UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:	811-21335
Exact name of registrant as specified in charter:	Optimum Fund Trust
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	December 31, 2013

Item 1. Schedule of Investments.

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund
December 31, 2013

		Principal	Value
		Amount°	(U.S. $)
Agency Collateralized Mortgage Obligations - 6.11%
Fannie Mae Grantor Trust
	Series 1999-T2 A1
	7.50% 1/19/39•	15,890	$	17,775
	Series 2002-T4 A3
	7.50% 12/25/41	54,076		61,701
	Series 2004-T1 1A2
	6.50% 1/25/44	16,802		19,001
Fannie Mae REMICs
	Series 1996-46 ZA
	7.50% 11/25/26	13,032		14,922
	Series 1999-19 PH 6.00% 5/25/29	239,713		266,998
	Series 2001-14 Z 6.00% 5/25/31	14,851		16,485
	Series 2002-90 A1 6.50% 6/25/42	13,345		15,343
	Series 2002-90 A2
	6.50% 11/25/42	45,331		51,493
	Series 2003-26 AT
	5.00% 11/25/32	275,083		286,837
	Series 2005-22 HE
	5.00% 10/25/33	263,837		272,026
	Series 2005-29 QD 5.00% 8/25/33	265,561		271,465
	Series 2005-110 MB
	5.50% 9/25/35	211,203		227,751
	Series 2007-30 OE
	2.579% 4/25/37@^	5,682,327		4,387,737
	Series 2007-114 A6
	0.365% 10/27/37•	7,600,000		7,541,655
	Series 2008-24 ZA 5.00% 4/25/38	19,984,419		21,425,655
	Series 2009-2 AS 5.535%
	2/25/39@•Σ	4,335,213		500,734
	Series 2009-68 SA 6.585%
	9/25/39@•Σ	843,822		129,323
	Series 2009-94 AC
	5.00% 11/25/39	400,000		429,799
	Series 2010-41 PN 4.50% 4/25/40	475,000		504,030
	Series 2010-96 DC 4.00% 9/25/25	915,000		961,674
	Series 2010-123 FE
	0.645% 11/25/40•	5,166,537		5,171,379
	Series 2012-122 SD
	5.935% 11/25/42•Σ	918,460		229,343
	Series 2012-124 SD
	5.985% 11/25/42•Σ	1,196,994		281,355
	Series 2013-38 AI 3.00% 4/25/33Σ	2,546,218		405,945
	Series 2013-44 DI
	3.00% 5/25/33Σ	3,806,480		607,300
Fannie Mae Whole Loan REMIC Trust
	Series 2004-W4 A5 5.50% 6/25/34	3,000,000		3,207,066
	Series 2004-W11 1A2 6.50%
	5/25/44	81,672		93,371
Fannie Mae Whole Loan Trust
	Series 2004-W15 1A1
	6.00% 8/25/44	104,147		116,508
Freddie Mac REMICs
	Series 1730 Z 7.00% 5/15/24	68,726		78,399
	Series 2165 PE 6.00% 6/15/29	216,324		240,221
	Series 2326 ZQ 6.50% 6/15/31	115,428		128,367
	Series 2557 WE 5.00% 1/15/18	395,422		419,550
	Series 2762 LG 5.00% 9/15/32	249,826		252,304
	Series 2802 NE 5.00% 2/15/33	504,068		514,588
	Series 2827 TE 5.00% 4/15/33	484,589		502,603
	Series 2864 PE 5.00% 6/15/33	152,317		155,027
	Series 2869 BG 5.00% 7/15/33	353,336		353,336
	Series 2889 OG 5.00% 5/15/33	116,729		117,028
	Series 2890 PD 5.00% 3/15/33	190,789		192,115
	Series 2915 KD 5.00% 9/15/33	116,457		119,584
	Series 2938 ND 5.00% 10/15/33	184,167		187,737
	Series 2987 KG 5.00% 12/15/34	495,075		510,076
	Series 3143 BC 5.50% 2/15/36	5,439,643		5,894,179
	Series 3145 LN 4.50% 10/15/34	72,759		74,394
	Series 3289 6.583% 3/15/37@•Σ	2,619,211		403,843
	Series 3626 MA 5.00% 2/15/30	1,116,445		1,147,793
	Series 3656 PM 5.00% 4/15/40	770,000		829,878
	Series 4065 DE 3.00% 6/15/32	120,000		112,556
	Series 4148 SA
	5.933% 12/15/42•Σ	1,426,662		329,097
	Series 4185 LI 3.00% 3/15/33Σ	938,681		150,316
	Series 4191 CI 3.00% 4/15/33Σ	385,659		61,767
Freddie Mac Structured Pass Through
	Securities
	Series T-54 2A 6.50% 2/25/43t	22,261		25,934
	Series T-58 2A 6.50% 9/25/43t	11,782		13,198
GNMA
	Series 2007-64 AI 6.383%
	10/20/37@•Σ	8,933,903		1,316,071
	Series 2008-65 SB 5.833%
	8/20/38@•Σ	2,528,326		320,701
	Series 2009-2 SE 5.653%
	1/20/39@•Σ	7,194,957		875,913
	Series 2010-113 KE
	4.50% 9/20/40	1,170,000		1,232,386
	Series 2011-H21 FT
	0.81% 10/20/61•	15,777,245		15,776,883
	Series 2011-H23 FA
	0.869% 10/20/61•	10,699,343		10,740,161
	Series 2012-H29 SA
	0.684% 10/20/62•	6,748,256		6,717,720
NCUA Guaranteed Notes Trust
	Series 2010-C1 A2
	2.90% 10/29/20	390,000		402,854
Total Agency Collateralized
Mortgage Obligations
(cost $98,188,648)				97,711,250
Agency Mortgage-Backed Securities - 18.31%
Fannie Mae
	5.00% 11/1/34	17,528		18,853
	5.50% 3/1/37	38,193		40,747
	5.50% 7/1/37	444,993		474,562

(continues) NQ-OPTFI [12/13] 2/14 (12134) 1

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae
	6.50% 8/1/17	18,276	$	20,187
Fannie Mae ARM
	2.069% 7/1/37•	113,993		120,374
	2.277% 10/1/33•	22,484		23,081
	2.412% 5/1/43•	500,775		489,737
	2.44% 11/1/35•	93,737		99,103
	2.546% 6/1/43•	168,863		165,806
	3.293% 9/1/43•	633,892		642,461
	5.143% 8/1/35•	19,078		20,465
	5.817% 8/1/37•	112,327		120,962
Fannie Mae Relocation 30 yr
	5.00% 11/1/33	2,840		3,052
	5.00% 1/1/34	5,243		5,641
	5.00% 4/1/35	20,066		21,577
	5.00% 10/1/35	25,081		26,955
	5.00% 1/1/36	43,324		46,581
Fannie Mae S.F. 15 yr
	2.50% 7/1/27	95,994		95,333
	2.50% 10/1/27	575,722		571,755
	2.50% 2/1/28	1,349,093		1,339,770
	2.50% 5/1/28	195,415		193,625
	3.00% 8/1/27	1,706,186		1,743,885
	3.00% 11/1/27	110,625		113,101
	3.00% 5/1/28	127,853		130,713
	3.50% 7/1/26	444,380		465,083
	3.50% 12/1/28	157,210		164,645
	4.00% 5/1/24	59,889		63,505
	4.00% 7/1/24	16,734		17,751
	4.00% 9/1/25	39,095		41,461
	4.00% 11/1/25	1,487,639		1,585,572
	4.00% 1/1/26	40,241		42,844
	4.00% 1/1/27	36,931		39,168
	4.50% 8/1/18	131,279		139,716
	4.50% 7/1/20	372,935		397,051
	5.00% 5/1/21	45,552		48,778
Fannie Mae S.F. 15 yr TBA
	2.50% 2/1/28	13,863,000		13,687,547
	3.00% 2/1/28	15,341,000		15,619,656
	3.50% 2/1/28	11,133,000		11,612,676
Fannie Mae S.F. 20 yr
	3.00% 8/1/33	241,065		237,514
	3.00% 9/1/33	449,186		442,567
	3.50% 4/1/33	72,564		73,896
	3.50% 9/1/33	340,150		346,480
	4.50% 10/1/23	173,018		183,272
	5.00% 11/1/23	34,819		37,772
	5.00% 6/1/25	131,934		143,078
	5.00% 11/1/25	158,496		171,878
	5.00% 7/1/27	148,681		161,144
	5.00% 3/1/28	471,277		516,552
	5.00% 4/1/28	744,062		815,549
	5.00% 7/1/28	54,291		59,372
	5.00% 4/1/29	604,746		659,313
	5.50% 7/1/24	195,778		215,137
	5.50% 10/1/24	58,151		63,895
	5.50% 12/1/24	203,094		223,152
	5.50% 11/1/25	54,049		60,128
	5.50% 8/1/28	596,655		658,777
	5.50% 12/1/29	49,763		54,842
	6.00% 9/1/29	359,559		401,340
Fannie Mae S.F. 30 yr
	3.00% 7/1/42	475,134		451,588
	3.00% 10/1/42	7,334,844		6,970,828
	3.00% 12/1/42	1,230,870		1,169,795
	3.00% 4/1/43	48,420,157		46,016,536
	3.00% 7/1/43	1,070,429		1,017,446
	3.50% 7/1/42	67,097		66,722
	3.50% 6/1/43	157,820		157,037
	4.00% 10/1/40	50,867		52,370
	4.00% 11/1/40	495,574		510,445
	4.00% 1/1/41	834,493		859,720
	4.00% 7/1/41	973,545		1,003,486
	4.00% 9/1/41	123,000		126,714
	4.00% 3/1/42	725,130		746,981
	4.00% 1/1/43	417,170		429,691
	4.50% 5/1/35	217,182		230,708
	4.50% 8/1/35	457,018		484,632
	4.50% 9/1/35	373,617		396,194
	4.50% 7/1/36	142,156		150,665
	4.50% 5/1/39	1,502,248		1,592,793
	4.50% 4/1/40	169,563		179,588
	4.50% 11/1/40	699,539		741,409
	4.50% 12/1/40	239,045		253,628
	4.50% 2/1/41	205,571		217,904
	4.50% 3/1/41	1,124,987		1,192,444
	4.50% 4/1/41	163,207		173,378
	4.50% 5/1/41	19,087,409		20,234,800
	4.50% 8/1/41	44,454		47,122
	4.50% 10/1/41	509,876		540,292
	4.50% 11/1/41	451,975		479,152
	4.50% 9/1/43	371,138		393,667
	5.00% 5/1/33	395,213		432,589
	5.00% 3/1/34	6,479		7,053
	5.00% 4/1/34	36,831		39,995
	5.00% 8/1/34	62,673		68,104
	5.00% 4/1/35	12,264		13,310
	5.00% 2/1/36	245,106		266,016
	5.00% 12/1/36	2,924,088		3,172,918
	5.00% 1/1/37	23,579		25,556
	5.00% 5/1/37	484,367		524,968
	5.00% 7/1/37	6,240		6,765
	5.00% 10/1/37	19,684		21,333
	5.00% 12/1/37	9,918		10,752
	5.00% 2/1/38	49,013		53,121
	5.00% 3/1/38	350,102		379,450
	5.00% 4/1/38	43,798		47,478

2 NQ-OPTFI [12/13] 2/14 (12134)

			Principal	Value
			Amount°	(U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
	5.00% 6/1/38		19,995	$	21,670
	5.00% 1/1/39		7,656,796		8,302,434
	5.00% 2/1/39		414,944		449,926
	5.00% 4/1/39		218,435		236,751
	5.00% 7/1/39		5,561,609		6,029,887
	5.00% 5/1/40		244,310		266,050
	5.50% 2/1/33		106,474		117,297
	5.50% 12/1/33		51,555		56,609
	5.50% 11/1/34		55,867		61,561
	5.50% 2/1/35		832,910		929,730
	5.50% 1/1/36		36,792		40,414
	5.50% 8/1/37		30,752		33,829
	6.00% 5/1/36		139,594		155,441
	6.00% 9/1/36		62,964		69,722
	6.00% 9/1/37		20,701		23,006
	6.00% 8/1/38		287,377		317,909
	6.00% 12/1/38		30,685		33,958
	6.00% 10/1/39		185,695		205,956
	6.50% 11/1/33		6,846		7,619
	6.50% 2/1/36		150,453		167,311
	6.50% 3/1/36		194,538		216,263
	6.50% 6/1/36		342,632		384,225
	6.50% 2/1/38		77,580		86,174
	6.50% 11/1/38		23,910		26,548
	7.50% 3/1/32		908		1,085
	7.50% 4/1/32		2,251		2,577
	7.50% 6/1/32		1,602		1,767
Fannie Mae S.F. 30 yr TBA
	3.00% 2/1/43		7,821,000		7,404,899
	3.50% 2/1/43		68,484,000		67,825,917
	4.00% 2/1/43		13,567,000		13,923,134
	4.50% 2/1/43		17,908,000		18,916,025
	4.50% 1/1/44		8,000,000		8,476,562
	5.50% 2/1/43		1,800,000		1,977,117
Freddie Mac
	4.50% 1/1/41		600,872		627,677
Freddie Mac ARM
	2.342% 12/1/33•		72,541		77,230
	2.464% 4/1/34•		3,731		3,944
	2.499% 7/1/36•		64,850		69,261
	2.93% 5/1/37•		433,880		461,603
	5.41% 2/1/38•		231,791		244,665
Freddie Mac Relocation 30 yr
	5.00% 9/1/33		430		463
Freddie Mac S.F. 15 yr
	3.50% 10/1/26		143,155		149,705
	4.00% 4/1/25		74,231		78,383
	4.00% 11/1/26		439,325		463,655
	4.50% 5/1/20		212,208		225,463
	5.00% 6/1/18		67,883		71,875
Freddie Mac S.F. 20 yr
	5.50% 10/1/23		104,051		113,597
	5.50% 8/1/24		31,854		34,855
Freddie Mac S.F. 30 yr
	3.00% 10/1/42		543,028		515,095
	3.00% 11/1/42		455,672		432,337
	4.00% 11/1/40		299,392		307,653
	4.50% 10/1/39		615,882		652,310
	4.50% 10/1/43		184,155		196,472
	6.00% 8/1/38		425,658		473,531
	6.50% 11/1/33		36,755		40,976
	6.50% 1/1/35		180,276		204,449
	6.50% 8/1/38		85,702		95,234
	7.00% 1/1/38		81,182		91,194
Freddie Mac S.F. 30 yr TBA
	5.50% 2/1/43		2,238,000		2,442,917
GNMA I S.F. 30 yr
	7.00% 12/15/34		298,760		350,513
GNMA II S.F. 30 yr
	6.00% 4/20/34		11,519		12,786
Total Agency Mortgage-Backed
Securities (cost $294,632,936)					293,143,796
Collateralized Debt Obligations - 0.41%
Black Diamond CLO
	Series 2005-1A A1A 144A
	0.495% 6/20/17#•		10,166		10,166
BlueMountain CLO
	Series 2005-1A A1F 144A
	0.478% 11/15/17#•		130,838		130,345
Euro-Galaxy CLO
	Series 2006-1X A2
	0.463% 10/23/21•	EUR	2,339,851		3,166,304
Franklin CLO
	Series 5A A2 144A
	0.503% 6/15/18#•		2,878,839		2,849,359
Kingsland I
	Series 2005-1A A1A 144A
	0.494% 6/13/19#•		351,544		350,827
Total Collateralized Debt
Obligations (cost $6,281,076)					6,507,001
Commercial Mortgage-Backed Securities - 1.76%
Banc of America Re-REMIC
	Series 2009-UBER2 144A
	5.68% 2/24/51#•		2,200,000		2,472,338
Bear Stearns Commercial Mortgage
	Securities Trust
	Series 2005-PW10 A4
	5.405% 12/11/40•		540,000		572,911
	Series 2006-PW12 A4
	5.712% 9/11/38•		895,000		978,325
Citigroup Commercial Mortgage Trust
	Series 2012-GC8 A4
	3.024% 9/10/45		675,000		643,944

(continues) NQ-OPTFI [12/13] 2/14 (12134) 3

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Commercial Mortgage-Backed Securities (continued)
	Commercial Mortgage Pass Through
	Certificates
	Series 2005-C6 A5A 5.116%
	6/10/44t•	455,000	$	478,499
	Series 2013-CR12 A4 4.046%
	10/10/46t	800,000		807,407
	Series 2013-CR8 A5 3.612%
	6/10/46t•	485,000		478,265
	Commercial Mortgage Trust
	Series 2005-GG5 A5
	5.224% 4/10/37•	1,155,000		1,218,038
	Series 2006-GG7 A4
	5.82% 7/10/38•	1,119,344		1,222,716
	Credit Suisse Commercial Mortgage
	Trust
	Series 2006-C1 AAB
	5.465% 2/15/39•	46,333		47,280
	Series 2010-UD1 A 144A
	5.758% 12/16/49#•	2,043,010		2,225,961
	DB-UBS Mortgage Trust
	Series 2011-LC1A A3 144A
	5.002% 11/10/46#	1,070,000		1,180,351
	FREMF Mortgage Trust
	Series 2010-K7 B 144A
	5.435% 4/25/20#•	160,000		170,665
	Goldman Sachs Mortgage Securities II
	Series 2004-GG2 A6
	5.396% 8/10/38•	441,626		446,050
	Series 2005-GG4 A4A
	4.751% 7/10/39	651,469		674,885
	Goldman Sachs Mortgage Securities
	Trust
	Series 2006-GG6 A4
	5.553% 4/10/38•	595,000		640,699
	Series 2007-GG10 J 144A
	5.804% 8/10/45#•	1,956,000		391
	Series 2010-C1 A2 144A
	4.592% 8/10/43#	915,000		989,755
	Series 2010-C1 C 144A
	5.635% 8/10/43#•	375,000		407,039
	Hilton USA Trust
	Series 2013-HLT AFX 144A
	2.662% 11/5/30#	555,000		549,442
	JPMorgan Chase Commercial
	Mortgage Securities Trust
	Series 2005-LDP5 A4
	5.20% 12/15/44•	2,063,000		2,197,997
	Series 2006-LDP8 AM
	5.44% 5/15/45	758,000		831,556
	Series 2007-LDPX A3
	5.42% 1/15/49	1,140,000		1,250,537
	Series 2011-C5 A3
	4.171% 8/15/46	800,000		840,108
	LB-UBS Commercial Mortgage Trust
	Series 2004-C1 A4
	4.568% 1/15/31	84,879		86,815
	Series 2005-C3 B
	4.895% 7/15/40•	260,000		267,638
	Morgan Stanley Capital I Trust
	Series 2005-HQ6 A4A
	4.989% 8/13/42	240,000		250,795
	Series 2005-HQ7 AJ
	5.207% 11/14/42•	265,000		278,106
	Series 2005-HQ7 C
	5.207% 11/14/42•	1,375,000		1,359,537
	Series 2007-T27 A4
	5.648% 6/11/42•	917,000		1,030,279
	Timberstar Trust
	Series 2006-1A A 144A
	5.668% 10/15/36#	515,000		561,976
	VNO Mortgage Trust
	Series 2012-6AVE A 144A
	2.996% 11/15/30#	1,330,000		1,240,172
	WF-RBS Commercial Mortgage Trust
	Series 2012-C9 A3
	2.87% 11/15/45	540,000		506,348
	Series 2013-C11 A5
	3.071% 3/15/45	455,000		431,131
	Series 2013-C14 A5
	3.337% 6/15/46	850,000		816,691
Total Commercial Mortgage-Backed
	Securities (cost $29,298,806)			28,154,647
Convertible Bonds - 1.41%
	Advanced Micro Devices 6.00%
	exercise price $28.08, expiration
	date 4/30/15	541,000		567,374
	Alaska Communications Systems
	Group 144A 6.25% exercise price
	$10.28, expiration date 4/27/18#	490,000		406,700
	Alere 3.00% exercise price $43.98,
	expiration date 5/15/16	532,000		600,495
	Ares Capital 5.75% exercise price
	$19.13, expiration date 2/1/16	493,000		532,748
	ArvinMeritor 4.00% exercise price
	$26.73, expiration date 2/12/27ϕ	1,024,000		984,960
	BGC Partners 4.50% exercise price
	$9.84, expiration date 7/13/16	611,000		638,495
	Blackstone Mortgage Trust 5.25%
	exercise price $28.66, expiration
	date 12/1/18	431,000		454,705
	Blucora 144A 4.25% exercise price
	$21.66, expiration date 3/29/19#	315,000		466,003
	Chesapeake Energy 2.25% exercise
	price $85.40, expiration date
	12/14/38	193,000		180,938

4 NQ-OPTFI [12/13] 2/14 (12134)

			Principal	Value
			Amount°	(U.S. $)
Convertible Bonds (continued)
	Chesapeake Energy 2.50% exercise
	price $50.90, expiration date
	5/15/37		205,000	$	209,100
	Ciena 144A 3.75% exercise price
	$20.17, expiration date 10/15/18#		532,000		769,073
	Dendreon 2.875% exercise price
	$51.24, expiration date 1/13/16		430,000		277,888
	Equinix 4.75% exercise price $84.32,
	expiration date 6/13/16		194,000		424,133
	General Cable 5.00% exercise price
	$35.88, expiration date 11/15/29ϕ		855,000		917,522
	Gilead Sciences 1.625% exercise price
	$22.71, expiration date 5/1/16		269,000		887,701
	Helix Energy Solutions Group 3.25%
	exercise price $25.02, expiration
	date 3/12/32		665,000		798,416
	Hologic 2.00% exercise price $31.17,
	expiration date 2/27/42ϕ		606,000		620,393
	Iconix Brand Group 2.50% exercise
	price $30.75, expiration date
	5/31/16		302,000		416,194
	Illumina 144A 0.25% exercise price
	$83.55, expiration date 3/11/16#		289,000		402,252
	Intel 3.25% exercise price $21.94,
	expiration date 8/1/39		402,000		547,225
	Jefferies Group 3.875% exercise price
	$45.51, expiration date 10/31/29		609,000		646,682
	L-3 Communications Holdings 3.00%
	exercise price $90.24, expiration
	date 8/1/35		391,000		472,866
	Lexington Realty Trust 144A 6.00%
	exercise price $6.84, expiration
	date 1/11/30#		294,000		446,145
	Liberty Interactive 144A 0.75%
	exercise price $1,000.00, expiration
	date 3/30/43#		462,000		578,078
	Liberty Interactive 144A 1.00%
	exercise price $74.31, expiration
	date 9/28/43#		398,000		420,885
	MGM Resorts International 4.25%
	exercise price $18.58, expiration
	date 4/10/15		545,000		750,738
	Mylan 3.75% exercise price $13.32,
	expiration date 9/15/15		149,000		489,279
	Nuance Communications 2.75%
	exercise price $32.30, expiration
	date 11/1/31		817,000		802,192
	NuVasive 2.75% exercise price
	$42.13, expiration date 6/30/17		969,000		1,054,393
	Peabody Energy 4.75% exercise price
	$57.95, expiration date 12/15/41		668,000		531,478
	Ryman Hospitality Properties 144A
	3.75% exercise price $21.38,
	expiration date 9/29/14#		235,000		460,013
	SanDisk 1.50% exercise price $52.00,
	expiration date 8/11/17		512,000		757,120
	SBA Communications 4.00% exercise
	price $30.38, expiration date
	9/29/14		120,000		355,800
	Steel Dynamics 5.125% exercise price
	$17.14, expiration date 6/15/14		187,000		220,777
	TIBCO Software 2.25% exercise price
	$50.57, expiration date 4/30/32		888,000		894,105
	Titan Machinery 3.75% exercise price
	$43.17, expiration date 4/30/19		527,000		450,585
	Vantage Drilling 144A 5.50% exercise
	price $2.39, expiration date
	7/15/43#		744,000		803,520
	Vector Group 2.50% exercise price
	$17.62, expiration date 1/14/19•		280,000		331,204
	VeriSign 3.25% exercise price $34.37,
	expiration date 8/15/37		463,000		837,451
	WellPoint 2.75% exercise price
	$75.23, expiration date 10/15/42		152,000		206,530
Total Convertible Bonds
	(cost $19,946,985)				22,612,156
Corporate Bonds - 38.41%
Banking - 8.29%
	Ally Financial
	2.75% 1/30/17		200,000		201,250
	4.75% 9/10/18		200,000		210,000
	5.50% 2/15/17		500,000		543,750
	8.30% 2/12/15		200,000		215,500
	Banco Bradesco 144A
	2.338% 5/16/14#•		1,300,000		1,301,329
	Banco de Costa Rica 144A
	5.25% 8/12/18#		815,000		812,963
	Banco do Brasil
	144A 3.75% 7/25/18#	EUR	810,000		1,133,929
	3.875% 10/10/22		3,200,000		2,792,000
	144A 6.00% 1/22/20#		3,000,000		3,195,000
	Banco Mercantil del Norte 144A
	4.375% 7/19/15#		400,000		420,000
	Banco Nacional de Costa Rica 144A
	4.875% 11/1/18#		545,000		535,463
	Banco Santander Brasil 144A
	2.343% 3/18/14#•		2,000,000		2,000,248
	Banco Santander Chile 144A
	3.75% 9/22/15#		2,200,000		2,280,095
	Banco Santander Mexico
	144A 4.125% 11/9/22#		1,055,000		996,975
	144A 5.95% 1/30/24#•		605,000		614,075
	Banco Votorantim
	144A 3.247% 3/28/14#•		2,000,000		2,005,920
	144A 5.25% 2/11/16#@		2,300,000		2,386,250
	Bancolombia 5.95% 6/3/21		475,000		496,375

(continues) NQ-OPTFI [12/13] 2/14 (12134) 5

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

			Principal	Value
			Amount°	(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Bank of America
	2.60% 1/15/19		1,715,000	$	1,724,592
	3.875% 3/22/17		690,000		737,009
	5.65% 5/1/18		900,000		1,025,439
	5.75% 12/1/17		700,000		797,386
	6.00% 9/1/17		1,200,000		1,371,293
	6.875% 4/25/18		2,325,000		2,751,624
	7.375% 5/15/14		100,000		102,498
	7.625% 6/1/19		800,000		993,397
	Bank of Georgia 144A
	7.75% 7/5/17#		610,000		639,356
	Barclays 8.25% 12/29/49•		560,000		579,250
	Barclays Bank 7.625% 11/21/22		1,025,000		1,094,188
	BB&T 5.25% 11/1/19		1,241,000		1,392,673
	BBVA Banco Continental 144A
	3.25% 4/8/18#		840,000		842,100
	BBVA Bancomer 144A
	6.50% 3/10/21#		1,365,000		1,446,900
	CIT Group
	144A 4.75% 2/15/15#		2,100,000		2,181,375
	144A 5.25% 4/1/14#		1,350,000		1,366,875
	Citigroup
	0.518% 11/5/14•		4,600,000		4,599,181
	1.694% 1/13/14•		500,000		500,187
	4.587% 12/15/15		200,000		213,823
	6.125% 5/15/18		2,300,000		2,664,355
	8.50% 5/22/19		1,400,000		1,796,243
	City National 5.25% 9/15/20		830,000		892,634
	Credit Suisse 144A 6.50% 8/8/23#		965,000		1,028,931
	Credit Suisse Group 144A
	7.50% 12/11/49#•		615,000		650,547
	DnB Bank 144A 3.20% 4/3/17#		3,300,000		3,452,651
	Eksportfinans
	1.60% 3/20/14	JPY	2,000,000		18,909
	2.00% 9/15/15		1,300,000		1,283,750
	2.375% 5/25/16		500,000		493,125
	3.00% 11/17/14		300,000		301,575
	5.50% 5/25/16		200,000		211,500
	5.50% 6/26/17		300,000		317,475
	Export-Import Bank of Korea
	1.25% 11/20/15		400,000		402,233
	4.375% 9/15/21		600,000		628,840
	5.00% 4/11/22		2,000,000		2,180,984
	5.125% 3/16/15		200,000		210,404
	5.125% 6/29/20		1,500,000		1,655,586
	5.875% 1/14/15		950,000		999,614
	Fifth Third Bancorp
	4.30% 1/16/24		580,000		569,221
	5.10% 12/29/49•		875,000		776,563
	Goldman Sachs Group
	0.567% 5/18/15•	EUR	100,000		137,282
	0.641% 7/22/15•		200,000		199,617
	0.696% 3/22/16•		300,000		299,135
	0.744% 1/12/15•		700,000		699,754
	3.375% 2/1/18	CAD	468,000		445,771
	3.70% 8/1/15		900,000		937,524
	5.15% 1/15/14		2,000,000		2,003,052
	5.95% 1/18/18		700,000		796,581
	6.25% 9/1/17		1,100,000		1,260,392
	HBOS 144A 6.75% 5/21/18#		155,000		176,100
	HBOS Capital Funding 144A
	6.071% 6/29/49#•		1,015,000		1,016,269
	HSBC Bank 144A 4.75% 1/19/21#		1,245,000		1,353,392
	ICICI Bank
	5.50% 3/25/15		2,100,000		2,175,650
	144A 5.50% 3/25/15#		1,300,000		1,346,831
	ING Bank 144A 5.80% 9/25/23#		1,465,000		1,534,645
	JPMorgan Chase
	0.994% 5/31/17•	EUR	2,400,000		3,270,314
	2.92% 9/19/17	CAD	585,000		555,137
	3.15% 7/5/16		100,000		104,902
	4.25% 11/2/18	NZD	780,000		607,345
	4.375% 11/30/21•	EUR	2,600,000		3,742,269
	4.40% 7/22/20		400,000		430,598
	5.625% 8/16/43		910,000		965,220
	6.00% 12/29/49•		135,000		129,769
	6.30% 4/23/19		300,000		354,484
	KeyBank 6.95% 2/1/28		1,220,000		1,451,377
	KeyCorp 2.30% 12/13/18		760,000		755,363
	KFW 6.25% 5/19/21	AUD	2,300,000		2,244,730
	LBG Capital No. 1 144A
	8.00% 12/29/49#•		520,000		557,048
	Morgan Stanley
	0.543% 1/9/14•		500,000		500,010
	1.838% 1/24/14•		700,000		700,573
	3.45% 11/2/15		1,000,000		1,041,370
	4.10% 5/22/23		460,000		446,021
	5.00% 11/24/25		1,180,000		1,186,163
	5.45% 1/9/17		700,000		776,846
	7.375% 2/22/18	AUD	1,465,000		1,426,062
	7.60% 8/8/17	NZD	574,000		497,511
	National City Bank 0.612% 6/7/17•		325,000		321,691
	Nordea Bank 144A
	1.144% 1/14/14#•		3,000,000		3,001,005
	Northern Trust 3.95% 10/30/25		550,000		537,224
	PNC Bank 6.875% 4/1/18		1,415,000		1,674,592
	PNC Financial Services Group
	4.459% 5/29/49•		535,000		536,338
	PNC Funding 5.625% 2/1/17		225,000		249,929
	PNC Preferred Funding Trust II 144A
	1.465% 3/31/49#•		1,600,000		1,488,000
	Rabobank 4.625% 12/1/23		1,320,000		1,331,889
	Royal Bank of Scotland
	9.50% 3/16/22•		1,000,000		1,173,537

6 NQ-OPTFI [12/13] 2/14 (12134)

		Principal	Value
		Amount°	(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Russian Agricultural Bank 144A
	5.10% 7/25/18#	625,000	$	638,281
	Santander Holdings USA
	3.45% 8/27/18	1,335,000		1,370,727
	Santander UK 144A 5.00% 11/7/23#	1,230,000		1,236,958
	Sberbank 144A 4.95% 2/7/17#	765,000		814,725
	State Bank of India 144A
	4.50% 7/27/15#	200,000		205,915
	State Street 3.10% 5/15/23	2,885,000		2,687,856
	SunTrust Bank
	0.528% 8/24/15•	505,000		501,037
	2.35% 11/1/18	535,000		532,770
	SVB Financial Group 5.375% 9/15/20	310,000		342,370
	Turkiye Is Bankasi 144A
	7.85% 12/10/23#	500,000		499,550
	U.S. Bank 4.95% 10/30/14	1,000,000		1,038,256
	UBS
	2.25% 1/28/14	1,104,000		1,105,441
	5.875% 12/20/17	1,163,000		1,335,771
	USB Capital IX 3.50% 10/29/49•	1,820,000		1,428,700
	USB Realty 144A
	1.391% 12/29/49#•	100,000		93,000
	VEB Finance
	144A 4.224% 11/21/18#	470,000		472,938
	144A 5.375% 2/13/17#	555,000		593,184
	144A 6.025% 7/5/22#	370,000		379,250
	Wachovia 0.614% 10/15/16•	305,000		303,538
	Wells Fargo 5.375% 11/2/43	1,130,000		1,161,466
	Yapi ve Kredi Bankasi AS 144A
	5.25% 12/3/18#	585,000		569,673
	Zions Bancorp
	4.50% 3/27/17	530,000		561,600
	4.50% 6/13/23	990,000		966,837
	7.75% 9/23/14	350,000		365,646
				132,680,209
Basic Industry - 2.35%
	AK Steel 7.625% 5/15/20	300,000		300,750
	Alpek 144A 4.50% 11/20/22#	715,000		681,038
	ArcelorMittal
	6.125% 6/1/18	605,000		666,256
	10.35% 6/1/19	830,000		1,054,100
	Barrick Gold 4.10% 5/1/23	1,025,000		928,238
	Barrick North America Finance
	5.75% 5/1/43	250,000		225,551
	Builders FirstSource 144A
	7.625% 6/1/21#	565,000		591,838
	CF Industries
	6.875% 5/1/18	1,690,000		1,961,951
	7.125% 5/1/20	300,000		352,101
	Clearwater Paper 4.50% 2/1/23	435,000		393,675
	CSN Resources 144A
	6.50% 7/21/20#	1,600,000		1,626,000
	Dow Chemical 8.55% 5/15/19	2,322,000		3,001,519
	FMC 4.10% 2/1/24	880,000		875,644
	FMG Resources August 2006
	144A 6.875% 4/1/22#	1,768,000		1,935,960
	144A 7.00% 11/1/15#	176,000		182,930
	Freeport-McMoRan Copper & Gold
	3.875% 3/15/23	435,000		412,139
	Georgia-Pacific 8.00% 1/15/24	1,927,000		2,484,658
	Gerdau Trade 144A 4.75% 4/15/23#	630,000		585,900
	Glencore Funding 144A
	2.50% 1/15/19#	500,000		484,726
	GTL Trade Finance 144A
	7.25% 10/20/17#	200,000		225,750
	HD Supply
	7.50% 7/15/20	221,000		239,233
	11.00% 4/15/20	260,000		309,400
	Headwaters 7.625% 4/1/19	755,000		817,288
	Immucor 11.125% 8/15/19	380,000		429,400
	International Paper
	6.00% 11/15/41	750,000		817,309
	7.50% 8/15/21	300,000		368,321
	LSB Industries 144A 7.75% 8/1/19#	185,000		195,175
	LyondellBasell Industries
	5.75% 4/15/24	425,000		477,227
	Masonite International 144A
	8.25% 4/15/21#	185,000		204,425
	Metalloinvest Finance 144A
	5.625% 4/17/20#	740,000		721,500
	MMC Finance 144A
	5.55% 10/28/20#	858,000		856,928
	Mosaic
	5.45% 11/15/33	290,000		296,364
	5.625% 11/15/43	795,000		809,444
	Nortek 8.50% 4/15/21	585,000		650,813
	Novelis 8.75% 12/15/20	530,000		592,275
	Nucor 4.00% 8/1/23	455,000		445,036
	OAS Investments 144A
	8.25% 10/19/19#	650,000		637,000
	Packaging Corp of America
	4.50% 11/1/23	645,000		647,935
	Perstorp Holding 144A
	8.75% 5/15/17#	335,000		361,800
	Phosagro 144A 4.204% 2/13/18#	828,000		822,825
	PolyOne 5.25% 3/15/23	310,000		303,800
	Rio Tinto Finance U.S.A.
	3.50% 11/2/20	3,155,000		3,226,044
	Rock-Tenn 3.50% 3/1/20	385,000		379,199
	Rockwood Specialties Group
	4.625% 10/15/20	340,000		348,925
	Ryerson
	9.00% 10/15/17	340,000		360,825
	11.25% 10/15/18	145,000		154,425
	Samarco Mineracao 144A
	5.75% 10/24/23#	620,000		615,350

(continues) NQ-OPTFI [12/13] 2/14 (12134) 7

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

			Principal	Value
			Amount°	(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	Taminco Global Chemical 144A
	9.75% 3/31/20#		215,000	$	245,100
	Teck Resources 3.75% 2/1/23		650,000		607,026
	TPC Group 144A 8.75% 12/15/20#		325,000		346,938
	U.S. Coatings Acquisition 144A
	7.375% 5/1/21#		400,000		428,500
	Vale Overseas 5.625% 9/15/19		340,000		370,561
	Vedanta Resources 144A
	6.00% 1/31/19#		585,000		568,913
					37,626,028
Brokerage - 0.42%
	Bear Stearns
	6.40% 10/2/17		700,000		813,082
	7.25% 2/1/18		2,000,000		2,396,906
	Jefferies Group
	5.125% 1/20/23		585,000		592,772
	6.45% 6/8/27		331,000		345,588
	6.50% 1/20/43		220,000		218,856
	Lazard Group
	4.25% 11/14/20		935,000		934,348
	6.85% 6/15/17		1,197,000		1,350,673
					6,652,225
Capital Goods - 1.10%
	Accudyne Industries 144A
	7.75% 12/15/20#		180,000		191,700
	Allegion U.S. Holding 144A
	5.75% 10/1/21#		545,000		569,525
	Ball
	4.00% 11/15/23		710,000		639,000
	5.00% 3/15/22		330,000		328,350
	Berry Plastics 9.75% 1/15/21		485,000		563,813
	Beverage Packaging Holdings
	Luxembourg II 144A
	5.625% 12/15/16#		180,000		184,050
	BOE Merger 144A PIK 9.50%
	11/1/17#❆		25,000		26,688
	Cemex
	144A 4.999% 10/15/18#•		415,000		432,015
	144A 9.50% 6/15/18#		450,000		513,000
	Cemex Espana Luxembourg 144A
	9.25% 5/12/20#		815,000		898,538
	Consolidated Container 144A
	10.125% 7/15/20#		305,000		326,350
	Crane
	2.75% 12/15/18		495,000		493,152
	4.45% 12/15/23		455,000		450,634
	Crown Americas 4.50% 1/15/23		195,000		183,300
	Cummins 3.65% 10/1/23		1,145,000		1,131,914
	Flowserve 4.00% 11/15/23		610,000		594,377
	Ingersoll-Rand Global Holding
	144A 2.875% 1/15/19#		640,000		631,535
	144A 4.25% 6/15/23#		2,165,000		2,118,645
	Milacron 144A 7.75% 2/15/21#		375,000		395,625
	Plastipak Holdings 144A
	6.50% 10/1/21#		400,000		416,000
	Reynolds Group Issuer
	5.75% 10/15/20		195,000		199,875
	8.25% 2/15/21		1,445,000		1,549,763
	9.00% 4/15/19		1,000,000		1,077,500
	Rock-Tenn 4.00% 3/1/23		945,000		904,266
	Sealed Air 144A 6.50% 12/1/20#		560,000		604,800
	TransDigm 7.50% 7/15/21		365,000		394,200
	URS
	144A 3.85% 4/1/17#		145,000		147,827
	144A 5.00% 4/1/22#		520,000		513,031
	Votorantim Cimentos 144A
	7.25% 4/5/41#		1,180,000		1,126,900
					17,606,373
Communications - 4.16%
	AMC Networks 4.75% 12/15/22		450,000		430,875
	America Movil 5.00% 3/30/20		720,000		783,405
	AT&T
	2.375% 11/27/18		470,000		470,945
	4.30% 12/15/42		670,000		570,506
	Bell Canada 3.35% 3/22/23	CAD	1,138,000		994,034
	Brasil Telecom 144A 5.75% 2/10/22#		520,000		483,600
	CC Holdings GS V 3.849% 4/15/23		450,000		422,054
	CCO Holdings
	5.25% 9/30/22		410,000		384,888
	7.375% 6/1/20		165,000		179,438
	CenturyLink
	5.80% 3/15/22		1,160,000		1,151,300
	6.75% 12/1/23		370,000		376,475
	Cequel Communications Holdings I
	144A 6.375% 9/15/20#		465,000		478,950
	Clear Channel Worldwide Holdings
	7.625% 3/15/20		560,000		590,994
	Columbus International 144A
	11.50% 11/20/14#		1,235,000		1,336,888
	Comcast 5.70% 5/15/18		1,000,000		1,149,380
	Cox Communications 144A
	3.25% 12/15/22#		1,935,000		1,754,279
	Crown Castle Towers 144A
	4.883% 8/15/20#		2,090,000		2,195,785
	CSC Holdings 6.75% 11/15/21		370,000		400,525
	Deutsche Telekom International
	Finance 4.25% 7/13/22	EUR	850,000		1,302,185
	Digicel 144A 8.25% 9/1/17#		150,000		156,750
	Digicel Group
	144A 8.25% 9/30/20#		1,095,000		1,140,169
	144A 10.50% 4/15/18#		505,000		542,875
	DigitalGlobe 144A 5.25% 2/1/21#		445,000		436,100
	DISH DBS
	5.00% 3/15/23		445,000		417,188

8 NQ-OPTFI [12/13] 2/14 (12134)

		Principal			Value
		Amount°			(U.S. $)
Corporate Bonds (continued)
Communications (continued)
	DISH DBS
	5.875% 7/15/22		375,000	$	376,875
	7.125% 2/1/16		200,000		222,000
	7.875% 9/1/19		178,000		204,255
	ENTEL Chile 144A 4.875% 10/30/24#		465,000		455,402
	Gray Television 7.50% 10/1/20		495,000		528,413
	Hughes Satellite Systems
	7.625% 6/15/21		300,000		336,000
	Intelsat Jackson Holdings 144A
	5.50% 8/1/23#		445,000		424,975
	Intelsat Luxembourg
	144A 7.75% 6/1/21#		655,000		704,944
	144A 8.125% 6/1/23#		880,000		947,100
	Interpublic Group 2.25% 11/15/17		15,000		14,802
	Lamar Media 5.00% 5/1/23		445,000		424,975
	Level 3 Communications
	11.875% 2/1/19		260,000		300,300
	Level 3 Financing
	144A 6.125% 1/15/21#		745,000		754,313
	7.00% 6/1/20		315,000		335,475
	MDC Partners 144A 6.75% 4/1/20#		470,000		494,088
	MetroPCS Wireless 6.625% 11/15/20		220,000		234,025
	Millicom International Cellular 144A
	6.625% 10/15/21#		685,000		712,058
	MTS International Funding 144A
	8.625% 6/22/20#		635,000		752,475
	Myriad International Holdings
	144A 6.00% 7/18/20#		200,000		215,000
	144A 6.375% 7/28/17#		965,000		1,082,006
	Nara Cable Funding 144A
	8.875% 12/1/18#		560,000		604,800
	Nielsen Finance 4.50% 10/1/20		220,000		215,050
	Nielsen Luxembourg 144A
	5.50% 10/1/21#		250,000		254,375
	Omnicom Group 3.625% 5/1/22		465,000		451,104
	Qtel International Finance 144A
	3.25% 2/21/23#		720,000		646,460
	Qwest 6.75% 12/1/21		620,000		679,928
	SBA Tower Trust 144A
	2.24% 4/16/18#		735,000		724,631
	SES 144A 3.60% 4/4/23#		3,155,000		2,958,396
	Sinclair Television Group
	5.375% 4/1/21		435,000		430,650
	6.125% 10/1/22		165,000		167,475
	Sirius XM Radio 144A
	4.625% 5/15/23#		450,000		408,375
	Sprint
	144A 7.125% 6/15/24#		2,260,000		2,299,550
	144A 7.25% 9/15/21#		175,000		188,563
	144A 7.875% 9/15/23#		135,000		145,463
	Sprint Capital 6.90% 5/1/19		375,000		411,563
	Sprint Nextel 6.00% 12/1/16		225,000		246,094
	TBG Global PTE 144A
	4.625% 4/3/18#		400,000		388,000
	Telefonica Chile 144A
	3.875% 10/12/22#		980,000		900,385
	Telefonica Emisiones
	3.192% 4/27/18		860,000		876,718
	4.57% 4/27/23		1,085,000		1,071,913
	5.289% 12/9/22	GBP	200,000		343,807
	Telemar Norte Leste 144A
	5.50% 10/23/20#		838,000		800,290
	Telesat Canada 144A
	6.00% 5/15/17#		300,000		313,125
	Thomson Reuters 4.30% 11/23/23		860,000		865,427
	Time Warner Cable
	5.85% 5/1/17		465,000		507,560
	6.75% 7/1/18		1,500,000		1,683,803
	8.25% 4/1/19		1,140,000		1,336,966
	T-Mobile USA
	6.125% 1/15/22		590,000		601,800
	6.50% 1/15/24		400,000		406,000
	6.836% 4/28/23		740,000		770,525
	Univision Communications
	144A 5.125% 5/15/23#		680,000		682,550
	144A 6.75% 9/15/22#		525,000		577,500
	UPC Holding 144A 9.875% 4/15/18#		220,000		236,500
	UPCB Finance III 144A
	6.625% 7/1/20#		700,000		747,250
	Verizon Communications
	1.773% 9/15/16•		1,900,000		1,958,727
	1.993% 9/14/18•		400,000		421,072
	2.50% 9/15/16		200,000		206,942
	3.65% 9/14/18		1,400,000		1,483,591
	4.50% 9/15/20		800,000		857,695
	5.15% 9/15/23		2,940,000		3,162,717
	6.40% 9/15/33		835,000		963,176
	VimpelCom 144A 7.748% 2/2/21#		620,000		675,025
	Virgin Media Finance
	144A 6.375% 4/15/23#		595,000		608,388
	8.375% 10/15/19		184,000		201,480
	Virgin Media Secured Finance
	6.50% 1/15/18		2,670,000		2,773,463
	Wind Acquisition Finance
	144A 7.25% 2/15/18#		200,000		211,500
	144A 11.75% 7/15/17#		245,000		260,925
	Windstream
	7.50% 4/1/23		120,000		121,200
	7.75% 10/1/21		225,000		239,625
	Zayo Group
	8.125% 1/1/20		355,000		390,500
	10.125% 7/1/20		385,000		445,638
					66,593,329

(continues) NQ-OPTFI [12/13] 2/14 (12134) 9

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical - 2.98%
	Algeco Scotsman Global Finance
	144A 8.50% 10/15/18#	1,150,000	$	1,250,625
	144A 10.75% 10/15/19#	685,000		726,100
	Amazon.com 2.50% 11/29/22	2,235,000		2,018,636
	American Axle & Manufacturing
	6.25% 3/15/21	445,000		475,038
	Ameristar Casinos 7.50% 4/15/21	455,000		495,950
	Chassix 144A 9.25% 8/1/18#	75,000		80,250
	Chinos Intermediate Holdings 144A
	PIK 7.75% 5/1/19#❆	400,000		410,000
	Chrysler Group 8.25% 6/15/21	1,265,000		1,445,263
	CVS Caremark 4.00% 12/5/23	2,025,000		2,024,822
	Daimler Finance North America 144A
	2.25% 7/31/19#	1,045,000		1,025,530
	Dave & Buster’s 11.00% 6/1/18	185,000		203,731
	Delphi
	5.00% 2/15/23	195,000		201,581
	6.125% 5/15/21	545,000		606,994
	eBay 4.00% 7/15/42	1,030,000		875,726
	Ford Motor 7.45% 7/16/31	745,000		914,781
	Ford Motor Credit
	3.875% 1/15/15	2,200,000		2,270,657
	5.875% 8/2/21	1,200,000		1,362,564
	7.00% 4/15/15	1,100,000		1,185,379
	8.00% 6/1/14	300,000		309,190
	8.70% 10/1/14	4,100,000		4,346,508
	12.00% 5/15/15	360,000		413,426
	General Motors 144A
	3.50% 10/2/18#	740,000		760,350
	Hanesbrands 6.375% 12/15/20	425,000		466,438
	Historic TW 6.875% 6/15/18	2,200,000		2,618,141
	Home Depot 3.75% 2/15/24	725,000		723,125
	Host Hotels & Resorts
	3.75% 10/15/23	1,320,000		1,226,337
	4.75% 3/1/23	910,000		917,836
	5.25% 3/15/22	320,000		334,130
	5.875% 6/15/19	325,000		352,831
	Hyundai Capital America 144A
	2.125% 10/2/17#	615,000		611,342
	International Game Technology
	5.35% 10/15/23	1,665,000		1,717,451
	Jaguar Land Rover 144A
	5.625% 2/1/23#	245,000		246,225
	JBS Investments 144A
	7.75% 10/28/20#	910,000		923,650
	Landry’s 144A 9.375% 5/1/20#	555,000		607,725
	Levi Strauss
	6.875% 5/1/22	375,000		414,375
	7.625% 5/15/20	130,000		143,325
	LKQ 144A 4.75% 5/15/23#	200,000		186,500
	M/I Homes 8.625% 11/15/18	585,000		636,188
	Marriott International
	3.375% 10/15/20	650,000		644,666
	Meritor 6.75% 6/15/21	230,000		235,750
	MGM Resorts International
	6.75% 10/1/20	425,000		455,813
	7.75% 3/15/22	95,000		106,638
	11.375% 3/1/18	594,000		757,350
	QVC 4.375% 3/15/23	2,020,000		1,892,088
	Rite Aid 9.25% 3/15/20	355,000		409,138
	SACI Falabella 144A 3.75% 4/30/23#	715,000		649,605
	Sally Holdings 5.75% 6/1/22	360,000		376,200
	Standard Pacific 10.75% 9/15/16	278,000		336,380
	Tenedora Nemak 144A
	5.50% 2/28/23#	640,000		628,800
	Tomkins 9.00% 10/1/18	121,000		133,100
	TRW Automotive
	144A 4.45% 12/1/23#	625,000		607,813
	144A 4.50% 3/1/21#	405,000		411,075
	Viacom 5.85% 9/1/43	1,870,000		1,972,822
	William Carter 144A 5.25% 8/15/21#	225,000		229,500
	Wok Acquisition 144A
	10.25% 6/30/20#	150,000		163,688
	Wyndham Worldwide
	4.25% 3/1/22	350,000		342,172
	5.625% 3/1/21	495,000		529,338
	Wynn Las Vegas
	144A 4.25% 5/30/23#	280,000		262,850
	5.375% 3/15/22	230,000		233,450
	Yum Brands 3.875% 11/1/23	880,000		852,932
				47,759,888
Consumer Non-Cyclical - 3.24%
	Accellent 8.375% 2/1/17	210,000		220,500
	Air Medical Group Holdings
	9.25% 11/1/18	363,000		393,855
	Alere 7.25% 7/1/18	140,000		154,525
	Altria Group 9.70% 11/10/18	222,000		292,091
	Anadolu Efes Biracilik Ve Malt Sanayii
	144A 3.375% 11/1/22#	355,000		284,000
	Anheuser-Busch InBev Worldwide
	0.788% 1/27/14•	3,800,000		3,801,482
	5.375% 1/15/20	1,000,000		1,149,158
	ARAMARK 144A 5.75% 3/15/20#	505,000		530,250
	Avis Budget Car Rental 5.50% 4/1/23	840,000		817,950
	BFF International 144A
	7.25% 1/28/20#	380,000		421,800
	Biomet
	6.50% 8/1/20	285,000		300,675
	6.50% 10/1/20	660,000		683,100
	Boston Scientific
	2.65% 10/1/18	525,000		529,159
	6.00% 1/15/20	1,665,000		1,913,928
	BRF 144A 5.875% 6/6/22#	685,000		685,343
	CareFusion 6.375% 8/1/19	2,230,000		2,526,744
	Celgene
	3.25% 8/15/22	925,000		877,373

10 NQ-OPTFI [12/13] 2/14 (12134)

		Principal		Value
		Amount°		(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Celgene
	3.95% 10/15/20		925,000	$	959,486
	Coca-Cola Femsa 2.375% 11/26/18		576,000		573,185
	Coca-Cola Icecek 144A
	4.75% 10/1/18#		710,000		723,966
	Community Health Systems
	8.00% 11/15/19		220,000		239,800
	Constellation Brands
	3.75% 5/1/21		80,000		75,400
	6.00% 5/1/22		445,000		477,263
	Cosan Luxembourg 144A
	5.00% 3/14/23#		930,000		810,309
	Del Monte 7.625% 2/15/19		655,000		682,019
	ENA Norte Trust 144A
	4.95% 4/25/23#		565,866		549,651
	ESAL 144A 6.25% 2/5/23#		910,000		821,275
	Fomento Economico Mexicano
	4.375% 5/10/43		910,000		755,358
	Fresenius Medical Care US Finance II
	144A 5.875% 1/31/22#		385,000		408,100
	H&E Equipment Services
	7.00% 9/1/22		500,000		547,500
	HCA
	7.50% 2/15/22		450,000		495,000
	7.875% 2/15/20		900,000		968,625
	8.50% 4/15/19		500,000		531,250
	HCA Holdings
	6.25% 2/15/21		570,000		597,788
	7.75% 5/15/21		665,000		728,175
	Jarden
	6.125% 11/15/22		295,000		317,125
	7.50% 1/15/20		30,000		32,550
	Kinetic Concepts 10.50% 11/1/18		310,000		358,050
	Korea Expressway 144A
	1.875% 10/22/17#		720,000		707,201
	Kroger 3.30% 1/15/21		1,320,000		1,313,342
	Laboratory Corp. of America Holdings
	2.20% 8/23/17		770,000		773,183
	LifePoint Hospitals 144A
	5.50% 12/1/21#		660,000		664,125
	MultiPlan 144A 9.875% 9/1/18#		600,000		663,000
	Mylan
	144A 3.125% 1/15/23#		470,000		427,340
	144A 6.00% 11/15/18#		160,000		170,532
	NBTY 9.00% 10/1/18		240,000		264,300
	Par Pharmaceutical 7.375% 10/15/20		375,000		389,531
	Pernod-Ricard 144A 5.75% 4/7/21#		2,600,000		2,870,184
	Pfizer 5.35% 3/15/15		4,100,000		4,333,552
	Prestige Brands 144A
	5.375% 12/15/21#		505,000		512,575
	Radnet Management
	10.375% 4/1/18		235,000		235,588
	Red de Carreteras de Occidente 144A
	9.00% 6/10/28#	MXN	3,440,000		238,512
	SABMiller Holdings 144A
	2.45% 1/15/17#		200,000		204,947
	Salix Pharmaceuticals 144A
	6.00% 1/15/21#		525,000		539,438
	Scotts Miracle-Gro 6.625% 12/15/20		215,000		232,738
	Service Corporation International
	144A 5.375% 1/15/22#		385,000		391,738
	Smithfield Foods 6.625% 8/15/22		400,000		426,000
	Spectrum Brands Escrow 144A
	6.375% 11/15/20#		405,000		433,350
	Tenet Healthcare
	144A 6.00% 10/1/20#		778,000		813,496
	8.00% 8/1/20		145,000		157,869
	Thermo Fisher Scientific 4.15% 2/1/24		615,000		610,400
	United Rentals North America
	6.125% 6/15/23		340,000		346,800
	10.25% 11/15/19		398,000		451,183
	Valeant Pharmaceuticals International
	144A 5.625% 12/1/21#		110,000		110,825
	144A 6.375% 10/15/20#		425,000		449,969
	144A 7.00% 10/1/20#		70,000		75,775
	Want Want China Finance 144A
	1.875% 5/14/18#		475,000		453,610
	Yale University 2.90% 10/15/14		597,000		608,901
	Zimmer Holdings
	3.375% 11/30/21		1,290,000		1,237,395
	4.625% 11/30/19		1,270,000		1,385,176
	Zoetis 3.25% 2/1/23		2,335,000		2,189,018
					51,915,401
Energy - 3.39%
	BP Capital Markets
	3.625% 5/8/14		500,000		505,537
	4.75% 3/10/19		160,000		178,549
	Bristow Group 6.25% 10/15/22		450,000		476,753
	Cameron International
	4.00% 12/15/23		335,000		331,720
	Chaparral Energy 7.625% 11/15/22		90,000		96,750
	Chesapeake Energy
	5.375% 6/15/21		65,000		67,600
	5.75% 3/15/23		1,900,000		1,966,500
	CNOOC Curtis Funding 144A
	4.50% 10/3/23#		500,000		497,210
	CNOOC Finance 2012 144A
	3.875% 5/2/22#		6,055,000		5,842,887
	Comstock Resources 7.75% 4/1/19		240,000		256,200
	Continental Resources 4.50% 4/15/23		1,575,000		1,598,625
	Drill Rigs Holdings 144A
	6.50% 10/1/17#		225,000		244,125
	Ecopetrol 7.625% 7/23/19		912,000		1,085,280
	Energy Transfer Partners
	5.95% 10/1/43		1,285,000		1,308,190

(continues) NQ-OPTFI [12/13] 2/14 (12134) 11

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal			Value
		Amount°			(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Energy XXI Gulf Coast 144A
	7.50% 12/15/21#		475,000	$	497,563
	Exterran Partners 144A
	6.00% 4/1/21#		140,000		139,650
	Forest Oil 7.25% 6/15/19		105,000		102,769
	Gazprom
	144A 3.85% 2/6/20#		715,000		693,550
	10.50% 3/25/14		500,000		512,375
	Gazprom Neft
	144A 4.375% 9/19/22#		940,000		865,975
	144A 6.00% 11/27/23#		370,000		377,400
	Halcon Resources 8.875% 5/15/21		450,000		456,750
	Hercules Offshore 144A
	8.75% 7/15/21#		105,000		117,600
	KazMunayGas National 144A
	9.125% 7/2/18#		820,000		997,325
	Key Energy Services 6.75% 3/1/21		375,000		386,250
	Laredo Petroleum 7.375% 5/1/22		435,000		474,150
	Linn Energy
	6.50% 5/15/19		120,000		123,000
	144A 7.00% 11/1/19#		175,000		177,625
	8.625% 4/15/20		180,000		195,300
	Lukoil International Finance
	6.125% 11/9/20		1,225,000		1,333,413
	MarkWest Energy Partners
	5.50% 2/15/23		150,000		151,875
	Midstates Petroleum 9.25% 6/1/21		480,000		504,000
	Murphy Oil U.S.A. 144A
	6.00% 8/15/23#		465,000		469,650
	Newfield Exploration 5.625% 7/1/24		855,000		855,000
	Northern Oil & Gas 8.00% 6/1/20		185,000		194,713
	Oasis Petroleum 144A
	6.875% 3/15/22#		560,000		596,400
	ONGC Videsh 2.50% 5/7/18		820,000		774,605
	Pacific Rubiales Energy
	144A 5.375% 1/26/19#		645,000		651,450
	144A 7.25% 12/12/21#		650,000		692,250
	PDC Energy 7.75% 10/15/22		135,000		146,475
	Pertamina Persero
	144A 4.30% 5/20/23#		200,000		175,000
	144A 4.875% 5/3/22#		845,000		777,400
	Petrobras Global Finance
	3.00% 1/15/19		1,023,000		959,914
	Petrobras International Finance
	5.375% 1/27/21		1,186,000		1,182,902
	Petrohawk Energy 7.25% 8/15/18		1,250,000		1,350,625
	Petroleos de Venezuela
	8.50% 11/2/17		490,000		409,150
	Petroleos Mexicanos
	3.50% 1/30/23		455,000		418,031
	6.50% 6/2/41		390,000		409,500
	Plains Exploration & Production
	6.50% 11/15/20		790,000		872,846
	Pride International 6.875% 8/15/20		2,785,000		3,339,243
	PTT Exploration & Production 144A
	3.707% 9/16/18#		730,000		742,261
	Range Resources 5.75% 6/1/21		135,000		143,775
	Regency Energy Partners
	4.50% 11/1/23		600,000		549,000
	5.50% 4/15/23		240,000		235,200
	Rosetta Resources 5.625% 5/1/21		690,000		691,725
	Rosneft Finance 6.25% 2/2/15		2,100,000		2,212,875
	Samson Investment 144A
	10.50% 2/15/20#		740,000		810,300
	SandRidge Energy
	7.50% 3/15/21		685,000		720,963
	8.125% 10/15/22		2,565,000		2,731,725
	Sinopec Group Overseas Development
	2013 144A 5.375% 10/17/43#		505,000		503,780
	Southwestern Energy 7.50% 2/1/18		2,500,000		2,964,473
	Statoil
	2.90% 11/8/20		605,000		601,969
	3.70% 3/1/24		595,000		591,973
	Talisman Energy 5.50% 5/15/42		2,030,000		1,918,693
	Woodside Finance
	144A 8.125% 3/1/14#		340,000		344,214
	144A 8.75% 3/1/19#		955,000		1,210,395
	YPF 144A 8.875% 12/19/18#		350,000		364,875
					54,175,846
Finance Companies - 2.15%
	American Express 7.00% 3/19/18		6,600,000		7,893,323
	BM&FBovespa 144A 5.50% 7/16/20#		200,000		211,500
	CDP Financial
	144A 4.40% 11/25/19#		1,260,000		1,388,890
	144A 5.60% 11/25/39#		880,000		987,916
	Citicorp Lease Pass-Through Trust
	144A 8.04% 12/15/19#t		200,000		237,038
	Denali Borrower 144A
	5.625% 10/15/20#		1,200,000		1,192,500
	E Trade Financial 6.375% 11/15/19		600,000		647,250
	FTI Consulting 6.75% 10/1/20		440,000		477,400
	GE Capital Canada Funding
	2.42% 5/31/18	CAD	65,000		60,543
	General Electric Capital
	144A 3.80% 6/18/19#		345,000		361,792
	4.208% 12/6/21	SEK	1,000,000		159,493
	4.375% 9/16/20		1,215,000		1,318,726
	5.25% 6/29/49•		200,000		188,500
	6.00% 8/7/19		1,495,000		1,756,226
	6.25% 12/29/49•		1,200,000		1,244,135
	7.125% 12/29/49•		500,000		559,651
	International Lease Finance
	4.875% 4/1/15		200,000		207,750
	5.65% 6/1/14		800,000		816,000
	5.875% 4/1/19		295,000		315,650

12 NQ-OPTFI [12/13] 2/14 (12134)

		Principal	Value
		Amount°	(U.S. $)
Corporate Bonds (continued)
Finance Companies (continued)
	International Lease Finance
	6.25% 5/15/19	615,000	$	668,813
	144A 6.75% 9/1/16#	640,000		716,800
	144A 7.125% 9/1/18#	100,000		116,250
	8.25% 12/15/20	200,000		234,500
	8.625% 9/15/15	1,000,000		1,113,750
	8.75% 3/15/17	525,000		620,813
	Invesco Finance 4.00% 1/30/24	375,000		372,457
	IPIC GMTN 144A 5.50% 3/1/22#	411,000		450,045
	Nuveen Investments 144A
	9.50% 10/15/20#	880,000		886,600
	PHH 7.375% 9/1/19	300,000		321,750
	SLM
	5.375% 5/15/14	1,400,000		1,426,250
	6.00% 1/25/17	700,000		760,375
	6.25% 1/25/16	2,200,000		2,384,250
	7.25% 1/25/22	200,000		212,500
	8.45% 6/15/18	1,000,000		1,168,750
	SSIF Nevada 144A
	0.944% 4/14/14#•	900,000		901,611
	Temasek Financial I 144A
	2.375% 1/23/23#	560,000		505,313
	Waha Aerospace 3.925% 7/28/20	1,470,000		1,549,013
				34,434,123
Insurance - 1.43%
	Allstate 5.75% 8/15/53•	910,000		918,531
	American International Group
	6.40% 12/15/20	550,000		650,956
	8.175% 5/15/58•	795,000		965,925
	8.25% 8/15/18	2,820,000		3,534,489
	Berkshire Hathaway Finance
	2.90% 10/15/20	885,000		878,986
	Chubb 6.375% 3/29/67•	820,000		891,750
	Five Corners Funding Trust 144A
	4.419% 11/15/23#	835,000		824,707
	Highmark
	144A 4.75% 5/15/21#	445,000		419,041
	144A 6.125% 5/15/41#	160,000		143,563
	Hockey Merger Sub 2 144A
	7.875% 10/1/21#	380,000		392,350
	ING U.S. 5.65% 5/15/53•	920,000		894,930
	Liberty Mutual Group
	144A 4.25% 6/15/23#	1,605,000		1,552,651
	144A 4.95% 5/1/22#	320,000		331,447
	144A 6.50% 5/1/42#	240,000		264,282
	144A 7.00% 3/15/37#•	180,000		186,300
	MetLife Capital Trust IV 144A
	7.875% 12/15/37#	300,000		345,750
	MetLife Capital Trust X 144A
	9.25% 4/8/38#	1,100,000		1,419,000
	Metropolitan Life Global Funding I
	144A 3.00% 1/10/23#	2,995,000		2,795,848
	Onex USI Acquisition 144A
	7.75% 1/15/21#	75,000		77,063
	Prudential Financial
	3.875% 1/14/15	310,000		320,549
	4.50% 11/15/20	275,000		295,455
	5.625% 6/15/43•	440,000		433,400
	5.875% 9/15/42•	555,000		566,794
	6.00% 12/1/17	580,000		667,532
	Stone Street Trust 144A
	5.902% 12/15/15#@	2,300,000		2,466,244
	XL Group 6.50% 12/29/49•	710,000		702,013
				22,939,556
Natural Gas - 1.33%
	AmeriGas Finance
	6.75% 5/20/20	120,000		131,700
	7.00% 5/20/22	285,000		310,650
	AmeriGas Partners 6.50% 5/20/21	112,000		120,120
	El Paso Pipeline Partners Operating
	6.50% 4/1/20	1,448,000		1,670,151
	Enbridge Energy Partners
	8.05% 10/1/37•	1,365,000		1,512,225
	Energy Transfer Partners
	3.60% 2/1/23	1,465,000		1,359,223
	6.50% 2/1/42	300,000		323,497
	9.70% 3/15/19	694,000		899,523
	Enterprise Products Operating
	7.034% 1/15/68•	1,645,000		1,819,332
	9.75% 1/31/14	1,085,000		1,092,611
	Kinder Morgan Energy Partners
	3.50% 9/1/23	325,000		299,009
	5.95% 2/15/18	1,000,000		1,137,445
	9.00% 2/1/19	1,280,000		1,628,021
	Korea Gas 144A 2.875% 7/29/18#	790,000		797,667
	Nisource Finance 5.80% 2/1/42	545,000		568,845
	Plains All American Pipeline
	8.75% 5/1/19	1,160,000		1,485,350
	Ras Laffan Liquefied Natural Gas II
	5.298% 9/30/20@	2,130,600		2,295,722
	Rockies Express Pipeline 144A
	6.85% 7/15/18#	500,000		488,750
	Suburban Propane Partners
	7.375% 8/1/21	125,000		136,875
	TransCanada PipeLines
	6.35% 5/15/67•	1,920,000		1,973,731
	Williams Partners 7.25% 2/1/17	1,010,000		1,165,491
				21,215,938
Real Estate - 1.51%
	Alexandria Real Estate Equities
	3.90% 6/15/23	335,000		312,768
	4.60% 4/1/22	1,080,000		1,088,553
	AMB Property 4.00% 1/15/18	300,000		318,260

(continues) NQ-OPTFI [12/13] 2/14 (12134) 13

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
	American Tower Trust I
	144A 1.551% 3/15/43#	425,000	$	415,395
	144A 3.07% 3/15/23#	970,000		911,023
	CBL & Associates 5.25% 12/1/23	665,000		665,388
	Corporate Office Properties
	3.60% 5/15/23	690,000		626,593
	5.25% 2/15/24	670,000		681,848
	Corrections Corp of America
	4.625% 5/1/23	418,000		396,055
	CubeSmart 4.375% 12/15/23	340,000		332,858
	DDR
	4.625% 7/15/22	295,000		301,408
	4.75% 4/15/18	350,000		377,926
	7.50% 4/1/17	640,000		746,475
	7.875% 9/1/20	731,000		904,273
	Digital Realty Trust
	5.25% 3/15/21	1,445,000		1,476,956
	5.875% 2/1/20	425,000		452,717
	Duke Realty 3.625% 4/15/23	675,000		624,208
	HCP 5.375% 2/1/21	2,300,000		2,507,327
	Liberty Property 4.40% 2/15/24	735,000		723,158
	Mid-America Apartments
	4.30% 10/15/23	475,000		462,724
	National Retail Properties
	3.30% 4/15/23	1,880,000		1,710,153
	3.80% 10/15/22	160,000		152,715
	Prologis 3.35% 2/1/21	495,000		481,455
	Qatari Diar Finance
	3.50% 7/21/15	2,100,000		2,186,100
	5.00% 7/21/20	500,000		550,000
	Regency Centers
	4.80% 4/15/21	420,000		440,192
	5.875% 6/15/17	285,000		317,990
	UDR
	3.70% 10/1/20	365,000		367,491
	4.625% 1/10/22	1,015,000		1,044,686
	WEA Finance 144A 4.625% 5/10/21#	785,000		829,744
	Weingarten Realty Investors
	3.50% 4/15/23	740,000		681,621
	4.45% 1/15/24	315,000		309,153
	Weyerhaeuser 4.625% 9/15/23	750,000		762,528
				24,159,741
Technology - 1.82%
	Activision Blizzard 144A
	6.125% 9/15/23#	755,000		788,975
	Altera 2.50% 11/15/18	880,000		873,545
	Apple 2.40% 5/3/23	3,515,000		3,167,219
	Avaya 144A 7.00% 4/1/19#	250,000		246,250
	Baidu 3.25% 8/6/18	1,295,000		1,312,221
	BMC Software Finance 144A
	8.125% 7/15/21#	1,875,000		1,940,625
	Broadridge Financial Solutions
	3.95% 9/1/20	695,000		701,224
	EMC 2.65% 6/1/20	250,000		245,203
	Equinix
	4.875% 4/1/20	275,000		275,000
	5.375% 4/1/23	493,000		484,373
	Fidelity National Information Services
	3.50% 4/15/23	1,640,000		1,497,783
	First Data
	11.25% 3/31/16	135,000		135,675
	144A 11.25% 1/15/21#	1,495,000		1,657,581
	144A 11.75% 8/15/21#	190,000		201,400
	Freescale Semiconductor 144A
	6.00% 1/15/22#	245,000		248,675
	GXS Worldwide 9.75% 6/15/15	834,000		863,190
	Infor U.S. 9.375% 4/1/19	170,000		192,100
	Jabil Circuit 7.75% 7/15/16	92,000		105,110
	Maxim Integrated Products
	2.50% 11/15/18	825,000		818,960
	Microsoft 2.125% 11/15/22	1,915,000		1,733,433
	National Semiconductor
	6.60% 6/15/17	1,530,000		1,789,451
	NCR Escrow 144A 6.375% 12/15/23#	455,000		466,944
	NetApp
	2.00% 12/15/17	520,000		517,819
	3.25% 12/15/22	745,000		672,350
	NXP Funding
	144A 3.75% 6/1/18#	230,000		232,875
	144A 5.75% 3/15/23#	270,000		275,400
	Samsung Electronics America 144A
	1.75% 4/10/17#	745,000		740,814
	Seagate HDD Cayman
	144A 3.75% 11/15/18#	640,000		648,800
	144A 4.75% 6/1/23#	255,000		239,700
	Symantec 4.20% 9/15/20	2,645,000		2,686,460
	Total System Services 2.375% 6/1/18	1,770,000		1,723,792
	VeriSign 4.625% 5/1/23	240,000		230,400
	Xerox 6.35% 5/15/18	1,220,000		1,395,662
				29,109,009
Transportation - 0.79%
	American Airlines 2011-1 Class A Pass
	Through Trust 5.25% 1/31/21t	513,806		543,350
	Brambles USA
	144A 3.95% 4/1/15#	395,000		408,577
	144A 5.35% 4/1/20#	320,000		346,753
	Burlington Northern Santa Fe
	5.15% 9/1/43	1,300,000		1,325,656
	Continental Airlines 2009-2 Class A
	Pass Through Trust 7.25%
	11/10/19t	743,469		851,272
	Delta Air Lines Class A Pass Through
	Trust
	6.20% 7/2/18t	379,169		422,774
	6.821% 8/10/22t	336,375		379,263

14 NQ-OPTFI [12/13] 2/14 (12134)

			Principal	Value
			Amount°	(U.S. $)
Corporate Bonds (continued)
Transportation (continued)
	Doric Nimrod Air Finance Alpha
	2012-1 Class A Pass Through Trust
	144A 5.125% 11/30/24#t		375,439	$	381,070
	DP World 144A 6.85% 7/2/37#		610,000		602,375
	DP World Sukuk 144A 6.25% 7/2/17#		690,000		760,725
	ERAC USA Finance 144A
	5.25% 10/1/20#		1,470,000		1,618,566
	Norfolk Southern
	3.85% 1/15/24		150,000		147,643
	4.80% 8/15/43		600,000		583,344
	Penske Truck Leasing 144A
	3.75% 5/11/17#		200,000		210,560
	RZD Capital 5.739% 4/3/17		1,000,000		1,086,250
	UAL Pass Through Trust
	9.75% 1/15/17t		197,662		227,312
	10.40% 11/1/16t		231,272		262,494
	United Parcel Service 5.125% 4/1/19		2,210,000		2,516,578
					12,674,562
Utilities - 3.45%
	AES
	4.875% 5/15/23		380,000		357,200
	7.375% 7/1/21		449,000		508,493
	8.00% 6/1/20		203,000		238,525
	AES Gener 144A
	8.375% 12/18/73#•		676,000		706,420
	Ameren Illinois 9.75% 11/15/18		2,110,000		2,790,684
	American Transmission Systems 144A
	5.25% 1/15/22#		1,885,000		1,988,396
	American Water Capital
	3.85% 3/1/24		1,175,000		1,163,244
	Appalachian Power 7.95% 1/15/20		1,000,000		1,244,390
	Calpine 144A 6.00% 1/15/22#		850,000		875,500
	CenterPoint Energy 5.95% 2/1/17		845,000		948,142
	Cleveland Electric Illuminating
	5.50% 8/15/24		515,000		556,673
	CMS Energy 6.25% 2/1/20		635,000		735,079
	ComEd Financing III 6.35% 3/15/33		680,000		666,400
	Comision Federal de Electricidad 144A
	4.875% 1/15/24#		575,000		572,125
	Duquesne Light Holdings
	5.50% 8/15/15		756,000		807,141
	Electricite de France 144A
	5.25% 1/29/49#•		1,025,000		1,021,183
	Elwood Energy 8.159% 7/5/26		231,133		249,046
	Enel 144A 8.75% 9/24/73#•		795,000		867,438
	Entergy 3.625% 9/15/15		215,000		221,870
	Entergy Arkansas 3.75% 2/15/21		200,000		204,631
	Entergy Louisiana 4.05% 9/1/23		1,555,000		1,582,239
	Eskom Holdings 144A 6.75% 8/6/23#		635,000		652,463
	Exelon Generation 4.25% 6/15/22		2,255,000		2,164,965
	FPL Group Capital
	6.35% 10/1/66•		1,740,000		1,741,081
	6.65% 6/15/67•		135,000		137,805
	GenOn Americas Generation
	8.50% 10/1/21		190,000		200,925
	GenOn Energy 9.875% 10/15/20		460,000		512,900
	Great Plains Energy
	4.85% 6/1/21		610,000		643,721
	5.292% 6/15/22ϕ		1,275,000		1,370,263
	Integrys Energy Group
	6.11% 12/1/66•		1,200,000		1,206,794
	Ipalco Enterprises 5.00% 5/1/18		405,000		426,263
	Jersey Central Power & Light
	7.35% 2/1/19		1,000,000		1,182,184
	LG&E & KU Energy
	3.75% 11/15/20		1,010,000		1,023,365
	4.375% 10/1/21		1,555,000		1,601,704
	Majapahit Holding BV 144A
	7.75% 1/20/20#		400,000		441,000
	MidAmerican Energy Holdings 144A
	3.75% 11/15/23#		1,235,000		1,206,943
	Narragansett Electric 144A
	4.17% 12/10/42#		490,000		430,175
	National Rural Utilities Cooperative
	Finance 4.75% 4/30/43•		1,055,000		985,106
	NextEra Energy Capital Holdings
	3.625% 6/15/23		490,000		460,499
	Nisource Finance 6.125% 3/1/22		2,115,000		2,348,843
	NRG Energy 7.875% 5/15/21		180,000		200,250
	NV Energy 6.25% 11/15/20		1,135,000		1,321,730
	Pedernales Electric Cooperative 144A
	6.202% 11/15/32#		620,000		654,088
	Pennsylvania Electric 5.20% 4/1/20		1,180,000		1,265,521
	PPL Capital Funding 6.70% 3/30/67•		440,000		444,720
	Public Service of New Hampshire
	3.50% 11/1/23		635,000		623,023
	Public Service Oklahoma
	5.15% 12/1/19		1,300,000		1,442,072
	Puget Energy
	6.00% 9/1/21		340,000		380,810
	6.50% 12/15/20		3,800,000		4,329,914
	Puget Sound Energy 6.974% 6/1/67•		1,295,000		1,333,310
	SCANA 4.125% 2/1/22		810,000		787,949
	Southwestern Electric Power
	6.45% 1/15/19		690,000		793,095
	Tokyo Electric Power 4.50% 3/24/14	EUR	1,100,000		1,522,153
	TransCanada PipeLines
	3.75% 10/16/23		515,000		502,966
	Williams Partners 4.50% 11/15/23		1,130,000		1,124,538
	Wisconsin Energy 6.25% 5/15/67•		1,480,000		1,527,401
					55,295,358
Total Corporate Bonds
	(cost $604,318,490)				614,837,586

(continues) NQ-OPTFI [12/13] 2/14 (12134) 15

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Municipal Bonds - 0.88%
	Bay Area, California Toll Authority
	(Build America Bonds) Series S1
	6.918% 4/1/40	800,000	$	980,824
	7.043% 4/1/50	3,000,000		3,704,040
	California Statewide Communities
	Development Authority
	(Kaiser Permanente)
	Series A 5.00% 4/1/42	320,000		314,976
	California Various Purpose (Build
	America Bond)
	7.30% 10/1/39	200,000		252,336
	Fairfax County, Virginia
	Series B 5.00% 4/1/24	370,000		437,917
	Georgia
	Series D 5.00% 2/1/23	535,000		636,356
	Golden State, California Tobacco
	Securitization Corporation
	Settlement Revenue (Asset-Backed
	Senior Notes) Series A-1
	5.125% 6/1/47	735,000		499,969
	5.75% 6/1/47	805,000		598,268
	Los Angeles, California Community
	College District Revenue
	(Build America Bond)
	6.60% 8/1/42	800,000		994,832
	Maryland Local Facilities
	2nd Series A 5.00% 8/1/21	405,000		481,938
	New Jersey Transportation Trust Fund
	Series A 5.00% 6/15/42	140,000		141,053
	Series AA 5.00% 6/15/44	450,000		450,999
	New York City Transitional Finance
	Authority Future Tax Secured
	Revenue
	(Build America Bond)
	5.508% 8/1/37	700,000		770,007
	(New York City Recovery) Series 13
	5.00% 11/1/22	410,000		479,081
	New York City Water & Sewer System
	(Second Generation) Series BB
	5.00% 6/15/47	285,000		291,749
	New York City, New York
	Series I 5.00% 8/1/22	295,000		337,471
	New York State Thruway Authority
	Series A 5.00% 5/1/19	415,000		477,229
	New York State Urban Development
	(Build America Bonds)
	5.77% 3/15/39	800,000		876,096
	North Carolina
	Series C 5.00% 5/1/22	400,000		476,140
	Oregon State Taxable Pension
	5.892% 6/1/27	65,000		74,710
	Prince George’s County, Maryland
	Consolidated Public Improvement
	Series A 5.00% 3/1/22	200,000		237,710
	Texas A&M University Series D
	5.00% 5/15/22	85,000		100,258
	5.00% 5/15/23	90,000		105,862
	Texas Private Activity Bond Surface
	Transportation Revenue (Senior
	Lien Note Mobility)
	6.75% 6/30/43 (AMT)	310,000		324,979
Total Municipal Bonds
	(cost $12,870,365)			14,044,800
Non-Agency Asset-Backed Securities - 2.70%
	Accredited Mortgage Loan Trust
	Series 2006-2 A4
	0.425% 9/25/36•	2,000,000		1,457,146
	Series 2007-1 A3
	0.295% 2/25/37•	3,788,327		3,501,312
	Ally Master Owner Trust
	Series 2011-1 A1
	1.037% 1/15/16•	730,000		730,185
	Series 2013-2 A 0.617% 4/15/18•	855,000		853,228
	Ameriquest Mortgage Securities
	Asset-Backed Pass-Through
	Certificates
	Series 2005-R5 M2 0.625%
	7/25/35t•	1,400,000		1,314,943
	Series 2005-R7 M2 0.665%
	9/25/35t•	2,000,000		1,716,902
	Appalachian Consumer Rate Relief
	Funding
	Series 2013-1 A1 2.008% 2/1/24	820,000		810,325
	Argent Securities Asset-Backed
	Pass-Through Certificates
	Series 2003-W9 M1 1.20%
	1/25/34t•	439,542		419,989
	Argent Securities Trust
	Series 2006-M1 A2C
	0.315% 7/25/36•	1,559,159		622,451
	Series 2006-M1 A2D
	0.405% 7/25/36•	1,559,159		629,403
	Series 2006-W4 A2C
	0.325% 5/25/36•	792,814		282,051
	Avis Budget Rental Car Funding
	AESOP
	Series 2011-2A A 144A
	2.37% 11/20/14#	465,000		470,240
	Bear Stearns Asset-Backed
	Securities I Trust
	Series 2005-FR1 M2
	0.835% 6/25/35•	2,000,000		1,547,418
	Series 2007-HE5 1A1
	0.255% 6/25/47•	14,234		14,209

16 NQ-OPTFI [12/13] 2/14 (12134)

		Principal	Value
		Amount°	(U.S. $)
Non-Agency Asset-Backed Securities (continued)
	California Republic Auto Receivables
	Trust
	Series 2013-1 A2 144A
	1.41% 9/17/18#	412,690	$	412,471
	Capital One Multi-Asset Execution
	Trust
	Series 2007-A7 A7 5.75% 7/15/20	685,000		787,005
	C-BASS Trust
	Series 2006-CB6 A23
	0.315% 7/25/36•	134,732		110,319
	Centex Home Equity Loan Trust
	Series 2002-A AF6 5.54% 1/25/32	9,772		9,757
	Citibank Omni Master Trust
	Series 2009-A14A A14 144A
	2.917% 8/15/18#•	400,000		406,042
	Countrywide Asset-Backed Certificates
	Series 2004-3 2A
	0.565% 8/25/34•	60,609		57,352
	Series 2005-AB2 2A3
	0.55% 11/25/35•	1,173,705		1,089,791
	Series 2006-1 AF6
	5.43% 7/25/36•	2,029,797		2,018,002
	Series 2006-11 1AF6
	5.189% 9/25/46•	891,967		1,037,358
	Series 2006-26 2A4
	0.385% 6/25/37•	2,000,000		905,102
	Series 2007-6 2A4
	0.475% 9/25/37•	1,000,000		361,026
	Discover Card Execution Note Trust
	Series 2012-A1 A1 0.81% 8/15/17	685,000		687,398
	Enterprise Fleet Financing
	Series 2012-1 A2 144A
	1.14% 11/20/17#	159,726		160,058
	FRS I
	Series 2013-1A A1 144A
	1.80% 4/15/43#	219,373		217,653
	GE Capital Credit Card Master Note
	Trust
	Series 2012-2 A 2.22% 1/15/22	365,000		360,996
	Golden Credit Card Trust
	Series 2012-5A A 144A
	0.79% 9/15/17#	360,000		360,280
	GreatAmerica Leasing Receivables
	Series 2013-1 B 144A
	1.44% 5/15/18#	100,000		99,097
	GSAMP Trust
	Series 2006-HE6 A3
	0.315% 8/25/36•	1,866,898		1,205,667
	Home Equity Mortgage Loan
	Asset-Backed Trust
	Series 2007-A 2A3
	0.405% 4/25/47•	2,000,000		1,147,436
	HSI Asset Securitization Trust
	Series 2006-HE1 2A1
	0.215% 10/25/36•	45,819		22,911
	MASTR Specialized Loan Trust
	Series 2005-2 A2 144A
	5.006% 7/25/35#•	36,700		36,833
	Merrill Lynch Mortgage Investors Trust
	Series 2006-FF1 M2
	0.455% 8/25/36•	2,000,000		1,775,938
	Series 2007-MLN1 A2A
	0.275% 3/25/37•	1,556,798		1,033,497
	Morgan Stanley ABS Capital I Trust
	Series 2007-HE1 A2C
	0.315% 11/25/36•	7,370,177		4,065,338
	New Century Home Equity Loan Trust
	Series 2005-1 M2
	0.885% 3/25/35•	1,284,335		1,115,258
	RAMP Trust
	Series 2006-RZ5 A2
	0.345% 8/25/46•	944,331		882,931
	RASC Trust
	Series 2006-EMX1 A2
	0.395% 1/25/36•	99,191		98,015
	Series 2007-KS3 AI2
	0.345% 4/25/37•	2,006,267		1,966,359
	SLM Student Loan Trust
	Series 2005-4 A2
	0.318% 4/26/21•	245,703		245,169
	Series 2008-9 A 1.738% 4/25/23•	3,647,672		3,758,314
	Soundview Home Loan Trust
	Series 2006-WF2 A1
	0.295% 12/25/36•	1,395,546		1,321,306
	Structured Asset Investment Loan Trust
	Series 2003-BC2 M1
	1.545% 4/25/33•	272,302		238,924
	Trafigura Securitisation Finance
	Series 2012-1A A 144A
	2.567% 10/15/15#•	500,000		506,406
	Trinity Rail Leasing
	Series 2012-1A A1 144A
	2.266% 1/15/43#	358,009		351,675
	Vanderbilt Mortgage Finance
	Series 2001-A A4
	7.235% 6/7/28•	31,392		31,680
Total Non-Agency Asset-Backed
	Securities
	(cost $42,371,102)			43,253,166
Non-Agency Collateralized Mortgage Obligations - 3.36%
	Alternative Loan Trust
	Series 2004-J1 1A1 6.00% 2/25/34	3,299		3,352
	Series 2004-J2 7A1
	6.00% 12/25/33	5,066		5,062

(continues) NQ-OPTFI [12/13] 2/14 (12134) 17

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Alternative Loan Trust Resecuritization
	Series 2008-2R 3A1
	6.00% 8/25/37	2,336,512	$	1,768,826
	ARM Trust
	Series 2004-5 3A1
	2.587% 4/25/35•	1,808,519		1,775,976
	Series 2005-10 3A31
	4.927% 1/25/36•	810,273		739,277
	Series 2006-2 1A4
	2.716% 5/25/36•	1,398,305		1,180,652
	Banc of America Funding Trust
	Series 2006-I 1A1
	2.398% 12/20/36•	819,487		813,484
	Banc of America Mortgage Trust
	Series 2003-D 2A1
	2.875% 5/25/33•	857,424		845,143
	Bank of America Alternative Loan Trust
	Series 2005-3 2A1 5.50% 4/25/20	41,186		42,623
	Series 2005-6 7A1 5.50% 7/25/20	147,443		150,567
	Bear Stearns ARM Trust
	Series 2003-5 2A1
	2.581% 8/25/33•	143,653		144,982
	Series 2005-2 A2
	2.793% 3/25/35•	268,805		267,972
	Series 2005-5 A1 2.21% 8/25/35•	2,631,381		2,632,775
	Chase Mortgage Finance Trust
	Series 2005-A1 3A1
	2.559% 12/25/35•	284,359		256,374
	ChaseFlex Trust
	Series 2006-1 A4 5.31% 6/25/36•	420,000		359,391
	Citicorp Residential Mortgage Trust
	Series 2006-3 A4
	5.703% 11/25/36	521,682		520,363
	Series 2006-3 A5
	5.948% 11/25/36	900,000		861,620
	Citigroup Mortgage Loan Trust
	Series 2004-UST1 A6
	3.794% 8/25/34•	34,556		34,353
	Countrywide Home Loan Mortgage
	Pass-Through Trust
	Series 2003-21 A1 2.807%
	5/25/33t•	2,848		2,854
	Series 2007-4 1A1 6.00%
	5/25/37t	2,655,237		2,203,616
	CSMC Mortgage-Backed Trust
	Series 2005-1R 2A5 144A
	5.75% 12/26/35#	3,477,206		2,915,724
	Series 2007-1 5A14
	6.00% 2/25/37	579,754		491,423
	Series 2007-3 4A12 6.585%
	4/25/37@•Σ	861,021		131,315
	Series 2007-3 4A15
	5.50% 4/25/37	382,321		352,438
	CSMC Mortgage-Backed Trust
	Series 2007-3 4A6
	0.415% 4/25/37•	861,021		684,916
	Series 2007-5 3A19 6.00%
	8/25/37	1,246,172		1,241,510
	Series 2007-5 10A2
	6.00% 4/25/29	471,055		492,438
	Deutsche Mortgage Securities
	Re-REMIC Trust Certificates
	Series 2005-WF1 1A3 144A
	5.23% 6/26/35#•	1,146,892		1,153,280
	First Horizon Mortgage Pass-Through
	Trust
	Series 2005-AR2 2A1 2.555%
	6/25/35t•	289,604		269,891
	GMACM Mortgage Loan Trust
	Series 2006-J1 A1 5.75% 4/25/36	127,842		118,399
	GSMPS Mortgage Loan Trust
	Series 1998-3 A 144A
	7.75% 9/19/27#•	10,090		10,608
	GSR Mortgage Loan Trust
	Series 2006-AR1 3A1
	2.836% 1/25/36•	160,135		138,773
	IndyMac INDA Mortgage Loan Trust
	Series 2006-AR1 A1
	5.223% 8/25/36•	354,362		345,014
	JPMorgan Mortgage Trust
	Series 2006-A6 2A4L
	2.59% 10/25/36•	1,174,143		982,673
	Series 2006-A7 2A2
	2.53% 1/25/37•	221,864		195,583
	Series 2007-A1 6A1
	2.719% 7/25/35•	570,692		569,735
	Lehman Mortgage Trust
	Series 2007-10 2A2
	6.50% 1/25/38	3,505,327		3,122,370
	MASTR Alternative Loan Trust
	Series 2004-3 8A1 7.00% 4/25/34	4,805		4,846
	Series 2004-5 6A1 7.00% 6/25/34	84,797		89,534
	MASTR ARM Trust
	Series 2003-6 1A2
	2.825% 12/25/33•	4,200		4,180
	Series 2004-4 4A1
	2.401% 5/25/34•	165,169		161,924
	Series 2005-6 7A1
	5.196% 6/25/35•	91,808		86,163
	Series 2006-2 4A1
	2.63% 2/25/36•	20,656		19,864
	MASTR Asset Securitization Trust
	Series 2003-9 2A7
	5.50% 10/25/33	88,787		90,461
	Merrill Lynch Mortgage Investors Trust
	Series MLMI 2004-A1 2A2
	2.454% 2/25/34•	11,791		11,752

18 NQ-OPTFI [12/13] 2/14 (12134)

		Principal	Value
		Amount°	(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Merrill Lynch Mortgage Investors Trust
	Series MLMI 2005-2 1A
	1.596% 10/25/35•	220,811	$	213,508
	Series MLMI 2005-A5 A2
	2.521% 6/25/35•	265,445		264,968
	Opteum Mortgage Acceptance Trust
	Series 2006-1 2A1
	5.75% 4/25/36•	2,484,323		2,512,898
	RALI Trust
	Series 2004-QS2 CB
	5.75% 2/25/34	58,755		61,478
	RFMSI Trust
	Series 2004-S9 1A23
	5.50% 12/25/34	4,500,000		4,610,331
	Series 2004-S9 2A1
	4.75% 12/25/19	275,366		281,045
	Sequoia Mortgage Trust
	Series 2004-5 A3
	0.911% 6/20/34•	473,172		457,594
	Series 2007-1 4A1
	2.634% 9/20/46•	1,380,079		1,163,539
	Structured ARM Loan Trust
	Series 2005-22 1A4
	2.764% 12/25/35•	1,856,132		1,345,816
	Series 2006-1 7A4
	5.62% 2/25/36•	1,200,749		952,140
	Structured Asset Mortgage
	Investments II Trust
	Series 2005-AR5 A2
	0.416% 7/19/35•	1,338,374		1,280,946
	Structured Asset Securities Trust
	Series 2005-6 4A1 5.00% 5/25/35	95,671		96,219
	Washington Mutual Alternative
	Mortgage Pass Through Certificates
	Series 2005-1 5A2 6.00%
	3/25/35t	67,454		39,534
	Series 2005-AR13 A1A1 0.455%
	10/25/45t•	6,084,589		5,633,435
	Series 2005-AR16 1A3 2.363%
	12/25/35t•	1,092,610		996,939
	Series 2007-HY1 3A3 4.733%
	2/25/37t•	616,845		567,245
	Series 2007-HY7 4A1 4.784%
	7/25/37t•	1,197,099		1,090,153
	Wells Fargo Mortgage-Backed
	Securities Trust
	Series 2005-18 1A1
	5.50% 1/25/36	33,920		32,036
	Series 2005-AR16 2A1
	2.645% 2/25/34•	298,731		301,119
	Series 2006-2 3A1 5.75% 3/25/36	195,578		192,704
	Series 2006-3 A1 5.50% 3/25/36	2,659		2,653
	Series 2006-3 A11 5.50% 3/25/36	213,653		217,342
	Series 2006-6 1A3 5.75% 5/25/36	136,260		127,691
	Wells Fargo Mortgage-Backed
	Securities Trust
	Series 2006-AR5 2A1
	2.641% 4/25/36•	111,229		102,513
	Series 2006-AR11 A6
	2.616% 8/25/36•	1,540,018		1,442,483
	Series 2006-AR17 A1
	2.612% 10/25/36•	935,834		853,560
	Series 2007-10 1A36
	6.00% 7/25/37	769,262		715,616
Total Non-Agency Collateralized
	Mortgage Obligations
	(cost $53,942,354)			53,849,581
Regional Bond - 0.01%Δ
Argentina - 0.01%
	Provincia de Buenos Aires 144A
	10.875% 1/26/21#	150,000		132,375
Total Regional Bond
	(cost $134,758)			132,375
Senior Secured Loans - 4.22%«
	ABC Supply Tranche B 1st Lien
	3.50% 4/5/20	234,412		235,200
	Air Medical Group Holdings Tranche
	B1 1st Lien 6.50% 5/26/18	168,375		170,479
	Air Medical Group Tranche B1
	5.00% 5/29/18	110,000		110,344
	Albertsons Tranche B 4.25% 3/21/16	216,910		218,627
	Allegion U.S. Holding Tranche B
	3.00% 12/26/20	205,000		205,769
	ARAMARK Tranche D 4.00% 9/30/19	180,000		181,086
	Arby’s 5.00% 11/13/20	200,000		201,313
	Ardagh Group Tranche B 1st Lien
	4.25% 12/9/19	350,000		352,625
	Arysta Lifescience 1st Lien
	4.50% 5/20/20	169,150		170,454
	Arysta Lifescience 2nd Lien
	8.25% 11/22/20	230,000		234,238
	Avaya Tranche B-3 4.50% 10/27/17	104,376		102,071
	Avis Budget Car Rental Tranche B 1st
	Lien 3.00% 3/15/19	114,137		114,166
	Azure Midstream Tranche B
	6.50% 10/21/18	635,000		640,953
	Bally Technologies Tranche B
	4.25% 8/22/20	822,938		829,789
	Berry Plastics Group Tranche E
	3.75% 12/18/20	85,000		85,061
	Biomet 1st Lien 3.50% 7/25/17	298,500		301,251
	BJ’s Wholesale Club 2nd Lien
	8.50% 3/31/20	735,000		751,905
	BJ’s Wholesale Club Tranche B 1st
	Lien 4.50% 9/26/19	239,698		241,475

(continues) NQ-OPTFI [12/13] 2/14 (12134) 19

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal	Value
		Amount°	(U.S. $)
Senior Secured Loans« (continued)
	BMC Software 1st Lien 5.00% 8/9/20	470,000	$	473,113
	Bombardier Recreational Products
	Tranche B 1st Lien 4.00% 1/29/19	373,629		375,419
	Bowie Recourse Tranche B 1st Lien
	6.75% 8/9/20	380,188		383,039
	Burlington Coat Factory Warehouse
	Tranche B2 4.00% 2/23/17	398,836		403,821
	Calpine Construction Finance Tranche
	B 3.00% 5/1/20	457,700		455,068
	Carestream Health Tranche B
	5.00% 6/5/19	259,424		262,870
	Chrysler Group Tranche B
	4.25% 5/24/17	59,542		59,951
	Citycenter Holdings Tranche B
	5.00% 10/9/20	505,000		513,340
	Clear Channel Communications
	Tranche B 3.65% 1/29/16	1,369,333		1,330,136
	Clear Channel Communications
	Tranche D 6.75% 1/30/19	400,000		383,000
	Community Health Systems
	3.50% 1/25/17	1,565,000		1,578,694
	Crown Castle Operating Tranche B
	3.25% 1/31/19	345,626		346,412
	DaVita Tranche B 4.50% 10/20/16	1,164,000		1,169,335
	DaVita Tranche B2 4.00% 8/1/19	445,500		449,120
	Dell Tranche B 4.50% 3/24/20	1,700,000		1,706,375
	Delta Air Lines Tranche B 1st Lien
	3.50% 4/20/17	1,141,855		1,152,075
	Dollar General 1.275% 6/25/18	455,000		454,810
	Drillships Financing Holding Tranche
	B1 6.00% 2/17/21	718,200		735,706
	Drillships Financing Holding Tranche
	B2 5.50% 7/15/16	19,950		20,287
	Dupont Performance Coatings Tranche
	B 4.75% 2/1/20	744,375		750,681
	Dynegy Tranche B2 4.00% 4/16/20	864,702		871,008
	Emdeon 1st Lien 3.75% 11/2/18	777,551		780,628
	Energy Transfer 1st Lien
	3.25% 12/2/19	1,064,750		1,062,920
	EP Energy Tranche B3 2nd Lien
	3.50% 4/24/18	336,667		337,178
	Equipower Resources Holdings
	Tranche B 4.25% 12/21/18	102,411		103,019
	Essar Steel Algoma 8.75% 9/12/14	415,087		419,238
	Exopack Tranche B 1st Lien
	5.25% 4/24/19	300,000		305,813
	Fieldwood Energy 2nd Lien
	8.375% 9/30/20	340,000		347,893
	First Data 1st Lien 4.00% 4/5/17	1,106,681		1,110,226
	Flying Fortress 1st Lien
	3.50% 6/30/17	100,000		100,313
	Fortescue Resources 1st Lien
	4.25% 6/30/19	285,000		289,334
	Gardner Denver 1st Lien
	4.25% 7/23/20	483,787		485,299
	Generac Power Systems Tranche B
	3.50% 5/10/20	169,766		170,350
	Gentiva Health Services Tranche B
	6.50% 10/10/19	150,000		149,813
	Gentiva Health Services Tranche C
	5.75% 10/10/18	235,000		234,119
	Getty Images Tranche B
	4.75% 9/19/19	318,392		297,829
	Gray Television 4.50% 10/11/19	283,769		285,542
	Great Wolf Resorts 1st Lien
	4.50% 7/31/20	228,850		230,185
	Harrah’s Loan Operating Tranche B
	9.50% 10/31/16	779,726		787,361
	HCA Tranche B4 2.75% 5/1/18	2,004,975		2,009,282
	HD Supply Tranche B 4.50% 10/12/17	463,555		468,362
	Hilton Worldwide Finance Tranche B2
	4.00% 9/23/20	627,632		633,385
	Hologic Tranche B 3.75% 8/1/19	332,996		335,493
	Hostess Brands 1st Lien
	6.75% 3/12/20	365,000		378,688
	Houghton International 1st Lien
	4.00% 12/10/19	113,850		114,277
	Houghton International 2nd Lien
	9.50% 11/20/20	205,000		207,306
	HUB International Tranche B 1st Lien
	4.75% 9/17/20	842,888		855,706
	Hudson’s Bay 2nd Lien
	8.25% 10/7/21	175,000		181,344
	Hudson’s Bay Tranche B 1st Lien
	4.75% 10/7/20	400,000		406,861
	Huntsman International Tranche B
	3.50% 10/11/20	970,000		973,638
	IASIS Healthcare Tranche B 1st Lien
	4.50% 5/3/18	661,939		667,400
	Immucor Tranche B2 5.00% 8/19/18	885,961		891,868
	Ineos U.S. Finance 4.00% 5/4/18	977,954		982,309
	Infor U.S. Tranche B2 5.25% 4/5/18	266,427		266,705
	Infor U.S. Tranche B5 1st Lien
	3.75% 6/3/20	270,000		270,540
	Intelsat Jackson Holdings Tranche B2
	3.75% 6/30/19	1,231,616		1,243,932
	KIK Custom Products 1st Lien
	5.50% 5/17/19	741,275		731,546
	5.50% 5/23/19	50,000		49,344
	KIK Custom Products 2nd Lien
	9.50% 11/23/19	20,000		19,963
	Kinetic Concepts Tranche D1
	4.50% 5/4/18	179,548		181,157
	La Frontera Generation Tranche B
	4.50% 9/30/20	154,132		156,010
	Landry’s Tranche B 4.75% 4/24/18	606,613		611,466

20 NQ-OPTFI [12/13] 2/14 (12134)

		Principal	Value
		Amount°	(U.S. $)
Senior Secured Loans« (continued)
	Level 3 Financing Tranche B
	4.00% 1/15/20	485,000	$	489,123
	LTS Buyer 1st Lien 4.50% 3/15/20	109,450		110,248
	LTS Buyer 2nd Lien 8.00% 3/15/21	715,000		721,703
	MGM Resorts International
	3.50% 12/20/19	1,440,450		1,441,500
	Michael Stores Tranche B 1st Lien
	3.75% 1/16/20	263,675		265,096
	Moxie Liberty Tranche B
	7.50% 8/21/20	767,000		784,258
	Moxie Patriot (Panda Power Fund)
	Tranche B1 6.75% 12/18/20	720,000		738,000
	MultiPlan Tranche B 4.00% 8/18/17	259,822		262,069
	Neiman Marcus Group
	5.00% 10/18/20	495,000		501,939
	NEP Broadcasting 2nd Lien
	9.50% 7/3/20	628,571		647,429
	NRG Energy Tranche B 2.75% 7/1/18	985,031		984,074
	Nuveen Investments 1st Lien
	4.00% 5/13/17	455,000		453,538
	Nuveen Investments 2nd Lien
	6.50% 2/28/19	2,411,000		2,390,658
	OSI Restaurants Tranche B 1st Lien
	3.50% 10/26/19	341,275		342,234
	Otter Products Tranche B
	5.25% 4/29/19	555,750		556,792
	Panda Temple Power II Tranche B 1st
	Lien 7.25% 3/28/19	700,000		721,000
	Peabody Energy Tranche B
	4.25% 9/20/20	478,800		482,947
	Pharmaceutical Product Development
	4.25% 12/5/18	321,750		324,622
	Pinnacle Entertainment Tranche B2
	3.75% 8/13/20	144,275		145,177
	Polymer Group Tranche B
	5.25% 12/13/19	310,000		312,325
	PQ Tranche B 4.50% 8/7/17	440,550		444,611
	PVH Tranche B 3.25% 12/19/19	553,595		557,055
	Quickrete 2nd Lien 7.00% 3/19/21	365,000		374,581
	Ranpak 2nd Lien 8.50% 4/10/20	330,000		339,900
	Remy International Tranche B 1st Lien
	4.25% 3/5/20	85,233		85,872
	Reynolds Group 1st Lien
	4.00% 12/31/18	529,650		534,947
	Rite Aid 2nd Lien 5.75% 8/3/20	555,000		571,303
	Salix Pharmaceuticals Tranche B
	4.25% 12/17/19	650,000		657,042
	Samson Investment 2nd Lien
	5.00% 9/25/18	634,000		637,170
	Santander Asset Management Tranche
	B 4.25% 11/26/20	240,000		241,000
	Scientific Games International
	4.25% 5/22/20	870,000		872,628
	Sensus 4.75% 5/9/17	395,000		395,864
	Sensus U.S.A. 2nd Lien
	8.50% 4/13/18	465,000		463,838
	Seven Seas Cruises 1st Lien
	4.75% 12/21/18	301,188		305,329
	Smart & Final Tranche B 1st Lien
	4.50% 11/15/19	466,641		467,049
	Sophia Tranche B 1st Lien
	4.50% 1/29/18	92,839		93,497
	Sprouts Farmers Markets Holdings
	4.00% 4/12/20	423,705		425,294
	State Class Tankers II 1st Lien
	6.75% 6/10/20	470,000		477,638
	Supervalu 5.00% 3/21/19	475,075		480,518
	Surgical Care Affiliates Tranche B
	5.50% 5/26/18	84,575		84,813
	Swift Transportation Tranche B2 1st
	Lien 4.00% 12/21/17	147,285		148,500
	Taminco Global Chemical Tranche B
	4.25% 2/15/19	215,896		217,515
	TransDigm Tranche C 3.75% 2/7/20	612,361		614,784
	Truven Health Analytics Tranche B
	4.50% 5/23/19	541,954		543,390
	United Airlines Tranche B 1st Lien
	4.00% 3/12/19	253,087		255,458
	Univision Communications 1st Lien
	4.00% 3/1/20	188,575		189,535
	Univision Communications Tranche C1
	1st Lien 4.50% 2/22/20	257,387		259,180
	Univision Communications Tranche C2
	4.50% 2/6/20	1,007,387		1,014,943
	US Air Tranche B1 1st Lien
	4.25% 5/21/19	285,000		287,375
	US Air Tranche B2 1st Lien
	3.50% 11/21/16	89,000		89,510
	USI Insurance Services Tranche B
	5.00% 12/14/19	565,725		568,907
	Valeant Pharmaceuticals Tranche B
	4.50% 5/30/20	972,650		980,249
	Vantage Drilling Tranche B 1st Lien
	5.00% 10/25/17	291,375		294,289
	Visant 5.25% 12/22/16	131,610		130,170
	Wide Open West Finance
	4.75% 3/27/19	1,061,975		1,068,552
	Zayo Group Tranche B 1st Lien
	4.00% 7/2/19	528,297		529,429
Total Senior Secured Loans
	(cost $66,975,220)			67,531,175

(continues) NQ-OPTFI [12/13] 2/14 (12134) 21

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Principal		Value
		Amount°		(U.S. $)
Sovereign Bonds - 3.25%Δ
Argentina - 0.05%
	Argentine Republic Government
	International Bond
	8.28% 12/31/33		1,128,498	$	857,659
					857,659
Armenia - 0.03%
	Republic of Armenia 144A
	6.00% 9/30/20#		556,000		554,610
					554,610
Australia - 0.17%
	Australia Government Inflation-Linked
	Bond 5.50% 4/21/23	AUD	2,800,000		2,764,014
					2,764,014
Brazil - 1.42%
	Banco Nacional de Desenvolvimento
	Economico e Social
	144A 5.75% 9/26/23#		535,000		530,319
	144A 6.369% 6/16/18#		1,500,000		1,635,000
	144A 6.50% 6/10/19#		2,500,000		2,725,000
	Brazil Letras do Tesouro Nacional
	1.767% 1/1/17^	BRL	29,800,000		8,887,467
	Brazil Notas do Tesouro Nacional
	Series F
	10.00% 1/1/14	BRL	2,039,000		863,190
	10.00% 1/1/15	BRL	1,153,000		485,301
	10.00% 1/1/17	BRL	18,523,000		7,042,380
	10.00% 1/1/21	BRL	304,000		111,818
	10.00% 1/1/23	BRL	304,000		108,703
	Republic of Brazil 4.25% 1/7/25		293,000		279,449
					22,668,627
Finland - 0.02%
	Finland Government Bond
	2.25% 3/6/18	NOK	2,000,000		325,808
					325,808
Gabon - 0.05%
	Gabonese Republic 144A
	6.375% 12/12/24#		835,000		841,263
					841,263
Germany - 0.09%
	Deutschland Republic 1.50% 2/15/23	EUR	1,022,800		1,365,380
					1,365,380
Hungary - 0.05%
	Hungary Government International
	Bond 5.75% 11/22/23		730,000		737,300
					737,300
Iceland - 0.04%
	Republic of Iceland 144A
	5.875% 5/11/22#		645,000		658,980
					658,980
Indonesia - 0.10%
	Perusahaan Penerbit Indonesia 144A
	6.125% 3/15/19#		760,000		814,150
	Republic of Indonesia 144A
	3.375% 4/15/23#		929,000		796,618
					1,610,768
Ivory Coast - 0.02%
	Ivory Coast Government International
	Bond 5.75% 12/31/32		435,000		391,500
					391,500
Mexico - 0.17%
	Mexican Bonos
	6.50% 6/10/21	MXN	3,138,100		247,857
	6.50% 6/9/22	MXN	8,606,000		668,157
	7.75% 12/14/17	MXN	6,882,000		579,262
	Mexico Cetes
	3.29% 1/16/14^	MXN	10,710,500		81,226
	3.48% 6/12/14^	MXN	150,289,500		1,133,210
					2,709,712
Netherlands - 0.02%
	Republic of Angola Via Northern
	Lights 7.00% 8/16/19		285,000		309,225
					309,225
Nigeria - 0.03%
	Nigeria Government Bond
	15.10% 4/27/17	NGN	60,345,000		398,137
					398,137
Norway - 0.02%
	Norway Government Bond
	5.00% 5/15/15	NOK	2,020,000		349,090
					349,090
Panama - 0.07%
	Panama Government International
	Bond
	7.125% 1/29/26		340,000		410,550
	8.875% 9/30/27		577,000		773,180
					1,183,730
Paraguay - 0.03%
	Republic of Paraguay 144A
	4.625% 1/25/23#		430,000		406,350
					406,350
Poland - 0.01%
	Poland Government Bond
	5.75% 10/25/21	PLN	638,000		232,466
					232,466
Qatar - 0.38%
	Qatar Government International Bond
	4.00% 1/20/15		5,800,000		6,010,250
					6,010,250

22 NQ-OPTFI [12/13] 2/14 (12134)

		Principal		Value
		Amount°		(U.S. $)
Sovereign BondsΔ (continued)
Republic of Korea - 0.17%
	Korea Treasury Inflation-Linked Bond
	1.125% 6/10/23	KRW	315,674,100	$	279,540
	2.75% 6/10/20	KRW	718,566,050		715,931
	Republic of Korea
	5.75% 4/16/14		900,000		913,235
	7.125% 4/16/19		700,000		855,040
					2,763,746
Slovenia - 0.19%
	Slovenia Government International
	Bond 144A 4.70% 11/1/16#	EUR	2,100,000		2,999,184
					2,999,184
Sweden - 0.03%
	Sweden Government Bond
	1.50% 11/13/23	SEK	2,100,000		297,843
	4.25% 3/12/19	SEK	1,250,000		217,809
					515,652
Trinidad - 0.02%
	Republic of Trinidad & Tobago 144A
	4.375% 1/16/24#		250,000		257,250
					257,250
Turkey - 0.03%
	Hazine Mustesarligi Varlik Kiralama
	144A 4.557% 10/10/18#		510,000		503,625
					503,625
United Kingdom - 0.04%
	United Kingdom Gilt
	1.75% 9/7/22	GBP	100,000		151,349
	4.00% 3/7/22	GBP	279,465		506,359
					657,708
Total Sovereign Bonds
	(cost $58,184,777)				52,072,034
Supranational Banks - 0.08%
	African Export-Import Bank
	5.75% 7/27/16		235,000		250,275
	Eurasian Development Bank 144A
	5.00% 9/26/20#		515,000		526,588
	International Bank for Reconstruction
	& Development
	2.835% 9/24/18•	AUD	310,000		276,896
	6.00% 2/15/17	AUD	265,000		255,140
Total Supranational Banks
	(cost $1,297,369)				1,308,899
U.S. Treasury Obligations - 13.81%
	U.S. Treasury Bonds
	2.875% 5/15/43		8,295,000		6,724,781
	3.625% 8/15/43		470,000		443,966
	U.S. Treasury Inflation Indexed Bonds
	0.625% 2/15/43		2,884,900		2,224,079
	U.S. Treasury Inflation Indexed Bonds
	1.75% 1/15/28		9,386,616		10,067,512
	2.00% 1/15/26		1,647,366		1,826,260
	2.375% 1/15/25		1,709,806		1,968,014
	2.375% 1/15/27		4,250,190		4,904,320
	2.50% 1/15/29		4,274,975		5,030,445
	3.875% 4/15/29		269,924		370,503
	U.S. Treasury Notes
	1.25% 11/30/18		9,415,000		9,214,197
	1.50% 8/31/18		108,000,000		107,460,246
	1.50% 12/31/18		17,225,000		17,031,891
	1.75% 10/31/20		18,900,000		18,134,399
	2.00% 7/31/20		1,800,000		1,768,219
	2.00% 9/30/20		7,300,000		7,136,604
	2.75% 11/15/23¥		27,400,000		26,807,037
Total U.S. Treasury Obligations
	(cost $227,727,580)				221,112,473
		Number of
		Shares
Common Stock - 0.00%
	Century Communications=		1,975,000		0
	Delta Air Lines		29		797
	NRG Energy		41		1,178
Total Common Stock
	(cost $60,518)				1,975
Convertible Preferred Stock - 0.35%
	ArcelorMittal 6.00% exercise price
	$20.61, expiration date 12/21/15		8,925		232,329
	Bank of America 7.25% exercise price
	$50.00, expiration date 12/31/49		173		183,640
	Chesapeake Energy 144A 5.75%
	exercise price $27.83, expiration
	date 12/31/49#		276		320,505
	Dominion Resources
	6.00% exercise price $65.27,
	expiration date 7/1/16		2,252		122,081
	6.125% exercise price $65.27,
	expiration date 4/1/16		2,252		121,878
	Goodyear Tire & Rubber 5.875%
	exercise price $18.21, expiration
	date 3/31/14		9,500		633,234
	Halcon Resources 5.75% exercise
	price $6.16, expiration date
	12/31/49		349		277,106
	HealthSouth 6.50% exercise price
	$30.50, expiration date 12/31/49		582		726,191
	Huntington Bancshares 8.50%
	exercise price $11.95, expiration
	date 12/31/49		337		426,305
	Intelsat 5.75% exercise price $22.05,
	expiration date 5/1/16		11,444		669,474

(continues) NQ-OPTFI [12/13] 2/14 (12134) 23

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

		Number of	Value
		Shares	(U.S. $)
Convertible Preferred Stock (continued)
	MetLife 5.00% exercise price $44.27,
	expiration date 3/26/14	22,425	$	707,285
	SandRidge Energy 8.50% exercise
	price $8.01, expiration date
	12/31/49	5,929		619,951
	Wells Fargo 7.50% exercise price
	$156.71, expiration date 12/31/49	485		535,925
Total Convertible Preferred Stock
	(cost $5,408,883)			5,575,904
Preferred Stock - 0.18%
	Alabama Power 5.625%	21,075		481,564
	Ally Financial 144A 7.00%#	500		480,047
	Integrys Energy Group 6.00%•	35,650		853,818
	National Retail Properties 5.70%	9,340		177,460
	Public Storage 5.20%	18,720		352,872
	Wells Fargo 5.20%	28,160		565,453
Total Preferred Stock
	(cost $3,283,960)			2,911,214
		Number of
		Contracts
Options Purchased - 0.00%
Currency Call Option - 0.00%
	USD vs TRY strike price TRY 200,
	expiration date 3/12/14	3,099,300		4,314
				4,314
Futures Call Option - 0.00%
	Euro vs USD exercise price $99.75,
	expiration date 12/15/14	34		1,700
				1,700
Total Options Purchased (premium
	paid $18,621)			6,014
		Principal
		Amount°
Short-Term Investments - 13.53%
Discount Notes - 0.07%≠
	Federal Home Loan Bank
	0.025% 1/24/14	1,000,000		999,994
	0.07% 1/31/14	100,000		99,999
				1,099,993
Repurchase Agreements - 1.53%
	Bank of America Merrill Lynch
	0.00%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $16,792,114 (collateralized
	by U.S. government obligations
	0.00%-3.125% 5/22/14-5/15/19;
	market value $17,127,961)	16,792,114		16,792,114
	BNP Paribas
	0.005%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $7,692,636 (collateralized by
	U.S. government obligations
	1.25%-4.00% 2/15/15-10/31/15;
	market value $7,846,489)	7,692,635		7,692,635
				24,484,749
U.S. Treasury Obligations - 11.93%≠
	U.S. Treasury Bills
	0.001% 1/2/14	35,151,684		35,151,684
	0.001% 1/30/14	32,096,688		32,096,368
	0.004% 1/16/14	62,290,767		62,290,581
	0.033% 1/23/14	16,691,305		16,691,189
	0.04% 2/6/14	5,200,000		5,199,953
	0.057% 4/24/14	29,848,163		29,842,940
	0.093% 11/13/14	9,663,907		9,655,770
				190,928,485
Total Short-Term Investments
	(cost $216,512,906)			216,513,227
Total Value of Securities - 108.78%
	(cost $1,741,455,354)			1,741,279,273
		Number of
		Contracts
Options Written - (0.06%)
Call Swaptions - 0.00%
	5 yr IRS pay a fixed rate 1.30% and
	receive a floating rate based on
	6-month LIBOR expiration date
	1/27/14 (MSC)	(177,700,000)		0
	10 yr IRS pay a fixed rate 2.65% and
	receive a floating rate based on a
	6-month LIBOR, expiration date
	3/3/14 (CITI)	(3,500,000)		(1,026	)
				(1,026	)
Futures Put Option - 0.00%
	Euro vs USD exercise price $99,
	expiration date 12/15/14	(34)		(3,400	)
				(3,400	)
Put Swaptions - (0.06%)
	5 yr IRS pay a fixed rate 1.80% and
	receive a floating rate based on
	6-month LIBOR expiration date
	1/27/14 (MSC)	(177,700,000)		(903,071)

24 NQ-OPTFI [12/13] 2/14 (12134)

	Number of		Value
	Contracts		(U.S. $)
Options Written (continued)
Put Swaptions (continued)
10 yr IRS pay a fixed rate 3.10% and
receive a floating rate based on a
6-month LIBOR, expiration date
3/3/14 (CITI)	(3,500,000	)	$	(51,996	)
				(955,067	)
Total Options Written
(premium received $835,533)				(959,493	)
Liabilities Net of Receivables and
Other Assets - (8.72%)				(139,583,881	)
Net Assets - 100.00%			$	1,600,735,899

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2013, the aggregate value of Rule 144A securities was $222,137,366, which represents 13.88% of the Fund’s net assets. See Note 6 in “Notes.”
@	Illiquid security. At Dec. 31, 2013, the aggregate value of illiquid securities was $15,213,853, which represents 0.95% of the Fund’s net assets. See Note 6 in “Notes.”
t	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.
❆	100% of the income received was in the form of cash.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2013, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. Dollars unless noted that the security is denominated in another currency.
•	Variable rate security. The rate shown is the rate as of Dec. 31, 2013. Interest rates reset periodically.
∞	Fully or partially pledged as collateral for futures contracts.
Δ	Securities have been classified by country of origin.
Σ	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 yield at the time of purchase.
«	Senior secured loans generally pay interest at rates which are periodically redetermined by reference to a base lending rate plus a premium. These base lending rates are generally: (i) the prime rate offered by one or more United States banks, (ii) the lending rate offered by one or more European banks such as the London Inter-Bank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Dec. 31, 2013
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Dec. 31, 2013.

The following foreign currency exchange contracts, futures contracts and swap contracts were outstanding at Dec. 31, 2013:¹

Foreign Currency Exchange Contracts

									Unrealized
	Contracts to						Settlement		Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date		(Depreciation)
BAML	CAD	(1,784,758	)	USD	1,677,188			1/10/14		$	(2,712	)
BAML	EUR	(1,015,567	)	USD	1,397,344			1/10/14			236
BAML	GBP	739,542		USD	(1,211,800	)		1/10/14			12,874
BAML	PHP	27,931,453		USD	(632,864	)		1/10/14			(3,683	)
BCLY	MXN	(9,751,647	)	USD	739,685			1/10/14			(6,752	)
BNP	AUD	(3,124,074	)	USD	2,797,153			1/10/14			9,562
CITI	AUD	(5,761,000	)	USD	5,257,592			1/6/14			115,693
CITI	CAD	(4,116,000	)	USD	3,878,208			3/20/14			10,526
CITI	CNY	(55,270,000	)	USD	8,633,240			12/8/14			(430,090	)
CITI	EUR	(10,873,000	)	USD	14,987,996			3/13/14			30,303
CITI	GBP	(237,000	)	USD	389,528			3/12/14			(2,773	)
CITI	JPY	(1,700,000	)	USD	17,130			2/18/14			985
CITI	PLN	(339,046	)	USD	109,263			1/10/14			(2,817	)
DB	EUR	(2,242,328	)	USD	3,035,629			1/10/14			(49,124	)
DB	JPY	(783,474,645	)	USD	7,459,000			1/7/14			20,107
GSC	GBP	(408,020	)	USD	668,447			1/10/14			(7,230	)
HSBC	BRL	(821,881	)	USD	348,476			1/10/14			1,440
HSBC	CAD	417,089		USD	(392,035	)		1/10/14			550
JPMC	BRL	(38,512,005	)	USD	16,379,027			2/4/14			220,878
JPMC	EUR	(118,000	)	USD	161,344			2/4/14			(986	)
JPMC	MXN	(15,847,256	)	USD	1,207,594			6/12/14			9,085
MSC	CNY	55,270,000		USD	(8,600,000	)		12/8/14			463,330
TD	JPY	(333,309,554	)	USD	3,242,288			1/10/14			77,552
UBS	CAD	(1,951,318	)	USD	1,835,056			1/10/14			(1,618	)
UBS	MXN	8,222,802		USD	(632,864	)		1/10/14			(3,452	)
										$	461,884

Futures Contracts

											Unrealized
			Notional			Notional			Expiration		Appreciation
Contracts to Buy (Sell)			Cost (Proceeds)			Value			Date		(Depreciation)
722		90 Day Euro	$	177,791,382		$	177,350,275			6/14/16		$	(441,107	)
693		90 Day Euro		170,485,820			169,689,713			9/19/16			(796,107	)
6		Euro-Bund		1,144,219			1,148,737			3/7/14			4,518
(780	)	U.S. Treasury 10 yr Notes		(97,493,470	)		(95,976,563	)		3/21/14			1,516,907
(213	)	U.S. Treasury 5 yr Notes		(25,360,956	)		(25,413,562	)		4/1/14			(52,606	)
(224	)	U.S. Treasury Long Bonds		(29,233,394	)		(28,742,000	)		3/21/14			491,394
			$	197,333,601								$	722,999

(continues) NQ-OPTFI [12/13] 2/14 (12134) 25

Schedule of Investments (Unaudited)

Optimum Fixed Income Fund

Swap Contracts
CDS Contracts²

	Swap			Annual			Unrealized
	Referenced			Protection	Termination		Appreciation
Counterparty	Obligation	Notional Value3		Payments	Date		(Depreciation)
	Protection
	Purchased:
	Credit
	Agricole
	London
	Senior
CITI	5 yr CDS	EUR	2,600,000	1.00%		12/20/16		$	(204,275	)
	ITRAXX
	Europe
	Crossover
	17.1
CITI	5 yr CDS	EUR	9,114,000	5.00%		6/20/17			(1,939,342	)
DB	CDX.EM.20		2,120,000	5.00%		12/20/18			12,648
								$	(2,130,969	)
	Protection
	Sold/Moody’s
	Rating:
	Republic of
	Brazil/Baa
CITI	5 yr CDS		2,000,000	1.00%		3/20/17		$	(11,759	)
	Republic of
	Italy/Baa
CITI	5 yr CDS	EUR	1,000,000	1.00%		6/20/17			123,466
	People’s
	Republic of
	China/Aa
MSC	5 yr CDS		2,700,000	1.00%		9/20/16			53,033
								$	164,740

Swap Contracts
Interest Rate Swap Contracts⁴

				Fixed	Variable
				Interest	Interest
	Swap			Rate	Rate					Unrealized
	Referenced			Received	Received			Termination		Appreciation
Counterparty	Obligations	Notional Value3		(Paid)	(Paid)			Date		(Depreciation)
	6-Month
CITI	BBA-LIBOR	JPY	1,490,000,000	1.00%		(0.225	%)		9/18/23		$	(141,092	)
	6-Month
CITI	BBR-BBSW	AUD	9,400,000	4.75%		0.000	%		6/15/22			259,594
	6-Month
CITI	BBR-BBSW	AUD	6,100,000	4.00%		3.130	%		3/15/23			(177,678	)
	6-Month
CITI	EURIBOR	EUR	33,500,000	2.93%		(0.342	%)		8/8/23			262,181
CITI	6-Month LIBOR		20,800,000	2.75%		(0.241	%)		10/22/23			577,163
	6-Month
JPMC	BBR-BBSW	AUD	10,900,000	4.75%		0.000	%		6/15/22			290,945
	6-Month
JPMC	BBR-BBSW	AUD	11,100,000	4.25%		(3.058	%)		12/11/23			(301,485	)
	Brazil CETIP
	Interbank
JPMC	Deposit	BRL	7,800,000	9.00%		0.000	%		1/2/17			(344,346	)
	Brazil CETIP
	Interbank
MSC	Deposit	BRL	21,700,000	8.22%		0.000	%		1/2/17			(1,027,300	)
											$	(602,018	)

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

¹See Note 4 in “Notes.”

²A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

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

⁴An interest rate swap agreement is an exchange of interest rates between counterparties. 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 (losses) on swap contracts.

26 NQ-OPTFI [12/13] 2/14 (12134)

Summary of Abbreviations:
AMT - Subject to Alternative Minimum Tax
ARM - Adjustable Rate Mortgage
AUD - Australian Dollar
BAML - Bank of America Merrill Lynch
BCLY - Barclays Bank
BNP - Banque Paribas
BRL - Brazilian Real
CAD - Canadian Dollar
CDS - Credit Default Swap
CDX EM - CDX.NA.HY
CITI - Citigroup Global Markets
CLO - Collateralized Loan Obligation
CNY - China Renminbi
DB - Deutche Bank
EUR - European Monetary Unit
EURIBOR - Euro Interbank Offer Rate
GBP - British Pound Sterling
GNMA - Government National Mortgage Association
GSC - Goldman Sachs Capital
GSMPS - Goldman Sachs Reperforming Mortgage Securities
HSBC - Hong Kong Shanghai Bank
IDR - Indonesian Rupiah
IRS - Interest Rate Swaption
JPMC - JPMorgan Chase Bank
JPY - Japanese Yen
KRW - South Korean Won
MXN - Mexican Peso
NCUA - National Credit Union Administration
NGN - Nigerian Naira
NOK - Norwegian Krone
NZD - New Zealand Dollar
PHP - Philippine Peso
PIK - Pay-in-kind
PLN - Polish Zloty
REMIC - Real Estate Mortgage Investment Conduit
SEK - Swedish Krona
S.F. - Single Family
TBA - To be announced
TD - Toronto Dominion Bank
UBS - Union Bank of Switzerland
USD - United States Dollar
yr - Year

(continues) NQ-OPTFI [12/13] 2/14 (12134) 27

Notes

Optimum Fixed Income Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum Fixed Income Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. Debt securities, credit default swap (CDS) contracts and interest rate swap options contracts (swaptions) and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal & Foreign Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally bifurcates 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. The Fund reports 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.

Reverse Repurchase Agreements – The Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/ dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. For the period ended Dec. 31, 2013, there were no open reverse repurchase agreements in the Fund.

28 NQ-OPTFI [12/13] 2/14 (12134)

Notes

Optimum Fixed Income Fund

1. Significant Accounting Policies (continued)

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

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of mortgage- and asset-backed securities are classified as interest income. Withholding taxes and reclaims on foreign interest have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

2. Investments

At Dec. 31, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of Investments	$	1,741,419,700
Aggregate unrealized appreciation	$	36,380,025
Aggregate unrealized depreciation		(37,479,945	)
Net unrealized depreciation	$	(1,099,920	)

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

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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.

NQ-OPTFI [12/13] 2/14 (12134) 29

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1			Level 2			Total
Agency, Asset- & Mortgage-Backed Securities	$	—		$	516,112,440		$	516,112,440
Corporate Debt		—			643,956,743			643,956,743
Foreign Debt		—			53,513,308			53,513,308
Municipal Bonds		—			14,044,800			14,044,800
Senior Secured Loans		—			67,531,175			67,531,175
Common Stock		1,975			—			1,975
Convertible Preferred Stock1		2,582,948			2,992,956			5,575,904
Preferred Stock1		2,431,167			480,047			2,911,214
U.S. Treasury Obligations		—			221,112,473			221,112,473
Short-Term Investments		—			216,513,227			216,513,227
Options Purchased		1,700			4,314			6,014
Total	$	5,017,790		$	1,736,261,483		$	1,741,279,273
Foreign Currency Exchange Contracts	$	—		$	461,884		$	461,884
Futures Contracts		722,999			—			722,999
Swap Contracts		—			(2,568,247	)		(2,568,247	)
Options Written		(3,400	)		(956,093	)		(959,493	)

¹Security type is valued across multiple levels. The amount attributed to Level 1 investments and Level 2 investments represents the following percentages of the total market value of this security type for the Fund. Level 1 investments exchange-traded investments and Level 2 investments represents investments with observable inputs.

	Level 1		Level 2		Total
Convertible Preferred Stock	46.32	%	53.68	%	100.00	%
Preferred Stock	83.51	%	16.49	%	100.00	%

The securities that have been deemed worthless on the schedule of investments are considered to be Level 3 investments in this table.

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Unfunded Commitments

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. As of Dec. 31, 2013, the Fund had the following unfunded loan commitments:

Borrower
Community Health Systems	$	415,000
Patheon		475,000

4. Derivatives

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

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

The use of foreign currency exchange contracts 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The Fund’s maximum risk of loss from counterparty credit

30 NQ-OPTFI [12/13] 2/14 (12134)

Notes

Optimum Fixed Income Fund

4. Derivatives (continued)

risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty.

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. The Fund may use futures in the normal course of pursuing its investment objective. The Fund invests in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in prevailing market interest rates. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid 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.

Options Contracts – During the period ended Dec. 31, 2013, the Fund entered into options contracts in the normal course of pursuing its investment objective. The Fund may buy or write options contracts for any number of reasons, including without limitation: to manage the Fund’s exposure to changes in securities prices and foreign currencies; as an efficient means of adjusting the Fund’s overall exposure to certain markets; to protect the value of portfolio securities; and as a cash management tool. The Fund may buy or write call or put options on securities, futures, swaps, swaptions, financial indices, and foreign currencies. When the Fund buys an option, a premium is paid and an asset is recorded and adjusted on a daily basis to reflect the current market value of the option purchased. When the Fund writes an option, a premium is received and a liability is recorded and adjusted on a daily basis to reflect the current market value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in determining whether the Fund has a realized gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. When writing options, the Fund is subject to minimal counterparty risk because the counterparty is only obligated to pay premiums and does not bear the market risk of an unfavorable market change.

Transactions in options written during the period ended Dec. 31, 2013 for the Fund were as follows:

	Number of
Call Options	Contracts		Premiums
Options outstanding March 31, 2013	31,400,000		$	214,603
Options written	239,400,200			463,428
Options expired	(200	)		(69,413	)
Options terminated in closing purchase transactions	(89,600,000	)		(287,123	)
Options outstanding Dec. 31, 2013	181,200,000		$	321,495
	Number of
Put Options	Contracts		Premiums
Options outstanding March 31, 2013	31,400,000		$	121,722
Options written	254,900,331			1,188,687
Options expired	(15,500,297	)		(234,931	)
Options terminated in closing purchase transactions	(89,600,000	)		(561,440	)
Options outstanding Dec. 31, 2013	181,200,034		$	514,038

Swap Contracts — The Fund enters into CDS contracts and interest rate swap contracts in the normal course of pursuing its investment objective. The Fund may use interest rate swaps to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. The Fund may enter into CDS contracts in order to hedge against a credit event, to enhance total return or to gain exposure to certain securities or markets. The Fund will not be permitted to enter into any swap transactions unless, at the time of entering into such transactions, the unsecured long-term debt of the actual counterparty combined with any credit enhancements, is rated at least BBB- by Standard & Poor’s (S&P) or Baa3 by Moody’s Investors Service (Moody’s) or is determined to be of equivalent credit quality by the manager.

Interest Rate Swaps. An interest rate swap contract is an exchange of interest rates between counterparties. In one instance, an interest rate swap involves payments received by the Fund from another party based on a variable or floating interest rate, in return for making payments based on a fixed interest rate. An interest rate swap can also work in reverse with the Fund receiving payments based on a fixed interest rate and making payments based on a variable or floating interest rate. Interest rate swaps may be used to adjust the Fund’s sensitivity to interest rates or to hedge against changes in interest rates. Periodic payments on such contracts are accrued daily and recorded as unrealized appreciation/depreciation on swap contracts. Upon periodic payment/receipt or termination of the contract, such amounts are recorded as realized gains or losses on swap contracts. The Fund’s maximum risk of loss from counterparty credit risk is the discounted net value of the cash flows to be received from/paid to the counterparty over the interest rate swap contract’s remaining life, to the extent that the amount is positive. This risk is mitigated by (1) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

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

NQ-OPTFI [12/13] 2/14 (12134) 31

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 period ended Dec. 31, 2013, the Fund entered into CDS contracts as a purchaser and seller of protection. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded as unrealized appreciation or depreciation daily. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. For trades prior to June 10, 2013, the Fund had posted $3,000,000 cash as collateral for certain open derivatives, which is presented as restricted cash on the schedule of investments. Initial margin and variation margin is posted to central counterparties for CDS basket trades submitted on or after June 10, 2013, as determined by the applicable central counterparty. The Fund received securities collateral of $586,000 for certain open derivatives.

As disclosed in the footnotes to the schedule of investments, at Dec. 31, 2013, the notional value of the protection sold was EUR 1,000,000 and USD 4,700,000, which reflects the maximum potential amount the Fund would have been required to make as a seller of credit protection if a credit event had occurred. 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 Dec. 31, 2013, the net unrealized appreciation of the protection sold was $164,739.

CDS contracts may involve greater risks than if the Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) 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 for trades entered prior to June 10, 2013, and (2) trading these instruments through a central counterparty for trades entered on or after June 10, 2013.

Swaps Generally. The value of open swaps may differ from that which would be realized in the event the Fund terminated its position in the agreement. Risks of entering into these contracts include the potential inability of the counterparty to meet the terms of the contracts. This type of risk is generally limited to the amount of favorable movement in the value of the underlying security, instrument or basket of instruments, if any, at the day of default. Risks also arise from potential losses from adverse market movements and such losses could exceed the unrealized amounts shown on the schedule of investments.

5. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in a Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the Fund had no securities out on loan.

32 NQ-OPTFI [12/13] 2/14 (12134)

Notes

Optimum Fixed Income Fund

6. Credit and Market Risk

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

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

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

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

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the schedule of investments.

7. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

NQ-OPTFI [12/13] 2/14 (12134) 33

Schedule of Investments (Unaudited)

Optimum International Fund
December 31, 2013

	Number of	Value
	Shares	(U.S. $)
Common Stock - 97.06%Δ
Australia - 1.04%
BHP Billiton ADR	63,074	$	4,301,647
Treasury Wine Estates	475,214		2,045,215
			6,346,862
Austria - 2.79%
Conwert Immobilien Invest†	178,819		2,293,571
Erste Group Bank	257,690		8,983,182
Schoeller-Bleckmann Oilfield
Equipment	52,020		5,771,207
			17,047,960
Belgium - 1.17%
Ageas VVPR Strip=†	2,424		0
Anheuser-Busch InBev	67,378		7,161,377
			7,161,377
Bermuda - 1.55%
Everest Re Group	40,316		6,284,055
Seadrill	77,270		3,167,549
			9,451,604
Brazil - 0.87%
Banco Bradesco ADR†	194,731		2,439,979
Banco do Brasil	279,600		2,888,210
			5,328,189
Canada - 1.35%
Gildan Activewear	29,700		1,582,937
MEG Energy†	81,200		2,340,095
Rogers Communications Class B	55,922		2,530,471
Westjet Airlines	68,800		1,803,964
			8,257,467
China/Hong Kong - 8.26%
58.com ADR†	40,700		1,560,438
AIA Group	885,400		4,441,615
Anhui Conch Cement*	1,975,500		7,324,309
Autohome ADR†	10,000		365,900
China Cinda Asset Management†	2,206,000		1,376,901
China Oilfield Services	2,120,000		6,575,106
China Shipping Container Lines*†	8,037,000		2,093,617
Daphne International Holdings*	2,816,000		1,267,389
Industrial & Commercial Bank of
China	3,167,000		2,140,086
Melco Crown Entertainment ADR†	78,100		3,063,082
Mindray Medical International ADR*	99,489		3,617,420
Orient Overseas International†	813,500		4,086,174
Ping An Insurance Group of China	286,500		2,565,953
SINA†	47,900		4,035,575
Weichai Power	1,030,000		4,150,869
YY ADR*†	35,500		1,784,940
			50,449,374
Colombia - 0.45%
Bancolombia ADR	56,572		2,773,159
			2,773,159
Cyprus - 0.70%
Eurasia Drilling GDR*	95,300		4,288,500
			4,288,500
Czech Republic - 0.43%
Komercni Banka	11,705		2,610,915
			2,610,915
Finland - 0.67%
Nokia†	330,960		2,674,158
Sanitec†	133,000		1,395,940
			4,070,098
France - 7.75%
AXA*	186,509		5,185,490
BNP Paribas	89,123		6,945,659
GDF Suez VVPR Strip=†	8,820		0
Publicis Groupe	29,000		2,653,436
Rexel*	134,625		3,532,759
Safran	72,200		5,016,933
Sanofi	20,900		2,217,364
Schneider Electric*	43,100		3,759,155
Societe Generale*	138,902		8,067,713
Valeo	31,300		3,463,268
Vivendi*	244,910		6,453,754
			47,295,531
Germany - 3.58%
Bayer	37,900		5,321,564
Commerzbank†	119,818		1,934,269
Daimler	78,200		6,786,549
KUKA*	71,887		3,373,822
OSRAM Licht*†	47,500		2,679,176
Telefonica Deutschland Holding*	214,500		1,772,750
			21,868,130
India - 1.94%
ICICI Bank ADR	131,689		4,894,880
Tata Motors ADR	110,000		3,388,000
Yes Bank	589,779		3,530,663
			11,813,543
Indonesia - 0.81%
Global Mediacom	4,789,500		748,528
Indofood Sukses Makmur	3,742,500		2,033,834
Matahari Department Store†	2,355,300		2,131,494
			4,913,856
Ireland - 4.25%
Bank of Ireland†	9,603,400		3,329,272
CRH	105,600		2,663,486
Green REIT†	1,694,900		3,362,274
ICON†	149,558		6,043,639
Kingspan Group	74,401		1,361,301
Shire	194,425		9,183,076
			25,943,048

(continues) NQ-OPTIE [12/13] 2/14 (12133) 1

Schedule of Investments (Unaudited)

Optimum International Fund

	Number of	Value
	Shares	(U.S. $)
Common StockΔ(continued)
Italy - 0.96%
BancaGenerali	178,500	$	5,524,109
Moncler†	16,500		358,645
			5,882,754
Japan - 12.52%
Daiwa Securities Group	350,000		3,504,943
Denso	160,000		8,451,388
GMO internet	230,000		3,028,273
Hitachi	572,000		4,336,373
Kenedix Realty Investment	448		2,125,979
Nabtesco	188,700		4,354,346
Nippon Steel & Sumitomo Metal	1,281,000		4,295,614
Secom	89,100		5,375,081
Shinsei Bank	1,479,000		3,619,936
SMC	14,600		3,684,348
Softbank	103,300		9,063,363
Sony	171,100		2,949,056
Sumitomo Mitsui Financial Group	128,900		6,702,282
Tokyo Tatemono	401,000		4,458,472
Tokyu Fudosan Holdings†	211,300		1,986,110
Toyota Motor	54,500		3,322,669
Yahoo Japan	932,900		5,201,484
			76,459,717
Malaysia - 0.17%
Astro Malaysia Holdings	1,155,300		1,057,160
			1,057,160
Netherlands - 5.87%
Aalberts Industries*	112,836		3,597,420
ASML Holding*	34,586		3,237,340
Core Laboratories	60,502		11,552,857
ING Groep CVA†	83,900		1,165,754
Randstad Holding*	79,528		5,158,524
Royal Dutch Shell Class A	84,305		3,004,420
Yandex Class A†	92,500		3,991,375
Ziggo	89,700		4,096,890
			35,804,580
New Zealand - 0.43%
Xero Private Placement=†	104,850		2,646,408
			2,646,408
Nigeria - 0.48%
Lekoil†	2,816,700		2,915,461
			2,915,461
Norway - 3.65%
DNB	392,102		7,039,018
Norsk Hydro	568,971		2,545,853
Statoil	173,000		4,207,659
Statoil ADR	179,801		4,338,598
Subsea 7	216,801		4,157,159
			22,288,287
Republic of Korea - 2.60%
Hyundai Mobis	15,985		4,448,706
NAVER	4,500		3,099,973
POSCO	11,681		3,633,398
Samsung Electronics	2,478		3,227,804
Samsung Heavy Industries	41,020		1,481,992
			15,891,873
Singapore - 0.17%
United Industrial	438,000		1,030,466
			1,030,466
Spain - 3.43%
Amadeus IT Holding	164,715		7,048,344
Bankinter	468,800		3,216,257
Cie Automotive	170,871		1,880,538
NH Hoteles†	964,105		5,683,278
Sacyr†	605,779		3,139,305
			20,967,722
Sweden - 2.25%
Getinge Class B	202,229		6,932,756
Seamless Distribution*†	148,744		1,140,244
Svenska Cellulosa Class B	183,784		5,662,608
			13,735,608
Switzerland - 7.46%
Actelion†	45,000		3,816,722
Credit Suisse Group ADR†	116,707		3,622,585
Novartis	113,800		9,120,488
Novartis ADR	67,912		5,458,767
Partners Group Holding	5,747		1,532,576
Roche Holding	53,243		14,913,925
Transocean	84,533		4,177,621
UBS†	150,949		2,890,112
			45,532,796
Taiwan - 1.27%
Advanced Semiconductor Engineering	4,913,000		4,561,960
Epistar†	1,253,000		2,410,948
Hermes Microvision GDR 144A#†	24,089		781,929
			7,754,837
Thailand - 0.40%
PTT Global Chemical - Foreign	1,005,900		2,415,750
			2,415,750
Turkey - 0.99%
Akbank	1,029,185		3,210,064
Turkiye Garanti Bankasi	865,512		2,804,322
			6,014,386
United Kingdom - 15.19%
APR Energy*	299,827		4,717,163
ARM Holdings ADR*	213,857		11,706,532
ASOS†	10,600		1,075,047
AstraZeneca	44,100		2,610,601
Aveva Group	66,565		2,385,557

2 NQ-OPTIE [12/13] 2/14 (12133)

	Number of	Value
	Shares	(U.S. $)
Common StockΔ (continued)
United Kingdom (continued)
Babcock International Group	228,600	$	5,129,819
Blinkx*†	1,081,400		3,675,836
Crest Nicholson Holdings†	1,083,649		6,552,198
Diageo	198,327		6,568,987
DS Smith	662,983		3,645,248
esure Group	490,517		2,029,238
Foxtons Group†	824,429		4,539,745
Halma	381,600		3,813,925
Hargreaves Lansdown	119,369		2,676,682
HSBC Holdings	279,570		3,066,885
Inchcape	153,120		1,558,262
Lloyds Banking Group†	2,902,000		3,790,974
Partnership Assurance Group†	417,800		2,030,781
Perform Group†	530,294		1,967,213
Platform Acquisition Holdings=†	175,350		1,833,284
Rio Tinto ADR*	91,035		5,137,105
Rotork	91,640		4,355,656
Travis Perkins	112,500		3,487,747
Ultra Electronics Holdings	57,800		1,845,531
Vodafone Group	653,786		2,566,082
			92,766,098
United States - 1.61%
Carnival*	111,187		4,466,382
Euronet Worldwide†	48,937		2,341,635
Nimble Storage†	5,700		258,210
Samsonite International	910,500		2,771,046
			9,837,273
Total Common Stock
(cost $522,728,044)			592,620,789
Exchange-Traded Fund - 0.38%
iShares MSCI United Kingdom	110,562		2,308,535
Total Exchange-Traded Fund
(cost $2,119,055)			2,308,535
Preferred Stock - 0.46%Δ
Germany - 0.46%
Porsche Automobil Holding 2.57%*	26,900		2,808,133
Total Preferred Stock
(cost $2,670,238)			2,808,133
Warrant - 0.00%Δ
United Kingdom - 0.00%
Platform Acquisition Holdings strike
price $11.50, expiration date
7/31/20=†	72,450		12,679
Total Warrant (cost $725)			12,679

	Principal	Value
	Amount°	(U.S. $)
Short-Term Investments - 2.17%
Repurchase Agreements - 0.51%
Bank of America Merrill Lynch
0.00%, dated 12/31/13, to be
repurchased on 1/2/14, repurchase
price $2,132,261 (collateralized by
U.S. government obligations
0.00%-3.125% 5/22/14-5/15/19;
market value $2,174,907)	2,132,261		2,132,261
BNP Paribas
0.005%, dated 12/31/13, to be
repurchased on 1/2/14, repurchase
price $976,810 (collateralized by
U.S. government obligations
1.25%-4.00% 2/15/15-10/31/15;
market value $996,346)	976,810		976,810
			3,109,071
U.S. Treasury Obligations - 1.66%≠
U.S. Treasury Bills
0.001% 1/2/14	596,212		596,212
0.001% 1/16/14	2,797,497		2,797,489
0.001% 1/30/14	1,066,130		1,066,120
0.033% 1/23/14	1,778,935		1,778,922
0.065% 4/24/14	3,023,164		3,022,634
0.093% 11/13/14	888,442		887,694
			10,149,071
Total Short-Term Investments
(cost $13,258,145)			13,258,142
Total Value of Securities Before
Securities Lending
Collateral - 100.07%
(cost $540,776,207)			611,008,278
	Number of
	Shares
Securities Lending Collateral - 4.64%**
Investment Company
Delaware Investments
Collateral Fund No. 1	28,308,194		28,308,194
Total Securities Lending Collateral
(cost $28,308,194)			28,308,194
Total Value of
Securities - 104.71%n
(cost $569,084,401)			639,316,472
Obligation to Return Securities
Lending Collateral - (4.64%)**			(28,308,194	)
Liabilities Net of Receivables and
Other Assets - (0.07%)			(457,299	)
Net Assets - 100.00%		$	610,550,979

(continues) NQ-OPTIE [12/13] 2/14 (12133) 3

Schedule of Investments (Unaudited)

Optimum International Fund

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2013, the aggregate value of Rule 144A securities was $781,929, which represented 0.30% of the Fund’s net assets. See Note 5 in “Notes.”
*	Fully or partially on loan.
**	See Note 4 in “Notes” for additional information on securities lending collateral and non-cash collateral.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2013, the aggregate value of fair valued securities was $4,492,371, which represented 0.74% of the Fund’s net assets. See Note 1 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
n	Includes $32,051,740 of securities loaned.
°	Principal amount shown is stated in U.S. Dollars unless noted that the security is denominated in another currency.
†	Non income producing security.
Δ	Securities have been classified by country of origin.
**	See Note 4 in “Notes” for additional information on securities lending collateral.

The following foreign currency exchange contracts were outstanding at Dec. 31, 2013:¹

Foreign Currency Exchange Contracts

									Unrealized
	Contracts to								Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Settlement Date		(Depreciation)
BNYM	BRL	(17,446	)	USD	7,380			1/2/14		$	(1	)
BNYM	BRL	173,905		USD	(74,378	)		1/3/14			(814	)
BNYM	CAD	57,000		USD	(53,565	)		1/2/14			97
BNYM	CAD	69,000		USD	(64,892	)		1/3/14			65
BNYM	CHF	149,194		USD	(167,991	)		1/3/14			(747	)
BNYM	CHF	(3,689,835	)	USD	4,058,509			1/23/14			(78,415	)
BNYM	CZK	1,302,502		USD	(65,435	)		1/2/14			155
BNYM	EUR	260,452		USD	(358,743	)		1/2/14			(439	)
BNYM	EUR	226,552		USD	(311,939	)		1/3/14			(271	)
BNYM	GBP	287,718		USD	(474,617	)		1/2/14			1,867
BNYM	GBP	(7,768,541	)	USD	12,465,587			1/23/14			(397,904	)
BNYM	HKD	4,749,572		USD	(612,430	)		1/3/14			72
BNYM	JPY	(26,898,865	)	USD	255,571			1/6/14			175
BNYM	JPY	59,754,796		USD	(568,092	)		1/8/14			(733	)
BNYM	NOK	2,115,114		USD	(346,192	)		1/6/14			2,525
BNYM	SEK	1,126,720		USD	(173,286	)		1/3/14			1,901
BNYM	SGD	29,773		USD	(23,489	)		1/2/14			95
BNYM	SGD	29,813		USD	(23,614	)		1/6/14			2
CITI	CHF	1,820,203		USD	(2,008,032	)		1/23/14			32,722
CITI	EUR	(32,769,819	)	USD	44,470,703			1/23/14			(610,166	)
CITI	HKD	(24,094,844	)	USD	3,107,917			1/23/14			610
CITI	JPY	(766,064,459	)	USD	7,552,064			1/23/14			277,910
CITI	NOK	(18,816,124	)	USD	3,109,583			1/23/14			9,424
CITI	SEK	22,024,463		USD	(3,335,943	)		1/2/14			87,309
CITI	SGD	3,790,000		USD	(3,020,676	)		1/23/14			(18,467	)
CITI	ZAR	55,963,000		USD	(5,534,696	)		1/23/14			(217,876	)
JPMC	JPY	174,680,000		USD	(1,769,366	)		1/23/14			(110,695	)
MSC	DKK	14,330,910		USD	(2,609,499	)		1/23/14			33,839
MSC	EUR	469,000		USD	(646,716	)		1/23/14			(1,522	)
MSC	GBP	(818,000	)	USD	1,330,922			1/23/14			(23,558	)
MSC	HKD	80,533,000		USD	(10,387,766	)		1/23/14			(2,103	)
MSC	JPY	(2,035,144,000	)	USD	20,597,108			1/23/14			1,272,427
MSC	NOK	(16,704,000	)	USD	2,797,107			1/23/14			44,944
MSC	NZD	(1,903,027	)	USD	1,581,520			1/23/14			18,917
MSC	SEK	(34,606,000	)	USD	5,366,950			1/23/14			(11,847	)
										$	309,498

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 3 in “Notes.”

Summary of abbreviations:
ADR - American Depositary Receipt
BNYM - BNY Mellon
BRL - Brazilian Real
CAD - Canadian Dollar
CHF - Swiss Franc
CITI - Citigroup Global Markets
CVA - Dutch Certificate
CZK - Czech Koruna
DKK - Danish Krone
EUR - European Monetary Unit
GBP - British Pound Sterling
GDR - Global Depositary Receipt
HKD - Hong Kong Dollar
JPMC - JPMorgan Chase Bank
JPY - Japanese Yen
MSC - Morgan Stanley Capital
NOK - Norwegian Krone
NZD - New Zealand Dollar
REIT - Real Estate Investment Trust
SGD - Singapore Dollar
SEK - Swedish Krona
USD - United States Dollar
VVPR Strip - Dividend Coupon
ZAR - South African Rand

4 NQ-OPTIE [12/13] 2/14 (12133)

Notes

Optimum International Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum International Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security or ETF does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal & Foreign Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

NQ-OPTIE [12/13] 2/14 (12133) 5

2. Investments

At Dec. 31, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of Investments	$	569,693,204
Aggregate unrealized appreciation	$	86,570,349
Aggregate unrealized depreciation		(16,947,081	)
Net unrealized appreciation	$	69,623,268

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. Capital loss carryforwards remaining at March 31, 2013 will expire as follows: $49,949,013 expires in 2018.

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

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

Loss carryforward character
Short-term	Long-term
$18,734	$	4,359,227

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

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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.

6 NQ-OPTIE [12/13] 2/14 (12133)

Notes

Optimum International Fund

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	6,346,862	$	—	$	—	$	6,346,862
Austria		—		17,047,960		—		17,047,960
Belgium		7,161,377		—		—		7,161,377
Bermuda		6,284,055		3,167,549		—		9,451,604
Brazil		5,328,189		—		—		5,328,189
Canada		8,257,467		—		—		8,257,467
China/Hong Kong		50,449,374		—		—		50,449,374
Colombia		2,773,159		—		—		2,773,159
Cyprus		4,288,500		—		—		4,288,500
Czech Republic		—		2,610,915		—		2,610,915
Finland		1,395,940		2,674,158		—		4,070,098
France		47,295,531		—		—		47,295,531
Germany		2,679,176		19,188,954		—		21,868,130
India		11,813,543		—		—		11,813,543
Indonesia		—		4,913,856		—		4,913,856
Ireland		25,943,048		—		—		25,943,048
Italy		358,645		5,524,109		—		5,882,754
Japan		1,986,110		74,473,607		—		76,459,717
Malaysia		1,057,160		—		—		1,057,160
Netherlands		35,804,580		—		—		35,804,580
New Zealand		—		2,646,408		—		2,646,408
Nigeria		2,915,461		—		—		2,915,461
Norway		4,338,598		17,949,689		—		22,288,287
Republic of Korea		—		15,891,873		—		15,891,873
Singapore		1,030,466		—		—		1,030,466
Spain		20,967,722		—		—		20,967,722
Sweden		1,140,244		12,595,364		—		13,735,608
Switzerland		14,791,549		30,741,247		—		45,532,796
Taiwan		7,754,837		—		—		7,754,837
Thailand		2,415,750		—		—		2,415,750
Turkey		6,014,386		—		—		6,014,386
United Kingdom		90,932,814		—		1,833,284		92,766,098
United States		9,837,273		—		—		9,837,273
Exchange-Traded Fund		2,308,535		—		—		2,308,535
Preferred Stock		—		2,808,133		—		2,808,133
Warrant		—		—		12,679		12,679
Short-Term Investments		—		13,258,142		—		13,258,142
Securities Lending Collateral		—		28,308,194		—		28,308,194
Total	$	383,670,351	$	253,800,158	$	1,845,963	$	639,316,472
Foreign Currency Exchange Contracts	$	—	$	309,498	$	—	$	309,498

The securities that have been deemed worthless on the schedule of investments are considered to be Level 3 investments in this table.

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the Fair Valuation Procedures described in Note 1, International Fair Value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s Net Asset Value is determined. Further, International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the

NQ-OPTIE [12/13] 2/14 (12133) 7

events occurring after the close of the exchange or market on which the investment is principally traded , causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Derivatives

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

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

The use of foreign currency exchange contracts 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 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.

4. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust or another collateral investment pool. This could occur if an investment in a collateral investment pool defaulted or if it were necessary to liquidate assets in the collateral investment pool to meet returns on outstanding security loans at a time when the collateral investment pool’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the value of securities on loan was $32,051,740, for which the Fund received collateral, comprised of non-cash collateral valued at $4,634,464, and cash collateral of $28,308,194. At Dec. 31, 2013, the value of invested collateral was $28,308,194. Investments purchased with cash collateral are presented on the schedule of investments under the caption “Securities Lending Collateral.”

8 NQ-OPTIE [12/13] 2/14 (12133)

Notes

Optimum International Fund

5. Credit and Market Risk

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

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

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of Dec. 31, 2013, no securities held by the Fund have been determined to be illiquid under the Fund’s Liquidity Procedures. Rule 144A securities have been identified on the schedule of investments.

6. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

NQ-OPTIE [12/13] 2/14 (12133) 9

Schedule of Investments (Unaudited)

Optimum Large Cap Growth Fund
December 31, 2013

		Number of	Value
		Shares	(U.S. $)
Common Stock - 97.38%²
Consumer Discretionary - 25.34%
	Amazon.com†	114,650	$	45,721,258
	AutoZone†	10,200		4,874,988
	BorgWarner	25,700		1,436,887
	CarMax†	71,500		3,361,930
	Carnival (United Kingdom)	64,172		2,657,944
	CBS Class B	67,500		4,302,450
	Charter Communications Class A†	12,100		1,654,796
	Chipotle Mexican Grill†	13,300		7,085,974
	Comcast Class A	139,100		7,228,332
	D.R. Horton	96,600		2,156,112
	Delphi Automotive (United Kingdom)	90,000		5,411,700
	Discovery Communications Class C†	32,300		2,708,678
	DISH Network Class A†	50,550		2,927,856
	Disney (Walt)	48,300		3,690,120
	Dollar General†	37,200		2,243,904
	Dollar Tree†	25,900		1,461,278
	Fossil Group†	5,050		605,697
	General Motors†	252,300		10,311,501
	Harley-Davidson	35,900		2,485,716
	Hilton Worldwide Holdings†	108,600		2,416,350
	Home Depot	280,650		23,108,721
	Johnson Controls	55,650		2,854,845
	L Brands	31,050		1,920,443
	Lamar Advertising Class A†	99,900		5,219,775
	Las Vegas Sands	196,000		15,458,520
	Lennar Class A	55,100		2,179,756
	Lowe’s	289,300		14,334,815
	Lululemon Athletica (Canada)†	6,400		377,792
	Macy’s	47,750		2,549,850
	Marriott International Class A	37,480		1,850,013
	McDonald’s	45,200		4,385,756
	MGM Resorts International†	293,250		6,897,240
	Michael Kors Holdings (China)
	(Hong Kong Exchange)†	27,000		2,192,130
	Netflix†	15,900		5,853,903
	NIKE Class B	41,000		3,224,240
	Prada (Italy)	183,300		1,631,035
	priceline.com†	19,598		22,780,715
	PVH	38,250		5,202,765
	Ralph Lauren	17,600		3,107,632
	Ross Stores	36,800		2,757,424
	Starbucks	160,250		12,561,998
	Starwood Hotels & Resorts Worldwide	53,000		4,210,850
	Tesla Motors†	15,500		2,330,890
	Tiffany	24,500		2,273,110
	Time Warner Cable	32,000		4,336,000
	Tractor Supply	56,600		4,391,028
	TripAdvisor†	33,700		2,791,371
	Twenty-First Century Fox	100,000		3,518,000
	Under Armour Class A†	42,100		3,675,330
	Viacom Class B	99,250		8,668,495
	Wynn Macau (Macau)	593,600		2,690,736
	Yum Brands	16,450		1,243,785
				295,322,434
Consumer Staples - 5.58%
	Beam	47,750		3,249,865
	Coca-Cola	88,400		3,651,804
	Costco Wholesale	32,800		3,903,528
	CVS Caremark	266,750		19,091,298
	Green Mountain Coffee Roasters†	17,600		1,330,208
	Jarden†	52,250		3,205,538
	Monster Beverage†	28,800		1,951,776
	Nestle (Switzerland)	23,853		1,748,090
	PepsiCo	118,950		9,865,713
	Philip Morris International	26,650		2,322,015
	Procter & Gamble	100,450		8,177,635
	Whole Foods Market	89,500		5,175,785
	Xerox	108,450		1,319,837
				64,993,092
Energy - 4.08%
	Anadarko Petroleum	49,400		3,918,408
	Antero Resources†	6,900		437,736
	Cabot Oil & Gas	99,700		3,864,372
	Concho Resources†	23,300		2,516,400
	EOG Resources	15,400		2,584,736
	EQT	28,400		2,549,752
	FMC Technologies†	44,600		2,328,566
	Halliburton	88,238		4,478,079
	National Oilwell Varco	35,750		2,843,198
	Pioneer Natural Resources	52,950		9,746,507
	Range Resources	56,900		4,797,239
	Schlumberger	32,700		2,946,597
	Weatherford International
	(Switzerland)†	291,550		4,516,110
				47,527,700
Financials - 5.98%
	Affiliated Managers Group†	10,400		2,255,552
	American Express	95,700		8,682,861
	American Tower	137,500		10,975,250
	BlackRock	10,400		3,291,288
	Blackstone Group	172,500		5,433,750
	Citigroup	98,950		5,156,285
	Discover Financial Services	17,450		976,328
	Franklin Resources	36,300		2,095,599
	IntercontinentalExchange Group	23,150		5,206,898
	Invesco	83,800		3,050,320
	JPMorgan Chase	113,850		6,657,948
	Morgan Stanley	279,400		8,761,984
	Prudential Financial	37,250		3,435,195
	TD Ameritrade Holding	93,300		2,858,712
	Waddell & Reed Financial Class A	13,050		849,816
				69,687,786

(continues) NQ-OPTLG [12/13] 2/14 (12136) 1

Schedule of Investments (Unaudited)

Optimum Large Cap Growth Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock²(continued)
Healthcare - 13.32%
	Actavis†	50,500	$	8,484,000
	Alexion Pharmaceuticals†	26,900		3,579,314
	Amgen	42,650		4,868,924
	Biogen Idec†	58,650		16,407,338
	Bristol-Myers Squibb	79,300		4,214,795
	Celgene†	38,300		6,471,168
	Covidien (Ireland)	88,750		6,043,875
	Express Scripts Holding†	104,950		7,371,688
	Gilead Sciences†	386,400		29,037,960
	HCA Holdings†	130,609		6,231,355
	IDEXX Laboratories†	24,900		2,648,613
	Incyte†	42,400		2,146,712
	Insulet†	55,300		2,051,630
	Lilly (Eli)	82,500		4,207,500
	McKesson	62,900		10,152,060
	Novo Nordisk Class B (Denmark)	8,500		1,558,137
	Pfizer	175,738		5,382,855
	Pharmacyclics†	54,700		5,786,166
	Regeneron Pharmaceuticals†	9,500		2,614,780
	St. Jude Medical	57,150		3,540,443
	Stryker	20,600		1,547,884
	Thermo Fisher Scientific	49,900		5,556,365
	UnitedHealth Group	31,300		2,356,890
	Universal Health Services Class B	11,000		893,860
	Valeant Pharmaceuticals International
	(Canada)†	46,500		5,459,100
	Vertex Pharmaceuticals†	53,050		3,941,615
	Zimmer Holdings	29,200		2,721,148
				155,276,175
Industrials - 11.90%
	Boeing	118,200		16,133,118
	Chicago Bridge & Iron (Netherlands)	35,850		2,980,569
	Copa Holdings Class A (Panama)	12,200		1,953,342
	Cummins	5,250		740,093
	Danaher	247,200		19,083,840
	Delta Air Lines	148,550		4,080,669
	Eagle Materials	41,450		3,209,474
	Eaton (Ireland)	62,452		4,753,846
	Fastenal	125,600		5,967,256
	Flowserve	24,700		1,947,101
	Grainger (W.W.)	5,700		1,455,894
	HD Supply Holdings†	32,050		769,521
	Honeywell International	63,800		5,829,406
	Hunt (J.B.) Transport Services	23,900		1,847,470
	Ingersoll-Rand (Ireland)	54,350		3,347,960
	Kansas City Southern	55,400		6,860,182
	Martin Marietta Materials	16,900		1,688,986
	MRC Global†	42,250		1,362,985
	Precision Castparts	48,700		13,114,910
	Quanta Services†	123,150		3,886,614
	Robert Half International	81,550		3,424,285
	Roper Industries	42,500		5,893,900
	Tyco International (Switzerland)	151,150		6,203,196
	Union Pacific	17,200		2,889,600
	United Continental Holdings†	67,100		2,538,393
	United Parcel Service Class B	71,600		7,523,728
	United Rentals†	38,250		2,981,588
	WABCO Holdings†	46,050		4,301,531
	Wabtec	25,300		1,879,031
				138,648,488
Information Technology - 26.79%
	Akamai Technologies†	37,000		1,745,660
	Alliance Data Systems†	20,650		5,429,505
	Apple	78,750		44,187,413
	ASML Holding (Netherlands)	27,457		2,572,721
	Baidu ADR†	40,900		7,275,292
	Cognizant Technology Solutions
	Class A†	50,500		5,099,490
	Concur Technologies†	16,400		1,692,152
	Ctrip.com International ADR†	48,100		2,386,722
	eBay†	309,350		16,980,222
	F5 Networks†	49,650		4,511,199
	Facebook Class A†	291,400		15,927,924
	Fiserv†	65,800		3,885,490
	Google Class A†	52,200		58,501,062
	International Business Machines	22,600		4,239,082
	Juniper Networks†	78,200		1,764,974
	Lam Research†	56,400		3,070,980
	LinkedIn Class A†	18,700		4,054,721
	MasterCard Class A	26,050		21,763,733
	Micron Technology†	165,300		3,596,928
	Microsoft	75,350		2,820,351
	NAVER (South Korea)	5,167		3,559,458
	NCR†	119,050		4,054,843
	NetSuite†	16,700		1,720,434
	NXP Semiconductor (Netherlands)†	169,850		7,801,211
	QUALCOMM	190,000		14,107,500
	Red Hat†	45,400		2,544,216
	Salesforce.com†	199,100		10,988,329
	SanDisk	15,750		1,111,005
	SAP ADR	57,500		5,010,550
	ServiceNow†	49,600		2,778,096
	Tencent Holdings (China)
	(Hong Kong Exchange)	32,000		2,041,061
	Twitter@†	12,100		770,165
	Twitter Private Placement@=†	31,769		1,920,992
	Visa Class A	127,600		28,413,968
	VistaPrint (Netherlands)†	60,150		3,419,528
	Western Digital	41,050		3,444,095
	Workday Class A†	22,800		1,896,048
	Yahoo†	127,700		5,164,188
				312,251,308
Materials - 2.51%
	Eastman Chemical	46,600		3,760,620

2 NQ-OPTLG [12/13] 2/14 (12136)

		Number of	Value
		Shares	(U.S. $)
Common Stock² (continued)
Materials (continued)
	Ecolab	59,500	$	6,204,065
	FMC	27,200		2,052,512
	Praxair	36,500		4,746,095
	Rockwood Holdings	93,150		6,699,348
	Sherwin-Williams	31,400		5,761,900
				29,224,540
Telecommunication Services - 1.88%
	Crown Castle International†	185,200		13,599,236
	SBA Communications Class A†	29,500		2,650,280
	Softbank (Japan)	30,000		2,632,148
	Verizon Communications	62,000		3,046,680
				21,928,344
Total Common Stock
	(cost $853,061,898)			1,134,859,867
Convertible Preferred Stock - 0.00%
	LivingSocial Series F @=†	14,824		9,339
Total Convertible Preferred Stock
	(cost $113,997)			9,339
		Principal
		Amount°
Short-Term Investments - 2.67%
Repurchase Agreements - 0.68%
	Bank of America Merrill Lynch
	0.00%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $5,397,545 (collateralized by
	U.S. government obligations
	0.00%-3.125% 5/22/14-5/15/19;
	market value $5,505,498)	5,397,545		5,397,545
	BNP Paribas
	0.005%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $2,472,670 (collateralized by
	U.S. government obligations
	1.25%-4.00% 2/15/15-10/31/15;
	market value $2,522,123)	2,472,670		2,472,670
				7,870,215
U.S. Treasury Obligations - 1.99%≠
	U.S. Treasury Bills
	0.001% 1/2/14	1,789,474		1,789,474
	0.001% 1/16/14	8,062,341		8,062,317
	0.001% 1/30/14	2,698,773		2,698,746
	0.033% 1/23/14	2,814,197		2,814,178
	0.065% 4/24/14	5,626,014		5,625,029
	0.093% 11/13/14	2,248,977		2,247,083
				23,236,827
Total Short-Term Investments
	(cost $31,107,131)			31,107,042
Total Value of Securities - 100.05%
	(cost $884,283,026)			1,165,976,248
Liabilities Net of Receivables and
	Other Assets - (0.05%)			(608,006	)
Net Assets - 100.00%			$	1,165,368,242

____________________

@	Illiquid security. At Dec. 31, 2013,the aggregate value of illiquid securities was $2,700,496, which represented 0.23% of the Fund’s net assets. See Note 5 in “Notes.”
²	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2013, the aggregate value of fair valued securities was $1,930,331, which represented 0.17% of the Fund’s net assets. See Note 1 in “Notes”.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. Dollars unless noted that the security is denominated in another currency.
†	Non income producing security.

ADR - American Depositary Receipt

(continues) NQ-OPTLG [12/13] 2/14 (12136) 3

Notes

Optimum Large Cap Growth Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum Large Cap Growth Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal & Foreign Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no provision for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Distributions received from investments in Real Estate Investment Trust (REITs) are recorded as dividend income on ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

4 NQ-OPTLG [12/13] 2/14 (12136)

Notes

Optimum Large Cap Growth Fund

2. Investments

At Dec. 31, 2013, the cost of investments federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of Investments	$	888,183,703
Aggregate unrealized appreciation	$	283,896,104
Aggregate unrealized depreciation		(6,103,559	)
Net unrealized appreciation	$	277,792,545

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

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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 table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	295,322,434	$	—	$	—	$	295,322,434
Consumer Staples		63,245,002		1,748,090		—		64,993,092
Energy		47,527,700		—		—		47,527,700
Financials		69,687,786		—		—		69,687,786
Healthcare		155,276,175		—		—		155,276,175
Industrials		138,648,488		—		—		138,648,488
Information Technology		306,770,858		5,480,450		—		312,251,308
Materials		29,224,540		—		—		29,224,540
Telecommunication Services		19,296,196		2,632,148		—		21,928,344
Convertible Preferred Stock		—		—		9,339		9,339
Short-Term Investments		—		31,107,042		—		31,107,042
Total	$	1,124,999,179	$	40,967,730	$	9,339	$	1,165,976,248

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the Fair Valuation Procedures described in Note 1, International Fair Value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s Net Asset Value is determined. Further, International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded , causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

NQ-OPTLG [12/13] 2/14 (12136) 5

3. Derivatives

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

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

The use of foreign currency exchange contracts 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 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. No foreign currency exchange contracts were outstanding at Dec. 31, 2013.

4. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in the Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the Fund had no securities out on loan.

5. Credit and Market Risk

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

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

The Fund may invest in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the period ended Dec. 31, 2013. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

6 NQ-OPTLG [12/13] 2/14 (12136)

Notes

Optimum Large Cap Growth Fund

5. Credit and Market Risk (continued)

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of Dec. 31, 2013, there were no Rule 144A securities held by the Fund. Illiquid securities have been identified on the schedule of investments.

6. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

NQ-OPTLG [12/13] 2/14 (12136) 7

Schedule of Investments (Unaudited)

Optimum Large Cap Value Fund
December 31, 2013

		Number of	Value
		Shares	(U.S. $)
Common Stock - 96.69%
Consumer Discretionary - 9.11%
	Advance Auto Parts	32,180	$	3,561,682
	Coach	176,726		9,919,630
	Comcast Special Class A	109,890		5,481,313
	Delphi Automotive (United Kingdom)	56,040		3,369,685
	Disney (Walt)	101,010		7,717,164
	General Motors†	30,840		1,260,431
	Hasbro	48,580		2,672,386
	Johnson Controls	117,950		6,050,835
	Kohl’s	23,720		1,346,110
	McDonald’s	53,966		5,236,321
	Omnicom Group	89,720		6,672,476
	Ross Stores	64,459		4,829,913
	Staples	141,360		2,246,210
	Target	129,060		8,165,626
	TJX	274,533		17,495,988
	Viacom Class B	53,850		4,703,259
	Yum! Brands	139,552		10,551,527
				101,280,556
Consumer Staples - 11.61%
	Altria Group	392,537		15,069,495
	Campbell Soup	220,063		9,524,327
	Coca-Cola Enterprises	44,510		1,964,226
	Colgate-Palmolive	120,567		7,862,174
	CVS Caremark	136,091		9,740,033
	Danone (France)	60,927		4,385,320
	Diageo (United Kingdom)	262,010		8,678,295
	Dr Pepper Snapple Group	50,770		2,473,514
	General Mills	149,830		7,478,015
	Imperial Tobacco Group (United
	Kingdom)	27,408		1,061,227
	Kellogg	190,260		11,619,178
	Lorillard	123,470		6,257,460
	Nestle (Switzerland)	131,920		9,667,883
	Philip Morris International	349,594		30,460,125
	Procter & Gamble	35,816		2,915,781
				129,157,053
Energy - 14.51%
	Apache	151,642		13,032,113
	Chevron	145,938		18,229,116
	Continental Resources†	95,619		10,759,050
	EOG Resources	11,419		1,916,565
	Exxon Mobil	247,448		25,041,738
	HollyFrontier	243,123		12,080,782
	Marathon Petroleum	178,516		16,375,273
	Murphy Oil	163,308		10,595,423
	Oasis Petroleum†	116,295		5,462,376
	Occidental Petroleum	79,400		7,550,940
	Patterson-UTI Energy	498,572		12,623,843
	RPC	724,799		12,937,662
	SM Energy	60,865		5,058,490
	Ultra Petroleum†	448,622		9,712,666
				161,376,037
Financials - 20.94%
	ACE (Switzerland)	58,520		6,058,576
	AFLAC	243,322		16,253,910
	American Capital Agency	316,080		6,097,183
	Aon (United Kingdom)	61,080		5,124,001
	Apartment Investment & Management	372,339		9,647,303
	Bank of New York Mellon	231,926		8,103,494
	BlackRock	16,370		5,180,614
	CBOE Holdings	296,797		15,421,572
	Chubb	37,320		3,606,232
	Discover Financial Services	246,900		13,814,055
	Eaton Vance	268,768		11,500,583
	Franklin Resources	89,045		5,140,568
	Goldman Sachs Group	64,676		11,464,468
	JPMorgan Chase	378,600		22,140,528
	McGraw Hill Financial	178,165		13,932,503
	MetLife	201,050		10,840,616
	Moody’s	28,900		2,267,783
	NASDAQ OMX Group	56,451		2,246,750
	PNC Financial Services Group	47,650		3,696,687
	Prudential Financial	75,780		6,988,432
	SLM	224,834		5,908,638
	State Street	73,010		5,358,204
	Travelers	84,520		7,652,441
	US Bancorp	70,160		2,834,464
	Waddell & Reed Financial Class A	233,780		15,223,754
	Wells Fargo	359,790		16,334,466
				232,837,825
Healthcare - 10.68%
	Abbott Laboratories	161,250		6,180,713
	Baxter International	63,613		4,424,284
	Covidien (Ireland)	45,800		3,118,980
	Endo Health Solutions†	56,793		3,831,256
	Express Scripts†	67,050		4,709,592
	Herbalife	69,930		5,503,491
	Johnson & Johnson	199,800		18,299,682
	Medtronic	106,990		6,140,156
	Merck	100,610		5,035,531
	Mylan†	289,243		12,553,146
	Pfizer	544,065		16,664,711
	Quest Diagnostics	35,120		1,880,325
	Roche Holding (Switzerland)	11,203		3,138,079
	St. Jude Medical	72,850		4,513,058
	Thermo Fisher Scientific	66,020		7,351,327
	United Therapeutics†	135,547		15,327,655
	Zoetis	4,820		157,566
				118,829,552
Industrials - 13.48%
	3M	81,277		11,399,099
	Canadian National Railway (Canada)	60,570		3,453,701
	Caterpillar	14,117		1,281,965
	Danaher	89,880		6,938,736
	Eaton (Ireland)	66,180		5,037,622

(continues) NQ-OPTLV [12/13] 2/14 (12123) 1

Schedule of Investments (Unaudited)

Optimum Large Cap Value Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Industrials (continued)
	Honeywell International	112,440	$	10,273,643
	Illinois Tool Works	28,800		2,421,504
	Joy Global	229,208		13,406,376
	Landstar System	175,157		10,062,770
	Lockheed Martin	211,726		31,475,184
	Northrop Grumman	45,980		5,269,768
	Pentair (Switzerland)	33,014		2,564,197
	Rockwell Collins	65,402		4,834,516
	Stanley Black & Decker	49,077		3,960,023
	Tyco International (Switzerland)	146,970		6,031,649
	United Parcel Service Class B	194,378		20,425,240
	United Technologies	97,220		11,063,636
				149,899,629
Information Technology - 10.24%
	Accenture Class A (Ireland)	139,860		11,499,289
	Apple	28,029		15,727,352
	Fidelity National Information Services	29,130		1,563,698
	Fiserv†	52,560		3,103,668
	Hewlett-Packard	38,630		1,080,867
	Intel	127,160		3,301,074
	International Business Machines	125,213		23,486,202
	Microsoft	326,815		12,232,685
	Oracle	197,420		7,553,289
	Western Digital	233,184		19,564,138
	Western Union	854,947		14,747,836
				113,860,098
Materials - 3.60%
	Air Products & Chemicals	12,010		1,342,478
	CF Industries Holdings	43,933		10,238,146
	Crown Holdings†	35,970		1,603,183
	LyondellBasell Industries	77,926		6,255,899
	NewMarket	32,005		10,694,471
	PPG Industries	38,268		7,257,909
	Southern Copper	72,957		2,094,595
	Valspar	7,130		508,298
				39,994,979
Telecommunication Services - 1.69%
	AT&T	154,080		5,417,453
	Verizon Communications	130,360		6,405,890
	Vodafone Group (United Kingdom)	1,772,327		6,956,307
				18,779,650
Utilities - 0.83%
	AES	368,680		5,349,547
	Duke Energy	25,750		1,777,008
	PPL	44,169		1,329,045
	Public Service Enterprise Group	25,080		803,563
				9,259,163
Total Common Stock
	(cost $764,376,020)			1,075,274,542
Convertible Preferred Stock - 0.04%
	United Technologies 7.50% exercise
	price $98.52, expiration date
	8/1/15	7,480		489,716
Total Convertible Preferred Stock
	(cost $376,064)			489,716
		Principal
		Amount°
Short-Term Investments - 1.83%
Repurchase Agreements - 1.29%
	Bank of America Merrill Lynch
	0.00%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $9,832,020 (collateralized by
	U.S. government obligations
	0.00%-3.125% 5/22/14-5/15/19;
	market value $10,028,663)	9,832,020		9,832,020
	BNP Paribas
	0.005%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $4,504,147 (collateralized by
	U.S. government obligations
	1.25%-4.00% 2/15/15-10/31/15;
	market value $4,594,230)	4,504,147		4,504,147
				14,336,167
U.S. Treasury Obligations - 0.54%≠
	U.S. Treasury Bills
	0.001% 1/2/14	560,575		560,575
	0.001% 1/16/14	2,569,385		2,569,378
	0.001% 1/30/14	911,060		911,051
	0.033% 1/23/14	187,175		187,174
	0.046% 4/24/14	983,826		983,654
	0.093% 11/13/14	759,216		758,577
				5,970,409
Total Short-Term Investments
	(cost $20,306,641)			20,306,576
Total Value of Securities - 98.56%
	(cost $785,058,725)			1,096,070,834
Receivables and Other Assets Net
	of Liabilities - 1.44%«			16,022,100
Net Assets - 100.00%			$	1,112,092,934

____________________
«	Includes foreign currency valued at $12,170 with a cost of $12,148.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. Dollars unless noted that the security is denominated in another currency.
†	Non income producing security.

2 NQ-OPTLV [12/13] 2/14 (12123)

Notes

Optimum Large Cap Value Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum Large Cap Value Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. 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. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal & Foreign Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no position for federal income tax is required in the Fund’s financial statements. In regards to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Distributions received from investments in Real Estate Investment Trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Fund is aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

NQ-OPTLV [12/13] 2/14 (12123) 3

2. Investments

At Dec. 31, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of Investments	$	799,428,767
Aggregate unrealized appreciation	$	317,359,649
Aggregate unrealized depreciation		(20,717,582	)
Net unrealized appreciation	$	296,642,067

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

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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 table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1		Level 2		Total
Common Stock
Consumer Discretionary	$	101,280,556	$	—	$	101,280,556
Consumer Staples		119,489,170		9,667,883		129,157,053
Energy		161,376,037		—		161,376,037
Financials		232,837,825		—		232,837,825
Healthcare		115,691,473		3,138,079		118,829,552
Industrials		149,899,629		—		149,899,629
Information Technology		113,860,098		—		113,860,098
Materials		39,994,979		—		39,994,979
Telecommunication Services		18,779,650		—		18,779,650
Utilities		9,259,163		—		9,259,163
Convertible Preferred Stock		489,716		—		489,716
Short-Term Investments		—		20,306,576		20,306,576
Total	$	1,062,958,296	$	33,112,538	$	1,096,070,834

As a result of utilizing international fair value pricing at Dec. 31, 2013, a portion of the portfolio was categorized as Level 2.

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the Fair Valuation Procedures described in Note 1, International Fair Value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s Net Asset Value is determined. Further, International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded , causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

4 NQ-OPTLV [12/13] 2/14 (12123)

Notes

Optimum Large Cap Value Fund

2. Investments (continued)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to the net assets. At Dec. 31, 2013, there were no Level 3 investments.

3. Derivatives

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

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

The use of foreign currency exchange contracts 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 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. No foreign currency exchange contracts were outstanding at Dec. 31, 2013.

4. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in a Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the Fund had no securities out on loan.

5. Credit and Market Risk

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

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

NQ-OPTLV [12/13] 2/14 (12123) 5

The Fund may invest in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the period ended Dec. 31, 2013. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of Dec. 31, 2013, there were no Rule 144A securities held by the Fund and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures.

6. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

6 NQ-OPTLV [12/13] 2/14 (12123)

Schedules of Investments (Unaudited)

Optimum Small-Mid Cap Growth Fund
December 31, 2013

		Number of	Value
		Shares	(U.S. $)
Common Stock - 97.33%
Consumer Discretionary - 14.32%
	Bally Technologies†	61,000	$	4,785,450
	Bloomin’ Brands†	109,977		2,640,548
	Buffalo Wild Wings†	11,149		1,641,133
	Choice Hotels International	44,000		2,160,840
	Domino’s Pizza	27,000		1,880,550
	Dorman Products†	14,000		784,980
	Fiesta Restaurant Group†	16,000		835,840
	Five Below†	27,762		1,199,318
	GNC Holdings	43,000		2,513,350
	HSN	43,151		2,688,307
	Jarden†	30,000		1,840,500
	KAR Auction Services	28,000		827,400
	Life Time Fitness†	50,000		2,350,000
	LKQ†	77,000		2,533,300
	Lumber Liquidators Holdings†	22,555		2,320,684
	Madden (Steven)†	29,377		1,074,904
	Panera Bread Class A†	11,140		1,968,327
	Pier 1 Imports	195,371		4,509,163
	Pool	36,000		2,093,040
	PVH	22,000		2,992,440
	Quiksilver†	55,000		482,350
	Samsonite International	602,230		1,832,847
	Select Comfort†	37,000		780,330
	Shutterfly†	23,383		1,190,896
	Shutterstock†	30,405		2,542,770
	Skechers U.S.A. Class A†	75,062		2,486,804
	Standard Pacific†	295,325		2,672,691
	Taylor Morrison Home Class A†	87,171		1,956,989
	Tenneco†	39,754		2,248,884
	Tuesday Morning†	67,851		1,082,902
	Vail Resorts	38,000		2,858,740
	Williams-Sonoma	22,000		1,282,160
				65,058,437
Consumer Staples - 3.62%
	B&G Foods	38,000		1,288,580
	Casey’s General Stores	62,585		4,396,596
	Chefs’ Warehouse†	86,000		2,507,760
	Prestige Brands Holdings†	42,000		1,503,600
	Spectrum Brands Holdings	30,764		2,170,400
	United Natural Foods†	18,000		1,357,020
	WhiteWave Foods†	140,777		3,229,424
				16,453,380
Energy - 4.51%
	Athlon Energy†	26,890		813,422
	Atwood Oceanics†	33,000		1,761,870
	Bill Barrett†	26,000		696,280
	Carrizo Oil & Gas†	18,000		805,860
	Clayton Williams Energy†	9,000		737,550
	Diamondback Energy†	35,357		1,868,971
	Dresser-Rand Group†	11,000		655,930
	FMC Technologies†	22,000		1,148,620
	Hornbeck Offshore Services†	9,000		443,070
	Laredo Petroleum Holdings†	20,000		553,800
	Matador Resources†	2,366		44,102
	PDC Energy†	35,597		1,894,472
	Real Goods Solar Class A†	225,000		679,500
	Rex Energy†	12,625		248,839
	Rosetta Resources†	59,297		2,848,628
	Rowan†	31,000		1,096,160
	SemGroup Class A	16,975		1,107,279
	SM Energy	30,000		2,493,300
	WPX Energy†	30,000		611,400
				20,509,053
Financials - 9.88%
	Allied World Assurance Holdings
	(Switzerland)	10,000		1,128,100
	Artisan Partners Asset Management
	Class A	10,630		692,970
	Associated Banc-Corp	110,000		1,914,000
	Berkshire Hills Bancorp	17,500		477,225
	Blackhawk Network Holdings†	79,000		1,995,540
	City National	30,000		2,376,600
	CoreSite Realty	36,000		1,158,840
	Education Realty Trust	255,000		2,249,100
	Ellie Mae†	20,386		547,772
	Enstar Group (Bermuda)†	6,700		930,697
	Extra Space Storage	55,000		2,317,150
	Financial Engines	38,785		2,694,782
	First Busey	177,800		1,031,240
	First Commonwealth Financial	93,186		821,900
	Kennedy-Wilson Holdings	24,000		534,000
	Kite Realty Group Trust	245,000		1,609,650
	Lakeland Financial	40,000		1,560,000
	MB Financial	53,000		1,700,770
	PacWest Bancorp	46,056		1,944,484
	Post Properties	46,000		2,080,580
	Ryman Hospitality Properties	30,000		1,253,400
	Sandy Spring Bancorp	43,000		1,212,170
	SEI Investments	79,000		2,743,670
	Simplicity Bancorp	54,674		883,532
	St. Joe†	50,000		959,500
	Summit Hotel Properties	144,000		1,296,000
	SVB Financial Group†	20,000		2,097,200
	Virtus Investment Partners†	9,729		1,946,286
	WisdomTree Investments†	88,432		1,566,131
	World Acceptance†	13,500		1,181,655
				44,904,944
Healthcare - 13.92%
	Acadia Healthcare†	44,318		2,097,571
	Akorn†	68,000		1,674,840
	Allscripts Healthcare Solutions†	156,000		2,411,760
	Alnylam Pharmaceuticals†	42,850		2,756,541
	BioMarin Pharmaceutical†	14,000		983,780

(continues) NQ-OPTSG [12/13] 2/14 (12135) 1

Schedules of Investments (Unaudited)

Optimum Small-Mid Cap Growth Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Healthcare (continued)
	Celldex Therapeutics†	16,700	$	404,307
	Cepheid†	65,900		3,078,848
	Covance†	31,886		2,807,881
	Cubist Pharmaceuticals†	28,782		1,982,216
	DexCom†	71,180		2,520,484
	Envision Healthcare Holdings†	82,089		2,915,801
	Exelixis†	150,290		921,278
	HealthSouth	25,000		833,000
	HeartWare International†	19,211		1,805,066
	Hyperion Therapeutics†	34,674		701,108
	ImmunoGen†	64,230		942,254
	Insulet†	60,901		2,259,427
	InterMune†	22,000		324,060
	Ironwood Pharmaceuticals†	61,924		718,938
	Medicines†	38,240		1,476,829
	Mednax†	13,449		717,908
	Mettler-Toledo International†	20,000		4,851,800
	NPS Pharmaceuticals†	108,863		3,305,081
	Pacira Pharmaceuticals†	24,981		1,436,158
	Patterson	51,000		2,101,200
	Portola Pharmaceuticals†	53,683		1,382,337
	Salix Pharmaceuticals†	21,139		1,901,242
	Sarepta Therapeutics†	36,000		733,320
	Seattle Genetics†	87,215		3,479,006
	Sirona Dental Systems†	38,000		2,667,600
	Synageva BioPharma†	38,900		2,517,608
	Team Health Holdings†	46,333		2,110,468
	TESARO†	29,085		821,360
	WellCare Health Plans†	23,135		1,629,167
				63,270,244
Industrials - 24.04%
	Acorn Energy	37,362		152,063
	Acuity Brands	35,191		3,847,080
	Altra Holdings@	90,537		3,098,176
	AMETEK	105,000		5,530,350
	Applied Industrial Technologies	57,744		2,834,653
	Armstrong World Industries†	48,233		2,778,703
	Avis Budget Group†	129,432		5,231,641
	Belden	15,000		1,056,750
	CAI International†	53,000		1,249,210
	Chart Industries†	9,000		860,760
	Chicago Bridge & Iron (Netherlands)	26,000		2,161,640
	Clean Harbors†	28,443		1,705,442
	Con-way	61,494		2,441,927
	DigitalGlobe†	74,444		3,063,371
	Donaldson	97,800		4,250,388
	ESCO Technologies	47,727		1,635,127
	Forward Air	24,000		1,053,840
	Generac Holdings	83,679		4,739,579
	HD Supply Holdings†	77,512		1,861,063
	HEICO Class A	62,500		2,632,500
	Hertz Global Holdings†	56,500		1,617,030
	II-VI†	64,000		1,126,400
	Imax (Canada)†	80,118		2,361,879
	Interface	90,000		1,976,400
	Kennametal	41,000		2,134,870
	Kirby†	16,000		1,588,000
	Knoll	65,000		1,190,150
	McGrath RentCorp	31,000		1,233,800
	Middleby†	10,000		2,399,700
	Moog Class A†	82,458		5,602,197
	MRC Global†	40,000		1,290,400
	Nordson	70,000		5,201,000
	Old Dominion Freight Line†	52,242		2,769,871
	On Assignment†	35,311		1,233,060
	Oshkosh	22,000		1,108,360
	Owens Corning†	70,942		2,888,758
	RPX†	33,692		569,395
	Rush Enterprises Class A†	57,000		1,690,050
	Spirit Airlines†	72,742		3,303,214
	Teledyne Technologies†	22,390		2,056,745
	Textainer Group Holdings (Bermuda)	36,000		1,447,920
	Thermon Group Holdings†	20,000		546,600
	Toro	35,000		2,226,000
	TrueBlue†	88,455		2,280,370
	WageWorks†	43,225		2,569,294
	WESCO International†	50,690		4,616,338
				109,212,064
Information Technology - 24.40%
	Acxiom†	50,531		1,868,636
	Amphenol Class A	28,400		2,532,712
	Angie’s List†	111,093		1,683,059
	ANSYS†	39,000		3,400,800
	Atmel†	118,000		923,940
	Bankrate†	160,344		2,876,571
	Cadence Design Systems†	155,593		2,181,414
	Concur Technologies†	36,831		3,800,223
	Constant Contact†	86,866		2,698,927
	Cornerstone OnDemand†	39,104		2,085,807
	CoStar Group†	16,716		3,085,439
	Dealertrack Technologies†	61,235		2,944,179
	Demandware†	43,821		2,809,803
	E2open†	23,000		549,930
	Envestnet†	28,948		1,166,604
	Exa†	40,000		530,400
	ExamWorks Group†	57,811		1,726,815
	ExlService Holdings†	80,000		2,209,600
	First Solar†	32,365		1,768,424
	FleetMatics Group (Ireland)†	96,912		4,191,444
	Global Payments	42,719		2,776,308
	Heartland Payment Systems	59,169		2,948,983
	Hittite Microwave†	10,000		617,300
	Infinera†	74,000		723,720
	Informatica†	66,000		2,739,000

2 NQ-OPTSG [12/13] 2/14 (12135)

		Number of	Value
		Shares	(U.S. $)
Common Stock (continued)
Information Technology (continued)
	IPG Photonics†	41,000	$	3,182,010
	Ixia†	94,000		1,251,140
	Lattice Semiconductor†	329,904		1,817,771
	Liquidity Services†	20,000		453,200
	MAXIMUS	37,775		1,661,722
	MICROS Systems†	25,000		1,434,250
	OpenTable†	24,160		1,917,579
	Palo Alto Networks†	34,683		1,993,232
	Pandora Media†	51,013		1,356,946
	PTC†	80,154		2,836,650
	RealPage†	36,000		841,680
	Rogers†	23,000		1,414,500
	ServiceSource International†	114,419		958,831
	Solera Holdings	25,990		1,839,052
	SPS Commerce†	38,000		2,481,400
	Stratasys†	8,000		1,077,600
	Tableau Software Class A†	25,045		1,726,352
	Telogis=†	185,242		366,983
	Trulia†	54,009		1,904,897
	Tyler Technologies†	17,191		1,755,717
	Ultratech†	28,000		812,000
	Verint Systems†	71,720		3,079,657
	Virtusa†	120,696		4,597,311
	Web.com Group†	150,110		4,771,997
	WEX†	23,688		2,345,823
	Wix.Com†	46,500		1,248,525
	WNS Holdings ADR†	224,490		4,918,574
	Zillow†	24,094		1,969,203
				110,854,640
Materials - 1.09%
	Caesarstone Sdot-Yam (Israel)	39,443		1,959,134
	KapStone Paper & Packaging†	53,134		2,968,065
	William Lyon Homes Class A†	2,000		44,280
				4,971,479
Telecommunication Services - 1.55%
	Boingo Wireless†	75,000		480,750
	CalAmp†	34,000		950,980
	SBA Communications Class A†	27,000		2,425,680
	tw telecom Class A†	104,000		3,168,880
				7,026,290
Total Common Stock
	(cost $305,328,763)			442,260,531
Preferred Stock - 0.34%
	Mobileye Series F2 =†	25,929		1,008,379
	Telogis =†	252,269		555,295
Total Preferred Stock
	(cost $1,460,217)			1,563,674
Short-Term Investments - 2.53%
Repurchase Agreements - 0.82%
	Bank of America Merrill Lynch
	0.00%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $2,545,462 (collateralized by
	U.S. government obligations
	0.00%-3.125% 5/22/14-5/15/19;
	market value $2,596,372)	2,545,462		2,545,462
	BNP Paribas
	0.005%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $1,166,102 (collateralized by
	U.S. government obligations
	1.25%-4.00% 2/15/15-10/31/15;
	market value $1,189,424)	1,166,102		1,166,102
				3,711,564
U.S. Treasury Obligations - 1.71%≠
	U.S. Treasury Bills
	0.001% 1/2/14	782,629		782,629
	0.001% 1/16/14	3,587,689		3,587,678
	0.001% 1/30/14	1,272,731		1,272,718
	0.04% 4/24/14	1,060,609		1,060,424
	0.093% 11/13/14	1,060,609		1,059,716
				7,763,165
Total Short-Term Investments
	(cost $11,474,834)			11,474,729
Total Value of Securities - 100.20%
	(cost $318,263,814)			455,298,934
Liabilities Net of Receivables and
	Other Assets - (0.20%)			(909,211	)
Net Assets - 100.00%			$	454,389,723

@	Illiquid security. At Dec. 31, 2013, the aggregate value of illiquid securities was $3,098,176, which represents 0.68% of the Fund’s net assets. See Note 5 in “Notes.”
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2013, the aggregate value of fair valued securities was $1,930,657, which represented 0.42% of the Fund’s net assets. See Note 1 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. Dollars unless noted that the security is denominated in another currency.
†	Non income producing security.

ADR - American Depositary Receipt

(continues) NQ-OPTSG [12/13] 2/14 (12135) 3

Notes

Optimum Small-Mid Cap Growth Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum Small-Mid Cap Growth Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal & Foreign Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no position for federal income tax is required in the Fund’s financial statements. In regards to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcates that portion of realized gains and losses on investments which is due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. Withholding taxes and reclaims on foreign dividends have been recorded in accordance with the Fund’s understanding of the applicable country’s tax rules and rates. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

2. Investments

At Dec. 31, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

4 NQ-OPTSG [12/13] 2/14 (12135)

Notes

Optimum Small-Mid Cap Growth Fund

2. Investments (continued)

Cost of Investments	$	318,575,297
Aggregate unrealized appreciation	$	141,796,905
Aggregate unrealized depreciation		(5,073,266	)
Net unrealized appreciation	$	136,723,639

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

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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 table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	65,058,437	$	—	$	—	$	65,058,437
Consumer Staples		16,453,380		—		—		16,453,380
Energy		20,509,053		—		—		20,509,053
Financials		44,904,944		—		—		44,904,944
Healthcare		63,270,244		—		—		63,270,244
Industrials		109,212,064		—		—		109,212,064
Information Technology		110,487,657		—		366,983		110,854,640
Materials		4,971,479		—		—		4,971,479
Telecommunication Services		7,026,290		—		—		7,026,290
Preferred Stock		—		—		1,563,674		1,563,674
Short-Term Investments		—		11,474,729		—		11,474,729
Total	$	441,893,548	$	11,474,729	$	1,930,657	$	455,298,934

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the Fair Valuation Procedures described in Note 1, International Fair Value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s Net Asset Value is determined. Further, International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded , causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. Management has determined not to provide additional disclosure on Level 3 inputs under ASU No. 2011-04 since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

NQ-OPTSG [12/13] 2/14 (12135) 5

3. Derivatives

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

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

The use of foreign currency exchange contracts 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, the Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. The 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 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. No foreign currency exchange contracts were outstanding at Dec. 31, 2013.

4. Securities Lending

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

Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in a Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the Fund had no securities out on loan.

5. Credit and Market Risk

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

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

The Fund invests a significant portion of its 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- or 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.

6 NQ-OPTSG [12/13] 2/14 (12135)

Notes

Optimum Small-Mid Cap Growth Fund

5. Credit and Market Risk (continued)

The Fund may invest in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the period ended Dec. 31, 2013. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of Dec. 31, 2013, there were no rule 144A securities. Illiquid securities have been identified on the schedule of Investments.

6. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

NQ-OPTSG [12/13] 2/14 (12135) 7

Schedule of Investments (Unaudited)

Optimum Small-Mid Cap Value Fund
December 31, 2013

		Number of	Value
		Shares	(U.S. $)
Common Stock - 91.51%²
Consumer Discretionary - 13.37%
	Advance Auto Parts	27,100	$	2,999,428
	AMC Networks Class A†	45,400		3,092,194
	Ascena Retail Group†	127,000		2,687,320
	bebe stores	421,881		2,244,407
	Callaway Golf	419,860		3,539,420
	Crocs†	202,800		3,228,576
	Express†	60,000		1,120,200
	Family Dollar Stores	18,600		1,208,442
	Finish Line Class A	83,000		2,338,110
	Foot Locker	22,600		936,544
	Garmin (Switzerland)	50,600		2,338,732
	Genesco†	12,000		876,720
	Hooker Furniture	143,694		2,396,816
	LeapFrog Enterprises†	333,700		2,649,578
	Lear	37,100		3,003,987
	Life Time Fitness†	61,600		2,895,200
	PETsMART	17,100		1,244,025
	Ruth’s Hospitality Group	196,553		2,793,018
	SeaWorld Entertainment	51,400		1,478,778
	Signet Jewelers (Bermuda)	19,400		1,526,780
	Spartan Motors	505,538		3,387,105
	Stage Stores	35,000		777,700
	Staples	249,000		3,956,610
	Thor Industries	23,500		1,297,905
	Titan International	48,000		863,040
	Tupperware Brands	28,500		2,694,105
	Winnebago Industries†	66,143		1,815,625
				59,390,365
Consumer Staples - 0.47%
	Dr Pepper Snapple Group	30,200		1,471,344
	Sanderson Farms	8,435		610,104
				2,081,448
Energy - 4.45%
	CONSOL Energy	79,400		3,020,376
	Evolution Petroleum	111,471		1,375,552
	Gulf Island Fabrication	101,875		2,365,538
	Hallador Energy	63,408		511,068
	Newpark Resources†	266,403		3,274,093
	Oasis Petroleum†	65,400		3,071,838
	PDC Energy†	20,900		1,112,298
	Rex Energy†	107,000		2,108,970
	Vaalco Energy†	424,656		2,925,880
				19,765,613
Financials - 9.86%
	Alexandria Real Estate Equities	43,192		2,747,875
	BankUnited	109,400		3,601,448
	Cedar Realty Trust	103,726		649,325
	City Holding	69,979		3,242,127
	Comerica	30,100		1,430,954
	DiamondRock Hospitality	127,700		1,474,935
	Digital Realty Trust	37,300		1,832,176
	Dime Community Bancshares	197,303		3,338,367
	East West Bancorp	42,900		1,500,213
	First Financial Bancorp	125,100		2,180,493
	Hallmark Financial Services†	273,778		2,432,518
	HCC Insurance Holdings	29,400		1,356,516
	Horace Mann Educators	86,876		2,740,069
	Inland Real Estate	180,300		1,896,756
	Potlatch	48,903		2,041,211
	PrivateBancorp	106,400		3,078,152
	SVB Financial Group†	31,900		3,345,034
	Wintrust Financial	64,900		2,993,188
	XL Group (Ireland)	60,000		1,910,400
				43,791,757
Healthcare - 1.89%
	CareFusion†	73,700		2,934,734
	Mednax†	52,600		2,807,788
	Myriad Genetics†	126,400		2,651,872
				8,394,394
Industrials - 30.23%
	AAON	92,826		2,965,791
	ACCO Brands†	427,200		2,870,784
	Acuity Brands	25,100		2,743,932
	Aegion†	63,000		1,379,070
	Albany International	52,600		1,889,918
	AMETEK	52,875		2,784,926
	Apogee Enterprises	49,200		1,766,772
	Avery Dennison	70,000		3,513,300
	B/E Aerospace†	35,600		3,098,268
	Boise Cascade†	73,400		2,163,832
	Brady Class A	58,300		1,803,219
	Carlisle	35,300		2,802,820
	Clean Harbors†	25,800		1,546,968
	Colfax†	58,500		3,725,865
	Crane	33,300		2,239,425
	Diana Shipping (Greece)†	279,100		3,709,239
	Dover	48,700		4,701,498
	Encore Wire	71,039		3,850,314
	Ennis	150,790		2,668,983
	Equifax	45,297		3,129,570
	Federal Signal†	115,000		1,684,750
	Foster Wheeler (Switzerland)†	110,100		3,635,502
	FreightCar America	119,972		3,193,655
	Graham	95,760		3,475,130
	Granite Construction	105,171		3,678,882
	Harsco	55,000		1,541,650
	Houston Wire & Cable	205,015		2,743,101
	Hubbell Class B	42,700		4,650,030
	IDEX	27,700		2,045,645
	Ingersoll-Rand (Ireland)	11,000		677,600
	Joy Global	15,000		877,350
	KBR	43,400		1,384,026
	Kennametal	88,600		4,613,402

(continues) NQ-OPTSV [12/13] 2/14 (12124) 1

Schedule of Investments (Unaudited)

Optimum Small-Mid Cap Value Fund

		Number of	Value
		Shares	(U.S. $)
Common Stock² (continued)
Industrials (continued)
	Knoll	195,224	$	3,574,551
	ManpowerGroup	27,000		2,318,220
	McDermott International†	60,500		554,180
	McGrath RentCorp	90,476		3,600,945
	Primoris Services	51,900		1,615,647
	Robert Half International	30,800		1,293,292
	Rush Enterprises Class A†	47,300		1,402,445
	Stanley Black & Decker	43,000		3,469,670
	TAL International Group	25,900		1,485,365
	Tennant	8,885		602,492
	Timken	89,500		4,928,765
	Trex†	20,400		1,622,412
	Trinity Industries	34,300		1,870,036
	TrueBlue†	171,300		4,416,114
	Tyco International (Switzerland)	28,400		1,165,536
	US Ecology	84,886		3,156,910
	Watts Water Technologies Class A	48,801		3,019,318
	WESCO International†	42,800		3,897,796
	Xerium Technologies†	45,000		742,050
				134,290,961
Information Technology - 18.34%
	Advanced Energy Industries†	149,925		3,427,286
	Amdocs†	74,000		3,051,760
	AVG Technologies (Netherlands)†	157,600		2,712,296
	Broadridge Financial Solutions	86,100		3,402,672
	Brooks Automation	175,500		1,840,995
	Checkpoint Systems†	124,600		1,964,942
	Diebold	23,500		775,735
	Digi International†	65,000		787,800
	Diodes†	23,000		541,880
	Fairchild Semiconductor International†	278,500		3,717,975
	Flextronics International (Singapore)†	590,000		4,584,300
	FLIR Systems	96,700		2,910,670
	Global Payments	27,800		1,806,722
	Harris	23,100		1,612,611
	Henry (Jack) & Associates	26,200		1,551,302
	IAC/InterActiveCorp	53,300		3,661,177
	Infineon Technologies (Germany)	100,000		1,068,152
	Ingram Micro Class A†	98,000		2,299,080
	j2 Global	61,200		3,060,612
	Jabil Circuit	45,000		784,800
	KEMET†	200,000		1,128,000
	LTX-Credence†	205,300		1,640,347
	Mercury Systems†	98,930		1,083,284
	Methode Electronics	126,383		4,321,035
	Micrel	303,111		2,991,706
	Plexus†	129,914		5,623,972
	Rudolph Technologies†	240,342		2,821,615
	ScanSource†	93,581		3,970,642
	Silicon Image†	58,000		356,700
	Synaptics†	75,625		3,918,131
	Teradyne†	143,100		2,521,422
	Unisys†	138,287		4,642,295
	ValueClick†	20,000		467,400
	VASCO Data Security International†	55,387		428,142
				81,477,458
Materials - 11.88%
	Ashland	29,700		2,882,088
	Cabot	44,000		2,261,600
	Carpenter Technology	62,000		3,856,400
	Celanese Class A	41,000		2,267,710
	Chemtura†	80,000		2,233,600
	Eastman Chemical	46,600		3,760,620
	Fuller (H.B.)	38,000		1,977,520
	KMG Chemicals	150,106		2,535,290
	Landec†	219,734		2,663,176
	Minerals Technologies	60,800		3,652,256
	Molycorp†	205,000		1,152,100
	Olympic Steel	88,869		2,575,424
	Owens-Illinois†	97,000		3,470,660
	PolyOne	119,000		4,206,650
	Rock-Tenn Class A	28,600		3,003,286
	Rockwood Holdings	51,000		3,667,920
	Sealed Air	99,000		3,370,950
	Sonoco Products	77,600		3,237,472
				52,774,722
Telecommunication Services - 0.57%
	Vonage Holdings†	767,600		2,556,108
				2,556,108
Utilities - 0.45%
	Questar	87,700		2,016,223
				2,016,223
Total Common Stock
	(cost $286,669,411)			406,539,049
		Principal
		Amount°
Short-Term Investments - 8.48%
Repurchase Agreements - 2.31%
	Bank of America Merrill Lynch
	0.00%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $7,033,708 (collateralized by
	U.S. government obligations
	0.00%-3.125% 5/22/14-5/15/19;
	market value $7,174,384)	7,033,708		7,033,708

2 NQ-OPTSV [12/13] 2/14 (12124)

		Principal	Value
		Amount°	(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
	BNP Paribas
	0.005%, dated 12/31/13, to be
	repurchased on 1/2/14, repurchase
	price $3,222,212 (collateralized by
	U.S. government obligations
	1.25%-4.00% 2/15/15-10/31/15;
	market value $3,286,657)	3,222,212	$	3,222,212
				10,255,920
U.S. Treasury Obligations - 6.17%≠
	U.S. Treasury Bills
	0.001% 1/2/14	2,126,949		2,126,949
	0.001% 1/16/14	9,788,890		9,788,861
	0.001% 1/30/14	3,516,854		3,516,819
	0.033% 1/23/14	2,796,795		2,796,775
	0.065% 4/24/14	6,286,865		6,285,765
	0.093% 11/13/14	2,930,712		2,928,244
				27,443,413
Total Short-Term Investments
	(cost $37,699,490)			37,699,333
Total Value of Securities - 99.99%
	(cost $324,368,901)			444,238,382
Receivables and Other Assets Net
	of Liabilities - 0.01%			24,826
Net Assets - 100.00%			$	444,263,208

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

(continues) NQ-OPTSV [12/13] 2/14 (12124) 3

Notes

Optimum Small-Mid Cap Value Fund

December 31, 2013 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by Optimum Fund Trust (Trust) – Optimum Small-Mid Cap Value Fund (Fund). This report covers the period of time since the Fund’s last fiscal year end.

Security Valuation – Equity securities, except those traded on the Nasdaq Stock Market, Inc. (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Securities traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If on a particular day an equity security does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. Securities listed on a foreign exchange are normally valued at the last quoted sales price on the valuation date. Investment company securities are valued at net asset value per share, as reported by the underlying investment company. U.S. government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Fund’s Board of Trustees (Board). In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. The Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, the Fund may frequently value foreign securities using fair value prices based on thirdparty vendor modeling tools (international fair value pricing).

Federal Income Taxes – No provision for federal income taxes has been made as the Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Fund evaluates tax positions taken or expected to be taken in the course of preparing the 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 the Fund’s tax positions taken for all open federal income tax years (March 31, 2010–March 31, 2013), and has concluded that no position for federal income tax is required in the Fund’s financial statements. In regard to foreign taxes only, the Fund has open tax years in certain foreign countries it invests in that may date back to the inception provision of the Fund.

Class Accounting – Investment income, common expenses and realized and unrealized gain (loss) on investments are allocated to the various classes of the 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 – The Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with the 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 Dec. 31, 2013.

Foreign Currency Transactions – Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Fund’s prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Fund generally does not bifurcate that portion of realized gains and losses on investments which are due to changes in foreign exchange rates from that which is due to changes in market prices. The changes are included with the net realized and unrealized gain or loss on investments. The Fund reports certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates – The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, 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 the Fund are charged directly to the Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. 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. The Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Fund may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

2. Investments

At Dec. 31, 2013, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2013, the cost of investments and unrealized appreciation (depreciation) for the Fund were as follows:

Cost of Investments	$	324,742,703
Aggregate unrealized appreciation	$	123,145,660
Aggregate unrealized depreciation		(3,649,981	)
Net unrealized appreciation	$	119,495,679

U.S. GAAP defines fair value as the price that the 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

4 NQ-OPTSV [12/13] 2/14 (12124)

Notes

Optimum Small-Mid Cap Value Fund

2. Investments (continued)

transparency of inputs to the valuation of an asset or liability. Inputs may be observable or unobservable and refer broadly to the assumptions that market participants would use in pricing the asset or liability. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions that market participants would use in pricing the asset or liability developed based on the best information available under the circumstances. The Fund’s investment in its entirety is assigned a level based upon the observability of the inputs which are significant to the overall valuation. The three-level hierarchy of inputs is summarized below.

Level 1	-	inputs are quoted prices in active markets for identical investments (e.g., equity securities, open-end investment companies, futures contracts, 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) (e.g., debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	-	inputs are significant unobservable inputs (including the Fund’s own assumptions used to determine the fair value of investments) (e.g., broker-quoted securities, fair valued securities)

Level 3 investments are valued using significant unobservable inputs. The 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 table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2013:

	Level 1		Level 2		Total
Common Stock
Consumer Discretionary	$	59,390,365	$	—	$	59,390,365
Consumer Staples		2,081,448		—		2,081,448
Energy		19,765,613		—		19,765,613
Financials		43,791,757		—		43,791,757
Healthcare		8,394,394		—		8,394,394
Industrials		134,290,961		—		134,290,961
Information Technology		80,409,306		1,068,152		81,477,458
Materials		52,774,722		—		52,774,722
Telecommunication Services		2,556,108		—		2,556,108
Utilities		2,016,223		—		2,016,223
Short-Term Investments		—		37,699,333		37,699,333
Total	$	405,470,897	$	38,767,485	$	444,238,382

During the period ended Dec. 31, 2013, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the Fair Valuation Procedures described in Note 1, International Fair Value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s Net Asset Value is determined) will be established using a separate pricing feed from a third party vendor designed to establish a price for each such security as of the time that the Fund’s Net Asset Value is determined. Further, International Fair Value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded , causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim or end of the period in relation to net assets. At Dec. 31, 2013, there were no Level 3 investments.

3. Securities Lending

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

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Cash collateral received is generally invested in the Delaware Investments Collateral Fund No. 1 (Collective Trust) established by BNY Mellon for the purpose of investment on behalf of funds managed by Delaware Management Company (DMC), a series of Delaware Management Business Trust, that participate in BNY Mellon’s securities lending program. The Collective Trust may invest in U.S. government securities and high quality corporate debt, asset-backed and other money market securities and in repurchase agreements collateralized by such securities, provided that the Collective Trust will generally have a dollar-weighted average portfolio maturity of 60 days or less. The Fund can also accept U.S. government securities and letters of credit (non-cash collateral) in connection with securities loans. In the event of default or bankruptcy by the lending agent, realization and/or retention of the collateral may be subject to legal proceedings. In the event the borrower fails to return loaned securities and the collateral received is insufficient to cover the value of the loaned securities and provided such collateral shortfall is not the result of investment losses, the lending agent has agreed to pay the amount of the shortfall to the Fund or, at the discretion of the lending agent, replace the loaned securities. The 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. The 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, the 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 the Fund, the security lending agent and the borrower. The Fund records security lending income net of allocations to the security lending agent and the borrower.

The Collective Trust used for the investment of cash collateral received from borrowers of securities seeks to maintain a net asset value per unit of $1.00, but there can be no assurance that it will always be able to do so. The Fund may incur investment losses as a result of investing securities lending collateral in the Collective Trust. This could occur if an investment in a Collective Trust defaulted or if it were necessary to liquidate assets in the Collective Trust to meet returns on outstanding security loans at a time when the Collective Trust’s net asset value per unit was less than $1.00. Under those circumstances, the Fund may not receive an amount from the Collective Trust that is equal in amount to the collateral the Fund would be required to return to the borrower of the securities and the Fund would be required to make up for this shortfall.

At Dec. 31, 2013, the Fund had no securities out on loan.

4. Credit and Market Risk

The Fund invests a significant portion of its assets in small- and mid- sized companies. Investments in small- or 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.

The Fund may invest in REITs and is subject to the risks associated with that industry. If the Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the period ended Dec. 31, 2013. The Fund’s REIT holdings are also affected by interest rate changes, particularly if the REITs it holds use floating rate debt to finance their ongoing operations.

The Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A of the Securities Act of 1933, as amended, and other securities which may not be readily marketable. The relative illiquidity of these securities may impair the 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 Fund’s Board has delegated to DMC, the day-to-day functions of determining whether individual securities are liquid for purposes of the Fund’s 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 Fund’s 15% limit on investments in illiquid securities. As of Dec. 31, 2013, there were no Rule 144A securities held by the Fund and no securities have been determined to be illiquid under the Fund’s Liquidity Procedures.

5. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2013 that would require recognition or disclosure in the Fund’s schedule of investments.

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Item 2. Controls and Procedures.

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

There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)), exactly as set forth below: