%) 12/16/23 =●		1,271,875		1,170,125
RPI Finance Trust Tranche B6 1st Lien 4.386% (LIBOR03M + 2.00%) 4/17/23 ●		195,103		196,048


	Principal amount°		Value (US $)

Loan Agreements (continued)

Russell Investments US Institutional Holdco Tranche B 1st Lien 5.492% (LIBOR01M + 3.25%) 6/1/23 ●		2,105,528	$	2,120,004
Sable International Finance Tranche B4 1st Lien 5.492% (LIBOR01M + 3.25%) 1/31/26 ●		565,000		568,027
SBA Senior Finance II Tranche B 1st Lien 4.25% (LIBOR01M + 2.00%) 4/11/25 ●		962,588		964,694
Scientific Games International Tranche B5 1st Lien 5.034% (LIBOR01M + 2.75%) 8/14/24 ●		1,705,975		1,705,307
Sigma US Tranche B2 1st Lien 5.114% (LIBOR01M + 3.00%) 7/2/25 ●		689,000		689,861
Sinclair Television Group Tranche B2 1st Lien 4.50% (LIBOR01M + 2.25%) 1/3/24 ●		2,593,800		2,605,960
Solenis International 1st Lien 6.311% (LIBOR03M + 4.00%) 12/26/23 ●		279,300		281,918
Specialty Building Products Holdings 1st Lien 0.00% 9/21/25 ● X		837,000		841,315
Sprint Communications Tranche B 1st Lien 4.75% (LIBOR01M + 2.50%) 2/2/24 ●		1,905,826		1,911,782
SS&C European Holdings Tranche B4 1st Lien 4.492% (LIBOR01M + 2.25%) 4/16/25 ●		375,734		376,468
SS&C Technologies Tranche B3 1st Lien 4.492% (LIBOR01M + 2.25%) 4/16/25 ●		967,973		969,863
SS&C Technologies Tranche B5 1st Lien 0.00% 4/16/25 ● X		393,000		393,573
StandardAero Aviation Holdings 1st Lien 5.99% (LIBOR01M + 3.75%) 7/7/22 ●		493,686		497,212
Staples 1st Lien 6.343% (LIBOR03M + 4.00%) 9/12/24 ●		224,135		224,346


	Principal amount°		Value (US $)

Loan Agreements (continued)

Stars Group Holdings Tranche B 1st Lien 5.886% (LIBOR03M + 3.50%) 7/10/25 ●		1,187,025	$	1,198,672
Summit Materials Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 11/10/24 ●		729,488		731,311
Summit Midstream Partners Holdings Tranche B 1st Lien 8.242% (LIBOR01M + 6.00%) 5/21/22 ●		570,486		579,043
Surgery Center Holdings 1st Lien 5.57% (LIBOR03M + 3.25%) 8/31/24 ●		1,086,370		1,088,678
Syneos Health Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 8/1/24 ●		536,593		538,233
Telenet Financing USD Tranche AN 1st Lien 4.408% (LIBOR01M + 2.25%) 8/15/26 ●		1,045,000		1,041,517
Tenneco Tranche B 1st Lien 0.00% 10/1/25 ● X		825,000		825,382
TerraForm Power Operating Tranche B 1st Lien 4.242% (LIBOR01M + 2.00%) 11/8/22 ●		550,838		553,247
Titan Acquisition Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 3/28/25 ●		857,025		832,319
TMS International Tranche B2 1st Lien 4.992% (LIBOR01M + 2.75%) 8/14/24 ●		216,036		216,036
TransDigm Tranche F 1st Lien 4.742% (LIBOR01M + 2.50%) 6/9/23 ●		1,693,619		1,701,225
Tribune Media Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 12/27/20 ●		33,149		33,294
Tribune Media Tranche C 1st Lien 5.242% (LIBOR01M + 3.00%) 1/27/24 ●		413,162		415,739
Trident TPI Holdings 1st Lien 5.492% (LIBOR01M + 3.25%) 10/5/24 ●		273,495		273,025
Tronox Blocked Borrower Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 9/22/24 ●		228,572		229,691


	Principal amount°		Value (US $)

Loan Agreements (continued)

Tronox Finance Tranche B 1st Lien 5.242% (LIBOR01M + 3.00%) 9/22/24 ●		527,474	$	530,056
Unitymedia Finance Tranche D 1st Lien 4.408% (LIBOR01M + 2.25%) 1/15/26 ●		295,000		295,527
Unitymedia Finance Tranche E 1st Lien 4.158% (LIBOR01M + 2.00%) 6/1/23 ●		1,215,000		1,217,089
Univision Communications Tranche C5 1st Lien 4.992% (LIBOR01M + 2.75%) 3/15/24 ●		1,128,339		1,098,922
UPC Financing Partnership Tranche AR 1st Lien 4.658% (LIBOR01M + 2.50%) 1/15/26 ●		241,544		241,645
USI Tranche B 1st Lien 5.386% (LIBOR03M + 3.00%) 5/16/24 ●		2,180,935		2,184,052
USIC Holdings 1st Lien 5.492% (LIBOR01M + 3.25%) 12/9/23 ●		1,207,183		1,217,495
Utz Quality Foods 1st Lien 5.742% (LIBOR01M + 3.50%) 11/21/24 ●		239,746		240,795
Vantage Specialty Chemicals Tranche B 1st Lien 6.268% (LIBOR01M + 4.00%) 10/28/24 ●		491,288		493,846
VeriFone Systems 1st Lien 6.322% (LIBOR03M + 4.00%) 8/20/25 ●		428,000		431,264
Virgin Media Bristol Tranche K 1st Lien 4.658% (LIBOR01M + 2.50%) 1/15/26 ●		515,000		516,384
Vistra Operations Tranche B3 1st Lien 4.181% (LIBOR01M + 2.00%) 12/1/25 ●		783,038		784,310
Visual Comfort Group 1st Lien 0.00% 2/28/24 ● X		775,000		780,813
Visual Comfort Group 2nd Lien 0.796% (LIBOR01M + 8.00%) 2/28/25 =●		220,498		222,978
Western Digital Tranche B4 1st Lien 3.992% (LIBOR01M + 1.75%) 4/29/23 ●		248,794		249,571


			(continues	)		51

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Loan Agreements (continued)

WR Grace & Co-Conn Tranche B1 1st Lien 4.136% (LIBOR03M + 1.75%) 4/3/25 ●		92,105	$	92,585
WR Grace & Co-Conn Tranche B2 1st Lien 4.136% (LIBOR03M + 1.75%) 4/3/25 ●		157,895		158,717
Wyndham Hotels & Resorts Tranche B 1st Lien 3.992% (LIBOR01M + 1.75%) 5/30/25 ●		1,125,000		1,129,781
XPO Logistics Tranche B 1st Lien 4.23% (LIBOR01M + 2.00%) 2/24/25 ●		1,032,000		1,038,648
Zayo Group Tranche B2 1st Lien 4.492% (LIBOR01M + 2.25%) 1/19/24 ●		583,567		586,771
Zekelman Industries 1st Lien 4.623% (LIBOR03M + 2.25%) 6/14/21 ●		987,223		988,951


Total Loan Agreements (cost $114,362,006)				114,998,261



Sovereign Bonds – 5.85%D

Argentina – 0.08%
Argentine Bonos del Tesoro 16.00% 10/17/23	ARS	21,516,000		462,472
Argentine Republic Government International Bonds
5.625% 1/26/22		930,000		842,347
6.875% 1/11/48		650,000		503,750


				1,808,569

Bermuda – 0.03%
Bermuda Government International Bond 144A 3.717% 1/25/27 #		800,000		764,912


				764,912

Brazil – 0.30%
Brazil Letras Do Tesouro Nacional 6.535% 1/1/19 BRL 17,700,000				4,313,693
Brazil Notas do Tesouro Nacional 10.00% 1/1/23	BRL	3,737,000		901,545
10.00% 1/1/27	BRL	7,619,000		1,735,405


				6,950,643


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Canada – 0.01%
Canadian Government Bond 2.75% 12/1/48	CAD	171,000	$	141,735


				141,735

Colombia – 0.10%
Colombian TES 7.00% 6/30/32	COP	7,187,000,000		2,383,645


				2,383,645

Cyprus – 0.07%
Cyprus Government International Bond 3.875% 5/6/22	EUR	1,200,000		1,554,917


				1,554,917

Egypt – 0.04%
Egypt Government International Bonds
144A 5.577% 2/21/23 #		480,000		466,476
144A 7.903% 2/21/48 #		500,000		478,656


				945,132

Indonesia – 0.01%
Indonesia Government International Bond 144A 5.125% 1/15/45 #		200,000		200,825


				200,825

Ivory Coast – 0.04%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #		1,150,000		1,054,562


				1,054,562

Japan – 4.14%
Japan Bank for International Cooperation
2.125% 6/1/20		700,000		689,322
2.882% (LIBOR03M + 0.57%) 2/24/20 ●		1,018,000		1,024,358
Japan Treasury Discount Bill
0.00% 10/15/18 ≠	JPY	5,010,000,000		44,096,157
0.00% 11/26/18 ≠	JPY	5,660,000,000		49,825,136


				95,634,973

Jordan – 0.02%
Jordan Government International Bond 144A 5.75% 1/31/27 #		400,000		380,120


				380,120


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Kuwait – 0.14%
Kuwait International Government Bond 144A 2.75% 3/20/22 #		3,400,000	$	3,325,999


				3,325,999

Mexico – 0.04%
Mexican Bonos 6.50% 6/9/22	MXN	8,626,000		442,810
Mexico Government International Bonds 4.35% 1/15/47		600,000		546,006


				988,816

Nigeria – 0.03%
Nigeria Government International Bonds 144A 7.875% 2/16/32 #		620,000		636,659


				636,659

Poland – 0.02%
Republic of Poland Government Bonds
2.50% 1/25/23	PLN	634,000		172,653
3.25% 7/25/25	PLN	1,087,000		300,541


				473,194

Qatar – 0.10%
Qatar Government International Bond 144A 5.103% 4/23/48 #		2,200,000		2,292,618


				2,292,618

Republic of Korea – 0.05%
Export-Import Bank of Korea 4.00% 6/7/27	AUD	210,000		152,333
Inflation Linked Korea Treasury Bond 1.125% 6/10/23	KRW	1,131,372,444		1,042,614


				1,194,947

Saudi Arabia – 0.36%
Saudi Government International Bonds
2.375% 10/26/21		200,000		193,313
144A 2.875% 3/4/23 #		2,200,000		2,127,906
3.25% 10/26/26		1,000,000		941,705
144A 4.50% 10/26/46 #		800,000		763,512
144A 5.00% 4/17/49 #		4,200,000		4,272,450


				8,298,886


	Principal amount°		Value (US $)

Sovereign BondsD (continued)

Senegal – 0.04%
Senegal Government International Bond 144A 6.75% 3/13/48 #		960,000	$	860,832


				860,832

South Africa – 0.08%
Republic of South Africa Government Bond 8.75% 1/31/44	ZAR	16,421,000		1,035,640
Republic of South Africa Government International Bond 5.875% 6/22/30		780,000		777,178


				1,812,818

Turkey – 0.07%
Turkey Government Bond
8.00% 3/12/25	TRY	1,718,000		177,348
11.00% 3/2/22	TRY	10,992,000		1,349,617


				1,526,965

Ukraine – 0.06%
Ukraine Government International Bonds
144A 7.375% 9/25/32 #		705,000		615,014
144A 7.75% 9/1/26 #		900,000		848,273


				1,463,287

United Kingdom – 0.02%
United Kingdom Gilt
1.75% 9/7/22	GBP	100,000		133,892
3.50% 1/22/45	GBP	138,800		238,862


				372,754


Total Sovereign Bonds (cost $138,947,917)				135,067,808



Supranational Banks – 0.49%

Arab Petroleum Investments 144A 4.125% 9/18/23 #		750,000		754,631
Asian Development Bank 3.50% 5/30/24	NZD	864,000		591,201
Banque Ouest Africaine de Developpement 144A 5.00% 7/27/27 #		1,000,000		968,000
European Bank for Reconstruction & Developement 2.366% (LIBOR03M) 3/23/20 ●		505,000		504,829
European Investment Bank
1.00% 9/21/26	GBP	318,000		392,813
6.00% 12/7/28	GBP	771,000		1,388,639


			(continues	)		53

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Supranational Banks (continued)

Inter-American Development Bank
2.559% (LIBOR03M + 0.22%) 10/15/20 ●		890,000	$	893,597
6.25% 6/15/21	IDR	14,400,000,000		906,921
7.875% 3/14/23	IDR	4,370,000,000		287,780
International Bank for Reconstruction & Development
1.95% 11/9/20		800,000		783,699
2.228% (LIBOR01M + 0.07%) 4/17/19 ●		440,000		440,119
2.50% 11/25/24		440,000		425,680
3.00% 2/2/23	NZD	705,000		473,820
3.375% 1/25/22	NZD	300,000		204,547
4.625% 10/6/21	NZD	380,000		268,153
International Finance
2.375% 7/19/23	CAD	693,000		528,958
2.399% (LIBOR03M + 0.06%) 1/9/19 ●		600,000		600,105
3.625% 5/20/20	NZD	163,000		110,609
3.75% 8/9/27	NZD	305,000		207,471
7.00% 7/20/27	MXN	13,970,000		684,488

Total Supranational Banks (cost $11,785,726)				11,416,060



US Treasury Obligations – 23.22%

US Treasury Bonds
2.50% 2/15/45		37,100,000		32,488,585
2.75% 8/15/42		900,000		833,555
2.75% 11/15/42		1,400,000		1,295,410
2.875% 5/15/43		2,200,000		2,079,816
2.875% 8/15/45 ¥		16,700,000		15,721,158
3.00% 5/15/47		900,000		866,566
3.00% 8/15/48		6,590,000		6,339,529
3.125% 5/15/48		5,200,000		5,129,313
4.375% 5/15/40		100,000		118,820
US Treasury Floating Rate Note
2.23% (USBMMY3M + 0.043%) 7/31/20 ●		4,785,000		4,785,757
US Treasury Inflation Indexed Notes
0.125% 4/15/19 ¥		1,290,576		1,282,754
0.125% 7/15/26		21,027		19,841
0.25% 1/15/25		9,362,936		8,988,791
0.375% 7/15/27		7,005,360		6,698,830
0.625% 1/15/26		8,590,698		8,412,229
0.75% 7/15/28		602,364		593,383
1.75% 1/15/28		14,579,269		15,619,656
2.375% 1/15/25		9,091,056		9,909,521


	Principal amount°		Value (US $)

US Treasury Obligations (continued)

US Treasury Inflation Indexed Notes
2.375% 1/15/27		1,624,519	$	1,810,951
2.50% 1/15/29		35,213		40,515
US Treasury Notes 1.125% 8/31/21 ¥		13,800,000		13,127,519
1.25% 6/30/19		3,365,000		3,333,322
1.50% 10/31/19		83,500,000		82,462,771
1.875% 7/31/22		39,700,000		38,205,049
2.00% 10/31/21 ¥		1,600,000		1,558,531
2.00% 11/30/22 ¥		7,700,000		7,420,424
2.00% 5/31/24		25,200,000		23,927,203
2.00% 6/30/24		7,700,000		7,305,225
2.125% 11/30/24		9,400,000		8,943,403
2.25% 2/15/27 ¥		3,400,000		3,201,445
2.625% 7/31/20		12,000,000		11,962,266
2.625% 3/31/25		12,700,000		12,418,466
2.75% 7/31/23		111,275,000		110,312,215
2.75% 2/15/24		4,000,000		3,958,750
2.875% 9/30/23		13,230,000		13,186,590
2.875% 7/31/25		15,500,000		15,372,246
2.875% 5/15/28 ¥		49,545,000		48,811,501
2.875% 8/15/28		8,100,000		7,978,342


Total US Treasury Obligations (cost $546,194,763)				536,520,248


	Number of shares

Common Stock – 0.00%

Adelphia Recovery Trust =†		1		—
Century Communications =†		1,975,000		—

Total Common Stock (cost $59,791)				—



Convertible Preferred Stock – 0.34%

A Schulman 6.00% exercise price $52.33 y		1,141		1,180,935
AMG Capital Trust II 5.15% exercise price $198.02, maturity date 10/15/37		12,759		735,482
Assurant 6.50% exercise price $106.91, maturity date 3/15/21		5,571		627,072
Bank of America 7.25% exercise price $50.00 y		417		539,702
Becton Dickinson 6.125% exercise price $211.80, maturity date 5/1/20		10,485		685,300


	Number of shares		Value (US $)

Convertible Preferred Stock (continued)

Crown Castle International 6.875% exercise price $114.88, maturity date 8/1/20		378	$	410,508
DTE Energy 6.50% exercise price $116.31, maturity date 10/1/19		9,605		496,771
El Paso Energy Capital Trust I 4.75% exercise price $34.49, maturity date 3/31/28		14,787		694,841
Kinder Morgan 9.75% exercise price $32.38, maturity date 10/26/18		23,325		775,556
QTS Realty Trust 6.50% exercise price $47.03 y		7,013		740,643
Wells Fargo & Co. 7.50% exercise price $156.71 y		325		419,536
Welltower 6.50% exercise price $57.16 y		10,732		649,501


Total Convertible Preferred Stock (cost $7,849,631)				7,955,847



Preferred Stock – 0.10%

Bank of America 6.50%µy		1,150,000		1,243,437
General Electric 5.00%µy		300,000		292,837
Morgan Stanley 5.55%µy		240,000		246,660
USB Realty 144A 3.486% (LIBOR03M + 1.147%)#y●		500,000		450,000


Total Preferred Stock (cost $2,238,926)				2,232,934


	Number of contracts

Options Purchased – 0.01%

Call Swaptions – 0.00%
2 yr IRS pay a fixed 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		0


	Number of contracts		Value (US $)

Options Purchased (continued)

Call Swaptions (continued)
2 yr IRS pay a fixed rate 2.75% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/30/18, notional amount $18,700,000 (MSC)		18,700,000	$	1,159
2 yr IRS pay a fixed rate 2.90% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/14/18, notional amount $5,700,000 (GSC)		5,700,000		2,639

				3,798

Futures Call Option – 0.01%
US Treasury 10 yr Notes strike price $119, expiration date 10/26/18, notional amount $43,792,000		368		115,000

				115,000

Futures Put Option – 0.00%
US Treasury 10 yr Notes strike price $104.625, expiration date 11/23/18, notional amount $12,555,000		60		0
US Treasury 10 yr Notes strike price $118, expiration date 10/26/18, notional amount $43,424,000		368		51,750

				51,750


Total Options Purchased (premium paid $751,578)				170,548


	Principal amount°

Short-Term Investments – 5.16%

Commercial Paper – 0.25%≠
Schlumberger Holdings
2.305% 10/1/18		3,200,000		3,199,356
2.408% 10/5/18		1,600,000		1,599,246
Virginia Electricity & Power 2.295% 10/2/18		1,000,000		999,731

				5,798,333


			(continues	)		55

Schedules of investments

Optimum Fixed Income Fund


	Principal amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements – 4.11%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $6,741,714 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $6,875,301)		6,740,489	$	6,740,489
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $18,539,620 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $18,907,072)		18,536,345		18,536,345
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $25,451,853 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $25,956,109)		25,447,166		25,447,166
US Treasury repurchase agreement with J.P. Morgan Securities 2.29%, dated 9/28/18, to be repurchased 10/2/18, repurchase price $23,701,508 (collateralized by US government obligation; 1.875% 2/28/22; market value $24,996,000)		23,700,000		23,700,000
US Treasury repurchase agreement with J.P. Morgan Securities 2.34%, dated 9/27/18, to be repurchased 10/1/18, repurchase price $20,403,978 (collateralized by US government obligation; 1.875% 2/28/22; market value $21,542,000)		20,400,000		20,400,000

				94,824,000


	Principal amount°			Value (US $)

Short-Term Investments (continued)

US Treasury Obligation – 0.80%≠
US Treasury Bill 1.696% 10/11/18		18,516,144		$	18,505,646

					18,505,646


Total Short-Term Investments (cost $119,129,186)					119,127,979


Total Value of Securities Before Options Written – 121.02% (cost $2,822,197,480)					2,796,087,255


	Number of contracts

Options Written – 0.00%

Call Swaptions – 0.00%
10 yr IRS pay a fixed 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	)		(19	)
10 yr IRS pay a fixed rate 2.88% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/30/18, notional amount $(4,300,000) (MSC)		(4,300,000	)		(512	)
5 yr IRS pay a fixed rate 2.90% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/14/18, notional amount $(2,500,000) (GSC)		(2,500,000	)		(3,602	)

					(4,133	)

Futures Call Option – 0.00%
US Treasury 10 yr Notes strike price $119.5, expiration date 10/26/18, notional amount $(11,233,000)		(94	)		$(14,688	)

					(14,688	)


	Number of contracts			Value (US $)

Options Written (continued)

Futures Put Option – 0.00%
US Treasury 10 yr Notes strike price $118, expiration date 10/26/18, notional amount $(11,092,000)		(94	)		(13,219	)

					(13,219	)


Total Options Written (premium received $563,802)				$	(32,040	)

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2018, the aggregate value of Rule 144A securities was $428,639,335, which represents 18.55% 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.

D	Securities have been classified by country of origin.

µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Sept. 30, 2018. Rate will reset at a future date.

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. Rates reset periodically. Rate shown reflects the rate in effect at Sept. 30, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. The reference rate descriptions (i.e. LIBOR03M, LIBOR06M, etc.) used in this report are identical for different securities, but the underlying reference rates may differ due to the timing of the reset period. 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, or for mortgage-backed securities, are impacted by the individual mortgages which are paying off over time. These securities do not indicate a reference rate and spread in their description above.

X	This loan will settle after Sept. 30, 2018, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.

f	Step coupon bond. Stated rate in effect at Sept. 30, 2018 through maturity date.

¥	Fully or partially pledged as collateral for futures and swap contracts.


			(continues	)		57

Schedules of investments

Optimum Fixed Income Fund

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at

Sept. 30, 2018:¹

Foreign Currency Exchange Contracts


Counterparty	Contracts to Receive (Deliver)		In Exchange For			Settlement Date		Unrealized Appreciation		Unrealized Depreciation
BAML	AUD	945,381		USD	(679,633)		11/2/18	$	3,911	$	—
BAML	CAD	(2,280,744)		USD	1,753,071		11/2/18		—		(14,045	)
BAML	EUR	(3,308,000)		USD	3,860,521		10/2/18		18,559		—
BAML	EUR	241,322		USD	(282,846)		11/2/18		—		(1,867	)
BAML	JPY	(134,550,273)		USD	1,204,717		11/2/18		17,409		—
BAML	NZD	(2,047,738)		USD	1,347,565		11/2/18		—		(10,065	)
BNP	AUD	(986,869)		USD	709,815		11/5/18		—		(3,741	)
BNP	BRL	(17,700,000)		USD	4,599,433		1/3/19		252,353		—
BNP	EUR	13,303,000		USD	(15,668,802)		10/2/18		—		(218,491	)
BNP	EUR	(13,779,000)		USD	16,268,752		11/2/18		225,417		—
BNP	INR	23,338,266		USD	(328,305)		12/19/18		—		(10,744	)
BNP	JPY	(887,700,000)		USD	7,996,994		10/2/18		181,818		—
BNP	JPY	(5,660,000,000)		USD	51,140,796		11/26/18		1,105,645		—
BNP	KRW	(128,438,975)		USD	114,975		12/19/18		—		(1,002	)
BNP	MXN	3,079,632		USD	(162,397)		11/5/18		1,105		—
BNP	NOK	(3,327,664)		USD	407,789		11/5/18		—		(1,719	)
BNP	TWD	(186,760,561)		USD	6,125,707		12/19/18		—		(47,685	)
BNYM	AUD	(8,975)		USD	6,492		10/1/18		5		—
BNYM	CAD	(4,650)		USD	3,597		10/1/18		—		(3	)
CITI	CAD	8,543,000		USD	(6,566,219)		11/2/18		52,883		—
CITI	EUR	(9,499,000)		USD	11,104,615		10/2/18		72,329		—
CITI	GBP	(673,000)		USD	887,599		10/2/18		10,258		—
CITI	JPY	(5,010,000,000)		USD	44,754,919		10/15/18		604,887		—
CITI	SGD	(9,478,080)		USD	6,933,930		12/19/18		—		(12,001	)
GSC	JPY	51,994		USD	(458)		10/1/18		—		(1	)
HSBC	EUR	1,310,528		USD	(1,537,433)		11/2/18		—		(11,543	)
HSBC	GBP	(2,844,352)		USD	3,747,151		11/2/18		33,893		—
JPMC	AUD	(993,000)		USD	715,575		10/2/18		—		(2,220	)
JPMC	CAD	(8,400,000)		USD	6,419,558		11/15/18		—		(90,344	)
JPMC	EUR	(496,000)		USD	577,280		10/2/18		1,218		—
JPMC	GBP	685,000		USD	(882,638)		10/2/18		10,347		—
JPMC	GBP	(9,963,000)		USD	13,142,970		11/2/18		136,427		—
JPMC	JPY	887,700,000		USD	(7,865,587)		10/2/18		—		(50,411	)
JPMC	JPY	(835,600,000)		USD	7,420,662		11/2/18		47,103		—
JPMC	KRW	(1,149,723,270)		USD	1,023,568		11/2/18		—		(13,246	)
JPMC	MXN	754,000		USD	(40,024)		10/26/18		68		—
JPMC	PLN	(1,265,105)		USD	344,437		11/2/18		1,033		—
TD	JPY	461,600,621		USD	(4,134,534)		11/2/18		—		(61,246	)


Total Foreign Currency Exchange Contracts								$	2,776,668	$	(550,374	)

Futures Contracts


Contracts to Buy (Sell)		Notional Amount			Notional Cost			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation			Variation Margin Due from (Due to) Brokers
(1,002)	90 Day Euro	$	(243,836,700	)	$	(246,727,610	)		12/18/18	$	2,890,910	$	—		$	(37,575	)
(1,193)	90 Day Euro		(289,332,325	)		(292,476,275	)		6/18/19		3,143,950		—			(44,738	)
47	Bankers’ Acceptance		8,862,192			8,879,760			6/18/19		—		(17,568	)		(2,427	)
6	Bankers’ Acceptance		1,130,182			1,131,585			9/17/19		—		(1,403	)		(244	)
32	Bankers’ Acceptance		6,023,304			6,036,107			12/17/19		—		(12,803	)		(1,354	)
59	Bankers’ Acceptance		11,101,469			11,107,935			3/17/20		—		(6,466	)		(1,760	)
(165)	Euro-B.T.P		(23,724,431	)		(23,321,749	)		12/7/18		—		(402,682	)		508,922
(44)	Euro-Bund		(8,111,978	)		(8,194,020	)		12/7/18		82,042		—			(37,709	)
(33)	Long 10 yr Gilt		(5,201,895	)		(5,257,132	)		12/28/18		55,237		—			(7,104	)
1,074	US Treasury 10 yr Notes		127,571,062			129,322,424			12/20/18		—		(1,751,362	)		22,179
366	US Treasury 2 yr Notes		77,128,781			77,292,970			1/2/19		—		(164,189	)		17,156
2,883	US Treasury 5 yr Notes		324,269,930			327,445,390			1/2/19		—		(3,175,460	)		157,664
265	US Treasury Long Bonds		37,232,500			38,376,069			12/20/18		—		(1,143,569	)		(41,406	)
(10)	US Treasury Ultra Bonds		(1,542,813	)		(1,597,014	)		12/20/18		54,201		—			3,438

Total Futures Contracts					$	22,018,440				$	6,226,340	$	(6,675,502	)	$	535,042


			(continues	)		59

Schedules of investments

Optimum Fixed Income Fund

Swap Contracts

CDS Contracts²


Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments			Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Centrally Cleared:
Protection Purchased/Moody’s Ratings:
CDX.NA.HY.29⁵12/20/22-Quarterly		300,000		5.000	%	$	(24,014	)	$	(19,380	)	$	—	$	(4,634	)	$	80,856
CDX.NA.HY.30⁵6/20/23- Quarterly		3,100,000		5.000	%		(240,918	)		(208,703	)		—		(32,215	)		(1,773	)
CDX.NA.HY.31⁵12/20/23-Quarterly		2,300,000		5.000	%		(167,197	)		(163,739	)		—		(3,458	)		(67,746	)
Protection Sold Moody’s Ratings:
Citigroup CDS 6.125% 5/15/18 Baa1 12/20/20-Quarterly		700,000		1.000	%		11,285			8,144			3,141		—			(8	)
Daimler CDS 6.125% 5/15/18 Baa1 12/20/20-Quarterly		EUR800,000		1.000	%		12,185			10,524			1,661		—			(218	)

							(408,659	)		(373,154	)		4,802		(40,307	)		11,111

Over-The-Counter: Protection Sold Moody’s Ratings:
BAML Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly		100,000		1.000	%		1,127			(1,781	)		2,908		—			—
BAML Republic of Colombia 10.375% 1/28/33 Baa2 6/20/22-Quarterly		250,000		1.000	%		2,063			(2,831	)		4,894		—			—
BNP Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly		200,000		1.000	%		2,253			(3,605	)		5,858		—			—
CITI Republic of Brazil 4.25% 1/7/25 /Ba2 6/20/22-Quarterly		100,000		1.000	%		(3,861	)		(4,708	)		847		—			—
CITI Republic of Colombia 10.375% 1/28/33 Baa2 12/20/22- Quarterly		200,000		1.000	%		1,099			(2,079	)		3,178		—			—
DB CMBX.NA.AAA⁶10/17/57-Quarterly		14,200,000		0.500	%		150,247			(898,673	)		1,048,920		—			—
DB Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21- Quarterly		200,000		1.000	%		2,253			(3,560	)		5,813		—			—


Counterparty/ Reference Obligation/ Termination Date/ Payment Frequency	Notional Amount³		Annual Protection Payments		Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to) Brokers
Protection Sold Moody’s Ratings (continued):
GSC Republic of Brazil 4.25% 1/7/25 /Ba2 6/20/22-Quarterly		500,000		1.000%	$	(19,304	)	$	(24,167	)	$	4,863	$	—		$	—
GSC Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly		3,100,000		1.000%		34,928			(56,642	)		91,570		—			—
JPMC South Africa 5.50% 3/9/20 Baa3 12/20/23-Quarterly		700,000		1.000%		(33,082	)		(35,315	)		2,233		—			—
JPMC Republic of Mexico 5.95% 3/19/19 WR 12/20/19-Quarterly		7,100,000		1.000%		49,140			16,504			32,636		—			—
JPMC Republic of Colombia 10.375% 1/28/33 Baa2 6/20/21-Quarterly		100,000		1.000%		1,127			(1,802	)		2,929		—			—
MSC CMBX.NA.BBB-.6⁶5/11/63-Quarterly		5,405,000		3.000%		(637,420	)		(631,395	)		—		(6,025	)		—

						(449,430	)		(1,650,054	)		1,206,649		(6,025	)		—

Total CDS Contracts					$	(858,089	)	$	(2,023,208	)	$	1,211,451	$	(46,332	)	$	11,111

IRS Contracts⁷


Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³		Fixed/Floating Interest Rate Paid (Received)			Value		Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴		Variation Margin Due from (Due to Brokers)
Centrally Cleared: 2 yr IRS⁸6/28/21- (Semiannually/ Quarterly)		30,100,000		1.45%/(2.396%	)	$	979,690	$	—		$	979,690	$	—	$	(4,968	)
2 yr IRS⁸12/20/19- (Semiannually/ Quarterly)		1,100,000		2.00%/(2.338%	)		11,055		(4,228	)		15,283		—		(162	)
3 yr IRS⁸6/21/20- (Semiannually/ Quarterly)		32,700,000		1.25%/(2.353%	)		932,892		383,154			549,738		—		(7,825	)
3 yr IRS⁸6/20/21- (Semiannually/ Quarterly)		17,800,000		1.75%/(2.338%	)		592,817		420,131			172,686		—		(5,948	)
4 yr IRS⁸12/16/19- (Semiannually/ Quarterly)		1,600,000		2.00%/(2.41%	)		15,890		(1,988	)		17,878		—		(239	)


			(continues	)		61

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)		Value			Upfront Payments Paid (Received)			Unrealized Appreciation⁴		Unrealized Depreciation⁴			Variation Margin Due from (Due to Brokers)
Centrally Cleared (continued):
5 yr IRS⁸4/27/22- (Semiannually/ Quarterly)		2,005,000		1.975%/(2.337%)	$	73,072		$	—		$	73,072	$	—		$	(951	)
5 yr IRS⁸8/10/22- (Semiannually/ Quarterly)		2,560,000		2.953%/(2.341%)		9,748			—			9,748		—			(1,461	)
5 yr IRS⁸8/10/23- (Semiannually/ Quarterly)		8,300,000		2.964%/(2.341%)		37,274			—			37,274		—			(4,008	)
5 yr IRS⁸4/24/23- (Semiannually/ Quarterly)		5,000,000		2.898%/(2.342%)		34,753			—			34,753		—			(2,689	)
5 yr IRS⁸7/27/23- (Semiannually/ Quarterly)		4,820,000		2.952%/(2.337%)		23,919			—			23,919		—			(2,351	)
5 yr IRS⁸8/09/21- (Semiannually/ Quarterly)		6,220,000		1.191%/(2.341%)		314,591			—			314,591		—			(1,814	)
5 yr IRS⁸6/15/22- (Semiannually/ Quarterly)		1,400,000		2.027%/(2.353%)		50,412			—			50,412		—			(730	)
5 yr IRS⁸8/30/22- (Semiannually/ Quarterly)		3,035,000		1.798%/(2.313%)		140,959			—			140,959		—			(1,734	)
5 yr IRS⁹3/20/24- (Semiannually/ Quarterly)	GBP	26,700,000		1.50%/(0.90%)		43,966			(23,488	)		67,454		—			(18,605	)
5 yr IRS⁸5/14/21- (Quarterly/ Quarterly)		9,600,000		2.273%/(2.319%)		(7,216	)		—			—		(7,216	)		(160	)
5 yr IRS⁸5/10/21- (Quarterly/ Quarterly)		15,400,000		2.27%/(2.341%)		(11,193	)		—			—		(11,193	)		(242	)
5 yr IRS⁸5/11/21- (Quarterly/ Quarterly)		7,700,000		2.267%/(2.319%)		(5,020	)		—			—		(5,020	)		(117	)
7 yr IRS⁸4/06/23- (Semiannually/ Quarterly)		750,000		1.416%/(2.337%)		52,591			—			52,591		—			(18,655	)
7 yr IRS⁸12/16/22- (Semiannually/ Quarterly)		41,600,000		2.25%/(2.41%)		1,333,534			671,918			661,616		—			(24,612	)
10 yr IRS¹⁰3/20/28- (Semiannually/ Quarterly)	JPY	5,490,000,000		0.30%/(0.02%)		122,025			294,903			—		(172,878	)		39,956
10 yr IRS⁸1/30/28- (Semiannually/ Quarterly)		1,780,000		2.68%/(2.342%)		61,720			—			61,720		—			(448	)


Reference Obligation/ Termination Date/ Payment Frequency (Fixed Rate/Floating Rate)	Notional Amount³		Fixed/Floating Interest Rate Paid (Received)		Value				Upfront Payments Paid (Received)				Unrealized Appreciation⁴			Unrealized Depreciation⁴				Variation Margin Due from (Due to Brokers)
Centrally Cleared (continued):
10 yr IRS⁸4/05/26- (Semiannually/ Quarterly)		750,000		1.687%/(2.343%)		$	71,833			$	—			$	71,833		$	—			$	17,997
10 yr IRS⁸5/09/28- (Quarterly/ Semiannually)		14,000,000		(2.96%)/2.341%			(208,311	)			—				—			(208,311	)			5,459
30 yr IRS⁸6/15/46- (Semiannually/ Quarterly)		16,600,000		2.50%/(2.334%)			2,010,897				(1,049,621	)			3,060,518			—				10,430
30 yr IRS⁸6/15/46- (Semiannually/ Quarterly)		500,000		2.50%/(2.334%)			64,633				(19,651	)			84,284			—				252
30 yr IRS⁸12/21/46- (Semiannually/ Quarterly)		900,000		2.25%/(2.353%)			161,108				(67,989	)			229,097			—				455
30 yr IRS⁸6/20/48- (Semiannually/ Quarterly)		9,000,000		2.50%/(2.338%)			1,205,918				1,016,315				189,603			—				5,243
30 yr IRS⁸12/19/48- (Semiannually/ Quarterly)		36,600,000		3.00%/(2.396%)			1,286,489				1,476,386				—			(189,897	)			24,114
30 yr IRS⁸8/22/48- (Semiannually/ Quarterly)		4,400,000		2.905%/(2.31%)			232,851				—				232,851			—				2,654


Total IRS Contracts						$	9,632,897			$	3,095,842			$	7,131,570		$	(594,515	)		$	8,841

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.

Unfunded Loan Commitments¹¹

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at Sept. 30, 2018:

Borrower

Principal
Amount

Cost

Value

Unrealized
Appreciation
(Depreciation)

Heartland Dental

Tranche DD 1st Lien

3.75% 4/30/25

$94,435

$94,592

$157

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


			(continues	)		63

Schedules of investments

Optimum Fixed Income Fund

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 ($787,359).

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

⁶Markit’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 BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.

⁷An IRS 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.

⁸Rate resets based on LIBOR03M.

⁹Rate resets based on BP0006M.

¹⁰Rate resets based on JPY0006M.

¹¹See Note 8 in “Notes to financial statements.”

Summary of abbreviations:

ABS – Asset-Backed Security

ARM – Adjustable Rate Mortgage

ARS – Argentine Peso

AUD – Australian Dollar

BADLARPP – Argentina Term Deposit Rate

BAML – Bank of America Merrill Lynch

BBSW1M – Australian Bank Bill Swap Rate 1 Month

BBSW3M – Australian Bank Bill Swap Rate 3 Months

BNP – BNP Paribas

BNYM – BNY Mellon

BP0003M – 3 Month Sterling LIBOR Interest Rate

BP0006M – 6 Month Sterling LIBOR Interest Rate

BRL – Brazilian Real

B.T.P. – Buoni del Tesoro Poliennali

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

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

CLO – Collateralized Loan Obligation

CMBX.NA – Commercial Mortgage-Backed Index North America

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

Francisco

COP – Colombian Peso

DB – Deutsche Bank

EUR – European Monetary Unit

FHAVA – Federal Housing Administration and Veterans Administration

FREMF – Freddie Mac Multifamily

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GSC – Goldman Sachs Capital

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

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

IDR – Indonesian Rupiah

IG – Investment Grade

INR – Indian Rupee

IRS – Interest Rate Swap

ITRX EUR SUB FIN – iTraxx Europe Subordinated Financials Index

JPMBB – JPMorgan Barclays Bank

JPMC – JPMorgan Chase Bank

JPMDB – JPMorgan Deutsche Bank

JPY – Japanese Yen

JPY0006M – Japanese Yen 6 Month LIBOR Interest Rate

KRW – South Korean Won

LB – Lehman Brothers

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR01W – ICE LIBOR USD 1 Week

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

NOK – Norwegian Krone

NZD – New Zealand Dollar

Summary of abbreviations (continued):

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment Conduit

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

S.F. – Single Family

SGD – Singapore Dollar

TBA – To be announced

TD – Toronto Dominion Bank

TRY – Turkish Lira

TWD – Taiwan Dollar

USBMMY3M – US Treasury 3 Months Bill Money Market Yield

USD – US Dollar

yr – Year

ZAR – South African Rand

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


			(continues	)		65

Schedules of investments

Optimum International Fund

September 30, 2018 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 97.51%

Australia – 2.50%
Aristocrat Leisure		63,225	$	1,299,770
Atlassian †		21,089		2,027,496
BHP Billiton ADR *		53,154		2,649,195
Cochlear		2,532		367,223
Qantas Airways		1,272,989		5,429,063
South32		949,400		2,690,193

				14,462,940

Austria – 2.34%
Erste Group Bank †		115,556		4,800,470
Raiffeisen Bank International		37,374		1,076,148
Schoeller-Bleckmann Oilfield Equipment		36,090		3,957,672
voestalpine		80,930		3,702,173

				13,536,463

Bermuda – 0.78%
Everest Re Group		19,810		4,525,991

				4,525,991

Brazil – 3.42%
B3 - Brasil Bolsa Balcao		458,300		2,655,463
Banco Bradesco ADR		439,823		3,113,947
Banco BTG Pactual		12,600		67,016
Banco do Brasil		42,500		309,288
Cosan		121,700		973,347
Cosan Class A		28,451		191,475
Eneva †		21,600		70,974
FII BTG Pactual Corporate Office Fund		3,818		91,693
JBS		1,119,000		2,590,695
Mahle-Metal Leve		17,400		104,093
Porto Seguro		78,100		1,150,261
SLC Agricola		7,500		112,838
Sul America		237,700		1,527,359
TOTVS		98,600		617,692
Transmissora Alianca de Energia Eletrica		320,400		1,586,708
Tupy		136,300		681,745
Vale		264,200		3,908,816

				19,753,410

Canada – 5.26%
Bank of Montreal		55,900		4,610,836
BRP		10,000		469,090
Canadian Imperial Bank of Commerce		3,700		346,697
Constellation Software		3,900		2,868,032
Empire		18,500		337,158


	Number of shares		Value (US $)

Common Stock (continued)

Canada (continued)
Magna International Class A		74,382	$	3,907,265
Rogers Communications Class B (US Shares)		47,126		2,422,748
Royal Bank of Canada		83,634		6,704,188
Toronto-Dominion Bank		107,200		6,514,248
West Fraser Timber		38,400		2,185,409

				30,365,671

Chile – 0.54%
Cia Cervecerias Unidas ADR		2,966		82,751
Sociedad Quimica y Minera de Chile ADR *		67,039		3,065,023

				3,147,774

China/Hong Kong – 10.38%
Angang Steel Class H		1,454,000		1,300,146
Anhui Conch Cement Class H		762,000		4,599,245
Asia Cement China Holdings		414,000		426,780
Autohome ADR		33,294		2,577,289
Baidu ADR †		10,868		2,485,294
BYD Class H *		469,000		3,366,967
Changyou.com ADR		22,945		302,874
China BlueChemical Class H		330,000		133,630
China Construction Bank Class H		815,000		712,104
China Life Insurance Class H		1,414,000		3,211,522
China Oriental Group		528,000		426,266
China Petroleum & Chemical Series H		5,254,000		5,261,819
China Railway Construction Corp Class H		325,500		439,081
China Railway Group Class H		1,892,000		1,875,481
China Shenhua Energy Class H		497,500		1,136,293
China Shineway Pharmaceutical Group		43,000		58,774
China Telecom ADR		3,292		162,691
CK Asset Holdings		316,500		2,375,261
CLP Holdings		370,500		4,337,609
CNOOC		2,315,000		4,583,661
COSCO SHIPPING Ports		216,000		237,567
Huadian Power International Class H		514,000		200,916
Industrial & Commercial Bank of China Class H		7,615,000		5,564,110
Kunlun Energy		234,000		272,310
Lenovo Group		418,000		305,423


	Number of shares		Value (US $)

Common Stock (continued)

China/Hong Kong (continued)
Maanshan Iron & Steel Class H		3,012,000	$	1,615,973
PetroChina Class H		5,854,000		4,741,019
Shanghai Fosun Pharmaceutical Group Class H		635,500		2,504,382
Sinopec Shanghai Petrochemical Class H		2,462,000		1,503,300
Sinopharm Group Class H		537,600		2,630,194
Weichai Power Class H		474,000		587,327

				59,935,308

Colombia – 0.80%
Bancolombia ADR		82,733		3,451,621
Ecopetrol ADR		43,057		1,159,525

				4,611,146

Czech Republic – 0.35%
Komercni banka		49,318		2,017,820

				2,017,820

Denmark – 0.99%
H. Lundbeck		82,944		5,122,902
William Demant Holding †		15,846		595,560

				5,718,462

Finland – 1.07%
Finnair		10,192		84,846
Neste		42,836		3,541,113
UPM-Kymmene		59,950		2,352,647
Valmet		9,284		207,068

				6,185,674

France – 7.34%
Caisse Regionale de Credit Agricole Mutuel de Paris et d’ile-de-France		267		27,125
Capgemini		30,643		3,856,661
Dassault Systemes		6,765		1,011,267
Eramet		18,471		1,952,636
Eutelsat Communications		9,266		219,039
Ipsen		41,279		6,939,827
IPSOS		23,199		710,012
Peugeot		111,884		3,017,645
Publicis Groupe		60,776		3,632,633
Safran		48,194		6,753,846
Sartorius Stedim Biotech		10,546		1,450,965
Societe Generale		60,255		2,586,387
Sodexo *		35,279		3,741,349
Teleperformance		8,021		1,513,327
Thales		34,901		4,957,843

				42,370,562


	Number of shares		Value (US $)

Common Stock (continued)

Germany – 4.32%
CompuGroup Medical		4,221	$	243,863
Continental		17,689		3,079,645
Deutsche Lufthansa		199,641		4,904,744
Evonik Industries		11,950		428,030
Merck		37,405		3,865,188
SAP		42,182		5,191,394
Siltronic		18,741		2,294,512
TUI		58,371		1,121,960
TUI (London Shares)		52,381		1,005,667
Vonovia		57,356		2,802,241

				24,937,244

Greece – 0.02%
Motor Oil Hellas Corinth Refineries		3,926		102,561

				102,561

Hungary – 0.26%
MOL Hungarian Oil & Gas		57,125		615,431
OTP Bank		24,671		914,320

				1,529,751

India – 1.93%
ICICI Bank ADR		513,793		4,362,103
Oil & Natural Gas		1,039,293		2,540,526
Tata Consultancy Services		41,260		1,242,923
Yes Bank		1,191,341		3,018,206

				11,163,758

Indonesia – 0.53%
Delta Dunia Makmur †		35,848,100		1,804,253
Indofood Sukses Makmur		3,235,800		1,281,161

				3,085,414

Ireland – 2.55%
ICON †		95,849		14,736,784

				14,736,784

Israel – 3.63%
Bank Hapoalim		996,660		7,299,451
Bank Leumi Le-Israel		1,119,634		7,384,401
Check Point Software Technologies †		44,753		5,266,085
CyberArk Software †		12,850		1,025,944

				20,975,881

Italy – 0.79%
DiaSorin		459		48,283
La Doria		39,397		517,798
Prysmian		147,519		3,435,815
Recordati		17,097		578,840

				4,580,736


			(continues	)		67

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Common Stock (continued)

Japan – 9.72%
Astellas Pharma		293,500	$	5,119,847
Daiichi Sankyo		37,200		1,612,480
Denso		103,100		5,443,557
Fujitsu		82,400		5,871,417
Hitachi		96,600		3,281,781
Konami Holdings		40,900		1,601,875
K’s Holdings		47,900		579,673
Medipal Holdings		12,800		267,108
Mixi		88,600		2,125,714
Mizuno		2,800		70,431
Nichiha		17,100		452,258
Otsuka Holdings		13,100		660,304
Rohto Pharmaceutical		101,700		3,571,405
Secom		60,300		4,915,496
Sumitomo Dainippon Pharma		212,500		4,879,533
Suzuken		88,500		4,198,337
T-Gaia		78,900		2,058,261
Tokyo Electric Power Co. Holdings †		1,194,800		5,867,791
Toray Industries		474,600		3,565,139

				56,142,407

Luxembourg – 0.03%
Eurofins Scientific		254		144,209

				144,209

Mexico – 1.71%
Alfa Class A		98,462		126,589
Alpek		795,032		1,289,367
Bolsa Mexicana de Valores		49,757		101,806
Concentradora Hipotecaria		93,601		81,927
Credito Real		28,325		38,899
Grupo Aeroportuario del Centro Norte		19,792		141,455
Grupo Financiero Banorte		656,842		4,751,698
Grupo Financiero Inbursa Class O		170,518		268,069
Industrias CH Class B †		20,227		83,225
Megacable Holdings		27,568		142,171
Mexichem		829,988		2,841,580

				9,866,786

Netherlands – 6.26%
ASR Nederland		20,674		985,586
Core Laboratories *		43,707		5,062,582
EXOR		22,702		1,524,029
Heineken		46,638		4,373,077
Koninklijke Ahold Delhaize		231,972		5,319,289
Koninklijke Philips		86,107		3,922,501
NN Group		39,425		1,759,110


	Number of shares		Value (US $)

Common Stock (continued)

Netherlands (continued)
QIAGEN †		54,253	$	2,053,489
Royal Dutch Shell Class A		183,658		6,306,458
TomTom †		30,413		249,154
Wolters Kluwer		73,771		4,597,790

				36,153,065

Norway – 3.00%
DNB		330,426		6,952,597
Equinor		35,232		993,487
Equinor ADR *		210,941		5,948,536
Norsk Hydro		572,289		3,435,668

				17,330,288

Poland – 0.22%
Asseco Poland		24,238		313,329
Ciech		12,055		154,987
Jastrzebska Spolka Weglowa †		12,737		228,705
LiveChat Software		8,172		53,087
Lubelski Wegiel Bogdanka †		2,240		36,454
Polskie Gornictwo Naftowe i Gazownictwo †		225,101		395,032
Warsaw Stock Exchange		6,598		79,549

				1,261,143

Republic of Korea – 3.09%
AK Holdings		1,597		88,110
BNK Financial Group		74,359		576,504
Daelim Industrial		8,027		597,728
DGB Financial Group		55,979		512,226
Hana Financial Group		4,936		198,241
Hancom		14,757		211,527
Handsome		2,323		78,428
Hansol Paper		3,511		63,937
HDC Hyundai Development Co-Engineering & Construction Series H †		5,731		262,978
Industrial Bank of Korea		61,223		841,696
JASTECH		3,741		26,778
JB Financial Group		37,570		204,234
Kia Motors		21,272		673,110
KoMiCo		1,475		38,629
LG Electronics		18,597		1,190,342
LS Industrial Systems		2,066		138,944
Samsung Electronics		147,436		6,173,903
Sempio Foods		2,914		93,390
SK Hynix		82,451		5,433,552
Tovis		5,407		38,898
WiSoL		22,621		393,586


	Number of shares		Value (US $)

Common Stock (continued)

Republic of Korea (continued)
Zeus		2,727	$	39,089

				17,875,830

Russia – 0.07%
Globaltrans Investment GDR		5,945		62,423
Tatneft ADR		4,613		352,895

				415,318

Singapore – 1.21%
DBS Group Holdings		230,200		4,393,342
United Industrial		872,100		1,910,639
United Overseas Bank		33,600		665,585

				6,969,566

South Africa – 0.55%
AECI		33,938		251,345
African Rainbow Minerals		7,628		69,363
Anglo American Platinum		37,910		1,238,534
Distell Group Holdings		20,297		152,846
Emira Property Fund		53,282		56,216
Investec		71,097		501,506
MMI Holdings †		110,586		135,757
Reunert		64,228		345,184
Telkom		109,756		400,954

				3,151,705

Spain – 3.79%
Amadeus IT Group *		153,243		14,237,381
Atlantica Yield		296,218		6,096,166
Cia de Distribucion Integral Logista Holdings		10,441		268,150
Repsol		65,286		1,301,112

				21,902,809

Sweden – 0.84%
Atrium Ljungberg Class B		5,073		92,014
Betsson †		7,275		56,056
G5 Entertainment		49,155		1,686,913
Kinnevik Class B		14,441		437,256
Swedish Match		35,715		1,828,468
Swedish Orphan Biovitrum †		25,272		739,330

				4,840,037

Switzerland – 4.43%
Allreal Holding †		7,743		1,242,636
Berner Kantonalbank		216		48,090
Credit Suisse Group ADR †		250,817		3,747,206
Ferrexpo		1,036,110		2,703,632
Novartis ADR		68,371		5,890,845
Roche Holding		23,678		5,736,137
Sonova Holding		1,611		320,591


	Number of shares		Value (US $)

Common Stock (continued)

Switzerland (continued)
STMicroelectronics		62,872	$	1,143,871
Swiss Life Holding †		9,187		3,482,335
Vifor Pharma		4,519		783,481
Zehnder Group		11,237		490,059

				25,588,883

Taiwan – 3.34%
APCB		67,000		60,674
ASE Technology Holding †		1,489,671		3,634,773
Asia Cement		905,000		1,230,063
Chia Chang		155,000		160,924
China Petrochemical Development †		2,128,000		972,246
Elan Microelectronics †		205,000		341,745
E-LIFE MALL		13,000		27,547
Hon Hai Precision Industry		1,386,500		3,596,463
Inventec		301,000		270,114
Lumax International		22,000		50,581
Powertech Technology		72,000		196,430
Radiant Opto-Electronics		518,000		1,170,602
Scientech		40,000		83,975
Simplo Technology		27,000		185,259
Taiwan Business Bank		1,457,040		529,694
Taiwan FamilyMart		17,000		119,150
Taiwan Semiconductor Manufacturing		762,000		6,551,109
Wisdom Marine Lines †		89,000		87,155
WPG Holdings =†		33,120		40,243

				19,308,747

Thailand – 2.31%
Indorama Ventures Class F		659,300		1,202,805
IRPC GDR NVDR		3,935,400		827,481
Krung Thai Bank NVDR		2,935,400		1,833,490
PTT Exploration & Production		224,800		1,077,427
PTT Exploration & Production NVDR		911,700		4,369,620
PTT Global Chemical		100,100		251,488
PTT Global Chemical GDR NVDR		112,200		281,888
PTT NVDR		1,162,039		1,949,308
Siamgas & Petrochemicals		444,700		170,510
Thai Oil NVDR		276,600		756,929
Thanachart Capital GDR NVDR		365,600		607,638

				13,328,584

Turkey – 0.34%
Celebi Hava Servisi		6,269		53,496


			(continues	)		69

Schedules of investments

Optimum International Fund


	Number of shares		Value (US $)

Common Stock (continued)

Turkey (continued)
Turk Hava Yollari †		599,423	$	1,896,072

				1,949,568

United Kingdom – 5.80%
3i Group		17,583		215,701
Barclays		1,713,753		3,837,060
Burberry Group		27,264		716,048
Diageo		167,131		5,923,030
Elektron Technology †		43,955		25,323
Evraz		138,163		1,020,343
HSBC Holdings		488,970		4,268,793
Hudson Class A †		23,482		529,754
Indivior †		377,052		905,004
ITV		1,324,355		2,724,750
London Stock Exchange Group		12,717		760,145
Mondi		22,132		608,028
Nomad Foods †		142,874		2,894,627
RELX		244,300		5,132,547
Rio Tinto ADR *		76,716		3,914,050

				33,475,203

United States – 1.00%
Carnival		85,451		5,449,210
Project Star =p†		1,420		252,427
Project Star Series G =p†		470		83,550

				5,785,187

Total Common Stock (cost $498,409,596)				563,232,685



Preferred Stock – 1.09%D

Brazil – 1.07%
Marcopolo 1.08%		128,900		108,519
Petroleo Brasileiro 0.42%		669,700		3,498,946
Randon Implementos E Participacoes 1.35%		71,400		110,851
Telefonica Brasil 10.56%		257,400		2,495,892

				6,214,208

Colombia – 0.02%
Banco Davivienda 2.31%		9,006		103,957

				103,957

Total Preferred Stock (cost $6,480,260)				6,318,165


	Principal amount°		Value (US $)

Short-Term Investments – 1.02%

Repurchase Agreements – 0.95%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $729,143 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $743,591)		729,010	$	729,010
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $2,005,133 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $2,044,874)		2,004,779		2,004,779
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $2,752,718 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $2,807,255)		2,752,211		2,752,211

				5,486,000

US Treasury Obligation – 0.07%≠
US Treasury Bill 1.696% 10/11/18		394,708		394,484

				394,484

Total Short-Term Investments (cost $5,880,485)				5,880,484

Total Value of Securities Before Securities Lending Collateral – 99.62% (cost $510,770,341)				575,431,334



Securities Lending Collateral – 4.05%**

Certificates of Deposit – 0.39%≠
Australia & New Zealand Banking Group 2.19% 10/1/18		1,053,000		1,053,000
CommonWealth Bank of Australia 2.19% 10/1/18		433,000		433,000


	Principal amount°		Value (US $)

Securities Lending Collateral** (continued)

Certificates of Deposit≠ (continued)
Royal Bank of Canada (Toronto) 2.16% 10/1/18		742,000	$	742,000

				2,228,000

Repurchase Agreements – 3.40%
Bank of Montreal 2.22%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $5,449,027 (collateralized by US government obligations 0.00%–3.375% 11/1/18–9/9/49; market value $5,556,979)		5,448,019		5,448,019
Credit Agricole 2.24%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $5,449,036 (collateralized by US government obligations 2.00% 9/9/49; market value $5,556,982)		5,448,019		5,448,019
JP Morgan Securities 2.24%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $3,299,583 (collateralized by US government obligations 1.25% 4/30/19; market value $3,364,955)		3,298,967		3,298,967
Merrill Lynch, Pierce, Fenner & Smith 2.23%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $5,449,031 (collateralized by US government obligations 3.125% 9/9/49; market value $5,556,995)		5,448,019		5,448,019

				19,643,024

Short-Term Floating Rate Notes – 0.26%
Bank of Montreal (Chicago) 2.59% (LIBOR03M + 0.25%) 3/18/19 ●		329,000		329,271
CommonWealth Bank of Australia 2.54% (LIBOR03M + 0.20%) 3/18/19 ●		619,000		619,530


	Principal amount°		Value (US $)

Securities Lending Collateral** (continued)

Short-Term Floating Rate Notes (continued)
Royal Bank of Canada (New York) 2.51% (LIBOR03M + 0.17%) 4/18/19 ●		310,000	$	310,183
Wells Fargo Bank 2.34% (LIBOR01M + 0.22%) 10/5/18 ●		273,000		273,008

				1,531,992

Total Securities Lending Collateral (cost $23,402,024)				23,403,016


Total Value of Securities – 103.67% (cost $534,172,365)			$	598,834,350∎

*	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.

∎	Includes $24,598,358 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.”

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, 2018, the aggregate value of restricted securities was $335,977, which represented 0.06% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. See Note 8 in “Notes to financial statements” and the following table for additional details on restricted securities.

†	Non-income producing security.

●


			(continues	)		71

Schedules of investments

Optimum International Fund

which are paying off over time. 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		$	252,427
Project Star Series G		10/29/14			396,443			83,550

Total				$	1,395,925		$	335,977

Summary of abbreviations:

ADR – American Depositary Receipt

GDR – Global Depositary Receipt

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

NVDR – Non-Voting Depositary Receipt

USD – US Dollar

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

Schedules of investments

Optimum Large Cap Growth Fund

September 30, 2018 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 98.20%²

Consumer Discretionary – 20.17%
Amazon.com †		71,186	$	142,585,558
Aptiv		88,793		7,449,733
Booking Holdings †		11,676		23,165,184
Chipotle Mexican Grill †		21,070		9,576,736
Comcast Class A		421,110		14,911,505
Dollar General		28,600		3,125,980
Dollar Tree †		81,090		6,612,889
Dollarama		139,877		4,406,453
Ferrari (Italy)		40,058		5,484,341
Hilton Worldwide Holdings		22,413		1,810,522
Home Depot		96,190		19,925,759
Las Vegas Sands		85,300		5,060,849
McDonald’s		40,500		6,775,245
MGM Resorts International		131,600		3,672,956
Netflix †		34,800		13,019,724
NIKE Class B		107,964		9,146,710
NVR †		1,210		2,989,668
Tesla †		64,776		17,150,742
Walt Disney		241,405		28,229,901
Wynn Resorts		55,891		7,101,510
Yum China Holdings		360,210		12,646,973


				344,848,938

Consumer Staples – 3.53%
Anheuser-Busch InBev ADR		178,640		15,643,505
Coca-Cola		221,380		10,225,542
Costco Wholesale		50,088		11,764,669
McCormick Class N/V		79,303		10,448,170
PepsiCo		17,189		1,921,730
Philip Morris International		127,454		10,392,599


				60,396,215

Energy – 1.43%
Pioneer Natural Resources		54,930		9,568,257
Schlumberger		244,970		14,923,572


				24,491,829

Financials – 5.42%
American Express		124,840		13,294,212
BlackRock		32,260		15,205,106
Charles Schwab		515,420		25,332,893
Chubb (Switzerland)		63,100		8,432,684
First Republic Bank		14,466		1,388,736
Intercontinental Exchange		93,122		6,973,907
JPMorgan Chase & Co.		57,000		6,431,880
Morgan Stanley		109,900		5,118,043
TD Ameritrade Holding		197,023		10,408,725


	Number of shares		Value (US $)

Common Stock² (continued)

Financials (continued)
WeWork Companies =p†		881	$	57,917


				92,644,103

Healthcare – 15.49%
Alexion Pharmaceuticals †		159,879		22,224,780
Anthem		41,100		11,263,455
Becton Dickinson and Co.		69,513		18,142,893
Biogen †		50,170		17,725,563
BioMarin Pharmaceutical †		72,000		6,981,840
Celgene †		231,540		20,720,515
Centene †		52,068		7,538,405
Cigna		49,076		10,220,077
HCA Healthcare		3,677		511,544
Intuitive Surgical †		25,879		14,854,546
Johnson & Johnson		81,230		11,223,549
Regeneron Pharmaceuticals †		24,830		10,032,313
Stryker		88,968		15,807,834
Thermo Fisher Scientific		70,670		17,249,134
UnitedHealth Group		176,297		46,902,054
Vertex Pharmaceuticals †		64,248		12,383,160
WellCare Health Plans †		11,044		3,539,492
Zoetis		191,850		17,565,786


				264,886,940

Industrials – 8.08%
Boeing		78,241		29,097,828
Caterpillar		75,350		11,490,121
Equifax		54,112		7,065,404
Fortive		97,713		8,227,435
Honeywell International		148,930		24,781,952
Northrop Grumman		23,300		7,394,721
Roper Technologies		28,815		8,535,291
TransUnion		106,364		7,826,263
United Parcel Service Class B		111,210		12,983,767
Wabtec		39,132		4,104,164
WW Grainger		46,800		16,726,788


				138,233,734

Information Technology – 40.09%
Activision Blizzard		73,200		6,089,508
Adobe Systems †		95,720		25,839,614
Akamai Technologies †		249,280		18,234,832
Alibaba Group Holding ADR †		177,398		29,228,094
Alphabet Class A †		28,520		34,425,922
Alphabet Class C †		44,196		52,746,600
Apple		140,391		31,691,864
ASML Holding (Netherlands)		28,800		5,414,976
Electronic Arts †		57,626		6,943,357
Facebook Class A †		311,914		51,297,376


			(continues	)		73

Schedules of investments

Optimum Large Cap Growth Fund


	Number of shares		Value (US $)

Common Stock² (continued)

Information Technology (continued)
Fidelity National Information Services		60,300	$	6,576,921
Fiserv †		82,288		6,778,885
IAC/InterActiveCorp †		10,800		2,340,576
Intuit		55,849		12,700,063
Mastercard Class A		112,377		25,016,244
Microsoft		721,124		82,474,952
NVIDIA		42,200		11,859,044
Oracle		342,920		17,680,955
Palo Alto Networks †		64,880		14,614,869
PayPal Holdings †		291,052		25,566,008
QUALCOMM		228,910		16,488,387
Red Hat †		204,816		27,912,324
salesforce.com †		81,600		12,976,848
ServiceNow †		24,974		4,885,664
Splunk †		125,700		15,198,387
Symantec		460,956		9,809,144
Tencent Holdings (China) (Hong Kong Exchange)		453,400		18,719,000
Texas Instruments		125,910		13,508,884
Visa Class A		406,194		60,965,657
VMware Class A †		113,794		17,758,692
Workday Class A †		47,268		6,900,183
Worldpay Class A †		127,149		12,876,379


				685,520,209

Materials – 1.84%
DowDuPont		77,200		4,964,732
Ecolab		96,690		15,159,058
Praxair		70,250		11,291,283


				31,415,073

Real Estate – 1.41%
Crown Castle International		96,940		10,792,330
Equinix		30,920		13,384,959


				24,177,289

Utilities – 0.74%
American Water Works		33,200		2,920,604
NextEra Energy		18,600		3,117,360
Sempra Energy		58,851		6,694,301


				12,732,265

Total Common Stock (cost $1,240,811,146)				1,679,346,595



Convertible Preferred Stock – 0.59%

Airbnb Private Placement
Series D =p†		23,130		2,715,693
Series E =p†		13,611		1,598,067


	Number of shares		Value (US $)

Convertible Preferred Stock (continued)

Magic Leap =p†		43,435	$	1,114,108
Uber Technologies
Series G =p†		34,197		1,584,471
WeWork Companies
Series E =p†		22,244		1,462,321
Xiaoju Kuaizhi (China) =p†		32,416		1,568,464

Total Convertible Preferred Stock (cost $6,497,745)				10,043,124


	Principal Amount°

Convertible Bond – 0.10%

Caesars Entertainment 5.00% maturity date 10/1/24		1,045,509		1,705,316

Total Convertible Bond (cost $1,805,287)				1,705,316



Short-Term Investments – 1.40%

Repurchase Agreements – 1.40%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $3,176,277 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $3,239,215)		3,175,700		3,175,700
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $8,734,718 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $8,907,839)		8,733,175		8,733,175


	Principal Amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $11,991,333 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $12,228,907)		11,989,125	$	11,989,125

Total Short-Term Investments (cost $23,898,000)				23,898,000


Total Value of Securities – 100.29% (cost $1,273,012,178)			$	1,714,993,035

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.”

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

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, 2018, the aggregate value of restricted securities was $10,101,041, which represented 0.59% of the Fund’s net assets. See Note 8 in “Notes to financial statements” and the following table, 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	$	2,715,693
Airbnb Private Placement Series E	7/14/15		1,267,108		1,598,067
Magic Leap	1/20/16		1,000,438		1,114,108
Uber Technologies Series G	12/3/15		1,667,863		1,584,471
WeWork Companies	6/23/15		28,976		57,917
WeWork Companies Series E	6/23/15		731,596		1,462,321
Xiaoju Kuaizhi (China)	10/19/15		889,048		1,568,464

Total		$	6,526,721	$	10,101,041

ADR – American Depositary Receipt

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


			(continues	)		75

Schedules of investments

Optimum Large Cap Value Fund

September 30, 2017 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 97.89%²

Consumer Discretionary – 6.46%
Aptiv		69,086	$	5,796,315
BorgWarner		212,411		9,086,943
Comcast Class A		940,554		33,305,017
Hanesbrands		165,349		3,047,382
Harley-Davidson		24,262		1,099,069
Home Depot		33,724		6,985,927
Interpublic Group of Cos		253,118		5,788,809
Newell Brands		73,940		1,500,982
Omnicom Group		124,053		8,438,085
PVH		67,460		9,741,224
Viacom Class B		300,244		10,136,237
Walt Disney		65,456		7,654,425

				102,580,415

Consumer Staples – 6.98%
Altria Group		96,199		5,801,762
Archer-Daniels-Midland		99,538		5,003,775
Colgate-Palmolive		23,321		1,561,341
Danone (France)		45,654		3,535,539
Diageo (United Kingdom)		252,148		8,935,985
General Mills		182,548		7,834,960
JM Smucker		27,301		2,801,356
Kimberly-Clark		21,080		2,395,531
Nestle (Switzerland)		144,985		12,087,500
PepsiCo		133,763		14,954,703
Philip Morris International		238,167		19,420,137
Procter & Gamble		150,285		12,508,221
Reckitt Benckiser Group (United Kingdom)		45,366		4,148,564
Tyson Foods Class A		166,326		9,901,387

				110,890,761

Energy – 8.27%
Chevron		225,307		27,550,540
ConocoPhillips		188,541		14,593,073
EOG Resources		170,750		21,782,577
Exxon Mobil		221,675		18,846,809
Halliburton		136,313		5,524,766
Marathon Petroleum		155,767		12,456,687
Noble Energy		158,050		4,929,579
Occidental Petroleum		71,015		5,835,303
Phillips 66		71,505		8,060,044
Schlumberger		192,634		11,735,263

				131,314,641

Financials – 26.04%
Allstate		80,379		7,933,407
American Express		178,705		19,030,295
Aon (United Kingdom)		97,238		14,953,260


	Number of shares		Value (US $)

Common Stock² (continued)

Financials (continued)
Bank of America		894,527	$	26,352,765
Bank of New York Mellon		171,624		8,751,108
Berkshire Hathaway Class B †		26,501		5,674,129
BlackRock		16,641		7,843,403
Chubb (Switzerland)		210,132		28,082,040
Citigroup		244,022		17,506,138
Discover Financial Services		155,053		11,853,802
E*TRADE Financial †		141,737		7,425,601
Goldman Sachs Group		76,499		17,154,136
Huntington Bancshares		663,184		9,894,705
Intercontinental Exchange		124,889		9,352,937
JPMorgan Chase & Co.		600,467		67,756,696
MetLife		178,895		8,357,974
Moody’s		32,210		5,385,512
Morgan Stanley		155,622		7,247,317
Nasdaq		95,158		8,164,556
PNC Financial Services Group		79,733		10,858,837
Prudential Financial		134,350		13,612,342
State Street		189,952		15,914,179
SunTrust Banks		163,087		10,892,581
T Rowe Price Group		34,858		3,805,796
Travelers		166,277		21,567,790
US Bancorp		318,950		16,843,749
Wells Fargo & Co.		592,462		31,139,803

				413,354,858

Healthcare – 16.09%
Abbott Laboratories		163,156		11,969,124
AbbVie		60,637		5,735,047
Allergan		41,273		7,861,681
Biogen †		26,716		9,439,030
Cigna		39,553		8,236,912
Danaher		158,918		17,268,030
Eli Lilly & Co.		64,381		6,908,725
Express Scripts Holding †		50,195		4,769,027
Gilead Sciences		121,499		9,380,938
Hill-Rom Holdings		53,654		5,064,938
Johnson & Johnson		321,439		44,413,227
Laboratory Corp of America Holdings †		53,931		9,366,736
McKesson		36,595		4,854,327
Medtronic (Ireland)		297,151		29,230,744
Merck & Co.		106,265		7,538,439
Novartis (Switzerland)		20,808		1,789,480
Pfizer		896,464		39,507,168
Roche Holding (Switzerland)		5,917		1,433,428
Thermo Fisher Scientific		86,195		21,038,476


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
UnitedHealth Group		36,279	$	9,651,665

				255,457,142

Industrials – 13.22%
3M		42,220		8,896,176
Canadian National Railway (Canada)		52,346		4,700,671
Caterpillar		36,987		5,640,148
Delta Air Lines		186,525		10,786,741
Eaton		94,490		8,195,118
Equifax		34,423		4,494,611
HD Supply Holdings †		37,313		1,596,623
Honeywell International		148,183		24,657,651
Illinois Tool Works		55,168		7,785,308
Ingersoll-Rand		134,700		13,779,810
Johnson Controls International		366,125		12,814,375
Lockheed Martin		15,194		5,256,516
Northrop Grumman		64,144		20,357,381
Owens Corning		105,606		5,731,238
Parker-Hannifin		52,658		9,685,386
Quanta Services †		152,202		5,080,503
Raytheon		64,542		13,338,250
Stanley Black & Decker		69,606		10,193,103
Union Pacific		58,053		9,452,770
United Parcel Service Class B		38,753		4,524,413
United Technologies		70,084		9,798,444
Waste Management		144,483		13,055,484

				209,820,720

Information Technology – 9.12%
Accenture Class A (Ireland)		139,106		23,675,841
Amdocs		28,117		1,855,160
Analog Devices		33,355		3,084,003
Broadcom		40,172		9,911,638
Cisco Systems		401,170		19,516,921
Cognizant Technology Solutions Class A		40,296		3,108,836
DXC Technology		47,430		4,435,654
eBay †		208,039		6,869,448
Fidelity National Information Services		82,525		9,001,002
Fiserv †		98,582		8,121,185
Microsoft		138,694		15,862,433
ON Semiconductor †		389,612		7,180,549
Oracle		252,281		13,007,608
QUALCOMM		88,323		6,361,906
Texas Instruments		118,883		12,754,957

				144,747,141


	Number of shares		Value (US $)

Common Stock² (continued)

Materials – 2.65%
Air Products & Chemicals		59,852	$	9,998,277
Crown Holdings †		59,929		2,876,592
DowDuPont		44,375		2,853,756
Nucor		77,385		4,910,078
PPG Industries		128,581		14,032,045
Sherwin-Williams		16,412		7,470,906

				42,141,654

Real Estate – 2.25%
Alexandria Real Estate Equities		60,746		7,641,239
Equity LifeStyle Properties		87,868		8,474,869
Highwoods Properties		99,899		4,721,227
Prologis		178,257		12,084,042
Public Storage		13,580		2,738,135

				35,659,512

Telecommunication Services – 3.05%
AT&T		594,679		19,969,321
Verizon Communications		532,813		28,446,886

				48,416,207

Utilities – 3.76%
American Electric Power		120,304		8,527,147
DTE Energy		64,523		7,041,395
Duke Energy		154,598		12,370,932
Public Service Enterprise Group		153,755		8,116,726
Southern		154,867		6,752,201
Xcel Energy		358,717		16,935,030

				59,743,431

Total Common Stock (cost $1,242,688,771)				1,554,126,482


	Principal amount°

Short-Term Investments – 1.88%

Repurchase Agreements – 1.22%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $2,575,259 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $2,626,288)		2,574,791		2,574,791


			(continues	)		77

Schedules of investments

Optimum Large Cap Value Fund


	Principal amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $7,081,927 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $7,222,290)		7,080,676	$	7,080,676
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $9,722,323 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $9,914,943)		9,720,533		9,720,533

				19,376,000

US Treasury Obligation – 0.66%≠
US Treasury Bill 1.696% 10/11/18		10,457,432		10,451,503

				10,451,503


Total Short-Term Investments (cost $29,827,521)				29,827,503

Total Value of Securities – 99.77% (cost $1,272,516,292)			$	1,583,953,985

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.

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

Optimum Small-Mid Cap Growth Fund

September 30, 2018 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 97.40%²

Consumer Discretionary – 13.81%
Advance Auto Parts		17,729	$	2,984,323
At Home Group †		62,907		1,983,458
BJ’s Restaurants		34,619		2,499,492
Burlington Stores †		19,348		3,152,176
Chegg †		190,933		5,428,225
Dave & Buster’s Entertainment		37,275		2,468,352
Eldorado Resorts †		74,532		3,622,255
Extended Stay America		163,814		3,313,957
Fox Factory Holding †		33,806		2,368,110
G-III Apparel Group †		173,052		8,339,376
Golden Entertainment †		38,575		926,186
Houghton Mifflin Harcourt †		135,360		947,520
International Game Technology		130,230		2,572,043
iRobot †		18,900		2,077,488
Lions Gate Entertainment Class A		27,209		663,628
Lions Gate Entertainment Class B		54,729		1,275,186
Lululemon Athletica (Canada) †		33,645		5,466,976
Madison Square Garden Class A †		8,815		2,779,546
Malibu Boats Class A †		34,118		1,866,937
Media General CVR =†		49,291		0
Monro		27,238		1,895,765
Party City Holdco †		117,062		1,586,190
Penn National Gaming †		37,848		1,245,956
Strategic Education		12,873		1,763,987
Tiffany		10,169		1,311,496
Ulta Beauty †		25,433		7,175,158
Urban Outfitters †		49,929		2,042,096
Vail Resorts		14,278		3,918,169
World Wrestling Entertainment Class A		22,497		2,176,135

				77,850,186

Consumer Staples – 1.51%
Central Garden & Pet Class A †		77,739		2,576,270
Inter Parfums		49,003		3,158,243
Performance Food Group †		83,290		2,773,557

				8,508,070

Energy – 2.58%
Berry Petroleum		60,190		1,060,548
Callon Petroleum †		260,711		3,125,925
Diamondback Energy		65,544		8,860,893


	Number of shares		Value (US $)

Common Stock² (continued)

Energy (continued)
GasLog (Monaco)		74,817	$	1,477,636

				14,525,002

Financials – 7.11%
Argo Group International Holdings (Bermuda)		48,974		3,087,811
Curo Group Holdings †		53,401		1,614,312
Essent Group †		65,656		2,905,278
Evercore Class A		32,238		3,241,531
Focus Financial Partners Class A †		16,929		803,450
Green Dot Class A †		69,627		6,184,270
MSCI Class A		9,688		1,718,748
ServisFirst Bancshares		44,205		1,730,626
Stifel Financial		44,474		2,279,737
SVB Financial Group †		18,240		5,669,539
Triumph Bancorp †		38,166		1,457,941
Trupanion †		43,101		1,539,999
Virtu Financial Class A		57,214		1,170,026
Virtus Investment Partners		14,452		1,643,915
Wintrust Financial		28,245		2,399,130
Zions Bancorp		52,314		2,623,547

				40,069,860

Healthcare – 25.60%
ABIOMED †		11,880		5,343,030
ACADIA Pharmaceuticals †		64,925		1,347,843
Aerie Pharmaceuticals †		75,574		4,651,580
Alnylam Pharmaceuticals †		16,415		1,436,641
AMN Healthcare Services †		42,058		2,300,573
Array BioPharma †		342,837		5,211,122
athenahealth †		11,325		1,513,020
AtriCure †		65,105		2,280,628
AxoGen †		27,794		1,024,209
Bio-Rad Laboratories Class A		15,974		4,999,702
CareDx †		50,591		1,459,550
Cerus †		143,663		1,035,810
Cutera †		31,389		1,021,712
DexCom †		81,188		11,613,132
Emergent BioSolutions †		26,558		1,748,313
Evolent Health Class A †		264,303		7,506,205
Exact Sciences †		26,697		2,106,927
Flexion Therapeutics †		66,703		1,248,013
Galapagos ADR †		7,566		850,645
Glaukos †		18,720		1,214,928
Haemonetics †		43,144		4,943,440
HealthEquity †		56,268		5,312,262
ICON (Ireland) †		21,851		3,359,591
Inogen †		11,375		2,776,865


			(continues	)		79

Schedules of investments

Optimum Small-Mid Cap Growth Fund


	Number of shares		Value (US $)

Common Stock² (continued)

Healthcare (continued)
Insulet †		48,039	$	5,089,732
Intercept Pharmaceuticals †		8,561		1,081,768
Intra-Cellular Therapies †		52,516		1,139,597
Intrexon †		53,684		924,438
Ionis Pharmaceuticals †		23,366		1,205,218
Madrigal Pharmaceuticals †		4,200		899,346
Medidata Solutions †		24,834		1,820,581
Merit Medical Systems †		34,899		2,144,544
Molina Healthcare †		10,899		1,620,681
Natera †		46,049		1,102,413
Neurocrine Biosciences †		40,660		4,999,147
Novocure †		39,386		2,063,826
Nuvectra †		51,590		1,133,948
OraSure Technologies †		91,112		1,407,680
Pacira Pharmaceuticals †		19,074		937,487
PetIQ †		48,717		1,915,065
Sage Therapeutics †		12,797		1,807,576
Sangamo Therapeutics †		52,452		889,061
Sarepta Therapeutics †		15,947		2,575,600
Syneos Health †		56,645		2,920,050
Tabula Rasa HealthCare †		20,807		1,689,320
Tactile Systems Technology †		46,339		3,292,386
Teladoc Health †		88,700		7,659,245
Viking Therapeutics †		46,700		813,514
Vocera Communications †		35,856		1,311,612
WellCare Health Plans †		29,519		9,460,544
Wright Medical Group (Netherlands) †		211,025		6,123,946

				144,334,066

Industrials – 14.19%
AGCO		31,441		1,911,298
AMETEK		30,219		2,390,927
AO Smith		44,917		2,397,220
ASGN †		45,514		3,592,420
Beacon Roofing Supply		47,494		1,718,808
Chart Industries †		19,400		1,519,602
CIRCOR International		34,904		1,657,940
Copart †		58,462		3,012,547
CoStar Group †		13,836		5,822,742
Dycom Industries †		15,212		1,286,935
Equifax		42,957		5,608,895
Gardner Denver Holdings †		84,670		2,399,548
Gates Industrial †		102,925		2,007,038
Genesee & Wyoming Class A †		32,074		2,918,413
GrafTech International		258,856		5,050,281
Granite Construction		51,867		2,370,322


	Number of shares		Value (US $)

Common Stock² (continued)

Industrials (continued)
Hub Group Class A †		31,502	$	1,436,491
ICF International		13,459		1,015,482
JELD-WEN Holding †		50,204		1,238,031
KAR Auction Services		38,181		2,279,024
Knight-Swift Transportation Holdings		46,004		1,586,218
Korn/Ferry International		22,274		1,096,772
Kratos Defense & Security Solutions †		157,421		2,326,682
Masonite International †		21,959		1,407,572
NCI Building Systems †		58,644		888,457
PGT Innovations †		80,626		1,741,522
Robert Half International		38,153		2,685,208
Schneider National Class B		88,028		2,198,939
SPX †		73,622		2,452,349
TransUnion		61,246		4,506,481
Wabash National		86,940		1,584,916
Wabtec		56,381		5,913,239

				80,022,319

Information Technology – 30.06%
2U †		32,112		2,414,501
Acxiom †		78,466		3,877,005
Advanced Micro Devices †		115,171		3,557,632
Axcelis Technologies		74,785		1,469,525
Benefitfocus †		42,343		1,712,774
Box Class A †		112,472		2,689,206
Cadence Design Systems †		77,249		3,500,925
Ciena †		89,014		2,780,797
Cloudera †		92,884		1,639,403
Cornerstone OnDemand †		45,722		2,594,724
Cree †		73,645		2,788,936
CyberArk Software (Israel) †		27,942		2,230,889
Cypress Semiconductor		193,040		2,797,150
Etsy †		32,915		1,691,173
Five9 †		152,890		6,679,764
FLIR Systems		99,128		6,093,398
FormFactor †		108,727		1,494,996
GoDaddy Class A †		27,677		2,307,985
GrubHub †		44,501		6,168,729
Hortonworks †		65,210		1,487,440
IAC/InterActiveCorp †		37,985		8,232,109
Keysight Technologies †		35,056		2,323,512
Lumentum Holdings †		48,749		2,922,503
Mimecast †		150,985		6,323,252
MongoDB †		37,270		3,039,369
Nanometrics †		30,430		1,141,734
New Relic †		19,764		1,862,362


	Number of shares		Value (US $)

Common Stock² (continued)

Information Technology (continued)
Nuance Communications †		115,660	$	2,003,231
Nutanix Class A †		59,598		2,546,027
Okta †		14,208		999,675
PTC †		71,999		7,645,574
Pure Storage Class A †		138,002		3,581,152
Q2 Holdings †		40,358		2,443,677
RealPage †		59,449		3,917,689
RingCentral Class A †		63,385		5,897,974
Semtech †		91,164		5,068,718
Silicon Motion Technology ADR		31,890		1,712,493
SS&C Technologies Holdings		77,506		4,404,666
Talend ADR †		25,327		1,766,305
Tech Data †		23,267		1,665,219
Teradyne		155,438		5,748,097
Ultimate Software Group †		23,707		7,638,158
WEX †		21,705		4,357,496
Zebra Technologies Class A †		50,619		8,950,958
Zendesk †		172,811		12,269,581
Zuora Class A †		45,932		1,061,489

				169,499,972

Materials – 2.18%
Boise Cascade		56,751		2,088,437
Carpenter Technology		39,936		2,354,227
Orion Engineered Carbons (Luxembourg)		67,108		2,154,167
Platform Specialty Products †		168,574		2,102,118
Steel Dynamics		45,639		2,062,426
US Concrete †		33,321		1,527,768

				12,289,143

Real Estate – 0.36%
QTS Realty Trust Class A		47,670		2,034,079

				2,034,079

Total Common Stock (cost $404,000,638)				549,132,697



Convertible Preferred Stock – 1.17%

DocuSign
Series B =p†		1,166		55,167
Series B-1 =p†		349		16,512
Series C =p†		4,474		211,678
Series D =p†		838		39,648
Series E =p†		21,664		1,024,989
Draftkings
Series D =†		83,549		137,020


	Number of shares		Value (US $)

Convertible Preferred Stock (continued)

Draftkings
Series D-1 =†		100,507	$	164,831
Honest=p†		15,249		258,318
MarkLogic=p†		83,588		657,002
Nutanix†		40,185		1,716,703
Veracode Series 8=p†		30,584		137,934
Zuora=p†		104,922		2,182,273

Total Convertible Preferred Stock (cost $4,098,717)				6,602,075


	Principal amount°

Short-Term Investments – 2.02%

Repurchase Agreements – 1.20%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $903,387 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $921,288)		903,224		903,224
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $2,484,303 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $2,533,542)		2,483,864		2,483,864
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $3,410,540 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $3,478,110)		3,409,912		3,409,912

				6,797,000

US Treasury Obligation – 0.82%≠
US Treasury Bill 1.696% 10/11/18		4,617,474		4,614,856

				4,614,856

Total Short-Term Investments (cost $11,411,864)				11,411,856


			(continues	)		81

Schedules of investments

Optimum Small-Mid Cap Growth Fund


Total Value of Securities – 100.59% (cost $419,511,219)	$	567,146,628

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.

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, 2018, the aggregate value of restricted securities was $4,583,520, which represented 0.81% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities. See Note 8 in “Notes to financial statements” and the following table for additional details on restricted securities.

†	Non-income producing security.


Restricted Securities
Investments	Date of Acquisition		Cost		Value
DocuSign Series B		2/28/14	$	15,312	$	55,167
DocuSign Series B-1		2/28/14		4,583		16,512
DocuSign Series C		4/30/15		85,423		211,678
DocuSign Series D		2/28/14		11,005		39,648
DocuSign Series E		2/28/14		284,500		1,024,989
Honest		8/3/15		697,718		258,318
MarkLogic		4/27/15		970,808		657,002
Veracode Series 8		6/14/17		—		137,934
Zuora		1/15/15		797,260		2,182,272

Total			$	2,866,609	$	4,583,520

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, 2018 (Unaudited)


	Number of shares		Value (US $)

Common Stock – 98.04%

Consumer Discretionary – 11.88%
AMC Networks Class A †		30,800	$	2,043,272
American Axle & Manufacturing Holdings †		43,000		749,920
American Eagle Outfitters		62,200		1,544,426
Bed Bath & Beyond		38,700		580,500
Bloomin’ Brands		79,100		1,565,389
BorgWarner		41,200		1,762,536
Brinker International		33,200		1,551,436
Burlington Stores †		16,450		2,680,034
Cable One		6,902		6,098,676
Carriage Services		30,300		652,965
Carter’s		25,340		2,498,524
Children’s Place		7,100		907,380
Columbia Sportswear		31,900		2,968,933
Cooper-Standard Holdings †		17,300		2,075,654
Dick’s Sporting Goods		47,100		1,671,108
Foot Locker		39,100		1,993,318
Goodyear Tire & Rubber		70,000		1,637,300
Harley-Davidson		28,800		1,304,640
Haverty Furniture		43,900		970,190
Installed Building Products †		49,725		1,939,275
Kohl’s		36,100		2,691,255
Lear		11,700		1,696,500
Lithia Motors Class A		29,799		2,433,386
Marcus		21,100		887,255
MDC Holdings		56,700		1,677,186
Michael Kors Holdings (United Kingdom) †		15,000		1,028,400
Murphy USA †		16,500		1,410,090
Nautilus †		61,000		850,950
Nordstrom		28,400		1,698,604
Office Depot		174,900		561,429
Oxford Industries		27,855		2,512,521
Penske Automotive Group		19,700		933,583
PulteGroup		53,000		1,312,810
Shoe Carnival		31,500		1,212,750
Signet Jewelers		7,000		461,510
Sonic Automotive Class A		76,300		1,476,405
Tenneco Class A		26,400		1,112,496
Toll Brothers		49,500		1,634,985
Unifi †		8,900		252,137
Whirlpool		10,600		1,258,750
Wyndham Destinations		12,500		542,000
Wyndham Hotels & Resorts		12,500		694,625

				65,535,103

Consumer Staples – 3.30% Dean Foods		87,300		619,830


	Number of shares		Value (US $)

Common Stock (continued)

Consumer Staples (continued)
Energizer Holdings		41,654	$	2,443,007
Ingles Markets Class A		35,400		1,212,450
Ingredion		14,500		1,521,920
J&J Snack Foods		27,454		4,142,534
Nomad Foods (United Kingdom) †		200,480		4,061,725
Pilgrim’s Pride †		59,400		1,074,546
SUPERVALU †		14,100		454,302
Universal		25,300		1,644,500
Weis Markets		23,400		1,015,560

				18,190,374

Energy – 6.38%
Carrizo Oil & Gas †		64,400		1,622,880
Centennial Resource Development Class A †		277,973		6,073,710
Diamondback Energy		21,387		2,891,308
Gulfport Energy †		150,700		1,568,787
Laredo Petroleum †		107,200		875,824
McDermott International †		70,728		1,303,517
Newfield Exploration †		62,600		1,804,758
Par Pacific Holdings †		64,542		1,316,657
PBF Energy Class A		50,100		2,500,491
Penn Virginia †		48,510		3,906,995
Southwestern Energy †		230,000		1,175,300
SRC Energy †		128,400		1,141,476
US Silica Holdings		39,900		751,317
W&T Offshore †		179,300		1,728,452
WPX Energy †		324,490		6,528,739

				35,190,211

Financials – 22.33%
Ally Financial		69,800		1,846,210
American Financial Group		11,800		1,309,446
Annaly Capital Management		139,300		1,425,039
Apollo Commercial Real Estate Finance		77,600		1,464,312
Ares Capital		56,000		962,640
Arthur J Gallagher & Co.		73,360		5,460,918
Assurant		14,900		1,608,455
Assured Guaranty (Bermuda)		34,400		1,452,712
Axis Capital Holdings		25,900		1,494,689
Banco Latinoamericano de Comercio Exterior (Panama)		32,105		671,637
BankUnited		34,200		1,210,680
Berkshire Hills Bancorp		44,099		1,794,829
Blackstone Mortgage Trust Class A		41,500		1,390,665


			(continues	)		83

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Number of shares		Value (US $)

Common Stock (continued)

Financials (continued)
Cathay General Bancorp		33,600	$	1,392,384
Central Pacific Financial		34,200		903,906
Chemical Financial		115,301		6,157,073
CIT Group		61,800		3,189,498
CNA Financial		60,200		2,748,130
CNO Financial Group		127,400		2,703,428
Customers Bancorp †		37,700		887,081
Everest Re Group (Bermuda)		33,410		7,633,183
First American Financial		30,200		1,558,018
First Busey		45,200		1,403,460
First Hawaiian		92,820		2,520,991
Hancock Whitney		31,300		1,488,315
Hanmi Financial		56,800		1,414,320
HCI Group		17,300		756,875
Heritage Insurance Holdings		32,300		478,686
Home BancShares		224,455		4,915,565
Hope Bancorp		122,400		1,979,208
Houlihan Lokey		54,935		2,468,230
Ladder Capital		68,300		1,157,002
Lazard Class A		39,600		1,905,948
Legg Mason		40,000		1,249,200
Mercury General		100,205		5,026,283
MGIC Investment †		107,200		1,426,832
New Mountain Finance		71,900		970,650
Oaktree Specialty Lending		4,294		21,298
OFG Bancorp		60,700		980,305
Old National Bancorp		86,500		1,669,450
Piper Jaffray		8,900		679,515
Prospect Capital		160,841		1,178,965
Radian Group		69,500		1,436,565
Reinsurance Group of America		21,200		3,064,672
Santander Consumer USA Holdings		88,500		1,773,540
Starwood Property Trust		81,600		1,756,032
TCF Financial		163,600		3,895,316
Universal Insurance Holdings		41,300		2,005,115
Unum Group		75,700		2,957,599
Washington Federal		43,100		1,379,200
Western Alliance Bancorp †		116,125		6,606,351
Wintrust Financial		73,550		6,247,337
Zions Bancorp		180,993		9,076,799

				123,154,557

Healthcare – 5.56%
Cooper		15,260		4,229,309
Integer Holdings †		17,700		1,468,215
Lannett †		44,200		209,950


	Number of shares		Value (US $)

Common Stock (continued)

Healthcare (continued)
Lantheus Holdings †		37,300	$	557,635
LifePoint Health †		11,700		753,480
Mallinckrodt †		41,000		1,201,710
Owens & Minor		54,900		906,948
PerkinElmer		61,125		5,945,629
Premier Class A †		68,700		3,145,086
Quest Diagnostics		11,600		1,251,756
STERIS (United Kingdom)		34,360		3,930,784
Teleflex		22,425		5,967,068
United Therapeutics †		8,600		1,099,768

				30,667,338

Industrials – 13.96%
ACCO Brands		146,000		1,649,800
Acuity Brands		13,900		2,185,080
Aircastle		55,700		1,220,387
Alaska Air Group		55,900		3,849,274
Albany International Class A		43,087		3,425,417
Allison Transmission Holdings		55,500		2,886,555
Atlas Air Worldwide Holdings †		24,100		1,536,375
Briggs & Stratton		39,700		763,431
Curtiss-Wright		19,915		2,736,719
Deluxe		29,800		1,696,812
Ennis		45,800		936,610
GATX		11,900		1,030,421
Hawaiian Holdings		45,300		1,816,530
Herman Miller		46,400		1,781,760
Hubbell		44,570		5,953,215
Huntington Ingalls Industries		28,545		7,309,804
Interface		86,845		2,027,831
ITT		24,730		1,514,960
JetBlue Airways †		109,300		2,116,048
Middleby †		22,010		2,846,993
NCI Building Systems †		19,400		293,910
nVent Electric		139,080		3,777,413
Oshkosh		24,800		1,766,752
Owens Corning		22,400		1,215,648
Pentair (United Kingdom)		60,140		2,607,069
Pitney Bowes		45,300		320,724
Regal Beloit		21,400		1,764,430
Ryder System		31,700		2,316,319
Spirit AeroSystems Holdings Class A		51,200		4,693,504
Terex		21,300		850,083
Timken		37,000		1,844,450
Trinity Industries		1,800		65,952
Triton International		35,300		1,174,431


	Number of shares		Value (US $)

Common Stock (continued)

Industrials (continued)
Wabash National		130,500	$	2,379,015
Woodward		32,556		2,632,478

				76,986,200

Information Technology – 10.38%
Advanced Energy Industries †		25,700		1,327,405
Amdocs		40,600		2,678,788
Arrow Electronics †		18,700		1,378,564
Avnet		44,000		1,969,880
Booz Allen Hamilton Holding		67,834		3,366,601
Ciena †		47,800		1,493,272
Cirrus Logic †		27,400		1,057,640
Coherent †		20,220		3,481,682
Convergys		31,400		745,436
CSG Systems International		18,200		730,548
Diodes †		11,700		389,493
Flex †		134,700		1,767,264
FLIR Systems		44,117		2,711,872
Genpact		87,025		2,663,835
Jabil		74,000		2,003,920
Juniper Networks		98,000		2,937,060
Littelfuse		14,620		2,893,152
Methode Electronics		99,400		3,598,280
MKS Instruments		56,225		4,506,434
NCR †		67,500		1,917,675
ON Semiconductor †		139,500		2,570,985
OSI Systems †		57,476		4,385,994
Sanmina †		59,300		1,636,680
Tech Data †		23,100		1,653,267
Teradyne		28,900		1,068,722
TTM Technologies †		84,100		1,338,031
Western Union		51,400		979,684

				57,252,164

Materials – 8.30%
Albemarle		51,682		5,156,830
Cabot		26,400		1,655,808
Celanese Class A		19,000		2,166,000
Clearwater Paper †		25,400		754,380
Domtar		45,500		2,373,735
Eagle Materials		53,209		4,535,535
Eastman Chemical		15,700		1,502,804
Huntsman		70,700		1,925,161
Kronos Worldwide		88,300		1,434,875
Owens-Illinois †		45,000		845,550
Packaging Corp. of America		14,200		1,557,598
PolyOne		88,214		3,856,716
Rayonier Advanced Materials		65,400		1,205,322


	Number of shares		Value (US $)

Common Stock (continued)

Materials (continued)
Reliance Steel & Aluminum		21,500	$	1,833,735
RPM International		82,230		5,340,016
Schweitzer-Mauduit International		32,700		1,252,737
Stepan		26,600		2,314,466
Summit Materials Class A †		186,421		3,389,134
Trinseo		31,700		2,482,110
US Steel		6,350		193,548

				45,776,060

Real Estate – 11.70%
American Homes 4 Rent Class A		231,185		5,060,640
Americold Realty Trust		107,176		2,681,543
Apple Hospitality REIT		40,800		713,592
Brandywine Realty Trust		274,700		4,318,284
Brixmor Property Group		121,300		2,123,963
CBL & Associates Properties		63,700		254,163
City Office REIT (Canada)		83,500		1,053,770
CoreCivic		48,500		1,180,005
DDR		50,650		678,203
Franklin Street Properties		93,612		747,960
Government Properties Income Trust		90,400		1,020,616
Hospitality Properties Trust		104,300		3,008,012
Hudson Pacific Properties		153,805		5,032,500
Kite Realty Group Trust		75,900		1,263,735
Lexington Realty Trust		201,200		1,669,960
Mack-Cali Realty		89,700		1,907,022
Medical Properties Trust		157,100		2,342,361
Omega Healthcare Investors		39,200		1,284,584
One Liberty Properties		51,900		1,441,782
Physicians Realty Trust		314,700		5,305,842
Piedmont Office Realty Trust Class A		78,300		1,482,219
Preferred Apartment Communities Class A		72,100		1,267,518
Ramco-Gershenson Properties Trust		43,800		595,680
Retail Properties of America Class A		212,720		2,593,057
Retail Value †		5,065		165,575
Select Income REIT		88,800		1,948,272
Senior Housing Properties Trust		123,300		2,165,148
Spirit MTA REIT		11,910		137,203
Spirit Realty Capital		186,800		1,505,608
STAG Industrial		211,630		5,819,825
Summit Hotel Properties		63,000		852,390


			(continues	)		85

Schedules of investments

Optimum Small-Mid Cap Value Fund


	Number of shares		Value (US $)

Common Stock (continued)

Real Estate (continued)
VEREIT		205,200	$	1,489,752
Xenia Hotels & Resorts		60,500		1,433,850

				64,544,634

Telecommunication Services – 1.01%
magicJack VocalTec (Israel) †		87,700		727,910
Zayo Group Holdings †		139,275		4,835,628

				5,563,538

Utilities – 3.24%
AES		97,300		1,362,200
Alliant Energy		154,842		6,591,624
CenterPoint Energy		49,000		1,354,850
IDACORP		68,855		6,832,482
OGE Energy		46,700		1,696,144

				17,837,300

Total Common Stock (cost $465,981,137)				540,697,479


	Principal amount°

Short-Term Investments – 1.60%

Repurchase Agreements – 1.16%
Bank of America Merrill Lynch 2.18%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $853,679 (collateralized by US government obligations 1.181%–2.125% 1/15/19–10/31/19; market value $870,595)		853,524		853,524
Bank of Montreal 2.12%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $2,347,606 (collateralized by US government obligations 0.00%–4.375% 11/15/18–11/15/46; market value $2,394,135)		2,347,192		2,347,192


	Principal amount°		Value (US $)

Short-Term Investments (continued)

Repurchase Agreements (continued)
BNP Paribas 2.21%, dated 9/28/18, to be repurchased on 10/1/18, repurchase price $3,222,878 (collateralized by US government obligations 0.00%–4.75% 10/11/18–2/15/48; market value $3,286,730)		3,222,284	$	3,222,284

				6,423,000

US Treasury Obligation – 0.44%≠
US Treasury Bill 1.696% 10/11/18		2,419,155		2,417,783

				2,417,783

Total Short-Term Investments (cost $8,840,788)				8,840,783


Total Value of Securities – 99.64% (cost $474,821,925)			$	549,538,262

≠	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, 2018 (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		$2,796,087,255		$575,431,334		$1,714,993,035		$1,583,953,985		$567,146,628		$549,538,262
Short-term investments held as collateral for loaned securities, at value³		—		23,403,016		—		—		—		—
Foreign currencies, at value⁴		2,303,069		879,848		—		18,440		—		—
Cash collateral due from brokers		1,949,353		—		—		—		—		—
Cash		—		3,621		301,635		1,193,813		72,595		167,150
Prepaid expenses		—		—		—		—		8,321		—
Receivable for securities sold		238,023,125		—		2,058,573		115,156		938,346		2,862,575
Dividends and interest receivable		15,397,296		1,062,196		593,530		1,993,740		118,631		629,876
Receivable for fund shares sold		3,240,325		734,724		2,051,375		2,223,686		653,168		818,092
Unrealized appreciation of interest rate swap contracts		7,131,570		—		—		—		—		—
Variation margin due from broker on futures contracts		535,042		—		—		—		—		—
Upfront payments paid on interest rate swap contracts		4,262,807		—		—		—		—		—
Unrealized appreciation of foreign currency exchange contracts		2,776,668		—		—		—		—		—
Unrealized appreciation of credit default swap contracts		1,211,451		—		—		—		—		—
Swap payments receivable		525,459		—		—		—		—		—
Upfront payments paid on credit default swap contracts		35,172		—		—		—		—		—
Variation margin due from brokers on centrally cleared credit default swap contracts		11,111		—		—		—		—		—
Variation margin due from brokers on centrally cleared interest rate swap contracts		8,841		—		—		—		—		—
Securities lending income receivable		—		25,169		—		—		—		—
Foreign tax reclaims receivable		—		1,196,113		14,185		485,206		—		—
Other assets⁶		415,736		—		—		—		—		—

Total assets		3,073,914,280		602,736,021		1,720,012,333		1,589,984,026		568,937,689		554,015,955


			(continues	)		87

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 value⁵		$	32,040			$	—			$	—			$	—			$	—			$	—
Cash due to custodian			3,800,656				—				—				—				—				—
Payable for securities purchased			748,150,295				689,470				7,152,988				115,567				4,086,145				1,626,286
Cash collateral due to brokers			1,426,438				3,777				—				—				—				—
Payable for fund shares redeemed			1,375,935				381,851				1,234,926				921,922				475,461				302,261
Swap payments payable			1,058,832				—				—				—				—				—
Dividend disbursing and transfer agent fees payable			341,330				84,348				251,658				235,007				83,644				82,265
Interest payable for reverse repurchase agreements			304				—				—				—				—				—
Obligation to return securities lending collateral			—				23,381,264				—				—				—				—
Investment management fees payable to affiliates			970,300				349,434				966,276				843,182				422,845				386,327
Other accrued expenses			341,623				131,807				182,402				138,120				—				63,603
Administration expenses payable to affiliates			99,554				24,602				73,400				68,544				24,396				23,994
Distribution fees payable to affiliates			84,827				21,502				83,108				68,516				14,482				10,064
Trustees’ fees and expenses payable to affiliates			63,130				15,832				46,843				43,414				15,434				15,069
Accounting fees payable to affiliates			12,968				3,452				9,648				9,031				3,426				3,375
Upfront payments received on credit default swap contracts			2,058,380				—				—				—				—				—
Upfront payments received on interest rate swap contracts			1,166,965				—				—				—				—				—
Unrealized depreciation of interest rate swap contracts			603,356				—				—				—				—				—
Unrealized depreciation of foreign currency exchange contracts			550,374				—				—				—				—				—
Unrealized depreciation of credit default swap contracts			57,443				—				—				—				—				—
Contingent liabilities⁶			1,385,788				—				—				—				—				—
Other liabilities			—				36,314				—				—				—				—

Total liabilities			763,580,538				25,123,653				10,001,249				2,443,303				5,125,833				2,513,244

Total Net Assets		$	2,310,333,742			$	577,612,368			$	1,710,011,084			$	1,587,540,723			$	563,811,856			$	551,502,711


Net Assets Consist of:
Paid-in capital		$	2,354,381,330			$	472,205,906			$	1,089,066,961			$	1,230,795,488			$	323,850,999			$	443,526,100
Undistributed (accumulated) net investment income (loss)			38,411,145				7,982,709				(983,607	)			14,417,377				(2,550,550	)			3,808,923
Accumulated net realized gain (loss)			(65,541,135	)			32,774,680				179,946,873				30,891,758				94,875,998				29,451,351
Net unrealized appreciation (depreciation) of investments			(25,529,197	)			64,661,985				441,980,857				311,437,693				147,635,409				74,716,337
Net unrealized depreciation of foreign currencies			(31,080	)			(12,912	)			—				(1,593	)			—				—
Net unrealized appreciation of foreign currency exchange contracts			2,226,294				—				—				—				—				—
Net unrealized depreciation of futures contracts			(449,162	)			—				—				—				—				—
Net unrealized depreciation of options purchased			(581,030	)			—				—				—				—				—
Net unrealized depreciation of options written			531,762				—				—				—				—				—
Net unrealized appreciation of swap contracts			6,914,815				—				—				—				—				—

Total Net Assets		$	2,310,333,742			$	577,612,368			$	1,710,011,084			$	1,587,540,723			$	563,811,856			$	551,502,711


	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		$	27,555,776			$	7,956,219			$	32,179,913			$	25,434,392			$ 5,646,541			$ 3,724,889
Shares of beneficial interest outstanding, unlimited authorization, no par			2,965,254				561,080				1,668,578				1,525,055			308,447			260,849
Net asset value per share		$	9.29			$	14.18			$	19.29			$	16.68			$ 18.31			$ 14.28
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)		$	9.73			$	15.05			$	20.47			$	17.70			$ 19.43			$ 15.15

Class C:
Net assets		$	95,414,938			$	24,216,710			$	92,142,543			$	75,933,853			$ 15,964,051			$ 11,058,593
Shares of beneficial interest outstanding, unlimited authorization, no par			10,317,984				1,758,253				5,648,526				4,628,045			1,019,724			884,068
Net asset value per share		$	9.25			$	13.77			$	16.31			$	16.41			$15.66			$12.51

Institutional Class:
Net assets		$	2,187,363,028			$	545,439,439			$	1,585,688,628			$	1,486,172,478			$542,201,264			$536,719,229
Shares of beneficial interest outstanding, unlimited authorization, no par			235,235,619				38,148,129				76,610,367				88,772,894			27,594,886			35,473,890
Net asset value per share		$	9.30			$	14.30			$	20.70			$	16.74			$ 19.65			$ 15.13


¹Investments, at cost		$	2,822,197,480			$	510,770,341			$	1,273,012,178			$	1,272,516,292			$ 419,511,219			$ 474,821,925
²Including securities on loan			—				23,403,016				—				—			—			—
³Short-term investments held as collateral for loaned securities, at cost			—				23,402,024				—				—			—			—
⁴Foreign currencies, at cost			2,333,403				874,121				—				18,256			—			—
⁵See Note 10 in “Notes to financial statements.”
⁶Premium received			(563,802	)			—				—				—			—			—

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


			(continues	)		89

Statements of operations

Optimum Fund Trust

Six months ended September 30, 2018 (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		$	37,305,032			$	81,324			$	149,383			$	235,846			$	100,268			$	91,331
Dividends			271,416				10,394,446				8,403,909				17,853,657				1,006,437				5,450,221
Securities lending income			—				136,337				—				—				—				—
Foreign tax withheld			(45,305	)			(1,119,890	)			(77,154	)			(74,208	)			(6,002	)			(338	)

			37,531,143				9,492,217				8,476,138				18,015,295				1,100,703				5,541,214


Expenses:
Management fees			5,508,284				2,387,620				6,168,996				4,977,072				2,862,363				2,369,930
Distribution expenses — Class A			36,029				10,412				40,943				32,504				7,070				4,799
Distribution expenses — Class C			501,427				130,797				481,369				395,596				81,018				58,503
Dividend disbursing and transfer agent fees and expenses			1,929,709				591,083				1,636,808				1,400,604				509,481				463,063
Administration expenses			556,567				168,872				470,816				402,947				145,036				131,417
Accounting fees			244,319				86,047				209,372				181,614				75,442				70,699
Trustees’ fees and expenses			130,158				39,951				110,246				93,187				33,685				30,946
Reports and statements to shareholders expenses			129,453				49,164				166,915				100,856				46,029				35,577
Custodian fees			123,547				97,119				24,102				21,536				10,202				5,459
Pricing fees			109,579				21,618				483				967				7,156				356
Professional fees			87,034				35,032				72,715				53,329				38,585				26,744
Registration fees			83,759				39,228				52,719				42,340				32,720				45,695
Insurance fees			18,688				6,089				15,512				13,570				4,555				4,235
Tax services			900				10,501				579				137				420				490
Other			11,268				5,100				9,525				8,745				4,244				4,654

			9,470,721				3,678,633				9,461,100				7,725,004				3,858,006				3,252,567

Less expenses waived			—				—				—				—				(205,886	)			(147,198	)
Less expenses paid indirectly			(48,813	)			(632	)			(1,355	)			(3,583	)			(867	)			(761	)

Total operating expenses			9,421,908				3,678,001				9,459,745				7,721,421				3,651,253				3,104,608

Net Investment Income (Loss)			28,109,235				5,814,216				(983,607	)			10,293,874				(2,550,550	)			2,436,606


	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		$	(10,160,397	)		$	17,005,369			$	122,351,055			$	13,676,926			$	51,317,441		$	16,349,589
Foreign currencies			(10,179,565	)			508,011				3,491				(3,147	)			—			—
Foreign currency exchange contracts			7,291,879				(666,491	)			(6,414	)			(1,494	)			—			—
Futures contracts			1,540,090				—				—				—				—			—
Options purchased			(489,607	)			—				—				—				—			—
Options written			759,243				—				—				—				—			—
Swap contracts			(141,754	)			—				—				—				—			—

Net realized gain (loss)			(11,380,111	)			16,846,889				122,348,132				13,672,285				51,317,441			16,349,589

Net change in unrealized appreciation (depreciation) of:
Investments¹			(22,730,854	)			(32,904,726	)			83,132,922				51,713,598				42,161,075			2,651,907
Foreign currencies			(107,713	)			(29,694	)			982				(2,838	)			—			—
Foreign currency exchange contracts			2,165,224				(158	)			—				—				—			—
Futures contracts			(9,302,933	)			—				—				—				—			—
Options purchased			244,368				—				—				—				—			—
Options written			(246,675	)			—				—				—				—			—
Swap contracts			2,192,541				—				—				—				—			—

Net change in unrealized appreciation (depreciation)			(27,786,042	)			(32,934,578	)			83,133,904				51,710,760				42,161,075			2,651,907

Net Realized and Unrealized Gain (Loss)			(39,166,153	)			(16,087,689	)			205,482,036				65,383,045				93,478,516			19,001,496

Net Increase (Decrease) in Net Assets Resulting from Operations		$	(11,056,918	)		$	(10,273,473	)		$	204,498,429			$	75,676,919			$	90,927,966		$	21,438,102

¹Includes decrease of $28,412 capital gain taxes accrued for Optimum International Fund.

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


			(continues	)		91

Statements of changes in net assets

Optimum Fund Trust


	Optimum Fixed Income Fund								Optimum International Fund

	Six months ended 9/30/18 (Unaudited)				Year ended 3/31/18				Six months ended 9/30/18 (Unaudited)				Year ended 3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income		$	28,109,235			$	48,178,820			$	5,814,216			$	6,920,399
Net realized gain (loss)			(11,380,111	)			(15,530,877	)			16,846,889				43,717,618
Net change in unrealized appreciation (depreciation)			(27,786,042	)			3,394,011				(32,934,578	)			59,971,997

Net increase (decrease) in net assets resulting from operations			(11,056,918	)			36,041,954				(10,273,473	)			110,610,014


Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—				(700,572	)			—				(71,145	)
Class C			—				(1,651,789	)			—				(38,744	)
Institutional Class			—				(44,780,382	)			—				(6,067,099	)

Net realized gain:
Class A			—				—				—				(96,329	)
Class C			—				—				—				(329,319	)
Institutional Class			—				—				—				(6,357,988	)

			—				(47,132,743	)			—				(12,960,624	)

Capital Share Transactions:
Proceeds from shares sold:
Class A			1,049,213				2,691,823				102,705				425,861
Class C			3,960,585				5,853,573				373,820				788,640
Institutional Class			460,231,760				410,586,301				61,421,145				118,448,217

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			—				697,909				—				166,852
Class C			—				1,650,329				—				367,589
Institutional Class			—				44,744,263				—				12,414,824

			465,241,558				466,224,198				61,897,670				132,611,983

Cost of shares redeemed:
Class A			(3,458,033	)			(6,985,182	)			(713,666	)			(2,050,607	)
Class C			(12,724,279	)			(26,057,224	)			(3,679,624	)			(7,599,191	)
Institutional Class			(145,406,238	)			(287,504,444	)			(136,302,308	)			(117,583,144	)

			(161,588,550	)			(320,546,850	)			(140,695,598	)			(127,232,942	)

Increase (decrease) in net assets derived from capital share transactions			303,653,008				145,677,348				(78,797,928	)			5,379,041

Net Increase (Decrease) in Net Assets			292,596,090				134,586,559				(89,071,401	)			103,028,431

Net Assets:
Beginning of period			2,017,737,652				1,883,151,093				666,683,769				563,655,338

End of period		$	2,310,333,742			$	2,017,737,652			$	577,612,368			$	666,683,769

Undistributed net investment income		$	38,411,145			$	10,301,910			$	7,982,709			$	2,168,493

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 9/30/18 (Unaudited)				Year ended 3/31/18				Six months ended 9/30/18 (Unaudited)				Year ended 3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(983,607	)		$	(2,134,237)			$	10,293,874			$	17,479,787
Net realized gain			122,348,132				275,470,600				13,672,285				40,246,291
Net change in unrealized appreciation (depreciation)			83,133,904				52,227,833				51,710,760				60,004,220

Net increase in net assets resulting from operations			204,498,429				325,564,196				75,676,919				117,730,298


Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—				—				—				(273,497	)
Class C			—				—				—				(256,730	)
Institutional Class			—				—				—				(16,122,671	)

Net realized gain:
Class A			—				(5,495,119	)			—				(1,219,830	)
Class C			—				(19,625,204	)			—				(3,971,117	)
Institutional Class			—				(240,785,863	)			—				(58,025,654	)

			—				(265,906,186	)			—				(79,869,499	)


Capital Share Transactions:
Proceeds from shares sold:
Class A			111,366				1,294,218				205,673				1,327,875
Class C			465,086				1,816,781				823,771				2,091,578
Institutional Class			136,857,781				259,275,981				143,012,054				257,769,560

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			—				5,479,590				—				1,489,597
Class C			—				19,589,493				—				4,218,812
Institutional Class			—				240,538,379				—				74,082,666

			137,434,233				527,994,442				144,041,498				340,980,088

Cost of shares redeemed:
Class A			(3,883,993	)			(7,970,218	)			(2,466,740	)			(6,031,113	)
Class C			(16,526,885	)			(29,888,435	)			(10,975,560	)			(22,154,334	)
Institutional Class			(351,766,122	)			(295,254,850	)			(100,297,898	)			(211,048,849	)

			(372,177,000	)			(333,113,503	)			(113,740,198	)			(239,234,296	)


Increase (decrease) in net assets derived from capital share transactions			(234,742,767	)			194,880,939				30,301,300				101,745,792

Net Increase (Decrease) in Net Assets			(30,244,338	)			254,538,949				105,978,219				139,606,591

Net Assets:
Beginning of period			1,740,255,422				1,485,716,473				1,481,562,504				1,341,955,913

End of period		$	1,710,011,084			$	1,740,255,422			$	1,587,540,723			$	1,481,562,504

Undistributed (accumulated) net investment income (loss)		$	(983,607	)		$	—			$	14,417,377			$	4,123,503

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


			(continues	)		93

Statements of changes in net assets

Optimum Fund Trust


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

	Six months ended 9/30/18 (Unaudited)				Year ended 3/31/18				Six months ended 9/30/18 (Unaudited)				Year ended 3/31/18
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)		$	(2,550,550	)		$	(4,125,174	)		$	2,436,606			$	2,703,854
Net realized gain			51,317,441				69,241,196				16,349,589				26,596,406
Net change in unrealized appreciation (depreciation)			42,161,075				31,070,292				2,651,907				(8,877,449	)

Net increase in net assets resulting from operations			90,927,966				96,186,314				21,438,102				20,422,811


Dividends and Distributions to Shareholders from:
Net investment income:
Class A			—				—				—				(20,465	)
Institutional Class			—				—				—				(3,036,210	)

Net realized gain:
Class A			—				(236,782	)			—				(194,992	)
Class C			—				(835,216	)			—				(702,964	)
Institutional Class			—				(19,412,135	)			—				(19,465,792	)

			—				(20,484,133	)			—				(23,420,423	)


Capital Share Transactions:
Proceeds from shares sold:
Class A			56,761				270,437				30,087				223,637
Class C			78,948				348,498				100,728				363,232
Institutional Class			44,174,481				80,505,865				118,697,669				84,337,853

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			—				235,651				—				214,986
Class C			—				834,362				—				702,150
Institutional Class			—				19,396,388				—				22,481,400

			44,310,190				101,591,201				118,828,484				108,323,258


Cost of shares redeemed:
Class A			(757,495	)			(1,216,862	)			(332,873	)			(841,912	)
Class C			(2,657,074	)			(4,252,643	)			(1,557,395	)			(3,124,350	)
Institutional Class			(84,245,153	)			(97,830,534	)			(45,567,331	)			(67,540,018	)

			(87,659,722	)			(103,300,039	)			(47,457,599	)			(71,506,280	)

Increase (decrease) in net assets derived from capital share transactions			(43,349,532	)			(1,708,838	)			71,370,885				36,816,978

Net Increase in Net Assets			47,578,434				73,993,343				92,808,987				33,819,366

Net Assets:
Beginning of period			516,233,422				442,240,079				458,693,724				424,874,358

End of period		$	563,811,856			$	516,233,422			$	551,502,711			$	458,693,724

Undistributed (accumulated) net investment income (loss)		$	(2,550,550	)		$	—			$	3,808,923			$	1,372,317

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$ 9.35			$	9.39			$	9.37			$	9.72			$	9.54			$	9.85

Income (loss) from investment operations:
Net investment income²		0.11				0.22				0.20				0.20				0.20				0.21
Net realized and unrealized gain (loss)		(0.17	)			(0.05	)			—	³			(0.28	)			0.20				(0.35	)

Total from investment operations		(0.06	)			0.17				0.20				(0.08	)			0.40				(0.14	)


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

Total dividends and distributions		—				(0.21	)			(0.18	)			(0.27	)			(0.22	)			(0.17	)


Net asset value, end of period		9.29			$	9.35				9.39				9.37				9.72				9.54


Total return⁴		(0.64%	)			1.81%				2.03%				(0.63%	)			4.21%				(1.40%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$ 27,556			$	30,150			$	33,838			$	39,545			$	43,144			$	43,241
Ratio of expenses to average net assets		1.09%				1.10%				1.17%				1.23%				1.17%				1.31%
Ratio of expenses to average net assets prior to fees waived⁵		1.09%				1.10%				1.18%				1.23%				1.17%				1.34%
Ratio of net investment income to average net assets		2.45%				2.29%				2.12%				2.13%				2.11%				2.24%
Ratio of net investment income to average net assets prior to fees waived⁵		2.45%				2.29%				2.11%				2.13%				2.11%				2.21%
Portfolio turnover		273%				403%				419%				536%				482%⁶				323%⁶

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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	)		95

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	9.34			$	9.38			$	9.37			$	9.71			$	9.53			$	9.84

Income (loss) from investment operations:
Net investment income²			0.08				0.15				0.13				0.13				0.13				0.15
Net realized and unrealized gain (loss)			(0.17	)			(0.05	)			(0.01	)			(0.27	)			0.20				(0.35	)

Total from investment operations			(0.09	)			0.10				0.12				(0.14	)			0.33				(0.20	)


Less dividends and distributions from:
Net investment income			—				(0.14	)			(0.11	)			(0.18	)			(0.15	)			(0.08	)
Net realized gain			—				—				—				(0.02	)			—				(0.03	)

Total dividends and distributions			—				(0.14	)			(0.11	)			(0.20	)			(0.15	)			(0.11	)


Net asset value, end of period		$	9.25			$	9.34			$	9.38			$	9.37			$	9.71			$	9.53


Total return³			(0.96%	)			1.06%				1.27%				(1.39%	)			3.44%				(2.06%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	95,415			$	105,194			$	124,024			$	153,266			$	166,154			$	161,353
Ratio of expenses to average net assets			1.84%				1.85%				1.92%				1.98%				1.92%				1.99%
Ratio of expenses to average net assets prior to fees waived⁴			1.84%				1.85%				1.93%				1.98%				1.92%				2.02%
Ratio of net investment income to average net assets			1.70%				1.54%				1.37%				1.38%				1.36%				1.56%
Ratio of net investment income to average net assets prior to fees waived⁴			1.70%				1.54%				1.36%				1.38%				1.36%				1.53%
Portfolio turnover			273%				403%				419%				536%				482%⁵				323%⁵

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁵

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


96

Optimum Fixed Income Fund Institutional Class

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


	Six months ended 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	9.34			$	9.39			$	9.37			$	9.72			$	9.54			$	9.85

Income (loss) from investment operations:
Net investment income²			0.13				0.24				0.23				0.23				0.23				0.24
Net realized and unrealized gain (loss)			(0.17	)			(0.05	)			(0.01	)			(0.28	)			0.19				(0.34	)

Total from investment operations			(0.04	)			0.19				0.22				(0.05	)			0.42				(0.10	)


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

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


Net asset value, end of period		$	9.30			$	9.34			$	9.39			$	9.37			$	9.72			$	9.54


Total return³			(0.43%	)			1.96%				2.40%				(0.48%	)			4.47%				(1.05%	)

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	2,187,363			$	1,882,394			$	1,725,289			$	1,892,775			$	1,826,156			$	1,509,156
Ratio of expenses to average net assets			0.84%				0.85%				0.92%				0.98%				0.92%				0.99%
Ratio of expenses to average net assets prior to fees waived⁴			0.84%				0.85%				0.93%				0.98%				0.92%				1.02%
Ratio of net investment income to average net assets			2.70%				2.54%				2.37%				2.38%				2.36%				2.56%
Ratio of net investment income to average net assets prior to fees waived⁴			2.70%				2.54%				2.36%				2.38%				2.36%				2.53%
Portfolio turnover			273%				403%				419%				536%				482%⁵				323%⁵

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁵

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


			(continues	)		97

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	14.42			$	12.27			$	10.95			$	11.66			$	12.57			$	10.97

Income (loss) from investment operations:
Net investment income²			0.12				0.12				0.11				0.08				0.06				0.14
Net realized and unrealized gain (loss)			(0.36	)			2.29				1.31				(0.73	)			(0.84	)			1.54

Total from investment operations			(0.24	)			2.41				1.42				(0.65	)			(0.78	)			1.68


Less dividends and distributions from:
Net investment income			—				(0.11	)			(0.10	)			(0.06	)			(0.13	)			(0.08	)

Net realized gain			—				(0.15	)			—				—				—				—

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


Net asset value, end of period		$	14.18			$	14.42			$	12.27			$	10.95			$	11.66			$	12.57


Total return³			(1.87%	)			19.74%				13.08%				(5.58%	)			(6.25%	)			15.31%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	7,956			$	8,704			$	8,680			$	9,117			$	10,291			$	11,277
Ratio of expenses to average net assets⁴			1.35%				1.36%				1.48%				1.56%				1.47%				1.68%
Ratio of net investment income to average net assets⁴			1.60%				0.90%				0.93%				0.74%				0.51%				1.20%
Portfolio turnover			40%				52%				68%				47%				117%				126%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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


98

Optimum International Fund Class C

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


	Six months ended 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	14.06			$	11.98			$	10.69			$	11.41			$	12.29			$	10.76

Income (loss) from investment operations:
Net investment income (loss)²			0.06				0.02				0.02				—	³			(0.03	)			0.06
Net realized and unrealized gain (loss)			(0.35	)			2.23				1.30				(0.72	)			(0.83	)			1.51

Total from investment operations			(0.29	)			2.25				1.32				(0.72	)			(0.86	)			1.57


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

Net realized gain			—				(0.15	)			—				—				—				—

Total dividends and distributions			—				(0.17	)			(0.03	)			—				(0.02	)			(0.04	)


Net asset value, end of period		$	13.77			$	14.06			$	11.98			$	10.69			$	11.41			$	12.29


Total return⁴			(2.27%	)			18.82%				12.32%				(6.31%	)			(7.00%	)			14.56%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	24,217			$	28,046			$	29,544			$	31,777			$	35,996			$	37,893
Ratio of expenses to average net assets⁵			2.10%				2.11%				2.23%				2.31%				2.22%				2.36%
Ratio of net investment income (loss) to average net assets⁵			0.85%				0.15%				0.18%				(0.01%	)			(0.24%	)			0.52%
Portfolio turnover			40%				52%				68%				47%				117%				126%

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

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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


			(continues	)		99

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	14.52			$	12.35			$	11.02			$	11.74			$	12.66			$	11.05

Income (loss) from investment operations:
Net investment income²			0.13				0.16				0.14				0.11				0.09				0.18
Net realized and unrealized gain (loss)			(0.35	)			2.31				1.32				(0.74	)			(0.85	)			1.55

Total from investment operations			(0.22	)			2.47				1.46				(0.63	)			(0.76	)			1.73


Less dividends and distributions from:
Net investment income			—				(0.15	)			(0.13	)			(0.09	)			(0.16	)			(0.12	)

Net realized gain			—				(0.15	)			—				—				—				—

Total dividends and distributions			—				(0.30	)			(0.13	)			(0.09	)			(0.16	)			(0.12	)


Net asset value, end of period		$	14.30			$	14.52			$	12.35			$	11.02			$	11.74			$	12.66


Total return³			(1.72%	)			20.05%				13.36%				(5.38%	)			(6.04%	)			15.79%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	545,439			$	629,934			$	525,431			$	542,055			$	477,884			$	589,098
Ratio of expenses to average net assets⁴			1.10%				1.11%				1.23%				1.31%				1.22%				1.36%
Ratio of net investment income to average net assets⁴			1.85%				1.15%				1.18%				0.99%				0.76%				1.52%
Portfolio turnover			40%				52%				68%				47%				117%				126%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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


100

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14
Net asset value, beginning of period		$	17.22			$	16.84			$	14.97			$	17.00			$	16.39			$	14.53

Income (loss) from investment operations:
Net investment loss²			(0.03	)			(0.06	)			(0.06	)			(0.10	)			(0.08	)			(0.10	)
Net realized and unrealized gain (loss)			2.10				3.70				2.52				(0.20	)			2.71				3.63

Total from investment operations			2.07				3.64				2.46				(0.30	)			2.63				3.53


Less dividends and distributions from:
Net realized gain			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)

Total dividends and distributions			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)


Net asset value, end of period		$	19.29			$	17.22			$	16.84			$	14.97			$	17.00			$	16.39


Total return³			12.02%				22.17%				16.83%				(2.27%)				17.27%				25.17%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	32,180			$	32,254			$	32,215			$	33,787			$	40,790			$	39,044
Ratio of expenses to average net assets			1.25%				1.26%				1.35%				1.42%				1.37%				1.54%
Ratio of expenses to average net assets prior to fees waived⁴			1.25%				1.26%				1.38%				1.44%				1.37%				1.55%
Ratio of net investment loss to average net assets			(0.30%	)			(0.31%	)			(0.35%	)			(0.62%	)			(0.50%	)			(0.62%	)
Ratio of net investment loss to average net assets prior to fees waived⁴			(0.30%	)			(0.31%	)			(0.38%	)			(0.64%	)			(0.50%	)			(0.63%	)
Portfolio turnover			14%				77%⁵				52%				88%				86%				98%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁵	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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


			(continues	)		101

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14
Net asset value, beginning of period		$	14.62			$	14.81			$	13.34			$	15.44			$	15.16			$	13.63

Income (loss) from investment operations:
Net investment loss²			(0.08	)			(0.17	)			(0.15	)			(0.20	)			(0.19	)			(0.19	)
Net realized and unrealized gain (loss)			1.77				3.24				2.21				(0.17	)			2.49				3.39

Total from investment operations			1.69				3.07				2.06				(0.37	)			2.30				3.20


Less dividends and distributions from:
Net realized gain			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)

Total dividends and distributions			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)


Net asset value, end of period		$	16.31			$	14.62			$	14.81			$	13.34			$	15.44			$	15.16


Total return³			11.56%				21.30%				15.88%				(2.98%	)			16.44%				24.27%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	92,142			$	97,658			$	105,082			$	114,907			$	137,892			$	127,540
Ratio of expenses to average net assets			2.00%				2.01%				2.10%				2.17%				2.12%				2.22%
Ratio of expenses to average net assets prior to fees waived⁴			2.00%				2.01%				2.13%				2.19%				2.12%				2.23%
Ratio of net investment loss to average net assets			(1.05%	)			(1.06%	)			(1.10%	)			(1.37%	)			(1.25%	)			(1.30%	)
Ratio of net investment loss to average net assets prior to fees waived⁴			(1.05%	)			(1.06%	)			(1.13%	)			(1.39%	)			(1.25%	)			(1.31%	)
Portfolio turnover			14%				77%⁵				52%				88%				86%				98%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁵	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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

102

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	18.46			$	17.81			$	15.76			$	17.76			$	17.00			$	14.97

Income (loss) from investment operations:
Net investment loss²			(0.01	)			(0.01	)			(0.02	)			(0.06	)			(0.04	)			(0.05	)
Net realized and unrealized gain (loss)			2.25				3.92				2.66				(0.21	)			2.82				3.75

Total from investment operations			2.24				3.91				2.64				(0.27	)			2.78				3.70


Less dividends and distributions from:
Net investment income			—				—				—				—				—				—	³
Net realized gain			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)

Total dividends and distributions			—				(3.26	)			(0.59	)			(1.73	)			(2.02	)			(1.67	)


Net asset value, end of period		$	20.70			$	18.46			$	17.81			$	15.76			$	17.76			$	17.00


Total return⁴			12.13%				22.50%				17.14%				(2.00%	)			17.55%				25.51%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,585,689			$	1,610,343			$	1,348,419			$	1,356,335			$	1,413,059			$	1,026,377
Ratio of expenses to average net assets			1.00%				1.01%				1.10%				1.17%				1.12%				1.22%
Ratio of expenses to average net assets prior to fees waived⁵			1.00%				1.01%				1.13%				1.19%				1.12%				1.23%
Ratio of net investment loss to average net assets			(0.05%	)			(0.06%	)			(0.10%	)			(0.37%	)			(0.25%	)			(0.30%	)
Ratio of net investment loss to average net assets prior to fees waived⁵			(0.05%	)			(0.06%	)			(0.13%	)			(0.39%	)			(0.25%	)			(0.31%	)
Portfolio turnover			14%				77%⁶				52%				88%				86%				98%

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, 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.

⁴

⁵	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁶	As a result of ClearBridge Investments LLC replacing Fred Alger Management Inc. as one of the sub-advisors to Optimum Large Cap Growth Fund during the Fund’s fiscal year ending March 31, 2018, the Fund’s portfolio turnover rate increased during the year ended March 31, 2018.

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


			(continues	)		103

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	15.89		$	15.42			$	15.13			$	16.01			$	15.36			$	12.90

Income (loss) from investment operations:
Net investment income²			0.09			0.17				0.17				0.17				0.12				0.16
Net realized and unrealized gain (loss)			0.70			1.19				2.04				(0.89	)			0.70				2.40

Total from investment operations			0.79			1.36				2.21				(0.72	)			0.82				2.56


Less dividends and distributions from:
Net investment income			—			(0.16	)			(0.18	)			(0.16	)			(0.17	)			(0.10	)
Net realized gain			—			(0.73	)			(1.74	)			—				—				—

Total dividends and distributions			—			(0.89	)			(1.92	)			(0.16	)			(0.17	)			(0.10	)


Net asset value, end of period		$	16.68		$	15.89			$	15.42			$	15.13			$	16.01			$	15.36


Total return³			4.97%			8.68%				14.99%				(4.54%	)			5.34%				19.96%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	25,434		$	26,448			$	28,739			$	30,502			$	35,952			$	37,299
Ratio of expenses to average net assets			1.20%			1.21%				1.33%				1.40%				1.33%				1.50%
Ratio of expenses to average net assets prior to fees waived⁴			1.20%			1.21%				1.34%				1.41%				1.33%				1.51%
Ratio of net investment income to average net assets			1.15%			1.05%				1.06%				1.07%				0.79%				1.12%
Ratio of net investment income to average net assets prior to fees waived⁴			1.15%			1.05%				1.05%				1.06%				0.79%				1.11%
Portfolio turnover			8%			25%				82%⁵				39%				35%				37%

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

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

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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.

104

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	15.69		$	15.25			$	14.99			$	15.85			$	15.22			$	12.78

Income (loss) from investment operations:
Net investment income²			0.03			0.05				0.05				0.05				0.01				0.06
Net realized and unrealized gain (loss)			0.69			1.17				2.01				(0.87	)			0.67				2.39

Total from investment operations			0.72			1.22				2.06				(0.82	)			0.68				2.45


Less dividends and distributions from:
Net investment income			—			(0.05	)			(0.06	)			(0.04	)			(0.05	)			(0.01	)
Net realized gain			—			(0.73	)			(1.74	)			—				—				—

Total dividends and distributions			—			(0.78	)			(1.80	)			(0.04	)			(0.05	)			(0.01	)


Net asset value, end of period		$	16.41		$	15.69			$	15.25			$	14.99			$	15.85			$	15.22


Total return³			4.59%			7.82%				14.13%				(5.19%	)			4.48%				19.17%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	75,934		$	82,610			$	95,495			$	103,693			$	122,772			$	123,541
Ratio of expenses to average net assets			1.95%			1.96%				2.08%				2.15%				2.08%				2.18%
Ratio of expenses to average net assets prior to fees waived⁴			1.95%			1.96%				2.09%				2.16%				2.08%				2.19%
Ratio of net investment income to average net assets			0.40%			0.30%				0.31%				0.32%				0.04%				0.44%
Ratio of net investment income to average net assets prior to fees waived⁴			0.40%			0.30%				0.30%				0.31%				0.04%				0.43%
Portfolio turnover			8%			25%				82%⁵				39%				35%				37%

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

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

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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	)		105

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	15.93		$	15.46			$	15.16			$	16.04			$	15.39			$	12.92

Income (loss) from investment operations:
Net investment income²			0.11			0.21				0.20				0.20				0.17				0.20
Net realized and unrealized gain (loss)			0.70			1.19				2.06				(0.89	)			0.69				2.41

Total from investment operations			0.81			1.40				2.26				(0.69	)			0.86				2.61


Less dividends and distributions from:
Net investment income			—			(0.20	)			(0.22	)			(0.19	)			(0.21	)			(0.14	)
Net realized gain			—			(0.73	)			(1.74	)			—				—				—

Total dividends and distributions			—			(0.93	)			(1.96	)			(0.19	)			(0.21	)			(0.14	)


Net asset value, end of period		$	16.74		$	15.93			$	15.46			$	15.16			$	16.04			$	15.39


Total return³			5.09%			8.90%				15.30%				(4.29%	)			5.60%				20.31%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	1,486,173		$	1,372,505			$	1,217,722			$	1,129,606			$	1,146,123			$	1,002,553
Ratio of expenses to average net assets			0.95%			0.96%				1.08%				1.15%				1.08%				1.18%
Ratio of expenses to average net assets prior to fees waived⁴			0.95%			0.96%				1.09%				1.16%				1.08%				1.19%
Ratio of net investment income to average net assets			1.40%			1.30%				1.31%				1.32%				1.04%				1.44%
Ratio of net investment income to average net assets prior to fees waived⁴			1.40%			1.30%				1.30%				1.31%				1.04%				1.43%
Portfolio turnover			8%			25%				82%⁵				39%				35%				37%

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

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

⁴	Expenses paid indirectly were not material and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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.

106

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	15.51			$	13.31			$	10.95			$	15.37			$	15.57			$	14.26

Income (loss) from investment operations:
Net investment loss²			(0.10	)			(0.16	)			(0.14	)			(0.15	)			(0.16	)			(0.19	)
Net realized and unrealized gain (loss)			2.90				3.03				2.50				(2.26	)			1.44				3.07

Total from investment operations			2.80				2.87				2.36				(2.41	)			1.28				2.88


Less dividends and distributions from:
Return of capital			—				—				—				—	³			—				—
Net realized gain			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)

Total dividends and distributions			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)


Net asset value, end of period		$	18.31			$	15.51			$	13.31			$	10.95			$	15.37			$	15.57


Total return⁴			18.05%				21.88%				21.55%				(16.77%	)			8.93%				21.63%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	5,647			$	5,414			$	5,293			$	5,040			$	7,050			$	7,158
Ratio of expenses to average net assets			1.54%				1.55%				1.58%				1.66%				1.63%				1.76%
Ratio of expenses to average net assets prior to fees waived⁵			1.62%				1.63%				1.79%				1.85%				1.77%				1.96%
Ratio of net investment loss to average net assets			(1.14%	)			(1.07%	)			(1.16%	)			(1.09%	)			(1.09%	)			(1.28%	)
Ratio of net investment loss to average net assets prior to fees waived⁵			(1.22%	)			(1.15%	)			(1.37%	)			(1.28%	)			(1.23%	)			(1.48%	)
Portfolio turnover			38%				89%				180%⁶				104%				72%				58%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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	)		107

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	13.32			$	11.59			$	9.61			$	13.86			$	14.29			$	13.28

Income (loss) from investment operations:
Net investment loss²			(0.14	)			(0.23	)			(0.20	)			(0.22	)			(0.25	)			(0.27	)
Net realized and unrealized gain (loss)			2.48				2.63				2.18				(2.02	)			1.30				2.85

Total from investment operations			2.34				2.40				1.98				(2.24	)			1.05				2.58


Less dividends and distributions from:
Return of capital			—				—				—				—	³			—				—
Net realized gain			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)

Total dividends and distributions			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)


Net asset value, end of period		$	15.66			$	13.32			$	11.59			$	9.61			$	13.86			$	14.29


Total return⁴			17.57%				21.06%				20.60%				(17.39%	)			8.08%				20.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	15,964			$	15,925			$	16,668			$	16,972			$	23,206			$	22,581
Ratio of expenses to average net assets			2.29%				2.30%				2.33%				2.41%				2.38%				2.45%
Ratio of expenses to average net assets prior to fees waived⁵			2.37%				2.38%				2.54%				2.60%				2.52%				2.65%
Ratio of net investment loss to average net assets			(1.89%	)			(1.82%	)			(1.91%	)			(1.84%	)			(1.84%	)			(1.97%	)
Ratio of net investment loss to average net assets prior to fees waived⁵			(1.97%	)			(1.90%	)			(2.12%	)			(2.03%	)			(1.98%	)			(2.17%	)
Portfolio turnover			38%				89%				180%⁶				104%				72%				58%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁶

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

108

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	16.63			$	14.19			$	11.65			$	16.17			$	16.27			$	14.78

Income (loss) from investment operations:
Net investment loss²			(0.08	)			(0.13	)			(0.12	)			(0.12	)			(0.13	)			(0.15	)
Net realized and unrealized gain (loss)			3.10				3.24				2.66				(2.39	)			1.51				3.21

Total from investment operations			3.02				3.11				2.54				(2.51	)			1.38				3.06


Less dividends and distributions from:
Return of capital			—				—				—				—	³			—				—
Net realized gain			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)

Total dividends and distributions			—				(0.67	)			—				(2.01	)			(1.48	)			(1.57	)


Net asset value, end of period		$	19.65			$	16.63			$	14.19			$	11.65			$	16.17			$	16.27


Total return⁴			18.16%				22.22%				21.80%				(16.54%	)			9.18%				22.03%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	542,201			$	494,894			$	420,279			$	440,683			$	527,647			$	436,823
Ratio of expenses to average net assets			1.29%				1.30%				1.33%				1.41%				1.38%				1.45%
Ratio of expenses to average net assets prior to fees waived⁵			1.37%				1.38%				1.54%				1.60%				1.52%				1.65%
Ratio of net investment loss to average net assets			(0.89%	)			(0.82%	)			(0.91%	)			(0.84%	)			(0.84%	)			(0.97%	)
Ratio of net investment loss to average net assets prior to fees waived⁵			(0.97%	)			(0.90%	)			(1.12%	)			(1.03%	)			(0.98%	)			(1.17%	)
Portfolio turnover			38%				89%				180%⁶				104%				72%				58%

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

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

³	For the year ended March 31, 2016, return of capital distribution of $8,916 for Institutional Class calculated to a de minimis amount of $0.00 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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁶

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


			(continues	)		109

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14
Net asset value, beginning of period		$	13.66		$	13.77			$	11.53			$	13.64			$	14.88			$	13.74

Income (loss) from investment operations:
Net investment income (loss)²			0.05			0.06				0.08				(0.04	)			(0.09	)			(0.09	)
Net realized and unrealized gain (loss)			0.57			0.59				2.21				(1.58	)			(0.03	)			2.87

Total from investment operations			0.62			0.65				2.29				(1.62	)			(0.12	)			2.78


Less dividends and distributions from:
Net investment income			—			(0.07	)			(0.05	)			—				—				—
Return of capital			—			—				—				—	³			—				—
Net realized gain			—			(0.69	)			—				(0.49	)			(1.12	)			(1.64	)

Total dividends and distributions			—			(0.76	)			(0.05	)			(0.49	)			(1.12	)			(1.64	)


Net asset value, end of period		$	14.28		$	13.66			$	13.77			$	11.53			$	13.64			$	14.88


Total return⁴			4.54%			4.59%				19.84%				(11.96%	)			(0.69%	)			21.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	3,725		$	3,856			$	4,279			$	4,302			$	5,440			$	6,058
Ratio of expenses to average net assets			1.47%			1.48%				1.51%				1.61%				1.62%				1.70%
Ratio of expenses to average net assets prior to fees waived⁵			1.52%			1.54%				1.71%				1.75%				1.68%				1.86%
Ratio of net investment income (loss) to average net assets			0.75%			0.40%				0.64%				(0.35%	)			(0.65%	)			(0.64%	)
Ratio of net investment income (loss) to average net assets prior to fees waived⁵			0.70%			0.34%				0.44%				(0.49%	)			(0.71%	)			(0.80%	)
Portfolio turnover			16%			31%				30%				90%⁶				31%				33%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

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.

110

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 9/30/18¹ (Unaudited)				Year ended
	Six months ended 9/30/18¹ (Unaudited)				3/31/18				3/31/17				3/31/16				3/31/15				3/31/14

Net asset value, beginning of period		$	12.01			$	12.21			$	10.27			$	12.30			$	13.63			$	12.80

Income (loss) from investment operations:
Net investment loss²			—				(0.04	)			(0.01	)			(0.12	)			(0.18	)			(0.18	)
Net realized and unrealized gain (loss)			0.50				0.53				1.95				(1.42	)			(0.03	)			2.65

Total from investment operations			0.50				0.49				1.94				(1.54	)			(0.21	)			2.47


Less dividends and distributions from:
Return of capital			—				—				—				—	³			—				—
Net realized gain			—				(0.69	)			—				(0.49	)			(1.12	)			(1.64	)

Total dividends and distributions			—				(0.69	)			—				(0.49	)			(1.12	)			(1.64	)


Net asset value, end of period		$	12.51			$	12.01			$	12.21			$	10.27			$	12.30			$	13.63


Total return⁴			4.16%				3.85%				18.89%				(12.62%	)			(1.45%	)			21.08%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	11,059			$	12,030			$	14,268			$	15,136			$	19,245			$	20,846
Ratio of expenses to average net assets			2.22%				2.23%				2.26%				2.36%				2.37%				2.40%
Ratio of expenses to average net assets prior to fees waived⁵			2.27%				2.29%				2.46%				2.50%				2.43%				2.56%
Ratio of net investment loss to average net assets			0.00%				(0.35%	)			(0.11%	)			(1.10%	)			(1.40%	)			(1.34%	)
Ratio of net investment loss to average net assets prior to fees waived⁵			(0.05%	)			(0.41%	)			(0.31%	)			(1.24%	)			(1.46%	)			(1.50%	)
Portfolio turnover			16%				31%				30%				90%⁶				31%				33%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁶

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


			(continues	)		111

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 9/30/18¹ (Unaudited)			Year ended
	Six months ended 9/30/18¹ (Unaudited)			3/31/18				3/31/17				3/31/16				3/31/15				3/31/14
Net asset value, beginning of period		$	14.45		$	14.52			$	12.16			$	14.31			$	15.53			$	14.23

Income (loss) from investment operations:
Net investment income (loss)²			0.08			0.10				0.12				(0.01	)			(0.06	)			(0.05	)
Net realized and unrealized gain (loss)			0.60			0.63				2.32				(1.65	)			(0.04	)			3.00

Total from investment operations			0.68			0.73				2.44				(1.66	)			(0.10	)			2.95


Less dividends and distributions from:
Net investment income			—			(0.11	)			(0.08	)			—				—				(0.01	)
Return of capital			—			—				—				—	³			—				—
Net realized gain			—			(0.69	)			—				(0.49	)			(1.12	)			(1.64	)

Total dividends and distributions			—			(0.80	)			(0.08	)			(0.49	)			(1.12	)			(1.65	)


Net asset value, end of period		$	15.13		$	14.45			$	14.52			$	12.16			$	14.31			$	15.53


Total return⁴			4.63%			4.87%				20.05%				(11.67%)				(0.53%)				22.29%

Ratios and supplemental data:
Net assets, end of period (000 omitted)		$	536,719		$	442,808			$	406,327			$	441,150			$	499,578			$	439,417
Ratio of expenses to average net assets			1.21%			1.23%				1.26%				1.36%				1.37%				1.40%
Ratio of expenses to average net assets prior to fees waived⁵			1.27%			1.29%				1.46%				1.50%				1.43%				1.56%
Ratio of net investment income (loss) to average net assets			1.00%			0.65%				0.89%				(0.10%	)			(0.40%	)			(0.34%	)
Ratio of net investment income (loss) to average net assets prior to fees waived⁵			0.94%			0.59%				0.69%				(0.24%	)			(0.46%	)			(0.50%	)
Portfolio turnover			16%			31%				30%				90%⁶				31%				33%

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 and had no impact on the ratios disclosed. Expenses paid indirectly for the six months ended Sept. 30, 2018 are reflected on the “Statements of operations.”

⁶

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

112

Notes to financial statements

Optimum Fund Trust

September 30, 2018 (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). Each Fund 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%, which will be incurred 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. Each Fund is an investment company and follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic 946, Financial Services – Investment Companies.

Security Valuation — Equity securities, 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 traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security does not trade, 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 contracts, CDS and interest rate swap options contracts (swaptions) 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


			(continues	)		113

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

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 event occurs, each Fund may value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing). Restricted securities are valued at fair value using methods approved by the Board.

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken or expected to be taken on each Fund’s federal income tax returns through the six months ended Sept. 30, 2018 and for all open tax years (years ended March 31, 2015–March 31, 2018), and has concluded that no provision for federal income tax is required in each 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 on unrecognized tax benefits in interest expense and penalties in other expenses on the “Statements of operations.” During the six months ended Sept. 30, 2018, 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 28, 2018, 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. At Sept. 30, 2018, 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, 2018, the Fund received $812,000 cash collateral for TBA trades, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.” The Fund also received $1,661,452 in securities collateral for TBA trades comprised of US treasury obligations.

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

114

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 receives earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. The expense paid under this arrangement is included on the ”Statements of operations“ under ”Custodian fees“ with the corresponding offset included under ”Less expenses paid indirectly.“ For the six months ended Sept. 30, 2018, each Fund earned the following amounts under this arrangement:

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

$48,356

$206

$861

$3,094

$385

$276

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 included under ”Less expenses paid indirectly.“ For the six months ended Sept. 30, 2018, each Fund earned the following amounts under this arrangement:

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

$457

$426

$494

$489

$482

$485

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

Delaware Management Company (DMC), a series of Macquarie Investment 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


			(continues	)		115

Notes to financial statements

Optimum Fund Trust

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

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.

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


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

116

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 ClearBridge Investments LLC (ClearBridge); 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, 2018, 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
$1,283,707	$1,266,630	$3,013,560	$2,301,754	$1,327,428	$1,293,519

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 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) do not exceed the following percentages of each Fund’s average daily net assets from April 1, 2018 through Sept. 30, 2018. 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 expense waivers and reimbursements apply only to expenses paid directly by each Fund and may only be terminated by agreement of DMC and each Fund. These waivers and reimbursements are accrued daily and received monthly.


	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 27, 2018 – July 29, 2019		0.85%		1.12%		1.02%		0.97%		1.29%		1.21%
Operating expense limitation as a percentage of average daily net assets (per annum) for the period July 29, 2017 – July 26, 2018		0.86%		1.13%		1.02%		0.98%		1.29%		1.22%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Trust. These 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 distribution and dissemination of Funds’ NAV and performance data. For these services the Funds pay DIFSC an asset-based fee, plus certain out-of-pocket expenses and transactional charges. DIFSC’s 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. These amounts are included on the ”Statements of operations“ under ”Accounting fees.“ For the six months ended Sept. 30, 2018, 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

$72,825

$23,497

$61,920

$53,280

$20,461

$18,727


			(continues	)		117

Notes to financial statements

Optimum Fund Trust

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

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, the Trust pays DIFSC the following fee as a percentage of the Trust’s average daily net assets (plus out-of-pocket expenses): 0.0525% of assets up to $7.5 billion; 0.0475% of assets from $7.5 billion to $10 billion; 0.0425% of assets from $10 billion to $12 billion; 0.0375% of assets 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 a minimum fee of $2,000 per class per fund each month, plus out-of-pocket expenses. The fee is calculated daily and paid monthly. 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, 2018, 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

$9,112

$187

$560

$734

$107

$55

For the six months ended Sept. 30, 2018, 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

$2,372

$406

$1,038

$1,470

$109

$195

DMC, DIFSC and DDLP are indirect, wholly owned subsidiaries of Macquarie 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, 2018, 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 International Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund and Optimum Small Cap Value Fund did not engage in Rule 17a-7 securities purchases and/or securities sales for the six months ended Sept. 30, 2018. Pursuant to these procedures, for the six months ended Sept. 30, 2018, Optimum Large Cap Growth Fund engaged in Rule 17a-7 securities sales of $977,410, which resulted in net realized gain (loss) of $302,187 and did not engage in Rule 17a-7 securities purchases.

118

3. Investments

For the six months ended Sept. 30, 2018, 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	$	534,951,870	$	251,346,913	$	251,888,845	$	151,638,848	$	204,312,198	$	154,264,114
Purchases of US government securities		6,133,597,889		—		—		—		—		—
Sales other than US government securities		484,267,158		311,560,688		491,916,731		116,432,179		249,373,790		79,934,020
Sales of US government securities		5,695,258,046		—		—		—		—		—

At Sept. 30, 2018, the cost and unrealized appreciation (depreciation) 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, 2018, 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	$	2,822,197,480		$	534,172,365		$	1,273,012,178		$	1,272,516,292		$	419,511,219		$	474,821,925

Aggregate unrealized appreciation of investments and derivatives	$	21,309,013		$	92,032,946		$	476,263,815		$	342,594,110		$	156,523,267		$	94,569,094
Aggregate unrealized depreciation of investments and derivatives		(46,838,210	)		(27,370,961	)		(34,282,958	)		(31,156,417	)		(8,887,858	)		(19,852,757	)

Net unrealized appreciation (depreciation) of investments and derivatives	$	(25,529,197	)	$	64,661,985		$	441,980,857		$	311,437,693		$	147,635,409		$	74,716,337


			(continues	)		119

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

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. At March 31, 2018, there were no capital loss carryforwards 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. Capital loss carryforwards available to offset future realized capital gains for Optimum Fixed Income Fund at March 31, 2018 were as follows:


	No expiration
	Post-enactment capital loss character
	Short-term			Long-term			Total
Optimum Fixed Income Fund		$	13,150,054		$	21,266,479		$	34,416,533

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.

120

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Sept. 30, 2018:


					Optimum Fixed Income Fund
	Level 1				Level 2				Level 3			Total
Securities
Assets:
Agency, Asset- & Mortgage-Backed Securities		$	—			$	983,709,861			$	—		$	983,709,861
Corporate Debt			—				861,101,813				—			861,101,813
Foreign Debt			—				154,407,714				—			154,407,714
Municipal Bonds			—				15,862,050				—			15,862,050
Loan Agreements¹			—				113,315,395				1,682,866			114,998,261
Common Stock			—				—				—			—
Convertible Preferred Stock¹			5,344,589				2,611,258				—			7,955,847
Preferred Stock			—				2,232,934				—			2,232,934
US Treasury Obligations			—				536,520,248				—			536,520,248
Short-Term Investments			—				119,127,979				—			119,127,979
Options Purchased			—				170,548				—			170,548

Total Value of Securities Before Options Written		$	5,344,589			$	2,789,059,800			$	1,682,866		$	2,796,087,255

Liabilities:
Options Written¹		$	—			$	(32,040	)		$	—		$	(32,040	)

Derivatives²
Assets:
Foreign Currency Exchange Contracts		$	—			$	2,776,668			$	—		$	2,776,668
Futures Contracts			6,226,340				—				—			6,226,340
Swap Contracts			—				8,343,021				—			8,343,021
Liabilities:
Foreign Currency Exchange Contracts			—				(550,374	)			—			(550,374	)
Futures Contracts			(6,675,502	)			—				—			(6,675,502	)
Swap Contracts			—				(640,847	)			—			(640,847	)

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		—			98.54	%		1.46	%	100.00%
Convertible Preferred Stock		67.18	%		32.82	%		—		100.00%

²Foreign currency exchange contracts, futures contracts, and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.


			(continues	)		121

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


	Optimum International Fund
	Level 1			Level 2				Level 3			Total
Securities
Assets:
Common Stock
Australia		$	14,462,940		$	—			$	—		$	14,462,940
Austria			13,536,463			—				—			13,536,463
Bermuda			4,525,991			—				—			4,525,991
Brazil			16,572,327			3,181,083				—			19,753,410
Canada			30,365,671			—				—			30,365,671
Chile			3,147,774			—				—			3,147,774
China/Hong Kong			59,935,308			—				—			59,935,308
Colombia			4,611,146			—				—			4,611,146
Czech Republic			—			2,017,820				—			2,017,820
Denmark			5,718,462			—				—			5,718,462
Finland			6,185,674			—				—			6,185,674
France			42,370,562			—				—			42,370,562
Germany			24,937,244			—				—			24,937,244
Greece			102,561			—				—			102,561
Hungary			1,529,751			—				—			1,529,751
India			11,163,758			—				—			11,163,758
Indonesia			3,085,414			—				—			3,085,414
Ireland			14,736,784			—				—			14,736,784
Israel			20,975,881			—				—			20,975,881
Italy			4,580,736			—				—			4,580,736
Japan			56,142,407			—				—			56,142,407
Luxembourg			144,209			—				—			144,209
Mexico			9,724,615			142,171				—			9,866,786
Netherlands			36,153,065			—				—			36,153,065
Norway			17,330,288			—				—			17,330,288
Poland			1,261,143			—				—			1,261,143
Republic of Korea			17,875,830			—				—			17,875,830
Russia			415,318			—				—			415,318
Singapore			6,969,566			—				—			6,969,566
South Africa			3,151,705			—				—			3,151,705
Spain			21,902,809			—				—			21,902,809
Sweden			4,840,037			—				—			4,840,037
Switzerland			25,588,883			—				—			25,588,883
Taiwan			19,268,504			—				40,243			19,308,747
Thailand			13,328,584			—				—			13,328,584
Turkey			1,949,568			—				—			1,949,568
United Kingdom			33,475,203			—				—			33,475,203
United States			5,449,210			—				335,977			5,785,187
Preferred Stock			6,318,165			—				—			6,318,165
Short-Term Investments			—			5,880,484				—			5,880,484
Securities Lending Collateral			—			23,403,016				—			23,403,016

Total Value of Securities		$	563,833,556		$	34,624,574			$	376,220		$	598,834,350

Derivatives¹
Assets:
Foreign Currency Exchange Contracts		$	—		$	1,200			$	—		$	1,200
Liabilities:
Foreign Currency Exchange Contracts			—			(26	)			—			(26	)

122

¹Foreign Currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.


	Optimum Large Cap Growth Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stock
Consumer Discretionary		$	344,848,938		$	—		$	—		$	344,848,938
Consumer Staples			60,396,215			—			—			60,396,215
Energy			24,491,829			—			—			24,491,829
Financials			92,586,186			—			57,917			92,644,103
Healthcare			264,886,940			—			—			264,886,940
Industrials			138,233,734			—			—			138,233,734
Information Technology			685,520,209			—			—			685,520,209
Materials			31,415,073			—			—			31,415,073
Real Estate			24,177,289			—			—			24,177,289
Utilities			12,732,265			—			—			12,732,265
Convertible Preferred Stock			—			—			10,043,124			10,043,124
Corporate Debt			—			1,705,316			—			1,705,316
Short-Term Investments			—			23,898,000			—			23,898,000

Total Value of Securities		$	1,679,288,678		$	25,603,316		$	10,101,041		$	1,714,993,035


				Optimum Large Cap Value Fund
	Level 1			Level 2			Total
Securities
Assets:
Common Stock		$	1,554,126,482		$	—		$	1,554,126,482
Short-Term Investments			—			29,827,503			29,827,503

Total Value of Securities		$	1,554,126,482		$	29,827,503		$	1,583,953,985


				Optimum Small-Mid Cap Growth Fund
	Level 1			Level 2			Level 3			Total
Securities
Assets:
Common Stock		$	549,132,697		$	—		$	—		$	549,132,697
Convertible Preferred Stock¹			1,716,703			—			4,885,372			6,602,075
Short-Term Investments			—			11,411,856			—			11,411,856

Total Value of Securities		$	550,849,400		$	11,411,856		$	4,885,372		$	567,146,628


	Level 1			Level 3			Total
Convertible Preferred Stock		26.00	%		74.00	%		100	%


			(continues	)		123

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)


				Optimum Small-Mid Cap Value Fund
	Level 1				Level 2			Total
Securities
Assets:
Common Stock		$	540,697,479			$	—		$	540,697,479
Short-Term Investments			—				8,840,783			8,840,783

Total Value of Securities		$	540,697,479			$	8,840,783		$	549,538,262

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, 2018, a portion of Optimum International Fund’s common stock investments were categorized as Level 2.

During the six months ended Sept. 30, 2018, 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. 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. 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, 2018 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

124

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 9/30/18			Year ended 3/31/18			Six months ended 9/30/18			Year ended 3/31/18			Six months ended 9/30/18			Year ended 3/31/18
Shares sold:
Class A		112,755			282,639			7,248			32,258			6,022			72,689
Class C		426,808			617,287			26,882			59,224			30,071			115,858
Institutional Class		49,417,093			43,178,438			4,250,424			8,390,457			6,940,214			13,467,891
Shares issued upon reinvestment of dividends and distributions:
Class A		—			73,931			—			11,816			—			327,335
Class C		—			174,638			—			26,637			—			1,374,702
Institutional Class		—			4,744,885			—			873,668			—			13,415,414

		49,956,656			49,071,818			4,284,554			9,394,060			6,976,307			28,773,889


Shares redeemed:
Class A		(372,085	)		(734,034	)		(49,684	)		(147,929	)		(210,185	)		(440,681	)
Class C		(1,372,530	)		(2,744,699	)		(263,256	)		(557,855	)		(1,060,046	)		(1,905,871	)
Institutional Class		(15,627,341	)		(30,237,929	)		(9,475,839	)		(8,424,316	)		(17,560,202	)		(15,378,250	)

		(17,371,956	)		(33,716,662	)		(9,788,779	)		(9,130,100	)		(18,830,433	)		(17,724,802	)

Net increase (decrease)		32,584,700			15,355,156			(5,504,225	)		263,960			(11,854,126	)		11,049,087


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

	Six months ended 9/30/18			Year ended 3/31/18			Six months ended 9/30/18			Year ended 3/31/18			Six months ended 9/30/18			Year ended 3/31/18
Shares sold:
Class A		12,676			84,253			3,417			19,248			2,129			16,085
Class C		51,713			133,200			5,511			28,529			8,209			29,509
Institutional Class		8,787,168			15,925,346			2,421,374			5,180,608			7,872,362			5,713,301
Shares issued upon reinvestment of dividends and distributions:
Class A		—			91,386			—			16,151			—			15,411
Class C		—			261,551			—			66,430			—			57,132
Institutional Class		—			4,536,599			—			1,240,971			—			1,524,163

		8,851,557			21,032,335			2,430,302			6,551,937			7,882,700			7,355,601


Shares redeemed:
Class A		(151,772	)		(374,848	)		(44,038	)		(84,133	)		(23,550	)		(60,100	)
Class C		(687,506	)		(1,393,295	)		(181,783	)		(337,176	)		(125,721	)		(253,384	)
Institutional Class		(6,155,460	)		(13,097,979	)		(4,589,029	)		(6,285,264	)		(3,034,484	)		(4,580,915	)

		(6,994,738	)		(14,866,122	)		(4,814,850	)		(6,706,573	)		(3,183,755	)		(4,894,399	)

Net increase (decrease)		1,856,819			6,166,213			(2,384,548	)		(154,636	)		4,698,945			2,461,202


			(continues	)		125

Notes to financial statements

Optimum Fund Trust

4. Capital Shares (continued)

Certain shareholders may exchange shares of one class for another class in the same Fund. For the six months ended Sept. 30, 2018 and year ended March 31, 2018 each Fund had the following exchange transactions. These exchange transactions are included as subscriptions and redemptions in the tables above and on the previous page and the ”Statements of changes in net assets.“


					Six months ended 9/30/18
	Exchange Redemptions						Exchange Subscriptions
	Class A Shares		Class C Shares		Institutional Class Shares		Class A Shares		Institutional Class Shares		Value
Optimum Fixed Income Fund		853		717		—		—		1,566		$	14,631
Optimum International Fund		357		1,339		248		1,259		644			5,435
Optimum Large Cap Growth Fund		1,069		3,979		210		225		4,133			80,366
Optimum Large Cap Value Fund		929		3,831		181		182		4,681			75,039
Optimum Small-Mid Cap Growth Fund		167		888		130		499		529			7,648
Optimum Small-Mid Cap Value Fund		129		60		117		123		171			819


	Year ended 3/31/18
	Exchange Redemptions		Exchange Subscriptions
	Class A Shares		Institutional Class Shares		Value
Optimum Fixed Income Fund		12,118		12,116		$	115,129
Optimum International Fund		2,210		2,193			29,216
Optimum Large Cap Growth Fund		6,256		5,915			111,692
Optimum Large Cap Value Fund		6,186		6,170			96,292
Optimum Small-Mid Cap Growth Fund		1,258		1,179			17,354
Optimum Small-Mid Cap Value Fund		845		800			11,661

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 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 also 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, 2018, 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, 2018, Optimum Fixed Income Fund used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies.

126

During the six months ended Sept. 30, 2018, Optimum International Fund, Optimum Large Cap Growth 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.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges 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 $313,000 cash and securities collateral valued at $4,500,535, as margin for open futures contracts. Securities collateral are presented on the ”Schedules of investments“ and cash collateral is included in ”Cash collateral due from brokers“ on the “Statements of assets and liabilities.”

During the six months ended Sept. 30, 2018, 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, 2018, 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, and to receive premiums for writing options.

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.


			(continues	)		127

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by Optimum Fixed Income Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2018, 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, 2018, 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, 2018, the notional value of the protection sold was EUR800,000 and USD32,855,000, 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, 2018, there were no recourse provisions with third parties to recover any amounts paid under the credit derivative agreement (including any purchased credit protection) nor was any collateral held by the Fund and other third parties which the Fund can obtain in the occurrence of a credit event. At Sept. 30, 2018, net unrealized appreciation of the protection sold was $1,205,426.

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, 2018, Optimum Fixed Income Fund used CDS contracts to hedge against credit events, and to gain exposure to certain securities or markets.

128

Swaps Generally. For centrally cleared swaps, 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 by Optimum Fixed Income Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, Optimum Fixed Income 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. 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, 2018, for bilateral derivative contracts, Optimum Fixed Income Fund posted $780,000 in cash collateral for certain open derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Optimum Fixed Income Fund posted $728,562 cash collateral for certain centrally cleared derivatives. The Fund also posted $6,605,831 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. Cash collateral is included in “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, 2018, for bilateral derivative contracts, the Fund received $510,000 in cash collateral, which is included in 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, 2018 were as follows:


	Asset Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Equity Contracts		Interest rate Contracts			Credit Contracts			Total
Unrealized appreciation of foreign currency exchange contracts		$	2,776,668		$—		$	—		$	—		$	2,776,668
Variation margin due from broker on futures contracts*			6,034,860		—			191,480			—			6,226,340
Variation margin due to brokers on centrally cleared credit default swap contracts**			—		—			—			4,802			4,802
Variation margin due to brokers on centrally cleared interest rate swap contracts**			—		—			7,131,570			—			7,131,570
Unrealized appreciation of credit default swap contracts			—		—			—			1,206,649			1,206,649

Total		$	8,811,528		$—		$	7,323,050		$	1,211,451		$	17,346,029


			(continues	)		129

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)


	Liability Derivatives Fair Value
Statements of Assets and Liabilities Location	Currency Contracts			Equity Contracts			Interest Contracts			Credit Contracts			Total
Unrealized depreciation of foreign currency exchange contracts		$	550,374		$	—		$	—		$	—		$	550,374
Variation margin due from broker on futures contracts*			—			—			6,675,502			—			6,675,502
Options written, at value			—			—			32,040			—			32,040
Variation margin due to brokers on centrally cleared credit default swap contracts**			—			—			—			40,307			40,307
Variation margin due to brokers on centrally cleared interest rate swap contracts**			—			—			594,515			—			594,515
Unrealized depreciation of credit default swap contracts			—			—			—			6,025			6,025

Total		$	550,374		$	—		$	7,302,057		$	46,332		$	7,898,763

*Includes cumulative appreciation (depreciation) of futures contracts from the date the contracts were opened through Sept. 30, 2018. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

**Includes cumulative appreciation (depreciation) of centrally cleared swap contracts from the date the contracts were opened through Sept. 30, 2018. 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, 2018 was as follows:


	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts				Options Purchased				Options Written			Swap Contracts				Total
Currency contracts		$	7,291,879		$	729,237			$	—			$	4,707		$	(101,361	)		$	7,924,462
Equity contracts			—			(982,447	)			—				—			—				(982,447	)
Interest rate contracts			—			1,793,300				(489,607	)			730,684			796,289				2,830,666
Credit contracts			—			—				—				23,852			(836,682	)			(812,830	)

Total		$	7,291,879		$	1,540,090			$	(489,607	)		$	759,243		$	(141,754	)		$	8,959,851

130


	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign
	Currency
	Exchange			Futures				Options			Options				Swap
	Contracts			Contracts				Purchased			Written				Contracts			Total
Currency contracts		$	2,165,224		$	500,054			$	—		$	(1,268	)		$	—		$	2,664,010
Equity contracts			—			(144,115	)			—			—				—			(144,115	)
Interest rate contracts			—			(9,658,872	)			244,368			(245,125	)			2,025,868			(7,633,761	)
Credit contracts			—			—				—			(282	)			166,673			166,391

Total		$	2,165,224		$	(9,302,933	)		$	244,368		$	(246,675	)		$	2,192,541		$	(4,947,475	)

During the six months ended Sept. 30, 2018, Optimum International Fund, Optimum Large Cap Growth Fund, and Optimum Large Cap Value Fund experienced net realized and unrealized gains or losses attributable to foreign currency holdings, which are disclosed on the “Statements of assets and liabilities” and/or “Statements of operations.”

Derivatives Generally. The tables below summarize the average balance of derivative holdings by the Funds during the six months ended Sept. 30, 2018:


	Long Derivative Volume
	Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap
	Fund			Fund			Growth Fund			Value Fund
Foreign currency exchange contracts (average cost)		USD	45,361,665		USD	1,537,202		USD	104,365		USD	4,637
Futures contracts (average notional value)			708,429,397			—			—			—
Options contracts (average notional value)			133,445			—			—			—
CDS contracts (average notional value)^*		EUR	406,220			—			—			—
		USD	21,210,079			—			—			—

Interest rate swap contracts (average notional value)^**		MXN	8,925,984			—			—			—
		USD	181,818,110			—			—			—

	Short Derivative Volume
	Optimum			Optimum			Optimum			Optimum
	Fixed Income			International			Large Cap			Large Cap
	Fund			Fund			Growth Fund			Value Fund
Foreign currency exchange contracts (average cost)		USD	176,554,607		USD	1,873,812		USD	10,305		USD	—
Futures contracts (average notional value)			681,751,536			—			—			—
Options contracts (average notional value)			184,418			—			—			—
CDS contracts (average notional value)^*		EUR	800,000			—			—			—
		USD	32,017,205			—			—			—

Interest rate swap contracts (average notional value)^**		GBP	26,700,000			—			—			—
		JPY	5,066,377,953			—			—			—
		USD	330,049,803			—			—			—

*Long represents buying protection and short represents selling protection.

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


			(continues	)		131

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, 2018, 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
	Gross Value of			Gross Value of
Counterparty	Derivative Asset			Derivative Liability				Net Position
Bank of America Merrill Lynch		$	47,681		$	(25,977	)		$	21,704
BNP Paribas			1,772,196			(283,382	)			1,488,814
BNY Mellon			5			(3	)			2
Citigroup Global Markets			744,382			(12,001	)			732,381
Deutsche Bank			1,054,733			—				1,054,733
Goldman Sachs			98,427			(1,461	)			96,966
Hong Kong Shanghai Bank			33,893			(11,543	)			22,350
JPMorgan Chase Bank			233,994			(156,221	)			77,773
Morgan Stanley Capital			514,510			(518,474	)			(3,964	)
Toronto Dominion Bank			—			(61,246	)			(61,246	)

Total		$	4,499,821		$	(1,070,308	)		$	3,429,513

132


					Fair Value of							Fair Value of
					Non-Cash			Cash Collateral				Non-Cash				Cash Collateral
Counterparty	Net Position				Collateral Received			Received^(a)				Collateral Pledged				Pledged			Net Exposure^(b)
Bank of America Merrill Lynch		$	21,704			$	—		$	—			$	—			$	—		$	21,704
BNP Paribas			1,488,814				—			—				(1,328,000	)			—			160,814
BNY Mellon			2				—			—				—				—			2
Citigroup Global Markets			732,381				—			(400,000	)			—				—			332,381
Deutsche Bank			1,054,733				—			(110,000	)			—				—			944,733
Goldman Sachs			96,966				—			—				—				—			96,966
Hong Kong Shanghai Bank			22,350				—			—				—				—			22,350
JPMorgan Chase Bank			77,773				—			—				—				—			77,773
Morgan Stanley Capital			(3,964	)			—			—				—				3,964			—
Toronto Dominion Bank			(61,246	)			—			—				—				—			(61,246	)

Total		$	3,429,513			$	—		$	(510,000	)		$	(1,328,000	)		$	3,964		$	1,595,477

Master Repurchase Agreements

Repurchase agreements are entered into by each Fund under Master Repurchase Agreements (each, an “MRA”). The MRA permits each Fund, under certain circumstances including an event of default (such as bankruptcy or insolvency), to offset payables and/or receivables with collateral held by and/or posted to the counterparty. As a result, one single net payment is created. Bankruptcy or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against such a right of offset in the event of the MRA counterparty’s bankruptcy or insolvency. Based on the terms of the MRA, each Fund receives securities as collateral with a market value in excess of the repurchase price at maturity. Upon a bankruptcy or insolvency of the MRA counterparty, each Fund would recognize a liability with respect to such excess collateral. The liability reflects each Fund’s obligation under bankruptcy law to return the excess to the counterparty. As of Sept. 30, 2018, the following table is a summary of each Fund’s repurchase agreements by counterparty which are subject to offset under an MRA:


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

Bank of America Merrill Lynch		$	6,740,489		$	(6,740,489	)		$	—		$	(6,740,489	)		$	—
Bank of Montreal			18,536,345			(18,536,345	)			—			(18,536,345	)			—
BNP Paribas			25,447,166			(25,447,166	)			—			(25,447,166	)			—
JPMC			44,100,000			(44,100,000	)			—			(44,100,000	)			—

Total		$	94,824,000		$	(94,824,000	)		$	—		$	(94,824,000	)		$	—


			(continues	)		133

Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)


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

Bank of America Merrill Lynch		$	729,010		$	(729,010	)		$	—		$	(729,010	)		$	—
Bank of Montreal			2,004,779			(2,004,779	)			—			(2,004,779	)			—
BNP Paribas			2,752,211			(2,752,211	)			—			(2,752,211	)			—

Total		$	5,486,000		$	(5,486,000	)		$	—		$	(5,486,000	)		$	—


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

Bank of America Merrill Lynch		$	3,175,700		$	(3,175,700)			$	—		$	(3,175,700)			$	—
Bank of Montreal			8,733,175			(8,733,175	)			—			(8,733,175	)			—
BNP Paribas			11,989,125			(11,989,125	)			—			(11,989,125	)			—

Total		$	23,898,000		$	(23,898,000	)		$	—		$	(23,898,000	)		$	—


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

Bank of America Merrill Lynch		$	2,574,791		$	(2,574,791)			$	—		$	(2,574,791)			$	—
Bank of Montreal			7,080,676			(7,080,676	)			—			(7,080,676	)			—
BNP Paribas			9,720,533			(9,720,533	)			—			(9,720,533	)			—

Total		$	19,376,000		$	(19,376,000	)		$	—		$	(19,376,000	)		$	—


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

Bank of America Merrill Lynch		$	903,224		$	(903,224)			$	—		$	(903,224)			$	—
Bank of Montreal			2,483,864			(2,483,864	)			—			(2,483,864	)			—
BNP Paribas			3,409,912			(3,409,912	)			—			(3,409,912	)			—

Total		$	6,797,000		$	(6,797,000	)		$	—		$	(6,797,000	)		$	—

134


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

Bank of America Merrill Lynch		$	853,524		$	(853,524	)		$	—		$	(853,524	)		$	—
Bank of Montreal			2,347,192			(2,347,192	)			—			(2,347,192	)			—
BNP Paribas			3,222,284			(3,222,284	)			—			(3,222,284	)			—

Total		$	6,423,000		$	(6,423,000	)		$	—		$	(6,423,000	)		$	—

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 (See also Note 7).

As of Sept. 30, 2018, the following table is a summary of Optimum International Fund’s securities lending agreements by counterparty which are subject to offset under an MSLA:



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

The Bank of New York Mellon		$	24,598,358		$	(23,381,265	)		$	(1,217,093	)		$	—

^(a) The value of the related collateral exceeded the value of the repurchase agreements and securities lending transactions as of Sept. 30, 2018.

^(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 which are the subject of such loan, the borrower will be notified to provide additional collateral by the end of the following business day, which, together with the collateral already held, will be not less than the applicable initial collateral requirements for such security loan. If the aggregate market value of securities collateral and cash collateral held with respect to a security loan exceeds the applicable initial collateral requirement, upon 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. The collateral percentage with respect to the market value of the loaned security is determined by the security lending agent.

Cash collateral received by each fund 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


			(continues	)		135

Notes to financial statements

Optimum Fund Trust

7. Securities Lending (continued)

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 is 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, 2018, 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, 2018 for Optimum International Fund:


	Overnight
	and			Under			Between			Over
Securities Lending Transactions	Continuous			30 days			30 & 90 days			90 days			Total
Certificates of Deposit,
Repurchase Agreements, and Short-Term Floating Rate Notes		$	23,403,016		$	—		$	—		$	—		$	23,403,016

At Sept. 30, 2018, the value of securities on loan for Optimum International Fund was $24,598,358, for which the Fund received cash collateral of $23,381,265 and non-cash collateral with a fair value of $1,217,093. At Sept. 30, 2018, the value of invested collateral was $23,403,016. Investments purchased with cash collateral are presented on the “Schedules of investments” under the caption “Securities Lending Collateral.”

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.

When interest rates rise, fixed income securities (i.e., debt obligations) generally will decline in value. These declines in value are greater for fixed income securities with longer maturities or durations.

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

136

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, 2018. 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.” Restricted securities are valued pursuant to the security valuation procedures described in Note 1.

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. Management believes 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, 2018 that resulted in a net decrease in the Fund’s NAV to reflect this likely recovery.

11. Recent Accounting Pronouncements

In March 2017, the FASB issued an Accounting Standards Update, ASU 2017-08, Receivables — Nonrefundable Fees and Other Costs (Subtopic 310-20), Premium Amortization on Purchased Callable Debt Securities which amends the amortization period for certain purchased callable debt securities held at a premium, shortening such period to the earliest call date. The ASU 2017-08 does not require any accounting change for debt securities held at a discount; the discount continues to be amortized to maturity. The ASU 2017-08 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2018. At this time, management is evaluating the implications of these changes on the financial statements.

In August 2018, the FASB issued an Accounting Standards Update, ASU 2018-13, which changes certain fair value measurement disclosure requirements. The ASU 2018-13, in addition to other modifications and additions, removes the requirement to disclose the amount and reasons for transfers between Level 1 and Level 2 of the fair value hierarchy, the policy for the timing of transfers between levels and the valuation process for Level 3 fair value measurements. The ASU 2018-13 is effective for fiscal years, and interim periods within those fiscal years, beginning after Dec. 15, 2019. At this time, management is evaluating the implications of these changes on the financial statements.

12. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Sept. 30, 2018, that would require recognition or disclosure in the Funds’ financial statements.

138

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 20-21, 2018

At a meeting held Sept. 20-21, 2018 (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”); and (ii) the continuation of Sub-Advisory Agreements for the existing sub-advisers of all the Funds, 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 considering such materials, the Independent Trustees received assistance and advice from and met separately with their independent legal counsel. In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the 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 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.

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. Based upon these considerations, the Board


			(continues	)		139

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 20-21, 2018 (continued)

was satisfied with the nature, extent and quality of the overall services to be provided by the existing sub-advisers to each Fund, as applicable, and its shareholders and was confident in the abilities of the existing sub-advisers 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, 2018, 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, 2018. The Trustees also compared Fund performance to other industry benchmarks, including measures of risk-adjusted performance of a Fund, and reviewed rolling six-month cumulative excess returns (relative to the applicable benchmark) for the Funds and each of their respective sub-advisers, as part of their evaluation of investment performance. 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 second highest performing quintile of its 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 and five year periods, 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, 2018. 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 on a gross basis, the Trustees found the overall comparative performance results of the Fund to be acceptable.

Optimum International Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional international multi-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the highest performing quintile of its Performance Universe for the one year and three year periods, and to be in the middle quintile of its Performance Universe for the five year and ten year periods. 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 on an annualized basis to be in the middle performing quintile of its Performance Universe for the one year, three year, and ten year periods, and to be in the second highest performing quintile of its Performance Universe for the five year period. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the one year, five year and ten year periods ended June 30, 2018. The Trustees found the overall comparative performance results of the Fund to be acceptable.

Optimum Large Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap value funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second lowest performing quintile of its Performance Universe for the one year period, and on an annualized basis to be in the lowest performing quintile of its Performance Universe for the three and five year periods and to be in 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 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, recent performance was that the Fund had outperformed its benchmark on a gross performance basis for the one year period ended June 30, 2017 and the one year period ended June 30, 2018. Lastly, the Fund’s rolling six-month cumulative excess returns versus its benchmark exhibited periods of outperformance since Rothschild was added as a sub-adviser to the Fund. Although the Board was not wholly satisfied with the comparative performance results of the Fund and will continue to monitor such results, the Board believed that Management was taking appropriate actions to improve recent performance, noting the appointment of Rothschild as a sub-adviser to the Fund.

140

Optimum Small-Mid Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional mid-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 middle performing quintile of its Performance Universe for the three and ten year periods, and in the second lowest performing quintile of its Performance Universe for the five year period. The Trustees discussed with Management the reasons for the Fund’s relative underperformance over the five year period 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. In particular, the Board noted that the Fund had outperformed its benchmark on a net basis for the one year period ended June 30, 2018. Although the Trustees were not wholly 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 and their recent outperformance.

Optimum Small-Mid Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the lowest performing quintile of its Performance Universe for the one year period, and on an annualized basis to be in the lowest performing quintile of its Performance 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. It was noted that one of the goals of pairing LSV with Westwood Management Corp. as sub-advisers to the Fund was to have a diversified Fund portfolio with lower correlation between each sub-adviser’s sleeve of the Fund, and Management believes that this goal has led to an attractive pairing of investment styles for the Fund. In addition, the Fund’s rolling six-month cumulative excess returns versus its benchmark exhibited periods of outperformance since LSV was added as a sub-adviser to the Fund. Although the Board was not satisfied with the historical comparative performance for the Fund, the Board believed that Management has taken appropriate actions to improve performance, noting the appointment of LSV as a sub-adviser to the Fund and improved performance during certain recent periods, 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 rankings showed the actual total expenses (taking into account expense waivers) of each Fund to be the highest or towards the highest in its respective Lipper Expense Group, and actual 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 (except for Optimum International Fund which was in the second lowest quintile and Optimum Fixed Income Fund which was in the middle quintile). 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 on a relative basis. The Board also noted the favorable impact of the Fee Restructuring (as defined below) on the Funds’ actual total expense ratios.


			(continues	)		141

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 20-21, 2018 (continued)

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 29, 2019. 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 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 product of arms-length negotiations between DMC and each sub-adviser and are paid by DMC and not the Funds. 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 U.S. 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 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.

142

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.


						143

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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. 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, 2018

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, 2018

RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	December 5, 2018

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