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:	610 Market Street
	Philadelphia, PA 19106

Name and address of agent for service:	Anthony G. Ciavarelli, Esq.
	610 Market Street
	Philadelphia, PA 19106

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

Date of fiscal year end:	March 31

Date of reporting period:	September 30, 2022

Item 1. Reports to Stockholders

Table of Contents

Semiannual report

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, 2022

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

Table of contents

Other than Macquarie Bank Limited ABN 46 008 583 542 (“Macquarie Bank”), any Macquarie Group entity noted in this document is not an authorized deposit-taking institution for the purposes of the Banking Act 1959 (Commonwealth of Australia). The obligations of these other Macquarie Group entities do not represent deposits or other liabilities of Macquarie Bank. Macquarie Bank does not guarantee or otherwise provide assurance in respect of the obligations of these other Macquarie Group entities. In addition, if this document relates to an investment, (a) the investor is subject to investment risk including possible delays in repayment and loss of income and principal invested and (b) none of Macquarie Bank or any other Macquarie Group entity guarantees any particular rate of return on or the performance of the investment, nor do they guarantee repayment of capital in respect of the investment.

The Funds are governed by US laws and regulations.

Unless otherwise noted, views expressed herein are current as of September 30, 2022, and subject to change for events occurring after such date.

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

Macquarie Asset Management (MAM) is the asset management division of Macquarie Group. MAM is a full-service asset manager offering a diverse range of products across public and private markets including fixed income, equities, multi-asset solutions, private credit, infrastructure, renewables, natural assets, real estate, and asset finance. The Public Investments business is a part of MAM which includes investment products and advisory services distributed and offered by and referred through affiliates which include Delaware Distributors, L.P., a registered broker/dealer and member of the Financial Industry Regulatory Authority (FINRA), and Macquarie Investment Management Business Trust (MIMBT), a Securities and Exchange Commission (SEC)-registered investment advisor. Investment advisory services are provided by a series of MIMBT. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

Table of Contents

Disclosure of Fund expenses

For the six-month period from April 1, 2022 to September 30, 2022 (Unaudited)

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

The investment objective of Optimum International Fund is to seek long-term growth of capital, and it 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, and it 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.

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. The 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, 2022 to September 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Optimum Fixed Income Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	893.90		1.06	%	$	5.03
Class C		1,000.00		890.70		1.81	%		8.58
Institutional Class		1,000.00		894.90		0.81	%		3.85
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.75		1.06	%	$	5.37
Class C		1,000.00		1,015.99		1.81	%		9.15
Institutional Class		1,000.00		1,021.01		0.81	%		4.10

Optimum International Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	745.30		1.32	%	$	5.78
Class C		1,000.00		742.50		2.07	%		9.04
Institutional Class		1,000.00		746.80		1.07	%		4.69
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.45		1.32	%	$	6.68
Class C		1,000.00		1,014.69		2.07	%		10.45
Institutional Class		1,000.00		1,019.70		1.07	%		5.42


(continues)	1

Table of Contents

Disclosure of Fund expenses

Optimum Large Cap Growth Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	725.90		1.19	%	$	5.15
Class C		1,000.00		723.10		1.94	%		8.38
Institutional Class		1,000.00		726.50		0.94	%		4.07
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.10		1.19	%	$	6.02
Class C		1,000.00		1,015.34		1.94	%		9.80
Institutional Class		1,000.00		1,020.36		0.94	%		4.76

Optimum Large Cap Value Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	842.20		1.17	%	$	5.40
Class C		1,000.00		839.30		1.92	%		8.85
Institutional Class		1,000.00		843.10		0.92	%		4.25
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20		1.17	%	$	5.92
Class C		1,000.00		1,015.44		1.92	%		9.70
Institutional Class		1,000.00		1,020.46		0.92	%		4.66

Optimum Small-Mid Cap Growth Fund
Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	808.00		1.54	%	$	6.98
Class C		1,000.00		805.10		2.29	%		10.36
Institutional Class		1,000.00		809.20		1.29	%		5.85
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 4/1/22		Ending Account Value 9/30/22		Annualized Expense Ratio			Expenses Paid During Period 4/1/22 to 9/30/22*
Actual Fund return^†
Class A	$	1,000.00	$	784.60		1.44	%	$	6.44
Class C		1,000.00		781.30		2.19	%		9.78
Institutional Class		1,000.00		785.30		1.19	%		5.33
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.85		1.44	%	$	7.28
Class C		1,000.00		1,014.09		2.19	%		11.06
Institutional Class		1,000.00		1,019.10		1.19	%		6.02

*“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.

In addition to the Funds’ expenses reflected above and on the previous page, each Fund also indirectly bears its portion of the fees and expenses of any investment companies (Underlying Funds) in which it invests. The tables above and on the previous page do not reflect the expenses of any Underlying Funds.

Table of Contents

Security type / sector allocations

Optimum Fixed Income Fund

As of September 30, 2022 (Unaudited)

Sector designations may be different from 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 from another fund’s sector designations.

Security type / sector	Percentage of net assets
Agency Asset-Backed Securities		0.02	%
Agency Collateralized Mortgage Obligations		2.66	%
Agency Commercial Mortgage-Backed Securities		0.06	%
Agency Mortgage-Backed Securities		22.22	%
Agency Obligation		0.52	%
Collateralized Debt Obligations		6.32	%
Convertible Bonds		0.16	%
Corporate Bonds		35.67	%
Banking		10.50	%
Basic Industry		1.42	%
Brokerage		0.25	%
Capital Goods		1.07	%
Communications		3.13	%
Consumer Cyclical		2.63	%
Consumer Non-Cyclical		3.44	%
Energy		2.96	%
Finance Companies		2.02	%
Industrials		0.45	%
Insurance		0.78	%
Real Estate Investment Trusts		0.83	%
Technology		1.54	%
Transportation		1.56	%
Utilities		3.09	%
Municipal Bonds		0.79	%
Non-Agency Asset-Backed Securities		2.18	%
Non-Agency Collateralized Mortgage Obligations		1.61	%
Non-Agency Commercial Mortgage-Backed Securities		4.73	%
Loan Agreements		2.82	%
Sovereign Bonds		5.79	%
Supranational Banks		0.00	%
US Treasury Obligations		12.69	%
Common Stocks		0.02	%
Preferred Stock		0.01	%
Options Purchased		0.19	%
Short-Term Investments		28.49	%
Total Value of Securities Before Options Written		126.95	%
Options Written		(0.60	%)
Liabilities Net of Receivables and Other Assets		(26.35	%)
Total Net Assets		100.00	%


(continues)	3

Table of Contents

Security type / sector and country allocations

Optimum International Fund

As of September 30, 2022 (Unaudited)

Security type / country	Percentage of net assets
Common Stocks by Country		97.08	%
Australia		5.49	%
Austria		0.67	%
Belgium		0.00	%
Brazil		2.83	%
Canada		3.23	%
China/Hong Kong		11.03	%
Czech Republic		0.02	%
Denmark		4.96	%
Egypt		0.00	%
Finland		0.72	%
France		5.11	%
Germany		7.85	%
Greece		0.07	%
Hong Kong		0.00	%
Hungary		0.26	%
India		2.80	%
Indonesia		0.88	%
Iraq		0.00	%
Ireland		3.16	%
Israel		1.91	%
Italy		0.90	%
Japan		12.50	%
Luxembourg		0.04	%
Malaysia		0.13	%
Mexico		0.29	%
Netherlands		4.89	%
New Zealand		0.02	%
Norway		1.13	%
Panama		0.56	%
Philippines		0.02	%
Poland		0.31	%
Portugal		0.00	%
Republic of Korea		4.18	%
Russia		0.00	%
Singapore		0.03	%
South Africa		1.26	%
Spain		1.26	%
Sweden		1.98	%
Switzerland		6.68	%
Taiwan		3.81	%
Thailand		1.34	%
Turkey		0.04	%
Ukraine		0.14	%
United Arab Emirates		0.15	%
United Kingdom		2.18	%
United States		2.25	%
Preferred Stocks		1.01	%
Short-Term Investments		1.05	%
Total Value of Securities		99.14	%
Receivables and Other Assets Net of Liabilities		0.86	%
Total Net Assets		100.00	%
Common stocks and preferred stocks by sector	Percentage of net assets
Communication Services		6.58	%
Consumer Discretionary		10.11	%
Consumer Staples		4.81	%
Energy		5.02	%
Financials		15.70	%
Healthcare		8.96	%
Industrials		19.47	%
Information Technology		16.15	%
Materials		9.38	%
Real Estate		0.39	%
Utilities		1.52	%
Total		98.09	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Growth Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks ◆		97.30	%
Communication Services		8.19	%
Consumer Discretionary		17.00	%
Consumer Staples		3.62	%
Energy		0.82	%
Financials		2.31	%
Healthcare		16.75	%
Industrials		7.91	%
Information Technology*		39.12	%
Materials		0.82	%
Real Estate		0.76	%
Exchange-Traded Fund		0.25	%
Short-Term Investments		2.51	%
Total Value of Securities		100.06	%
Liabilities Net of Receivables and Other Assets		(0.06	%)
Total Net Assets		100.00	%

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

*To monitor compliance with the 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, as amended). The Information Technology sector for this Fund consisted of Commercial Services, Computers, Diversified Financial Services, Internet, Machinery-Diversified, Semiconductors, and Software. As of September 30, 2022, such amounts, as a percentage of total net assets were 1.92%, 10.30%, 6.84%, 1.95%, 0.24%, 5.74%, and 12.13%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Information Technology sector for financial reporting purposes may exceed 25%.

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

Top 10 equity holdings	Percentage of net assets
Apple		10.00	%
Amazon.com		7.85	%
Microsoft		6.87	%
UnitedHealth Group		4.92	%
Visa Class A		4.67	%
Tesla		2.81	%
NVIDIA		2.36	%
Mastercard Class A		2.17	%
Alphabet Class C		2.06	%
Alphabet Class A		1.87	%


(continues)	5

Table of Contents

Security type / sector allocations and top 10 equity holdings

Optimum Large Cap Value Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.59	%
Communication Services		5.81	%
Consumer Discretionary		4.43	%
Consumer Staples		4.99	%
Energy		6.99	%
Financials		22.46	%
Healthcare		19.00	%
Industrials		15.38	%
Information Technology		7.70	%
Materials		3.84	%
Real Estate		2.23	%
Utilities		5.76	%
Short-Term Investments		1.45	%
Total Value of Securities		100.04	%
Liabilities Net of Receivables and Other Assets		(0.04	%)
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
JPMorgan Chase & Co.		2.96	%
Johnson & Johnson		2.81	%
Northrop Grumman		2.26	%
ConocoPhillips		2.25	%
Thermo Fisher Scientific		2.13	%
Duke Energy		1.88	%
Honeywell International		1.64	%
Exxon Mobil		1.63	%
Comcast Class A		1.59	%
Lowe’s		1.57	%

Table of Contents

Security type / sector allocations and top 10 equity holdings

Optimum Small-Mid Cap Growth Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks ◆		96.88	%
Communication Services		0.74	%
Consumer Discretionary		9.59	%
Consumer Staples		6.02	%
Energy		3.03	%
Financials		5.39	%
Healthcare*		27.40	%
Industrials		20.41	%
Information Technology		22.22	%
Materials		1.74	%
Real Estate		0.34	%
Convertible Preferred Stock		0.02	%
Warrant		0.00	%
Short-Term Investments		3.13	%
Total Value of Securities		100.03	%
Liabilities Net of Receivables and Other Assets		(0.03	%)
Total Net Assets		100.00	%

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

*To monitor compliance with the Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Healthcare 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, as amended). The Healthcare sector consisted of Biotechnology, Commercial Services, Healthcare-Products, Healthcare-Services, Pharmaceuticals, and Software. As of September 30, 2022, such amounts, as a percentage of total net assets were 5.27%, 1.06%, 7.92%, 4.84%, 2.76%, and 5.55%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentage in the Healthcare sector for financial reporting purposes may exceed 25%.

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
Evolent Health Class A		2.75	%
Option Care Health		1.48	%
Celsius Holdings		1.42	%
Axonics		1.39	%
BJ’s Wholesale Club Holdings		1.31	%
Matador Resources		1.31	%
DoubleVerify Holdings		1.29	%
Academy Sports & Outdoors		1.29	%
Enphase Energy		1.28	%
Dycom Industries		1.26	%


(continues)	7

Table of Contents

Security type / sector allocations and top 10 equity holdings

Optimum Small-Mid Cap Value Fund

As of September 30, 2022 (Unaudited)

Security type / sector	Percentage of net assets
Common Stocks		98.25	%
Communication Services		6.53	%
Consumer Discretionary		10.90	%
Consumer Staples		3.80	%
Energy		6.47	%
Financials		19.77	%
Healthcare		6.06	%
Industrials		13.73	%
Information Technology		9.46	%
Materials		11.76	%
Real Estate		8.12	%
Utilities		1.65	%
Short-Term Investments		1.64	%
Total Value of Securities		99.89	%
Receivables and Other Assets Net of Liabilities		0.11	%
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
Nexstar Media Group Class A		2.93	%
Silgan Holdings		2.86	%
Gaming and Leisure Properties		2.29	%
Ziff Davis		1.71	%
PacWest Bancorp		1.66	%
Ashland		1.61	%
DT Midstream		1.60	%
Lithia Motors		1.45	%
BWX Technologies		1.45	%
Starwood Property Trust		1.44	%

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

September 30, 2022 (Unaudited)

	Principal amount^°		Value (US $)
Agency Asset-Backed Securities – 0.02%
SLM Student Loan Trust Series 2003-11 A6 144A 3.843% (LIBOR03M + 0.55%) 12/15/25 #, ●		9,543	$	9,529
Series 2008-9 A 4.283% (LIBOR03M + 1.50%) 4/25/23 ●		542,879		538,578
Total Agency Asset-Backed Securities (cost $552,509)				548,107

Agency Collateralized Mortgage Obligations – 2.66%
Fannie Mae Connecticut Avenue Securities Series 2017-C04 2M2 5.934% (LIBOR01M + 2.85%) 11/25/29 ●		286,003		287,784
Fannie Mae Grantor Trust Series 1999-T2 A1 7.50% 1/19/39 ●		3,373		3,437
Series 2004-T1 1A2 6.50% 1/25/44		3,235		3,342
Fannie Mae REMIC Trust Series 2004-W11 1A2 6.50% 5/25/44		23,759		24,519
Series 2004-W15 1A1 6.00% 8/25/44		16,028		16,249
Fannie Mae REMICs Series 1999-19 PH 6.00% 5/25/29		27,696		28,277
Series 2001-14 Z 6.00% 5/25/31		1,713		1,730
Series 2007-30 OE 1.784% 4/25/37 Ω, ^		1,316,774		968,910
Series 2008-24 ZA 5.00% 4/25/38		4,362,491		4,361,582
Series 2009-2 AS 2.616% (5.70% minus LIBOR01M, Cap 5.70%) 2/25/39 Σ, ●		244,263		17,017
Series 2009-68 SA 3.666% (6.75% minus LIBOR01M, Cap 6.75%) 9/25/39 Σ, ●		94,023		7,821
Series 2011-118 DC 4.00% 11/25/41		263,804		249,690
Fannie Mae REMICs Series 2017-40 GZ 3.50% 5/25/47		399,984		360,726
Series 2017-95 FA 2.723% (LIBOR01M + 0.35%, Floor 0.35%) 11/25/47 ●		242,153		237,397
Freddie Mac REMICs Series 2165 PE 6.00% 6/15/29		25,407		26,002
Series 3143 BC 5.50% 2/15/36		719,534		736,063
Series 3289 SA 3.932% (6.75% minus LIBOR01M, Cap 6.75%) 3/15/37 Σ, ●		294,759		29,951
Series 4676 KZ 2.50% 7/15/45		383,526		335,678
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2019-DNA4 M2 144A 5.034% (LIBOR01M + 1.95%) 10/25/49 #, ●		128,618		127,882
Series 2019-HQA4 M2 144A 5.134% (LIBOR01M + 2.05%) 11/25/49 #, ●		76,028		75,787
Series 2020-DNA2 M2 144A 4.934% (LIBOR01M + 1.85%) 2/25/50 #, ●		229,983		226,425
Series 2020-DNA6 M2 144A 4.281% (SOFR + 2.00%) 12/25/50 #, ●		3,328,294		3,272,119
Series 2021-DNA1 M2 144A 4.081% (SOFR + 1.80%) 1/25/51 #, ●		6,183,430		5,906,744
Series 2021-DNA3 M2 144A 4.381% (SOFR + 2.10%) 10/25/33 #, ●		2,500,000		2,381,193
Series 2021-DNA5 M2 144A 3.931% (SOFR + 1.65%) 1/25/34 #		3,039,158		2,963,663

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac Structured Agency Credit Risk REMIC Trust Series 2021-HQA1 M2 144A 4.531% (SOFR + 2.25%) 8/25/33 #		7,000,000	$	6,414,131
Series 2021-HQA2 M2 144A 4.331% (SOFR + 2.05%) 12/25/33 #, ●		5,000,000		4,439,780
Series 2022-DNA1 M2 144A 4.781% (SOFR + 2.50%) 1/25/42 #		3,000,000		2,617,495
Series 2022-DNA2 M2 144A 6.031% (SOFR + 3.75%) 2/25/42 #, ●		1,000,000		913,751
Freddie Mac Structured Pass Through Certificates Series T-54 2A 6.50% 2/25/43 ◆		9,882		10,403
Series T-58 2A 6.50% 9/25/43 ◆		3,587		3,642
GNMA Series 2008-65 SB 2.986% (6.00% minus LIBOR01M, Cap 6.00%) 8/20/38 Σ, ●		250,967		13,758
Series 2009-2 SE 2.806% (5.82% minus LIBOR01M, Cap 5.82%) 1/20/39 Σ, ●		838,126		59,487
Series 2011-H21 FT 3.646% (H15T1Y + 0.70%, Cap 15.25%, Floor 0.70%) 10/20/61 ●		3,639,030		3,630,051
Series 2011-H23 FA 3.057% (LIBOR01M + 0.70%, Cap 11.00%, Floor 0.70%) 10/20/61 ●		2,345,139		2,335,111
Series 2012-H08 FB 2.957% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 3/20/62 ●		284,419		282,879
Series 2012-H18 NA 2.877% (LIBOR01M + 0.52%, Cap 10.50%, Floor 0.52%) 8/20/62 ●		178,610		177,606
Series 2012-H29 SA 2.872% (LIBOR01M + 0.515%, Cap 12.00%, Floor 0.515%) 10/20/62 ●		2,904,985		2,880,333
Series 2013-113 LY 3.00% 5/20/43		173,000		155,889
Series 2015-H10 FA 2.957% (LIBOR01M + 0.60%, Cap 7.50%) 4/20/65 ●		8,284,951		8,185,034
Series 2015-H11 FC 2.907% (LIBOR01M + 0.55%, Cap 7.50%, Floor 0.55%) 5/20/65 ●		972,150		960,790
Series 2015-H12 FB 2.957% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 5/20/65 ●		4,110,511		4,068,905
Series 2015-H20 FB 2.957% (LIBOR01M + 0.60%, Cap 7.50%, Floor 0.60%) 8/20/65 ●		1,150,101		1,137,723
Series 2015-H30 FD 2.957% (LIBOR01M + 0.60%, Cap 11.00%, Floor 0.60%) 10/20/65 ●		64,601		64,216
Series 2016-H06 FD 3.277% (LIBOR01M + 0.92%, Cap 7.50%, Floor 0.92%) 7/20/65 ●		1,158,432		1,153,569
Series 2017-163 ZK 3.50% 11/20/47		2,771,735		2,587,378
Total Agency Collateralized Mortgage Obligations (cost $67,854,089)				64,741,919

Table of Contents

	Principal amount^°		Value (US $)
Agency Commercial Mortgage-Backed Securities – 0.06%
Freddie Mac Multifamily Structured Pass Through Certificates Series X3FX A2FX 3.00% 6/25/27 ◆		1,070,000	$	1,007,547
FREMF Mortgage Trust Series 2017-K71 B 144A 3.881% 11/25/50 #, ●		470,000		428,703
Total Agency Commercial Mortgage-Backed Securities (cost $1,516,973)				1,436,250

Agency Mortgage-Backed Securities – 22.22%
Fannie Mae 5.50% 3/1/37		4,747		4,760
Fannie Mae S.F. 15 yr 2.00% 3/1/36		3,280,988		2,895,629
2.50% 7/1/36		6,109,882		5,552,238
Fannie Mae S.F. 20 yr 2.00% 3/1/41		2,990,487		2,505,365
2.00% 5/1/41		2,738,137		2,294,344
3.00% 9/1/37		1,382,728		1,274,745
Fannie Mae S.F. 30 yr 2.00% 12/1/50		8,007,761		6,524,416
2.00% 1/1/51		4,445,586		3,623,529
2.00% 2/1/51		3,800,609		3,099,786
2.00% 3/1/51		5,609,222		4,566,421
2.00% 5/1/51		1,212,074		986,351
2.00% 8/1/51		1,396,717		1,135,646
2.00% 1/1/52		3,954,196		3,218,722
2.50% 10/1/50		1,432,798		1,211,168
2.50% 1/1/51		2,937,723		2,485,568
2.50% 7/1/51		1,278,039		1,078,647
2.50% 8/1/51		7,347,177		6,214,893
2.50% 2/1/52		5,894,324		4,963,689
2.50% 4/1/52		66,092		55,591
3.00% 10/1/42		1,257,375		1,127,722
3.00% 4/1/43		418,507		375,003
3.00% 1/1/47		1,694,782		1,517,475
3.00% 11/1/48		664,894		591,310
3.00% 12/1/49		3,674,357		3,238,957
3.00% 3/1/50		1,660,879		1,471,639
3.00% 7/1/50		803,816		705,287
3.00% 5/1/51		553,740		486,811
3.00% 7/1/51		4,623,410		4,057,991
3.00% 8/1/51		1,700,519		1,488,681
3.00% 12/1/51		518,545		455,581
3.50% 2/1/47		2,329,408		2,139,618
3.50% 7/1/47		1,859,146		1,708,003
3.50% 12/1/47		381,359		347,765
3.50% 1/1/48		887,170		811,523
3.50% 2/1/48		1,627,688		1,487,420
3.50% 7/1/48		1,225,884		1,121,313
3.50% 11/1/48		1,005,514		919,694
3.50% 1/1/50		1,316,664		1,196,229
3.50% 3/1/50		627,697		573,912
3.50% 8/1/50		5,266,482		4,810,762
3.50% 1/1/52		985,888		889,708
3.50% 3/1/52		3,665,682		3,325,897
3.50% 4/1/52		2,648,789		2,389,047
3.50% 5/1/52		3,291,541		2,982,171
4.00% 10/1/40		9,004		8,583
4.00% 11/1/40		37,481		35,547
4.00% 3/1/46		54,732		51,986
4.00% 3/1/47		3,148,256		2,988,680
4.00% 4/1/47		499,112		473,196
4.00% 6/1/48		2,280,828		2,158,884
4.00% 9/1/48		2,766,166		2,613,988
4.00% 10/1/48		2,444,975		2,322,870
4.00% 1/1/49		44,446		41,998
4.00% 3/1/49		126,506		119,536
4.00% 6/1/49		567,416		535,373
4.50% 5/1/35		28,379		27,669
4.50% 8/1/35		48,052		46,853
4.50% 9/1/35		56,015		54,748
4.50% 5/1/39		174,870		171,468
4.50% 6/1/40		134,323		131,767
4.50% 7/1/40		169,612		163,235
4.50% 4/1/41		13,023		12,478
4.50% 1/1/42		1,873,954		1,827,300
4.50% 5/1/46		122,510		120,031
4.50% 4/1/48		695,489		684,488
4.50% 7/1/48		136,335		131,182
4.50% 8/1/48		98,339		94,633
4.50% 9/1/48		227,789		219,781
4.50% 12/1/48		199,324		192,492
4.50% 1/1/49		3,006,479		2,917,280
4.50% 1/1/50		2,039,753		1,986,119
5.00% 3/1/34		890		895
5.00% 4/1/34		4,257		4,285
5.00% 8/1/34		8,154		8,214
5.00% 4/1/35		1,703		1,664
5.00% 12/1/37		707		695
5.00% 3/1/38		43,166		42,866
5.00% 6/1/38		877		856
5.00% 5/1/40		66,220		66,740
5.00% 7/1/47		351,048		353,812
5.00% 7/1/52		3,672,887		3,593,139
5.50% 12/1/33		7,821		7,809

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr 5.50% 2/1/35		137,730	$	142,713
5.50% 5/1/44		4,676,213		4,827,551
6.00% 9/1/36		6,383		6,492
6.00% 8/1/38		12,874		13,090
6.00% 12/1/38		2,839		2,984
6.00% 6/1/41		974,091		1,023,387
6.00% 7/1/41		3,296,363		3,463,939
6.00% 1/1/42		820,396		861,963
6.50% 11/1/33		1,588		1,636
6.50% 2/1/36		26,347		27,333
6.50% 3/1/36		47,352		48,802
6.50% 6/1/36		35,203		36,500
6.50% 2/1/38		10,070		10,378
6.50% 11/1/38		2,047		2,140
Fannie Mae S.F. 30 yr TBA 2.00% 10/1/52		50,200,000		40,634,546
2.50% 10/1/52		37,400,000		31,371,442
3.00% 11/1/52		173,000,000		150,481,905
3.50% 11/1/52		72,100,000		64,836,963
4.50% 10/1/52		6,500,000		6,191,758
5.00% 10/1/52		9,441,000		9,196,172
5.50% 10/1/52		20,319,000		20,195,182
Freddie Mac ARM 2.00% (LIBOR12M + 1.625%, Cap 10.50%, Floor 1.625%) 2/1/38 ●		12,478		12,300
3.555% (LIBOR12M + 2.18%, Cap 10.517%, Floor 2.18%) 5/1/37 ●		44,313		45,163
Freddie Mac S.F. 15 yr 2.00% 12/1/35		2,476,590		2,191,218
3.00% 3/1/35		7,362,293		6,842,532
Freddie Mac S.F. 20 yr 2.00% 3/1/41		3,406,594		2,853,620
2.50% 6/1/41		6,131,954		5,273,770
3.00% 4/1/42		1,793,590		1,590,533
5.50% 10/1/23		1,490		1,485
5.50% 8/1/24		1,362		1,357
Freddie Mac S.F. 30 yr 2.00% 4/1/51		1,440,187		1,172,124
2.00% 9/1/51		4,927,810		4,005,963
2.50% 10/1/50		2,541,392		2,154,855
2.50% 11/1/50		2,340,676		1,977,961
2.50% 2/1/51		4,357,695		3,687,508
2.50% 10/1/51		6,705,624		5,668,686
3.00% 11/1/46		2,350,969		2,091,446
3.00% 11/1/49		2,330,324		2,044,624
3.00% 1/1/50		644,895		568,595
3.00% 12/1/50		177,628		156,192
3.00% 5/1/51		5,764,142		5,111,400
3.00% 8/1/51		1,525,976		1,336,677
3.50% 8/1/48		18,979		17,333
3.50% 9/1/48		1,605,241		1,467,712
3.50% 11/1/48		4,615,447		4,220,804
3.50% 4/1/52		2,097,603		1,894,729
4.00% 12/1/45		446,983		425,765
4.00% 7/1/47		145,886		138,325
4.00% 10/1/47		1,404,379		1,323,624
4.00% 9/1/52		2,018,000		1,875,305
4.50% 8/1/48		827,935		801,797
4.50% 1/1/49		2,946,787		2,847,252
4.50% 3/1/49		179,031		173,178
4.50% 4/1/49		727,103		706,384
4.50% 8/1/49		1,569,408		1,525,452
5.00% 7/1/52		6,154,448		6,022,066
5.50% 9/1/41		1,341,352		1,387,101
5.50% 9/1/52		2,519,000		2,548,127
5.50% 11/1/52		2,567,000		2,554,486
6.50% 11/1/33		14,113		14,560
6.50% 1/1/35		41,446		43,427
7.00% 1/1/38		5,076		5,067
GNMA I S.F. 30 yr 3.00% 8/15/45		4,859,236		4,336,222
3.00% 3/15/50		371,326		328,066
GNMA II S.F. 30 yr 3.00% 8/20/50		758,570		685,263
5.50% 5/20/37		58,784		60,844
6.00% 4/20/34		1,720		1,719
GNMA II S.F. 30 yr TBA 4.00% 10/20/52		6,000,000		5,602,735
Total Agency Mortgage-Backed Securities (cost $583,689,262)		��		541,296,395

Agency Obligation – 0.52%
Federal Home Loan Banks 3.05% (SOFR + 0.01%) 1/4/23 ●		12,600,000		12,600,669
Total Agency Obligation (cost $12,600,000)				12,600,669

Collateralized Debt Obligations – 6.32%
522 Funding CLO Series 2018-3AAR 144A 3.75% (LIBOR03M + 1.04%, Floor 1.04%) 10/20/31 #, ●		1,200,000		1,164,662

Table of Contents

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
Adagio V CLO DAC Series V-AARR 144A 0.72% (EUR003M + 0.72%, Floor 0.72%) 10/15/31 #, ●	EUR	1,100,000	$	1,034,809
AMMC CLO 16 Series 2015-16A AR2 144A 3.463% (LIBOR03M + 0.98%, Floor 0.98%) 4/14/29 #, ●		735,961		727,413
Anchorage Capital CLO 9 Series 2016-9A AR2 144A 3.652% (LIBOR03M + 1.14%, Floor 1.14%) 7/15/32 #, ●		1,800,000		1,748,961
Anchorage Capital CLO 11 Series 2019-11AAR 144A 3.899% (LIBOR03M + 1.14%, Floor 1.14%) 7/22/32 #, ●		1,200,000		1,163,345
Apex Credit CLO Series 2018-1A A2 144A 3.813% (LIBOR03M + 1.03%) 4/25/31 #, ●		2,400,000		2,313,924
Apidos CLO XXIV Series 2016-24A A1AL 144A 3.66% (LIBOR03M + 0.95%, Floor 0.95%) 10/20/30 #, ●		1,350,000		1,314,153
Aqueduct European CLO DAC Series 2017-1AAR 144A 0.687% (EUR003M + 0.64%, Floor 0.64%) 7/20/30 #, ●	EUR	1,728,522		1,623,312
Ares European CLO Series 7A A1RR 144A 0.66% (EUR003M + 0.66%, Floor 0.66%) 10/15/30 #, ●	EUR	1,296,636		1,225,694
Ares European CLO X DAC Series 10AAR 144A 0.78% (EUR003M + 0.78%, Floor 0.78%) 10/15/31 #, ●	EUR	2,700,000		2,502,281
Ares European CLO XII DAC Series 12AAR 144A 0.897% (EUR003M + 0.85%, Floor 0.85%) 4/20/32 #, ●	EUR	300,000		278,170
Ares European CLO XIV DAC Series 14A A 144A 1.162% (EUR003M + 1.12%, Floor 1.12%) 10/21/33 #, ●	EUR	3,750,000		3,517,037
Ares XL CLO Series 2016-40A A1RR 144A 3.382% (LIBOR03M + 0.87%, Floor 0.87%) 1/15/29 #, ●		1,876,640		1,842,645
Ares XXXIX CLO Series 2016-39A A1R2 144A 3.79% (LIBOR03M + 1.05%, Floor 1.05%) 4/18/31 #, ●		1,500,000		1,459,488
Atrium XII Series 12AAR 144A 3.589% (LIBOR03M + 0.83%) 4/22/27 #, ●		2,105,095		2,069,398
Aurium CLO IV DAC Series 4AAR 144A 0.732% (EUR003M + 0.73%, Floor 0.73%) 1/16/31 #, ●	EUR	3,000,000		2,810,048
Bain Capital Euro CLO DAC Series 2018-2AAR 144A 0.787% (EUR003M + 0.74%, Floor 0.74%) 1/20/32 #, ●	EUR	1,300,000		1,222,867
Benefit Street Partners CLO XII Series 2017-12A A1R 144A 3.462% (LIBOR03M + 0.95%, Floor 0.95%) 10/15/30 #, ●		500,000		489,362

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
Benefit Street Partners CLO XVII Series 2019-17AAR 144A 3.592% (LIBOR03M + 1.08%, Floor 1.08%) 7/15/32 #, ●		700,000	$	678,918
Black Diamond CLO DAC Series 2019-1A A1R 144A 1.301% (EUR003M + 0.98%, Floor 0.98%) 5/15/32 #, ●	EUR	300,000		281,499
Blackrock European CLO VII DAC Series 7AAR 144A 0.62% (EUR003M + 0.62%, Floor 0.62%) 10/15/31 #, ●	EUR	2,200,000		2,050,051
BlueMountain Fuji EUR CLO III DAC Series 3A A1R 144A 0.72% (EUR003M + 0.72%, Floor 0.72%) 1/15/31 #, ●	EUR	1,400,000		1,315,121
BNPP AM Euro CLO DAC Series 2018-1AAR 144A 0.60% (EUR003M + 0.60%, Floor 0.60%) 4/15/31 #, ●	EUR	250,000		235,218
Series 2019-1AAR 144A 0.945% (EUR003M + 0.82%, Floor 0.82%) 7/22/32 #, ●	EUR	1,000,000		914,685
Cairn CLO IV DAC Series 2014-4AARRR 144A 0.838% (EUR003M + 0.60%, Floor 0.60%) 4/30/31 #, ●	EUR	1,578,843		1,499,458
Cairn CLO X DAC Series 2018-10AAR 144A 0.78% (EUR003M + 0.78%, Floor 0.78%) 10/15/31 #, ●	EUR	1,400,000		1,296,664
Carlyle Euro CLO DAC Series 2017-3A A1R 144A 0.70% (EUR003M + 0.70%, Floor 0.70%) 1/15/31 #, ●	EUR	1,900,000		1,799,979
Series 2019-2A A1R 144A 1.211% (EUR003M + 0.89%, Floor 0.89%) 8/15/32 #, ●	EUR	600,000		557,054
Carlyle Global Market Strategies CLO Series 2013-1A A1RR 144A 3.872% (LIBOR03M + 0.95%, Floor 0.95%) 8/14/30 #, ●		2,500,000		2,458,315
Carlyle Global Market Strategies Euro CLO Series 2014-2A AR1 144A 1.071% (EUR003M + 0.75%, Floor 0.75%) 11/15/31 #, ●	EUR	1,500,000		1,405,204
CARLYLE US CLO Series 2017-1A A1R 144A 3.71% (LIBOR03M + 1.00%, Floor 1.00%) 4/20/31 #, ●		1,500,000		1,467,751
CVC Cordatus Loan Fund VII DAC Series 7AARR 144A 1.63% (EUR003M + 0.63%, Floor 0.63%) 9/15/31 #, ●	EUR	1,200,000		1,118,541
Dryden 27 R Euro CLO DAC Series 2017-27AAR 144A 0.66% (EUR003M + 0.66%, Floor 0.66%) 4/15/33 #, ●	EUR	2,200,000		2,020,383
Dryden 36 Senior Loan Fund Series 2014-36A AR3 144A 3.532% (LIBOR03M + 1.02%, Floor 1.02%) 4/15/29 #, ●		3,346,116		3,294,478

Table of Contents

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
Dryden 52 Euro CLO DAC Series 2017-52AAR 144A 1.181% (EUR003M + 0.86%, Floor 0.86%) 5/15/34 #, ●	EUR	2,200,000	$	2,060,094
Euro-Galaxy III CLO DAC Series 2013-3AARRR 144A 0.765% (EUR003M + 0.62%, Floor 0.62%) 4/24/34 #, ●	EUR	4,000,000		3,724,410
FS Rialto Series 2022-FL4 A 144A 4.184% (SOFR + 1.90%, Floor 1.90%) 1/19/39 #, ●		3,500,000		3,417,536
Galaxy XXI CLO Series 2015-21AAR 144A 3.73% (LIBOR03M + 1.02%) 4/20/31 #, ●		1,650,000		1,613,700
GoldenTree Loan Management EUR CLO DAC Series 3AAR 144A 0.947% (EUR003M + 0.90%, Floor 0.90%) 1/20/32 #, ●	EUR	300,000		278,783
Goldentree Loan Management US CLO 2 Series 2017-2AAR 144A 3.62% (LIBOR03M + 0.91%, Floor 0.91%) 11/20/30 #, ●		3,300,000		3,229,829
Harvest CLO XI DAC Series 11AARR 144A 1.77% (EUR003M + 0.65%, Floor 0.65%) 6/26/30 #, ●	EUR	1,680,916		1,579,225
Harvest CLO XVI DAC Series 16AARR 144A 0.64% (EUR003M + 0.64%, Floor 0.64%) 10/15/31 #, ●	EUR	2,000,000		1,862,879
Harvest CLO XXI DAC Series 21A A2R 144A 1.04% 7/15/31 #	EUR	250,000		214,794
HGI CRE CLO Series 2022-FL3 A 144A 3.984% (SOFR + 1.70%, Floor 1.70%) 4/20/37 #, ●		3,000,000		2,932,239
Invesco Euro CLO I DAC Series 1A A1R 144A 0.65% (EUR003M + 0.65%, Floor 0.65%) 7/15/31 #, ●	EUR	250,000		233,468
Jubilee CLO DAC Series 2014-11AARR 144A 0.61% (EUR003M + 0.61%, Floor 0.61%) 4/15/30 #, ●	EUR	1,700,000		1,611,777
Series 2014-12AARRR 144A 0.60% (EUR003M + 0.60%, Floor 0.60%) 4/15/30 #, ●	EUR	600,000		569,925
Series 2016-17A A1RR 144A 0.65% (EUR003M + 0.65%, Floor 0.65%) 4/15/31 #, ●	EUR	1,400,000		1,301,340
Series 2016-17A A2RR 144A 0.65% (EUR003M + 0.65%, Floor 0.65%) 4/15/31 #, ●	EUR	500,000		466,141
KKR CLO 18 Series 18 AR 144A 3.68% (LIBOR03M + 0.94%, Floor 0.94%) 7/18/30 #, ●		500,000		490,422
Laurelin DAC Series 2016-1AARR 144A 0.767% (EUR003M + 0.72%, Floor 0.72%) 10/20/31 #, ●	EUR	2,100,000		1,969,676
LCM XIII Series 13A AR3 144A 3.608% (LIBOR03M + 0.87%, Floor 0.87%) 7/19/27 #, ●		3,487,079		3,426,529

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
LCM XV Series 15A AR2 144A 3.71% (LIBOR03M + 1.00%, Floor 1.00%) 7/20/30 #, ●		3,300,000	$	3,234,957
Man GLG Euro CLO III DAC Series 3AAR 144A 0.68% (EUR003M + 0.68%, Floor 0.68%) 10/15/30 #, ●	EUR	1,094,826		1,029,378
Man GLG Euro CLO V DAC Series 5A A1R 144A 1.69% (EUR003M + 0.69%, Floor 0.69%) 12/15/31 #, ●	EUR	1,900,000		1,783,079
Man GLG US CLO Series 2018-1A A1R 144A 3.85% (LIBOR03M + 1.14%) 4/22/30 #, ●		3,000,000		2,931,399
Marathon CLO Series 2021-16A A1A 144A 3.712% (LIBOR03M + 1.20%, Floor 1.20%) 4/15/34 #, ●		1,250,000		1,203,208
Marathon CLO V Series 2013-5A A1R 144A 3.854% (LIBOR03M + 0.87%) 11/21/27 #, ●		51,516		51,341
Mountain View CLO X Series 2015-10AAR 144A 3.275% (LIBOR03M + 0.82%, Floor 0.82%) 10/13/27 #, ●		456,182		453,095
Oak Hill European Credit Partners IV DAC Series 2015-4A A1RE 144A 0.777% (EUR003M + 0.73%, Floor 0.73%) 1/20/32 #, ●	EUR	296,529		281,547
Oaktree CLO Series 2019-4A A1R 144A 3.83% (LIBOR03M + 1.12%, Floor 1.12%) 10/20/32 #, ●		500,000		481,439
OCP Euro CLO DAC Series 2020-4AAR 144A 1.005% (EUR003M + 0.88%, Floor 0.88%) 9/22/34 #, ●	EUR	1,900,000		1,760,564
OZLM IX Series 2014-9A A1A3 144A 3.81% (LIBOR03M + 1.10%, Floor 1.10%) 10/20/31 #, ●		500,000		485,962
OZLM XVI Series 2017-16A A1R 144A 3.952% (LIBOR03M + 1.03%, Floor 1.03%) 5/16/30 #, ●		2,600,000		2,549,498
OZLM XXIV Series 2019-24A A1AR 144A 3.87% (LIBOR03M + 1.16%, Floor 1.16%) 7/20/32 #, ●		2,100,000		2,023,268
Palmer Square European Loan Funding DAC Series 2021-1A A 144A 0.78% (EUR003M + 0.78%, Floor 0.78%) 4/15/31 #, ●	EUR	1,847,093		1,738,991
Palmer Square Loan Funding Series 2021-3A A1 144A 3.51% (LIBOR03M + 0.80%, Floor 0.80%) 7/20/29 #, ●		556,104		545,340
Series 2021-4A A1 144A 3.312% (LIBOR03M + 0.80%, Floor 0.80%) 10/15/29 #, ●		2,176,138		2,133,674
Sculptor European CLO V DAC Series 5AAR 144A 0.79% (EUR003M + 0.79%, Floor 0.79%) 1/14/32 #, ●	EUR	3,300,000		3,087,237

Table of Contents

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
Segovia European CLO DAC Series 2019-6AAR 144A 0.927% (EUR003M + 0.88%, Floor 0.88%) 7/20/32 #, ●	EUR	1,600,000	$	1,490,303
Signal Peak CLO 5 Series 2018-5A A 144A 3.893% (LIBOR03M + 1.11%, Floor 1.11%) 4/25/31 #, ●		1,800,000		1,762,216
Sound Point CLO IX Series 2015-2AARRR 144A 3.92% (LIBOR03M + 1.21%, Floor 1.21%) 7/20/32 #, ●		2,600,000		2,518,766
Sound Point CLO XIV Series 2016-3A AR2 144A 3.773% (LIBOR03M + 0.99%, Floor 0.99%) 1/23/29 #, ●		3,867,421		3,817,686
Sound Point CLO XVI Series 2017-2AAR 144A 3.763% (LIBOR03M + 0.98%) 7/25/30 #, ●		4,400,000		4,299,632
Stratus CLO Series 2021-3A A 144A 3.66% (LIBOR03M + 0.95%, Floor 0.95%) 12/29/29 #, ●		1,881,422		1,848,787
Symphony Static CLO I Series 2021-1A A 144A 3.613% (LIBOR03M + 0.83%, Floor 0.83%) 10/25/29 #, ●		459,204		450,271
TCI-Symphony CLO Series 2017-1AAR 144A 3.442% (LIBOR03M + 0.93%, Floor 0.93%) 7/15/30 #, ●		1,000,000		980,326
THL Credit Wind River CLO Series 2019-3AAR 144A 3.592% (LIBOR03M + 1.08%, Floor 1.08%) 4/15/31 #, ●		3,100,000		3,011,681
Tikehau CLO DAC Series 2015-1AARR 144A 1.13% (EUR003M + 0.87%, Floor 0.87%) 8/4/34 #, ●	EUR	2,000,000		1,857,938
Toro European CLO 6 DAC Series 6AAR 144A 0.92% (EUR003M + 0.92%, Floor 0.92%) 1/12/32 #, ●	EUR	300,000		277,918
Toro European CLO 7 DAC Series 7AARE 144A 1.131% (EUR003M + 0.81%, Floor 0.81%) 2/15/34 #, ●	EUR	1,900,000		1,764,936
Venture 32 CLO Series 2018-32A A1 144A 3.84% (LIBOR03M + 1.10%, Floor 1.10%) 7/18/31 #, ●		500,000		487,102
Venture 34 CLO Series 2018-34A A 144A 3.742% (LIBOR03M + 1.23%, Floor 1.23%) 10/15/31 #, ●		2,500,000		2,432,642
Venture 38 CLO Series 2019-38A A1R 144A 3.942% (LIBOR03M + 1.16%, Floor 1.16%) 7/30/32 #, ●		2,900,000		2,808,128
Venture 42 CLO Series 2021-42A A1A 144A 3.642% (LIBOR03M + 1.13%, Floor 1.13%) 4/15/34 #, ●		1,300,000		1,234,990
Venture XVII CLO Series 2014-17AARR 144A 3.392% (LIBOR03M + 0.88%) 4/15/27 #, ●		279,465		274,820

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Collateralized Debt Obligations (continued)
Venture XXIV CLO Series 2016-24AARR 144A 3.61% (LIBOR03M + 0.90%, Floor 0.90%) 10/20/28 #, ●		423,272	$	414,935
Venture XXVI CLO Series 2017-26AAR 144A 3.81% (LIBOR03M + 1.10%, Floor 1.10%) 1/20/29 #, ●		3,334,068		3,284,260
Vibrant CLO IV Series 2016-4A A1RR 144A 3.83% (LIBOR03M + 1.12%, Floor 1.12%) 7/20/32 #, ●		1,300,000		1,260,415
Vibrant CLO VI Series 2017-6AAR 144A 4.477% (LIBOR03M + 0.95%) 6/20/29 #, ●		2,028,872		1,991,910
Vibrant CLO VII Series 2017-7A A1R 144A 3.75% (LIBOR03M + 1.04%, Floor 1.04%) 9/15/30 #, ●		4,500,000		4,412,646
Vibrant CLO XI Series 2019-11A A1R1 144A 3.83% (LIBOR03M + 1.12%, Floor 1.12%) 7/20/32 #, ●		1,500,000		1,459,206
Voya Series 2012-4A A1R3 144A 3.512% (LIBOR03M + 1.00%) 10/15/30 #, ●		1,400,000		1,368,938
Voya CLO Series 2014-4A A1RA 144A 3.583% (LIBOR03M + 1.10%) 7/14/31 #, ●		842,321		823,249
Total Collateralized Debt Obligations (cost $172,729,680)				153,991,333

Convertible Bonds – 0.16%
Kaman 3.25% exercise price $65.26, maturity date 5/1/24		2,540,000		2,396,490
Spirit Airlines 1.00% exercise price $49.07, maturity date 5/15/26		1,906,000		1,632,489
Total Convertible Bonds (cost $4,262,233)				4,028,979

Corporate Bonds – 35.67%
Banking – 10.50%
Access Bank 144A 6.125% 9/21/26 #		425,000		322,609
144A 9.125% 10/7/26 #, µ, Ψ		475,000		351,500
Akbank TAS 144A 6.80% 2/6/26 #		610,000		545,277
Banco Bilbao Vizcaya Argentaria 5.875% 9/24/23 µ, Ψ	EUR	800,000		718,776
Banco Continental 144A 2.75% 12/10/25 #		915,000		799,477
Banco de Bogota 144A 6.25% 5/12/26 #		405,000		379,327
Banco GNB Sudameris 144A 7.50% 4/16/31 #, µ		420,000		307,375
Banco Industrial 144A 4.875% 1/29/31 #, µ		320,000		292,960
Banco Mercantil del Norte 144A 8.375% 10/14/30 #, µ, Ψ		375,000		343,912
Banco Nacional de Panama 144A 2.50% 8/11/30 #		200,000		147,015
Banco Santander 2.958% 3/25/31		1,000,000		759,600
3.496% 3/24/25		1,000,000		953,592
3.892% 5/24/24		1,400,000		1,363,780
4.175% 3/24/28 µ		1,200,000		1,083,021
Bancolombia 4.875% 10/18/27 µ		415,000		371,560
Bangkok Bank 144A 5.00% 9/23/25 #, µ, Ψ		280,000		248,354
Bank Hapoalim 144A 3.255% 1/21/32 #, µ		835,000		697,951
Bank Leumi Le-Israel 144A 3.275% 1/29/31 #, µ		300,000		256,525
144A 5.125% 7/27/27 #, µ		535,000		526,241

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Bank of America 2.482% 9/21/36 µ		12,865,000	$	9,311,618
2.551% 2/4/28 µ		905,000		788,234
2.972% 2/4/33 µ		665,000		520,692
3.384% 4/2/26 µ		500,000		472,551
3.55% 3/5/24 µ		2,100,000		2,083,972
3.864% 7/23/24 µ		2,200,000		2,170,793
3.974% 2/7/30 µ		3,400,000		3,030,710
4.125% 1/22/24		200,000		198,511
4.30% 1/28/25 µ, Ψ		900,000		739,132
4.948% 7/22/28 µ		3,905,000		3,756,107
6.125% 4/27/27 µ, Ψ		865,000		819,587
Bank of China 144A 5.00% 11/13/24 #		455,000		455,284
Bank of New York Mellon 4.70% 9/20/25 µ, Ψ		2,560,000		2,457,600
Barclays 3.33% 11/24/42 µ		1,300,000		824,797
3.375% 4/2/25 µ	EUR	500,000		483,583
4.302% (LIBOR03M + 1.38%) 5/16/24 ●		1,800,000		1,799,181
4.972% 5/16/29 µ		3,000,000		2,703,945
5.20% 5/12/26		3,035,000		2,890,171
5.501% 8/9/28 µ		2,195,000		2,059,958
6.375% 12/15/25 µ, Ψ	GBP	500,000		461,275
7.125% 6/15/25 µ, Ψ	GBP	1,800,000		1,746,369
7.25% 3/15/23 µ, Ψ	GBP	700,000		753,209
7.75% 9/15/23 µ, Ψ		400,000		370,500
Barclays Bank 7.625% 11/21/22		439,000		439,034
BBVA Bancomer 144A 5.875% 9/13/34 #, µ		400,000		343,056
BNP Paribas 144A 1.904% 9/30/28 #, µ		1,800,000		1,455,079
144A 2.159% 9/15/29 #, µ		600,000		470,018
144A 2.871% 4/19/32 #, µ		300,000		227,248
144A 3.052% 1/13/31 #, µ		2,600,000		2,071,133
144A 7.375% 8/19/25 #, µ, Ψ		700,000		662,605
7.375% 8/19/25 µ, Ψ		500,000		473,289
CIMB Bank 144A 2.125% 7/20/27 #		550,000		479,030
Citigroup 3.07% 2/24/28 µ		865,000		771,934
3.20% 10/21/26		1,000,000		917,172
3.785% 3/17/33 µ		900,000		755,597
4.00% 12/10/25 µ, Ψ		900,000		760,500
4.044% 6/1/24 µ		1,800,000		1,786,294
4.075% 4/23/29 µ		3,400,000		3,081,346
5.61% 9/29/26 µ		3,070,000		3,055,196
Cooperatieve Rabobank 3.75% 7/21/26		1,350,000		1,245,294
4.375% 8/4/25		2,000,000		1,913,047
Credit Agricole 144A 2.811% 1/11/41 #		1,995,000		1,186,194
Credit Suisse Group 144A 2.593% 9/11/25 #, µ		1,105,000		1,006,013
3.80% 6/9/23		2,300,000		2,264,150
144A 3.869% 1/12/29 #, µ		1,065,000		870,172
144A 4.194% 4/1/31 #, µ		2,500,000		1,969,483
144A 4.50% 9/3/30 #, µ, Ψ		820,000		488,285
144A 6.25% 12/18/24 #, µ, Ψ		2,000,000		1,720,740
144A 6.375% 8/21/26 #, µ, Ψ		1,900,000		1,387,000
144A 6.442% 8/11/28 #, µ		4,490,000		4,181,196
7.50% 12/11/23 µ, Ψ		400,000		368,670
Deutsche Bank 2.129% 11/24/26 µ		700,000		595,040
3.547% 9/18/31 µ		4,135,000		3,158,423
3.729% 1/14/32 µ		3,115,000		2,101,566
3.742% 1/7/33 µ		2,296,000		1,491,918
3.961% 11/26/25 µ		5,700,000		5,325,382
6.119% 7/14/26 µ		3,000,000		2,915,985
Development Bank of Kazakhstan 144A 2.95% 5/6/31 #		300,000		234,573
Emirates NBD Bank PJSC 2.625% 2/18/25		495,000		468,823
Fifth Third Bancorp 2.55% 5/5/27		1,201,000		1,069,611
3.65% 1/25/24		790,000		775,739
3.95% 3/14/28		1,119,000		1,045,748

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Fifth Third Bancorp 4.337% 4/25/33 µ		855,000	$	759,117
Fifth Third Bank 3.85% 3/15/26		835,000		789,506
Goldman Sachs Group 0.673% 3/8/24 µ		700,000		684,472
1.431% 3/9/27 µ		2,000,000		1,721,224
1.542% 9/10/27 µ		3,993,000		3,377,507
3.102% 2/24/33 µ		635,000		505,122
3.615% 3/15/28 µ		3,990,000		3,635,175
4.223% 5/1/29 µ		4,700,000		4,278,408
Hana Bank 144A 1.25% 12/16/26 #		345,000		297,874
HSBC Holdings 1.589% 5/24/27 µ		2,200,000		1,841,106
2.848% 6/4/31 µ		2,700,000		2,070,483
2.871% 11/22/32 µ		2,000,000		1,459,697
2.999% 3/10/26 µ		700,000		647,636
3.961% (LIBOR03M + 1.00%) 5/18/24 ●		1,000,000		988,204
4.30% 3/8/26		200,000		191,814
4.70% 3/9/31 µ, Ψ		500,000		356,333
5.21% 8/11/28 µ		500,000		467,969
5.875% 9/28/26 µ, Ψ	GBP	500,000		446,335
Huntington National Bank 4.552% 5/17/28 µ		645,000		621,628
ICICI Bank 144A 4.00% 3/18/26 #		335,000		319,442
Intesa Sanpaolo 144A 4.00% 9/23/29 #		1,300,000		1,076,794
7.75% 1/11/27 µ, Ψ	EUR	200,000		173,714
JPMorgan Chase & Co. 1.764% 11/19/31 µ		4,730,000		3,462,049
1.953% 2/4/32 µ		1,170,000		867,110
2.595% 2/24/26 µ		1,500,000		1,396,195
2.947% 2/24/28 µ		1,100,000		973,899
2.963% 1/25/33 µ		500,000		393,639
3.22% 3/1/25 µ		500,000		484,155
3.328% 4/22/52 µ		455,000		301,156
4.005% 4/23/29 µ		900,000		812,717
4.60% 2/1/25 µ, Ψ		1,185,000		1,035,216
4.851% 7/25/28 µ		4,060,000		3,902,522
4.912% 7/25/33 µ		775,000		715,701
5.00% 8/1/24 µ, Ψ		400,000		360,950
Lloyds Banking Group 2.438% 2/5/26 µ		300,000		275,869
3.50% 4/1/26 µ	EUR	200,000		192,184
Lloyds Banking Group 3.75% 3/18/28 µ		1,400,000		1,260,066
Mitsubishi UFJ Financial Group 2.193% 2/25/25		1,700,000		1,578,746
2.559% 2/25/30		1,800,000		1,446,900
Mizuho Financial Group 2.226% 5/25/26 µ		1,600,000		1,452,729
2.564% 9/13/31		1,400,000		1,030,241
2.591% 5/25/31 µ		2,000,000		1,567,113
3.261% 5/22/30 µ		3,100,000		2,605,106
Morgan Stanley 0.495% 10/26/29 µ	EUR	2,000,000		1,560,193
1.928% 4/28/32 µ		1,415,000		1,035,150
2.475% 1/21/28 µ		650,000		568,800
2.484% 9/16/36 µ		5,700,000		4,092,823
3.625% 1/20/27		4,000,000		3,725,565
Nationwide Building Society 144A 2.972% 2/16/28 #, µ		800,000		688,569
144A 3.766% 3/8/24 #, µ		800,000		791,217
144A 4.302% 3/8/29 #, µ		5,200,000		4,632,274
NatWest Group 4.80% 4/5/26		5,000,000		4,799,503
5.125% 5/12/27 µ, Ψ	GBP	500,000		419,586
NBK SPC 144A 1.625% 9/15/27 #, µ		1,065,000		916,658
NongHyup Bank 144A 0.875% 7/28/24 #		430,000		401,006
Nykredit Realkredit 2.00% 10/1/53	DKK	7,191,708		685,605
Oversea-Chinese Banking 144A 4.25% 6/19/24 #		660,000		651,890
PNC Bank 2.70% 11/1/22		250,000		249,747
3.875% 4/10/25		1,145,000		1,109,957
4.05% 7/26/28		2,400,000		2,204,433
PNC Financial Services Group 2.60% 7/23/26		1,635,000		1,493,115
6.00% 5/15/27 µ, Ψ		645,000		599,850
6.20% 9/15/27 µ, Ψ		1,090,000		1,032,775
QNB Finance 2.625% 5/12/25		1,160,000		1,090,203

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Banking (continued)
Santander UK Group Holdings 3.823% 11/3/28 µ		3,200,000	$	2,752,825
Shinhan Financial Group 144A 3.34% 2/5/30 #, µ		410,000		384,252
Societe Generale 144A 4.25% 4/14/25 #		3,600,000		3,426,027
144A 4.677% 6/15/27 #		3,500,000		3,337,245
7.875% 12/18/23 µ, Ψ		500,000		480,625
Standard Chartered 7.75% 4/2/23 µ, Ψ		300,000		292,647
State Street 2.203% 2/7/28 µ		1,210,000		1,062,189
Sumitomo Mitsui Financial Group 1.474% 7/8/25		2,600,000		2,340,880
2.222% 9/17/31		2,300,000		1,724,042
SVB Financial Group 1.80% 10/28/26		490,000		421,720
1.80% 2/2/31		775,000		555,635
4.00% 5/15/26 µ, Ψ		2,110,000		1,604,583
4.57% 4/29/33 µ		2,910,000		2,554,688
Toronto-Dominion Bank 4.108% 6/8/27		2,710,000		2,558,543
Truist Bank 2.636% 9/17/29 µ		5,182,000		4,831,941
Truist Financial 1.887% 6/7/29 µ		3,485,000		2,855,097
4.916% 7/28/33 µ		1,375,000		1,244,518
4.95% 9/1/25 µ, Ψ		1,465,000		1,411,220
UBS 5.125% 5/15/24		200,000		195,487
UBS Group 0.25% 11/5/28 µ	EUR	1,000,000		789,636
144A 1.364% 1/30/27 #, µ		400,000		342,105
144A 3.126% 8/13/30 #, µ		2,000,000		1,643,784
144A 4.125% 9/24/25 #		1,774,000		1,695,025
144A 4.703% 8/5/27 #, µ		920,000		873,108
UniCredit 7.50% 6/3/26 µ, Ψ	EUR	600,000		518,200
144A 7.83% 12/4/23 #		2,900,000		2,924,836
US Bancorp 2.215% 1/27/28 µ		705,000		621,938
US Bancorp 2.491% 11/3/36 µ		950,000		715,507
2.677% 1/27/33 µ		735,000		591,701
3.375% 2/5/24		2,915,000		2,866,973
3.60% 9/11/24		1,275,000		1,252,290
3.95% 11/17/25		2,820,000		2,750,548
US Bank 3.40% 7/24/23		815,000		808,816
Virgin Money UK 3.375% 4/24/26 µ	GBP	100,000		98,591
4.00% 9/25/26 µ	GBP	800,000		792,514
Wells Fargo & Co. 3.196% 6/17/27 µ		900,000		820,412
3.584% 5/22/28 µ		5,300,000		4,800,048
3.90% 3/15/26 µ, Ψ		1,000,000		846,250
4.611% 4/25/53 µ		1,120,000		911,608
4.808% 7/25/28 µ		2,720,000		2,596,943
				255,765,953
Basic Industry – 1.42%
AngloGold Ashanti Holdings 3.375% 11/1/28		850,000		690,126
Antofagasta 144A 5.625% 5/13/32 #		355,000		328,375
Braskem Netherlands Finance 144A 4.50% 1/31/30 #		370,000		299,681
Celanese US Holdings 6.05% 3/15/25		590,000		576,902
6.165% 7/15/27		2,095,000		1,985,382
Corp Nacional del Cobre de Chile 144A 3.70% 1/30/50 #		225,000		149,258
144A 4.25% 7/17/42 #		200,000		149,552
CSN Resources 144A 5.875% 4/8/32 #		625,000		456,250
First Quantum Minerals 144A 6.875% 10/15/27 #		360,000		324,803
144A 7.50% 4/1/25 #		2,740,000		2,640,771
FMG Resources August 2006 144A 6.125% 4/15/32 #		7,300,000		6,283,548
Freeport Indonesia 144A 5.315% 4/14/32 #		435,000		362,137

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Basic Industry (continued)
GC Treasury Center 144A 5.20% 3/30/52 #		450,000	$	360,891
Georgia-Pacific 8.00% 1/15/24		2,242,000		2,332,122
ICL Group 144A 6.375% 5/31/38 #		270,000		258,760
INEOS Styrolution Group 144A 2.25% 1/16/27 #	EUR	500,000		378,649
International Flavors & Fragrances 144A 3.268% 11/15/40 #		1,685,000		1,166,541
JSW Steel 144A 5.05% 4/5/32 #		305,000		217,533
LYB International Finance III 3.375% 10/1/40		2,005,000		1,378,158
MEGlobal Canada 144A 5.00% 5/18/25 #		400,000		391,814
Methanex 5.25% 12/15/29		2,515,000		2,005,411
Metinvest 144A 7.75% 10/17/29 #		307,000		137,198
Newmont 2.25% 10/1/30		1,875,000		1,453,207
2.60% 7/15/32		1,160,000		885,915
2.80% 10/1/29		3,850,000		3,191,796
Novelis 144A 4.75% 1/30/30 #		835,000		686,813
OCP 144A 3.75% 6/23/31 #		200,000		152,440
144A 5.125% 6/23/51 #		240,000		153,700
144A 6.875% 4/25/44 #		250,000		205,156
Phosagro OAO Via Phosagro Bond Funding DAC 144A 3.949% 4/24/23 #		380,000		230,841
Sasol Financing USA 4.375% 9/18/26		580,000		506,888
Stillwater Mining 144A 4.00% 11/16/26 #		575,000		476,617
Vale Overseas 3.75% 7/8/30		400,000		324,668
Vedanta Resources Finance II 144A 8.95% 3/11/25 #		845,000		576,099
Volcan Cia Minera 144A 4.375% 2/11/26 #		292,000		241,548
Westlake 3.125% 8/15/51		4,310,000		2,661,265
				34,620,815
Brokerage – 0.25%
Charles Schwab 5.375% 6/1/25 µ, Ψ		2,495,000		2,438,862
Jefferies Group 2.625% 10/15/31		2,925,000		2,126,405
6.45% 6/8/27		331,000		336,178
6.50% 1/20/43		880,000		827,876
XP 144A 3.25% 7/1/26 #		405,000		350,609
				6,079,930
Capital Goods – 1.07%
Abertis Infraestructuras Finance 3.248% 11/24/25 µ, Ψ	EUR	1,500,000		1,196,981
Aeropuerto Internacional de Tocumen 144A 5.125% 8/11/61 #		200,000		143,395
Aeropuertos Argentina 2000 144A 8.50% 8/1/31 #		595,724		439,197
Ardagh Metal Packaging Finance USA 144A 3.25% 9/1/28 #		4,600,000		3,758,315
Boeing 1.95% 2/1/24		2,000,000		1,920,297
3.25% 2/1/28		3,400,000		2,971,140
3.75% 2/1/50		5,355,000		3,500,853
Caterpillar 2.60% 4/9/30		25,000		21,305
Cellnex Finance 144A 3.875% 7/7/41 #		3,159,000		1,981,909
GCC 144A 3.614% 4/20/32 #		630,000		510,741
Hutama Karya Persero 144A 3.75% 5/11/30 #		454,000		403,996
IHS Holding 144A 5.625% 11/29/26 #		640,000		509,600
Klabin Austria 144A 3.20% 1/12/31 #		425,000		309,607
Otis Worldwide 3.112% 2/15/40		1,173,000		830,415
3.362% 2/15/50		202,000		136,729

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Capital Goods (continued)
Rolls-Royce 144A 5.75% 10/15/27 #		1,000,000	$	870,860
Rutas 2 and 7 Finance 144A 2.741% 9/30/36 #, ^		729,833		442,301
SAN Miguel Industrias Pet 144A 3.50% 8/2/28 #		860,000		696,523
Standard Industries 144A 3.375% 1/15/31 #		1,568,000		1,106,067
State Agency of Roads of Ukraine 144A 6.25% 6/24/30 #		575,000		108,646
Summit Digitel Infrastructure 144A 2.875% 8/12/31 #		785,000		570,643
Teledyne Technologies
2.25% 4/1/28		1,980,000		1,653,454
2.75% 4/1/31		1,730,000		1,366,874
UltraTech Cement 144A 2.80% 2/16/31 #		660,000		510,764
				25,960,612
Communications – 3.13%
Alibaba Group Holding 2.70% 2/9/41		465,000		284,645
Altice Financing 144A 5.00% 1/15/28 #		580,000		448,015
Altice France
2.125% 2/15/25	EUR	1,900,000		1,636,621
144A 5.50% 10/15/29 #		1,375,000		1,037,993
Amazon.com
1.50% 6/3/30		1,000,000		790,006
2.50% 6/3/50		1,460,000		916,036
3.60% 4/13/32		1,275,000		1,160,594
America Movil 4.70% 7/21/32		530,000		497,371
AT&T
2.55% 12/1/33		2,673,000		1,981,517
3.50% 6/1/41		1,680,000		1,213,581
3.50% 9/15/53		7,070,000		4,722,540
Axian Telecom 144A 7.375% 2/16/27 #		380,000		346,750
B2W Digital 144A 4.375% 12/20/30 #		550,000		375,078
CCO Holdings 144A 4.25% 1/15/34 #		5,700,000		4,093,313
CCO Holdings
144A 4.50% 8/15/30 #		500,000		396,653
144A 5.00% 2/1/28 #		900,000		777,569
Charter Communications Operating
3.85% 4/1/61		1,540,000		903,018
4.40% 12/1/61		4,252,000		2,719,316
4.908% 7/23/25		430,000		419,696
5.05% 3/30/29		3,800,000		3,502,454
Comcast
3.20% 7/15/36		1,830,000		1,419,064
3.70% 4/15/24		2,970,000		2,922,873
Connect Finco 144A 6.75% 10/1/26 #		1,740,000		1,524,053
CSC Holdings 144A 4.625% 12/1/30 #		890,000		606,824
CT Trust 144A 5.125% 2/3/32 #		750,000		565,939
Discovery Communications 4.00% 9/15/55		9,190,000		5,438,496
Frontier Communications Holdings 144A 5.875% 10/15/27 #		1,165,000		1,046,764
JD.com 3.875% 4/29/26		525,000		498,213
MercadoLibre 3.125% 1/14/31		480,000		348,821
Silknet JSC 144A 8.375% 1/31/27 #		380,000		360,050
Sprint 7.625% 3/1/26		200,000		207,198
Sprint Spectrum 144A 4.738% 9/20/29 #		915,625		902,997
Telefonica Moviles Chile 144A 3.537% 11/18/31 #		425,000		334,764
Tencent Holdings
144A 2.88% 4/22/31 #		370,000		299,427
144A 3.68% 4/22/41 #		400,000		288,034
Time Warner Cable 7.30% 7/1/38		2,120,000		2,021,109
Time Warner Entertainment 8.375% 3/15/23		1,415,000		1,435,024
T-Mobile USA 1.50% 2/15/26		2,915,000		2,561,723

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Communications (continued)
T-Mobile USA
2.40% 3/15/29		1,850,000	$	1,511,962
2.55% 2/15/31		550,000		436,247
3.00% 2/15/41		4,640,000		3,109,622
3.30% 2/15/51		1,500,000		979,997
3.75% 4/15/27		2,150,000		1,986,945
3.875% 4/15/30		1,400,000		1,242,678
Turkcell Iletisim Hizmetleri 144A 5.80% 4/11/28 #		585,000		465,180
VEON Holdings 144A 3.375% 11/25/27 #		760,000		392,350
Verizon Communications
2.10% 3/22/28		1,100,000		929,106
2.355% 3/15/32		1,570,000		1,205,470
2.55% 3/21/31		800,000		639,561
2.875% 11/20/50		1,100,000		675,631
3.40% 3/22/41		1,845,000		1,351,494
4.005% (LIBOR03M + 1.10%) 5/15/25 ●		3,200,000		3,218,252
4.50% 8/10/33		6,325,000		5,710,027
Vmed O2 UK Financing I 144A 4.25%1/31/31 #		1,885,000		1,432,600
				76,291,261
Consumer Cyclical – 2.63%
Alsea 144A 7.75% 12/14/26 #		615,000		572,759
Aptiv
3.10% 12/1/51		4,171,000		2,343,992
3.25% 3/1/32		957,000		763,115
Arcos Dorados 144A 6.125% 5/27/29 #		405,000		367,673
AutoNation 3.85% 3/1/32		2,240,000		1,773,149
Carnival 144A 4.00% 8/1/28 #		730,000		590,110
144A 7.625% 3/1/26 #		2,103,000		1,601,466
Daimler Trucks Finance North America 144A 2.375% 12/14/28 #		3,120,000		2,548,890
Falabella 144A 3.375% 1/15/32 #		425,000		318,040
Ford Motor Credit 1.744% 7/19/24	EUR	300,000		271,596
2.30% 2/10/25		345,000		306,159
2.33% 11/25/25	EUR	200,000		172,162
Ford Motor Credit
2.386% 2/17/26	EUR	500,000		427,868
2.70% 8/10/26		700,000		581,448
2.748% 6/14/24	GBP	100,000		100,792
2.90% 2/16/28		765,000		602,358
2.90% 2/10/29		500,000		379,610
3.25% 9/15/25	EUR	1,000,000		890,243
3.55% 10/7/22		1,500,000		1,501,230
4.535% 3/6/25	GBP	1,100,000		1,100,440
4.542% 8/1/26		1,514,000		1,350,209
5.125% 6/16/25		600,000		567,135
Future Retail 144A 5.60% 1/22/25 #		565,000		33,900
General Motors
5.40% 10/2/23		685,000		685,374
5.40% 10/15/29		5,800,000		5,355,352
5.60% 10/15/32		500,000		446,963
6.125% 10/1/25		685,000		685,915
6.60% 4/1/36		1,652,000		1,548,190
General Motors Financial
4.35% 4/9/25		875,000		845,868
5.25% 3/1/26		2,570,000		2,503,945
5.70% 9/30/30 µ, ψ		1,780,000		1,532,346
Hilton Domestic Operating
144A 3.625% 2/15/32 #		700,000		537,284
144A 4.00% 5/1/31 #		700,000		566,965
Hilton Grand Vacations Borrower Escrow 144A 5.00% 6/1/29 #		900,000		727,718
Hyatt Hotels
1.80% 10/1/24		300,000		281,526
2.71% (SOFR + 1.05%) 10/1/23 ●		400,000		400,000
Hyundai Capital Services 144A 0.75% 9/15/23 #		1,800,000		1,726,023
InRetail Consumer 144A 3.25% 3/22/28 #		530,000		441,941
Kia 144A 2.375% 2/14/25 #		635,000		590,783
Marriott International 3.50% 10/15/32		900,000		725,403
Melco Resorts Finance 144A 5.375% 12/4/29 #		200,000		121,900

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Melco Resorts Finance 5.75% 7/21/28		200,000	$	129,000
MGM China Holdings
144A 4.75% 2/1/27 #		725,000		564,902
144A 5.25% 6/18/25 #		400,000		335,508
MGM Resorts International 4.75% 10/15/28		4,967,000		4,168,372
Nemak 144A 3.625% 6/28/31 #		600,000		405,345
Nissan Motor
144A 3.043% 9/15/23 #		1,800,000		1,750,821
144A 4.345% 9/17/27 #		2,700,000		2,330,966
144A 4.81% 9/17/30 #		800,000		649,192
Nissan Motor Acceptance
144A 2.45% 9/15/28 #		300,000		226,300
144A 3.875% 9/21/23 #		3,000,000		2,947,931
Royal Caribbean Cruises 144A 5.50% 4/1/28 #		1,270,000		892,581
Sands China
2.80% 3/8/27		200,000		159,207
3.35% 3/8/29		400,000		297,705
3.75% 8/8/31		740,000		532,050
4.30% 1/8/26		400,000		341,287
5.90% 8/8/28		1,800,000		1,516,959
Studio City Finance 144A 6.50% 1/15/28 #		495,000		242,304
Turkiye Sise ve Cam Fabrikalari 144A 6.95% 3/14/26 #		660,000		608,880
Warnermedia Holdings
144A 3.638% 3/15/25 #		400,000		379,172
144A 3.755% 3/15/27 #		4,335,000		3,883,936
144A 4.279% 3/15/32 #		340,000		280,149
144A 5.05% 3/15/42 #		800,000		599,996
144A 5.141% 3/15/52 #		1,825,000		1,329,928
Wynn Macau
5.50% 1/15/26		200,000		151,984
5.50% 10/1/27		200,000		138,380
144A 5.625% 8/26/28 #		440,000		293,946
				64,044,641
Consumer Non-Cyclical – 3.44%
1375209 BC 144A 9.00% 1/30/28 #		498,949		497,702
AbbVie
2.85% 5/14/23		900,000		890,461
2.95% 11/21/26		1,920,000		1,760,901
3.75% 11/14/23		1,200,000		1,187,247
4.05% 11/21/39		3,193,000		2,577,530
Amgen
2.20% 2/21/27		3,300,000		2,934,841
2.80% 8/15/41		7,060,000		4,836,229
Anheuser-Busch InBev Worldwide 4.50% 6/1/50		2,407,000		1,987,905
Ashtead Capital
144A 1.50% 8/12/26 #		665,000		558,341
144A 2.45% 8/12/31 #		585,000		430,828
Bacardi 144A 4.45% 5/15/25 #		500,000		479,877
BAT Capital 2.259% 3/25/28		1,500,000		1,195,423
BAT International Finance 1.668% 3/25/26		1,065,000		921,789
Bausch Health
144A 11.00% 9/30/28 #		887,009		718,477
144A 14.00% 10/15/30 #		177,402		97,571
Baxter International 3.132% 12/1/51		2,336,000		1,498,220
Becton Dickinson Euro Finance 1.336% 8/13/41	EUR	700,000		414,147
Bellis Acquisition 3.25% 2/16/26	GBP	3,300,000		2,791,129
Bidvest Group UK 144A 3.625% 9/23/26 #		780,000		665,574
Bristol-Myers Squibb 3.70% 3/15/52		630,000		484,530
Centene 3.375% 2/15/30		1,000,000		819,675

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Central American Bottling 144A 5.25% 4/27/29 #		435,000	$	377,943
Cia Cervecerias Unidas 144A 3.35% 1/19/32 #		590,000		498,969
Coca-Cola Icecek 144A 4.50% 1/20/29 #		640,000		526,892
Coty 144A 5.00% 4/15/26 #		1,500,000		1,367,492
CSL Finance
144A 4.05% 4/27/29 #		430,000		396,595
144A 4.75% 4/27/52 #		695,000		600,419
CVS Health
2.70% 8/21/40		2,755,000		1,814,880
3.75% 4/1/30		780,000		694,818
4.30% 3/25/28		4,098,000		3,872,276
4.78% 3/25/38		2,400,000		2,108,743
5.05% 3/25/48		2,635,000		2,326,715
CVS Pass Through Trust 144A 5.773% 1/10/33 #, ◆		62,340		60,385
Danone 144A 2.589% 11/2/23 #		1,500,000		1,467,107
Gilead Sciences 4.15% 3/1/47		3,305,000		2,633,256
Global Payments 3.20% 8/15/29		2,150,000		1,794,328
GSK Consumer Healthcare Capital UK 144A 3.125% 3/24/25 #		500,000		472,411
GSK Consumer Healthcare Capital US 144A 3.375% 3/24/29 #		500,000		436,603
HCA
144A 3.125% 3/15/27 #		4,000,000		3,546,731
4.125% 6/15/29		3,400,000		2,986,295
7.58% 9/15/25		30,000		31,308
Indofood CBP Sukses Makmur 3.541% 4/27/32		465,000		348,759
International Container Terminal Services 4.75% 6/17/30		745,000		672,363
JBS USA LUX 144A 3.00% 2/2/29 #		1,466,000		1,201,323
Kernel Holding 144A 6.50% 10/17/24 #		375,000		148,125
MARB BondCo 144A 3.95% 1/29/31 #		410,000		297,379
MHP Lux 144A 6.25% 9/19/29 #		425,000		211,863
Mondelez International 2.125% 3/17/24		500,000		480,450
Natura & Co. Luxembourg Holdings 144A 6.00% 4/19/29 #		420,000		346,462
PayPal Holdings
3.90% 6/1/27		325,000		311,717
4.40% 6/1/32		2,365,000		2,206,496
Pilgrim’s Pride 144A 5.875% 9/30/27 #		1,458,000		1,421,185
Regeneron Pharmaceuticals
1.75% 9/15/30		825,000		625,638
2.80% 9/15/50		1,170,000		709,808
Royalty Pharma
1.75% 9/2/27		7,625,000		6,312,501
3.35% 9/2/51		1,298,000		785,503
3.55% 9/2/50		1,250,000		782,072
Takeda Pharmaceutical
3.025% 7/9/40		985,000		699,432
3.175% 7/9/50		4,797,000		3,196,188
Tenet Healthcare
144A 4.25% 6/1/29 #		1,790,000		1,484,707
144A 6.125% 10/1/28 #		1,815,000		1,593,032
Teva Pharmaceutical Finance Netherlands III
5.125% 5/9/29		365,000		301,988
6.75% 3/1/28		385,000		354,235
United Rentals North America 3.875% 2/15/31		869,000		708,574
UnitedHealth Group 3.70% 5/15/27		600,000		571,574
Viatris
1.65% 6/22/25		320,000		284,837
2.30% 6/22/27		265,000		216,735
2.70% 6/22/30		1,940,000		1,443,887
4.00% 6/22/50		450,000		270,322
				83,749,718

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy – 2.96%
Acu Petroleo Luxembourg 144A 7.50% 7/13/35 #		460,000	$	367,185
Azure Power Energy 144A 3.575% 8/19/26 #		381,505		288,036
BP Capital Markets 4.875% 3/22/30 µ, Ψ		2,750,000		2,373,594
BP Capital Markets America 2.721% 1/12/32		1,465,000		1,191,477
Canacol Energy 144A 5.75% 11/24/28 #		680,000		515,651
CNX Resources 144A 6.00% 1/15/29 #		2,275,000		2,081,113
ConocoPhillips 3.80% 3/15/52		1,575,000		1,208,628
Continental Resources 144A 2.875% 4/1/32 #		1,195,000		876,712
Crestwood Midstream Partners 144A 6.00% 2/1/29 #		1,737,000		1,556,977
Devon Energy 4.75% 5/15/42		530,000		432,831
Diamondback Energy 4.25% 3/15/52		515,000		377,255
Ecopetrol
4.625% 11/2/31		445,000		312,156
5.375% 6/26/26		265,000		239,926
EIG Pearl Holdings 144A 3.545% 8/31/36 #		710,000		568,349
Energean Israel Finance 144A 4.875% 3/30/26 #		425,000		377,187
Energo-Pro 144A 8.50% 2/4/27 #		670,000		625,241
Energy Transfer
4.95% 5/15/28		700,000		654,335
5.25% 4/15/29		655,000		616,857
5.50% 6/1/27		3,200,000		3,121,173
6.25% 4/15/49		4,420,000		3,934,196
6.50% 11/15/26 µ, Ψ		3,380,000		2,952,781
Enterprise Products Operating
3.20% 2/15/52		4,365,000		2,794,451
3.30% 2/15/53		570,000		372,355
EQT 6.125% 2/1/25 ●		1,100,000		1,103,014
Galaxy Pipeline Assets Bidco 144A 2.94% 9/30/40 #		732,045		558,632
Geopark 144A 5.50% 1/17/27 #		555,000		434,069
Guara Norte 144A 5.198% 6/15/34 #		608,498		485,584
Indika Energy Capital IV 144A 8.25% 10/22/25 #		645,000		604,920
KazTransGas JSC 144A 4.375% 9/26/27 #		896,000		761,600
Kosmos Energy 144A 7.75% 5/1/27 #		425,000		339,025
Medco Laurel Tree 144A 6.95% 11/12/28 #		645,000		501,517
MPLX
1.75% 3/1/26		685,000		600,120
4.125% 3/1/27		2,000,000		1,867,545
Murphy Oil 5.875% 12/1/27		1,730,000		1,620,664
NuStar Logistics
5.625% 4/28/27		205,000		179,031
6.375% 10/1/30		2,337,000		2,004,845
Oil and Gas Holding 144A 7.625% 11/7/24 #		200,000		198,917
ONEOK
4.35% 3/15/29		1,500,000		1,343,617
7.50% 9/1/23		2,840,000		2,877,681
PDC Energy 5.75% 5/15/26		1,205,000		1,116,402
Pertamina Persero 144A 3.65% 7/30/29 #		197,000		171,437
Petrobras Global Finance 6.75% 6/3/50		240,000		195,932
Petroleos Mexicanos
5.95% 1/28/31		600,000		406,209
6.70% 2/16/32		76,000		53,439
6.75% 9/21/47		390,000		218,055
6.95% 1/28/60		419,000		232,541
7.69% 1/23/50		240,000		147,362
Petronas Capital 144A 2.48% 1/28/32 #		200,000		164,455

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Energy (continued)
Petronas Capital 144A 3.50% 4/21/30 #		440,000	$	401,962
PTTEP Treasury Center 144A 2.587% 6/10/27 #		695,000		615,287
Qatar Energy
144A 1.375% 9/12/26 #		280,000		244,423
144A 2.25% 7/12/31 #		345,000		278,684
Rio Oil Finance Trust Series 2014-1 9.25% 7/6/24		72,583		73,368
SA Global Sukuk 144A 2.694% 6/17/31 #		425,000		359,351
Sabine Pass Liquefaction
5.625% 3/1/25		1,455,000		1,455,144
5.75% 5/15/24		8,496,000		8,531,641
Santos Finance 144A 3.649% 4/29/31 #		1,700,000		1,323,615
Saudi Arabian Oil
144A 3.50% 11/24/70 #		220,000		142,459
144A 4.25% 4/16/39 #		530,000		455,465
Southwestern Energy 7.75% 10/1/27		2,050,000		2,088,108
Sweihan PV Power PJSC 144A 3.625% 1/31/49 #		427,080		340,240
Targa Resources 4.20% 2/1/33		300,000		250,317
Targa Resources Partners 5.00% 1/15/28		765,000		709,273
Tengizchevroil Finance Co. International 144A 2.625% 8/15/25 #		484,000		402,930
Tennessee Gas Pipeline 144A 2.90% 3/1/30 #		6,275,000		5,145,489
Thaioil Treasury Center 144A 2.50% 6/18/30 #		410,000		321,200
Transportadora de Gas del Sur 144A 6.75% 5/2/25 #		370,000		318,068
Tullow Oil 144A 10.25% 5/15/26 #		410,000		347,096
UEP Penonome II 144A 6.50% 10/1/38 #		308,302		266,681
Uzbekneftegaz 144A 4.75% 11/16/28 #		200,000		152,000
Valero Energy 3.65% 12/1/51		1,773,000		1,211,970
Woodside Finance 144A 3.70% 9/15/26 #		400,000		370,733
YPF 144A 6.95% 7/21/27 #		670,000		393,200
				72,223,783
Finance Companies – 2.02%
AerCap Ireland Capital DAC
1.65% 10/29/24		500,000		457,238
2.45% 10/29/26		1,445,000		1,220,800
3.00% 10/29/28		3,660,000		2,938,446
3.40% 10/29/33		3,183,000		2,314,013
3.50% 1/15/25		300,000		282,218
3.65% 7/21/27		4,760,000		4,163,632
4.45% 10/1/25		1,200,000		1,133,926
4.45% 4/3/26		150,000		140,107
4.50% 9/15/23		460,000		453,616
4.625% 10/15/27		745,000		670,126
6.50% 7/15/25		1,350,000		1,348,524
Agile Group Holdings 5.50% 5/17/26		345,000		96,754
Air Lease
2.875% 1/15/26		2,050,000		1,837,049
2.875% 1/15/32		2,380,000		1,797,206
3.00% 2/1/30		7,215,000		5,722,349
3.375% 7/1/25		670,000		624,888
4.125% 12/15/26 µ, Ψ		715,000		492,433
4.25% 2/1/24		900,000		886,548
4.625% 10/1/28		2,115,000		1,900,868
Aircastle 4.125% 5/1/24		2,500,000		2,403,861
Ally Financial 4.70% 5/15/26 µ, Ψ		1,260,000		986,120
Aviation Capital Group 144A 3.875% 5/1/23 #		1,000,000		982,097
Avolon Holdings Funding 144A 2.528% 11/18/27 #		116,000		90,907
China Evergrande Group 10.00% 4/11/23		550,000		36,509

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Finance Companies (continued)
CIFI Holdings Group
5.25% 5/13/26		250,000	$	54,375
6.45% 11/7/24		430,000		97,172
Country Garden Holdings
2.70% 7/12/26		285,000		89,989
4.20% 2/6/26		254,000		88,900
DAE Funding
144A 1.55% 8/1/24 #		200,000		182,882
144A 1.625% 2/15/24 #		1,500,000		1,406,609
3.375% 3/20/28		2,700,000		2,297,921
GE Capital UK Funding Unlimited 5.875% 1/18/33	GBP	300,000		311,526
Goodman HK Finance 4.375% 6/19/24		1,095,000		1,076,623
Huarong Finance 2019 3.875% 11/13/29		550,000		376,063
Indigo Group 1.625% 4/19/28	EUR	1,700,000		1,435,862
Jyske Realkredit 1.50% 10/1/53	DKK	1		0
KeyCorp 4.789% 6/1/33 µ		820,000		753,023
Logicor Financing 3.25% 11/13/28	EUR	3,400,000		2,917,403
MAF Global Securities 7.875% 6/30/27 µ, Ψ		415,000		409,036
OneMain Finance 6.125% 3/15/24		1,500,000		1,447,155
Owl Rock Capital 2.875% 6/11/28		500,000		381,518
Realkredit Danmark 2.00% 10/1/53	DKK	2,895,025		274,143
Samhallsbyggnadsbolaget i Norden 1.125% 9/4/26	EUR	900,000		665,593
Sirius Real Estate 1.125% 6/22/26	EUR	2,400,000		1,932,041
				49,178,069
Industrials – 0.45%
Burlington Northern Santa Fe
2.875% 6/15/52		1,615,000		1,059,021
4.45% 1/15/53		1,325,000		1,153,061
Cemex 144A 5.45% 11/19/29 #		31,000		27,763
Eaton 4.15% 3/15/33		2,055,000		1,859,644
Holcim Finance Luxembourg
0.50% 4/23/31	EUR	1,100,000		761,758
0.625% 4/6/30	EUR	1,000,000		729,766
Inversiones La Construccion 144A 4.75% 2/7/32 #		635,000		471,386
Lockheed Martin
3.90% 6/15/32		1,095,000		1,016,570
4.15% 6/15/53		815,000		684,127
Parker-Hannifin 4.25% 9/15/27		3,395,000		3,239,007
				11,002,103
Insurance – 0.78%
AIA Group
144A 3.375% 4/7/30 #		375,000		333,615
144A 3.90% 4/6/28 #		1,000,000		938,963
Aon 2.90% 8/23/51		4,930,000		3,062,936
Arthur J. Gallagher & Co. 3.50% 5/20/51		1,834,000		1,250,731
Athora Netherlands 2.375% 5/17/24	EUR	2,100,000		2,003,197
Brighthouse Financial
3.85% 12/22/51		2,970,000		1,804,143
4.70% 6/22/47		1,035,000		735,148
5.625% 5/15/30		850,000		797,913
Brown & Brown
2.375% 3/15/31		404,000		302,274
4.95% 3/17/52		1,429,000		1,162,260
Fairfax Financial Holdings 4.625% 4/29/30		1,000,000		900,442
Jackson Financial
3.125% 11/23/31		1,570,000		1,185,114
4.00% 11/23/51		1,909,000		1,197,301
MetLife 3.85% 9/15/25 µ, Ψ		1,520,000		1,363,584
Prudential Financial 3.70% 3/13/51		1,660,000		1,225,878
Sagicor Financial 144A 5.30% 5/13/28 #		765,000		716,652
				18,980,151

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Real Estate Investment Trusts – 0.83%
American Homes 4 Rent 3.625% 4/15/32		1,685,000	$	1,391,585
American Tower
2.30% 9/15/31		1,600,000		1,199,744
3.00% 6/15/23		600,000		592,518
3.375% 5/15/24		500,000		487,180
3.65% 3/15/27		300,000		274,725
American Tower Trust #1 Series 13 2A 144A 3.07% 3/15/48 #		1,285,000		1,276,082
CIBANCO Institucion de Banca Multiple Trust 144A 4.375% 7/22/31 #		645,000		455,247
Cromwell Ereit Lux Finco 2.125% 11/19/25	EUR	600,000		467,479
Crown Castle
2.10% 4/1/31		1,308,000		982,276
4.30% 2/15/29		2,745,000		2,521,166
EPR Properties 4.50% 6/1/27		1,700,000		1,469,868
GLP Capital 4.00% 1/15/30		2,600,000		2,176,795
Iron Mountain 144A 5.25% 7/15/30 #		966,000		801,452
Iron Mountain Information Management Services 144A 5.00% 7/15/32 #		3,080,000		2,388,503
MPT Operating Partnership 3.692% 6/5/28	GBP	1,600,000		1,323,507
VICI Properties
4.75% 2/15/28		100,000		92,165
4.95% 2/15/30		2,390,000		2,164,946
144A 5.75% 2/1/27 #		145,000		136,945
				20,202,183
Technology – 1.54%
Autodesk 2.40% 12/15/31		2,390,000		1,863,005
Broadcom
144A 3.137% 11/15/35 #		2,789,000		1,960,109
144A 3.419% 4/15/33 #		1,600,000		1,224,150
144A 3.469% 4/15/34 #		6,257,000		4,705,767
Broadcom 144A 4.926% 5/15/37 #		816,000		674,386
Broadridge Financial Solutions 2.60% 5/1/31		2,698,000		2,141,186
CA Magnum Holdings 144A 5.375% 10/31/26 #		418,000		352,201
CDW
2.67% 12/1/26		465,000		404,201
3.276% 12/1/28		4,143,000		3,465,184
Entegris Escrow 144A 4.75% 4/15/29 #		1,230,000		1,086,182
Fidelity National Information Services 4.70% 7/15/27		520,000		501,311
Fiserv 3.50% 7/1/29		3,500,000		3,048,701
KLA 4.95% 7/15/52		1,520,000		1,384,517
Lenovo Group 144A 6.536% 7/27/32 #		445,000		410,212
Micron Technology 2.703% 4/15/32		875,000		637,927
NXP
2.70% 5/1/25		180,000		167,102
3.125% 2/15/42		925,000		591,259
3.25% 5/11/41		1,740,000		1,145,052
3.875% 6/18/26		3,250,000		3,037,157
4.875% 3/1/24		3,280,000		3,243,695
5.55% 12/1/28		440,000		425,475
SK Hynix
144A 1.50% 1/19/26 #		600,000		520,121
144A 2.375% 1/19/31 #		610,000		451,928
TD SYNNEX
2.375% 8/9/28		800,000		645,929
2.65% 8/9/31		1,200,000		896,201
TSMC Global 144A 4.625% 7/22/32 #		535,000		507,918
Workday
3.50% 4/1/27		200,000		185,291
3.70% 4/1/29		310,000		278,401
3.80% 4/1/32		1,895,000		1,647,028
				37,601,596
Transportation – 1.56%
Air Canada 144A 3.875% 8/15/26 #		300,000		258,000
American Airlines 144A 5.50% 4/20/26 #		500,000		470,418

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Transportation (continued)
American Airlines 2015-1 Class A Pass Through Trust 3.375% 11/1/28 ◆		1,171,921	$	975,092
American Airlines 2016-1 Class AA Pass Through Trust 3.575% 7/15/29 ◆		500,065		446,459
American Airlines 2016-3 Class AA Pass Through Trust 3.00% 4/15/30 ◆		970,824		840,225
American Airlines 2019-1 Class AA Pass Through Trust 3.15% 8/15/33 ◆		172,886		144,175
American Airlines 2021-1 Class A Pass Through Trust 2.875% 1/11/36 ◆		100,000		81,221
Azul Investments
144A 5.875% 10/26/24 #		430,000		310,476
144A 7.25% 6/15/26 #		400,000		247,226
British Airways 2018-1 Class AA Pass Through Trust 144A 3.80% 3/20/33 #, ◆		1,107,917		995,028
British Airways 2019-1 Class AA Pass Through Trust 144A 3.30% 6/15/34 #, ◆		271,052		229,717
Canadian Pacific Railway 2.45% 12/2/31		1,665,000		1,334,697
Delta Air Lines
144A 7.00% 5/1/25 #		5,349,000		5,389,203
7.375% 1/15/26		1,858,000		1,881,225
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/24 #, ◆		138,308		137,895
ERAC USA Finance 144A 2.70% 11/1/23 #		300,000		292,132
Gol Finance 144A 8.00% 6/30/26 #		410,000		251,666
Grupo Aeromexico 144A 8.50% 3/17/27 #		5,000,000		4,399,246
Kansas City Southern 3.00% 5/15/23		500,000		494,439
Lima Metro Line 2 Finance 144A 4.35% 4/5/36 #		652,725		558,410
Mileage Plus Holdings 144A 6.50% 6/20/27 #		4,750,000		4,658,040
Misc Capital Two Labuan 144A 3.75% 4/6/27 #		760,000		688,801
Penske Truck Leasing
144A 3.95% 3/10/25 #		1,000,000		959,842
144A 4.45% 1/29/26 #		2,100,000		2,008,717
Southwest Airlines 5.125% 6/15/27		2,250,000		2,206,382
United Airlines
144A 4.375% 4/15/26 #		2,005,000		1,792,951
144A 4.625% 4/15/29 #		4,961,000		4,117,481
United Airlines 2020-1 Class A Pass Through Trust 5.875% 4/15/29 ◆		1,555,364		1,500,197
US Airways 2012-2 Class A Pass Through Trust 4.625% 12/3/26 ◆		315,619		285,183
US Airways 2013-A Class A Pass Through Trust 3.95% 5/15/27 ◆		47,625		42,214
				37,996,758
Utilities – 3.09%
Abu Dhabi National Energy PJSC 144A 2.00% 4/29/28 #		665,000		565,432
AES Andes 144A 7.125% 3/26/79 #, µ		605,000		531,916
Alfa Desarrollo 144A 4.55% 9/27/51 #		498,177		329,930
American Water Capital 4.45% 6/1/32		4,035,000		3,750,952

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Baltimore Gas and Electric 4.55% 6/1/52		1,395,000	$	1,201,299
Boston Gas 144A 3.757% 3/16/32 #		500,000		421,712
Calpine
144A 4.50% 2/15/28 #		453,000		400,081
144A 5.00% 2/1/31 #		1,535,000		1,221,871
144A 5.125% 3/15/28 #		454,000		390,867
Cikarang Listrindo 144A 4.95% 9/14/26 #		540,000		491,845
Clean Renewable Power Mauritius 144A 4.25% 3/25/27 #		429,750		343,654
CLP Power Hong Kong Financing 2.875% 4/26/23		240,000		237,866
Consorcio Transmantaro 144A 5.20% 4/11/38 #		480,000		411,396
Duke Energy 4.875% 9/16/24 µ, Ψ		1,630,000		1,464,950
Duke Energy Indiana 3.25% 10/1/49		1,265,000		861,323
Enel Finance International
144A 1.875% 7/12/28 #		665,000		517,816
144A 2.25% 7/12/31 #		725,000		504,291
144A 2.875% 7/12/41 #		2,085,000		1,193,101
ENN Energy Holdings 144A 2.625% 9/17/30 #		605,000		489,720
Entergy Arkansas 4.20% 4/1/49		870,000		713,799
Entergy Louisiana 4.95% 1/15/45		235,000		210,881
Entergy Mississippi 3.85% 6/1/49		1,465,000		1,102,864
Entergy Texas 3.55% 9/30/49		700,000		494,241
Essential Utilities
2.704% 4/15/30		695,000		569,940
3.351% 4/15/50		675,000		445,394
Evergy Kansas Central 3.45% 4/15/50		1,185,000		843,169
Eversource Energy 2.90% 3/1/27		915,000		831,617
Fells Point Funding Trust 144A 3.046% 1/31/27 #		850,000		758,395
FirstEnergy Transmission 144A 4.55% 4/1/49 #		875,000		686,268
Georgia Power 4.70% 5/15/32		3,200,000		3,002,348
Greenko Power II 144A 4.30% 12/13/28 #		459,425		362,371
Israel Electric 144A 3.75% 2/22/32 #		630,000		543,857
JSW Hydro Energy 144A 4.125% 5/18/31 #		519,800		408,625
Louisville Gas and Electric 4.25% 4/1/49		2,685,000		2,172,628
Minejesa Capital 144A 5.625% 8/10/37 #		400,000		286,550
Mong Duong Finance Holdings 144A 5.125% 5/7/29 #		500,000		393,528
NextEra Energy Capital Holdings
0.65% 3/1/23		2,800,000		2,757,717
3.00% 1/15/52		1,105,000		707,821
5.00% 7/15/32		2,625,000		2,509,957
Oglethorpe Power 3.75% 8/1/50		1,620,000		1,141,228
Oryx Funding 144A 5.80% 2/3/31 #		660,000		589,739
Pacific Gas and Electric
2.10% 8/1/27		9,195,000		7,445,864
3.00% 6/15/28		800,000		660,458
3.25% 6/1/31		420,000		321,070
3.30% 3/15/27		700,000		607,235
3.30% 8/1/40		7,168,000		4,603,667
3.50% 6/15/25		400,000		361,042
3.50% 8/1/50		4,510,000		2,755,562
3.837% (SOFR + 1.15%) 11/14/22 ●		700,000		698,482
4.20% 3/1/29		3,200,000		2,720,886
4.40% 3/1/32		1,300,000		1,071,848
4.50% 7/1/40		1,100,000		802,667

Table of Contents

	Principal amount^°		Value (US $)
Corporate Bonds (continued)
Utilities (continued)
Pacific Gas and Electric 4.95% 7/1/50		516,000	$	379,114
Pedernales Electric Cooperative 144A 6.202% 11/15/32 #		620,000		626,753
Perusahaan Listrik Negara
144A 3.875% 7/17/29 #		605,000		516,531
144A 4.125% 5/15/27 #		300,000		278,177
144A 5.25% 5/15/47 #		185,000		136,981
PG&E 5.25% 7/1/30		1,625,000		1,386,499
Saudi Electricity Global Sukuk Co. 4 4.222% 1/27/24		515,000		509,379
Sempra Energy 4.875% 10/15/25 µ, Ψ		575,000		536,188
Sociedad de Transmision Austral 144A 4.00% 1/27/32 #		420,000		341,276
Southern California Edison
3.45% 2/1/52		3,037,000		2,050,102
3.65% 2/1/50		1,525,000		1,047,823
4.00% 4/1/47		880,000		643,565
4.875% 3/1/49		2,330,000		1,955,864
Southern California Gas 2.95% 4/15/27		2,600,000		2,376,717
Southern Co. Gas Capital 5.15% 9/15/32		1,901,000		1,819,743
System Energy Resources 2.14% 12/9/25		800,000		720,983
Trans-Allegheny Interstate Line 144A 3.85% 6/1/25 #		165,000		158,606
Vistra Operations 144A 5.125% 5/13/25 #		949,000		920,037
				75,316,078
Total Corporate Bonds (cost $1,041,823,469)				869,013,651

Municipal Bonds – 0.79%
American Municipal Power, Ohio (Combined Hydroelectric Projects - Build America Bonds) Series B 8.084% 2/15/50		1,500,000		1,997,190
Chicago, Illinois Transit Authority Sales Tax Receipts Revenue (Pension Funding) Series A 6.899% 12/1/40		1,800,000		2,024,262
(Retiree Health Care Funding) Series B 6.899% 12/1/40		1,800,000		2,040,390
Commonwealth of Puerto Rico (Restructured)
Series A-1 2.993% 7/1/24 ^		162,917		149,817
Series A-1 4.00% 7/1/33		489,634		431,676
Series A-1 4.00% 7/1/35		355,609		304,860
Series A-1 4.00% 7/1/37		377,735		310,944
Series A-1 4.364% 7/1/33 ^		630,112		348,402
Series A-1 5.625% 7/1/29		411,775		421,863
GDB Debt Recovery Authority of Puerto Rico (Taxable) 7.50% 8/20/40		3,711,688		3,266,286
Golden State, California Tobacco Securitization (Senior) Series A1 2.587% 6/1/29		1,700,000		1,415,556
Municipal Electric Authority of Georgia (Build America Bonds Plant Vogtle Units 3 & 4 Project) 6.655% 4/1/57		1,728,000		1,912,343
New Jersey Transportation Trust Fund Authority (Build America Bonds) Series C 5.754% 12/15/28		1,590,000		1,593,593

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Municipal Bonds (continued)
New York City, New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bonds) Subordinate Series A-1 5.508% 8/1/37		700,000	$	716,121
New York State Urban Development (Build America Bonds) Series E 5.77% 3/15/39		800,000		827,992
Pennsylvania Higher Education Assistance Agency Revenue (Student Loans) Series 2006-2 A-3 2.913% (LIBOR03M + 0.13%) 10/25/36 ●		263,398		255,523
South Carolina Public Service Authority (Santee Cooper) Series D 4.77% 12/1/45		145,000		129,779
West Virginia Tobacco Settlement Finance Authority (Class 1 Senior Current Interest Bonds)
Series A 1.82% 6/1/26		250,000		220,988
Series A 2.351% 6/1/28		300,000		253,710
Series A 2.551% 6/1/29		300,000		249,654
Series A 2.951% 6/1/31		500,000		406,780
Total Municipal Bonds (cost $21,429,942)				19,277,729

Non-Agency Asset-Backed Securities – 2.18%
ABFC Trust Series 2006-HE1 A2D 3.304% (LIBOR01M + 0.22%, Floor 0.22%) 1/25/37 ●		259,256		155,758
Argent Securities Trust Series 2006-M1 A2C 3.384% (LIBOR01M + 0.30%, Floor 0.30%) 7/25/36 ●		1,106,240		321,236
Argent Securities Trust Series 2006-W4 A2C 3.404% (LIBOR01M + 0.32%, Floor 0.32%) 5/25/36 ●		577,174		148,847
Bear Stearns Asset- Backed Securities I Trust Series 2005-FR1 M2 4.089% (LIBOR01M + 1.01%, Floor 1.01%) 6/25/35 ●		1,045,844		1,028,848
Bear Stearns Asset- Backed Securities Trust Series 2007-SD1 22A1 3.436% 10/25/36 ●		99,961		60,362
Centex Home Equity Loan Trust Series 2002-A AF6 5.54% 1/25/32		214		209
CIT Mortgage Loan Trust Series 2007-1 1M1 144A 4.584% (LIBOR01M + 1.50%, Floor 1.50%) 10/25/37 #, ●		3,600,000		3,349,171
Citicorp Residential Mortgage Trust Series 2006-3 A5 4.575% 11/25/36 ●		253,182		241,313
Countrywide Asset- Backed Certificates Trust Series 2004-3 2A 3.484% (LIBOR01M + 0.40%, Floor 0.40%) 8/25/34 ●		28,890		27,199
Series 2005-3 MV7 5.034% (LIBOR01M + 1.95%, Floor 1.95%) 8/25/35 ●		4,200,000		4,012,649
Series 2006-1 AF6 4.461% 7/25/36 ●		33,755		31,561
Series 2006-11 1AF6 6.15% 9/25/46 ●		36,589		33,193
Series 2006-17 2A2 3.384% (LIBOR01M + 0.30%, Floor 0.30%) 3/25/47 ●		627,152		607,628
Series 2006-26 2A4 3.304% (LIBOR01M + 0.22%, Floor 0.22%) 6/25/37 ●		1,056,865		1,014,800

Table of Contents

	Principal amount^°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Countrywide Asset- Backed Certificates Trust Series 2007-6 2A4 3.394% (LIBOR01M + 0.31%, Floor 0.31%) 9/25/37 ●		931,153	$	802,512
DataBank Issuer Series 2021-1A A2 144A 2.06% 2/27/51 #		1,600,000		1,373,810
Diamond Infrastructure Funding Series 2021-1A A 144A 1.76% 4/15/49 #		4,700,000		3,858,105
Domino’s Pizza Master Issuer Series 2021-1A A2I 144A 2.662% 4/25/51 #		7,307,500		6,017,609
EquiFirst Mortgage Loan Trust Series 2004-2 M7 6.084% (LIBOR01M + 3.00%, Floor 3.00%) 10/25/34 ●		662,361		652,503
First Franklin Mortgage Loan Trust Series 2006-FF5 2A3 3.404% (LIBOR01M + 0.32%, Floor 0.32%) 4/25/36 ●		686,447		663,883
Fremont Home Loan Trust Series 2004-B M1 3.954% (LIBOR01M + 0.87%, Floor 0.87%) 5/25/34 ●		2,043,460		1,931,914
GE-WMC Mortgage Securities Trust Series 2006-1 A2B 3.384% (LIBOR01M + 0.30%, Floor 0.30%) 8/25/36 ●		1,676,160		777,082
GSAMP Trust Series 2006-FM3 A2D 3.314% (LIBOR01M + 0.23%, Floor 0.23%) 11/25/36 ●		786,308		385,393
GSAMP Trust Series 2007-SEA1 A 144A 3.384% (LIBOR01M + 0.30%, Floor 0.30%) 12/25/36 #, ●		478,681		445,116
Hardee’s Funding Series 2018-1A A2II 144A 4.959% 6/20/48 #		480,000		449,642
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A 2A3 3.324% (LIBOR01M + 0.24%, Floor 0.24%) 4/25/37 ●		1,107,828		759,551
HSI Asset Securitization Trust Series 2006-HE1 2A1 3.184% (LIBOR01M + 0.10%, Floor 0.10%) 10/25/36 ●		21,916		9,416
JPMorgan Chase Bank Series 2021-3 B 144A 0.76% 2/26/29 #		776,503		742,949
JPMorgan Mortgage Acquisition Trust Series 2006-CW2 AV5 3.324% (LIBOR01M + 0.24%, Floor 0.24%) 8/25/36 ●		222,207		220,957
Lendingpoint Asset Securitization Trust Series 2021-B A 144A 1.11% 2/15/29 #		353,555		347,475
Long Beach Mortgage Loan Trust Series 2006-1 2A4 3.684% (LIBOR01M + 0.60%, Floor 0.60%) 2/25/36 ●		2,423,110		2,083,427
Series 2006-7 1A 3.394% (LIBOR01M + 0.31%, Floor 0.31%) 8/25/36 ●		2,327,779		1,237,611
Morgan Stanley ABS Capital I Trust Series 2007-HE1 A2C 3.234% (LIBOR01M + 0.15%, Floor 0.15%) 11/25/36 ●		3,735,636		2,298,192

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Non-Agency Asset-Backed Securities (continued)
Morgan Stanley ABS Capital I Trust Series 2007-HE5 A2D 3.424% (LIBOR01M + 0.34%, Floor 0.34%) 3/25/37 ●		2,752,796	$	1,272,347
New Century Home Equity Loan Trust Series 2005-1 M2 3.804% (LIBOR01M + 0.72%, Cap 12.50%, Floor 0.72%) 3/25/35 ●		233,599		227,513
Option One Mortgage Loan Trust Series 2005-1 M1 3.864% (LIBOR01M + 0.78%, Floor 0.78%) 2/25/35 ●		1,115,144		1,056,791
Series 2007-4 2A4 3.394% (LIBOR01M + 0.31%, Floor 0.31%) 4/25/37 ●		4,926,762		2,972,924
PFS Financing Series 2021-A A 144A 0.71% 4/15/26 #		1,800,000		1,679,357
RAAC Trust Series 2005-SP2 2A 3.684% (LIBOR01M + 0.60%, Cap 14.00%, Floor 0.60%) 6/25/44 ●		184,536		155,229
Sofi Professional Loan Program Series 2016-F A2 144A 3.02% 2/25/40 #		99,137		95,017
Soundview Home Loan Trust Series 2006-OPT1 2A4 3.624% (LIBOR01M + 0.54%, Floor 0.54%) 3/25/36 ●		136,125		134,081
Structured Asset Investment Loan Trust Series 2003-BC2 M1 4.464% (LIBOR01M + 1.38%, Floor 1.38%) 4/25/33 ●		15,777		14,964
Structured Asset Securities Mortgage Loan Trust
Series 2006-BC1 A6 3.354% (LIBOR01M + 0.27%, Floor 0.27%) 3/25/36 ●		998,452		907,538
Series 2006-BC2 A1 3.239% (LIBOR01M + 0.16%, Floor 0.16%) 9/25/36 ●		3,122,583		2,182,102
Towd Point Mortgage Trust Series 2017-1 A1 144A 2.75% 10/25/56 #, ●		142,533		140,360
Series 2017-2 A1 144A 2.75% 4/25/57 #, ●		17,751		17,586
Series 2017-4 M1 144A 3.25% 6/25/57 #, ●		615,000		542,103
Series 2018-1 A1 144A 3.00% 1/25/58 #, ●		165,530		160,475
Series 2019-4 A1 144A 2.90% 10/25/59 #, ●		5,707,274		5,373,617
Total Non-Agency Asset-Backed Securities (cost $59,987,572)				53,021,925

Non-Agency Collateralized Mortgage Obligations – 1.61%
Alternative Loan Trust Resecuritization Series 2008-2R 3A1 6.00% 8/25/37 ●		808,769		426,932
ARM Mortgage Trust
Series 2005-10 3A31 2.909% 1/25/36 ●		39,201		35,606
Series 2006-2 1A4 3.228% 5/25/36 ●		342,447		306,913
Banc of America Funding Trust
Series 2005-E 7A1 2.534% (12MTA + 1.43%, Floor 1.43%) 6/20/35 ●		66,503		53,900
Series 2006-I 1A1 3.226% 12/20/36 ●		78,675		76,958
Banc of America Mortgage Trust Series 2003-D 2A1 3.998% 5/25/33 ●		34,021		33,465

Table of Contents

	Principal amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
Bear Stearns ARM Trust Series 2003-5 2A1 3.363% 8/25/33 ●		15,164	$	14,552
Chase Mortgage Finance Trust Series 2005-A1 3A1 2.958% 12/25/35 ●		40,917		35,931
CHL Mortgage Pass Through Trust Series 2007-4 1A1 6.00% 5/25/37 ◆		673,127		326,482
Connecticut Avenue Securities Trust
Series 2018-R07 1M2 144A 5.484% (LIBOR01M + 2.40%) 4/25/31 #, ●		82,601		82,298
Series 2019-R01 2M2 144A 5.534% (LIBOR01M + 2.45%) 7/25/31 #, ●		53,993		53,886
Series 2019-R02 1M2 144A 5.384% (LIBOR01M + 2.30%, Floor 2.30%) 8/25/31 #, ●		187,786		187,309
Series 2019-R07 1M2 144A 5.184% (LIBOR01M + 2.10%) 10/25/39 #, ●		269,624		268,148
Series 2020-R01 1M2 144A 5.134% (LIBOR01M + 2.05%, Floor 2.05%) 1/25/40 #, ●		787,228		775,762
Series 2022-R01 1M2 144A 4.181% (SOFR + 1.90%) 12/25/41 #, ●		1,500,000		1,365,944
Series 2022-R02 2M2 144A 5.281% (SOFR + 3.00%) 1/25/42 #, ●		900,000		821,690
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		502,450		366,530
Series 2007-1 5A14 6.00% 2/25/37		145,179		89,578
CSMC Mortgage-Backed Trust
Series 2007-3 4A6 3.334% (LIBOR01M + 0.25%, Cap 7.00%, Floor 0.25%) 4/25/37 ●		74,580		61,003
Series 2007-3 4A12 3.666% (6.75% minus LIBOR01M, Cap 6.75%) 4/25/37 Σ ●		74,580		10,164
Series 2007-3 4A15 5.50% 4/25/37		33,116		27,068
Flagstar Mortgage Trust Series 2021-2 A6 144A 2.50% 4/25/51 #, ●		834,623		717,202
GMACM Mortgage Loan Trust Series 2006-J1 A1 5.75% 4/25/36		16,670		14,089
GS Mortgage-Backed Securities Trust
Series 2021-PJ4 A8 144A 2.50% 9/25/51 #, ●		2,206,173		1,897,999
Series 2021-PJ7 A2 144A 2.50% 1/25/52 #, ●		2,263,264		1,797,263
GSR Mortgage Loan Trust Series 2007-AR1 2A1 3.035% 3/25/47 ●		372,099		251,210
JPMorgan Alternative Loan Trust Series 2007-A2 11A1 3.444% (LIBOR01M + 0.36%, Cap 11.50%, Floor 0.36%) 6/25/37 ●		2,978,049		1,687,249
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 3.41% 10/25/36 ●		177,560		148,420
Series 2006-A7 2A2 3.258% 1/25/37 ●		34,468		30,165
Series 2007-A1 6A1 3.201% 7/25/35 ●		43,015		41,618
Series 2014-2 B1 144A 3.418% 6/25/29 #, ●		21,186		18,238

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
JPMorgan Mortgage Trust Series 2014-2 B2 144A 3.418% 6/25/29 #, ●		21,186	$	18,171
Series 2015-4 B1 144A 3.556% 6/25/45 #, ●		484,928		428,120
Series 2015-4 B2 144A 3.556% 6/25/45 #, ●		207,259		182,483
Series 2015-5 B2 144A 3.586% 5/25/45 #, ●		385,140		374,808
Series 2015-6 B1 144A 3.532% 10/25/45 #, ●		195,832		179,247
Series 2015-6 B2 144A 3.532% 10/25/45 #, ●		190,539		174,123
Series 2016-4 B1 144A 3.805% 10/25/46 #, ●		180,592		160,050
Series 2016-4 B2 144A 3.805% 10/25/46 #, ●		329,248		288,644
Series 2017-1 B3 144A 3.45% 1/25/47 #, ●		842,713		702,404
Series 2017-2 A3 144A 3.50% 5/25/47 #, ●		53,025		46,306
Series 2020-2 A3 144A 3.50% 7/25/50 #, ●		154,531		136,944
Series 2020-5 A3 144A 3.00% 12/25/50 #, ●		884,562		749,185
Series 2020-7 A3 144A 3.00% 1/25/51 #, ●		472,799		395,828
Series 2021-1 A3 144A 2.50% 6/25/51 #, ●		728,064		577,065
Series 2021-10 A3 144A 2.50% 12/25/51 #, ●		1,526,049		1,211,839
Series 2021-13 B1 144A 3.144% 4/25/52 #, ●		1,951,911		1,521,443
Lehman Mortgage Trust Series 2007-10 2A2 6.50% 1/25/38		1,177,916		407,040
Ludgate Funding
Series 2006-1X A2A 2.768% (BP0003M + 0.19%) 12/1/60 ●	GBP	1,061,410		1,113,285
Series 2008-W1X A1 2.289% (BP0003M + 0.60%) 1/1/61 ●	GBP	466,578		501,735
Mansard Mortgages Series 2007-1X A2 1.945% (SONIA + 0.299%) 4/15/47 ●	GBP	488,373		527,152
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		1,119		1,103
Series 2004-5 6A1 7.00% 6/25/34		17,413		17,070
MASTR ARM Trust Series 2004-4 4A1 2.775% 5/25/34 ●		34,307		32,479
Merrill Lynch Mortgage Investors Trust Series 2004-A1 2A2 2.726% 2/25/34 ●		1,791		1,722
Morgan Stanley Residential Mortgage Loan Trust
Series 2020-1 A2A 144A 2.50% 12/25/50 #, ●		755,027		594,811
Series 2021-1 A2 144A 2.50% 3/25/51 #, ●		676,772		538,272
Series 2021-4 A3 144A 2.50% 7/25/51 #, ●		765,395		604,893
New Residential Mortgage Loan Trust
Series 2018-RPL1 A1 144A 3.50% 12/25/57 #, ●		129,440		124,279
Series 2019-RPL3 A1 144A 2.75% 7/25/59 #, ●		3,191,478		2,988,433
RALI Series Trust
Series 2007-QA5 2A1 5.923% 9/25/37 ●		1,975,675		1,483,383
Series 2007-QH8 A 1.778% 10/25/37 ●		1,140,416		1,018,286

Table of Contents

		Principal amount^°		Value (US $)
Non-Agency Collateralized Mortgage Obligations (continued)
RCKT Mortgage Trust
Series 2021-1 A1 144A 2.50% 3/25/51 #, ●			752,950	$	597,919
Series 2021-6 A1 144A 2.50% 12/25/51 #, ●			1,564,239		1,242,166
Reperforming Loan REMIC Trust Series 2006-R1 AF1 144A 3.424% (LIBOR01M + 0.34%, Cap 9.50%, Floor 0.34%) 1/25/36 #, ●			520,224		496,014
RFMSI Trust Series 2004-S9 2A1 4.75% 12/25/19			28		31
Sequoia Mortgage Trust
Series 2004-5 A3 3.308% (LIBOR06M + 0.56%, Cap 11.50%, Floor 0.56%) 6/20/34 ●			83,901		77,889
Series 2007-1 4A1 3.034% 9/20/46 ●			229,438		162,792
Series 2015-1 B2 144A 3.917% 1/25/45 #, ●			130,876		121,136
Series 2017-5 B2 144A 3.798% 8/25/47 #, ●			2,880,704		2,471,505
Series 2020-4 A2 144A 2.50% 11/25/50 #, ●			591,853		469,992
Structured ARM Loan Trust Series 2006-1 7A4 2.732% 2/25/36 ●			68,601		61,732
Structured Asset Mortgage Investments II Trust
Series 2005-AR5 A2 3.493% (LIBOR01M + 0.50%, Cap 11.00%, Floor 0.50%) 7/19/35 ●			123,672		115,762
Trinity Square Series 2021-1A A 144A 2.496% (SONIA + 0.85%) 7/15/59 #, ●	GBP		3,212,843		3,558,174
WaMu Mortgage Pass Through Certificates Trust
Series 2005-AR16 1A3 2.758% 12/25/35 ◆, ●			170,641		158,574
Series 2007-HY1 3A3 3.208% 2/25/37 ◆, ●			113,754		104,996
Series 2007-HY7 4A1 3.853% 7/25/37 ◆, ●			226,888		213,722
Wells Fargo Mortgage- Backed Securities Trust
Series 2006-AR11 A6 4.056% 8/25/36 ●			109,580		102,849
Series 2020-1 A1 144A 3.00% 12/25/49 #, ●			142,385		119,480
Total Non-Agency Collateralized Mortgage Obligations (cost $48,180,938)					39,198,908

Non-Agency Commercial Mortgage-Backed Securities – 4.73%
BANK
Series 2017-BNK5 B 3.896% 6/15/60 ●			605,000		537,184
Series 2017-BNK7 A5 3.435% 9/15/60			710,000		650,893
Series 2019-BN20 A3 3.011% 9/15/62			8,000,000		6,932,415
Series 2019-BN21 A5 2.851% 10/17/52			2,100,000		1,797,642
Series 2022-BNK39 A4 2.928% 2/15/55			2,784,000		2,317,196
Series 2022-BNK39 B 3.348% 2/15/55 ●			1,353,000		1,076,673
Series 2022-BNK39 C 3.379% 2/15/55 ●			797,000		591,999
Series 2022-BNK40 B 3.507% 3/15/64 ●			1,800,000		1,432,150
Series 2022-BNK41 A4 3.916% 4/15/65 ●			2,000,000		1,797,656
Benchmark Mortgage Trust
Series 2020-B17 A5 2.289% 3/15/53			3,460,000		2,822,257
Series 2020-B20 A5 2.034% 10/15/53			13,250,000		10,455,400
Series 2020-B21 A5 1.978% 12/17/53			1,300,000		1,019,761

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Benchmark Mortgage Trust
Series 2020-B22 A5 1.973% 1/15/54		2,050,000	$	1,599,374
Series 2021-B24 A5 2.584% 3/15/54		6,790,000		5,542,851
Series 2021-B29 A5 2.388% 9/15/54		6,000,000		4,786,885
Series 2022-B32 B 3.202% 1/15/55 ●		1,800,000		1,395,636
Series 2022-B32 C 3.572% 1/15/55 ●		2,200,000		1,630,249
Series 2022-B33 B 3.736% 3/15/55 ●		900,000		739,816
Series 2022-B33 C 3.736% 3/15/55 ●		900,000		689,991
BMO Mortgage Trust Series 2022-C1 A5 3.374% 2/15/55 ●		600,000		518,375
Cantor Commercial Real Estate Lending
Series 2019-CF1 A5 3.786% 5/15/52		2,340,000		2,142,041
Series 2019-CF2 A5 2.874% 11/15/52		4,000,000		3,431,766
Series 2019-CF3 A4 3.006% 1/15/53		800,000		684,350
CD Mortgage Trust
Series 2017-CD6 B 3.911% 11/13/50 ●		440,000		388,075
Series 2019-CD8 A4 2.912% 8/15/57		8,775,000		7,531,974
CFCRE Commercial Mortgage Trust Series 2016-C7 A3 3.838% 12/10/54		3,100,000		2,919,703
Citigroup Commercial Mortgage Trust
Series 2014-GC25 A4 3.635% 10/10/47		785,000		758,974
Series 2015-GC27 A5 3.137% 2/10/48		1,400,000		1,336,337
Series 2016-P3 A4 3.329% 4/15/49		1,305,000		1,222,098
Series 2017-C4 A4 3.471% 10/12/50		635,000		582,517
COMM Mortgage Trust Series 2013-WWP A2
144A 3.424% 3/10/31 #		1,100,000		1,098,437
Series 2014-CR20 AM 3.938% 11/10/47		2,225,000		2,121,121
COMM Mortgage Trust Series 2015-3BP A
144A 3.178% 2/10/35 #		605,000		560,729
Series 2015-CR23 A4 3.497% 5/10/48		780,000		743,351
Series 2016-CR28 A4 3.762% 2/10/49		2,330,000		2,210,271
DB-JPM Mortgage Trust
Series 2016-C1 A4 3.276% 5/10/49		900,000		837,719
GS Mortgage Securities Trust
Series 2017-GS5 A4 3.674% 3/10/50		1,280,000		1,194,524
Series 2017-GS6 A3 3.433% 5/10/50		1,935,000		1,785,502
Series 2019-GC39 A4 3.567% 5/10/52		1,250,000		1,134,255
Series 2019-GC42 A4 3.00% 9/1/52		5,000,000		4,336,700
Series 2020-GC47 A5 2.377% 5/12/53		3,716,000		3,038,702
JPM-BB Commercial Mortgage Securities Trust Series 2015-C31 A3 3.801% 8/15/48		7,784,753		7,424,624
JPM-DB Commercial Mortgage Securities Trust
Series 2016-C2 A4 3.144% 6/15/49		1,640,000		1,522,527
Series 2016-C4 A3 3.141% 12/15/49		1,065,000		978,059
Series 2017-C7 A5 3.409% 10/15/50		2,395,000		2,196,259
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2013-LC11 B 3.499% 4/15/46		355,000		346,035
Series 2016-JP2 AS 3.056% 8/15/49		1,250,000		1,104,245
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C26 A5 3.531% 10/15/48		960,000		911,093
Series 2015-C27 ASB 3.557% 12/15/47		1,342,705		1,311,312

Table of Contents

	Principal amount^°		Value (US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
Morgan Stanley Bank of America Merrill Lynch Trust Series 2016-C29 A4 3.325% 5/15/49		1,445,000	$	1,349,204
Morgan Stanley Capital I Trust
Series 2019-L3 A4 3.127% 11/15/52		1,000,000		867,092
Series 2020-HR8 A4 2.041% 7/15/53		4,415,000		3,503,985
UBS-Barclays Commercial Mortgage Trust Series 2013-C5 B 144A 3.649% 3/10/46 #, ●		480,000		468,329
VMC Finance Series 2021-FL4 A 144A 4.093% (LIBOR01M + 1.10%, Floor 1.10%) 6/16/36 #, ●		1,149,046		1,118,093
Wells Fargo Commercial Mortgage Trust
Series 2014-LC18 A5 3.405% 12/15/47		275,000		263,586
Series 2015-NXS3 A4 3.617% 9/15/57		510,000		484,232
Series 2016-BNK1 A3 2.652% 8/15/49		1,220,000		1,102,352
Series 2020-C58 A4 2.092% 7/15/53		2,300,000		1,808,472
Total Non-Agency Commercial Mortgage-Backed Securities (cost $135,768,443)				115,153,048

Loan Agreements – 2.82%
Acrisure 1st Lien 7.365% (LIBOR01M + 4.25%) 2/15/27 ●		297,750		280,629
Acrisure Tranche B 6.615% (LIBOR01M + 3.50%) 2/15/27 ●		405,146		371,215
Advantage Sales & Marketing Tranche B-1 7.054% (LIBOR01M + 4.50%) 10/28/27 ●		699,345		627,225
Amentum Government Services Holdings Tranche 3 7.392% (SOFR03M + 4.00%) 2/15/29 ●		3,461,325		3,317,102
Applied Systems 1st Lien 6.674% (LIBOR03M + 3.00%) 9/19/24 ●		826,291		808,216
Applied Systems 2nd Lien 9.174% (LIBOR03M + 5.50%) 9/19/25 ●		2,058,605		2,032,872
Avantor Funding Tranche B-5 5.365% (LIBOR01M + 2.25%) 11/8/27 ●		661,903		647,148
Bausch & Lomb 6.098% (SOFR01M + 3.35%) 5/10/27 ●		1,236,900		1,152,120
Bausch Health 8.098% (SOFR01M + 5.35%) 2/1/27 ●		380,187		293,655
Berry Global Tranche Z 4.178% (LIBOR01M + 1.75%) 7/1/26 ●		617,900		599,621
BMC Software 6.865% (LIBOR01M + 3.75%) 10/2/25 ●		333,646		317,068
BW Gas & Convenience Holdings Tranche B 6.615% (LIBOR01M + 3.50%) 3/31/28 ●		1,041,812		994,931
Caesars Resort Collection Tranche B 5.865% (LIBOR01M + 2.75%) 12/23/24 ●		1,922,038		1,880,474
Caesars Resort Collection Tranche B-1 6.615% (LIBOR01M + 3.50%) 7/21/25 ●		899,137		889,208
Calpine
5.12% (LIBOR01M + 2.00%) 4/5/26 ●		241,875		232,926
5.62% (LIBOR01M + 2.50%) 12/16/27 ●		254,295		246,167
Camelot US Acquisition l 6.115% (LIBOR01M + 3.00%) 10/30/26 ●		638,625		619,067

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Loan Agreements (continued)
Carnival Tranche B 5.877% (LIBOR06M + 3.00%) 6/30/25 ●		488,753	$	447,209
Castlelake Aviation One DAC 6.043% (LIBOR03M + 2.75%) 10/22/26 ●		811,054		784,948
CenturyLink Tranche B 5.365% (LIBOR01M + 2.25%) 3/15/27 ●		979,849		893,587
Charter Communications Operating Tranche B2 4.87% (LIBOR01M + 1.75%) 2/1/27 ●		476,260		459,166
Chemours Tranche B-2 4.87% (LIBOR01M + 1.75%) 4/3/25 ●		817,995		766,870
Connect US Finco 6.62% (LIBOR01M + 3.50%) 12/11/26 ●		632,775		591,486
Core & Main Tranche B-1 5.168% (LIBOR01M + 2.50%) 7/27/28 ●		531,548		509,290
CSC Holdings 5.068% (LIBOR01M + 2.25%) 7/17/25 ●		307,938		295,043
Delta Air Lines 6.46% (LIBOR03M + 3.75%) 10/20/27 ●		500,000		502,466
Electron Bidco 6.115% (LIBOR01M + 3.00%) 11/1/28 ●		497,500		472,728
Ensemble RCM 6.556% (LIBOR03M + 3.75%) 8/1/26 ●		356,960		349,152
Entegris Tranche B 5.684% (SOFR01M + 3.00%) 7/6/29 ●		1,945,000		1,934,059
Epicor Software 2nd Lien 10.865% (LIBOR01M + 7.75%) 7/31/28 ●		735,000		719,933
Epicor Software Tranche C 6.365% (LIBOR01M + 3.25%) 7/30/27 ●		785,965		737,170
Frontier Communications Tranche B 7.438% (LIBOR03M + 3.75%) 10/8/27 ●		1,723,750		1,611,706
Global Medical Response 6.814% (LIBOR01M + 4.25%) 10/2/25 ●		857,851		744,186
Hamilton Projects Acquiror 8.174% (LIBOR03M + 4.50%) 6/17/27 ●		815,006		801,034
Heartland Dental
6.615% (LIBOR01M + 3.50%) 4/30/25 ●		817,930		756,074
7.084% (LIBOR01M + 4.00%) 4/30/25 ●		454,250		422,907
Hexion Holdings 1st Lien 7.263% (SOFR03M + 4.50%) 3/15/29 ●		2,309,212		1,981,304
Hilton Grand Vacations Borrower 6.115% (LIBOR01M + 3.00%) 8/2/28 ●		990,000		958,857
Hilton Worldwide Finance Tranche B-2 4.809% (LIBOR01M + 1.75%) 6/22/26 ●		1,088,891		1,054,182
HUB International 5.766% (LIBOR03M + 3.00%) 4/25/25 ●		353,832		340,907
Informatica 5.875% (LIBOR01M + 2.75%) 10/27/28 ●		631,825		613,924
IRB Holding Tranche B 5.696% (SOFR01M + 3.10%) 12/15/27 ●		3,542,431		3,318,815
LSF9 Atlantis Holdings Tranche B 10.803% (SOFR03M + 7.25%) 3/31/29 ●		2,110,000		2,030,875
Mileage Plus Holdings 8.777% (LIBOR03M + 5.25%) 6/20/27 ●		950,000		955,259
MPH Acquisition Holdings 7.32% (LIBOR03M + 4.25%) 9/1/28 ●		1,782,000		1,651,321
Numericable US Tranche B-13 6.905% (LIBOR03M + 4.00%) 8/14/26 ●		129,937		118,243
Organon & Co. 6.188% (LIBOR03M + 3.00%) 6/2/28 ●		2,001,292		1,958,764

Table of Contents

	Principal amount^°		Value (US $)
Loan Agreements (continued)
Pelican Products 7.294% (LIBOR03M + 4.25%) 12/29/28 ●		277,900	$	256,363
Peraton Tranche B 1st Lien 6.865% (LIBOR01M + 3.75%) 2/1/28 ●		1,020,304		969,671
PG&E Tranche B 6.125% (LIBOR01M + 3.00%) 6/23/25 ●		1,428,955		1,371,797
Pilot Travel Centers Tranche B 5.134% (SOFR01M + 2.10%) 8/4/28 ●		359,534		344,903
Prestige Brands Tranche B5 5.115% (LIBOR01M + 2.00%) 7/3/28 ●		9,077		9,069
Pretium PKG Holdings 1st Lien 6.502% (LIBOR03M + 4.00%) 10/2/28 ●		263,852		238,786
Prime Security Services Borrower Tranche B-1 5.304% (LIBOR03M + 2.75%) 9/23/26 ●		403,318		391,387
RealPage 1st Lien 6.115% (LIBOR01M + 3.00%) 4/24/28 ●		990,000		929,054
Reynolds Group Holdings Tranche B-2 6.365% (LIBOR01M + 3.25%) 2/5/26 ●		466,688		448,020
Russell Investments US Institutional Holdco 6.615% (LIBOR01M + 3.50%) 5/30/25 ●		130		121
Ryan Specialty Group Tranche B-1 6.134% (SOFR01M + 3.10%) 9/1/27 ●		583,100		565,607
Sinclair Television Group Tranche B-4 6.884% (SOFR01M + 3.85%) 4/21/29 ●		2,169,562		2,057,468
SS&C Technologies Holdings Tranche B-3 4.865% (LIBOR01M + 1.75%) 4/16/25 ●		178,047		172,750
SS&C Technologies Holdings Tranche B-4 4.865% (LIBOR01M + 1.75%) 4/16/25 ●		144,537		140,237
Standard Industries 6.675% (LIBOR03M + 2.50%) 9/22/28 ●		3,730,464		3,629,741
Telenet Financing Tranche AR 4.818% (LIBOR01M + 2.00%) 4/28/28 ●		545,000		520,475
Terrier Media Buyer Tranche B 6.615% (LIBOR01M + 3.50%) 12/17/26 ●		508,709		477,338
TK Elevator Midco Tranche B 6.871% (LIBOR06M + 3.50%) 7/30/27 ●		340,524		326,562
Transdigm Tranche F 5.924% (LIBOR03M + 2.25%) 12/9/25 ●		582,713		559,606
UKG 1st Lien 5.535% (LIBOR03M + 3.25%) 5/4/26 ●		1,640,948		1,556,337
Ultimate Software Group 1st Lien 6.865% (LIBOR01M + 3.75%) 5/4/26 ●		1,130,915		1,080,260
United Airlines Tranche B 6.533% (LIBOR03M + 3.75%) 4/21/28 ●		296,241		283,974
US Foods Tranche B TBD 11/22/28 X		1,492,500		1,462,184
USI 6.924% (LIBOR03M + 3.25%) 12/2/26 ●		163,093		157,792
USI Tranche B 6.424% (LIBOR03M + 2.75%) 5/16/24 ●		565,613		551,885
Viasat 7.649% (SOFR01M + 4.614%) 3/2/29 ●		2,783,025		2,473,413
Vistra Operations 4.841% (LIBOR01M + 1.75%) 12/31/25 ●		510,048		494,013
White Cap Buyer 6.784% (SOFR01M + 3.75%) 10/19/27 ●		358,200		336,410
Zayo Group Holdings 6.115% (LIBOR01M + 3.00%) 3/9/27 ●		2,954,377		2,482,732

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
Loan Agreements (continued)
Zekelman Industries 5.604% (LIBOR03M + 2.00%) 1/24/27 ●		269,733	$	258,494
Total Loan Agreements (cost $71,831,750)				68,637,558

Sovereign Bonds – 5.79%∆
Albania – 0.01%
Albania Government International Bond 144A 3.50% 6/16/27 #	EUR	150,000		127,742
				127,742
Angola – 0.02%
Angolan Government International Bonds
144A 8.25% 5/9/28 #		200,000		158,176
8.25% 5/9/28		200,000		158,176
144A 8.75% 4/14/32 #		200,000		148,830
				465,182
Argentina – 0.01%
Argentine Republic Government International Bonds
0.50% 7/9/30 ~		645,050		130,288
1.00% 7/9/29		31,833		6,162
1.50% 7/9/35 ~		674,580		122,871
				259,321
Armenia – 0.01%
Republic of Armenia International Bond 144A 3.60% 2/2/31 #		200,000		136,220
				136,220
Azerbaijan – 0.01%
Republic of Azerbaijan International Bond 144A 3.50% 9/1/32 #		319,000		257,895
				257,895
Bahrain – 0.01%
Bahrain Government International Bond 144A 7.375% 5/14/30 #		300,000		286,774
				286,774
Bermuda – 0.02%
Bermuda Government International Bond 144A 5.00% 7/15/32 #		400,000		380,799
				380,799
Brazil – 0.02%
Brazilian Government International Bonds
3.875% 6/12/30		532,000		440,807
4.75% 1/14/50		233,000		159,342
				600,149
Chile – 0.01%
Chile Government International Bonds
2.55% 1/27/32		258,000		203,015
3.50% 1/25/50		200,000		136,601
				339,616
Colombia – 0.03%
Colombia Government International Bonds
3.00% 1/30/30		272,000		195,454
3.25% 4/22/32		300,000		203,510
4.125% 2/22/42		217,000		123,920
5.00% 6/15/45		200,000		121,809
5.20% 5/15/49		200,000		124,058
				768,751
Costa Rica – 0.01%
Costa Rica Government International Bond 144A 5.625% 4/30/43 #		200,000		143,079
				143,079
Dominican Republic – 0.03%
Dominican Republic International Bonds
144A 4.875% 9/23/32 #		885,000		668,672
144A 5.50% 2/22/29 #		200,000		172,899
				841,571
Ecuador – 0.01%
Ecuador Government International Bonds
144A 1.50% 7/31/40 #, ~		278,501		82,158
144A 2.50% 7/31/35 #, ~		328,384		108,893

Table of Contents

		Principal amount^°		Value (US $)
Sovereign Bonds ∆ (continued)
Ecuador (continued)
Ecuador Government International Bonds
144A 5.50% 7/31/30 #, ~			125,307	$	59,936
144A 6.61% 7/31/30 #, ^			35,470		10,352
					261,339
Egypt – 0.03%
Egypt Government International Bonds
144A 5.75% 5/29/24 #			591,000		525,787
144A 8.70% 3/1/49 #			359,000		200,127
					725,914
El Salvador – 0.00%
El Salvador Government International Bond 144A 7.125% 1/20/50 #			275,000		89,375
					89,375
Gabon – 0.01%
Gabon Government International Bond 144A 6.625% 2/6/31 #			200,000		132,094
					132,094
Georgia – 0.01%
Georgia Government International Bond 144A 2.75% 4/22/26 #			200,000		171,021
					171,021
Ghana – 0.00%
Ghana Government International Bond 144A 7.75% 4/7/29 #			230,000		88,205
					88,205
Guatemala – 0.02%
Guatemala Government Bonds
144A 4.875% 2/13/28 #			400,000		362,892
144A 5.25% 8/10/29 #			200,000		179,923
					542,815
Hong Kong – 0.03%
Airport Authority
144A 2.50% 1/12/32 #			430,000		354,037
144A 3.25% 1/12/52 #			425,000		307,804
					661,841
Indonesia – 0.01%
Indonesia Government International Bonds
144A 4.625% 4/15/43 #			200,000		170,351
4.65% 9/20/32			200,000		188,086
					358,437
Israel – 0.11%
Israel Government International Bonds
2.75% 7/3/30			1,200,000		1,064,940
3.875% 7/3/50			200,000		161,917
State of Israel
3.375% 1/15/50			200,000		148,623
3.80% 5/13/60			1,600,000		1,218,818
					2,594,298
Ivory Coast – 0.02%
Ivory Coast Government International Bond 144A 6.125% 6/15/33 #			590,000		451,350
					451,350
Japan – 4.82%
Japan Treasury Discount Bills
22.338% 10/17/22 ≠	JPY		12,000,000,000		82,916,786
35.735% 10/11/22 ≠	JPY		5,010,000,000		34,616,997
					117,533,783
Jordan – 0.01%
Jordan Government International Bond 144A 4.95% 7/7/25 #			200,000		184,984
					184,984
Kazakhstan – 0.01%
Kazakhstan Government International Bond 144A 6.50% 7/21/45 #			207,000		192,311
					192,311

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

		Principal amount^°		Value (US $)
Sovereign Bonds ∆ (continued)
Kenya – 0.01%
Republic of Kenya Government International Bond 144A 8.00% 5/22/32 #			200,000	$	136,180
					136,180
Lebanon – 0.00%
Lebanon Government International Bond 6.25% 5/27/22 ‡			582,000		37,103
					37,103
Mexico – 0.01%
Mexico Government International Bonds
4.40% 2/12/52			225,000		155,782
4.875% 5/19/33			200,000		176,197
					331,979
Mongolia – 0.01%
Mongolia Government International Bond 144A 3.50%7/7/27 #			200,000		148,998
					148,998
Morocco – 0.01%
Morocco Government International Bond 144A 2.375%12/15/27 #			300,000		247,224
					247,224
Nigeria – 0.01%
Nigeria Government International Bond 144A 7.875%2/16/32 #			537,000		347,106
					347,106
Oman – 0.02%
Oman Government International Bonds
144A 6.75% 1/17/48 #			343,000		276,161
7.375% 10/28/32			200,000		200,289
					476,450
Pakistan – 0.00%
Pakistan Government International Bond 144A 7.375% 4/8/31 #			200,000		75,008
					75,008
Panama – 0.02%
Panama Bonos del Tesoro 3.362% 6/30/31			200,000		174,500
Panama Government International Bond 144A 3.75% 4/17/26 #			363,000		345,485
					519,985
Paraguay – 0.02%
Paraguay Government International Bonds
144A 4.95% 4/28/31 #			300,000		268,033
144A 5.40% 3/30/50 #			403,000		297,794
					565,827
Peru – 0.03%
Peruvian Government International Bonds
2.392% 1/23/26			323,000		293,551
2.844% 6/20/30			512,000		421,435
5.625% 11/18/50			35,000		33,105
					748,091
Philippines – 0.02%
Philippine Government International Bond 3.229% 3/29/27			510,000		475,854
					475,854
Qatar – 0.01%
Qatar Government International Bond 144A 4.40% 4/16/50 #			400,000		352,791
					352,791
Republic of North Macedonia – 0.01%
North Macedonia Government International Bond 144A 3.675% 6/3/26 #	EUR		150,000		129,140
					129,140
Romania – 0.05%
Romanian Government International Bonds
144A 1.75% 7/13/30 #	EUR		1,800,000		1,147,502
144A 2.625% 12/2/40 #	EUR		123,000		61,987

Table of Contents

		Principal amount^°		Value (US $)
Sovereign Bonds ∆ (continued)
Romania (continued)
Romanian Government International Bonds 144A 3.375%1/28/50 #	EUR		109,000	$	55,344
					1,264,833
Saudi Arabia – 0.03%
Saudi Government International Bonds
144A 3.25% 11/17/51 #			400,000		272,772
144A 3.625% 3/4/28 #			541,000		512,584
					785,356
Senegal – 0.01%
Senegal Government International Bonds
144A 5.375% 6/8/37 #	EUR		200,000		118,441
144A 6.75% 3/13/48 #			210,000		131,536
					249,977
Serbia – 0.01%
Serbia International Bonds
144A 1.00% 9/23/28 #	EUR		200,000		131,449
144A 2.125% 12/1/30 #			200,000		131,572
144A 3.125% 5/15/27 #	EUR		100,000		80,180
					343,201
South Africa – 0.13%
Republic of South Africa Government International Bonds
4.85% 9/30/29			3,200,000		2,652,640
5.65% 9/27/47			200,000		129,131
5.75% 9/30/49			200,000		129,190
5.875% 6/22/30			268,000		231,485
					3,142,446
Sri Lanka – 0.01%
Sri Lanka Government International Bond 144A 6.20% 5/11/27 #			453,000		115,700
					115,700
Trinidad and Tobago – 0.01%
Trinidad & Tobago Government International Bond 144A 4.50% 6/26/30 #			200,000		182,010
					182,010
Turkey – 0.04%
Hazine Mustesarligi Varlik Kiralama 144A 5.125% 6/22/26 #			200,000		182,600
Turkey Government International Bond 7.625% 4/26/29			500,000		426,971
Turkiye Ihracat Kredi Bankasi 144A 5.75% 7/6/26 #			350,000		291,519
					901,090
Ukraine – 0.01%
Ukraine Government International Bond 144A 7.75% 9/1/28 #			804,000		169,544
					169,544
Uruguay – 0.01%
Uruguay Government International Bond 4.375% 1/23/31			232,000		222,500
					222,500
Uzbekistan – 0.02%
Republic of Uzbekistan International Bonds
144A 3.90%10/19/31 #			200,000		140,900
144A 5.375% 2/20/29 #			448,000		376,831
					517,731
Total Sovereign Bonds (cost $156,388,460)					141,080,990

Supranational Banks – 0.00%
Banque Ouest Africaine de Developpement 144A 2.75%1/22/33 #	EUR		200,000		143,793
Total Supranational Banks (cost $240,998)					143,793

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Principal amount^°		Value (US $)
US Treasury Obligations – 12.69%
US Treasury Bonds
1.25% 5/15/50		1,800,000	$	1,008,316
1.375% 11/15/40		100,000		64,705
1.625% 11/15/50		13,500,000		8,387,929
1.75% 8/15/41		1,800,000		1,231,840
1.875% 2/15/41		52,800,000		37,427,159
1.875% 2/15/51		2,700,000		1,788,539
1.875% 11/15/51		5,100,000		3,374,965
2.00% 2/15/50		16,000,000		11,001,875
2.00% 8/15/51		8,475,000		5,792,795
2.25% 8/15/46		26,435,000		19,059,016
2.25% 2/15/52		5,475,000		3,979,641
2.50% 2/15/45		37,100,000		28,317,736
2.75% 8/15/42		900,000		731,918
2.75% 11/15/42		1,400,000		1,135,422
2.875% 5/15/43		2,200,000		1,815,172
2.875% 8/15/45		16,700,000		13,641,160
2.875% 5/15/52		13,210,000		11,081,952
3.00% 5/15/47		900,000		754,172
3.00% 8/15/48		3,770,000		3,191,614
3.00% 8/15/52		4,300,000		3,712,110
3.125% 5/15/48		1,490,000		1,289,578
US Treasury Floating Rate Note 3.405% (USBMMY3M + 0.04%) 7/31/24 ●		27,305,000		27,273,987
US Treasury Floating Rate Notes 3.293% (USBMMY3M - 0.08%) 4/30/24 ●		26,145,000		26,110,734
US Treasury Notes
0.50% 10/31/27		13,200,000		11,052,938
1.875% 8/31/24 ∞		2,170,000		2,075,571
2.00% 11/30/22 ∞		3,176,000		3,169,952
2.00% 6/30/24 ∞		7,700,000		7,405,836
2.125% 3/31/24 ∞		2,010,000		1,946,638
2.125% 11/30/24 ∞		11,130,000		10,641,324
2.25% 11/15/24 ∞		11,030,000		10,582,768
2.375% 2/29/24 ∞		4,000,000		3,895,000
2.375% 8/15/24 ∞		1,820,000		1,757,935
2.375% 3/31/29		7,190,000		6,512,005
2.50% 1/31/24 ∞		2,790,000		2,724,392
2.50% 5/31/24		3,470,000		3,370,034
2.625% 3/31/25		12,700,000		12,213,829
2.75% 5/15/25		9,415,000		9,061,569
2.75% 8/15/32		2,055,000		1,879,362
2.875% 11/30/23 ∞		2,500,000		2,459,424
2.875% 5/15/32		4,405,000		4,073,592
3.125% 8/31/27		545,000		522,859
US Treasury Strip Principal 2.26% 5/15/44 ^		4,290,000		1,767,663
Total US Treasury Obligations (cost $370,566,802)				309,285,026

	Number of shares
Common Stocks – 0.02%
Communication Services – 0.00%
Century Communications =, †		1,975,000		0
				0
Transportation – 0.02%
Grupo Aeromexico †		50,210		433,801
				433,801

Total Common Stocks (cost $880,472)				433,801

Preferred Stock – 0.01%
General Electric 6.623% (LIBOR03M + 3.33%) w, ●		300,000		281,680
Total Preferred Stock (cost $299,875)				281,680

		Notional amount^*
Options Purchased – 0.19%
Put Swaptions – 0.19%
30 yr IRS pay a fixed rate 2.06% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/25/23 (BOFA)		15,500,000		3,589,214
30 yr IRS pay a fixed rate 2.102% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 9/15/23 (MS)		4,800,000		1,082,360

Table of Contents

	Notional amount^*			Value (US $)
Options Purchased (continued)
Put Swaptions (continued)
Total Options Purchased (premium paid $1,145,185)					4,671,574

		Number of shares
Short-Term Investments – 28.49%
Money Market Mutual Funds – 2.47%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		15,046,753		$	15,046,753
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		15,046,753			15,046,753
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		15,046,753			15,046,753
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		15,046,753			15,046,753
					60,187,012

	Principal amount^°
Repurchase Agreements – 26.02%
US Treasury repurchase agreement with Nomura Securities International 2.93%, dated 9/29/22, to be repurchased 10/3/22, repurchase price $317,377,474 (collateralized by US government obligations; 1.875% - 2.25%; market value $320,492,309)		317,300,000			317,300,000
US Treasury repurchase agreement with Nomura Securities International 2.95%, dated 9/30/22, to be repurchased 10/4/22, repurchase price $316,625,944 (collateralized by US government obligations; 1.875% - 2.75%; market value $320,291,421)		316,600,000			316,600,000
					633,900,000
Total Short-Term Investments (cost $694,087,012)					694,087,012
Total Value of Securities Before Options Written–126.95% (cost $3,445,835,664)					3,092,930,347

	Notional amount^*
Options Written – (0.60%)
Call Swaptions – (0.00%)
1 yr IRS pay a fixed rate 0.55% and receive a floating rate based on 3-month EURIBOR expiration date 3/31/23 (BNP)		(66,200,000	)		(3,222	)

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Notional amount^*			Value (US $)
Options Written (continued)
Call Swaptions (continued)
1 yr IRS pay a fixed rate 0.70% and receive a floating rate based on 3-month EURIBOR expiration date 4/26/23 (GS)		(4,200,000	)	$	(386	)
1 yr IRS pay a fixed rate 0.70% and receive a floating rate based on 3-month EURIBOR expiration date 4/28/23 (BNP)		(4,300,000	)		(404	)
1 yr IRS pay a fixed rate 0.87% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/2/22 (GS)		(156,100,000	)		(0	)
1 yr IRS pay a fixed rate 2.841% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/27/23 (GS)		(1,800,000	)		(3,156	)
1 yr IRS pay a fixed rate 2.92% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/13/23 (DB)		(3,000,000	)		(5,431	)
1 yr IRS pay a fixed rate 2.92% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/13/23 (GS)		(2,600,000	)		(4,707	)
1 yr IRS pay a fixed rate 2.973% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/25/23 (GS)		(1,800,000	)		(3,578	)
1 yr IRS pay a fixed rate 3.018% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/20/23 (GS)		(1,700,000	)		(3,470	)
1 yr IRS pay a fixed rate 3.14% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(3,943	)
1 yr IRS pay a fixed rate 3.19% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(4,139	)
1 yr IRS pay a fixed rate 3.225% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(4,281	)
					(36,717	)
Put Swaptions – (0.60%)
1 yr IRS pay a fixed rate 1.27% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 11/2/22 (GS)		(156,100,000	)		(5,089,178	)

Table of Contents

	Notional amount^*			Value (US $)
Options Written (continued)
Put Swaptions (continued)
1 yr IRS pay a fixed rate 2.10% and receive a floating rate based on 3-month EURIBOR expiration date 3/31/23 (BNP)		(66,200,000	)	$	(638,126	)
1 yr IRS pay a fixed rate 2.25% and receive a floating rate based on 3-month EURIBOR expiration date 4/26/23 (GS)		(4,200,000	)		(37,088	)
1 yr IRS pay a fixed rate 2.25% and receive a floating rate based on 3-month EURIBOR expiration date 4/28/23 (BNP)		(4,300,000	)		(37,939	)
1 yr IRS pay a fixed rate 2.841% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/27/23 (GS)		(1,800,000	)		(27,250	)
1 yr IRS pay a fixed rate 2.92% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/13/23 (DB)		(3,000,000	)		(43,738	)
1 yr IRS pay a fixed rate 2.92% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/13/23 (GS)		(2,600,000	)		(37,906	)
1 yr IRS pay a fixed rate 2.973% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/25/23 (GS)		(1,800,000	)		(25,564	)
1 yr IRS pay a fixed rate 3.018% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/20/23 (GS)		(1,700,000	)		(23,518	)
1 yr IRS pay a fixed rate 3.14% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(22,034	)
1 yr IRS pay a fixed rate 3.19% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(21,437	)
1 yr IRS pay a fixed rate 3.225% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/23/23 (GS)		(1,700,000	)		(21,024	)
5 yr IRS pay a fixed rate 1.96% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 9/15/23 (MS)		(24,000,000	)		(2,088,301	)

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

	Notional amount^*			Value (US $)
Options Written (continued)
Put Swaptions (continued)
5 yr IRS pay a fixed rate 2.00% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 10/25/23 (BOFA)		(77,500,000	)	$	(6,554,768	)
CDX.ITRX.EUR 37 5 yr strike price EUR 1.90, expiration date 11/16/22 (BNP)		(2,600,000	)		(2,516	)
CDX.ITRX.EUR 37 5 yr strike price EUR 1.90, expiration date 11/16/22 (JPMCB)		(3,100,000	)		(3,000	)
					(14,673,387	)
Total Options Written (premium received $2,270,042)					(14,710,104	)

°	Principal amount shown is stated in USD unless noted that the security is denominated in another currency.
†	Non-income producing security.
=	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.”
∞	Fully or partially pledged as collateral for futures and swap contracts.
‡	Non-income producing security. Security is currently in default.
≠	The rate shown is the effective yield at the time of purchase.
~	Step-up bond that pays an initial coupon rate for the first period and then a higher coupon rate for the following periods. Stated rate in effect at September 30, 2022.
Δ	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 14 in “Security type / country and sector allocations.”
w	Perpetual security with no stated maturity date.
X	This loan will settle after September 30, 2022, at which time the interest rate, based on the LIBOR and the agreed upon spread on trade date, will be reflected.
m	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at September 30, 2022. Rate will reset at a future date.
◆	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.
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.
^	Zero-coupon security. The rate shown is the effective yield at the time of purchase.
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.
●	Variable rate investment. Rates reset periodically. Rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their descriptions. 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 descriptions.
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $484,335,071, which represents 19.88% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”
Y	Perpetual security. Maturity date represents next call date.
*	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BAML	AUD	2,698,980		USD	(1,851,027	)	10/4/22	$	–	$	(124,561	)
BAML	EUR	(233,000	)	USD	233,480		10/4/22		5,067		–

Table of Contents

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)			In Exchange For			Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BAML	ZAR	19,429,064		USD	(1,223,608	)	11/8/22	$	–	$	(154,020	)
BAML	ZAR	20,256,749		USD	(1,141,357	)	1/9/23		–		(32,298	)
BNP	COP	1,508,200,000		USD	(341,530	)	10/24/22		–		(15,959	)
BNP	GBP	(6,943,000	)	USD	8,083,677		10/4/22		330,808		–
BNP	JPY	(3,852,074	)	USD	26,612		10/4/22		–		(12	)
BNP	JPY	1,765,301,304		USD	(12,228,808	)	11/2/22		7,688		–
BNP	PLN	(20,766,066	)	USD	4,471,183		10/17/22		293,439		–
BNP	ZAR	17,180,265		USD	(1,071,354	)	11/8/22		–		(125,564	)
CITI	BRL	36,269,170		USD	(6,910,387	)	1/4/23		–		(333,726	)
CITI	CAD	(1,654,000	)	USD	1,254,126		10/4/22		56,756		–
CITI	DKK	33,820,000		USD	(4,439,537	)	10/3/22		19,308		–
CITI	DKK	(33,820,000	)	USD	4,448,277		11/1/22		–		(20,020	)
CITI	EUR	(310,000	)	USD	298,920		10/4/22		–		(4,978	)
CITI	GBP	1,110,000		USD	(1,259,106	)	10/4/22		–		(19,630	)
CITI	MXN	(23,826,000	)	USD	1,168,629		12/9/22		913		–
CITI	ZAR	30,614,380		USD	(1,865,718	)	11/14/22		–		(181,237	)
DB	GBP	(528,000	)	USD	571,872		11/2/22		–		(18,068	)
DB	JPY	(5,010,000,000	)	USD	37,096,657		10/11/22		2,444,975		–
DB	JPY	(12,000,000,000	)	USD	86,962,571		10/17/22		3,916,132		–
DB	MXN	(14,510,000	)	USD	705,296		10/27/22		–		(11,484	)
DB	ZAR	10,804,156		USD	(687,646	)	12/12/22		–		(94,647	)
DB	ZAR	8,244,054		USD	(493,641	)	2/13/23		–		(43,601	)
JPMCB	AUD	1,951,191		USD	(1,355,765	)	10/4/22		–		(107,639	)
JPMCB	DKK	(33,875,000	)	USD	4,557,919		10/3/22		91,823		–
JPMCB	EUR	(88,901,000	)	USD	89,519,968		10/4/22		2,368,875		–
JPMCB	EUR	89,444,000		USD	(87,510,220	)	10/4/22		173,184		–
JPMCB	EUR	(89,444,000	)	USD	87,686,398		11/2/22		–		(179,191	)
JPMCB	EUR	(1,114,000	)	USD	1,121,833		11/18/22		26,230		–
JPMCB	GBP	1,050,000		USD	(1,110,182	)	10/4/22		62,295		–
JPMCB	INR	24,536,690		USD	(305,403	)	11/14/22		–		(5,875	)
JPMCB	KRW	(128,077,590	)	USD	95,334		12/14/22		6,275		–
TD	EUR	(6,452,284	)	USD	6,610,931		11/18/22		267,836		–
Total Foreign Currency Exchange Contracts								$	10,071,604	$	(1,472,510	)

Futures Contracts Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation		Variation Margin Due from (Due to) Brokers
5	Euro-BTP	$	548,730		$	573,677		12/8/22	$	–	$	(24,947	)	$	5,638
(78)	Euro-Bund		(10,586,716	)		(11,137,038	)	12/8/22		550,322		–			(75,743	)
(26)	Long 10 yr Gilt		(2,798,521	)		(3,189,379	)	12/28/22		390,858		–			6,634
137	US Treasury 3 yr Notes		28,600,891			29,306,544		12/30/22		–		(705,653	)		(39,602	)
2,156	US Treasury 5 yr Notes		231,786,844			238,854,906		12/30/22		–		(7,068,062	)		(572,698	)
674	US Treasury 10 yr Notes		75,530,125			77,952,917		12/20/22		–		(2,422,792	)		(263,285	)
(366)	US Treasury 10 yr Ultra Notes		(43,365,281	)		(45,895,338	)	12/20/22		2,530,057		–			183,000

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

Futures Contracts Exchange-Traded

Contracts to Buy (Sell)		Notional Amount			Notional Cost (Proceeds)			Expiration Date		Value/ Unrealized Appreciation		Value/ Unrealized Depreciation		Variation Margin Due from (Due to) Brokers
505	US Treasury Long Bonds	$	63,835,156		$	68,848,777		12/20/22	$	–	$	(5,013,621	)	$	(331,406	)
(2)	US Treasury Long Bonds		(252,813	)		(274,495	)	12/20/22		21,682		–			1,313
29	US Treasury Ultra Bonds		3,973,000			4,354,328		12/20/22		–		(381,328	)		4,875
(3)	US Treasury Ultra Bonds		(411,000	)		(451,198	)	12/20/22		40,198		–			(47,125	)
Total Futures Contracts					$	358,943,701			$	3,533,117	$	(15,616,403	)	$	(1,128,399	)

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.ITRX.EUR.34⁵12/20/25-Quarterly	EUR	1,200,000		1.000%	$	1,159		$	(5,927	)	$	7,086	$	–		$	(283,188	)
Protection Sold Moody’s Ratings:
AT&T 2.45% 5/15/18 Baa2 6/20/24- Quarterly		1,800,000		1.000%		(5,462	)		17,734			–		(23,196	)		(27,716	)
Boeing 2.60% 10/20/25 Baa3 12/20/26-Quarterly		4,100,000		1.000%		(154,011	)		(19,409	)		–		(134,602	)		(27,924	)
Boeing 2.60% 10/30/25 Baa2 6/20/23-Quarterly		1,400,000		1.000%		(873	)		1,455			–		(2,328	)		(8,529	)
Boeing 2.60% 10/30/25 Baa2 6/26/26-Quarterly		700,000		1.000%		(22,361	)		(3,851	)		–		(18,510	)		(6,916	)
British Telecom 2.70% 10/9/22 Baa1 12/20/28-Quarterly	EUR	1,600,000		1.000%		(78,386	)		(72,134	)		–		(6,252	)		6,501
British Telecom 5.75% 12/7/28 Baa2 12/20/24-Quarterly	EUR	2,800,000		1.000%		11,496			44,093			–		(32,597	)		(55,217	)
CDX.ITRX.EUR.37⁵6/21/27-Quarterly	EUR	900,000		1.000%		(10,392	)		(4,004	)		–		(6,388	)		14,774
CDX.NA.IG.35⁷12/20/25-Quarterly		400,000		1.000%		3,055			6,801			–		(3,746	)		(508,621	)

Table of Contents

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):
CDX.NA.IG.36⁷6/20/26-Quarterly		1,900,000		1.000%	$	10,722		$	35,108		$	–	$	(24,386	)	$	(387,261	)
CDX.NA.IG.37⁷12/20/26-Quarterly		300,000		1.000%		1,068			5,610			–		(4,542	)		183,345
General Electric 2.70% 10/9/22 Baa1 12/20/26-Quarterly		1,200,000		1.000%		(17,496	)		10,969			–		(28,465	)		9,098
General Electric 2.70% 10/9/22 Baa1 6/20/26- Quarterly		600,000		1.000%		(5,453	)		4,316			–		(9,769	)		1,575
General Motors 5.70% 10/9/22 Baa1 12/20/26- Quarterly		600,000		5.000%		57,823			95,529			–		(37,706	)		(11,026	)
Stellantis 5.00% 1/11/21 Baa3 6/20/26-Quarterly	EUR	3,100,000		5.000%		294,531			559,613			–		(265,082	)		21,594
Tesco 1.00% 6/25/19 Baa3 6/20/28-Quarterly	EUR	2,700,000		1.000%		(114,249	)		672			–		(114,921	)		(25,983	)
Valeo 1.00% Baa3 6/20/26-Quarterly	EUR	400,000		1.000%		(27,999	)		(5,431	)		–		(22,568	)		(287,790	)
Valeo 1.00% Baa3 6/20/28-Quarterly	EUR	3,000,000		1.000%		(398,960	)		(114,350	)		–		(284,610	)		21,132
						(455,788	)		556,794			7,086		(1,019,668	)		(1,372,152	)
Over-The-Counter:
Protection Purchased/Moody’s Ratings:
JPMCB Mexico 10.375% 1/28/33 Baa2 6/22/26-Quarterly		2,085,000		1.000%		39,848			11,614			28,234		–			–
JPMCB Republic of Brazil 4.25% 1/7/25 Ba2 6/20/26-Quarterly		2,570,000		1.000%		117,361			60,477			56,884		–			–
JPMCB Republic of Brazil 4.25% 1/7/25 Ba2 9/20/27-Quarterly		520,000		1.000%		42,971			32,487			10,484		–			–
JPMCB Republic of Brazil 4.25% 1/7/25 Ba2 9/20/27-Quarterly		520,000		1.000%		42,971			31,798			11,173		–			–
Protection Sold Moody’s Ratings:
DB CMBX.NA.AAA⁸10/17/57-Monthly		14,200,000		0.500%		(12,193	)		(806,607	)		794,414		–			–
JPMCB HOCHTIEF 1.00% 3/7/25 BBB 12/20/26-Quarterly	EUR	1,100,000		5.000%		96,453			215,291			–		(118,838	)		–

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

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):
JPMCB HOCHTIEF 5.00% 3/7/25 BBB 12/20/26-Quarterly	EUR	1,100,000		5.000%	$	96,453		$	213,560		$	–	$	(117,107	)	$	–
JPMCB Republic of South Africa 5.50% 3/9/20 Baa3 12/20/23-Quarterly		700,000		1.000%		(7,804	)		(8,245	)		441		–			–
						416,060			(249,625	)		901,630		(235,945	)		–
Total CDS Contracts					$	(39,728	)	$	307,169		$	908,716	$	(1,255,613	)	$	(1,372,152	)

IRS Contracts⁸ 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:
1 yr IRS¹⁰3/24/23-(28 Days/28 Days)		MXN 172,990,000	5.66%/ (7.236)%	$	(190,100	)	$	(2,493	)	$	–	$	(187,607	)	$	(163,906	)
2 yr IRS¹¹3/30/23- (Semiannually/ Quarterly)		7,600,000	0.25%/ (3.755)%		149,734			(1,681	)		151,415		–			174,932
2 yr IRS¹²8/10/24- (Semiannually/ Quarterly)		EUR 1,500,000	(1.809)%/ 0.55%		(57,373	)		–			–		(57,373	)		(4	)
3yr IRS¹³1/2/25- (At Maturity/ At Maturity)		BRL 36,000,000	11.835%/ (13.65)%		31,243			–			31,243		–			12,873
3yr IRS¹³1/2/25- (At Maturity/ At Maturity)		BRL 37,000,000	11.80%/ (13.65)%		26,971			–			26,971		–			7,985
3yr IRS¹³1/2/25- (At Maturity/ At Maturity)		BRL 37,000,000	11.734%/ (13.65)%		17,286			–			17,286		–			(1,900	)
5 yr IRS¹¹2/18/26- (Semiannually/ Quarterly)		42,100,000	(3.755)%/ 0.64%		(4,708,194	)		(246,655	)		–		(4,461,539	)		(371,688	)
5 yr IRS¹⁴3/15/28- (Annually/ Annually)		GBP 27,600,000	2.25%/ (2.19)%		3,648,032			1,688,417			1,959,615		–			2,271,810
5 yr IRS¹⁴9/16/25- (Annually/ Annually)		GBP 5,700,000	0.50%/ (2.19)%		827,171			(36,153	)		863,324		–			747,882

Table of Contents

IRS Contracts⁸ 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 IRS¹³1/4/27- (At Maturity/ At Maturity)		BRL 43,000,000	11.115%/ (13.65)%	$	(168,045	)	$	(239,775	)	$	71,730	$	–		$	(2,537	)
5 yr IRS¹²4/11/27- (Annually/ Semiannually)		EUR 1,900,000	(1.809)%/ 0.70%		(167,488	)		–			–		(167,488	)		23,158
5 yr IRS¹²4/12/27- (Annually/ Semiannually)		EUR 3,800,000	(1.809)%/ 0.65%		(343,065	)		–			–		(343,065	)		48,950
5 yr IRS¹²5/13/27- (Annually/ Semiannually)		EUR 4,100,000	(1.809)%/ 1.00%		(317,119	)		–			–		(317,119	)		35,711
5 yr IRS¹²5/18/27- (Annually/ Semiannually)		EUR 2,000,000	(1.809)%/ 1.00%		(155,478	)		–			–		(155,478	)		17,312
6 yr IRS¹³1/4/27- (At Maturity/ At Maturity)		BRL 6,600,000	10.12%/ (13.65)%		82,806			–			82,806		–			168,018
6 yr IRS¹³1/4/27- (At Maturity/ At Maturity)		BRL 32,100,000	11.065%/ (13.65)%		(130,564	)		–			–		(130,564	)		119,928
6 yr IRS¹³1/4/27- (At Maturity/ At Maturity)		BRL 67,700,000	10.995%/ (13.65)%		(318,789	)		–			–		(318,789	)		(398,710	)
6 yr IRS¹³1/4/27- (At Maturity/ At Maturity)		BRL 32,400,000	11.10%/ (13.65)%		(131,461	)		–			–		(131,461	)		116,970
7 yr IRS¹¹ 12/16/22- (Semiannually/ Quarterly)		41,600,000	2.25%/ (3.755)%		113,090			(179,269	)		292,359		–			1,072,438
10 yr IRS¹¹10/1/31- (Semiannually/ Quarterly)		8,600,000	1.80%/ (3.755)%		(1,351,392	)		112,243			–		(1,463,635	)		(176,556	)
10 yr IRS¹¹5/18/32- (Annually/ Annually)		9,900,000	(1.853)%/ 1.05%		(1,392,889	)		–			–		(1,392,889	)		38,301
10 yr IRS¹²3/15/33- (Annually/ Semiannually)		EUR 15,660,000	(1.809)%/ 1.75%		(1,725,538	)		(1,963,569	)		238,031		–			(1,725,538	)
10yr IRS¹¹7/15/32- (Annually/ Annually)		16,200,000	1.857%/ (1.05)%		(2,265,161	)		–			–		(2,265,161	)		(18,108	)

Table of Contents

Schedules of investments

Optimum Fixed Income Fund

IRS Contracts⁸ 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):
30 yr IRS¹¹12/21/52- (Annually/ Annually)	17,000,000	1.75%/ (1.05)%	$	4,171,535		$	3,512,903	$	658,632	$	–		$	481,721
Total IRS Contracts			$	(4,354,788	)	$	2,643,968	$	4,393,412	$	(11,392,168	)	$	2,479,042

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

¹	See Note 5 in “Notes to financial statements.”
²	A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the CDS agreement.
³	Notional amount shown is stated in USD unless noted that the swap is denominated in another currency.
⁴	Unrealized appreciation (depreciation) does not include periodic interest payments (receipt) on swap contracts accrued daily in the amount of $(790,578).
⁵	Markit’s iTraxx Europe Subordinated Financials Index, or the ITRX EUR SUB FIN, is comprised of 25 Financial entities from the Markit iTraxx^®Europe Index referencing subordinated debt.
⁶	Markit’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.
⁷	Markit’s North America Investment Grade Index, or the CDX.NA.IG Index, is composed of 125 liquid North American entities with investment grade credit ratings that trade in the CDS market.
⁸	Markit’s CMBX Index, or the CMBX.NA Index, is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality rating are measured on a scale that generally ranges from AAA (highest) to BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.
⁹	An 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.
¹⁰	Rate resets based on MXIBTIIE.
¹¹	Rate resets based on LIBOR03M.
¹²	Rate resets based on EUR006M.
¹³	Rate resets based on Brazil CETIP Interbank Deposit.
¹⁴	Rate resets based on BP0012M.

Summary of abbreviations:

12MTA – 12 Month Treasury Average

ABS – Asset-Backed Security

ARM – Adjustable Rate Mortgage

BAML – Bank of America Merrill Lynch

BB – Barclays Bank

BNP – BNP Paribas

BP0003M – 3 Month Sterling LIBOR Interest Rate

BP0012M – 12 Month Sterling LIBOR Interest Rate

BTP – Buoni del Tesoro Poliennali

Table of Contents

Summary of abbreviations: (continued)

CDOR06M – 6 Month Canadian Dollar Offered Rate

CDX.ITRX.EUR – Credit Default Swap Index iTraxx Europe

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

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

CITI – Citigroup

CLO – Collateralized Loan Obligation

CMBX.NA – Commercial Mortgage-Backed Index North America

DAC – Designated Activity Company

DB – Deutsche Bank

EUR003M – EURIBOR EUR 3 Month

EURIBOR – Euro interbank offered rate

FREMF – Freddie Mac Multifamily

GNMA – Government National Mortgage Association

GS – Goldman Sachs

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

ICE – Intercontinental Exchange, Inc.

IRS – Interest Rate Swap

JPM – JPMorgan

JPMCB – JPMorgan Chase Bank

JSC – Joint Stock Company

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

LIBOR06M – ICE LIBOR USD 6 Month

LIBOR12M – ICE LIBOR USD 12 Month

MASTR – Mortgage Asset Securitization Transactions, Inc.

MS – Morgan Stanley

MXIBTIIE – Mexico 28 days interbank rate

PJSC – Private Joint Stock Company

REMIC – Real Estate Mortgage Investment Conduit

S.F. – Single Family

SOFR – Secured Overnight Financing Rate

SOFR01M – Secured Overnight Financing Rate 1 Month

SOFR03M – Secured Overnight Financing Rate 3 Month

SONIA – Sterling Overnight Indexed Average

TBA – To be announced

TBD – To be determined

TD – TD Bank

USBMMY3M – US Treasury 3 Month Bill Money Market Yield yr – Year

Summary of currencies:

AUD – Australian Dollar

BRL – Brazilian Real

CAD – Canadian Dollar

COP – Colombian Peso

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

INR – Indian Rupee

JPY – Japanese Yen

KRW – South Korean Won

MXN – Mexican Peso

PLN – Polish Zloty

USD – US Dollar

ZAR – South African Rand

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

Table of Contents

Schedules of investments

Optimum International Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 97.08%∆
Australia – 5.49%
Australia & New Zealand Banking Group		124,209	$	1,818,271
Australian Clinical Labs		32,563		73,607
Base Resources		216,665		39,498
BHP Group		171,921		4,273,635
BlueScope Steel		352,361		3,422,005
Cochlear		19,819		2,461,869
CSR		23,001		65,547
DGL Group †		11,007		10,564
EBOS Group		47		989
Enero Group		23,974		44,397
Glencore		153,347		805,841
GrainCorp Class A		27,532		138,495
Healius		84,206		181,139
Iluka Resources		40,247		233,006
Incitec Pivot		298,052		677,733
New Hope		130,039		525,292
Nufarm		262,892		842,461
OceanaGold †		131,300		213,867
Orica		23,139		196,996
Pilbara Minerals †		576,919		1,664,549
Rio Tinto		145,013		7,846,056
Sonic Healthcare		21,968		428,490
South32		2,193,916		5,208,159
Telstra		53,921		133,143
Wagners Holding †		20,675		10,592
Whitehaven Coal		1,085,991		6,300,763
				37,616,964
Austria – 0.67%
ANDRITZ		29,128		1,232,691
AT&S Austria Technologie & Systemtechnik		505		16,518
EVN		7,308		121,686
OMV		86,234		3,121,081
Raiffeisen Bank International		5,440		64,359
Zumtobel Group		4,204		24,579
				4,580,914
Belgium – 0.00%
Ascencio		175		8,695
				8,695
Brazil – 2.83%
Gerdau ADR		585,632		2,647,056
Marfrig Global Foods		247,300		454,317
MercadoLibre †		17,847		14,773,390
Transmissora Alianca de Energia Eletrica		98,100		709,424
Unipar Carbocloro		4,074		64,376
Yara International		21,615		758,582
				19,407,145
Canada – 3.23%
Advantage Energy †		41,200		296,171
Alaris Equity Partners Income		10,277		110,407
Algoma Steel Group		19,200		123,705
Atco Class I		18,133		557,242
Bird Construction		33,900		146,266
Black Diamond Group		5,800		15,955
Bonterra Energy †		3,562		17,586
Canadian Utilities Class A		16,900		439,582
Canfor †		12,800		186,345
Cardinal Energy		4,304		22,122
Celestica †		54,897		462,592
Constellation Software		3,768		5,243,012
Crew Energy †		70,025		261,070
DRI Healthcare Trust		5,500		30,260
Dundee Precious Metals		33,400		148,461
E-L Financial		100		61,968
Finning International		46,000		808,542
iA Financial		2,900		147,357
Linamar		1,900		74,014
Major Drilling Group International †		5,600		33,689
Martinrea International		12,198		75,501
Methanex		61,600		1,962,138
Mullen Group		7,400		76,285
Neo Performance Materials		2,267		16,723
New Gold †		136,354		119,992
North West		682		15,794
NuVista Energy †		90,543		643,014
Pason Systems		7,400		70,821
Pet Valu Holdings		3,100		77,985
PHX Energy Services		10,600		44,430
Pizza Pizza Royalty		15,000		137,257
Richelieu Hardware		1,297		35,989
Ritchie Bros Auctioneers		82,021		5,124,672
Shopify Class A †		95,597		2,575,383
TMX Group		11,728		1,078,771
Torex Gold Resources †		4,200		30,314
Total Energy Services		7,700		36,010
TransAlta		37,000		327,050
Uni-Select †		4,000		105,636
Wajax		1,700		22,891
Western Forest Products		65,984		63,053
Westshore Terminals Investment		13,400		257,261
Winpak		914		29,729
				22,113,045

Table of Contents

	Number of shares		Value (US $)
Common Stocks∆ (continued)
China/Hong Kong – 11.03%
37 Interactive Entertainment Network Technology Group Class A		1,106,600	$	2,707,524
AIA Group		1,538,200		12,806,910
Alibaba Group Holding †		349,800		3,490,773
Asia Cement China Holdings		312,198		128,067
Build King Holdings		77,164		6,476
Canny Elevator Class A		113,100		104,151
China BlueChemical Class H		500,000		103,346
China Coal Energy Class H		172,000		154,953
China Construction Bank Class H		9,884,000		5,705,064
China Design Group Class A		180,700		199,719
China Display Optoelectronics Technology Holdings †		344,000		15,832
China South Publishing & Media Group Class A		216,845		300,436
Chinese Universe Publishing and Media Group Class A		575,900		678,668
Chongqing Rural Commercial Bank Class H		434,000		140,747
Consun Pharmaceutical Group		44,000		18,791
Dah Sing Financial Holdings		30,000		68,151
Daqin Railway Class A		2,243,700		2,138,541
Dare Power Dekor Home Class A		98,000		110,768
Fufeng Group		160,000		81,631
Futu Holdings ADR †		32,191		1,200,402
G-bits Network Technology Xiamen Class A		26,800		934,732
Hangzhou Tigermed Consulting Class H		194,500		1,563,726
Hong Kong Exchanges & Clearing		147,000		5,024,815
Huayu Automotive Systems Class A		484,600		1,123,350
Inner Mongolia Yitai Coal Class H		15,000		19,723
Jingjin Equipment Class A		34,634		129,339
Jiutian Chemical Group		1,258,400		67,175
Johnson Electric Holdings		38,000		37,934
Lansen Pharmaceutical Holdings †		24,176		4,065
Lenovo Group		2,572,000		1,779,040
Luolai Lifestyle Technology Class A		534,892		770,170
Meituan Class B †		269,100		5,655,529
Natural Food International Holding Class H		344,000		19,659
Orient Overseas International		116,491		2,027,301
Pacific Basin Shipping		164,930		50,928
PAX Global Technology		113,000		85,521
PetroChina Class H		1,724,000		704,755
PICC Property & Casualty Class H		576,000		595,632
Ping An Healthcare and Technology †		691,400		1,300,189
Ping An Insurance Group Co. of China Class H		1,004,000		5,008,750
Pony Testing International Group Class A		43,400		213,422
Prosus †		55,251		2,874,523
SGIS Songshan Class A		2,090,200		881,851
Sinopec Engineering Group Class H		34,001		13,587
Sinotruk Hong Kong		243,052		201,959
Suzhou Gold Mantis Construction Decoration Class A †		838,900		533,700
Ten Pao Group Holdings		32,183		5,318
Tencent Holdings		228,500		7,717,889
Tencent Music Entertainment Group ADR †		605,212		2,457,161
Texhong Textile Group		104,524		71,192
Tian Di Science & Technology Class A		1,137,500		761,212
United Laboratories International Holdings		222,000		92,187
Wuxi Biologics Cayman †		227,000		1,351,296
Yue Yuen Industrial Holdings		21,000		26,784
Zhejiang Runtu Class A		418,589		475,328
Zhejiang Semir Garment Class A		1,163,378		782,548
Zhenro Properties Group †		1,431,000		45,360
				75,568,600
Czech Republic – 0.02%
CEZ		4,455		152,662
				152,662
Denmark – 4.96%
Ambu Class B		137,089		1,191,173
AP Moller - Maersk Class B		2,741		4,981,024
Chr Hansen Holding		65,487		3,225,840
Demant †		5,300		131,024
DSV		54,642		6,401,175
Genmab †		9,656		3,106,371
Novo Nordisk Class B		76,783		7,648,954
Novozymes Class B		121,339		6,097,542
Pandora		24,338		1,138,197
Solar Class B		614		40,189
				33,961,489
Egypt – 0.00%
ElSewedy Electric †		13,000		5,026
				5,026

Table of Contents

Schedules of investments

Optimum International Fund

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Finland – 0.72%
Kone Class B		125,027	$	4,817,105
Orion Class A		1,418		60,314
QT Group †		2		76
Vaisala Class A		805		29,506
				4,907,001
France – 5.11%
ABC arbitrage		4,110		25,779
Alten		1,283		140,989
Aubay		452		19,259
Danone		132,590		6,269,562
Dassault Aviation		4,595		522,777
Dassault Systemes		192,747		6,654,604
Derichebourg		2,657		10,587
Edenred		152,517		7,026,573
Engie SA		14,527		167,204
Ipsen		7,085		655,718
IPSOS		23,199		1,036,744
Kering		8,957		3,972,866
Nexans		29,096		2,590,070
Sartorius Stedim Biotech		15,080		4,625,591
Thales		11,153		1,228,994
Virbac		331		86,100
				35,033,417
Germany – 7.85%
Atoss Software		919		102,428
Bayer		79,230		3,650,486
BioNTech ADR		17,513		2,362,154
Carl Zeiss Meditec		10,019		1,040,716
Deutsche Bank		70,959		525,379
Deutsche Boerse		80,699		13,228,725
HUGO BOSS		15,317		713,173
Mercedes-Benz Group		6,821		344,918
Merck		34,861		5,643,326
Rational		11,244		5,445,717
Rheinmetall		459		70,671
RWE		95,245		3,500,826
SAP		101,360		8,260,350
Scout24		161,614		8,098,547
Wacker Chemie		7,450		765,905
Westwing Group †		2		11
				53,753,332
Greece – 0.07%
National Bank of Greece †		154,581		455,138
Thrace Plastics Holding and Co.		15,514		54,770
				509,908
Hong Kong – 0.00%
Perennial Energy Holdings		226,875		23,468
				23,468
Hungary – 0.26%
MOL Hungarian Oil & Gas		189,107		1,050,247
OTP Bank		38,678		705,606
				1,755,853
India – 2.80%
AurionPro Solutions		13,221		71,996
CESC		280,118		264,661
Deccan Cements		5,297		34,030
Dhampur Bio Organics †		47,510		87,864
Dwarikesh Sugar Industries		162,577		190,720
EID Parry India		25,171		184,122
GAIL India		1,732,071		1,840,797
Gujarat Ambuja Exports		14,343		48,917
Gujarat Industries Power		34,719		37,359
Gujarat Narmada Valley Fertilizers & Chemicals		71,443		558,890
Housing Development Finance		385,196		10,746,788
ICICI Lombard General Insurance		279,574		3,939,511
ITC		15,882		64,548
ITD Cementation India		71,924		99,881
Kirloskar Industries		1,576		33,151
Mangalam Cement		6,512		29,933
NTPC		174,436		340,684
Oracle Financial Services Software		1,076		39,224
Ram Ratna Wires		14,990		38,791
RITES		22,086		88,290
Rupa & Co.		325		1,278
Savita Oil Technologies		24,350		86,983
Shree Digvijay Cement		11,266		9,175
Siyaram Silk Mills		7,386		39,219
SJVN		185,188		70,296
Techno Electric & Engineering		5,276		17,008
Technocraft Industries India †		2,371		23,282
Triveni Turbine		22,086		63,353
VST Industries		973		38,602
Wonderla Holidays †		13,722		63,480
Yasho Industries		10		194
				19,153,027
Indonesia – 0.88%
ABM Investama		312,200		80,851
Adaro Energy Indonesia		9,630,698		2,483,582
Akasha Wira International †		37,900		17,845
Blue Bird		479,300		42,548
Bukit Asam		2,032,100		553,426
Bumitama Agri		133,900		53,038
Indo Tambangraya Megah		41,400		111,851
Indo-Rama Synthetics		40,800		18,372
MD Pictures †		1,411,300		267,848

Table of Contents

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Indonesia (continued)
Media Nusantara Citra		3,028,300	$	164,518
MNC Energy Investments †		2,180,600		19,332
Panin Financial		10,077,600		324,283
Perusahaan Gas Negara		5,979,800		684,873
Samudera Indonesia		8,496		1,250
Sawit Sumbermas Sarana		1,152,600		97,805
Timah		373,374		32,636
United Tractors		516,200		1,108,356
				6,062,414
Iraq – 0.00%
Gulf Keystone Petroleum		9,433		20,841
				20,841
Ireland – 3.16%
CRH		116,382		3,741,899
CRH (London Stock Exchange)		117,588		3,771,834
Kingspan Group		134,655		6,066,824
Ryanair Holdings ADR †		137,637		8,040,754
				21,621,311
Israel – 1.91%
Bank Hapoalim		181,329		1,530,680
Bank Leumi Le-Israel		548,934		4,688,317
Check Point Software Technologies †		35,989		4,031,488
FIBI Holdings		4,934		221,589
ICL Group		293,939		2,355,759
Isracard		1,860		5,099
Israel		731		280,565
				13,113,497
Italy – 0.90%
Azimut Holding		12,755		181,928
Banca IFIS		17,439		192,562
FinecoBank Banca Fineco		452,978		5,594,503
MFE-MediaForEurope Class A		54,041		15,828
Recordati Industria Chimica e Farmaceutica		5,628		205,976
				6,190,797
Japan – 12.50%
A&A Material		1,800		10,610
Achilles		3,900		35,060
ADEKA		5,100		76,146
Advanced Media †		6,500		41,087
AGS		3,000		13,442
Akatsuki		2,700		38,891
Alfresa Holdings		4,700		54,776
Alps Alpine		63,800		461,201
Alps Logistics		3,100		22,128
Amiyaki Tei		1,200		24,166
Anest Iwata		7,200		42,633
Arisawa Manufacturing		11,000		93,260
Asia Pile Holdings		7,200		23,972
Avant Group		2,000		19,988
Benesse Holdings		3,300		49,134
BIPROGY		3,800		82,348
BML		10,600		239,269
Brother Industries		55,000		950,211
Chiba Kogyo Bank		10,300		20,107
COLOPL †		5,200		24,436
Computer Engineering & Consulting		5,700		57,984
Cosel		6,400		36,298
CTI Engineering		2,000		39,185
Cybernet Systems		600		3,754
Dai Nippon Toryo		4,200		20,740
Daihatsu Diesel Manufacturing		6,500		22,181
Dai-ichi Life Holdings		28,700		456,339
Daiken		4,200		52,993
Daito Trust Construction		13,900		1,300,238
Daitron		2,300		31,872
Daiwa House Industry		45,600		927,167
Daiwa Industries		4,700		37,232
Denso		132,600		6,062,893
Digital Arts		1,000		43,299
Doshisha		6,100		60,887
Eizo		13,400		337,186
Elecom		23,800		237,192
Elematec		9,800		84,768
en Japan		11,700		180,513
Enigmo		5,800		19,952
Enplas		5,300		148,631
FANUC		45,300		6,360,769
FCC		2,900		26,498
Financial Products Group		10,500		82,104
Fudo Tetra		3,700		37,717
Fuji Seal International		3,700		39,183
Fujitsu		23,400		2,565,857
Fuso Pharmaceutical Industries		600		8,168
Gakujo		2,600		25,623
Glory		9,000		132,105
H.U. Group Holdings		7,600		138,361
Hamakyorex		1,400		30,337
Heiwa		4,600		71,148
Hisamitsu Pharmaceutical		1,700		39,907
Hosokawa Micron		1,900		32,297
Ichiken		3,100		38,160
Ichikoh Industries		9,200		24,326
Ichiyoshi Securities		10,500		43,107
ID Holdings		3,000		17,951

Table of Contents

Schedules of investments

Optimum International Fund

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Japan (continued)
Ines		3,900	$	39,330
I-Net		2,300		19,962
Infocom		7,000		92,235
I-PEX		9,200		79,030
ISB		3,100		26,252
Ishihara Sangyo Kaisha		10,800		76,286
Itfor		8,900		46,870
IwaiCosmo Holdings		3,800		31,841
Izumi		2,100		45,266
JAC Recruitment		8,500		130,154
Japan Exchange Group		325,200		4,395,098
Japan Lifeline		5,900		39,429
Japan Post Insurance		73,900		1,035,050
Japan System Techniques		4,000		33,332
JP-Holdings		14,500		27,174
Kanamoto		9,800		139,999
Kandenko		6,700		38,518
Kanematsu Electronics		5,700		157,219
Kenko Mayonnaise		3,000		32,293
Keyence		12,200		4,032,839
Kokuyo		21,500		272,498
Konoike Transport		8,800		86,710
Kuraray		25,700		179,674
Kyokuto Securities		8,400		38,638
Lifedrink		2,400		28,041
Marvelous		9,000		41,457
Maxell		4,400		41,656
Meiko Network Japan		11,000		46,062
Meisei Industrial		4,800		23,298
Meitec		2,700		42,720
Melco Holdings		3,200		68,731
MIMAKI ENGINEERING		9,200		42,476
Miroku Jyoho Service		14,900		148,551
Mitsuba		8,000		21,372
Mitsubishi Electric		117,900		1,066,765
Mitsubishi Research Institute		7,500		231,072
MIXI		19,200		304,778
MonotaRO		375,400		5,760,457
MORESCO		2,700		20,160
Morito		4,900		23,924
MS&AD Insurance Group Holdings		22,000		582,620
Musashino Bank		2,600		30,694
Naigai Trans Line		1,600		22,533
Nidec		99,300		5,558,432
Nihon Kohden		5,400		114,727
Nihon Parkerizing		6,200		39,949
Nintendo		114,000		4,598,111
Nippon Kayaku		4,300		34,429
Nippon Telegraph & Telephone		148,900		4,016,178
Nisshinbo Holdings		61,600		447,223
Nitto Denko		2,300		124,535
Nitto Kohki		2,100		22,649
Nitto Seiko		6,700		23,802
NS Solutions		2,000		48,248
OBIC Business Consultants		600		18,519
Okabe		5,100		22,881
Okamura		2,700		25,756
Okinawa Cellular Telephone		3,800		66,929
Oracle Corp. Japan		1,000		53,005
Osaka Organic Chemical Industry		2,500		35,094
Osaki Electric		19,600		67,676
Otsuka Holdings		5,900		186,823
PC Depot		16,500		30,611
Pilot		1,900		71,835
Pronexus		2,600		17,190
QB Net Holdings		2,500		23,400
Recruit Holdings		23,400		674,052
Riken		3,300		52,100
Sakai Chemical Industry		2,200		28,490
Sangetsu		11,200		123,840
Sankyu		1,500		43,562
Sanshin Electronics		5,700		65,884
Sega Sammy Holdings		25,000		340,489
Seiko Epson		41,600		568,025
Sekisui Kasei		7,100		19,536
Shibusawa Warehouse		1,600		22,378
Shimano		32,700		5,116,408
Shinnihon		4,000		19,521
Shiseido		147,100		5,155,448
SIGMAXYZ Holdings		1,400		10,904
SMC		12,800		5,209,221
SMK		1,300		20,935
SMS		4,400		88,891
Soda Nikka		4,600		18,759
Sodick		12,100		63,486
Soliton Systems KK		16,300		114,651
Sompo Holdings		18,400		736,209
Sony Group		105,600		6,802,168
Space		2,900		17,096
SRA Holdings		3,400		70,054
Star Micronics		10,200		114,794
Step		1,800		22,158
Studio Alice		1,300		19,335
Sumitomo Seika Chemicals		1,100		22,734
Sun-Wa Technos		2,700		23,739
Suzuken		8,800		200,496
T&D Holdings		21,100		200,556
Takaoka Toko		1,800		21,996
Takara Standard		12,700		113,795

Table of Contents

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Japan (continued)
Take And Give Needs †		5,400	$	60,861
T-Gaia		30,550		346,226
TOA ROAD		600		24,279
Tochigi Bank		15,400		29,257
Toell		2,500		12,869
Tokio Marine Holdings		22,200		394,563
Tokuyama		8,700		104,799
Transcosmos		5,000		129,839
Trend Micro		2,200		118,498
Trusco Nakayama		7,600		104,877
Tsubakimoto Chain		4,600		97,151
TV Asahi Holdings		7,100		68,840
USS		5,800		89,576
V Technology		1,400		24,779
Vector		6,700		50,838
VINX		2,800		28,056
Warabeya Nichiyo Holdings		2,600		39,913
Workman		2,100		66,522
Wowow		2,000		18,378
Yachiyo Industry		5,500		23,576
YAMADA Consulting Group		1,600		13,235
Yamaichi Electronics		4,000		49,330
Yushin Precision Equipment		6,700		32,680
Zenrin		8,800		54,335
ZIGExN		18,200		43,068
				85,636,908
Luxembourg – 0.04%
Eurofins Scientific		4,716		279,962
				279,962
Malaysia – 0.13%
Hap Seng Plantations Holdings		6,900		2,872
Hong Leong Financial Group		60,700		240,795
Kuala Lumpur Kepong		67,300		299,787
Lingkaran Trans Kota Holdings		42,600		45,475
Magni-Tech Industries		35,100		13,207
Sarawak Oil Palms		66,900		31,507
Sime Darby		258,000		118,653
Ta Ann Holdings		130,900		91,181
United Plantations		6,700		20,704
				864,181
Mexico – 0.29%
Alpek		418,701		545,115
Grupo Financiero Inbursa Class O †		198,588		315,244
Ternium ADR		40,244		1,102,283
				1,962,642
Netherlands – 4.89%
Adyen †		3,932		4,903,841
ASML Holding		16,004		6,630,122
Brunel International		4,916		41,023
IMCD		70,488		8,357,169
NN Group		1,809		70,359
OCI		23,864		873,699
Randstad		47,538		2,051,781
TKH Group CVA		1,206		39,069
Topicus.com †		74,810		3,597,119
Van Lanschot Kempen CVA †		1,316		25,333
Wolters Kluwer		70,835		6,897,460
				33,486,975
New Zealand – 0.02%
Channel Infrastructure NZ †		20,418		16,073
Mainfreight		2,193		82,672
NZME		26,652		17,262
				116,007
Norway – 1.13%
Aker Carbon Capture †		2,349,390		3,003,853
Equinor		139,264		4,592,750
Kongsberg Gruppen		3,616		109,737
Western Bulk Chartering		8,266		29,490
				7,735,830
Panama – 0.56%
Copa Holdings Class A †		56,922		3,814,343
				3,814,343
Philippines – 0.02%
Ginebra San Miguel		33,690		58,856
LT Group		368,500		51,803
				110,659
Poland – 0.31%
Asseco Poland		20,055		279,184
Bank Handlowy w Warszawie		3,186		34,825
Bank Millennium †		1,256		836
Grupa Azoty †		26,566		179,687
PGE Polska Grupa Energetyczna †		94,135		118,422
Polski Koncern Naftowy ORLEN		3,207		34,427
Powszechny Zaklad Ubezpieczen		319,276		1,481,322
				2,128,703
Portugal – 0.00%
Sonae		13,626		10,990
				10,990
Republic of Korea – 4.18%
BNK Financial Group		55,107		230,087
Coupang †		256,412		4,274,388
Creas F&C		894		14,049
Crown Confectionery		1,504		8,308

Table of Contents

Schedules of investments

Optimum International Fund

	Number of shares			Value (US $)
Common Stocks∆ (continued)
Republic of Korea (continued)
DGB Financial Group		8,243		$	39,966
e-Credible		971			11,499
Hana Financial Group		9,782			240,197
Handsome		3,352			59,659
Hyundai Engineering & Construction		11,114	��		288,247
Hyundai Marine & Fire Insurance		7,199			146,565
JB Financial Group		46,074			223,009
KB Financial Group		34,254			1,034,421
Keyang Electric Machinery		9,000			14,805
KT		144,489			3,632,093
KT ADR		210,130			2,567,789
KT&G		47,316			2,856,940
LG Electronics		3,689			200,185
LX Semicon		4,179			218,820
Sambo Corrugated Board		3,798			24,173
Samsung Card		5,928			124,541
Samsung Electronics		226,477			8,316,066
Sangsangin		14,436			73,854
SeAH Holdings		322			20,790
SGC e Tec E&C		532			14,373
Shinhan Financial Group		170,133			3,952,045
SIMMTECH HOLDINGS		14,030			27,713
					28,614,582
Russia – 0.00%
Magnit PJSC =		32,259			0
MMC Norilsk Nickel PJSC ADR =		100,954			0
					0
Singapore – 0.03%
Geo Energy Resources		121,400			30,593
Riverstone Holdings		143,000			57,250
Samudera Shipping Line		237,400			136,045
					223,888
South Africa – 1.26%
AECI		18,805			89,641
African Rainbow Minerals		1,375			18,575
Anglo American		115,720			3,474,588
Discovery †		784,298			4,527,811
Ninety One		21,208			40,987
Omnia Holdings		7,530			28,002
Sappi †		87,489			210,856
Thungela Resources		13,260			246,659
					8,637,119
Spain – 1.26%
Amadeus IT Group †		126,691			5,873,730
Corp ACCIONA Energias Renovables		13,262			494,996
Industria de Diseno Textil		94,454			1,949,213
Laboratorios Farmaceuticos Rovi		7,439			319,698
					8,637,637
Sweden – 1.98%
Atlas Copco		925,718			7,673,288
Careium †		276			223
Doro †		416			552
Epiroc Class B		466,396			5,881,096
Instalco		115			461
Paradox Interactive		4			64
					13,555,684
Switzerland – 6.68%
Cie Financiere Richemont Class A		74,698			7,051,149
Huber + Suhner		1,129			89,148
Kuehne + Nagel International		40,191			8,184,172
Leonteq		1,259			58,590
Nestle		95,326			10,310,205
Novartis		599			45,666
Roche Holding		30,248			9,846,715
Sonova Holding		16,330			3,593,596
Straumann Holding		25,976			2,375,770
Temenos		36,915			2,488,696
Wizz Air Holdings †		64,997			1,130,611
Zehnder Group		11,237			568,423
					45,742,741
Taiwan – 3.81%
Aaeon Technology		8,000			18,658
Asustek Computer		161,000			1,180,598
C Sun Manufacturing		30,987			44,257
ChipMOS Technologies		1,229,000			1,155,754
Emerging Display Technologies		104,000			65,180
Evergreen Marine Taiwan		345,600			1,575,737
Everlight Electronics		59,000			64,528
Formosan Rubber Group		56,000			35,438
General Interface Solution Holding		91,000			218,201
Greatek Electronics		11,000			17,033
Group Up Industrial		17,000			45,328
Hon Hai Precision Industry		816,000			2,612,928
Lite-On Technology		312,000			625,769
Novatek Microelectronics		260,000			1,779,472
Pou Chen		712,000			636,437
Radiant Opto-Electronics		19,000			60,019
Realtek Semiconductor		149,000			1,257,871
Sea ADR †		34,541			1,936,023
Sercomm		98,000			242,107
Taiwan Semiconductor Manufacturing		931,000			12,340,770
Topkey		17,000			83,361
Unitech Computer		31,000			28,127

Table of Contents

	Number of shares		Value (US $)
Common Stocks∆ (continued)
Taiwan (continued)
Yuanta Financial Holding		66,562	$	40,820
				26,064,416
Thailand – 1.34%
Advanced Information Technology
NVDR		276,200		41,604
Bangkok Bank NVDR		245,000		882,967
Banpu NVDR		3,413,500		1,106,607
Bumrungrad Hospital NVDR		30,600		183,474
Haad Thip NVDR		28,200		21,807
Indorama Ventures NVDR		486,100		498,767
Kasikornbank NVDR		6,000		22,799
Krung Thai Bank NVDR		1,229,230		542,355
MK Restaurants Group		37,000		56,978
PTT Exploration & Production NVDR		459,100		1,957,701
PTT Global Chemical NVDR		77,600		84,920
PTT NVDR		3,694,800		3,322,627
Sabina NVDR		115,400		75,221
Somboon Advance Technology NVDR		71,300		37,815
Star Petroleum Refining		864,500		242,234
Thai Oil		87,000		117,926
Univanich Palm Oil NVDR		88,500		15,809
				9,211,611
Turkey – 0.04%
Ayen Enerji		6,430		8,584
Dogus Otomotiv Servis ve Ticaret		37,206		194,709
Torunlar Gayrimenkul Yatirim Ortakligi †		53,618		22,844
Yapi ve Kredi Bankasi		191,094		73,066
				299,203
Ukraine – 0.14%
Ferrexpo		709,394		946,977
				946,977
United Arab Emirates – 0.15%
Air Arabia PJSC		446,850		253,010
Dubai Islamic Bank PJSC		244,953		397,397
Emaar Properties PJSC		236,567		371,204
				1,021,611
United Kingdom – 2.18%
AG Barr		8,562		43,463
Bloomsbury Publishing		7,978		32,664
Coca-Cola Europacific Partners		61,362		2,615,248
Experian		211,039		6,177,660
Frasers Group †		15,284		114,555
Gem Diamonds		5,047		1,733
Greggs		19		359
Haleon ADR †		33,219		202,304
Howden Joinery Group		44,362		247,830
Inchcape		4,504		34,104
Indivior †		268,661		851,828
Investec		312,725		1,245,452
Just Eat Takeaway.com †		31,006		483,063
Man Group		188,536		466,830
ME GROUP INTERNATIONAL		10,392		9,863
NatWest Group		164,654		410,108
Ninety One		13,874		28,194
Oxford Nanopore Technologies †		652,024		1,839,182
Polar Capital Holdings		20,918		96,927
				14,901,367
United States – 2.25%
Atlassian Class A †		11,678		2,459,270
Computershare		105,399		1,681,122
GSK		87,080		1,257,671
GSK ADR		98,016		2,884,611
Jasper Infotech =, †, p		225,780		254,696
Jasper Infotech Series G =, †, p		74,730		84,301
JBS		725,900		3,396,464
QIAGEN †		2,927		120,826
Sims		60,615		518,115
Spotify Technology †		31,501		2,718,536
Viemed Healthcare †		6,348		38,189
				15,413,801
Total Common Stocks (cost $929,796,394)				664,977,243

Preferred Stocks – 1.01%∆
Brazil – 0.85%
Cia Paranaense de Energia 9.52% ω		509,000		620,876
Petroleo Brasileiro 35.34% ω		931,600		5,174,068
				5,794,944
Germany – 0.16%
Schaeffler 10.18% ω		39,145		175,572
Villeroy & Boch 5.71% ω		733		9,698
Volkswagen 5.78% ω		7,630		932,325
				1,117,595
Total Preferred Stocks (cost $6,807,209)				6,912,539

Table of Contents

Schedules of investments

Optimum International Fund

	Number of shares		Value (US $)
Short-Term Investments – 1.05%
Money Market Mutual Funds – 1.05%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		1,799,217	$	1,799,217
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		1,799,217		1,799,217
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		1,799,218		1,799,218
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		1,799,217		1,799,217
Total Short-Term Investments (cost $7,196,869)				7,196,869
Total Value of Securities–99.14% (cost $943,800,472)			$	679,086,651

∆	Securities have been classified by country of risk. Aggregate classification by business sector has been presented on page 4 in “Security type / country and sector allocations.”
†	Non-income producing security.
=	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.”
p	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2022, the aggregate value of restricted securities was $389,763 which represented percentage of 0.05% of the Fund’s net assets. The Fund has various registration rights (exercisable under a variety of circumstances) with respect to these securities.
w	Perpetual security with no stated maturity date.

Restricted Securities

Investments	Date of Acquisition	Cost		Value
Jasper Infotech	5/7/14	$	999,482	$	254,696
Jasper Infotech Series G	10/29/14		396,443		84,301
Total		$	1,395,925	$	338,997

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty	Currency to Receive (Deliver)		In Exchange For		Settlement Date	Unrealized Appreciation		Unrealized Depreciation
BNYM	DKK	(1,800,882)	USD	237,286	10/4/22	$	–	$	(159	)
BNYM	EGP	(475,164)	USD	24,236	10/3/22		61		–
BNYM	HKD	(609,597)	USD	77,646	10/3/22		–		(18	)
BNYM	NZD	706	USD	(397)	10/3/22		–		(2	)
JPMCB	CAD	(203,425)	USD	148,470	10/3/22		1,205		–
SCB	AUD	(653,210)	USD	419,559	10/4/22		1,718		–
SSB	CHF	(437,729)	USD	444,467	10/4/22		683		–
SSB	JPY	(36,203,987)	USD	250,149	10/3/22		–		(68	)
Total Foreign Currency Exchange Contracts						$	3,667	$	(247	)

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

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

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – Bank of New York Mellon

CVA – Certified Dutch Certificate

JPMCB – JPMorgan Chase Bank

NVDR – Non-Voting Depositary Receipt

PJSC – Private Joint Stock Company

Table of Contents

Summary of abbreviations: (continued)

SCB – Standard Chartered Bank

SSB – State Street Bank

Summary of currencies:

AUD – Australian Dollar

CAD – Canadian Dollar

CHF – Swiss Franc

DKK – Danish Krone

EGP – Egypt Pound

HKD – Hong Kong Dollar

JPY – Japanese Yen

NZD – New Zealand Dollar

USD – US Dollar

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

Table of Contents

Schedules of investments

Optimum Large Cap Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 97.30%◆
Communication Services – 8.19%
Alphabet Class A †		282,200	$	26,992,430
Alphabet Class C †		309,936		29,800,346
Meta Platforms Class A †		189,230		25,674,726
Netflix †		82,886		19,514,680
Sea ADR †		90,250		5,058,513
Walt Disney †		121,010		11,414,873
				118,455,568
Consumer Discretionary – 17.00%
Advance Auto Parts		66,630		10,416,934
Amazon.com †		1,004,140		113,467,820
Aptiv †		105,833		8,277,199
Chipotle Mexican Grill †		10,858		16,316,968
Lululemon Athletica †		50,000		13,978,000
Magic Leap Class A =		2,058		37,541
NIKE Class B		249,800		20,763,376
Pool		15,627		4,972,668
Sonos †		74,610		1,037,079
Tesla †		153,300		40,662,825
Tractor Supply		53,010		9,853,499
Wingstop		49,100		6,158,122
				245,942,031
Consumer Staples – 3.62%
Constellation Brands Class A		62,793		14,422,296
Costco Wholesale		33,600		15,868,272
Estee Lauder Class A		20,176		4,355,999
Monster Beverage †		203,220		17,672,011
				52,318,578
Energy – 0.82%
EOG Resources		105,511		11,788,744
				11,788,744
Financials – 2.31%
JPMorgan Chase & Co.		21,600		2,257,200
Marsh & McLennan		24,500		3,657,605
MSCI		21,300		8,984,127
S&P Global		60,546		18,487,721
				33,386,653
Healthcare – 16.75%
ABIOMED †		14,200		3,488,372
Alcon		238,820		13,894,548
Dexcom †		194,500		15,665,030
Edwards Lifesciences †		80,600		6,659,978
Genmab †		18,320		5,893,612
IDEXX Laboratories †		17,900		5,831,820
Insulet †		14,100		3,234,540
Intuitive Surgical †		134,937		25,292,591
Maravai LifeSciences Holdings Class A †		164,140		4,190,494
Regeneron Pharmaceuticals †		29,550		20,356,109
Stryker		61,500		12,456,210
Thermo Fisher Scientific		52,430		26,591,972
UnitedHealth Group		140,980		71,200,539
Waters †		22,570		6,083,292
Zoetis		145,000		21,502,050
				242,341,157
Industrials – 7.91%
Acuity Brands		37,400		5,889,378
Advanced Drainage Systems		47,753		5,939,041
Copart †		33,400		3,553,760
Donaldson		42,949		2,104,931
Eaton		113,290		15,108,354
JB Hunt Transport Services		46,700		7,304,814
Nordson		27,238		5,781,810
Raytheon Technologies		198,990		16,289,322
Uber Technologies †		386,345		10,238,143
United Parcel Service Class B		107,280		17,330,011
Westinghouse Air Brake Technologies		60,300		4,905,405
WW Grainger		35,270		17,253,731
Yaskawa Electric		95,700		2,754,065
				114,452,765
Information Technology – 39.12%
Adobe †		35,640		9,808,128
Advanced Micro Devices †		166,845		10,571,299
Adyen 144A #, †		6,061		7,559,050
Analog Devices		62,600		8,722,684
Apple		1,046,036		144,562,175
Applied Materials		140,200		11,486,586
ASML Holding		18,070		7,505,375
ASML Holding (New York Shares)		11,369		4,709,939
Atlassian Class A †		58,830		12,389,010
Block †		63,200		3,475,368
Cognex		32,900		1,363,705
DocuSign †		73,900		3,951,433
Intel		224,900		5,795,673
Keyence		6,300		2,082,531
Mastercard Class A		110,400		31,391,136
Microsoft		426,700		99,378,430
NVIDIA		281,608		34,184,395
Okta †		21,200		1,205,644
Palo Alto Networks †		153,210		25,094,266
Paycom Software †		21,000		6,929,790
PayPal Holdings †		194,553		16,745,177
Salesforce †		148,460		21,354,486
Shopify Class A †		72,230		1,945,876
Splunk †		113,845		8,561,144
Unity Software †		81,400		2,593,404

Table of Contents

	Number of shares		Value (US $)
Common Stocks◆ (continued)
Information Technology (continued)
Visa Class A		380,478	$	67,591,917
Workday Class A †		68,320		10,399,670
Zscaler †		26,951		4,429,936
				565,788,227
Materials – 0.82%
Ecolab		19,427		2,805,647
Sherwin-Williams		44,500		9,111,375
				11,917,022
Real Estate – 0.76%
Equinix		19,380		11,024,119
				11,024,119
Total Common Stocks (cost $1,258,532,648)				1,407,414,864

Exchange-Traded Fund – 0.25%
iShares Russell 1000 Growth ETF		17,431		3,667,482
Total Exchange-Traded Fund (cost $3,740,478)				3,667,482

Short-Term Investments – 2.51%
Money Market Mutual Funds – 2.51%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		9,060,483		9,060,483
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		9,060,484		9,060,484
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		9,060,485		9,060,485
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		9,060,484		9,060,484
Total Short-Term Investments (cost $36,241,936)				36,241,936
Total Value of Securities–100.06% (cost $1,298,515,062)			$	1,447,324,282


◆	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.
=	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.”
#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At September 30, 2022, the aggregate value of Rule 144A securities was $7,559,050, which represents 0.52% of the Fund’s net assets. See Note 7 in “Notes to financial statements.”

The following foreign currency exchange contracts were outstanding at September 30, 2022:¹

Foreign Currency Exchange Contracts

Counterparty

Currency to
Receive (Deliver)

In Exchange For

Settlement
Date

Unrealized
Depreciation

BAML

JPY

(253,369,725)

USD

1,767,169

12/30/22

(3,181)

JPMCB

EUR

(5,020,689)

USD

4,932,802

12/30/22

(25,911)

Total Foreign Currency Exchange Contracts

(29,092)

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

Summary of abbreviations:

ADR – American Depositary Receipt

BAML – Bank of America Merrill Lynch

ETF – Exchange-Traded Fund

JPMCB – JPMorgan Chase Bank

Table of Contents

Schedules of investments

Optimum Large Cap Growth Fund

Summary of abbreviations: (continued)

MSCI – Morgan Stanley Capital International

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

Summary of currencies:

EUR – European Monetary Unit

JPY – Japanese Yen

USD – US Dollar

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

Table of Contents

Optimum Large Cap Value Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.59%
Communication Services – 5.81%
Alphabet Class A †		196,639	$	18,808,520
Charter Communications Class A †		26,406		8,010,260
Comcast Class A		911,262		26,727,315
Fox Class A		280,288		8,599,236
Meta Platforms Class A †		94,893		12,875,082
Verizon Communications		300,257		11,400,758
Walt Disney †		121,779		11,487,413
				97,908,584
Consumer Discretionary – 4.43%
Darden Restaurants		79,591		10,053,935
General Motors		243,942		7,828,099
Lowe’s		140,472		26,382,046
Marriott International Class A		64,041		8,974,706
Target		144,216		21,400,212
				74,638,998
Consumer Staples – 4.99%
Archer-Daniels-Midland		36,983		2,975,282
Diageo		293,432		12,351,588
Kimberly-Clark		58,794		6,616,677
Mondelez International Class A		149,876		8,217,701
Nestle		111,712		12,082,471
PepsiCo		136,210		22,237,645
Procter & Gamble		53,488		6,752,860
Reckitt Benckiser Group		63,935		4,237,708
Tyson Foods Class A		128,692		8,484,663
				83,956,595
Energy – 6.99%
ConocoPhillips		370,513		37,918,300
EOG Resources		180,846		20,205,924
Exxon Mobil		313,986		27,414,118
Phillips 66		75,342		6,081,606
Pioneer Natural Resources		61,149		13,240,593
Schlumberger		358,009		12,852,523
				117,713,064
Financials – 22.46%
Allstate		82,359		10,256,166
American Express		142,001		19,157,355
Aon Class A		78,403		21,001,812
Bank of America		701,457		21,184,001
Berkshire Hathaway Class B †		40,256		10,749,157
BlackRock		39,301		21,626,554
Charles Schwab		198,757		14,284,666
Chubb		99,832		18,157,444
Citigroup		210,193		8,758,742
Goldman Sachs Group		24,313		7,124,925
Hartford Financial Services Group		182,799		11,322,570
Intercontinental Exchange		98,937		8,938,958
JPMorgan Chase & Co.		477,871		49,937,519
KKR & Co.		103,825		4,464,475
Marsh & McLennan		129,447		19,325,143
Moody’s		22,398		5,445,178
Morgan Stanley		197,111		15,573,740
Nasdaq		265,803		15,065,714
PNC Financial Services Group		63,334		9,463,366
Progressive		165,681		19,253,789
Prudential Financial		111,169		9,536,077
State Street		164,594		10,008,961
Travelers		122,201		18,721,193
Truist Financial		338,090		14,720,439
Wells Fargo & Co.		352,754		14,187,766
				378,265,710
Healthcare – 19.00%
Abbott Laboratories		118,195		11,436,548
AbbVie		73,673		9,887,653
AmerisourceBergen		86,968		11,769,379
Baxter International		170,872		9,203,166
Boston Scientific †		604,686		23,419,489
Bristol-Myers Squibb		213,653		15,188,592
Cigna		85,491		23,721,188
CVS Health		185,439		17,685,317
Danaher		28,904		7,465,614
Eli Lilly & Co.		45,500		14,712,425
Horizon Therapeutics †		78,665		4,868,577
Johnson & Johnson		289,205		47,244,529
McKesson		38,907		13,223,322
Medtronic		123,072		9,938,064
Merck & Co.		290,146		24,987,374
Pfizer		447,088		19,564,571
Roche Holding		10,709		3,486,130
Thermo Fisher Scientific		70,862		35,940,498
UnitedHealth Group		32,117		16,220,370
				319,962,806
Industrials – 15.38%
Canadian National Railway		46,819		5,055,984
Caterpillar		58,717		9,634,285
CSX		358,659		9,554,676
Eaton		92,247		12,302,060
Emerson Electric		106,760		7,816,967
Equifax		56,891		9,752,824
General Dynamics		55,055		11,681,019
Honeywell International		165,296		27,599,473
Illinois Tool Works		69,424		12,541,446
Johnson Controls International		214,766		10,570,783
Masco		110,041		5,137,814
Northrop Grumman		80,799		38,001,386

Table of Contents

Schedules of investments

Optimum Large Cap Value Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Otis Worldwide		37,642	$	2,401,560
Owens Corning		87,374		6,868,470
PACCAR		56,505		4,728,904
Parker-Hannifin		52,317		12,676,932
Quanta Services		112,572		14,340,547
Raytheon Technologies		172,369		14,110,126
Southwest Airlines †		219,754		6,777,213
Stanley Black & Decker		53,673		4,036,746
Textron		167,230		9,742,820
Trane Technologies		58,868		8,524,675
Union Pacific		77,968		15,189,726
				259,046,436
Information Technology – 7.70%
Accenture Class A		61,750		15,888,275
Analog Devices		41,822		5,827,477
Broadcom		19,147		8,501,459
Cisco Systems		193,323		7,732,920
Global Payments		73,917		7,986,732
Intel		110,629		2,850,909
KLA		29,796		9,017,164
Micron Technology		146,381		7,333,688
Microsoft		46,731		10,883,650
Motorola Solutions		58,177		13,029,903
NXP Semiconductors		53,071		7,828,503
ON Semiconductor †		198,944		12,400,180
Texas Instruments		131,175		20,303,267
				129,584,127
Materials – 3.84%
Air Products and Chemicals		41,900		9,751,387
DuPont de Nemours		188,547		9,502,769
Huntsman		282,763		6,939,004
International Flavors & Fragrances		34,589		3,141,719
Martin Marietta Materials		35,734		11,509,564
PPG Industries		102,385		11,332,995
Sherwin-Williams		42,559		8,713,955
Westrock		124,284		3,839,133
				64,730,526
Real Estate – 2.23%
American Tower		41,669		8,946,334
Boston Properties		72,408		5,428,428
Equity LifeStyle Properties		87,994		5,529,543
Prologis		139,431		14,166,190
Public Storage		12,148		3,557,056
				37,627,551
Utilities – 5.76%
American Electric Power		57,981		5,012,457
Dominion Energy		192,119		13,277,344
Duke Energy		341,252		31,743,261
NextEra Energy		194,958		15,286,657
Southern		238,566		16,222,488
Xcel Energy		240,856		15,414,784
				96,956,991
Total Common Stocks (cost $1,350,035,552)				1,660,391,388

Short-Term Investments – 1.45%
Money Market Mutual Funds – 1.45%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		6,098,825		6,098,825
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		6,098,824		6,098,824
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		6,098,824		6,098,824
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		6,098,825		6,098,825
Total Short-Term Investments (cost $24,395,298)				24,395,298
Total Value of Securities–100.04% (cost $1,374,430,850)			$	1,684,786,686


†	Non-income producing security.

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

Table of Contents

Optimum Small-Mid Cap Growth Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 96.88%◆
Communication Services – 0.74%
Endeavor Group Holdings Class A †		181,125	$	3,669,593
Lions Gate Entertainment Class B †		112,191		779,727
				4,449,320
Consumer Discretionary – 9.59%
Academy Sports & Outdoors		184,751		7,792,797
Burlington Stores †		14,314		1,601,593
Deckers Outdoor †		16,032		5,011,764
Duolingo †		35,445		3,375,427
Five Below †		17,037		2,345,484
Floor & Decor Holdings Class A †		37,963		2,667,280
Fox Factory Holding †		22,182		1,754,153
Hyatt Hotels Class A †		31,222		2,527,733
International Game Technology		214,611		3,390,854
Monro		28,306		1,230,179
Ollie’s Bargain Outlet Holdings †		44,212		2,281,339
On Holding Class A †		155,030		2,488,231
Papa John’s International		29,662		2,076,637
Skyline Champion †		46,756		2,471,990
Sonos †		94,984		1,320,278
Topgolf Callaway Brands †		110,971		2,137,301
Visteon †		43,701		4,634,928
Wingstop		49,737		6,238,015
Xometry Class A †		44,439		2,523,691
				57,869,674
Consumer Staples – 6.02%
BJ’s Wholesale Club Holdings †		108,734		7,916,923
Celsius Holdings †		94,402		8,560,373
elf Beauty †		185,002		6,959,775
Hostess Brands †		279,069		6,485,564
Lamb Weston Holdings		42,535		3,291,358
Performance Food Group †		73,360		3,150,812
				36,364,805
Energy – 3.03%
Callon Petroleum †		51,060		1,787,610
Matador Resources		161,765		7,913,544
Range Resources		273,586		6,910,782
Ranger Oil Class A		53,128		1,670,876
				18,282,812
Financials – 5.39%
BRP Group Class A †		200,833		5,291,950
Essent Group		74,754		2,606,672
Evercore Class A		21,923		1,803,167
Focus Financial Partners Class A †		52,867		1,665,839
Goosehead Insurance Class A †		35,818		1,276,553
Kinsale Capital Group		20,241		5,169,956
Open Lending Class A †		56,231		452,097
Palomar Holdings †		39,129		3,275,880
Ryan Specialty Holdings Class A †		89,948		3,653,688
Stifel Financial		59,774		3,102,868
Triumph Bancorp †		47,477		2,580,375
Virtu Financial Class A		80,915		1,680,605
				32,559,650
Healthcare – 27.40%
Acadia Healthcare †		95,444		7,461,812
AdaptHealth †		185,462		3,482,976
Adaptive Biotechnologies †		75,872		540,209
Alignment Healthcare †		392,467		4,646,809
Allscripts Healthcare Solutions †		165,314		2,517,732
Amicus Therapeutics †		198,531		2,072,664
AMN Healthcare Services †		28,190		2,987,012
Apellis Pharmaceuticals †		24,489		1,672,599
AtriCure †		50,686		1,981,823
Avantor †		175,242		3,434,743
Avid Bioservices †		113,187		2,164,135
Axonics †		118,903		8,375,527
Axsome Therapeutics †		25,807		1,151,508
Azenta		29,510		1,264,799
BioLife Solutions †		72,984		1,660,386
Blueprint Medicines †		27,420		1,806,704
CONMED		31,613		2,534,414
Cytokinetics †		113,776		5,512,447
Evolent Health Class A †		461,593		16,585,037
Haemonetics †		39,909		2,954,463
Halozyme Therapeutics †		64,438		2,547,879
HealthEquity †		50,806		3,412,639
ICON †		24,323		4,470,081
Insmed †		88,223		1,900,323
Ionis Pharmaceuticals †		30,258		1,338,311
Iovance Biotherapeutics †		59,375		568,813
iRhythm Technologies †		16,577		2,076,767
Molina Healthcare †		21,887		7,219,208
Neurocrine Biosciences †		21,252		2,257,175
Novocure †		9,966		757,217
Oak Street Health †		211,026		5,174,358
Omnicell †		38,445		3,345,868
Option Care Health †		284,644		8,957,747
Pacira BioSciences †		36,655		1,949,679
Phreesia †		86,249		2,197,625
Privia Health Group †		222,084		7,564,181
Repligen †		14,901		2,788,126
Sarepta Therapeutics †		18,340		2,027,304
Shockwave Medical †		18,071		5,025,003
Silk Road Medical †		70,992		3,194,640
STAAR Surgical †		64,139		4,525,006
Syneos Health †		65,723		3,098,839

Table of Contents

Schedules of investments

Optimum Small-Mid Cap Growth Fund

	Number of shares		Value (US $)
Common Stocks◆ (continued)
Healthcare (continued)
Tandem Diabetes Care †		47,026	$	2,250,194
TransMedics Group †		34,469		1,438,736
Ultragenyx Pharmaceutical †		29,361		1,215,839
United Therapeutics †		30,487		6,383,368
US Physical Therapy		23,970		1,822,199
ViewRay †		295,853		1,076,905
				165,391,829
Industrials – 20.41%
A O Smith		19,915		967,471
Advanced Drainage Systems		26,854		3,339,832
AECOM		94,561		6,465,136
ASGN †		47,476		4,290,406
Atkore †		26,910		2,093,867
AZEK †		83,002		1,379,493
Boise Cascade		30,798		1,831,249
Carlisle		9,756		2,735,680
ChargePoint Holdings †		207,458		3,062,080
Chart Industries †		35,824		6,604,154
Clarivate †		119,071		1,118,077
Core & Main Class A †		123,311		2,804,092
Driven Brands Holdings †		153,381		4,291,600
Dycom Industries †		79,535		7,597,979
FTI Consulting †		21,483		3,559,948
GXO Logistics †		39,081		1,370,180
Herc Holdings		21,492		2,232,589
Hubbell		33,291		7,423,893
IAA †		38,232		1,217,689
ICF International		33,191		3,618,483
KAR Auction Services †		102,896		1,149,348
KBR		83,846		3,623,824
Knight-Swift Transportation Holdings		52,595		2,573,473
Kratos Defense & Security Solutions †		149,402		1,517,924
Masonite International †		34,993		2,494,651
Mercury Systems †		48,581		1,972,389
Plug Power †		198,114		4,162,375
Quanta Services		49,789		6,342,621
RBC Bearings †		21,279		4,421,989
Schneider National Class B		97,474		1,978,722
Shoals Technologies Group Class A †		311,257		6,707,588
SPX Technologies †		55,436		3,061,176
Sterling Check †		122,059		2,153,121
Vicor †		34,761		2,055,766
Wabash National		125,797		1,957,401
WillScot Mobile Mini Holdings †		171,021		6,897,277
Zurn Elkay Water Solutions		88,139		2,159,406
				123,232,949

Information Technology – 22.22%
Arista Networks †		16,644		1,878,941
Axcelis Technologies †		36,139		2,188,578
Black Knight †		62,622		4,053,522
Box Class A †		153,609		3,746,524
Braze †		58,424		2,034,908
Calix †		105,479		6,448,986
Ciena †		90,255		3,649,010
CyberArk Software †		21,353		3,201,669
DoubleVerify Holdings †		285,110		7,797,758
EngageSmart †		145,058		3,001,250
Enphase Energy †		27,753		7,700,625
Evo Payments Class A †		103,568		3,448,814
Flywire †		196,666		4,515,451
FormFactor †		52,079		1,304,579
Gitlab Class A †		58,337		2,988,021
HashiCorp Class A †		92,628		2,981,695
Impinj †		24,363		1,949,771
Itron †		37,675		1,586,494
Jamf Holding †		126,732		2,808,381
JFrog †		125,182		2,767,774
LiveRamp Holdings †		88,856		1,613,625
Lumentum Holdings †		46,030		3,156,277
Manhattan Associates †		38,770		5,157,573
Monolithic Power Systems		9,656		3,508,990
Nutanix Class A †		108,955		2,269,533
Onto Innovation †		36,813		2,357,873
PagerDuty †		135,105		3,116,872
PAR Technology †		51,897		1,532,518
Paylocity Holding †		23,641		5,711,193
Procore Technologies †		80,324		3,974,432
PTC †		39,967		4,180,548
Pure Storage Class A †		124,081		3,396,097
Silicon Motion Technology ADR		29,300		1,910,067
Sprout Social Class A †		43,367		2,631,510
SS&C Technologies Holdings		74,618		3,563,010
Synaptics †		18,072		1,789,309
Teradyne		23,084		1,734,763
Verra Mobility †		181,373		2,787,703
WEX †		14,447		1,833,902
Wolfspeed †		63,437		6,556,848
Zuora Class A †		175,929		1,298,356
				134,133,750
Materials – 1.74%
Element Solutions		230,196		3,745,289
Livent †		74,771		2,291,731
Orion Engineered Carbons		155,264		2,072,775
Steel Dynamics		33,755		2,394,917
				10,504,712

Table of Contents

	Number of shares		Value (US $)
Common Stocks◆ (continued)
Real Estate – 0.34%
Ryman Hospitality Properties		27,853	$	2,049,702
				2,049,702
Total Common Stocks (cost $614,227,108)				584,839,203

Convertible Preferred Stock – 0.02%
Honest Series D =, †, p		15,249		112,819
Total Convertible Preferred Stock (cost $697,718)				112,819

Warrant – 0.00%
DraftKings strike price $25, expiration date 4/23/25 =, †		399		0
Total Warrant (cost $0)				0

Short-Term Investments – 3.13%
Money Market Mutual Funds – 3.13%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		4,730,323		4,730,323
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		4,730,323		4,730,323
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		4,730,324		4,730,324
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		4,730,323		4,730,323
Total Short-Term Investments (cost $18,921,293)				18,921,293
Total Value of Securities–100.03% (cost $633,846,119)			$	603,873,315


◆	Narrow industries are utilized for compliance purposes for concentration whereas broad sectors are used for financial reporting.
†	Non-income producing security.
=	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.”
p	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At September 30, 2022, the aggregate value of restricted securities was $112,819, which represented 0.02% of the Fund’s net assets. See Note 8 in “Notes to financial statements” and the following table, for additional details on restricted securities.

Restricted Securities

Investments		Date of Acquisition		Cost				Value
Honest Series D		8/3/15		$	697,718			$	112,819

Summary of abbreviations:

ADR – American Depositary Receipt

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

Table of Contents

Schedules of investments

Optimum Small-Mid Cap Value Fund

September 30, 2022 (Unaudited)

	Number of shares		Value (US $)
Common Stocks – 98.25%
Communication Services – 6.53%
AMC Networks Class A †		30,800	$	625,240
Audacy †		206,300		79,652
Cars.com †		56,200		646,300
Gray Television		65,200		933,664
John Wiley & Sons Class A		195,900		7,358,004
Lumen Technologies		150,400		1,094,912
Nexstar Media Group Class A		106,208		17,720,805
Paramount Global Class B		37,200		708,288
Ziff Davis †		151,695		10,388,074
				39,554,939
Consumer Discretionary – 10.90%
Aaron’s		45,700		444,204
American Axle & Manufacturing Holdings †		114,200		779,986
Bluegreen Vacations Holding		38,900		642,628
BorgWarner		41,200		1,293,680
Brunswick		21,300		1,394,085
Capri Holdings †		15,000		576,600
Dick’s Sporting Goods		47,100		4,928,544
Foot Locker		48,800		1,519,144
Goodyear Tire & Rubber †		70,000		706,300
Guess?		47,500		696,825
H&R Block		40,400		1,718,616
Harley-Davidson		43,800		1,527,744
Haverty Furniture		43,900		1,093,110
Helen of Troy †		28,141		2,713,918
Kohl’s		47,900		1,204,685
Lear		11,700		1,400,373
Leslie’s †		386,248		5,681,708
Lithia Motors		41,041		8,805,347
Macy’s		48,400		758,428
Malibu Boats Class A †		19,500		935,805
MDC Holdings		54,648		1,498,448
Modine Manufacturing †		76,800		993,792
Mohawk Industries †		13,600		1,240,184
Nordstrom		28,400		475,132
ODP †		29,100		1,022,865
Penske Automotive Group		28,619		2,816,968
PulteGroup		53,000		1,987,500
PVH		17,600		788,480
Qurate Retail Series A		97,500		195,975
Sally Beauty Holdings †		65,000		819,000
Shoe Carnival		400		8,576
Sleep Number †		14,600		493,626
Smith & Wesson Brands		67,800		703,086
Sonic Automotive Class A		53,300		2,307,890
Toll Brothers		49,500		2,079,000
Travel + Leisure		12,500		426,500
Victoria’s Secret & Co. †		187,278		5,453,535
Whirlpool		21,600		2,911,896
Winnebago Industries		19,400		1,032,274
				66,076,457
Consumer Staples – 3.80%
Bunge		27,600		2,278,932
Energizer Holdings		32,000		804,480
Ingles Markets Class A		28,500		2,257,485
Ingredion		30,700		2,471,964
J M Smucker		7,300		1,003,093
Molson Coors Beverage Class B		82,900		3,978,371
Nu Skin Enterprises Class A		16,800		560,616
Pilgrim’s Pride †		4,100		94,382
Spectrum Brands Holdings		130,471		5,092,283
Sprouts Farmers Market †		92,100		2,555,775
Universal		13,100		603,124
Weis Markets		18,500		1,317,940
				23,018,445
Energy – 6.47%
APA		51,700		1,767,623
Arch Resources		10,300		1,221,580
CNX Resources †		59,500		924,035
DT Midstream		187,248		9,716,298
HF Sinclair		87,000		4,684,080
Magnolia Oil & Gas Class A		374,742		7,423,639
Marathon Oil		185,700		4,193,106
National Energy Services Reunited †		118,000		700,920
PDC Energy		42,600		2,461,854
SFL		97,100		884,581
Viper Energy Partners		149,842		4,294,472
World Fuel Services		39,900		935,256
				39,207,444
Financials – 19.77%
Affiliated Managers Group		9,500		1,062,575
Ally Financial		91,200		2,538,096
American Financial Group		16,900		2,077,517
Annaly Capital Management		52,450		900,042
Apollo Commercial Real Estate Finance		77,600		644,080
Ares Capital		85,300		1,439,864
Associated Banc-Corp		121,500		2,439,720
Assured Guaranty		25,900		1,254,855
B Riley Financial		15,900		707,868
Banco Latinoamericano de Comercio Exterior Class E		59,900		782,294
BGC Partners Class A		1,467,780		4,608,829
Cathay General Bancorp		47,800		1,838,388
Citizens Financial Group		63,200		2,171,552

Table of Contents

	Number of shares		Value (US $)
Common Stocks (continued)
Financials (continued)
CNA Financial		85,600	$	3,158,640
CNO Financial Group		144,200		2,591,274
Columbia Banking System		241,066		6,964,397
Customers Bancorp †		58,809		1,733,689
Donnelley Financial Solutions †		27,300		1,009,281
Equitable Holdings		68,200		1,797,070
Essent Group		26,800		934,516
Everest Re Group		6,300		1,653,372
Federal Agricultural Mortgage Class C		10,050		996,357
Fidelity National Financial		51,500		1,864,300
First American Financial		38,200		1,761,020
First BanCorp		89,200		1,220,256
First Busey		74,400		1,635,312
First Horizon		81,600		1,868,640
First Merchants		169,535		6,557,614
FS KKR Capital		57,750		978,863
Hancock Whitney		31,300		1,433,853
Hanmi Financial		56,800		1,345,024
Heritage Insurance Holdings		27,300		61,698
HomeStreet		39,900		1,149,519
Hope Bancorp		122,400		1,547,136
Jefferies Financial Group		61,300		1,808,350
Lazard Class A		37,700		1,199,991
Lincoln National		33,300		1,462,203
MGIC Investment		107,200		1,374,304
New Mountain Finance		95,300		1,098,809
Oaktree Specialty Lending		4,294		25,764
OFG Bancorp		69,200		1,738,996
OneMain Holdings		34,600		1,021,392
Pacific Premier Bancorp		157,506		4,876,386
PacWest Bancorp		444,854		10,053,700
Radian Group		69,500		1,340,655
Redwood Trust		119,100		683,634
Regions Financial		179,100		3,594,537
Reinsurance Group of America		17,800		2,239,418
Rithm Capital		131,300		961,116
Starwood Property Trust		478,600		8,720,092
Synovus Financial		55,900		2,096,809
Umpqua Holdings		44,000		751,960
Universal Insurance Holdings		41,300		406,805
Unum Group		75,700		2,937,160
Victory Capital Holdings Class A		39,300		916,083
Voya Financial		25,200		1,524,600
Zions Bancorp		83,200		4,231,552
				119,791,827
Healthcare – 6.06%
Catalyst Pharmaceuticals †		186,900		2,397,927
DaVita †		22,800		1,887,156
Enovis †		120,809		5,565,671
Exelixis †		84,300		1,321,824
Innoviva †		86,900		1,008,909
Ironwood Pharmaceuticals †		167,200		1,732,192
Jazz Pharmaceuticals †		24,720		3,294,929
Lannett †		44,200		19,890
LivaNova †		62,990		3,198,002
Quest Diagnostics		11,600		1,423,204
Select Medical Holdings		134,200		2,965,820
Syneos Health †		142,109		6,700,439
United Therapeutics †		15,370		3,218,171
Universal Health Services Class B		22,600		1,992,868
				36,727,002
Industrials – 13.73%
ABM Industries		22,900		875,467
ACCO Brands		146,000		715,400
Acuity Brands		13,900		2,188,833
AGCO		42,100		4,048,757
Alaska Air Group †		28,900		1,131,435
Allison Transmission Holdings		55,500		1,873,680
Apogee Enterprises		36,200		1,383,564
ArcBest		27,300		1,985,529
Atkore †		42,100		3,275,801
Atlas Air Worldwide Holdings †		4,970		474,983
BWX Technologies		174,429		8,785,989
CoreCivic †		56,200		496,808
Covenant Logistics Group		59,100		1,696,170
Crane Holdings		20,600		1,803,324
Deluxe		29,800		496,170
Ennis		45,800		921,954
Esab		112,398		3,749,597
GXO Logistics †		151,932		5,326,736
Hawaiian Holdings †		45,300		595,695
Hillenbrand		31,174		1,144,709
Huntington Ingalls Industries		6,200		1,373,300
IAA †		131,934		4,202,098
Kaman		106,232		2,967,060
KAR Auction Services †		538,363		6,013,515
ManpowerGroup		26,300		1,701,347
Moog Class A		24,000		1,688,400
MSC Industrial Direct Class A		18,200		1,325,142
Oshkosh		14,800		1,040,292
Owens Corning		35,500		2,790,655
Primoris Services		66,384		1,078,740
Quanex Building Products		54,980		998,437
REV Group		85,200		939,756
Ryder System		16,800		1,268,232
SkyWest †		39,400		640,644
Snap-on		9,300		1,872,555

Table of Contents

Schedules of investments

Optimum Small-Mid Cap Value Fund

	Number of shares		Value (US $)
Common Stocks (continued)
Industrials (continued)
Textron		16,800	$	978,768
Timken		37,000		2,184,480
Triton International		43,700		2,391,701
United Airlines Holdings †		34,400		1,119,032
XPO Logistics †		81,624		3,633,900
				83,178,655
Information Technology – 9.46%
ACI Worldwide †		343,964		7,188,848
Amdocs		22,500		1,787,625
Amkor Technology		102,600		1,749,330
Arrow Electronics †		24,580		2,266,030
BM Technologies †		9,050		60,544
Cirrus Logic †		10,400		715,520
Consensus Cloud Solutions †		61,917		2,928,674
CSG Systems International		18,200		962,416
Diodes †		10,500		681,555
Ebix		33,273		631,189
Euronet Worldwide †		53,314		4,039,069
Jabil		74,000		4,270,540
Kimball Electronics †		74,200		1,272,530
Methode Electronics		37,800		1,404,270
NCR †		37,200		707,172
NetApp		32,700		2,022,495
NETGEAR †		12,082		242,123
Sanmina †		59,300		2,732,544
Seagate Technology Holdings		17,100		910,233
Silicon Motion Technology ADR		40,942		2,669,009
TD SYNNEX		20,400		1,656,276
Teledyne Technologies †		10,855		3,663,237
TTM Technologies †		84,100		1,108,438
Ultra Clean Holdings †		38,400		988,800
Verint Systems †		235,379		7,904,027
Vishay Precision Group †		35,910		1,062,577
Western Union		66,100		892,350
Xerox Holdings		61,300		801,804
				57,319,225
Materials – 11.76%
Ashland		102,400		9,724,928
Axalta Coating Systems †		364,473		7,675,801
Berry Global Group †		48,200		2,242,746
Cabot		27,500		1,756,975
Celanese		14,200		1,282,828
Chemours		49,500		1,220,175
Eastman Chemical		19,400		1,378,370
FMC		67,560		7,141,092
Greif Class A		34,400		2,049,208
Huntsman		70,700		1,734,978
Koppers Holdings		48,050		998,479
Mativ Holdings		32,700		722,016
Mosaic		82,800		4,001,724
O-I Glass †		59,800		774,410
Packaging Corp of America		13,000		1,459,770
Reliance Steel & Aluminum		21,500		3,749,815
Resolute Forest Products †		34,440		688,800
Silgan Holdings		412,393		17,337,002
Steel Dynamics		41,800		2,965,710
Trinseo		22,200		406,704
Tronox Holdings Class A		38,500		471,625
Westrock		48,000		1,482,720
				71,265,876
Real Estate – 8.12%
American Assets Trust		37,200		956,784
Apple Hospitality REIT		114,600		1,611,276
Armada Hoffler Properties		100,700		1,045,266
Brixmor Property Group		80,400		1,484,988
CareTrust REIT		57,900		1,048,569
City Office REIT		137,000		1,365,890
CTO Realty Growth		46,500		871,410
Franklin Street Properties		93,612		246,200
Gaming and Leisure Properties		313,163		13,854,331
Howard Hughes †		50,130		2,776,701
Industrial Logistics Properties Trust		63,789		350,839
Iron Mountain		25,700		1,130,029
Kite Realty Group Trust		63,600		1,095,192
Medical Properties Trust		621,685		7,373,184
National Health Investors		17,900		1,011,887
Newmark Group Class A		465,221		3,749,681
Office Properties Income Trust		45,688		641,916
Omega Healthcare Investors		53,300		1,571,817
Piedmont Office Realty Trust Class A		78,300		826,848
Plymouth Industrial REIT		57,000		958,170
RPT Realty		104,000		786,240
Sabra Health Care REIT		112,200		1,472,064
Service Properties Trust		104,300		541,317
Tanger Factory Outlet Centers		122,610		1,677,305
Uniti Group		107,160		744,762
				49,192,666
Utilities – 1.65%
National Fuel Gas		44,100		2,714,355
NRG Energy		70,400		2,694,208
UGI		45,200		1,461,316
Vistra		148,900		3,126,900
				9,996,779
Total Common Stocks (cost $634,202,880)				595,329,315

Table of Contents

	Number of shares		Value (US $)
Short-Term Investments – 1.64%
Money Market Mutual Funds – 1.64%
BlackRock Liquidity FedFund – Institutional Shares (seven-day effective yield 2.76%)		2,476,896	$	2,476,896
Fidelity Investments Money Market Government Portfolio – Class I (seven-day effective yield 2.74%)		2,476,895		2,476,895
Goldman Sachs Financial Square Government Fund – Institutional Shares (seven-day effective yield 2.98%)		2,476,895		2,476,895
Morgan Stanley Institutional Liquidity Funds Government Portfolio – Institutional Class (seven-day effective yield 2.80%)		2,476,896		2,476,896
Total Short-Term Investments (cost $9,907,582)				9,907,582
Total Value of Securities–99.89% (cost $644,110,462)			$	605,236,897


†	Non-income producing security.

Summary of abbreviations:

ADR – American Depositary Receipt

REIT – Real Estate Investment Trust

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

Table of Contents

Statement of assets and liabilities

Optimum Fund Trust

September 30, 2022 (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*	$	3,090,184,347	$	679,086,651	$	1,447,324,282	$	1,684,786,686	$	603,873,315	$	605,236,897
Cash		4,589,497		–		43,447		49,811		7,244		6,671
Cash collateral due from brokers		7,108,725		–		–		–		–		–
Foreign currencies, at value^Δ		4,493,752		462,090		–		18,829		–		–
Receivable for securities sold		226,915,465		1,343,683		6,561,176		2,959,067		6,368,379		523,536
Dividends and interest receivable		14,793,988		2,748,243		237,673		2,208,092		107,741		1,096,997
Unrealized appreciation on foreign currency exchange contracts		10,071,604		3,667		–		–		–		–
Receivable for fund shares sold		5,571,117		2,080,765		3,382,996		2,416,253		1,138,397		1,043,365
Variation margin due from CITI on centrally cleared interest rate swap contracts		1,406,604		–		–		–		–		–
Variation margin due from Credit Suisse on centrally cleared interest rate swap contracts		1,072,438		–		–		–		–		–
Unrealized appreciation on over the counter credit default swap contracts		901,630		–		–		–		–		–
Swap payments receivable		428,618		–		–		–		–		–
Prepaid expenses		17,417		29,655		29,230		25,003		32,770		29,336
Foreign tax reclaims receivable		–		2,208,363		49,815		395,345		–		–
Total Assets		3,367,555,202		687,963,117		1,457,628,619		1,692,859,086		611,527,846		607,936,802

Table of Contents

	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 value^Σ		14,710,104			–			–		–		–			–
Due to custodian		–			999,656			–		–		–			–
Payable for securities purchased		898,695,317			–			7,797,541		2,617,180		6,236,518			375,733
Payable for fund shares redeemed		6,460,877			1,019,100			1,994,784		4,421,388		951,310			956,349
Cash collateral due to brokers		3,971,000			–			–		–		–			–
Unrealized depreciation on foreign currency exchange contracts		1,472,510			247			29,092		–		–			–
Variation margin due to brokers on centrally cleared credit default swap contracts		1,372,152			–			–		–		–			–
Investment management fees payable to affiliates		1,211,818			332,579			253,095		1,435,741		514,712			468,236
Other accrued expenses		928,706			627,678			1,003,877		92,422		142,752			187,359
Variation margin due to CITI on futures contracts		736,230			–			–		–		–			–
Swap payments payable		651,304			–			–		–		–			��
Variation margin due to HSBC on future contracts		392,169			–			–		–		–			–
Upfront payments received on over the counter credit default swap contracts		249,625			–			–		–		–			–
Unrealized depreciation on over the counter credit default swap contracts		235,945			–			–		–		–			–
Distribution fees payable to affiliates		120,900			26,780			98,121		107,402		17,212			15,407
Total Liabilities		931,208,657			3,006,040			11,176,510		8,674,133		7,862,504			2,003,084
Total Net Assets	$	2,436,346,545		$	684,957,077		$	1,446,452,109	$	1,684,184,953	$	603,665,342		$	605,933,718

Net Assets Consist of:
Paid-in capital	$	2,886,734,359		$	969,093,755		$	1,223,182,759	$	1,257,531,410	$	674,908,188		$	602,002,063
Total distributable earnings (loss)		(450,387,814	)		(284,136,678	)		223,269,350		426,653,543		(71,242,846	)		3,931,655
Total Net Assets	$	2,436,346,545		$	684,957,077		$	1,446,452,109	$	1,684,184,953	$	603,665,342		$	605,933,718

Table of Contents

Statement of assets and liabilities

Optimum Fund Trust

	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Net Asset Value

Class A:
Net assets	$	17,434,312		$	4,141,095		$	15,497,887		$	17,461,253		$	2,858,532		$	2,274,645
Shares of beneficial interest outstanding, unlimited authorization, no par		2,153,982			450,366			1,074,281			1,000,555			287,923			194,647
Net asset value per share	$	8.09		$	9.19		$	14.43		$	17.45		$	9.93		$	11.69
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)	$	8.47		$	9.75		$	15.31		$	18.51		$	10.54		$	12.40

Class C:
Net assets	$	55,068,159		$	11,100,172		$	40,458,190		$	45,453,287		$	7,325,640		$	6,032,761
Shares of beneficial interest outstanding, unlimited authorization, no par		6,826,574			1,249,495			3,789,629			2,654,175			1,158,939			612,023
Net asset value per share	$	8.07		$	8.88		$	10.68		$	17.13		$	6.32		$	9.86

Institutional Class:
Net assets	$	2,363,844,074		$	669,715,810		$	1,390,496,032		$	1,621,270,413		$	593,481,170		$	597,626,312
Shares of beneficial interest outstanding, unlimited authorization, no par		292,054,913			72,112,502			85,819,629			92,532,905			50,524,524			47,630,957
Net asset value per share	$	8.09		$	9.29		$	16.20		$	17.52		$	11.75		$	12.55

*Investments, at cost	$	3,443,080,235		$	943,800,472		$	1,298,515,062		$	1,374,430,850		$	633,846,119		$	644,110,462
^DForeign currencies, at cost		4,566,616			459,007			–			19,092			–			–
ΣOptions written, premium received		(2,270,042	)		–			–			–			–			–

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

Table of Contents

Statements of operations

Optimum Fund Trust

Six months ended September 30, 2022 (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	$	40,185,357		$	–		$	–		$	39		$	22		$	53
Dividends		362,972			21,043,458			5,197,701			22,059,371			1,101,541			9,009,654
Foreign tax withheld		(12,383	)		(2,022,602	)		(71,932	)		(77,863	)		(1,024	)		(4,563	)
		40,535,946			19,020,856			5,125,769			21,981,547			1,100,539			9,005,144

Expenses:
Management fees		6,626,640			2,994,168			5,764,020			6,047,877			3,357,879			3,237,068
Distribution expenses – Class A		24,407			6,389			23,522			25,645			4,081			3,554
Distribution expenses – Class C		322,749			72,843			257,568			282,758			44,081			39,610
Dividend disbursing and transfer agent fees and expenses		2,457,501			750,916			1,520,091			1,742,209			613,796			663,009
Accounting and administration expenses		325,803			118,319			207,880			237,677			101,910			108,766
Reports and statements to shareholders expenses		171,259			76,177			133,418			127,240			71,870			69,804
Trustees’ fees and expenses		159,545			54,141			121,192			114,011			41,197			43,527
Custodian fees		75,089			184,493			36,196			16,139			10,982			11,924
Legal fees		49,033			16,494			35,213			35,910			12,431			13,418
Audit and tax fees		33,851			28,563			15,204			13,674			13,822			14,327
Registration fees		28,384			22,410			22,410			26,916			19,425			22,112
Other		803,026			276,504			431,335			485,622			182,887			187,947
		11,077,287			4,601,417			8,568,049			9,155,678			4,474,361			4,415,066
Less expenses waived		–			(153,804	)		(483,692	)		(66,542	)		(151,151	)		(100,268	)
Total operating expenses		11,077,287			4,447,613			8,084,357			9,089,136			4,323,210			4,314,798
Net Investment Income (Loss)		29,458,659			14,573,243			(2,958,588	)		12,892,411			(3,222,671	)		4,690,346

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

Table of Contents

Statements of operations

Optimum Fund Trust

	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments	$	(67,687,297	)	$	(31,942,783	)	$	10,054,658		$	71,966,558		$	(65,220,182	)	$	13,626,089
Foreign currencies		(10,228,164	)		(250,873	)		(41,637	)		(17,641	)		–			–
Foreign currency exchange contracts		19,649,119			(434,952	)		310,763			12,763			–			–
Futures contracts		(20,765,686	)		–			–			–			–			–
Options purchased		(849,453	)		–			–			–			–			–
Options written		1,319,003			–			–			–			–			–
Swap contracts		(4,501,810	)		–			–			–			–			–
Net realized gain (loss)		(83,064,288	)		(32,628,608	)		10,323,784			71,961,680			(65,220,182	)		13,626,089

Net change in unrealized appreciation (depreciation) on:
Investments		(235,241,158	)		(215,875,343	)		(552,905,019	)		(404,748,372	)		(74,778,453	)		(186,076,719	)
Foreign currencies		201,925			(170,185	)		(2,206	)		(31,130	)		–			–
Foreign currency exchange contracts		5,732,361			2,438			(26,923	)		–			–			–
Futures contracts		(1,246,508	)		–			–			–			–			–
Options purchased		2,906,248			–			–			–			–			–
Options written		(7,504,642	)		–			–			–			–			–
Swap contracts		(462,182	)		–			–			–			–			–
Net change in unrealized appreciation (depreciation)		(235,613,956	)		(216,043,090	)		(552,934,148	)		(404,779,502	)		(74,778,453	)		(186,076,719	)
Net Realized and Unrealized Gain (Loss)		(318,678,244	)		(248,671,698	)		(542,610,364	)		(332,817,822	)		(139,998,635	)		(172,450,630	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	(289,219,585	)	$	(234,098,455	)	$	(545,568,952	)	$	(319,925,411	)	$	(143,221,306	)	$	(167,760,284	)

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

Table of Contents

Statements of changes in net assets

Optimum Fund Trust

	Optimum Fixed Income Fund						Optimum International Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	29,458,659		$	47,689,857		$	14,573,243		$	16,571,020
Net realized gain (loss)		(83,064,288	)		(15,185,917	)		(32,628,608	)		90,713,286
Net change in unrealized appreciation (depreciation)		(235,613,956	)		(176,045,683	)		(216,043,090	)		(182,286,962	)
Net increase (decrease) in net assets resulting from operations		(289,219,585	)		(143,541,743	)		(234,098,455	)		(75,002,656	)

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		–			(445,644	)		–			(935,580	)
Class C		–			(903,556	)		–			(2,624,537	)
Institutional Class		–			(62,740,572	)		–			(131,716,221	)
		–			(64,089,772	)		–			(135,276,338	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		501,513			2,096,123			117,484			291,952
Class C		951,191			4,702,930			216,601			513,464
Institutional Class		202,578,992			536,712,198			66,281,121			183,482,627

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		–			445,467			–			934,059
Class C		–			901,741			–			2,623,663
Institutional Class		–			62,651,359			–			131,589,404
		204,031,696			607,509,818			66,615,206			319,435,169
Cost of shares redeemed:
Class A		(2,174,535	)		(3,907,042	)		(577,143	)		(1,232,452	)
Class C		(10,559,490	)		(14,255,701	)		(2,357,735	)		(3,918,149	)
Institutional Class		(308,455,735	)		(374,235,438	)		(72,124,441	)		(108,163,697	)
		(321,189,760	)		(392,398,181	)		(75,059,319	)		(113,314,298	)
Increase (decrease) in net assets derived from capital share transactions		(117,158,064	)		215,111,637			(8,444,113	)		206,120,871
Net Increase (Decrease) in Net Assets		(406,377,649	)		7,480,122			(242,542,568	)		(4,158,123	)

Net Assets:
Beginning of period		2,842,724,194			2,835,244,072			927,499,645			931,657,768
End of period	$	2,436,346,545		$	2,842,724,194		$	684,957,077		$	927,499,645

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

Table of Contents

Statements of changes in net assets

Optimum Fund Trust

	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(2,958,588	)	$	(12,484,104	)	$	12,892,411		$	19,434,127
Net realized gain (loss)		10,323,784			144,862,997			71,961,680			76,570,435
Net change in unrealized appreciation (depreciation)		(552,934,148	)		(77,452,169	)		(404,779,502	)		143,971,671
Net increase (decrease) in net assets resulting from operations		(545,568,952	)		54,926,724			(319,925,411	)		239,976,233

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		–			(4,030,585	)		–			(1,692,706	)
Class C		–			(14,214,509	)		–			(4,345,895	)
Institutional Class		–			(268,587,340	)		–			(140,961,810	)
		–			(286,832,434	)		–			(147,000,411	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		255,063			1,407,951			174,499			1,277,268
Class C		529,265			814,700			291,602			931,257
Institutional Class		152,336,493			327,269,912			126,334,829			309,558,547

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		–			4,028,511			–			1,691,946
Class C		–			14,196,121			–			4,339,611
Institutional Class		–			268,007,460			–			140,692,925
		153,120,821			615,724,655			126,800,930			458,491,554
Cost of shares redeemed:
Class A		(2,341,567	)		(6,494,547	)		(2,688,200	)		(4,535,773	)
Class C		(8,032,552	)		(17,531,920	)		(9,911,000	)		(14,131,077	)
Institutional Class		(138,136,162	)		(304,236,214	)		(186,487,847	)		(274,794,124	)
		(148,510,281	)		(328,262,681	)		(199,087,047	)		(293,460,974	)
Increase (decrease) in net assets derived from capital share transactions		4,610,540			287,461,974			(72,286,117	)		165,030,580
Net Increase (Decrease) in Net Assets		(540,958,412	)		55,556,264			(392,211,528	)		258,006,402

Net Assets:
Beginning of period		1,987,410,521			1,931,854,257			2,076,396,481			1,818,390,079
End of period	$	1,446,452,109		$	1,987,410,521		$	1,684,184,953		$	2,076,396,481

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

Table of Contents

	Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22			Six months ended 9/30/22 (Unaudited)			Year ended 3/31/22
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(3,222,671	)	$	(7,456,623	)	$	4,690,346		$	(207,768	)
Net realized gain (loss)		(65,220,182	)		107,582,819			13,626,089			43,412,983
Net change in unrealized appreciation (depreciation)		(74,778,453	)		(143,726,772	)		(186,076,719	)		5,101,235
Net increase (decrease) in net assets resulting from operations		(143,221,306	)		(43,600,576	)		(167,760,284	)		48,306,450

Dividends and Distributions to Shareholders from:
Distributable earnings:
Class A		–			(1,302,134	)		–			(222,223	)
Class C		–			(4,763,873	)		–			(669,877	)
Institutional Class		–			(199,510,449	)		–			(47,505,314	)
		–			(205,576,456	)		–			(48,397,414	)

Capital Share Transactions:
Proceeds from shares sold:
Class A		46,163			260,330			15,500			221,806
Class C		130,431			188,430			61,448			132,722
Institutional Class		58,767,542			141,732,994			53,823,062			135,324,597

Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		–			1,300,064			–			221,983
Class C		–			4,762,017			–			669,620
Institutional Class		–			198,911,276			–			47,459,076
		58,944,136			347,155,111			53,900,010			184,029,804
Cost of shares redeemed:
Class A		(334,335	)		(1,198,026	)		(405,617	)		(891,600	)
Class C		(1,325,468	)		(3,440,330	)		(1,497,092	)		(2,796,339	)
Institutional Class		(56,970,900	)		(103,282,138	)		(70,543,286	)		(104,727,298	)
		(58,630,703	)		(107,920,494	)		(72,445,995	)		(108,415,237	)
Increase (decrease) in net assets derived from capital share transactions		313,433			239,234,617			(18,545,985	)		75,614,567
Net Increase (Decrease) in Net Assets		(142,907,873	)		(9,942,415	)		(186,306,269	)		75,523,603

Net Assets:
Beginning of period		746,573,215			756,515,630			792,239,987			716,716,384
End of period	$	603,665,342		$	746,573,215		$	605,933,718		$	792,239,987

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

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.04		$	9.70		$	9.67		$	9.46		$	9.35		$	9.39

Income (loss) from investment operations:
Net investment income²		0.09			0.14			0.15			0.21			0.23			0.22
Net realized and unrealized gain (loss)		(1.04	)		(0.61	)		0.37			0.29			0.08			(0.05	)
Total from investment operations		(0.95	)		(0.47	)		0.52			0.50			0.31			0.17

Less dividends and distributions from:
Net investment income		–			(0.15	)		(0.15	)		(0.23	)		(0.20	)		(0.21	)
Net realized gain		–			(0.04	)		(0.34	)		(0.06	)		–			–
Total dividends and distributions		–			(0.19	)		(0.49	)		(0.29	)		(0.20	)		(0.21	)

Net asset value, end of period	$	8.09		$	9.04		$	9.70		$	9.67		$	9.46		$	9.35

Total return³		(10.61%	)		(4.99%	)		5.21%			5.24%	⁴		3.37%			1.81%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,435		$	21,244		$	24,142		$	24,827		$	26,613		$	30,150
Ratio of expenses to average net assets⁵		1.06%			1.05%			1.06%			1.07%			1.08%			1.10%
Ratio of net investment income to average net assets		2.00%			1.40%			1.52%			2.11%			2.43%			2.29%
Portfolio turnover		96%			219%	⁶		217%	⁶		361%	⁶		453%			403%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

Table of Contents

Optimum Fixed Income Fund Class C

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.05		$	9.69		$	9.67		$	9.45		$	9.34		$	9.38

Income (loss) from investment operations:
Net investment income²		0.05			0.06			0.08			0.13			0.16			0.15
Net realized and unrealized gain (loss)		(1.03	)		(0.59	)		0.35			0.30			0.07			(0.05	)
Total from investment operations		(0.98	)		(0.53	)		0.43			0.43			0.23			0.10

Less dividends and distributions from:
Net investment income		–			(0.07	)		(0.07	)		(0.15	)		(0.12	)		(0.14	)
Net realized gain		–			(0.04	)		(0.34	)		(0.06	)		–			–
Total dividends and distributions		–			(0.11	)		(0.41	)		(0.21	)		(0.12	)		(0.14	)

Net asset value, end of period	$	8.07		$	9.05		$	9.69		$	9.67		$	9.45		$	9.34

Total return³		(10.93%	)		(5.55%	)		4.30%			4.55%	⁴		2.52%			1.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	55,068		$	71,985		$	85,821		$	85,853		$	92,295		$	105,194
Ratio of expenses to average net assets⁵		1.81%			1.80%			1.81%			1.82%			1.83%			1.85%
Ratio of net investment income to average net assets		1.25%			0.65%			0.77%			1.36%			1.68%			1.54%
Portfolio turnover		96%			219%	⁶		217%	⁶		361%	⁶		453%			403%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

Table of Contents

Financial highlights

Optimum Fixed Income Fund Institutional Class

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	9.03		$	9.68		$	9.66		$	9.45		$	9.34		$	9.39

Income (loss) from investment operations:
Net investment income²		0.10			0.16			0.18			0.23			0.25			0.24
Net realized and unrealized gain (loss)		(1.04	)		(0.59	)		0.36			0.29			0.08			(0.05	)
Total from investment operations		(0.94	)		(0.43	)		0.54			0.52			0.33			0.19

Less dividends and distributions from:
Net investment income		–			(0.18	)		(0.18	)		(0.25	)		(0.22	)		(0.24	)
Net realized gain		–			(0.04	)		(0.34	)		(0.06	)		–			–
Total dividends and distributions		–			(0.22	)		(0.52	)		(0.31	)		(0.22	)		(0.24	)

Net asset value, end of period	$	8.09		$	9.03		$	9.68		$	9.66		$	9.45		$	9.34

Total return³		(10.51%	)		(4.65%	)		5.37%			5.52%	⁴		3.65%			1.96%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,363,844		$	2,749,495		$	2,725,281		$	2,378,904		$	2,249,912		$	1,882,394
Ratio of expenses to average net assets⁵		0.81%			0.80%			0.81%			0.82%			0.83%			0.85%
Ratio of net investment income to average net assets		2.25%			1.65%			1.77%			2.36%			2.68%			2.54%
Portfolio turnover		96%			219%	⁶		217%	⁶		361%	⁶		453%			403%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	General Motors term loan litigation were included in total return. If excluded, the impact on the total return would be 0.04% lower.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	The Fund accounts for mortgage dollar roll transactions, when applicable, as purchases and sales which, as a result, can increase its portfolio turnover rate.

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

Table of Contents

Optimum International Fund Class A

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.33		$	15.40		$	9.93		$	12.59		$	14.42		$	12.27

Income (loss) from investment operations:
Net investment income²		0.18			0.22			0.16			0.20			0.17			0.12
Net realized and unrealized gain (loss)		(3.32	)		(1.20	)		5.59			(2.61	)		(1.00	)		2.29
Total from investment operations		(3.14	)		(0.98	)		5.75			(2.41	)		(0.83	)		2.41

Less dividends and distributions from:
Net investment income		–			(0.27	)		(0.12	)		(0.21	)		(0.18	)		(0.11	)
Net realized gain		–			(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		–			(2.09	)		(0.28	)		(0.25	)		(1.00	)		(0.26	)

Net asset value, end of period	$	9.19		$	12.33		$	15.40		$	9.93		$	12.59		$	14.42

Total return³		(25.47%	)		(7.55%	)⁴		58.20%	⁴		(19.62	)⁴		(5.33%	)		19.74%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	4,141		$	6,071		$	7,494		$	5,121		$	7,275		$	8,704
Ratio of expenses to average net assets⁵		1.32%			1.34%			1.34%			1.37%			1.37%			1.36%
Ratio of expenses to average net assets prior to fees waived⁵		1.36%			1.36%			1.35%			1.39%			1.37%			1.36%
Ratio of net investment income to average net assets		3.37%			1.46%			1.21%			1.62%			1.30%			0.90%
Ratio of net investment income to average net assets prior to fees waived		3.33%			1.44%			1.20%			1.60%			1.30%			0.90%
Portfolio turnover		28%			106%			71%			51%			63%			52%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Optimum International Fund Class C

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	11.96		$	14.98		$	9.68		$	12.27		$	14.06		$	11.98

Income (loss) from investment operations:
Net investment income²		0.14			0.10			0.06			0.11			0.07			0.02
Net realized and unrealized gain (loss)		(3.22	)		(1.15	)		5.43			(2.54	)		(0.98	)		2.23
Total from investment operations		(3.08	)		(1.05	)		5.49			(2.43	)		(0.91	)		2.25

Less dividends and distributions from:
Net investment income		–			(0.15	)		(0.03	)		(0.12	)		(0.06	)		(0.02	)
Net realized gain		–			(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		–			(1.97	)		(0.19	)		(0.16	)		(0.88	)		(0.17	)

Net asset value, end of period	$	8.88		$	11.96		$	14.98		$	9.68		$	12.27		$	14.06

Total return³		(25.75%	)		(8.21%	)⁴		56.92%	⁴		(20.16%	)⁴		(6.07%	)		18.82%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	11,100		$	17,442		$	22,367		$	15,138		$	21,763		$	28,046
Ratio of expenses to average net assets⁵		2.07%			2.09%			2.09%			2.12%			2.12%			2.11%
Ratio of expenses to average net assets prior to fees waived⁵		2.11%			2.11%			2.10%			2.14%			2.12%			2.11%
Ratio of net investment income to average net assets		2.61%			0.71%			0.46%			0.87%			0.55%			0.15%
Ratio of net investment income to average net assets prior to fees waived		2.57%			0.69%			0.45%			0.85%			0.55%			0.15%
Portfolio turnover		28%			106%			71%			51%			63%			52%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Optimum International Fund Institutional Class

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.44		$	15.52		$	10.00		$	12.68		$	14.52		$	12.35

Income (loss) from investment operations:
Net investment income²		0.20			0.26			0.19			0.24			0.21			0.16
Net realized and unrealized gain (loss)		(3.35	)		(1.21	)		5.64			(2.63	)		(1.02	)		2.31
Total from investment operations		(3.15	)		(0.95	)		5.83			(2.39	)		(0.81	)		2.47

Less dividends and distributions from:
Net investment income		–			(0.31	)		(0.15	)		(0.25	)		(0.21	)		(0.15	)
Net realized gain		–			(1.82	)		(0.16	)		(0.04	)		(0.82	)		(0.15	)
Total dividends and distributions		–			(2.13	)		(0.31	)		(0.29	)		(1.03	)		(0.30	)

Net asset value, end of period	$	9.29		$	12.44		$	15.52		$	10.00		$	12.68		$	14.52

Total return³		(25.32%	)		(7.31%	)⁴		58.64%	⁴		(19.44%	)⁴		(5.09%	)		20.05%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	669,716		$	903,987		$	901,797		$	406,933		$	524,925		$	629,934
Ratio of expenses to average net assets⁵		1.07%			1.09%			1.09%			1.12%			1.12%			1.11%
Ratio of expenses to average net assets prior to fees waived⁵		1.11%			1.11%			1.10%			1.14%			1.12%			1.11%
Ratio of net investment income to average net assets		3.61%			1.71%			1.46%			1.87%			1.55%			1.15%
Ratio of net investment income to average net assets prior to fees waived		3.57%			1.69%			1.45%			1.85%			1.55%			1.15%
Portfolio turnover		28%			106%			71%			51%			63%			52%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Optimum Large Cap Growth Fund Class A

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	19.88		$	22.49		$	15.51		$	16.70		$	17.22		$	16.84

Income (loss) from investment operations:
Net investment loss²		(0.05	)		(0.19	)		(0.14	)		(0.07	)		(0.03	)		(0.06	)
Net realized and unrealized gain (loss)		(5.40	)		1.26			9.03			(0.53	)		1.82			3.70
Total from investment operations		(5.45	)		1.07			8.89			(0.60	)		1.79			3.64

Less dividends and distributions from:
Net realized gain		–			(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Total dividends and distributions		–			(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)

Net asset value, end of period	$	14.43		$	19.88		$	22.49		$	15.51		$	16.70		$	17.22

Total return³		(27.41%	)⁴		2.49%	⁴		57.75%			(4.03%	)		11.60%			22.17%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	15,498		$	23,861		$	27,906		$	22,363		$	29,605		$	32,254
Ratio of expenses to average net assets⁵		1.19%			1.22%			1.23%			1.24%			1.25%			1.26%
Ratio of expenses to average net assets prior to fees waived⁵		1.25%			5.62%			1.23%			1.24%			1.25%			1.26%
Ratio of net investment loss to average net assets		(0.57%	)		(0.80%	)		(0.65%	)		(0.38%	)		(0.19%	)		(0.31%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.63%	)		(5.20%	)		(0.65%	)		(0.38%	)		(0.19%	)		(0.31%	)
Portfolio turnover		36%			25%			27%			29%			25%			77%	⁶


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
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.

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.77		$	17.63		$	12.52		$	13.68		$	14.62		$	14.81

Income (loss) from investment operations:
Net investment loss²		(0.08	)		(0.28	)		(0.24	)		(0.16	)		(0.14	)		(0.17	)
Net realized and unrealized gain (loss)		(4.01	)		1.10			7.26			(0.41	)		1.51			3.24
Total from investment operations		(4.09	)		0.82			7.02			(0.57	)		1.37			3.07

Less dividends and distributions from:
Net realized gain		–			(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)
Total dividends and distributions		–			(3.68	)		(1.91	)		(0.59	)		(2.31	)		(3.26	)

Net asset value, end of period	$	10.68		$	14.77		$	17.63		$	12.52		$	13.68		$	14.62

Total return³		(27.69%	)⁴		1.72%	⁴		56.56%			(4.71%	)		10.74%			21.30%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	40,458		$	65,193		$	79,209		$	63,237		$	83,010		$	97,658
Ratio of expenses to average net assets⁵		1.94%			1.97%			1.98%			1.99%			2.00%			2.01%
Ratio of expenses to average net assets prior to fees waived⁵		2.00%			7.87%			1.98%			1.99%			2.00%			2.01%
Ratio of net investment loss to average net assets		(1.33%	)		(1.55%	)		(1.40%	)		(1.13%	)		(0.94%	)		(1.06%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.39%	)		(7.45%	)		(1.40%	)		(1.13%	)		(0.94%	)		(1.06%	)
Portfolio turnover		36%			25%			27%			29%			25%			77%	⁶


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
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.

Table of Contents

Financial highlights

Optimum Large Cap Growth Fund Institutional Class

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20				3/31/19			3/31/18
Net asset value, beginning of period	$	22.30		$	24.79		$	16.93		$	18.13			$	18.46		$	17.81

Income (loss) from investment operations:
Net investment income (loss)²		(0.03	)		(0.14	)		(0.09	)		(0.02	)			0.01			(0.01	)
Net realized and unrealized gain (loss)		(6.07	)		1.33			9.86			(0.59	)			1.97			3.92
Total from investment operations		(6.10	)		1.19			9.77			(0.61	)			1.98			3.91

Less dividends and distributions from:
Net realized gain		–			(3.68	)		(1.91	)		(0.59	)			(2.31	)		(3.26	)
Total dividends and distributions		–			(3.68	)		(1.91	)		(0.59	)			(2.31	)		(3.26	)

Net asset value, end of period	$	16.20		$	22.30		$	24.79		$	16.93			$	18.13		$	18.46

Total return³		(27.35%	)⁴		2.75%	⁴		58.11%			(3.77%	)	��		11.86%			22.50%	⁴

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,390,496		$	1,898,357		$	1,824,739		$	1,392,797			$	1,563,552		$	1,610,343
Ratio of expenses to average net assets⁵		0.94%			0.97%			0.98%			0.99%				1.00%			1.01%
Ratio of expenses to average net assets prior to fees waived⁵		1.00%			4.87%			0.98%			0.99%				1.00%			1.01%
Ratio of net investment income (loss) to average net assets		(0.32%	)		(0.55%	)		(0.40%	)		(0.13%	)			0.06%			(0.06%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.38%	)		(4.45%	)		(0.40%	)		(0.13%	)			0.06%			(0.06%	)
Portfolio turnover		36%			25%			27%			29%				25%			77%	⁶


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
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.

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.72		$	19.72		$	13.22		$	15.83		$	15.89		$	15.42

Income (loss) from investment operations:
Net investment income²		0.11			0.16			0.17			0.20			0.19			0.17
Net realized and unrealized gain (loss)		(3.38	)		2.37			6.52			(2.37	)		0.38			1.19
Total from investment operations		(3.27	)		2.53			6.69			(2.17	)		0.57			1.36

Less dividends and distributions from:
Net investment income		–			(0.23	)		(0.10	)		(0.20	)		(0.18	)		(0.16	)
Net realized gain		–			(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		–			(1.53	)		(0.19	)		(0.44	)		(0.63	)		(0.89	)

Net asset value, end of period	$	17.45		$	20.72		$	19.72		$	13.22		$	15.83		$	15.89

Total return³		(15.78%	)⁴		12.91%			50.73%			(14.37%	)		3.79%			8.68%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	17,461		$	23,414		$	23,730		$	17,123		$	23,742		$	26,448
Ratio of expenses to average net assets⁵		1.17%			1.18%			1.19%			1.20%			1.20%			1.21%
Ratio of expenses to average net assets prior to fees waived⁵		1.18%			1.18%			1.19%			1.20%			1.20%			1.21%
Ratio of net investment income to average net assets		1.14%			0.76%			1.04%			1.19%			1.23%			1.05%
Ratio of net investment income to average net assets prior to fees waived		1.13%			0.76%			1.04%			1.19%			1.23%			1.05%
Portfolio turnover		8%			9%			20%			23%			22%			25%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

Table of Contents

Financial highlights

Optimum Large Cap Value Fund Class C

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.41		$	19.44		$	13.06		$	15.65		$	15.69		$	15.25

Income (loss) from investment operations:
Net investment income²		0.04			–			0.05			0.07			0.07			0.05
Net realized and unrealized gain (loss)		(3.32	)		2.34			6.42			(2.35	)		0.38			1.17
Total from investment operations		(3.28	)		2.34			6.47			(2.28	)		0.45			1.22

Less dividends and distributions from:
Net investment income		–			(0.07	)		–			(0.07	)		(0.04	)		(0.05	)
Net realized gain		–			(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		–			(1.37	)		(0.09	)		(0.31	)		(0.49	)		(0.78	)

Net asset value, end of period	$	17.13		$	20.41		$	19.44		$	13.06		$	15.65		$	15.69

Total return³		(16.07%	)⁴		12.07%			49.61%			(15.04%	)		3.05%			7.82%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	45,453		$	64,602		$	69,778		$	50,036		$	69,415		$	82,610
Ratio of expenses to average net assets⁵		1.92%			1.93%			1.94%			1.95%			1.95%			1.96%
Ratio of expenses to average net assets prior to fees waived⁵		1.93%			1.93%			1.94%			1.95%			1.95%			1.96%
Ratio of net investment income to average net assets		0.38%			0.01%			0.29%			0.44%			0.48%			0.30%
Ratio of net investment income to average net assets prior to fees waived		0.37%			0.01%			0.29%			0.44%			0.48%			0.30%
Portfolio turnover		8%			9%			20%			23%			22%			25%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

100

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	20.78		$	19.77		$	13.25		$	15.87		$	15.93		$	15.46

Income (loss) from investment operations:
Net investment income²		0.13			0.21			0.21			0.24			0.23			0.21
Net realized and unrealized gain (loss)		(3.39	)		2.39			6.54			(2.38	)		0.38			1.19
Total from investment operations		(3.26	)		2.60			6.75			(2.14	)		0.61			1.40

Less dividends and distributions from:
Net investment income		–			(0.29	)		(0.14	)		(0.24	)		(0.22	)		(0.20	)
Net realized gain		–			(1.30	)		(0.09	)		(0.24	)		(0.45	)		(0.73	)
Total dividends and distributions		–			(1.59	)		(0.23	)		(0.48	)		(0.67	)		(0.93	)

Net asset value, end of period	$	17.52		$	20.78		$	19.77		$	13.25		$	15.87		$	15.93

Total return³		(15.69%	)⁴		13.22%			51.11%			(14.19%	)		4.08%			8.90%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,621,271		$	1,988,380		$	1,724,882		$	1,217,465		$	1,474,723		$	1,372,505
Ratio of expenses to average net assets⁵		0.92%			0.93%			0.94%			0.95%			0.95%			0.96%
Ratio of expenses to average net assets prior to fees waived⁵		0.93%			0.93%			0.94%			0.95%			0.95%			0.96%
Ratio of net investment income to average net assets		1.39%			1.01%			1.29%			1.44%			1.48%			1.30%
Ratio of net investment income to average net assets prior to fees waived		1.38%			1.01%			1.29%			1.44%			1.48%			1.30%
Portfolio turnover		8%			9%			20%			23%			22%			25%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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.
⁴	Total return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

101

Table of Contents

Financial highlights

Optimum Small-Mid Cap Growth Fund Class A

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.29		$	18.05		$	10.17		$	13.43		$	15.51		$	13.31

Income (loss) from investment operations:
Net investment loss²		(0.07	)		(0.20	)		(0.18	)		(0.15	)		(0.17	)		(0.16	)
Net realized and unrealized gain (loss)		(2.29	)		(0.15	)		10.98			(1.77	)		1.20			3.03
Total from investment operations		(2.36	)		(0.35	)		10.80			(1.92	)		1.03			2.87

Less dividends and distributions from:
Net realized gain		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)

Net asset value, end of period	$	9.93		$	12.29		$	18.05		$	10.17		$	13.43		$	15.51

Total return³		(19.20%	)		(5.76%	)		109.54%			(16.32%	)		8.69%			21.88%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,858		$	3,864		$	5,016		$	3,241		$	4,788		$	5,414
Ratio of expenses to average net assets⁴		1.54%			1.56%			1.56%			1.54%			1.54%			1.55%
Ratio of expenses to average net assets prior to fees waived⁴		1.59%			1.57%			1.58%			1.63%			1.65%			1.63%
Ratio of net investment loss to average net assets		(1.21%	)		(1.19%	)		(1.18%	)		(1.11%	)		(1.11%	)		(1.07%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.26%	)		(1.20%	)		(1.20%	)		(1.20%	)		(1.22%	)		(1.15%	)
Portfolio turnover		58%			98%			111%			93%			82%			89%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

102

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	7.85		$	13.43		$	8.02		$	10.94		$	13.32		$	11.59

Income (loss) from investment operations:
Net investment loss²		(0.07	)		(0.23	)		(0.23	)		(0.20	)		(0.24	)		(0.23	)
Net realized and unrealized gain (loss)		(1.46	)		0.06			8.56			(1.38	)		0.97			2.63
Total from investment operations		(1.53	)		(0.17	)		8.33			(1.58	)		0.73			2.40

Less dividends and distributions from:
Net realized gain		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)

Net asset value, end of period	$	6.32		$	7.85		$	13.43		$	8.02		$	10.94		$	13.32

Total return³		(19.49%	)		(6.51%	)		108.02%			(16.95%	)		7.81%			21.06%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	7,326		$	10,474		$	14,372		$	9,353		$	13,510		$	15,925
Ratio of expenses to average net assets⁴		2.29%			2.31%			2.31%			2.29%			2.29%			2.30%
Ratio of expenses to average net assets prior to fees waived⁴		2.34%			2.32%			2.33%			2.38%			2.40%			2.38%
Ratio of net investment loss to average net assets		(1.96%	)		(1.94%	)		(1.93%	)		(1.86%	)		(1.86%	)		(1.82%	)
Ratio of net investment loss to average net assets prior to fees waived		(2.01%	)		(1.95%	)		(1.95%	)		(1.95%	)		(1.97%	)		(1.90%	)
Portfolio turnover		58%			98%			111%			93%			82%			89%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

103

Table of Contents

Financial highlights

Optimum Small-Mid Cap Growth Fund Institutional Class

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.52		$	20.37		$	11.25		$	14.69		$	16.63		$	14.19

Income (loss) from investment operations:
Net investment loss²		(0.06	)		(0.18	)		(0.16	)		(0.12	)		(0.14	)		(0.13	)
Net realized and unrealized gain (loss)		(2.71	)		(0.26	)		12.20			(1.98	)		1.31			3.24
Total from investment operations		(2.77	)		(0.44	)		12.04			(2.10	)		1.17			3.11

Less dividends and distributions from:
Net realized gain		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)
Total dividends and distributions		–			(5.41	)		(2.92	)		(1.34	)		(3.11	)		(0.67	)

Net asset value, end of period	$	11.75		$	14.52		$	20.37		$	11.25		$	14.69		$	16.63

Total return³		(19.08%	)		(5.54%	)		110.06%			(16.14%	)		8.97%			22.22%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	593,481		$	732,235		$	737,128		$	406,140		$	494,476		$	494,894
Ratio of expenses to average net assets⁴		1.29%			1.31%			1.31%			1.29%			1.29%			1.30%
Ratio of expenses to average net assets prior to fees waived⁴		1.34%			1.32%			1.33%			1.38%			1.40%			1.38%
Ratio of net investment loss to average net assets		(0.96%	)		(0.94%	)		(0.93%	)		(0.86%	)		(0.86%	)		(0.82%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.01%	)		(0.95%	)		(0.95%	)		(0.95%	)		(0.97%	)		(0.90%	)
Portfolio turnover		58%			98%			111%			93%			82%			89%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.

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

104

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	14.90		$	14.93		$	8.36		$	12.14		$	13.66		$	13.77

Income (loss) from investment operations:
Net investment income (loss)²		0.07			(0.04	)		0.19			0.10			0.11			0.06
Net realized and unrealized gain (loss)		(3.28	)		1.01			6.92			(3.50	)		(0.69	)		0.59
Total from investment operations		(3.21	)		0.97			7.11			(3.40	)		(0.58	)		0.65

Less dividends and distributions from:
Net investment income		–			(0.12	)		(0.09	)		(0.11	)		(0.06	)		(0.07	)
Net realized gain		–			(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		–			(1.00	)		(0.54	)		(0.38	)		(0.94	)		(0.76	)

Net asset value, end of period	$	11.69		$	14.90		$	14.93		$	8.36		$	12.14		$	13.66

Total return³		(21.54%	)		6.45%			86.21%			(29.10%	)		(3.83%	)		4.59%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	2,275		$	3,328		$	3,765		$	1,970		$	3,266		$	3,856
Ratio of expenses to average net assets⁴		1.44%			1.46%			1.49%			1.47%			1.46%			1.48%
Ratio of expenses to average net assets prior to fees waived⁴		1.47%			1.46%			1.50%			1.52%			1.54%			1.54%
Ratio of net investment income (loss) to average net assets		1.07%			(0.26%	)		1.65%			0.79%			0.87%			0.40%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.04%			(0.26%	)		1.64%			0.74%			0.79%			0.34%
Portfolio turnover		23%			17%			85%	⁵		33%			32%			31%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

105

Table of Contents

Financial highlights

Optimum Small-Mid Cap Value Fund Class C

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

	Six months ended 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	12.62		$	12.78		$	7.22		$	10.54		$	12.01		$	12.21

Income (loss) from investment operations:
Net investment income (loss)²		0.02			(0.13	)		0.09			–	³		0.01			(0.04	)
Net realized and unrealized gain (loss)		(2.78	)		0.87			5.94			(3.02	)		(0.60	)		0.53
Total from investment operations		(2.76	)		0.74			6.03			(3.02	)		(0.59	)		0.49

Less dividends and distributions from:
Net investment income		–			(0.02	)		(0.02	)		(0.03	)		–			–
Net realized gain		–			(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		–			(0.90	)		(0.47	)		(0.30	)		(0.88	)		(0.69	)

Net asset value, end of period	$	9.86		$	12.62		$	12.78		$	7.22		$	10.54		$	12.01

Total return⁴		(21.87%	)		5.70%			84.75%			(29.65%	)		(4.50%	)		3.85%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,033		$	9,318		$	11,354		$	6,042		$	9,508		$	12,030
Ratio of expenses to average net assets⁵		2.19%			2.21%			2.24%			2.22%			2.21%			2.23%
Ratio of expenses to average net assets prior to fees waived⁵		2.22%			2.21%			2.25%			2.27%			2.29%			2.29%
Ratio of net investment income (loss) to average net assets		0.32%			(1.01%	)		0.90%			0.04%			0.12%			(0.35%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		0.29%			(1.01%	)		0.89%			(0.01%	)		0.04%			(0.41%	)
Portfolio turnover		23%			17%			85%	⁶		33%			32%			31%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Amount is less than $0.005 per share.
⁴	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁵	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁶	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

106

Table of Contents

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 9/30/22¹			Year ended
	(Unaudited)			3/31/22			3/31/21			3/31/20			3/31/19			3/31/18
Net asset value, beginning of period	$	15.98		$	15.94		$	8.90		$	12.90		$	14.45		$	14.52

Income (loss) from investment operations:
Net investment income²		0.10			–			0.23			0.14			0.16			0.10
Net realized and unrealized gain (loss)		(3.53	)		1.08			7.37			(3.73	)		(0.73	)		0.63
Total from investment operations		(3.43	)		1.08			7.60			(3.59	)		(0.57	)		0.73

Less dividends and distributions from:
Net investment income		–			(0.16	)		(0.11	)		(0.14	)		(0.10	)		(0.11	)
Net realized gain		–			(0.88	)		(0.45	)		(0.27	)		(0.88	)		(0.69	)
Total dividends and distributions		–			(1.04	)		(0.56	)		(0.41	)		(0.98	)		(0.80	)

Net asset value, end of period	$	12.55		$	15.98		$	15.94		$	8.90		$	12.90		$	14.45

Total return³		(21.47%	)		6.74%			86.63%			(28.92%	)		(3.55%	)		4.87%

Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	597,626		$	779,594		$	701,597		$	366,656		$	506,814		$	442,808
Ratio of expenses to average net assets⁴		1.19%			1.21%			1.24%			1.22%			1.21%			1.23%
Ratio of expenses to average net assets prior to fees waived⁴		1.22%			1.21%			1.25%			1.27%			1.29%			1.29%
Ratio of net investment income (loss) to average net assets		1.33%			(0.01%	)		1.90%			1.04%			1.12%			0.65%
Ratio of net investment income (loss) to average net assets prior to fees waived		1.30%			(0.01%	)		1.89%			0.99%			1.04%			0.59%
Portfolio turnover		23%			17%			85%	⁵		33%			32%			31%


¹	Ratios have been annualized and total return and portfolio turnover have not been annualized.
²	Calculated using average shares outstanding.
³	Total 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 return during the period reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.
⁴	Expense ratios do not include expenses of any investment companies in which the Fund invests.
⁵	As a result of Cardinal Capital Management LLC replacing Westwood Management Corp. as one of the sub-advisors to Optimum Small-Mid Cap Value Fund during the Fund’s fiscal year ending March 31, 2021, the Fund’s portfolio turnover rate increased during the year ended March 31, 2021.

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

107

Table of Contents

Notes to financial statements

Optimum Fund Trust

September 30, 2022 (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 together, the Funds). The Trust is an open-end investment company. Each Fund is considered diversified under the Investment Company Act of 1940, as amended (1940 Act), and offers 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 C shares have no upfront sales charge, but are sold with a contingent deferred sales charge (CDSC) of 1.00%, which will be incurred 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.

1. Significant Accounting Policies

Each Fund follows accounting and reporting guidance under Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following accounting policies are in accordance with US generally accepted accounting principles (US GAAP) and are consistently followed by the Funds.

Security Valuation — Equity securities, 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 the 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. 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 (CMOs), 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. Open-end investment companies are valued at their published net asset value (NAV). Investments in repurchase agreements are generally valued at par, which approximates fair value, each business day. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith by each Fund’s valuation designee, Delaware Management Company (DMC). Subject to the oversight of each Fund’s Board of Trustees (Board), DMC, as valuation designee, has adopted policies and procedures to fair value securities with that are not readily available consistent with the requirements of Rule 2a-5 under the 1940 Act. 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. Restricted securities and private placements are valued at fair value.

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. Each Fund evaluates 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 September 30, 2022, and for all open tax years (years ended March 31, 2019–March 31, 2022), 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

108

Table of Contents

foreign countries in which it invests that may date back to the inception of each Fund. If applicable, each Fund recognize interest accrued on unrecognized tax benefits in interest expense and penalties in “Other” on the “Statements of operations.” During the six months ended September 30, 2022, 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 each Fund 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 September 30, 2022, and matured by October 4, 2022.

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. During the six months ended September 30, 2022, the Fund did not enter into any reverse repurchase agreements.

Short Sales — Optimum Large Cap Value Fund may make short sales in an attempt to protect against declines in an individual security or the overall market, to manage duration, or for such other purposes consistent with the Fund’s investment objective and strategies. Typically, short sales are transactions in which the Fund sells a security it does not own and, at the time a short sale is effected, the Fund incurs an obligation to replace the security borrowed at whatever its price may be at the time the Fund purchases it for delivery to the lender. The price at such time may be more or less than the price at which the security was sold by the Fund. When a short sale transaction is closed out by delivery of the security, any gain or loss on the transaction generally is taxable as short-term capital gain or loss. Until the security is replaced, the Fund is required to pay the lender amounts equal to any dividends or interest that accrue during the period of the loan. To borrow the security, the Fund also may be required to pay a premium, which would increase the cost of the security sold. The proceeds of the short sale, and potentially additional margin, will be retained by the broker from whom the security is borrowed, to the extent necessary to meet margin requirements, until the short position is closed out. There were no short sales for the six months ended September 30, 2022.

Mortgage Dollar Rolls — Optimum Fixed Income Fund entered into mortgage dollar rolls in which the Fund sells mortgage securities for delivery in the current month, realizing a gain (loss), and simultaneously enter into contracts to repurchase somewhat similar (same type, coupon and maturity) securities on a specified future date. During the roll period, the Fund forgo principal and interest paid on the securities. The Fund is compensated by the interest earned on the cash proceeds of the initial sale and by the lower repurchase price at the future date. The difference between the sale proceeds and the lower repurchase price is recorded as a realized gain on investment transactions. The Fund maintains a segregated account, the dollar value of which is at least equal to its obligations, with respect to dollar rolls. The Fund is subject to the risk that the market value of the securities the Fund is obligated to repurchase under the agreement may decline below the repurchase price. The Fund is subject to leverage risk on certain transactions, such as the loans of portfolio securities, and the use of when issued or delayed delivery transactions or derivative instruments, may give rise to leverage, magnifying gains and losses and causing the Fund to be more volatile than if it had not been leveraged. The use of such transactions entails a heightened risk of loss.

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

(continues)	109

Table of Contents

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses), attributable 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 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.

Derivative Financial Instruments — The Funds may invest in various derivative financial instruments. These instruments are used to obtain exposure to a security, commodity, index, market, and/or other assets without owning or taking physical custody of securities, commodities and/ or other referenced assets or to manage market, equity, credit, interest rate, foreign currency exchange rate, commodity and/or other risks. Derivative financial instruments may give rise to a form of economic leverage and involve risks, including the imperfect correlation between the value of a derivative financial instrument and the underlying asset, possible default of the counterparty to the transaction or illiquidity of the instrument. Pursuant to Rule 18f-4 under the 1940 Act, among other things, the Funds must either use derivative financial instruments with embedded leverage in a limited manner or comply with an outer limit on fund leverage risk based on value-at-risk. The Funds’ successful use of a derivative financial instrument depends on the investment adviser’s ability to predict pertinent market movements accurately, which cannot be assured. The use of these instruments may result in losses greater than if they had not been used, may limit the amount of appreciation the Funds can realize on an investment and/or may result in lower distributions paid to shareholders. Each Fund’s investments in these instruments, if any, are discussed in detail in the Notes to Financial Statements.

Segregation and Collateralizations — In certain cases, based on requirements and agreements with certain exchanges and third-party broker-dealers, the Funds may deliver collateral in connection with certain investments (e.g., futures contracts, foreign currency exchange contracts, options written, securities with extended settlement periods, and swaps). Certain countries require that cash reserves be held while investing in companies incorporated in that country. These cash reserves and cash collateral that has been pledged/received to cover obligations of the Funds under derivative contracts, if any, will be reported separately on the “Statement of assets and liabilities” as cash collateral due to/from broker. Securities collateral pledged for the same purpose, if any, is noted on the “Schedules of investments.”

Use of Estimates — 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. Income and capital gain distributions from any investment companies (Underlying Funds) in which the Funds invest are recorded on the ex-dividend date. 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. Premiums on callable debt securities are amortized to interest income to the earliest call date 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, which are estimated. 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.

110

Table of Contents

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

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 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:

Fund		Management Fee (annual rate as a percentage of average daily net assets)
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


(continues)	111

Table of Contents

Notes to financial statements

Optimum Fund Trust

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

Fund		Management Fee (annual rate as a percentage of average daily net assets)
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

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 Baillie Gifford Overseas Limited (Baillie Gifford); Optimum Large Cap Growth Fund – ClearBridge Investments LLC (ClearBridge) and effective July 22, 2022, American Century Investment Management, Inc. (American Century); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Rothschild & Co (Rothschild); Optimum Small-Mid Cap Growth Fund – Principal Dynamic Investors (Principal; formerly known as, Columbus Circle Investors) and Peregrine Capital Management, LLC (PCM); Optimum Small-Mid Cap Value Fund – LSV Asset Management (LSV) and Cardinal Capital Management LLC (Cardinal). Prior to July 22, 2022, T. Rowe Price Associates, Inc. was also a sub-advisor for Optimum Large Cap Growth Fund.

For the six months ended September 30, 2022, DMC paid the following sub-advisory fees:

	Sub- advisory fees
Optimum Fixed Income Fund		$	1,534,594
Optimum International Fund			1,614,056
Optimum Large Cap Growth Fund			2,448,958
Optimum Large Cap Value Fund			2,758,346
Optimum Small-Mid Cap Growth Fund			1,589,038
Optimum Small-Mid Cap Value Fund			1,575,633

DMC has contractually agreed to waive all or a portion, of its management fee and/or pay/reimburse expenses (excluding any distribution and service (12b-1) fees, acquired fund fees and expenses, taxes, interest, short sale dividend and 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), in order to prevent total annual fund operating expenses from exceeding the following percentage of each Fund’s average daily net assets. These expense waivers and reimbursements may be terminated only by agreement of DMC and each Fund. These waivers and reimbursements are accrued daily and received monthly.

Fund	Operating expense limitation as a percentage of average daily net assets (per annum) for the period July 29, 2021 – July 28, 2022	Operating expense limitation as a percentage of average daily net assets (per annum) for the period July 29, 2022 – July 29, 2023
Optimum Fixed Income Fund	0.83%	0.83%
Optimum International Fund	1.09%	1.04%
Optimum Large Cap Growth Fund	0.96%	0.89%
Optimum Large Cap Value Fund	0.92%	0.92%
Optimum Small-Mid Cap Growth Fund	1.29%	1.29%
Optimum Small-Mid Cap Value Fund	1.20%	1.18%

Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administrative 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

112

Table of Contents

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 rates: 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 September 30, 2022, each Fund paid for these services as follows:

Fund	Fees
Optimum Fixed Income Fund	$	178,218
Optimum International Fund		59,092
Optimum Large Cap Growth Fund		67,528
Optimum Large Cap Value Fund		75,456
Optimum Small-Mid Cap Growth Fund		28,015
Optimum Small-Mid Cap Value Fund		30,361

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. 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.” The fees that are calculated daily and paid as invoices are received on a monthly or quarterly basis.

Delaware Distributors, L.P. (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 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 do not pay a 12b-1 fees.

For the six months ended September 30, 2022, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Fund	Class A
Optimum Fixed Income Fund		$800
Optimum International Fund		241
Optimum Large Cap Growth Fund		716
Optimum Large Cap Value Fund		667
Optimum Small-Mid Cap Growth Fund		88
Optimum Small-Mid Cap Value Fund		94

For the six months ended September 30, 2022, 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:

Fund	Class C
Optimum Fixed Income Fund	$	791
Optimum International Fund		420
Optimum Large Cap Growth Fund		858
Optimum Large Cap Value Fund		966
Optimum Small-Mid Cap Growth Fund		152
Optimum Small-Mid Cap Value Fund		109


(continues)	113

Table of Contents

Notes to financial statements

Optimum Fund Trust

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

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.

In addition to the management fees and other expenses of a Fund, a Fund indirectly bears the investment management fees and other expenses of any Underlying Funds in which it invests. The amount of these fees and expenses incurred indirectly by a Fund will vary based upon the expense and fee levels of any Underlying Funds and the number of shares that are owned of any Underlying Funds at different times.

3. Investments

For the six months ended September 30, 2022, each Fund made purchases and sales of investments securities other than short-term investments as follows:

Fund	Purchases other than US government securities		Purchases of US government securities		Sales other than US government securities		Sales of US government securities
Optimum Fixed Income Fund	$	174,580,307	$	2,189,193,051	$	314,855,076	$	2,128,809,450
Optimum International Fund		229,180,033		–		221,847,242		–
Optimum Large Cap Growth Fund		596,753,697		–		575,839,082		–
Optimum Large Cap Value Fund		155,605,087		–		202,932,050		–
Optimum Small-Mid Cap Growth Fund		369,368,283		–		383,784,571		–
Optimum Small-Mid Cap Value Fund		225,381,008		–		338,154,990		–

At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for federal income tax purposes have been estimated since final tax characteristics cannot be determined until fiscal year end. At September 30, 2022, the cost and unrealized appreciation (depreciation) of investments and derivatives for each Fund were as follows:

Fund	Cost of investments and derivatives		Aggregate unrealized appreciation of investments and derivatives		Aggregate unrealized depreciation of investments and derivatives			Net unrealized appreciation (depreciation) of investments and derivatives
Optimum Fixed Income Fund	$	3,443,761,330	$	19,431,125	$	(395,596,920	)	$	(376,165,795	)
Optimum International Fund		943,800,472		24,217,420		(288,927,821	)		(264,710,401	)
Optimum Large Cap Growth Fund		1,298,515,062		308,636,910		(159,856,782	)		148,780,128
Optimum Large Cap Value Fund		1,374,430,850		403,847,151		(93,491,315	)		310,355,836
Optimum Small-Mid Cap Growth Fund		633,846,119		46,635,313		(76,608,117	)		(29,972,804	)
Optimum Small-Mid Cap Value Fund		644,110,462		71,354,236		(110,227,801	)		(38,873,565	)

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

114

Table of Contents

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 as follows:

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, and 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, and 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 and fair valued securities)

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

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of September 30, 2022:

Optimum Fixed Income Fund

Level 1

Level 2

Level 3

Total

Securities

Assets:

Agency Asset-Backed Securities

–

548,107

$–

548,107

Agency Collateralized Mortgage Obligations

–

64,741,919

–

64,741,919

Agency Commercial Mortgage-Backed Securities

–

1,436,250

–

1,436,250

Agency Mortgage-Backed Securities

–

541,296,395

–

541,296,395

Agency Obligation

–

12,600,669

–

12,600,669

Collateralized Debt Obligations

–

153,991,333

–

153,991,333

Common Stocks

433,801

–

433,801

Convertible Bonds

–

4,028,979

–

4,028,979

Corporate Bonds

–

869,013,651

–

869,013,651

Loan Agreements

–

68,637,558

–

68,637,558

Municipal Bonds

–

19,277,729

–

19,277,729

Non-Agency Asset-Backed Securities

–

53,021,925

–

53,021,925

Non-Agency Collateralized Mortgage Obligations

–

39,198,908

–

39,198,908

Non-Agency Commercial Mortgage-Backed Securities

–

115,153,048

–

115,153,048

Preferred Stock

–

281,680

–

281,680

Sovereign Bonds

–

141,080,990

–

141,080,990

Supranational Banks

–

143,793

–

143,793


(continues)	115

Table of Contents

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

	Optimum Fixed Income Fund
	Level 1			Level 2			Level 3			Total
US Treasury Obligations	$	–		$	309,285,026			$	–	$	309,285,026
Options Purchased		–			4,671,574				–		4,671,574
Short-Term Investments²		60,187,012			633,900,000				–		694,087,012
Total Value of Securities Before Options Written	$	60,620,813		$	3,032,309,534			$	–	$	3,092,930,347
Liabilities:
Options Written	$	–		$	(14,710,104	)		$	–	$	(14,710,104	)

Derivatives³
Assets:
Centrally Cleared Credit Default Swaps	$	–		$	7,086			$	–	$	7,086
Centrally Cleared Interest Rate Swaps		–			(2,036,488	)			–		(2,036,488	)
Foreign Currency Exchange Contracts		–			10,071,604				–		10,071,604
Futures Contracts		3,508,170			–				–		3,508,170
OTC Credit Default Swaps		–			901,630				–		901,630
Liabilities:
Centrally Cleared Credit Default Swaps	$	–		$	(1,019,668	)		$	–	$	(1,019,668	)
Centrally Cleared Interest Rate Swaps		–			(4,962,268	)			–		(4,962,268	)
Futures Contracts		(15,591,456	)		–				–		(15,591,456	)
OTC Credit Default Swaps		–			(235,945	)			–		(235,945	)
Foreign Currency Exchange Contracts		–			(1,472,510	)			–		(1,472,510	)

¹The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

²Security 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

Short-Term Investments

8.67%

91.33%

–

100.00%

³Foreign currency exchange contracts, futures contracts and swap contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

116

Table of Contents

	Optimum International Fund
	Level 1		Level 2		Level 3			Total
Securities
Assets:
Common Stocks
Australia	$	253,365	$	37,363,599		$–		$	37,616,964
Austria		–		4,580,914		–			4,580,914
Belgium		8,695		–		–			8,695
Brazil		19,407,145		–		–			19,407,145
Canada		22,113,045		–		–			22,113,045
China/Hong Kong		3,789,695		71,778,905		–			75,568,600
Czech Republic		152,662		–		–			152,662
Denmark		–		33,961,489		–			33,961,489
Egypt		–		5,026		–			5,026
Finland		89,820		4,817,181		–			4,907,001
France		25,779		35,007,638		–			35,033,417
Germany		2,362,165		51,391,167		–			53,753,332
Greece		–		509,908		–			509,908
Hong Kong		–		23,468		–			23,468
Hungary		–		1,755,853		–			1,755,853
India		87,864		19,065,163		–			19,153,027
Indonesia		612,713		5,449,701		–			6,062,414
Iraq		–		20,841		–			20,841
Ireland		8,040,754		13,580,557		–			21,621,311
Israel		4,031,488		9,082,009		–			13,113,497
Italy		–		6,190,797		–			6,190,797
Japan		28,041		85,608,867		–			85,636,908
Luxembourg		–		279,962		–			279,962
Malaysia		139,528		724,653		–			864,181
Mexico		1,962,642		–		–			1,962,642
Netherlands		3,597,119		29,889,856		–			33,486,975
New Zealand		–		116,007		–			116,007
Norway		–		7,735,830		–			7,735,830
Panama		3,814,343		–		–			3,814,343
Philippines		–		110,659		–			110,659
Poland		–		2,128,703		–			2,128,703
Portugal		–		10,990		–			10,990
Republic of Korea		6,842,177		21,772,405		–			28,614,582
Russia		–		–		–	¹		–
Singapore		57,250		166,638		–			223,888
South Africa		395,862		8,241,257		–			8,637,119
Spain		–		8,637,637		–			8,637,637
Sweden		552		13,555,132		–			13,555,684
Switzerland		–		45,742,741		–			45,742,741
Taiwan		1,936,023		24,128,393		–			26,064,416
Thailand		–		9,211,611		–			9,211,611
Turkey		73,066		226,137		–			299,203
Ukraine		–		946,977		–			946,977
United Arab Emirates		–		1,021,611		–			1,021,611

(continues)

117

Table of Contents

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

	Optimum International Fund
	Level 1		Level 2			Level 3			Total
United Kingdom	$	2,954,269	$	11,947,098			$	–		$	14,901,367
United States		11,617,896		3,456,908				338,997			15,413,801
Preferred Stocks²		5,804,642		1,107,897				–			6,912,539
Short-Term Investments		7,196,869		–				–			7,196,869
Total Value of Securities	$	107,395,469	$	571,352,185			$	338,997		$	679,086,651

Derivatives³
Assets:
Foreign Currency Exchange Contracts	$	–	$	3,667			$	–		$	3,667
Liabilities:
Foreign Currency Exchange Contracts	$	–	$	(247	)		$	–		$	(247	)
¹The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table. ²Security 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
Preferred Stock		83.97%		16.03%				–			100.00%

³Foreign 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 Stocks
Communication Services	$	118,455,568	$	–		$	–		$	118,455,568
Consumer Discretionary		245,904,490		–			37,541			245,942,031
Consumer Staples		52,318,578		–			–			52,318,578
Energy		11,788,744		–			–			11,788,744
Financials		33,386,653		–			–			33,386,653
Healthcare		236,447,545		5,893,612			–			242,341,157
Industrials		111,698,700		2,754,065			–			114,452,765
Information Technology		551,436,707		14,351,520			–			565,788,227
Materials		11,917,022		–			–			11,917,022
Real Estate		11,024,119		–			–			11,024,119
Exchange-Traded Fund		3,667,482		–			–			3,667,482
Short-Term Investments		36,241,936		–			–			36,241,936
Total Value of Securities	$	1,424,287,544	$	22,999,197		$	37,541		$	1,447,324,282

118

Table of Contents

	Optimum Large Cap Growth Fund
	Level 1		Level 2			Level 3			Total
Derivatives
Liabilities:
Foreign Currency Exchange Contracts	$	–	$	(29,092	)		$	–		$	(29,092	)

	Optimum Large Cap Value Fund
	Level 1		Level 2				Total
Securities
Assets:
Common Stocks
Communication Services	$	97,908,584		$	–			$	97,908,584
Consumer Discretionary		74,638,998			–				74,638,998
Consumer Staples		55,284,828			28,671,767				83,956,595
Energy		117,713,064			–				117,713,064
Financials		378,265,710			–				378,265,710
Healthcare		316,476,676			3,486,130				319,962,806
Industrials		259,046,436			–				259,046,436
Information Technology		129,584,127			–				129,584,127
Materials		64,730,526			–				64,730,526
Real Estate		37,627,551			–				37,627,551
Utilities		96,956,991			–				96,956,991
Short-Term Investments		24,395,298			–				24,395,298
Total Value of Securities	$	1,652,628,789		$	32,157,897			$	1,684,786,686


	Optimum Small-Mid Cap Growth Fund
	Level 1		Level 3				Total
Securities
Assets:
Common Stocks
Communication Services	$	4,449,320		$	–			$	4,449,320
Consumer Discretionary		57,869,674			–				57,869,674
Consumer Staples		36,364,805			–				36,364,805
Energy		18,282,812			–				18,282,812
Financials		32,559,650			–				32,559,650
Healthcare		165,391,829			–				165,391,829
Industrials		123,232,949			–				123,232,949
Information Technology		134,133,750			–				134,133,750
Materials		10,504,712			–				10,504,712
Real Estate		2,049,702			–				2,049,702
Convertible Preferred Stock		–			112,819				112,819
Warrant		–			–	¹			–
Short-Term Investments		18,921,293			–				18,921,293
Total Value of Securities	$	603,760,496		$	112,819			$	603,873,315

¹The security that has been valued at zero on the “Schedule of investments” is considered to be Level 3 investment in this table.

(continues)

119

Table of Contents

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

	Optimum Small- Mid Cap Value Fund
	Level 1
Securities
Assets:
Common Stocks		$	595,329,315
Short-Term Investments			9,907,582
Total Value of Securities		$	605,236,897

During the six months ended September 30, 2022, there were no transfers into or out of Level 3 investments. Each Fund’s policy is to recognize transfers into or out of Level 3 investments based on fair value at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when a Fund has a significant amount of Level 3 investments at the beginning or end of the period in relation to that Fund’s net assets. Management has determined not to provide a reconciliation of Level 3 investments as the Level 3 investments were not considered significant to each Fund’s net assets at the beginning or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments were 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 September 30, 2022 for Optimum Large Cap Value Fund and Optimum Small-Mid Cap Value Fund.

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 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		58,576			215,701			10,620			19,379			15,616			61,385
Class C		111,026			483,347			20,846			36,576			42,668			47,758
Institutional Class		23,607,625			55,439,041			6,077,370			12,374,567			8,223,282			12,849,994

Shares issued upon reinvestment of dividends and distributions:
Class A		–			46,354			–			68,985			–			174,848
Class C		–			93,541			–			199,366			–			827,280
Institutional Class		–			6,532,988			–			9,640,249			–			10,375,821
		23,777,227			62,810,972			6,108,836			22,339,122			8,281,566			24,337,086

Shares redeemed:
Class A		(253,689	)		(402,965	)		(52,603	)		(82,626	)		(141,654	)		(276,791	)
Class C		(1,241,323	)		(1,472,911	)		(229,945	)		(270,224	)		(667,847	)		(954,129	)
Institutional Class		(36,051,779	)		(38,892,090	)		(6,642,989	)		(7,444,551	)		(7,537,686	)		(11,697,929	)
		(37,546,791	)		(40,767,966	)		(6,925,537	)		(7,797,401	)		(8,347,187	)		(12,928,849	)
Net increase (decrease)		(13,769,564	)		22,043,006			(816,701	)		14,541,721			(65,621	)		11,408,237

120

Table of Contents

	Optimum Large Cap Value Fund						Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22			Six months ended 9/30/22			Year ended 3/31/22
Shares sold:
Class A		9,052			61,311			4,293			16,863			1,099			14,428
Class C		15,397			45,465			18,660			17,759			5,309			10,069
Institutional Class		6,521,317			14,725,442			4,591,567			7,825,151			3,702,171			8,217,523

Shares issued upon reinvestment of dividends and distributions:
Class A		–			82,094			–			92,334			–			14,769
Class C		–			213,249			–			527,940			–			52,519
Institutional Class		–			6,813,217			–			11,960,991			–			2,947,769
		6,545,766			21,940,778			4,614,520			20,441,038			3,708,579			11,257,077
						��
Shares redeemed:
Class A		(138,449	)		(216,722	)		(30,820	)		(72,707	)		(29,749	)		(58,053	)
Class C		(526,280	)		(682,864	)		(193,461	)		(282,130	)		(131,773	)		(212,324	)
Institutional Class		(9,684,403	)		(13,083,114	)		(4,495,637	)		(5,546,157	)		(4,854,684	)		(6,386,303	)
		(10,349,132	)		(13,982,700	)		(4,719,918	)		(5,900,994	)		(5,016,206	)		(6,656,680	)
Net increase (decrease)		(3,803,366	)		7,958,078			(105,398	)		14,540,044			(1,307,627	)		4,600,397

Certain shareholders may exchange shares of one class for shares of another class in the same Fund. These exchange transactions are included as subscriptions and redemptions in the table above and on the previous page and the “Statements of changes in net assets.” For the year ended March 31, 2022, each Fund had the following exchange transactions:

	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value

Optimum Fixed Income Fund Year ended
3/31/22		–		2,980		1,440		1,539	$	28,533

Optimum International Fund Year ended
3/31/22		–		769		746		–		12,194

Optimum Large Cap Growth Fund Year ended
3/31/22		1,765		3,658		2,163		2,189		115,652

Optimum Large Cap Value Fund Year ended
3/31/22		–		1,907		1,492		383		39,838

(continues)

121

Table of Contents

Notes to financial statements

Optimum Fund Trust

4. Capital Shares (continued)

	Exchange Redemptions				Exchange Subscriptions
	Class A Shares		Class C Shares		Class A Shares		Institutional Class Shares		Value
Optimum Small-Mid Cap Growth Fund Year ended
3/31/22		686		666		494		580	$	17,780

Optimum Small-Mid Cap Value Fund Year ended
3/31/22		–		371		316		–		4,966

For the six months ended September 30, 2022, each Fund did not have any exchange transactions.

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 September 30, 2022, 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 September 30, 2022, Optimum Fixed Income Fund and Optimum Large Cap Growth Fund each used foreign currency exchange contracts to hedge the US dollar value of securities it already owns that are denominated in foreign currencies to increase/ decrease exposure to foreign currencies.

During the six months ended September 30, 2022, 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.

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 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

122

Table of Contents

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 securities collateral valued at $2,236,845 and $2,598,000 cash collateral as margin for open futures contracts. Securities collateral are presented on the “Schedules of investments.”

During the six months ended September 30, 2022, 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, as a cash management tool, 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 each Fund’s exposure to changes in securities prices caused by interest rates or market conditions and foreign currencies; as an efficient means of adjusting each 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 September 30, 2022, 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. Swap agreements are bilaterally negotiated agreements between a Fund and counterparty to exchange or swap investment cash flows, assets, foreign currencies or market-linked returns at specified, future intervals. Swap agreements are privately negotiated in the over the counter market (OTC swaps). If the OTC swap entered is one of the swaps identified by a relevant regulator as a swap that is required to be cleared, then it will be cleared through a third party, known as a central counterparty or derivatives clearing organization (centrally cleared swaps).

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

(continues)

123

Table of Contents

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

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 September 30, 2022, 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 September 30, 2022, 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 September 30, 2022, the notional value of the protection sold was EUR17,900,000 and USD33,595,000, 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 September 30, 2022, 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 September 30, 2022, net unrealized depreciation of the protection sold was $437,562.

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, or (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended September 30, 2022, Optimum Fixed Income Fund used CDS contracts to hedge against credit events and to gain exposure to certain securities or markets.

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

124

Table of Contents

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 September 30, 2022, for bilateral derivative contracts, Optimum Fixed Income Fund received $634,557 cash collateral for certain centrally cleared derivatives, which is included in “Cash collateral due from brokers” on the “Statements of assets and liabilities.” The Fund also posted $8,267,943 in securities collateral comprised of US treasury obligations for certain open centrally cleared derivative contracts. At September 30, 2022, for bilateral derivative contracts, the Fund received $7,726,000 in cash collateral, which is included in “Cash collateral due to brokers” on the “Statements of assets and liabilities.” Cash collateral is included on the “Statements of assets and liabilities” and securities collateral is presented on the “Schedules of investments.”

Fair values of derivative instruments as of September 30, 2022 were as follows:

	Optimum Fixed Income Fund Asset Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized appreciation on foreign currency exchange contracts	$	10,071,604		$	–		$	–		$	10,071,604
Variation margin due from brokers on futures contracts*		–			3,533,117			–			3,533,117
Variation margin due from brokers on centrally cleared credit default swap contracts*		–			–			7,086			7,086
Variation margin due from brokers on centrally cleared interest rate swap contracts*		–			4,393,412			–			4,393,412
Unrealized appreciation on over the counter credit default swap contracts		–			–			901,630			901,630
Options purchased**		–			4,671,574			–			4,671,574
Total		10,071,604		$	12,598,103		$	908,716		$	23,578,423


	Optimum Fixed Income Fund Liability Derivatives Fair Value
Statement of Assets and Liabilities Location	Currency Contracts			Interest Rate Contracts			Credit Contracts			Total
Unrealized depreciation on foreign currency exchange contracts	$	(1,472,510	)	$	–		$	–		$	(1,472,510	)
Variation margin due to brokers on futures contracts*		–			(15,516,403	)		–			(15,516,403	)
Variation margin due to brokers on centrally cleared credit default swap contracts*		–			–			(1,019,668	)		(1,019,668	)
Variation margin due to brokers on centrally cleared interest rate swap contracts*		–			(11,392,168	)		–			(11,392,168	)
Unrealized depreciation on over the counter credit default swap contracts		–			–			(235,945	)		(235,945	)
Options written, at value		–			(5,517	)		(14,704,587	)		(14,710,104	)
Total	$	(1,472,510	)	$	(16,015,332	)	$	(15,960,200	)	$	(33,448,042	)

*Includes cumulative appreciation (depreciation) of futures contracts, centrally cleared CDS contracts, and centrally cleared swap contracts from the date the contracts were opened through September 30, 2022. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

**Included with “Investments, at value.”

(continues)

125

Table of Contents

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

The effect of derivative instruments on Optimum Fixed Income Fund’s “Statements of operations” for the six months ended September 30, 2022 was as follows:

	Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts				Options Purchased				Options Written			Swap Contracts				Total
Currency contracts		$	19,649,119		$	–			$	(849,453	)		$	–		$	(3,387,570	)		$	15,412,096
Interest rate contracts			–			(20,765,686	)			–				379,591			–				(20,386,095	)
Equity contracts			–			–				–				560,695			(323,444	)			237,251
Credit contracts			–			–				–				378,717			(790,796	)			(412,079	)
Total		$	19,649,119		$	(20,765,686	)		$	(849,453	)		$	1,319,003		$	(4,501,810	)		$	(5,148,827	)


	Net Change in Unrealized Appreciation (Depreciation) on:
	Foreign Currency Exchange Contracts			Futures Contracts				Options Purchased				Options Written				Swap Contracts				Total
Currency contracts		$	5,732,361		$	–			$	(383,110	)		$	164,301			$	–			$	5,513,552
Interest rate contracts			–			(1,246,508	)			3,289,358				(7,668,943	)			126,508				(5,499,585	)
Credit contracts			–			–				–				–				(588,690	)			(588,690	)
Total		$	5,732,361		$	(1,246,508	)		$	2,906,248			$	(7,504,642	)		$	(462,182	)		$	(574,723	)

During the six months ended September 30, 2022, 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.”

126

Table of Contents

The table below summarizes the average balance of derivative holdings by each Fund during the six months ended September 30, 2022:

Long Derivative Volume

Optimum
Fixed Income
Fund

Optimum
International
Fund

Optimum
Large Cap
Growth Fund

Optimum
Large Cap
Value Fund

Foreign currency exchange contracts (average notional value)

USD

50,354,039

USD

635,052

USD

220,342

USD

4,832

Futures contracts (average notional value)

435,999,923

–

Options contracts (average notional value)*

3,760,843

–

CDS contracts (average notional value)**

EUR

5,692,063

EUR

–

EUR

–

EUR

–

CDS contracts (average notional value)**

USD

4,803,571

USD

–

USD

–

USD

–

Interest rate swap contracts (average notional value)

BRL

245,223,333

BRL

–

BRL

–

BRL

–

Interest rate swap contracts (average notional value)

CAD

58,261,905

CAD

–

CAD

–

CAD

–

Interest rate swap contracts (average notional value)

EUR

10,971,587

EUR

–

EUR

–

EUR

–

Interest rate swap contracts (average notional value)

GBP

34,071,429

GBP

–

GBP

–

GBP

–

Interest rate swap contracts (average notional value)

MXN

634,963,968

MXN

–

MXN

–

MXN

–

Interest rate swap contracts (average notional value)

USD

125,025,397

USD

–

USD

–

USD

–

Short Derivative Volume

Optimum
Fixed Income
Fund

Optimum
International
Fund

Optimum
Large Cap
Growth Fund

Optimum
Large Cap
Value Fund

Foreign currency exchange contracts (average notional value)

USD

241,005,594

USD

599,601

USD

3,359,651

USD

16,883

Futures contracts (average notional value)

95,335,026

–

Options contracts (average notional value)*

10,849,158

–

CDS contracts (average notional value)**

EUR

22,433,333

EUR

–

EUR

–

EUR

–

CDS contracts (average notional value)**

USD

72,381,130

USD

–

USD

–

USD

–

*Long represents purchased options and short represents written options.

**Long represents buying protection and short represents selling protection.

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

(continues)	127

Table of Contents

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

governs certain over-the-counter 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 September 30, 2022, the Funds had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

Optimum Fixed Income Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	2,709,965		$	(5,978,721	)	$	(3,268,756	)
BNP Paribas			746,213			(665,140	)		81,073
Citigroup			76,977			(559,591	)		(482,614	)
Deutsche Bank			7,168,202			(193,425	)		6,974,777
Goldman Sachs			377,482			(4,899,857	)		(4,522,375	)
JPMorgan Chase Bank			2,835,898			(528,793	)		2,307,105
Morgan Stanley Capital			821,491			(1,827,431	)		(1,005,940	)
TD Bank			267,836			–			267,836
Total		$	15,004,064		$	(14,652,958	)	$	351,106


Counterparty	Net Position			Fair Value of Non-Cash Collateral Received			Cash Collateral Received^(a)				Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(b)
Bank of America Merrill Lynch	$	(3,268,756	)		$	–		$	–			$	3,225,942		$	–		$	(42,814	)
BNP Paribas		81,073				–			–				–			–			81,073
Citigroup		(482,614	)			–			–				407,296			–			(75,318	)
Deutsche Bank		6,974,777				–			(6,140,000	)			–			–			834,777
Goldman Sachs		(4,522,375	)			–			–				4,522,375			–			–
JPMorgan Chase Bank		2,307,105				–			(1,846,000	)			–			–			461,105
Morgan Stanley Capital		(1,005,940	)			–			–				972,691			–			(33,249	)
TD Bank		267,836				–			(267,836	)			–			–			–
Total	$	351,106			$	–		$	(8,253,836	)		$	9,128,304		$	–		$	1,225,574

Optimum International Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of New York Mellon		$	61		$	(179	)		$	(118	)
JPMorgan Chase Bank			1,205			–				1,205
State Street Bank			2,401			(68	)			2,333
Total		$	3,667		$	247			$	3,420

128

Table of Contents

Counterparty	Net Position				Fair Value of Non-Cash Collateral Received^(a)			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(b)
Bank of New York Mellon		$	(118	)		$	–		$	–		$	–		$	–		$	(118	)
JPMorgan Chase Bank			1,205				–			–			–			–			1,205
State Street Bank			2,333				–			–			–			–			2,333
Total		$	3,420			$	–		$	–		$	–		$	–		$	3,420

Optimum Large Cap Growth Fund

Counterparty	Gross Value of Derivative Asset			Gross Value of Derivative Liability				Net Position
Bank of America Merrill Lynch		$	–		$	(3,181	)		$	(3,181	)
JPMorgan Chase Bank			–			(25,911	)			(25,911	)
Total		$	–		$	(29,092	)		$	(29,092	)


Counterparty	Net Position				Fair Value of Non-Cash Collateral Received^(a)			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged			Cash Collateral Pledged			Net Exposure^(b)
Bank of America Merrill Lynch		$	(3,181	)		$	–		$	–		$	–		$	–		$	(3,181	)
JPMorgan Chase Bank			(25,911	)			–			–			–			–			(25,911	)
Total		$	(29,092	)		$	–		$	–		$	–		$	–		$	(29,092	)

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 September 30, 2022, 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
Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received^(a)			Cash Collateral Received		Net Collateral Received			Net Exposure^(b)
Nomura Securities International	$	633,900,000	$	(633,900,000	)		$–	$	(633,900,000	)		$–

^(a)The value of the related collateral exceeded the value of the derivatives, repurchase agreements, and securities lending transactions as of September 30, 2022, as applicable.

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

6. Securities Lending

Each Fund, along with other funds in the Delaware Funds, 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

(continues)	129

Table of Contents

Notes to financial statements

Optimum Fund Trust

6. Securities Lending (continued)

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 of the Trust is generally invested in a series of individual separate accounts, each corresponding to a fund. The investment guidelines permit each separate account to hold certain securities that would be considered eligible securities for a money market fund. Cash collateral received is generally invested in government securities; certain obligations issued by government sponsored enterprises; repurchase agreements collateralized by US Treasury securities; obligations issued by the central government of any Organization for Economic Cooperation and Development (OECD) country or its agencies, instrumentalities, or establishments; obligations of supranational organizations; commercial paper, notes, bonds, and other debt obligations; certificates of deposit, time deposits, and other bank obligations; certain money market funds; and asset-backed securities. Each 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 each Fund or, at the discretion of the lending agent, replace the loaned securities. Each Fund continues 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. Each Fund has 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, each Fund receives loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among each Fund, the security lending agent, and the borrower. Each Fund records 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 each Fund’s cash collateral account may be less than the amount each Fund would be required to return to the borrowers of the securities and each Fund would be required to make up for this shortfall.

During the six months ended September 30, 2022, each Fund had no securities on loan.

7. Credit and Market Risk

An outbreak of infectious respiratory illness caused by a novel coronavirus known as COVID-19 was first detected in China in December 2019 and has now been detected globally. This coronavirus has resulted in travel restrictions, closed international borders, enhanced health screenings at ports of entry and elsewhere, disruption of and delays in healthcare service preparation and delivery, prolonged quarantines, cancellations, supply chain disruptions, and lower consumer demand, as well as general concern and uncertainty. The impact of COVID-19, and other infectious illness outbreaks that may arise in the future, could adversely affect the economies of many nations or the entire global economy, individual issuers and capital markets in ways that cannot necessarily be foreseen. In addition, the impact of infectious illnesses in emerging market countries may be greater due to generally less established healthcare systems. Public health crises caused by the COVID-19 outbreak may exacerbate other pre-existing political, social and economic risks in certain countries or globally. The duration of the COVID-19 outbreak and its effects cannot be determined with certainty.

Beginning in late February 2022, global financial markets have experienced and may continue to experience significant volatility related to military action by Russia in Ukraine. As a result of this military action, the US and many other countries have imposed sanctions on Russia and certain Russian individuals, banks and corporations. The ongoing hostilities and resulting sanctions are expected to have a severe adverse effect on the region’s economies and more globally, including significant negative impact on markets for certain securities and commodities,

130

Table of Contents

such as oil and natural gas. Any cessation of trading on the Russian securities markets will impact the value and liquidity of certain portfolio holdings. The extent and duration of military action, sanctions, and resulting market disruptions are impossible to predict, but could be substantial and prolonged and impact your Funds’ performance.

Investments in equity securities in general are subject to market risks that may cause their prices to fluctuate over time. Fluctuations in the value of equity securities in which the Funds invest will cause the NAV of the Funds to fluctuate.

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 US. 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.

IBOR is the risk that changes related to the use of the London interbank offered rate (LIBOR) and other interbank offered rate (collectively, IBORs) could have adverse impacts on financial instruments that reference LIBOR (or the corresponding IBOR). The abandonment of LIBOR could affect the value and liquidity of instruments that reference LIBOR. The use of alternative reference rate products may impact investment strategy performance. These risks may also apply with respect to changes in connection with other IBORs, such as the euro overnight index average (EONIA), which are also the subject of recent reform.

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

Optimum Fixed Income Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest, and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance 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. There were no unfunded loan commitments at the period ended September 30, 2022.

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

(continues)	131

Table of Contents

Notes to financial statements

Optimum Fund Trust

7. Credit and Market Risk (continued)

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 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 and may be subject to certain risks associated with ownership of securities of such 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 or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended September 30, 2022. 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.

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, as amended (1933 Act), 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 1933 Act, which exempts from registration transactions by an issuer not involving any public offering. The relative illiquidity of these securities may impair each Fund 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.”

8. 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 each Fund’s existing contracts and expects the risk of loss to be remote.

132

Table of Contents

9. Recent Accounting Pronouncements

In March 2020, FASB issued an Accounting Standards Update (ASU), ASU 2020-04, Reference Rate Reform (Topic 848) – Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in ASU 2020-04 provide optional temporary financial reporting relief from the effect of certain types of contract modifications due to the planned discontinuation of LIBOR and other interbank-offered based reference rates as of the end of 2021. In March 2021, the administrator for LIBOR announced the extension of the publication of a majority of the USD LIBOR settings to June 30, 2023. ASU 2020-04 is effective for certain reference rate-related contract modifications that occur during the period March 12, 2020 through December 31, 2022. As of the financial reporting period, Management is evaluating the impact of applying this ASU.

10. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to September 30, 2022, that would require recognition or disclosure in the Funds’ financial statements.

(continues)	133

Table of Contents

Other Fund information

(Unaudited)

Optimum Fund Trust

Liquidity Risk Management Program

The Securities and Exchange Commission (the “SEC”) has adopted Rule 22e-4 under the Investment Company Act of 1940 (the “Liquidity Rule”), which requires all open-end funds (other than money market funds) to adopt and implement a program reasonably designed to assess and manage the fund’s “liquidity risk,” defined as the risk that the fund could not meet requests to redeem shares issued by the fund without significant dilution of remaining investors’ interests in the fund.

The Funds have adopted and implemented a liquidity risk management program in accordance with the Liquidity Rule (the “Program”). The Board has designated the Senior Manager of the US Investment Risk Group of Macquarie Asset Management as the Program Administrator for each Fund in the Trust.

As required by the Liquidity Rule, the Program includes policies and procedures that provide for: (1) assessment, management, and review (no less frequently than annually) of each Fund’s liquidity risk; (2) classification of each of the Fund’s portfolio holdings into one of four liquidity categories (Highly Liquid, Moderately Liquid, Less Liquid, and Illiquid); (3) funds that do not primarily hold assets that are Highly Liquid, establishing and maintaining a minimum percentage of each Fund’s net assets in Highly Liquid investments (called a “Highly Liquid Investment Minimum” or “HLIM”); and (4) prohibiting each Fund’s acquisition of Illiquid investments if, immediately after the acquisition, each Fund would hold more than 15% of its net assets in Illiquid assets. The Program also requires reporting to the SEC (on a non-public basis) and to the Board if each Fund’s holdings of Illiquid assets exceed 15% of the Fund’s net assets. Funds with HLIMs must have procedures for addressing HLIM shortfalls, including reporting to the Board and, with respect to HLIM shortfalls lasting more than seven consecutive calendar days, reporting to the SEC (on a non-public basis).

In assessing and managing each Fund’s liquidity risk, the Program Administrator considers, as relevant, a variety of factors, including: (1) each Fund’s investment strategy and liquidity of portfolio investments during both normal and reasonably foreseeable stressed conditions; (2) short-term and long-term cash flow projections for the Funds during both normal and reasonably foreseeable stressed conditions; and (3) each Fund’s holdings of cash and cash equivalents and any borrowing arrangements. Classification of each Fund’s portfolio holdings in the four liquidity categories is based on the number of days it is reasonably expected to take to convert the investment to cash (for Highly Liquid and Moderately Liquid holdings) or to sell or dispose of the investment (for Less Liquid and Illiquid investments), in current market conditions without significantly changing the investment’s market value.

At a meeting of the Board held on June 14-16, 2022, the Program Administrator provided a written report to the Board addressing the Program’s operation and assessing the adequacy and effectiveness of its implementation for the period from April 1, 2021 through March 31, 2022. The report concluded that the Program is appropriately designed and effectively implemented and that it meets the requirements of Rule 22e-4 and each Fund’s liquidity needs. Each Fund complied with its HLIM at all times during the reporting period. In response to increased market volatility and liquidity constraints related to US sanctions against Russia during the reporting period, additional analysis was performed over Russian exposure to determine any impact to applicable Funds.

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2022

At a meeting held September 21-22, 2022 (the “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 other existing sub-advisers of all the Funds, excluding American Century Investment Management, Inc. (“American Century”), which was previously approved at a Board meeting held on June 15-16, 2022 as described in more detail below.

In reaching its decisions with regard to the Investment Management and Sub-Advisory Agreements, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings, as well as information furnished specifically for the agreement reviews conducted at the 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 unaffiliated 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 approvals (or otherwise available to the Board) included: a memorandum from DMC discussing and analyzing the performance of each Fund and its respective sub-

134

Table of Contents

adviser(s); information on the fees charged by DMC and each unaffiliated 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 approval process also included a report for each Fund prepared by Lipper Inc. (“Lipper”), an independent third-party analyst and subsidiary of Broadridge Inc. (“Broadridge”), 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 (both prior to and at the Meeting). In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the approval 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 Independent Trustees also met with representatives of Broadridge at the Meeting to allow Broadridge the opportunity to expand on certain aspects of the Lipper Report.

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 Meeting. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds were considered at the 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 the Optimum Fixed Income Fund) to each of the Funds.

In considering the nature of the services provided by Macquarie Investment Management Austria Kapitalanlage AG (“MIMAK”), Macquarie Investment Management Europe Limited, and Macquarie Investment Management Global Limited (“MIMGL”) to the Optimum Fixed Income Fund (collectively, the “Affiliated Sub-Advisers”), the Board considered that, unlike the unaffiliated sub-advisers who make all of the investment related decisions with respect to a sub-advised portfolio of a Fund, the relationship between DMC and the Affiliated Sub-Advisers on the Optimum Fixed Income Fund is currently one in which DMC may seek investment advice and recommendations from its Affiliated Sub-Advisers but that DMC retains primary responsibility for the day-to-day management of DMC’s portion of the Optimum Fixed Income Fund’s portfolio. It was also noted that, for the year ended March 31, 2022, and the period from April 1, 2022 to June 30, 2022, MIMAK and MIMGL were not paid any fees by DMC pursuant to their Sub-Advisory Agreements.

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 the 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 reports of Management’s review of sub-adviser (and DMC with respect to the Optimum Fixed Income Fund) compliance activities, as well as certifications and materials furnished in connection with Board meetings and the contract approvals.

Based upon these considerations, the Board 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 these sub-advisers and DMC to provide quality services to the Funds and their shareholders.

(continues)

135

Table of Contents

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2022 (continued)

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 Meeting), particular attention in assessing performance was given to the Lipper Reports furnished in connection with the contract approvals. 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, 2022, 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, 2022. The Trustees also compared Fund and sub-adviser performance to other industry benchmarks and reviewed rolling twelve-month and thirty-six-month return rankings (relative to each Fund’s respective Morningstar peer group) for the Funds, 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 on an annualized basis to be in the second lowest performing quintile of its Performance Universe for the one, three, and five-year periods, and in the lowest performing quintile of its Performance Universe for the ten-year period. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the three, five, ten-year and since inception periods ended June 30, 2022. After further discussions with Management regarding the Fund’s performance and portfolio positioning, the Trustees found the overall comparative performance results of the Fund to be acceptable given the Fund’s ability to beat its benchmark consistently over longer time periods.

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 lowest performing quintile of its Performance Universe for the one, three, five, and ten-year periods. It was also noted that the Fund had outperformed its benchmark on a gross performance basis for the ten-year and since inception periods ended June 30, 2022. The Trustees acknowledged that this was a significant reversal from the strong relative performance versus the Fund’s Performance Universe noted in the Lipper Reports for the prior year ended June 30, 2021 and that this reversal was primarily due to the recent underperformance of Baillie Gifford Overseas Limited (“Baillie Gifford”) on its portion of the Fund. Although the Board was not satisfied with the recent downward trend of the overall Fund’s comparative performance, the Board recognized that Acadian Asset Management LLC had continued to perform well on its portion of the Fund. The Board also acknowledged Management’s analysis that Baillie Gifford’s recent underperformance was primarily due to its growth-focused investment strategy being historically out of favor compared to more value-driven strategies within the Performance Universe, and that Management would continue to monitor Baillie Gifford’s performance for signs of improvement as market conditions evolved going forward.

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 lowest performing quintile of its Performance Universe for the one, three, and five-year periods, and in the second lowest performing quintile of its Performance Universe for the ten-year period. Management noted to the Board that the Fund’s Index (the Russell 1000 Growth Index) has become heavily weighted to a few, large technology companies over time, and discussed the impact of such large capitalization concentration on Fund and sub-adviser performance relative to the Index. The Trustees also noted that Management recommended, and the Board approved, American Century as a new sub-adviser to the Fund to be paired with ClearBridge Investments, LLC (the Fund’s other sub-adviser as of American Century’s appointment) in an attempt to benefit the Fund’s performance going forward. The details of American Century’s appointment are noted below. In addition, the Board acknowledged that Management was continuing to evaluate other options to improve the Fund’s performance going forward. Although the Board was not satisfied with the historical comparative performance for the Fund, the Board believed that Management was taking appropriate actions to attempt to improve the Fund’s performance, which included the recent appointment of American Century as a sub-adviser to the Fund.

Optimum Large Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap value funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the

136

Table of Contents

middle performing quintile of its Performance Universe for the one and three-year periods, in the second lowest performing quintile of its Performance Universe for the five-year period, and in the lowest performing quintile of its Performance Universe for the ten-year period. In addition, the Board noted that the Fund had outperformed its benchmark on a gross performance basis for the one, three, and five-year and since inception periods ended June 30, 2022. The Board found the overall comparative performance results of the Fund to be acceptable.

Optimum Small-Mid Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance on an annualized basis to be in the second highest performing quintile of its Performance Universe for the one and ten-year periods, and in the highest performing quintile of its Performance Universe for the three and five-year periods. In addition, the Board noted that the Fund had outperformed its benchmark on a gross basis for the one, three, five, and ten-year and since inception periods ended June 30, 2022. The Board found the overall comparative performance results of the Fund to be satisfactory.

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 on an annualized basis to be in the second highest quintile of its Performance Universe for the one-year period, in the middle performing quintile of its Performance Universe for the three-year period, in the second lowest performing quintile of its Performance Universe for the five-year period, and in the lowest performing quintile for the ten-year period. In addition, the Board noted that the Fund had outperformed its benchmark on a gross basis for the one and three-year periods ended June 30, 2022. Management also noted that Cardinal Capital Management, L.L.C. (“Cardinal”) had been added as a sub-adviser to the Fund in October 2020 and reiterated its belief that Cardinal’s approach to investing should add attractive diversification qualities to the style of investing utilized by LSV Asset Management (the Fund’s other sub-adviser). The Board believed that Management had taken appropriate action in an effort to improve performance with its recommendation to appoint Cardinal as a sub-adviser to the Fund and was encouraged by the Fund’s improving performance results over the shorter term with the sub-adviser pairing of Cardinal and LSV. Accordingly, the Board found the overall comparative performance results of the Fund to be acceptable.

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 unaffiliated sub-adviser were the product of arms-length negotiations between DMC and each such sub-adviser. The Trustees considered DMC’s belief that the sub-advisory fees paid by DMC to each sub-adviser were competitive, fair and reasonable in light of the nature, extent and quality of the services furnished by each such sub-adviser to the Funds. The Board also 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 unaffiliated sub-adviser, as applicable, 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 Universe. 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) to be in the second highest quintile (i.e., the quintile having the second highest expenses) for the Optimum Fixed Income Fund and the Optimum Large Cap Value Fund versus their respective Lipper Expense Universe and in the highest expense quintile for the other four Optimum Funds versus their respective Lipper Expense Universes. The Lipper Report rankings showed actual investment management fees (taking into account fee waivers) to be in the middle quintile for the Optimum Fixed Income Fund, in the second highest quintile for the Optimum International Fund and the Optimum Large Cap Value Fund, and in the highest quintile for the other three Optimum Funds versus their respective Lipper Expense Universe. The Lipper Report also noted that the contractual management fees for each of the Funds other than Optimum Small-Mid Cap Growth Fund was below or near the median of its respective group of solutions-based funds constituting its Lipper Expense Group. The Lipper Report also showed the percentile ranking for each Fund versus the Fund’s Expense Universe and Performance Universe on a combined basis, and it showed that recent performance for certain Funds had hurt their relative rankings for the most recent period. In addition, Management provided supplemental expense information showing that the Funds’ actual total

(continues)

137

Table of Contents

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 21-22, 2022 (continued)

expenses were competitive versus other Funds managed by sub-advisors that are primarily distributed through an asset allocation platform. The Board also considered the favorable impact of the Fee Restructuring (as defined below) on the Funds’ actual total expense ratios. The Trustees noted that such expense ratios have trended down since the Fee Restructuring and that, based on discussions with the Independent Trustees, Management would continue to explore opportunities to reduce Fund expenses in the future.

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, 2023. The Trustees also noted that Management had previously 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’ total expenses going forward that became effective April 1, 2017 (the “Fee Restructuring”). In particular, the Fee Restructuring has also resulted in DMC allocating more to the Funds’ expense waivers for the period through July 29, 2023 as the Funds’ average assets under management increased during its most recent fiscal year.

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 Restructuring.

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 and within the Lipper Report, 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 unaffiliated sub-advisers were the product of arms-length negotiations between DMC and each such sub-adviser, and the fees paid to each sub-adviser 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 recent SEC and other regulatory requirements. The Board was also provided with information on potential fall-out benefits derived or to be derived by DMC and its affiliates or the sub-advisers 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’ assets grow, economies of scale may result in DMC realizing a larger profit margin on management services provided to a Fund. The Trustees also noted that economies of scale are shared with a Fund and its shareholders through investment management fee breakpoints so that as a Fund grows in size, its effective investment management fee rate declines.

Board Consideration of Sub-Advisory Agreement with American Century Investment Management, Inc. at Meeting Held June 15, 2022

At a meeting held June 15, 2022, the Board of Trustees (the “Board” or “Trustees”), including a majority of disinterested or Independent Trustees, approved a Sub-Advisory Agreement (the “Sub-Advisory Agreement”) between Delaware Management Company (“DMC” or “Management”) and American Century Investment Management, Inc. (“American Century”) for Optimum Large Cap Growth Fund (the “Fund”). American Century replaced T. Rowe Price Associates, Inc. (“T. Rowe Price”) as a sub-advisor to the Fund as of July 22, 2022.

In reaching the decision to approve the Sub-Advisory Agreement, the Board considered and reviewed information about American Century, including its personnel, operations and financial condition, which had been provided by American Century. The Board also reviewed material furnished by DMC (with the assistance of LPL Financial LLC, “LPL”), including: a memorandum from DMC reviewing the Sub-Advisory Agreement and the various services proposed to be rendered by American Century; research and analysis concerning DMC’s proposal of American Century; a description of American Century’s proposed sub-advisory fees under the Sub-Advisory Agreement, along with fees that American Century charges other comparable investment companies or accounts; information concerning American Century’s organizational structure and the experience of its investment management personnel; a “due diligence” summary report describing various material items in

138

Table of Contents

relation to American Century’s personnel, organization and policies; a copy of American Century’s Form ADV brochure, summaries of America Century’s compliance policies and procedures and its Code of Ethics; and a copy of the Sub-Advisory Agreement.

In considering such materials, the Independent Trustees received assistance and advice from and met separately with independent counsel. In this regard, the Independent Trustees reviewed with independent legal counsel their duties and obligations in connection with the review of the Sub-Advisory Agreement and discussed, in detail, the matters related to such approval. The materials prepared by the DMC specifically in connection with the approval of the Sub-Advisory Agreement were sent to the Independent Trustees in advance of the Meeting. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, Extent and Quality of Services. In considering the nature, extent and quality of the services to be provided by American Century, the Board specifically considered that the Sub-Advisory Agreement contains substantially similar provisions to those in the prior T. Rowe Price sub-advisory agreement, except for the provisions relating to the sub-advisory fees. The Board reviewed materials provided by American Century regarding the experience and qualifications of personnel who will be responsible for managing the portion of the Fund to be sub-advised by American Century. The Board also placed weight on the performance of a representative American Century portfolio that utilized the investment process and parameters that would be employed by American Century on behalf of its portion of the Fund (the “American Century Account”). The Board also considered that American Century would serve as a sub-advisor of the Fund with another sub-advisor, ClearBridge Investments, LLC (“ClearBridge”). The Board considered the compatibility of the two sub-advisors’ investment philosophies and methodologies that they would each employ for the Fund. Lastly, the Board took into account that American Century has historically had an investment philosophy that seeks to generate superior returns by making long-term investments in businesses that have accelerated growth. Based upon these considerations, the Board was satisfied with the nature and quality of the overall services to be provided by American Century to the Fund and its shareholders and was confident in the abilities of American Century to provide quality services to the Fund and its shareholders.

Investment Performance. The Board reviewed information on the performance of the American Century Account over various time periods. The Board also reviewed a “combination analysis” showing various performance metrics that would have resulted from combining the performance of the American Century Account with the performance of ClearBridge in managing its portion of the Fund over various time periods. The Board noted DMC’s belief, based on the historical combination analysis, that the investment strategy to be employed by American Century on behalf of its portion of the Fund would be a good complement to the type of investment philosophy followed by ClearBridge, and that American Century’s investment strategy would provide a better balance to ClearBridge’s investment philosophy as compared to the investment strategy utilized by T. Rowe Price. The Board believed such information and analysis evidenced the benefits to the Fund and quality of portfolio management services expected to be provided by American Century under the Sub-Advisory Agreement.

Sub-advisory Fees. In considering the appropriateness of the sub-advisory fees to be charged by American Century, the Board reviewed and considered the sub-advisory fees in light of the nature, extent and quality of the sub-advisory services to be provided by American Century, as more fully described above. The Board noted that American Century’s sub-advisory fees are paid by DMC and are not additional fees borne by the Fund. The Board also noted that the sub-advisory fees to be paid by DMC to American Century were the product of arms-length negotiations between DMC and American Century, and the Board considered the allocation of the investment management fees charged to the Fund between DMC and American Century in light of the nature, extent and quality of the investment management services provided, and to be provided by, DMC and American Century. In particular, the Board was provided with a description of fees to be charged by American Century under the Sub-Advisory Agreement for the Fund, which showed them to be lower than the sub-advisory fees charged by T. Rowe Price under its sub-advisory agreement at the Fund’s current amount of assets under management. The Board considered the impact that the differences in fees would have on DMC’s profitability. The Board also was provided with information showing that American Century’s sub-advisory fees for the Fund were competitive with those charged by American Century to other comparable investment companies or accounts, and was informed by DMC that American Century’s sub-advisory fees were competitive with fees of other investment managers being considered as possible sub-advisors to the Fund. The Board also noted that the management fee paid by the Fund to DMC would stay the same at current asset levels. Based upon such facts, the Board believed that the fees to be charged by American Century under the Sub-Advisory Agreement were acceptable in relation to the services to be provided.

(continues)

139

Table of Contents

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Sub-Advisory Agreement with American Century Investment Management, Inc. at Meeting Held June 15, 2022 (continued)

Profitability, Economies of Scale and Fall-Out Benefits. Information about American Century’s profitability from its relationship with the Fund was not available because it had not begun to provide services to the Fund. The Trustees noted that economies of scale are shared with the Fund and its shareholders through investment management fee breakpoints so that as the Fund grows in size, its effective investment management fee rate declines. The Board was also provided with information on potential fall-out benefits derived or to be derived by American Century in connection with its relationship to the Fund, such as soft dollar arrangements.

140

Table of Contents

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 Brett Wright Head of Client Solutions Group, Macquarie Asset Management – Americas Robert Pettman Executive Vice President, Product and Platform Management – LPL Financial Kevin G. Chavers Private Investor Robert J. Christian Private Investor Dianna Gonzales-Burdin Private Investor Mark K. Hancock President - The Glenmore Group Durant Adams Hunter Private Investor Pamela J. Moret Private Investor Stephen P. Mullin President – Econsult Solutions, Inc.	Edward Ramos Private Investor Robert A. Rudell Private Investor Susan M. Stalnecker Senior Advisor – Boston Consulting Group Affiliated officers David F. Connor Senior Vice President and Secretary Optimum Fund Trust Philadelphia, PA Daniel V. Geatens Senior Vice President, Treasurer, and Chief Financial Officer Optimum Fund Trust Philadelphia, PA A.G. Ciavarelli Senior Vice President and General Counsel Optimum Fund Trust Philadelphia, PA	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 610 Market Street Philadelphia, PA 19106-2354 For shareholders, securities dealers and financial institutions representatives 800 914-0278 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 Form N-PORT. Each Fund’s Forms N-PORT, 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, are available without charge (i) upon request, by calling 800 914-0278; and (ii) on the SEC’s website at sec.gov. In addition, 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 Form N-PORT are available without charge on the Funds’ website at optimummutualfunds.com.

	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/shareholder/proxy-voting-information; and (ii) on the SEC’s website at sec.gov.

141

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 officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing of this report, based on their evaluation of these controls and procedures required by Rule 30a-3(b) under the Investment Company Act of 1940 (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)) and provide 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 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940 (17 CFR 270.30a-3(d)) that occurred during the period covered by the report to stockholders included herein 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

/s/RACHEL E. JACOBS
By:	Rachel E. Jacobs
Title:	President and Chief Executive Officer
Date:	December 8, 2022

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

/s/RACHEL E. JACOBS
By:	Rachel E. Jacobs
Date:	December 8, 2022

/s/DANIEL V. GEATENS
By:	Daniel V. Geatens
Title:	Chief Financial Officer
Date:	December 8, 2022

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