UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT
INVESTMENT COMPANIES

Investment Company Act file number:	811-21335
Exact name of registrant as specified in charter:	Optimum Fund Trust
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	September 30, 2014

Item 1. Reports to Stockholders

Optimum Fixed Income Fund

Optimum International Fund

Optimum Large Cap Growth Fund

Optimum Large Cap Value Fund

Optimum Small-Mid Cap Growth Fund

Optimum Small-Mid Cap Value Fund

Semiannual report

September 30, 2014

Carefully consider the Funds’ investment objectives, risk factors, charges, and expenses before investing. This and other information can be found in the Funds’ prospectus and, if available, their summary prospectus, which may be obtained by visiting optimummutualfunds.com or calling 800 914-0278. Investors should read the prospectus and, if available, the summary prospectus carefully before investing.

Table of contents

Disclosure of Fund expenses	1
Security type /sector / country allocations and top 10 equity holdings	3
Financial statements
Schedules of investments	8
Statements of assets and liabilities	63
Statements of operations	65
Statements of changes in net assets	66
Financial highlights	69
Notes to financial statements	93
Other Fund information	116
About the organization	119

Investments in Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund are not and will not be deposits with or liabilities of Macquarie Bank Limited ABN 46 008 583 542 and its holding companies, including their subsidiaries or related companies, and are subject to investment risk, including possible delays in repayment and loss of income and capital invested. No Macquarie Group company guarantees or will guarantee the performance of the Funds, the repayment of capital from the Funds, or any particular rate of return.

Unless otherwise noted, views expressed herein are current as of Sept. 30, 2014, and subject to change. Holdings are as of the date indicated and subject to change.

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

Mutual fund advisory services provided by Delaware Management Company, a series of Delaware Management Business Trust, which is a registered investment advisor. Delaware Investments, a member of Macquarie Group, refers to Delaware Management Holdings, Inc. and its subsidiaries, including the Funds’ distributor, Delaware Distributors, L.P. Macquarie Group refers to Macquarie Group Limited and its subsidiaries and affiliates worldwide.

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

© 2014 Delaware Management Holdings, Inc.

Disclosure of Fund expenses

For the six-month period from April 1, 2014 to September 30, 2014 (Unaudited)

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including sales charges (loads) on purchase payments, reinvested dividends, or other distributions; redemption fees; and exchange fees; and (2) ongoing costs, including management fees; distribution and/or service (12b-1) fees; and other Fund expenses. These following examples are intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The examples are based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period from April 1, 2014 to Sept. 30, 2014.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Optimum Fixed Income Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	1,016.40	1.17%	$	5.91
Class B**		1,000.00		1,015.30	1.17%		5.91
Class C		1,000.00		1,012.50	1.92%		9.69
Institutional Class		1,000.00		1,017.00	0.92%		4.65
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,019.20	1.17%	$	5.92
Class B**		1,000.00		1,019.20	1.17%		5.92
Class C		1,000.00		1,015.44	1.92%		9.70
Institutional Class		1,000.00		1,020.46	0.92%		4.66

Optimum International Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	961.60	1.45%	$	7.13
Class B**		1,000.00		961.70	1.45%		7.13
Class C		1,000.00		957.70	2.20%		10.80
Institutional Class		1,000.00		962.40	1.20%		5.90
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,017.80	1.45%	$	7.33
Class B**		1,000.00		1,017.80	1.45%		7.33
Class C		1,000.00		1,014.04	2.20%		11.11
Institutional Class		1,000.00		1,019.05	1.20%		6.07

(continues)                                             1

Disclosure of Fund expenses

Optimum Large Cap Growth Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	1,066.40	1.38%	$	7.15
Class B**		1,000.00		1,066.90	1.38%		7.15
Class C		1,000.00		1,063.10	2.13%		11.02
Institutional Class		1,000.00		1,068.20	1.13%		5.86
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.15	1.38%	$	6.98
Class B**		1,000.00		1,018.15	1.38%		6.98
Class C		1,000.00		1,014.39	2.13%		10.76
Institutional Class		1,000.00		1,019.40	1.13%		5.72

Optimum Large Cap Value Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	1,025.40	1.33%	$	6.75
Class B**		1,000.00		1,024.90	1.33%		6.75
Class C		1,000.00		1,021.20	2.08%		10.54
Institutional Class		1,000.00		1,026.60	1.08%		5.49
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,018.40	1.33%	$	6.73
Class B**		1,000.00		1,018.40	1.33%		6.73
Class C		1,000.00		1,014.64	2.08%		10.50
Institutional Class		1,000.00		1,019.65	1.08%		5.47

Optimum Small-Mid Cap Growth Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	982.60	1.65%	$	8.20
Class B**		1,000.00		982.60	1.65%		8.20
Class C		1,000.00		978.20	2.40%		11.90
Institutional Class		1,000.00		983.40	1.40%		6.96
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,016.80	1.65%	$	8.34
Class B**		1,000.00		1,016.80	1.65%		8.34
Class C		1,000.00		1,013.04	2.40%		12.11
Institutional Class		1,000.00		1,018.05	1.40%		7.08

Optimum Small-Mid Cap Value Fund

Expense analysis of an investment of $1,000

	Beginning Account Value 4/1/14		Ending Account Value 9/30/14		Annualized Expense Ratio	Expenses Paid During Period 4/1/14 to 9/30/14*
Actual Fund return†
Class A	$	1,000.00	$	953.60	1.63%	$	7.98
Class B**		1,000.00		953.50	1.63%		7.98
Class C		1,000.00		950.10	2.38%		11.63
Institutional Class		1,000.00		954.30	1.38%		6.76
Hypothetical 5% return (5% return before expenses)
Class A	$	1,000.00	$	1,016.90	1.63%	$	8.24
Class B**		1,000.00		1,016.90	1.63%		8.24
Class C		1,000.00		1,013.14	2.38%		12.01
Institutional Class		1,000.00		1,018.15	1.38%		6.98

*“Expenses Paid During Period” are equal to the relevant Fund’s annualized expense ratio, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

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

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

2

Security type / sector allocations

Optimum Fixed Income Fund

As of September 30, 2014 (Unaudited)

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

Security type / sector	Percentage of net assets
Agency Collateralized Mortgage Obligations		4.84%
Agency Mortgage-Backed Securities		10.08%
Agency Obligation		0.09%
Collateralized Debt Obligations		0.29%
Commercial Mortgage-Backed Securities		2.21%
Convertible Bonds		0.82%
Corporate Bonds		38.23%
Banking		9.21%
Basic Industry		2.15%
Brokerage		0.35%
Capital Goods		1.20%
Communications		4.80%
Consumer Cyclical		2.88%
Consumer Non-Cyclical		2.94%
Energy		3.48%
Finance Companies		1.80%
Insurance		1.25%
Natural Gas		1.58%
Real Estate		1.40%
Technology		1.18%
Transportation		0.92%
Utilities		3.09%
Municipal Bonds		0.67%

Security type / sector	Percentage of net assets
Non-Agency Asset-Backed Securities		3.38%
Non-Agency Collateralized Mortgage Obligations		2.85%
Regional Bonds		0.10%
Senior Secured Loans		5.75%
Sovereign Bonds		7.92%
Supranational Banks		0.07%
U.S. Treasury Obligations		21.00%
Common Stock		0.00%
Convertible Preferred Stock		0.27%
Preferred Stock		0.44%
Options Purchased		0.00%
Securities Sold Short		(0.11%)
Short-Term Investments		10.11%
Total Value of Securities		109.01%
Options Written		(0.04%)
Liabilities Net of Receivables and Other Assets		(8.97%)
Total Net Assets		100.00%

(continues)                                             3

Security type / country and sector allocations

Optimum International Fund

As of September 30, 2014 (Unaudited)

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

Security type / country	Percentage of net assets
Common Stock by Country		96.55%
Argentina		0.32%
Australia		0.80%
Austria		2.09%
Belgium		1.13%
Bermuda		1.41%
Brazil		1.55%
British Virgin Islands		0.29%
Canada		2.94%
China/Hong Kong		9.19%
Colombia		0.69%
Czech Republic		0.60%
Denmark		0.52%
France		4.64%
Germany		1.56%
Greece		0.30%
India		3.61%
Indonesia		0.93%
Ireland		6.14%
Israel		0.56%
Italy		1.21%
Japan		10.38%
Mexico		0.53%
Netherlands		3.84%
New Zealand		0.39%
Nigeria		0.46%
Norway		4.48%
Panama		0.29%
Peru		0.26%
Republic of Korea		2.81%
Singapore		1.43%
South Africa		0.47%
Spain		2.54%
Sweden		1.68%

Security type / country	Percentage of net assets
Switzerland		8.88%
Taiwan		1.90%
Turkey		1.38%
United Kingdom		11.54%
United States		2.81%
Exchange-Traded Fund		0.43%
Preferred Stock		0.53%
Warrant		0.02%
Short-Term Investments		1.34%
Securities Lending Collateral		8.46%
Total Value of Securities		107.33%
Obligation to Return Securities Lending Collateral		(8.46%)
Receivables and Other Assets Net of Liabilities		1.13%
Total Net Assets		100.00%
Common stock, exchange-traded fund, preferred stock and warrant by sector	Percentage of net assets
Consumer Discretionary		11.26%
Consumer Staples		4.87%
Energy		14.36%
Financials		24.98%
Healthcare		17.05%
Industrials		10.97%
Information Technology		4.60%
Materials		5.76%
Telecommunication Services		3.22%
Utilities		0.46%
Total		97.53%

4

Security type / sector allocations and top 10 equity holdings

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

Optimum Large Cap Growth Fund

As of September 30, 2014 (Unaudited)

Security type / sector	Percentage of net assets
Common Stock²		97.09%
Consumer Discretionary		21.29%
Consumer Staples		3.83%
Energy		4.49%
Financials		6.73%
Healthcare		15.92%
Industrials		12.05%
Information Technology1		28.82%
Materials		2.12%
Telecommunication Services		1.77%
Utilities		0.07%
Convertible Preferred Stock		0.07%
Short-Term Investments		2.95%
Total Value of Securities		100.11%
Liabilities Net of Receivables and Other Assets		(0.11%)
Total Net Assets		100.00%

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

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

Top 10 equity holdings	Percentage of net assets
Apple		4.01%
Google Class C		3.22%
Facebook Class A		3.14%
Gilead Sciences		2.77%
Amazon.com		2.65%
Visa Class A		2.31%
Google Class A		1.99%
Home Depot		1.82%
Priceline Group		1.70%
CVS Health		1.50%

Optimum Large Cap Value Fund

As of September 30, 2014 (Unaudited)

Security type / sector	Percentage of net assets
Common Stock		96.87%
Consumer Discretionary		9.96%
Consumer Staples		12.19%
Energy		11.88%
Financials		22.20%
Healthcare		11.43%
Industrials		12.41%
Information Technology		10.19%
Materials		4.11%
Telecommunication Services		1.88%
Utilities		0.62%
Convertible Preferred Stock		0.04%
Short-Term Investments		3.13%
Total Value of Securities		100.04%
Liabilities Net of Receivables and Other Assets		(0.04%)
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Lockheed Martin		2.72%
Philip Morris International		2.66%
JPMorgan Chase		2.14%
International Business Machines		2.05%
Exxon Mobil		2.02%
Johnson & Johnson		1.87%
Apple		1.70%
United Parcel Service Class B		1.66%
Wells Fargo		1.64%
Altria Group		1.55%

(continues)                                             5

Security type / sector allocations and top 10 equity holdings

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

Optimum Small-Mid Cap Growth Fund

As of September 30, 2014 (Unaudited)

Security type / sector	Percentage of net assets
Common Stock		94.08%
Consumer Discretionary		14.46%
Consumer Staples		2.67%
Energy		4.42%
Financials		11.22%
Healthcare		14.55%
Industrials		23.90%
Information Technology		18.65%
Materials		2.78%
Telecommunication Services		1.43%
Convertible Preferred Stock		1.76%
Preferred Stock		0.47%
Short-Term Investments		3.78%
Total Value of Securities		100.09%
Liabilities Net of Receivables and Other Assets		(0.09%)
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Mobileye Series F2		1.33%
WNS Holdings ADR		1.28%
Donaldson		1.23%
Nordson		1.23%
AMETEK		1.17%
LKQ		1.13%
Acuity Brands		1.12%
Virtusa		1.10%
Mettler-Toledo International		1.04%
Generac Holdings		1.01%

Optimum Small-Mid Cap Value Fund

As of September 30, 2014 (Unaudited)

Security type / sector	Percentage of net assets
Common Stock		89.28%
Consumer Discretionary		10.50%
Energy		7.92%
Financials		7.73%
Healthcare		4.75%
Industrials		24.42%
Information Technology		19.00%
Materials		12.88%
Telecommunication Services		1.30%
Utilities		0.78%
Short-Term Investments		11.14%
Total Value of Securities		100.42%
Liabilities Net of Receivables and Other Assets		(0.42%)
Total Net Assets		100.00%

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

Top 10 equity holdings	Percentage of net assets
Flextronics International		1.25%
Fairchild Semiconductor International		1.05%
Myriad Genetics		1.04%
TrueBlue		0.98%
VAALCO Energy		0.96%
FreightCar America		0.92%
Life Time Fitness		0.89%
PolyOne		0.88%
CareFusion		0.88%
Knoll		0.88%

6

¹To monitor compliance with the Optimum Large Cap Growth Fund’s concentration guidelines as described in the Fund’s Prospectus and Statement of Additional Information, the Information Technology sector (as disclosed herein for financial reporting purposes) is subdivided into a variety of “industries” (in accordance with the requirements of the 1940 Act). The “Information Technology sector” consisted of diversified financial services, commercial services, computers, internet and communications, semiconductors and software. As of Sept. 30, 2014, such amounts, as percentage of total net assets, were 2.31%, 1.94%, 5.22%, 12.23%, 2.69% and 4.43%, respectively. The percentage in any such single industry will comply with the Fund’s concentration policy even if the percentages in the “Information Technology sector” for financial reporting purposes may exceed 25%.

(continues)                                             7

Schedules of investments

Optimum Fixed Income Fund

September 30, 2014 (Unaudited)

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations – 4.84%
Fannie Mae Grantor Trust
Series 1999-T2 A1 7.50% 1/19/39 l		14,438	$	16,117
Series 2002-T4 A3 7.50% 12/25/41		50,128		56,821
Series 2004-T1 1A2 6.50% 1/25/44		15,130		17,150
Fannie Mae REMICs
Series 1996-46 ZA 7.50% 11/25/26		10,880		12,350
Series 1999-19 PH 6.00% 5/25/29		199,424		220,179
Series 2001-14 Z 6.00% 5/25/31		12,146		13,380
Series 2002-90 A1 6.50% 6/25/42		12,427		14,194
Series 2002-90 A2 6.50% 11/25/42		42,161		47,569
Series 2003-26 AT 5.00% 11/25/32		181,998		188,890
Series 2005-22 HE 5.00% 10/25/33		149,079		151,968
Series 2005-29 QD 5.00% 8/25/33		109,499		110,241
Series 2005-110 MB 5.50% 9/25/35		163,058		176,362
Series 2007-30 OE 2.579% 4/25/37 @W^		4,902,418		4,387,423
Series 2007-114 A6 0.355% 10/27/37l		7,600,000		7,584,435
Series 2008-24 ZA 5.00% 4/25/38		20,746,447		22,664,891
Series 2009-2 AS 5.546% 2/25/39 @l∑		2,882,004		362,002
Series 2009-68 SA 6.596% 9/25/39 @l∑		616,648		89,387
Series 2009-94 AC 5.00% 11/25/39		374,091		408,225
Series 2010-41 PN 4.50% 4/25/40		475,000		509,949
Series 2010-96 DC 4.00% 9/25/25		915,000		975,028
Series 2010-123 FE 0.635% 11/25/40 l		4,308,511		4,345,086
Series 2012-122 SD 5.946% 11/25/42 l∑		872,653		193,816
Series 2013-38 AI 3.00% 4/25/33 ∑		2,363,330		381,674
Series 2013-44 DI 3.00% 5/25/33 ∑		3,585,542		594,736

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Fannie Mae REMICs Series 2014-36 ZE 3.00% 6/25/44		613,093	$	512,232
Fannie Mae Whole Loan REMIC Trust
Series 2004-W4 A5 5.50% 6/25/34		2,501,948		2,651,032
Series 2004-W11 1A2 6.50% 5/25/44		74,327		85,922
Fannie Mae Whole Loan Trust Series 2004-W15 1A1 6.00% 8/25/44		87,568		97,347
Freddie Mac REMICs
Series 1730 Z 7.00% 5/15/24		57,201		64,955
Series 2165 PE 6.00% 6/15/29		173,944		192,087
Series 2326 ZQ 6.50% 6/15/31		100,161		113,482
Series 2557 WE 5.00% 1/15/18		273,708		287,633
Series 2762 LG 5.00% 9/15/32		10,378		10,372
Series 2802 NE 5.00% 2/15/33		199,771		201,635
Series 2827 TE 5.00% 4/15/33		312,292		319,673
Series 2864 PE 5.00% 6/15/33		46,770		47,171
Series 2869 BG 5.00% 7/15/33		131,488		132,722
Series 2889 OG 5.00% 5/15/33		1,678		1,678
Series 2915 KD 5.00% 9/15/33		62,937		64,015
Series 2938 ND 5.00% 10/15/33		78,398		79,380
Series 2987 KG 5.00% 12/15/34		270,907		275,910
Series 3143 BC 5.50% 2/15/36		4,450,619		4,911,815
Series 3145 LN 4.50% 10/15/34		37,511		37,894
Series 3289 SA 6.596% 3/15/37 @l∑		2,022,123		334,144
Series 3626 MA 5.00% 2/15/30		542,293		547,315
Series 3656 PM 5.00% 4/15/40		770,000		846,851

8

	Principal amount°		Value (U.S. $)
Agency Collateralized Mortgage Obligations (continued)
Freddie Mac REMICs
Series 4065 DE 3.00% 6/15/32		120,000	$	115,443
Series 4185 LI 3.00% 3/15/33 ∑		888,010		149,321
Series 4191 CI 3.00% 4/15/33 ∑		364,120		60,465
Freddie Mac Structured Agency Credit Risk Debt Notes
Series 2014-DN2 M1 1.005% 4/25/24 l		256,161		253,188
Series 2014-DN2 M2 1.805% 4/25/24 l		250,000		242,807
Freddie Mac Structured Pass Through Securities
Series T-54 2A 6.50% 2/25/43 ¿		20,496		24,086
Series T-58 2A 6.50% 9/25/43 ¿		10,756		12,183
GNMA
Series 2007-64 AI 6.397%10/20/37 @l∑		7,159,327		1,112,647
Series 2008-65 SB 5.847% 8/20/38 @l∑		1,923,926		254,648
Series 2009-2 SE 5.667% 1/20/39 @l∑		5,428,940		675,067
Series 2010-113 KE 4.50% 9/20/40		1,170,000		1,262,942
Series 2011-H21 FT 0.82% 10/20/61 l		14,927,510		15,000,148
Series 2011-H23 FA 0.856% 10/20/61 l		9,984,459		10,075,717
Series 2012-H08 FB 0.756% 3/20/62 l		1,393,913		1,403,600
Series 2012-H29 SA 0.671% 10/20/62 l		6,071,486		6,090,908
Total Agency Collateralized Mortgage Obligations (cost $91,817,304)				92,070,308
Agency Mortgage-Backed Securities – 10.08%
Fannie Mae
5.50% 3/1/37		35,844		38,776
5.50% 7/1/37		319,027		345,020
6.50% 8/1/17		11,446		11,917
Fannie Mae ARM
1.819% 7/1/37 l		113,411		119,612
2.277% 10/1/33 l		21,699		21,864
2.344% 11/1/35 l		59,533		63,838

	Principal amount°		Value (U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae ARM
2.42% 5/1/43 l		484,786	$	482,020
2.546% 6/1/43 l		168,615		168,743
3.199% 4/1/44 l		778,015		801,893
3.279% 3/1/44 l		690,958		716,634
3.292% 9/1/43 l		588,741		607,240
5.141% 8/1/35 l		18,476		19,791
5.807% 8/1/37 l		107,254		114,544
Fannie Mae Relocation 30 yr
5.00% 11/1/33		2,219		2,424
5.00% 1/1/34		3,454		3,775
5.00% 11/1/34		10,414		11,380
5.00% 4/1/35		15,132		16,538
5.00% 10/1/35		18,040		19,700
5.00% 1/1/36		38,251		41,795
Fannie Mae S.F. 15 yr
2.50% 7/1/27		83,537		84,512
2.50% 10/1/27		520,043		526,114
2.50% 2/1/28		1,250,244		1,264,840
2.50% 5/1/28		177,693		179,768
3.00% 8/1/27		1,545,817		1,598,795
3.00% 11/1/27		60,447		62,474
3.00% 5/1/28		119,117		123,056
3.50% 7/1/26		387,586		408,469
3.50% 12/1/28		145,491		153,822
4.00% 5/1/24		49,810		53,135
4.00% 7/1/24		13,675		14,594
4.00% 5/1/25		263,994		281,735
4.00% 6/1/25		949,763		1,013,468
4.00% 9/1/25		32,654		34,849
4.00% 11/1/25		1,293,141		1,380,919
4.00% 1/1/26		35,287		37,515
4.00% 12/1/26		453,914		484,439
4.00% 1/1/27		32,578		34,776
4.00% 5/1/27		932,725		995,209
4.00% 8/1/27		577,742		616,807
4.50% 8/1/18		91,331		96,477
4.50% 7/1/20		279,768		296,229
5.00% 12/1/20		56,742		60,504
5.00% 5/1/21		35,246		37,578
5.00% 6/1/23		102,993		111,425
Fannie Mae S.F. 15 yr TBA
2.50% 10/1/29		1,287,000		1,294,239
2.50% 11/1/29		1,030,000		1,033,339
3.00% 10/1/29		3,984,000		4,103,520
Fannie Mae S.F. 20 yr
3.00% 2/1/33		63,857		65,079
3.00% 8/1/33		228,236		231,757
3.50% 4/1/33		66,229		69,072

(continues)                                             9

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 20 yr
3.50% 9/1/33		326,037	$	340,031
4.00% 1/1/31		91,626		97,955
4.00% 2/1/31		343,762		367,468
5.00% 11/1/23		28,921		31,898
5.50% 11/1/25		44,899		50,134
5.50% 8/1/28		460,212		513,953
5.50% 12/1/29		39,192		43,773
6.00% 9/1/29		291,675		329,711
Fannie Mae S.F. 30 yr
3.00% 7/1/42		439,612		434,541
3.00% 10/1/42		6,946,135		6,864,939
3.00% 12/1/42		1,148,264		1,134,699
3.00% 1/1/43		2,578,956		2,547,841
3.00% 2/1/43		265,916		262,710
3.00% 4/1/43		43,853,777		43,315,685
3.00% 5/1/43		396,775		391,706
4.00% 10/1/40		46,493		49,063
4.00% 11/1/40		283,079		298,727
4.00% 7/1/41		933,055		985,663
4.00% 8/1/43		200,574		212,185
4.00% 7/1/44		812,166		859,338
4.50% 5/1/35		187,503		203,763
4.50% 8/1/35		384,875		415,889
4.50% 9/1/35		348,494		376,571
4.50% 7/1/36		133,059		143,641
4.50% 5/1/39		1,306,055		1,413,603
4.50% 11/1/40		404,296		437,315
4.50% 3/1/41		827,883		895,415
4.50% 4/1/41		1,205,683		1,304,630
4.50% 10/1/41		462,541		500,340
4.50% 11/1/41		404,917		438,038
4.50% 12/1/43		70,237		76,035
4.50% 5/1/44		295,337		319,747
5.00% 3/1/34		5,407		5,980
5.00% 4/1/34		31,918		35,294
5.00% 8/1/34		52,515		58,091
5.00% 4/1/35		9,581		10,647
5.00% 7/1/35		195,239		215,830
5.00% 10/1/35		463,822		512,833
5.00% 11/1/35		141,173		156,162
5.00% 2/1/36		201,203		222,463
5.00% 2/1/37		417,798		462,245
5.00% 4/1/37		120,030		132,627
5.00% 8/1/37		367,392		406,184
5.00% 12/1/37		7,851		8,659
5.00% 2/1/38		125,931		139,265
5.00% 3/1/38		290,774		320,709
5.00% 6/1/38		18,567		20,478

	Principal		Value
	amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
5.00% 2/1/39		6,723	$	7,415
5.00% 5/1/40		144,675		159,612
5.50% 12/1/32		26,789		30,067
5.50% 2/1/33		86,388		96,734
5.50% 12/1/33		44,790		50,713
5.50% 11/1/34		138,083		154,890
5.50% 2/1/35		705,981		799,565
5.50% 3/1/35		83,010		92,960
5.50% 6/1/35		114,835		128,229
5.50% 1/1/36		115,351		129,235
5.50% 7/1/36		40,239		45,092
5.50% 1/1/37		8,304		9,320
5.50% 2/1/37		736,725		820,853
5.50% 8/1/37		33,345		37,350
5.50% 1/1/38		627,929		698,699
5.50% 2/1/38		245,295		274,671
5.50% 3/1/38		307,135		344,517
5.50% 4/1/38		1,489,062		1,656,868
5.50% 6/1/38		26,066		29,009
5.50% 10/1/39		1,239,889		1,379,615
5.50% 7/1/40		368,906		410,482
5.50% 9/1/41		156,268		174,091
6.00% 5/1/36		104,847		118,871
6.00% 6/1/36		47,962		54,412
6.00% 9/1/36		48,192		55,130
6.00% 12/1/36		58,872		66,979
6.00% 2/1/37		153,151		173,652
6.00% 5/1/37		426,090		481,068
6.00% 6/1/37		29,058		33,235
6.00% 7/1/37		31,163		35,337
6.00% 8/1/37		360,207		408,189
6.00% 9/1/37		69,998		79,366
6.00% 11/1/37		74,022		84,484
6.00% 5/1/38		1,477,151		1,670,807
6.00% 7/1/38		20,166		22,768
6.00% 8/1/38		271,831		306,905
6.00% 9/1/38		146,954		166,109
6.00% 10/1/38		594,377		671,347
6.00% 11/1/38		136,101		154,719
6.00% 12/1/38		23,098		26,128
6.00% 1/1/39		249,975		282,377
6.00% 2/1/39		408,178		463,692
6.00% 9/1/39		780,167		882,295
6.00% 10/1/39		138,943		157,476
6.00% 3/1/40		223,036		252,048
6.00% 7/1/40		946,248		1,069,907
6.00% 9/1/40		191,690		217,050
6.00% 11/1/40		84,514		96,725

10

	Principal		Value
	amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
Fannie Mae S.F. 30 yr
6.00% 5/1/41		303,650	$	343,780
6.50% 11/1/33		6,126		6,979
6.50% 2/1/36		129,402		150,244
6.50% 3/1/36		118,274		134,438
6.50% 6/1/36		270,396		315,330
6.50% 2/1/38		61,691		71,005
6.50% 11/1/38		17,721		20,060
7.50% 3/1/32		790		925
7.50% 4/1/32		1,965		2,289
7.50% 6/1/32		1,573		1,737
Fannie Mae S.F. 30 yr TBA
3.00% 11/1/44		17,267,000		16,973,596
3.50% 11/1/44		5,872,000		5,984,394
4.00% 10/1/44		3,914,000		4,124,622
4.00% 11/1/44		15,367,000		16,145,915
4.50% 11/1/44		28,201,000		30,348,021
5.00% 11/1/44		1,205,000		1,326,729
Freddie Mac ARM
2.249% 7/1/36 l		54,836		58,838
2.338% 4/1/34 l		2,634		2,803
2.342% 12/1/33 l		66,391		70,868
2.526% 1/1/44 l		1,421,075		1,448,818
2.68% 5/1/37 l		406,188		440,644
5.386% 2/1/38 l		193,250		205,530
Freddie Mac Relocation 30 yr     5.00% 9/1/33		308		337
Freddie Mac S.F. 15 yr
2.50% 3/1/28		275,673		278,477
3.50% 10/1/26		128,386		135,287
4.00% 4/1/25		61,829		65,997
4.00% 5/1/25		85,145		90,889
4.00% 8/1/25		284,510		303,808
4.00% 11/1/26		362,084		384,910
4.50% 5/1/20		166,016		177,716
4.50% 7/1/25		83,544		89,465
4.50% 6/1/26		195,049		208,301
5.00% 6/1/18		48,574		51,283
Freddie Mac S.F. 20 yr
3.50% 1/1/34		612,225		636,684
4.00% 11/1/32		168,535		179,915
5.50% 10/1/23		93,418		103,683
5.50% 8/1/24		25,688		28,684
Freddie Mac S.F. 30 yr
3.00% 10/1/42		508,241		504,232
3.00% 11/1/42		424,986		422,951
4.50% 10/1/39		214,522		231,472
5.50% 3/1/34		56,249		63,031
5.50% 12/1/34		53,930		60,643

	Principal		Value
	amount°		(U.S. $)
Agency Mortgage-Backed Securities (continued)
Freddie Mac S.F. 30 yr
5.50% 6/1/36		34,520	$	38,520
5.50% 11/1/36		83,650		93,280
5.50% 12/1/36		17,914		19,943
5.50% 6/1/38		47,741		53,174
5.50% 3/1/40		191,693		213,507
5.50% 8/1/40		775,790		863,307
5.50% 1/1/41		217,029		241,570
5.50% 6/1/41		916,077		1,019,513
6.00% 2/1/36		419,990		479,141
6.00% 3/1/36		209,951		239,026
6.00% 1/1/38		82,823		93,284
6.00% 6/1/38		218,491		246,345
6.00% 8/1/38		332,751		380,166
6.00% 5/1/40		91,487		103,169
6.50% 11/1/33		34,349		39,411
6.50% 1/1/35		160,244		184,293
6.50% 8/1/38		51,112		57,792
6.50% 4/1/39		351,695		397,663
7.00% 1/1/38		55,508		63,556
GNMA I S.F. 30 yr
5.00% 6/15/40		117,101		128,885
7.00% 12/15/34		259,799		305,245
GNMA II S.F. 30 yr 6.00% 4/20/34		10,071		11,333
Total Agency Mortgage-Backed Securities (cost $189,159,447)				191,749,009
Agency Obligations – 0.09%
Fannie Mae 2.625% 9/6/24		785,000		773,861
Tennessee Valley Authority 2.875% 9/15/24		1,015,000		1,009,541
Total Agency Obligations (cost $1,782,074)				1,783,402
Collateralized Debt Obligations – 0.29%
ACAS CLO Series 2007-1A A1S 144A 0.444% 4/20/21 #l		764,425		758,348
ALM VII Series 2012-7A A1 144A 1.654% 10/19/24 #l		250,000		249,080
BlueMountain CLO Series 2005-1A A1F 144A 0.471% 11/15/17 #l		27,318		27,281

(continues)                                             11

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Collateralized Debt Obligations (continued)
Euro-Galaxy CLO Series 2006-1X A2 0.444% 10/23/21 l		EUR 1,595,804	$	1,995,704
Franklin CLO Series 5A A2 144A 0.494% 6/15/18 #l		1,599,701		1,587,656
Stoney Lane Funding I Series 2007-1A A1 144A 0.473% 4/18/22 #l		982,377		973,457
Total Collateralized Debt Obligations (cost $5,604,436)				5,591,526
Commercial Mortgage-Backed Securities –2.21%
Bank of America Commercial Mortgage Trust Series 2007-4 AM 6.015% 2/10/51 l		505,000		556,103
Bank of America Re-REMIC Series 2009-UBER2 144A 5.812% 2/24/51 #l		2,129,304		2,344,322
CD Commercial Mortgage Trust Series 2005-CD1 AM 5.40% 7/15/44 l		425,000		440,739
Series 2005-CD1 C 5.40% 7/15/44 l		510,000		524,230
Citigroup Commercial Mortgage Trust Series 2014-GC23 AS 3.863% 7/10/47		340,000		346,002
Commercial Mortgage Pass Through Certificates Series 2014-CR19 A5 3.796% 8/10/47 ¿		470,000		480,208
Series 2014-LC17 A5 3.917% 10/10/47 ¿		910,000		945,973
Commercial Mortgage Trust Series 2005-GG5 A5 5.224% 4/10/37 l		1,155,000		1,182,842
Series 2006-GG7 A4 6.014% 7/10/38 l		1,102,588		1,170,200
Credit Suisse Commercial Mortgage Trust Series 2006-C1 AAB 5.642% 2/15/39 l		21,705		21,866
Series 2010-UD1 A 144A 5.931% 12/16/49 #l		1,864,774		1,999,317
DB-UBS Mortgage Trust Series 2011-LC1A A3 144A 5.002% 11/10/46 #		1,545,000		1,725,042

	Principal		Value
	amount°		(U.S. $)
Commercial Mortgage-Backed Securities (continued)
DB-UBS Mortgage Trust Series 2011-LC1A C 144A 5.73% 11/10/46 #l		815,000	$	908,510
FREMF Mortgage Trust Series 2011-K702 B 144A 4.936% 4/25/44 #l		210,000		223,378
Series 2012-K19 B 144A 4.176% 5/25/45 #l		145,000		148,753
Series 2012-K708 B 144A 3.891% 2/25/45 #l		1,705,000		1,753,606
Series 2012-K711 B 144A 3.684% 8/25/45 #•		735,000		744,737
Series 2013-K33 B 144A 3.619% 8/25/46 #l		505,000		492,742
Series 2013-K712 B 144A 3.484% 5/25/45 #l		2,215,000		2,217,160
Series 2013-K713 B 144A 3.274% 4/25/46 #l		1,215,000		1,200,565
Series 2014-K716 B 144A 3.954% 8/25/47 #l		425,000		431,401
Goldman Sachs Mortgage Securities II Series 2005-GG4 A4A 4.751% 7/10/39		659,324		664,402
Goldman Sachs Mortgage Securities Trust Series 2006-GG6 A4 5.553% 4/10/38 l		595,000		619,990
Series 2010-C1 A2 144A 4.592% 8/10/43 #		915,000		999,551
Series 2010-C1 C 144A 5.635% 8/10/43 #l		375,000		407,160
Grace Mortgage Trust Series 2014-GRCE A 144A 3.369% 6/10/28 #		2,200,000		2,255,482
Hilton USA Trust Series 2013-HLT AFX 144A 2.662% 11/5/30 #		2,515,000		2,523,712
Series 2013-HLT BFX 144A 3.367% 11/5/30 #		1,620,000		1,646,014
JPMBB Commercial Mortgage Securities Trust
Series 2014-C18 A1 1.254% 2/15/47		524,614		521,754
Series 2014-C21 AS 3.997% 8/15/47		320,000		326,222
Series 2014-C22 A4 3.801% 9/15/47		1,055,000		1,082,390
Series 2014-C22 B 4.714% 9/15/47 l		685,000		711,294

12

	Principal		Value
	amount°		(U.S. $)
Commercial Mortgage-Backed Securities (continued)
JPMorgan Chase Commercial Mortgage Securities Trust
Series 2005-CB11 E 5.647% 8/12/37 l		230,000	$	245,891
Series 2005-LDP5 D 5.559% 12/15/44 l		420,000		433,297
Series 2006-LDP8 AM 5.44% 5/15/45		1,558,000		1,669,157
Series 2007-LDPX A3 5.42% 1/15/49		1,078,598		1,162,082
Series 2011-C5 C 144A 5.50% 8/15/46 #l		410,000		450,555
Series 2012-LC9 AS 144A 3.353% 12/15/47 #		290,000		287,735
LB-UBS Commercial Mortgage Trust
Series 2004-C1 A4 4.568% 1/15/31		41,187		42,287
Series 2005-C3 B 4.895% 7/15/40 l		260,000		264,042
Series 2006-C6 AJ 5.452% 9/15/39 l		745,000		787,403
Series 2006-C6 AM 5.413% 9/15/39		305,000		328,039
Morgan Stanley Bank of America Merrill Lynch Trust Series 2014-C18 A4 3.923% 10/15/47		625,000		646,875
Morgan Stanley Capital I Trust
Series 2005-HQ7 AJ 5.38% 11/14/42 l		615,000		634,670
Series 2005-HQ7 C 5.38% 11/14/42 l		1,375,000		1,359,244
Series 2006-T21 AM 5.204% 10/12/52 l		600,000		627,072
TimberStar Trust Series 2006-1A A 144A 5.668% 10/15/36 #		415,000		445,896
VNDO Mortgage Trust Series 2012-6AVE A 144A 2.996% 11/15/30 #		580,000		570,273
WF-RBS Commercial Mortgage Trust Series 2014-C23 A5 3.917% 10/15/57		545,000		561,323
Total Commercial Mortgage-Backed Securities (cost $41,904,389)				42,131,508

	Principal		Value
	amount°		(U.S. $)
Convertible Bonds – 0.82%
Alaska Communications Systems Group 6.25% exercise price $10.28, expiration date 4/27/18		580,000	$	469,800
Alere 3.00% exercise price $43.98, expiration date 5/15/16		139,000		147,774
Ares Capital 5.75% exercise price $19.13, expiration date 2/1/16		206,000		215,527
BGC Partners 4.50% exercise price $9.84, expiration date 7/13/16		421,000		445,207
BioMarin Pharmaceutical 1.50% exercise price $94.15, expiration date 10/13/20		291,000		320,100
Blackstone Mortgage Trust 5.25% exercise price $28.66, expiration date 12/1/18		576,000		604,800
Blucora 144A 4.25% exercise price $21.66, expiration date 3/29/19 #		275,000		277,063
Campus Crest Communities Operating Partnership 144A 4.75% exercise price $12.56, expiration date 10/11/18 #		360,000		342,900
Cardtronics 144A 1.00% exercise price $52.35, expiration date 11/27/20 #		498,000		478,705
Chesapeake Energy 2.25% exercise price $80.36, expiration date 12/14/38		193,000		185,159
Ciena 144A 3.75% exercise price $20.17, expiration date 10/15/18 #		283,000		331,110
Energy XXI Bermuda 144A 3.00% exercise price $40.40, expiration date 12/13/18 #		588,000		482,895
Equinix 4.75% exercise price $84.32, expiration date 6/13/16		64,000		164,960
General Cable 4.50% exercise price $35.33, expiration date 11/15/29 f		652,000		455,585
Gilead Sciences 1.625% exercise price $22.71, expiration date 4/29/16		166,000		775,428

(continues)                                             13

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
Hologic 2.00% exercise price $31.17, expiration date 2/27/42 f		381,000	$	402,193
Illumina 0.25% exercise price $83.55, expiration date 3/11/16		113,000		224,729
Intel 3.25% exercise price $21.71, expiration date 8/1/39		200,000		335,751
j2 Global 3.25% exercise price $69.37, expiration date 6/14/29		483,000		483,906
Jefferies Group 3.875% exercise price $45.19, expiration date 10/31/29		306,000		324,743
Lexington Realty Trust 144A
6.00% exercise price $6.68, expiration date 1/11/30 #		147,000		212,415
Liberty Interactive
0.75% exercise price $1,000.00, expiration date 3/30/43		462,000		614,171
144A 1.00% exercise price $74.31, expiration date 9/28/43 #		398,000		409,443
Meritor 4.00% exercise price $26.73, expiration date 2/12/27 f		598,000		616,687
MGM Resorts International 4.25% exercise price $18.58, expiration date 4/10/15		239,000		301,588
Mylan 3.75% exercise price $13.32, expiration date 9/15/15		130,000		444,763
Novellus Systems 2.625% exercise price $35.02, expiration date 5/14/41		268,000		585,413
Nuance Communications 2.75% exercise price $32.30, expiration date 11/1/31		35,000		34,694
NuVasive 2.75% exercise price $42.13, expiration date 6/30/17		576,000		642,240
Peabody Energy 4.75% exercise price $57.62, expiration date 12/15/41		668,000		460,920

	Principal amount°		Value (U.S. $)
Convertible Bonds (continued)
RTI International Metals 1.625% exercise price $40.72, expiration date 10/10/19		345,000	$	331,631
SanDisk 1.50% exercise price $51.53, expiration date 8/11/17		248,000		478,175
SBA Communications 4.00% exercise price $30.38, expiration date 10/1/14		130,000		472,147
Spirit Realty Capital 3.75% exercise price $13.10, expiration date 5/13/21		348,000		338,432
Titan Machinery 3.75% exercise price $43.17, expiration date 4/30/19		354,000		272,359
TPG Specialty Lending 144A 4.50% exercise price $25.83, expiration date 12/15/19 #		372,000		361,538
Vantage Drilling 144A 5.50% exercise price $2.39, expiration date 7/15/43 #		487,000		476,956
Vector Group
1.75% exercise price $25.87, expiration date 4/15/20		424,000		476,470
2.50% exercise price $16.78, expiration date 1/14/19 —		147,000		213,580
VeriSign 3.25% exercise price $34.37, expiration date 8/15/37		204,000		343,868
Total Convertible Bonds (cost $14,170,953)				15,555,825
Corporate Bonds – 38.23%
Banking – 9.21%
Abbey National Treasury Services
0.744% 3/13/17 —		225,000		225,625
2.35% 9/10/19		635,000		627,601
Ally Financial
2.75% 1/30/17		200,000		196,500
3.125% 1/15/16		100,000		100,500
3.50% 7/18/16		400,000		405,500
4.625% 6/26/15		1,200,000		1,219,680
4.75% 9/10/18		200,000		205,500
5.50% 2/15/17		1,800,000		1,876,500
8.30% 2/12/15		1,000,000		1,022,500

14

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
ANZ New Zealand International 144A 2.60% 9/23/19 #		200,000	$	200,716
Australia & New Zealand Banking Group
2.625% 12/10/18	CAD	302,000		274,075
3.517% 11/6/18 —	AUD	370,000		327,453
Banco de Costa Rica 144A 5.25% 8/12/18 #		815,000		833,337
Banco do Brasil 144A 6.00% 1/22/20 #		3,200,000		3,532,000
Banco Mercantil del Norte 144A 4.375% 7/19/15 #		400,000		411,000
Banco Santander Chile 144A 3.75% 9/22/15 #		2,200,000		2,257,242
Banco Santander Mexico 144A 5.95% 1/30/24 #—		805,000		851,287
Banco Votorantim 144A 5.25% 2/11/16 #@		2,300,000		2,392,000
Bancolombia 5.95% 6/3/21		475,000		523,687
Bank of America
0.534% 6/15/17 —		3,800,000		3,776,448
1.274% 1/15/19 —		830,000		842,715
3.30% 1/11/23		716,000		699,080
4.20% 8/26/24		3,445,000		3,419,321
5.65% 5/1/18		900,000		1,001,887
5.75% 12/1/17		700,000		779,460
6.00% 9/1/17		1,700,000		1,896,515
6.25% 9/29/49 —		2,235,000		2,231,507
6.875% 4/25/18		2,325,000		2,683,817
7.625% 6/1/19		800,000		967,418
Bank of Montreal 0.754% 7/15/16 —		565,000		568,469
Bank of New York Mellon 0.715% 9/11/19 —		830,000		832,209
Bank of Nova Scotia 0.754% 7/15/16 —		835,000		840,425
Barclays 4.375% 9/11/24		1,320,000		1,281,364
Barclays Bank 7.625% 11/21/22		1,025,000		1,103,413
BB&T
0.90% 2/1/19 —		750,000		758,482
1.094% 6/15/18 —		65,000		66,205
5.25% 11/1/19		1,241,000		1,394,229
BBVA Banco Continental 144A 5.25% 9/22/29 #—		370,000		372,738
BBVA Bancomer
144A 6.50% 3/10/21 #		1,365,000		1,494,675
144A 7.25% 4/22/20 #		100,000		113,700

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Branch Banking & Trust 3.80% 10/30/26		1,770,000	$	1,766,056
CIT Group 144A 5.50% 2/15/19 #		2,900,000		3,043,187
Citigroup
0.518% 11/5/14 —		4,600,000		4,600,773
4.05% 7/30/22		150,000		152,178
4.587% 12/15/15		200,000		208,981
6.125% 5/15/18		2,300,000		2,606,307
8.50% 5/22/19		1,400,000		1,751,688
City National 5.25% 9/15/20		770,000		857,496
Credit Suisse Group
3.625% 9/9/24		425,000		419,829
144A 6.25% 12/29/49 #—		270,000		262,035
144A 7.50% 12/29/49 #—		615,000		647,287
Credit Suisse New York 144A 6.50% 8/8/23 #		1,215,000		1,324,411
DNB Bank 144A 3.20% 4/3/17 #		3,300,000		3,447,190
Eksportfinans
2.00% 9/15/15		1,300,000		1,301,625
2.375% 5/25/16		500,000		501,850
3.00% 11/17/14		300,000		301,095
5.50% 5/25/16		200,000		211,320
5.50% 6/26/17		300,000		324,375
Export-Import Bank of China
144A 2.50% 7/31/19 #		1,025,000		1,015,860
144A 3.625% 7/31/24 #		855,000		844,660
Export-Import Bank of Korea
1.25% 11/20/15		400,000		402,148
4.375% 9/15/21		600,000		648,748
5.00% 4/11/22		2,000,000		2,239,260
5.125% 3/16/15		200,000		203,960
5.125% 6/29/20		1,500,000		1,686,360
5.875% 1/14/15		950,000		963,871
Goldman Sachs Group
0.548% 5/18/15 —	EUR	100,000		126,504
0.632% 7/22/15 —		200,000		200,316
0.683% 3/22/16 —		300,000		300,756
1.334% 11/15/18 —		420,000		427,720
3.55% 2/12/21	CAD	200,000		182,735
3.70% 8/1/15		1,900,000		1,948,186
3.925% 8/21/19 —	AUD	140,000		124,263
4.325% 8/8/18 —	AUD	150,000		135,154
5.35% 1/15/16		1,400,000		1,479,734
5.95% 1/18/18		700,000		784,238
6.25% 9/1/17		1,100,000		1,236,408
HBOS 144A 6.75% 5/21/18 #		1,445,000		1,637,185

(continues)                                             15

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
HSBC Bank 144A 0.874% 5/15/18 #—		420,000	$	423,995
HSBC Holdings
5.625% 12/29/49 —		810,000		805,343
6.375% 12/29/49 —		1,260,000		1,260,000
HSBC New Zealand 4.58% 12/10/18 —	NZD	500,000		394,025
ICICI Bank
4.75% 11/25/16		2,600,000		2,741,396
5.50% 3/25/15		2,100,000		2,144,709
144A 5.50% 3/25/15 #		1,300,000		1,327,677
ING Bank 144A 5.80% 9/25/23 #		1,730,000		1,908,993
JPMorgan Chase
0.564% 6/13/16 —		500,000		500,001
0.767% 5/31/17 —	EUR	2,400,000		3,029,924
0.865% 1/28/19 —		574,000		578,763
3.15% 7/5/16		100,000		103,522
3.685% 5/17/18 —	AUD	730,000		645,898
3.875% 9/10/24		1,265,000		1,241,652
4.25% 11/2/18	NZD	570,000		437,185
4.375% 11/30/21 —	EUR	2,600,000		3,469,767
4.40% 7/22/20		400,000		431,311
6.00% 10/1/17		600,000		671,300
6.30% 4/23/19		300,000		348,191
6.75% 1/29/49 —		2,125,000		2,242,937
KBC Bank 8.00% 1/25/23 —		2,200,000		2,444,200
KeyBank 6.95% 2/1/28		1,220,000		1,563,603
KFW 6.25% 5/19/21	AUD	2,300,000		2,301,310
Lloyds Banking Group 7.50% 4/30/49 —		1,640,000		1,693,300
Morgan Stanley
1.083% 1/24/19 —		1,227,000		1,242,320
3.125% 8/5/21	CAD	387,000		342,596
3.45% 11/2/15		1,000,000		1,028,584
4.35% 9/8/26		2,370,000		2,334,640
5.00% 9/30/21	AUD	378,000		332,778
5.45% 1/9/17		700,000		760,740
7.60% 8/8/17	NZD	386,000		320,423
National City Bank 0.603% 6/7/17 —		325,000		323,962
Northern Trust 3.95% 10/30/25		550,000		570,613
Novo Banco
5.00% 4/4/19	EUR	50,000		60,816
5.00% 5/21/19	EUR	50,000		61,133
5.875% 11/9/15	EUR	200,000		251,050

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Oversea-Chinese Banking 144A 4.00% 10/15/24 #—		1,415,000	$	1,431,036
PNC Bank 6.875% 4/1/18		1,415,000		1,640,318
PNC Funding 5.625% 2/1/17		225,000		245,415
PNC Preferred Funding Trust II 144A 1.457% 3/29/49 #—		2,000,000		1,942,500
Rabobank
2.50% 9/4/20	NOK	1,740,000		271,679
4.625% 12/1/23		2,525,000		2,620,811
4.875% 1/20/20	AUD	246,000		222,809
6.875% 3/19/20	EUR	2,400,000		3,611,203
Royal Bank of Canada 0.563% 1/23/17 —		530,000		532,007
Royal Bank of Scotland Group
5.125% 5/28/24		945,000		930,267
144A 6.99% 10/29/49 #—		200,000		229,375
9.50% 3/16/22 —		1,400,000		1,598,989
Santander Holdings USA 3.45% 8/27/18		1,335,000		1,393,151
Santander UK 144A 5.00% 11/7/23 #		2,025,000		2,128,425
Siam Commercial Bank 144A 3.50% 4/7/19 #		630,000		643,861
State Bank of India 144A 4.50% 7/27/15 #		200,000		205,360
State Street 3.10% 5/15/23		2,885,000		2,803,331
SunTrust Bank
0.525% 8/24/15 —		505,000		504,647
2.35% 11/1/18		535,000		536,801
SVB Financial Group 5.375% 9/15/20		310,000		347,672
Toronto-Dominion Bank 0.786% 4/30/18 —		835,000		842,266
Turkiye Garanti Bankasi 144A 4.75% 10/17/19 #		1,083,000		1,084,083
UBS
4.75% 5/22/23 —		400,000		401,000
5.875% 12/20/17		1,163,000		1,310,358
US Bancorp 3.60% 9/11/24		1,275,000		1,262,594
US Bank North America
0.466% 1/30/17 —		850,000		851,040
4.95% 10/30/14		1,000,000		1,003,498
USB Capital IX 3.50% 10/29/49 —		1,820,000		1,556,100
USB Realty 144A 1.381% 12/29/49 #—		100,000		92,875
Wells Fargo 1.25% 7/20/16		10,300,000		10,364,509

16

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Banking (continued)
Wells Fargo
3.50% 9/12/29	GBP	196,000	$	309,436
4.10% 6/3/26		3,630,000		3,622,232
5.90% 12/29/49 —		720,000		735,300
Woori Bank
144A 2.875% 10/2/18 #		565,000		576,342
144A 4.75% 4/30/24 #		1,000,000		1,013,376
Zions Bancorp 4.50% 6/13/23		990,000		1,038,401
				175,164,253
Basic Industry – 2.15%
AK Steel 7.625% 5/15/20		280,000		277,900
ArcelorMittal
6.125% 6/1/18		565,000		600,313
10.35% 6/1/19		830,000		1,015,713
Axalta Coating System 144A 7.375% 5/1/21 #		400,000		431,000
BHP Billiton Finance 3.25% 9/25/24	GBP	223,000		356,950
BHP Billiton Finance USA 0.483% 9/30/16 —		500,000		500,960
Braskem Finance 6.45% 2/3/24		890,000		927,825
Celanese US Holdings 4.625% 11/15/22		890,000		876,650
CF Industries
5.15% 3/15/34		640,000		676,506
5.375% 3/15/44		885,000		929,634
6.875% 5/1/18		1,690,000		1,958,867
7.125% 5/1/20		300,000		362,341
Dow Chemical
3.50% 10/1/24		865,000		845,480
4.25% 10/1/34		1,325,000		1,280,016
8.55% 5/15/19		2,322,000		2,921,252
Eastman Chemical 4.65% 10/15/44		330,000		315,637
Fibria Overseas Finance 5.25% 5/12/24		705,000		697,069
FMG Resources August 2006 144A 6.875% 4/1/22 #		2,488,000		2,540,870
Georgia-Pacific 8.00% 1/15/24		1,927,000		2,584,974
Gerdau Holdings 144A 7.00% 1/20/20 #		710,000		802,300
HD Supply
7.50% 7/15/20		211,000		219,967
11.50% 7/15/20		530,000		612,813

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
International Paper
3.65% 6/15/24		990,000	$	962,493
6.00% 11/15/41		795,000		907,503
LSB Industries 7.75% 8/1/19		100,000		106,500
Metalloinvest Finance 144A 5.625% 4/17/20 #		740,000		678,025
MMC Finance 144A 5.55% 10/28/20 #		258,000		257,355
Monsanto 4.40% 7/15/44		3,770,000		3,751,610
Mosaic 5.625% 11/15/43		2,415,000		2,705,488
Nortek 8.50% 4/15/21		545,000		588,600
Novelis 8.75% 12/15/20		490,000		526,137
OCP
144A 5.625% 4/25/24 #		1,185,000		1,235,599
144A 6.875% 4/25/44 #		735,000		795,785
Phosagro 144A 4.204% 2/13/18 #		628,000		609,160
PolyOne 5.25% 3/15/23		290,000		282,750
Rio Tinto Finance USA 1.075% 6/17/16 —		420,000		424,130
Rockwood Specialties Group 4.625% 10/15/20		405,000		419,681
Ryerson
9.00% 10/15/17		320,000		338,400
11.25% 10/15/18		89,000		98,345
TPC Group 144A 8.75% 12/15/20 #		305,000		325,588
Tupy Overseas 144A 6.625% 7/17/24 #		900,000		920,250
Vedanta Resources 144A 6.00% 1/31/19 #		585,000		593,775
Weyerhaeuser 4.625% 9/15/23		1,785,000		1,894,031
Yamana Gold 144A 4.95% 7/15/24 #		795,000		792,917
				40,949,159
Brokerage – 0.35%
Bear Stearns
6.40% 10/2/17		700,000		792,364
7.25% 2/1/18		2,000,000		2,328,518
Jefferies Group
5.125% 1/20/23		585,000		622,848
6.45% 6/8/27		331,000		372,514
6.50% 1/20/43		220,000		243,922
Lazard Group
4.25% 11/14/20		935,000		978,781
6.85% 6/15/17		1,197,000		1,349,519
				6,688,466

(continues)                                             17

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods – 1.20%
Accudyne Industries 144A 7.75% 12/15/20 #		180,000	$	187,650
Algeco Scotsman Global Finance
144A 8.50% 10/15/18 #		1,150,000		1,184,500
144A 10.75% 10/15/19 #		935,000		902,275
Ball
4.00% 11/15/23		660,000		617,100
5.00% 3/15/22		310,000		313,100
Berry Plastics 5.50% 5/15/22		240,000		231,300
BWAY Holding 144A 9.125% 8/15/21 #		730,000		737,300
Cemex
144A
4.984% 10/15/18 #—		200,000		212,500
144A 5.70% 1/11/25 #		220,000		212,520
144A 5.875% 3/25/19 #		220,000		221,650
144A 7.25% 1/15/21 #		690,000		731,400
144A 9.50% 6/15/18 #		650,000		726,993
Consolidated Container 144A 10.125% 7/15/20 #		285,000		269,325
Crane
2.75% 12/15/18		225,000		229,240
4.45% 12/15/23		1,180,000		1,239,291
Cummins 3.65% 10/1/23		1,145,000		1,190,911
Gates Global 144A 6.00% 7/15/22 #		710,000		670,950
General Electric 4.50% 3/11/44		610,000		635,027
Honghua Group 144A 7.45% 9/25/19 #		330,000		324,225
Ingersoll-Rand Global Holding 4.25% 6/15/23		1,590,000		1,670,448
Milacron 144A 7.75% 2/15/21 #		345,000		364,837
OAS Finance 144A 8.00% 7/2/21 #		485,000		466,813
OAS Investments 144A 8.25% 10/19/19 #		750,000		737,783
Plastipak Holdings 144A 6.50% 10/1/21 #		370,000		377,400
Reynolds Group Issuer 8.25% 2/15/21		2,475,000		2,629,688
Rock-Tenn
3.50% 3/1/20		1,120,000		1,140,087
4.00% 3/1/23		475,000		483,026
TransDigm 144A 6.00% 7/15/22 #		285,000		281,794

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
TransDigm
144A 6.50% 7/15/24 #		185,000	$	184,538
7.50% 7/15/21		345,000		370,013
Trinity Industries 4.55% 10/1/24		1,010,000		1,013,784
Tyco Electronics Group 0.437% 1/29/16 —		515,000		515,408
URS
3.85% 4/1/17		145,000		149,745
5.00% 4/1/22		520,000		527,827
Votorantim Cimentos 144A 7.25% 4/5/41 #		980,000		1,016,750
				22,767,198
Communications – 4.80%
Altice 144A 7.75% 5/15/22 #		255,000		263,925
America Movil
5.00% 3/30/20		720,000		791,503
6.00% 6/9/19	MXN	31,600,000		2,381,180
American Tower Trust I
144A 1.551% 3/15/43 #		425,000		418,445
144A 3.07% 3/15/23 #		970,000		955,178
AT&T
1.148% 11/27/18 —		830,000		845,431
4.80% 6/15/44		2,875,000		2,843,731
Bell Canada 3.35% 3/22/23	CAD	219,000		193,262
Bharti Airtel International Netherlands 144A 5.35% 5/20/24 #		1,245,000		1,332,885
Brasil Telecom 144A 5.75% 2/10/22 #		520,000		491,452
British Sky Broadcasting Group 144A 3.75% 9/16/24 #		1,620,000		1,619,605
CC Holdings GS V 3.849% 4/15/23		450,000		443,435
CCO Holdings 5.25% 9/30/22		380,000		373,350
CenturyLink
5.80% 3/15/22		1,655,000		1,704,650
6.75% 12/1/23		340,000		365,925
Cequel Communications Holdings I 144A 6.375% 9/15/20 #		435,000		449,681
Columbus International 144A 7.375% 3/30/21 #		1,315,000		1,372,531
Comcast 3.375% 2/15/25		3,525,000		3,484,501

18

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Comcast
4.20% 8/15/34		595,000	$	591,864
4.75% 3/1/44		275,000		291,293
5.70% 5/15/18		1,000,000		1,136,539
Comcel Trust 144A 6.875% 2/6/24 #		250,000		264,375
Crown Castle Towers 144A 4.883% 8/15/20 #		2,090,000		2,308,815
CSC Holdings 144A 5.25% 6/1/24 #		515,000		495,687
Deutsche Telekom International Finance 6.50% 4/8/22	GBP	36,000		71,070
Digicel Group 144A 8.25% 9/30/20 #		1,580,000		1,635,458
DIRECTV Holdings
4.45% 4/1/24		2,695,000		2,812,154
5.15% 3/15/42		220,000		223,270
DISH DBS
5.00% 3/15/23		640,000		615,600
7.125% 2/1/16		900,000		956,250
7.875% 9/1/19		168,000		190,260
ENTEL Chile 144A 4.875% 10/30/24 #		1,120,000		1,150,697
Expedia 4.50% 8/15/24		710,000		705,068
Gray Television 7.50% 10/1/20		465,000		477,787
Grupo Televisa 5.00% 5/13/45		645,000		640,414
Hughes Satellite Systems 7.625% 6/15/21		280,000		306,600
iHeartMedia PIK 14.00% 2/1/21		50,500		46,334
Intelsat Luxembourg
7.75% 6/1/21		615,000		628,837
8.125% 6/1/23		3,255,000		3,409,613
Interpublic Group 2.25% 11/15/17		15,000		15,070
Lamar Media 5.00% 5/1/23		795,000		769,163
Level 3 Escrow II 144A 5.375% 8/15/22 #		465,000		459,187
MDC Partners 144A 6.75% 4/1/20 #		440,000		455,400
MetroPCS Wireless 6.625% 11/15/20		210,000		216,563
Millicom International Cellular 144A 6.625% 10/15/21 #		685,000		714,113
Mobile Telesystems 144A 8.625% 6/22/20 #		1,215,000		1,293,975

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Motorola Solutions 4.00% 9/1/24		1,290,000	$	1,261,739
NBCUniversal Enterprise 144A 0.919% 4/15/18 #l		840,000		849,184
Nielsen Luxembourg 144A 5.50% 10/1/21 #		230,000		232,300
Numericable Group 144A 6.00% 5/15/22 #		275,000		277,406
Orange 2.75% 9/14/16		100,000		103,056
SBA Tower Trust 144A 2.24% 4/16/18 #		735,000		725,705
SES 144A 3.60% 4/4/23 #		1,820,000		1,839,179
SES Global Americas Holdings 144A 5.30% 3/25/44 #		1,635,000		1,733,986
Sinclair Television Group
5.375% 4/1/21		1,405,000		1,390,950
6.125% 10/1/22		155,000		158,488
Sprint
144A 7.125% 6/15/24 #		690,000		697,763
144A 7.25% 9/15/21 #		720,000		751,500
144A 7.875% 9/15/23 #		645,000		685,313
Sprint Capital 6.90% 5/1/19		170,000		179,563
Sprint Nextel
6.00% 12/1/16		500,000		526,875
9.125% 3/1/17		100,000		113,000
Telefonica Emisiones
4.57% 4/27/23		2,355,000		2,463,186
6.421% 6/20/16		1,750,000		1,902,688
Telemar Norte Leste 144A 5.50% 10/23/20 #		668,000		655,508
Time Warner 3.55% 6/1/24		1,830,000		1,807,396
Time Warner Cable
4.00% 9/1/21		730,000		769,278
6.75% 7/1/18		1,500,000		1,745,555
8.25% 4/1/19		2,195,000		2,736,465
T-Mobile USA
6.125% 1/15/22		550,000		554,813
6.836% 4/28/23		690,000		711,563
Turk Telekomunikasyon 144A 3.75% 6/19/19 #		930,000		909,666
Univision Communications
144A 5.125% 5/15/23 #		630,000		641,025
144A 6.75% 9/15/22 #		439,000		471,925
UPCB Finance 7.625% 1/15/20	EUR	600,000		797,648
Verizon Communications
1.764% 9/15/16 l		1,900,000		1,948,845
1.984% 9/14/18 l		1,195,000		1,260,035
2.50% 9/15/16		200,000		205,356

(continues)                                             19

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Communications (continued)
Verizon Communications
3.25% 2/17/26	EUR	323,000	$	457,611
3.65% 9/14/18		1,400,000		1,475,905
4.50% 9/15/20		2,000,000		2,165,410
144A 4.862% 8/21/46 #		3,165,000		3,181,661
5.15% 9/15/23		795,000		880,997
6.55% 9/15/43		626,000		783,255
Viacom
3.875% 4/1/24		220,000		219,518
5.25% 4/1/44		2,580,000		2,676,500
Vimpel Communications 144A 7.748% 2/2/21 #		620,000		641,700
Virgin Media Finance 144A 6.375% 4/15/23 #		995,000		1,032,313
VTR Finance 144A 6.875% 1/15/24 #		1,185,000		1,229,438
Wind Acquisition Finance 144A 7.375% 4/23/21 #		395,000		397,963
Windstream
7.50% 4/1/23		110,000		113,300
7.75% 10/1/21		205,000		219,350
WPP Finance 2010 5.625% 11/15/43		760,000		828,794
Zayo Group 10.125% 7/1/20		645,000		729,656
				91,352,456
Consumer Cyclical – 2.88%
American Axle & Manufacturing 6.25% 3/15/21		415,000		433,675
American Honda Finance 144A 0.61% 5/26/16 #l		935,000		939,813
AutoZone 6.95% 6/15/16		300,000		328,550
Bed Bath & Beyond
4.915% 8/1/34		935,000		932,073
5.165% 8/1/44		735,000		721,302
Caesars Growth Properties Holdings 144A 9.375% 5/1/22 #		330,000		289,987
Chassix 144A
9.25% 8/1/18 #		65,000		64,513
Chinos Intermediate Holdings 144A PIK 7.75% 5/1/19 #		370,000		351,500
CVS Pass Through Trust 144A 5.773% 1/10/33 #¿		90,780		102,825
Daimler 2.75% 12/10/18	NOK	1,870,000		302,199
Daimler Finance North America 144A 0.58% 8/1/17 #l		240,000		240,100

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
Daimler Finance North America
144A 0.584% 3/10/17 #l		650,000	$	650,544
144A 1.25% 1/11/16 #		1,300,000		1,309,214
144A 3.00% 3/28/16 #		280,000		288,949
Delphi
4.15% 3/15/24		1,185,000		1,211,164
5.00% 2/15/23		195,000		209,333
6.125% 5/15/21		545,000		599,500
Ford Motor 7.45% 7/16/31		745,000		986,239
Ford Motor Credit
1.483% 5/9/16 l		825,000		836,654
2.75% 5/15/15		500,000		506,603
3.664% 9/8/24		395,000		387,607
3.875% 1/15/15		2,200,000		2,221,300
5.875% 8/2/21		1,500,000		1,727,202
7.00% 4/15/15		1,100,000		1,137,992
8.70% 10/1/14		4,100,000		4,100,000
General Motors 3.50% 10/2/18		1,090,000		1,113,163
Historic TW 6.875% 6/15/18		2,200,000		2,571,752
Host Hotels & Resorts
3.75% 10/15/23		2,100,000		2,080,481
4.75% 3/1/23		910,000		967,374
5.875% 6/15/19		325,000		344,416
Hyundai Capital America
144A 2.125% 10/2/17 #		615,000		622,898
144A 2.55% 2/6/19 #		715,000		721,363
Hyundai Capital Services
144A 1.034% 3/18/17 #l		205,000		205,870
International Game Technology 5.35% 10/15/23		1,460,000		1,504,095
Landry’s 144A
9.375% 5/1/20 #		515,000		547,187
Levi Strauss 6.875% 5/1/22		540,000		567,000
Lowe’s 0.654% 9/10/19 l		520,000		521,385
Magna International 3.625% 6/15/24		1,740,000		1,732,495
Marriott International 3.375% 10/15/20		650,000		667,857
Meritor 6.75% 6/15/21		210,000		219,450
MGM Resorts International
6.75% 10/1/20		395,000		421,663
7.75% 3/15/22		85,000		94,775
11.375% 3/1/18		554,000		664,800
PACCAR Financial 0.833% 12/6/18 l		835,000		844,130

20

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
PF Chang’s China Bistro 144A 10.25% 6/30/20 #		140,000	$	139,650
Pinnacle Entertainment 7.50% 4/15/21		425,000		444,125
QVC
4.375% 3/15/23		1,515,000		1,514,143
144A 5.45% 8/15/34 #		1,080,000		1,063,954
Sally Holdings 5.75% 6/1/22		340,000		348,500
Schaeffler Finance 7.75% 2/15/17	EUR	1,400,000		1,992,733
Schaeffler Holding Finance PIK 6.875% 8/15/18 T	EUR	1,300,000		1,724,952
Signet UK Finance 4.70% 6/15/24		1,290,000		1,299,601
Starwood Hotels & Resorts Worldwide
3.75% 3/15/25		780,000		770,170
4.50% 10/1/34		405,000		395,110
Target 2.30% 6/26/19		955,000		957,467
Tenedora Nemak 144A 5.50% 2/28/23 #		1,105,000		1,138,150
Toyota Finance Australia
2.25% 8/31/16	NOK	110,000		17,281
3.04% 12/20/16	NZD	760,000		572,455
Toyota Motor Credit 2.00% 10/24/18		835,000		837,011
TRW Automotive
144A 4.45% 12/1/23 #		1,815,000		1,837,688
144A 4.50% 3/1/21 #		405,000		411,075
Volkswagen International Finance 144A 0.671% 11/18/16 #l		420,000		422,178
Volvo Treasury 1.751% 3/1/17 l	SEK	1,100,000		155,100
Wyndham Worldwide
3.90% 3/1/23		435,000		429,375
4.25% 3/1/22		350,000		354,909
5.625% 3/1/21		495,000		550,334
Wynn Las Vegas 5.375% 3/15/22		125,000		127,813
				54,794,766
Consumer Non-Cyclical – 2.94%
Air Medical Group Holdings 9.25% 11/1/18		301,000		315,297
Altria Group 9.70% 11/10/18		222,000		286,233
Amgen 2.30% 6/15/16		125,000		127,929

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Amgen
3.625% 5/22/24		760,000	$	754,612
3.875% 11/15/21		470,000		494,970
4.00% 9/13/29	GBP	216,000		351,631
Anheuser-Busch InBev Finance 0.64% 2/1/19 l		840,000		840,181
Anheuser-Busch InBev Worldwide 5.375% 1/15/20		1,000,000		1,129,500
Avis Budget Car Rental 5.50% 4/1/23		405,000		403,987
Boston Scientific
2.65% 10/1/18		730,000		737,839
6.00% 1/15/20		1,665,000		1,900,481
BRF
144A 3.95% 5/22/23 #		200,000		188,690
144A 4.75% 5/22/24 #		600,000		592,500
144A 5.875% 6/6/22 #		485,000		525,013
CareFusion 6.375% 8/1/19		1,330,000		1,535,770
Celgene
3.25% 8/15/22		1,140,000		1,134,268
3.625% 5/15/24		400,000		396,531
3.95% 10/15/20		925,000		981,219
4.625% 5/15/44		230,000		226,553
Community Health Systems 144A 6.875% 2/1/22 #		415,000		433,675
ConAgra Foods 0.603% 7/21/16 l		510,000		510,866
Cosan Luxembourg 144A 5.00% 3/14/23 #		530,000		510,125
Crimson Merger Sub 144A 6.625% 5/15/22 #		470,000		428,875
DaVita HealthCare Partners 5.125% 7/15/24		705,000		693,984
ENA Norte Trust 144A 4.95% 4/25/23 #		545,769		564,833
Express Scripts Holding
2.25% 6/15/19		765,000		755,118
3.50% 6/15/24		1,770,000		1,736,644
Forest Laboratories 144A 4.375% 2/1/19 #		1,025,000		1,079,938
Fresenius Medical Care US Finance II 144A 5.875% 1/31/22 #		355,000		378,075
Gilead Sciences 3.70% 4/1/24		1,415,000		1,448,156
HCA 3.75% 3/15/19		1,200,000		1,176,000

(continues)                                             21

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
HCA
5.00% 3/15/24		780,000	$	769,275
7.50% 2/15/22		420,000		473,550
HCA Holdings 6.25% 2/15/21		530,000		555,175
Immucor 11.125% 8/15/19		350,000		379,750
JBS Investments 144A 7.75% 10/28/20 #		1,540,000		1,643,950
Kimberly-Clark de Mexico 144A 3.80% 4/8/24 #		100,000		102,597
Kinetic Concepts 10.50% 11/1/18		290,000		316,100
Kroger 0.763% 10/17/16 l		420,000		421,408
McKesson 3.796% 3/15/24		1,735,000		1,752,942
Medtronic 0.328% 2/27/17 l		430,000		429,843
Merck 0.591% 5/18/18 l		835,000		840,292
Minerva Luxembourg 144A 7.75% 1/31/23 #		260,000		265,330
Mondelez International 4.125% 2/9/16		750,000		782,813
Mylan 144A 6.00% 11/15/18 #		160,000		165,797
Par Pharmaceutical 7.375% 10/15/20		345,000		361,388
Pernod-Ricard 144A 5.75% 4/7/21 #		1,850,000		2,109,799
Perrigo
144A 4.00% 11/15/23 #		1,600,000		1,630,811
144A 5.30% 11/15/43 #		320,000		346,882
Pfizer
0.534% 6/15/18 l		754,000		755,577
5.35% 3/15/15		4,100,000		4,191,008
Prestige Brands 144A 5.375% 12/15/21 #		475,000		448,875
Quest Diagnostics 2.70% 4/1/19		535,000		538,234
Red de Carreteras de Occidente 144A 9.00% 6/10/28 #	MXN	8,440,000		604,996
SABMiller Holdings 144A 2.45% 1/15/17 #		200,000		204,434
Salix Pharmaceuticals 144A 6.00% 1/15/21 #		875,000		949,375
Service Corporation International 144A 5.375% 5/15/24 #		435,000		438,263
Smithfield Foods 6.625% 8/15/22		225,000		238,500

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
Spectrum Brands 6.375% 11/15/20		405,000	$	424,238
Sysco
3.50% 10/2/24		850,000		854,083
4.35% 10/2/34		1,240,000		1,262,158
Tenet Healthcare 6.00% 10/1/20		728,000		771,680
Thermo Fisher Scientific
2.40% 2/1/19		1,430,000		1,433,678
4.15% 2/1/24		1,005,000		1,042,547
United Rentals North America 5.75% 11/15/24		535,000		543,025
Valeant Pharmaceuticals International
144A 5.625% 12/1/21 #		100,000		99,875
144A 6.375% 10/15/20 #		220,000		226,875
Zimmer Holdings
3.375% 11/30/21		1,290,000		1,314,113
4.625% 11/30/19		1,270,000		1,387,204
Zoetis 3.25% 2/1/23		2,335,000		2,287,646
				56,003,579
Energy – 3.48%
Anadarko Petroleum 3.45% 7/15/24		840,000		826,734
BP Capital Markets
0.773% 5/10/19 l		635,000		637,440
4.75% 3/10/19		160,000		176,401
Bristow Group 6.25% 10/15/22		420,000		437,325
California Resources
144A 5.50% 9/15/21 #		275,000		279,469
144A 6.00% 11/15/24 #		275,000		283,250
Canadian Natural Resources 0.608% 3/30/16 l		680,000		681,819
Chaparral Energy 7.625% 11/15/22		580,000		597,400
Chesapeake Energy
3.484% 4/15/19 l		300,000		301,500
5.75% 3/15/23		850,000		909,500
Cimarex Energy 4.375% 6/1/24		665,000		671,650
CNOOC Finance 2012 144A 3.875% 5/2/22 #		8,955,000		8,985,304
CNOOC Nexen Finance 2014 4.25% 4/30/24		1,495,000		1,518,165
Continental Resources 4.50% 4/15/23		2,590,000		2,687,503

22

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Drill Rigs Holdings 144A 6.50% 10/1/17 #		720,000	$	720,000
Energy XXI Gulf Coast
144A 6.875% 3/15/24 #		525,000		494,813
7.50% 12/15/21		85,000		83,725
ENSCO 4.50% 10/1/24		1,555,000		1,563,353
Exterran Partners 6.00% 4/1/21		130,000		127,075
Halcon Resources 8.875% 5/15/21		420,000		415,800
Hercules Offshore
144A 6.75% 4/1/22 #		165,000		129,319
144A 8.75% 7/15/21 #		95,000		83,125
KazMunayGas National 144A 9.125% 7/2/18 #		820,000		962,475
Key Energy Services 6.75% 3/1/21		515,000		498,263
Laredo Petroleum 7.375% 5/1/22		405,000		427,275
Lukoil International Finance
6.125% 11/9/20		527,000		532,270
144A 6.125% 11/9/20 #		245,000		247,450
Marathon Petroleum 4.75% 9/15/44		2,935,000		2,828,512
Midstates Petroleum 9.25% 6/1/21		575,000		572,125
MIE Holdings 144A 7.50% 4/25/19 #		230,000		235,175
Murphy Oil USA 6.00% 8/15/23		550,000		576,125
Newfield Exploration 5.625% 7/1/24		855,000		919,125
Northern Oil & Gas 8.00% 6/1/20		175,000		178,500
Oasis Petroleum 6.875% 3/15/22		520,000		551,200
Odebrecht Offshore Drilling Finance 144A 6.625% 10/1/22 #		1,024,905		1,060,777
Oleoducto Central 144A 4.00% 5/7/21 #		1,090,000		1,091,853
ONGC Videsh 2.50% 5/7/18		820,000		812,817
Pacific Rubiales Energy
144A 5.375% 1/26/19 #		645,000		656,288
144A 5.625% 1/19/25 #		285,000		274,583
144A 7.25% 12/12/21 #		550,000		600,875
PDC Energy 7.75% 10/15/22		125,000		134,375
Pertamina Persero 144A 4.875% 5/3/22 #		845,000		847,957

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Energy (continued)
Petrobras Global Finance
3.115% 3/17/20 l		265,000	$	270,618
4.875% 3/17/20		1,433,000		1,455,505
Petrobras International Finance 5.375% 1/27/21		726,000		737,485
Petroleos de Venezuela 9.00% 11/17/21		680,000		457,300
Petroleos Mexicanos 6.50% 6/2/41		390,000		453,063
Plains Exploration & Production 6.50% 11/15/20		514,000		564,177
Pride International 6.875% 8/15/20		2,785,000		3,287,475
PTT Exploration & Production 144A 4.875% 12/29/49 #l		1,410,000		1,427,625
Range Resources 5.75% 6/1/21		125,000		131,875
Regency Energy Partners 5.50% 4/15/23		220,000		223,850
Samson Investment 9.75% 2/15/20		690,000		629,625
SandRidge Energy 8.125% 10/15/22		700,000		702,625
Shell International Finance 0.444% 11/15/16 l		840,000		842,929
Sinopec Group Overseas Development 2012 144A 3.90% 5/17/22 #		3,200,000		3,226,720
Sinopec Group Overseas Development 2014 4.375% 4/10/24		4,600,000		4,733,055
Southwestern Energy 7.50% 2/1/18		2,500,000		2,922,673
Statoil
0.694% 11/8/18 l		835,000		841,603
2.90% 11/8/20		605,000		617,811
Talisman Energy 5.50% 5/15/42		1,935,000		1,976,740
Total Capital International 0.803% 8/10/18 l		840,000		848,835
Williams 4.55% 6/24/24		765,000		758,266
Woodside Finance 144A 8.75% 3/1/19 #		1,050,000		1,313,416
YPF
7.734% 8/15/18 l		470,588		472,941
144A 8.75% 4/4/24 #		634,000		648,265
				66,163,167

(continues)                                             23

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Finance Companies – 1.80%
American Express 7.00% 3/19/18		6,600,000	$	7,690,234
BM&FBovespa 5.50% 7/16/20		1,000,000		1,092,500
Citicorp Lease Pass Through Trust Series 1999-1 144A 8.04% 12/15/19 #¿		200,000		237,370
Corp Financiera de Desarrollo
144A 3.25% 7/15/19 #		350,000		350,000
144A 5.25% 7/15/29 #l		315,000		320,119
General Electric Capital
0.618% 5/5/26 l		920,000		879,348
3.45% 5/15/24		1,595,000		1,601,630
144A 3.80% 6/18/19 #		345,000		367,863
4.208% 12/6/21	SEK	1,000,000		156,141
4.25% 1/17/18	NZD	140,000		108,228
4.65% 10/17/21		310,000		341,972
6.00% 8/7/19		1,495,000		1,745,448
7.125% 12/29/49 l		2,100,000		2,434,431
General Motors Financial
3.00% 9/25/17		565,000		571,356
4.375% 9/25/21		695,000		711,506
GMAC International Finance 7.50% 4/21/15	EUR	100,000		130,649
International Lease Finance
4.875% 4/1/15		200,000		203,375
5.75% 5/15/16		900,000		942,187
144A 6.75% 9/1/16 #		1,640,000		1,775,300
144A 7.125% 9/1/18 #		100,000		112,750
8.625% 9/15/15		1,200,000		1,270,620
Murray Street Investment Trust I 4.647% 3/9/17		4,700,000		5,033,601
Nuveen Investments 144A 9.50% 10/15/20 #		635,000		739,775
SLM
6.25% 1/25/16		700,000		728,350
7.25% 1/25/22		550,000		598,125
Springleaf Finance 5.40% 12/1/15		700,000		717,500
SUAM Finance 144A 4.875% 4/17/24 #		985,000		1,004,700
Temasek Financial I 144A 2.375% 1/23/23 #		560,000		539,015
Waha Aerospace 3.925% 7/28/20		1,260,000		1,327,725
ZAR Sovereign Capital Fund Propriety 144A 3.903% 6/24/20 #		605,000		602,731
				34,334,549

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Insurance – 1.25%
Allstate 5.75% 8/15/53 l		910,000	$	970,856
American International Group
8.175% 5/15/58 l		795,000		1,075,237
8.25% 8/15/18		2,055,000		2,512,227
Berkshire Hathaway Finance
0.384% 1/10/17 l		120,000		120,068
2.90% 10/15/20		1,155,000		1,175,658
Chubb 6.375% 3/29/67 l		820,000		903,025
Five Corners Funding Trust 144A 4.419% 11/15/23 #		3,265,000		3,423,797
Highmark
144A 4.75% 5/15/21 #		445,000		452,360
144A 6.125% 5/15/41 #		160,000		162,007
Hockey Merger Sub 2 144A 7.875% 10/1/21 #		350,000		360,063
Jackson National Life Global Funding 144A 1.25% 2/21/17 #		200,000		199,111
Liberty Mutual Group
144A 4.25% 6/15/23 #		925,000		947,083
144A 4.95% 5/1/22 #		320,000		345,056
MetLife 3.60% 4/10/24		1,065,000		1,078,486
MetLife Capital Trust IV 144A 7.875% 12/15/37 #		300,000		385,500
MetLife Capital Trust X 144A 9.25% 4/8/38 #		1,100,000		1,592,250
Metropolitan Life Global Funding I 144A 0.764% 7/15/16 #l		835,000		842,062
Onex USI Acquisition 144A 7.75% 1/15/21 #		65,000		65,000
Prudential Financial
1.014% 8/15/18 l		180,000		181,821
3.50% 5/15/24		60,000		59,501
4.50% 11/15/20		275,000		298,321
5.625% 6/15/43 l		440,000		460,768
5.875% 9/15/42 l		555,000		591,075
Stone Street Trust 144A 5.902% 12/15/15 #@		2,300,000		2,437,892
Teachers Insurance & Annuity Association of America
144A 4.375% 9/15/54 #l		480,000		484,694
144A 4.90% 9/15/44 #		940,000		961,760
Voya Financial 5.65% 5/15/53 l		920,000		929,200
XL Group 6.50% 10/29/49 l		710,000		688,700
				23,703,578

24

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Natural Gas – 1.58%
AmeriGas Finance 7.00% 5/20/22		435,000	$	457,837
El Paso Pipeline Partners Operating
4.30% 5/1/24		2,585,000		2,580,993
5.00% 10/1/21		620,000		670,165
Enbridge Energy Partners 8.05% 10/1/37 l		1,210,000		1,367,300
Energy Transfer Partners
5.15% 2/1/43		695,000		673,886
5.95% 10/1/43		1,860,000		2,001,068
9.70% 3/15/19		694,000		888,905
EnLink Midstream Partners 4.40% 4/1/24		1,990,000		2,069,377
Enterprise Products Operating 7.034% 1/15/68 l		1,645,000		1,860,230
Kinder Morgan Energy Partners 9.00% 2/1/19		1,280,000		1,596,303
Kinder Morgan Energy Partners 5.95% 2/15/18		1,000,000		1,119,320
Plains All American Pipeline 8.75% 5/1/19		1,160,000		1,470,357
Ras Laffan Liquefied Natural Gas II 5.298% 9/30/20 @		1,858,200		2,016,147
Rockies Express Pipeline 144A 6.85% 7/15/18 #		500,000		535,000
Sabine Pass Liquefaction 144A 5.75% 5/15/24 #		5,500,000		5,603,125
Suburban Propane Partners 7.375% 8/1/21		115,000		122,475
Sunoco Logistics Partners Operations 3.45% 1/15/23		1,995,000		1,938,396
TransCanada PipeLines 6.35% 5/15/67 l		1,790,000		1,852,650
Williams Partners 7.25% 2/1/17		1,010,000		1,138,019
				29,961,553
Real Estate – 1.40%
Alexandria Real Estate Equities 4.60% 4/1/22		1,080,000		1,135,513
Alexandria Real Estate Equities
3.90% 6/15/23		620,000		618,939
4.50% 7/30/29		450,000		451,282

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
Brandywine Operating Partnership 4.10% 10/1/24		180,000	$	178,206
Carey (W.P.) 4.60% 4/1/24		695,000		719,766
CBL & Associates 5.25% 12/1/23		870,000		935,787
Corporate Office Properties
3.60% 5/15/23		690,000		661,134
5.25% 2/15/24		800,000		854,154
Corrections Corp of America 4.625% 5/1/23		388,000		377,330
DDR
4.75% 4/15/18		350,000		377,885
7.50% 4/1/17		940,000		1,069,772
7.875% 9/1/20		731,000		909,456
Digital Realty Trust 5.875% 2/1/20		425,000		472,761
Excel Trust 4.625% 5/15/24		515,000		524,497
Geo Group 5.875% 10/15/24		285,000		287,137
Goodman Funding 144A 6.375% 11/12/20 #		5,300,000		6,165,813
HCP 5.375% 2/1/21		2,300,000		2,569,896
Healthcare Trust of America Holdings 3.375% 7/15/21		475,000		473,321
Hospitality Properties Trust 4.50% 3/15/25		945,000		935,440
Prologis 4.00% 1/15/18		300,000		317,618
Qatari Diar Finance
3.50% 7/21/15		2,100,000		2,147,250
5.00% 7/21/20		500,000		556,875
Regency Centers
4.80% 4/15/21		420,000		457,966
5.875% 6/15/17		285,000		316,033
Trust F 144A 5.25% 12/15/24 #		1,150,000		1,198,875
WEA Finance 144A 3.75% 9/17/24 #		2,000,000		1,998,688
				26,711,394
Technology – 1.18%
Activision Blizzard 144A 6.125% 9/15/23 #		470,000		500,550
Apple 0.537% 5/6/19 l		840,000		841,711
Baidu
2.75% 6/9/19		1,413,000		1,406,127
3.25% 8/6/18		770,000		794,213
BMC Software Finance 144A 8.125% 7/15/21 #		240,000		231,600

(continues)                                             25

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Technology (continued)
Broadcom 4.50% 8/1/34		215,000	$	220,048
Cisco Systems 0.734% 3/1/19 l		650,000		655,519
eBay 0.715% 8/1/19 l		765,000		765,904
Equinix
4.875% 4/1/20		255,000		253,725
5.375% 4/1/23		493,000		490,535
First Data
11.25% 1/15/21		907,000		1,035,114
11.75% 8/15/21		281,000		326,663
Hewlett-Packard
1.174% 1/14/19 l		420,000		426,088
2.65% 6/1/16		130,000		133,594
International Business Machines
0.605% 2/12/19 l		690,000		695,805
1.625% 5/15/20		440,000		422,000
Jabil Circuit 7.75% 7/15/16		92,000		101,660
National Semiconductor 6.60% 6/15/17		1,530,000		1,746,077
NCR 6.375% 12/15/23		425,000		447,313
NetApp 3.25% 12/15/22		745,000		728,011
NetFlix 144A 5.75% 3/1/24 #		585,000		605,475
NXP Funding 144A 5.75% 3/15/23 #		270,000		274,050
Oracle
0.742% 10/8/19 l		940,000		944,865
3.40% 7/8/24		1,380,000		1,377,360
4.50% 7/8/44		585,000		593,653
Samsung Electronics America 144A 1.75% 4/10/17 #		745,000		747,666
Seagate HDD Cayman 144A 4.75% 1/1/25 #		1,605,000		1,605,000
Symantec 4.20% 9/15/20		2,000,000		2,071,002
Tencent Holdings 144A 3.375% 5/2/19 #		555,000		561,592
Xerox 6.35% 5/15/18		1,220,000		1,395,152
				22,398,072
Transportation – 0.92%
American Airlines 2011-1 Class A Pass Through Trust
5.25% 1/31/21 ¿		460,228		497,506
American Airlines 2014-1 Class A Pass Through Trust
3.70% 10/1/26 ¿		470,000		471,763
AP Moeller – Maersk
144A 2.55% 9/22/19 #		560,000		562,005
144A 3.75% 9/22/24 #		795,000		798,757

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Transportation (continued)
Aviation Capital Group 144A 6.75% 4/6/21 #		790,000	$	900,600
Brambles USA
144A 3.95% 4/1/15 #		395,000		401,200
144A 5.35% 4/1/20 #		320,000		359,197
Burlington Northern Santa Fe
3.40% 9/1/24		740,000		731,204
4.90% 4/1/44		1,340,000		1,416,531
Continental Airlines 2009-2 Class A Pass Through Trust 7.25% 11/10/19 ¿		720,620		844,927
Delta Air Lines Class A Pass Through Trust 6.821% 8/10/22 ¿		314,521		366,416
Doric Nimrod Air Finance Alpha 2012-1 Class A Pass Through Trust 144A 5.125% 11/30/22 #¿		1,722,804		1,830,120
DP World 144A 6.85% 7/2/37 #		610,000		687,043
ERAC USA Finance 144A 5.25% 10/1/20 #		1,470,000		1,659,180
Norfolk Southern 3.85% 1/15/24		1,085,000		1,124,164
Penske Truck Leasing 144A 3.75% 5/11/17 #		200,000		210,410
UAL Pass Through Trust 9.75% 1/15/17 ¿		161,890		182,936
10.40% 11/1/16 ¿		196,755		217,906
United Airlines 2014-1 Class A Pass Through Trust 4.00% 4/11/26 ¿		350,000		351,750
United Airlines 2014-2 Class A Pass Through Trust 3.75% 9/3/26 ¿		650,000		658,125
United Parcel Service 5.125% 4/1/19		2,210,000		2,489,711
US Airways 2012-2 Class A Pass Through Trust 4.625% 6/3/25 ¿		669,136		697,575
				17,459,026
Utilities – 3.09%
AES
5.50% 3/15/24		515,000		503,413
7.375% 7/1/21		419,000		471,375
AES Gener
144A 5.25% 8/15/21 #		420,000		444,680
144A 8.375% 12/18/73 #l		676,000		763,880

26

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Ameren Illinois 9.75% 11/15/18		2,110,000	$	2,730,452
American Transmission Systems 144A 5.25% 1/15/22 #		1,885,000		2,091,170
American Water Capital 3.40% 3/1/25		890,000		888,198
Appalachian Power 7.95% 1/15/20		1,000,000		1,258,954
Berkshire Hathaway Energy 3.75% 11/15/23		1,235,000		1,269,311
Calpine 5.375% 1/15/23		415,000		402,031
CenterPoint Energy 5.95% 2/1/17		35,000		38,624
Cleveland Electric Illuminating 5.50% 8/15/24		515,000		594,116
CMS Energy 6.25% 2/1/20		635,000		744,923
ComEd Financing III 6.35% 3/15/33		680,000		702,100
Comision Federal de Electricidad 144A 4.875% 1/15/24 #		575,000		605,763
Duke Energy Indiana 0.584% 7/11/16 l		835,000		838,768
Duquesne Light Holdings 5.50% 8/15/15		756,000		785,165
Electricite de France
144A 0.694% 1/20/17 #l		840,000		842,176
144A 4.60% 1/27/20 #		525,000		580,214
144A 5.25% 1/29/49 #l		1,885,000		1,920,344
Elwood Energy 8.159% 7/5/26		220,729		247,768
Enel 144A 8.75% 9/24/73 #l		2,005,000		2,333,419
Entergy 3.625% 9/15/15		215,000		220,261
Entergy Arkansas
3.70% 6/1/24		335,000		345,079
3.75% 2/15/21		200,000		211,570
Entergy Louisiana 4.05% 9/1/23		1,555,000		1,663,867
Exelon Generation 4.25% 6/15/22		1,575,000		1,625,811
Florida Gas Transmission 144A 7.90% 5/15/19 #		320,000		392,159
Great Plains Energy
4.85% 6/1/21		910,000		1,003,830
5.292% 6/15/22		770,000		877,280
Integrys Energy Group 6.11% 12/1/66 l		1,200,000		1,224,374

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
IPALCO Enterprises 5.00% 5/1/18		405,000	$	428,794
ITC Holdings 3.65% 6/15/24		1,310,000		1,308,580
Jersey Central Power & Light 7.35% 2/1/19		1,000,000		1,192,319
Laclede Group 0.982% 8/15/17 l		700,000		700,291
LG&E & KU Energy
3.75% 11/15/20		1,175,000		1,222,356
4.375% 10/1/21		1,555,000		1,675,485
Majapahit Holding 7.75% 1/20/20		400,000		465,000
Metropolitan Edison 144A 4.00% 4/15/25 #		1,125,000		1,127,796
National Rural Utilities Cooperative Finance 4.75% 4/30/43 l		1,640,000		1,625,650
NextEra Energy Capital Holdings
2.40% 9/15/19		1,155,000		1,148,959
3.625% 6/15/23		650,000		659,313
NiSource Finance 6.125% 3/1/22		795,000		932,273
NRG Energy 144A 6.25% 5/1/24 #		205,000		206,537
NV Energy 6.25% 11/15/20		1,135,000		1,336,527
Pedernales Electric Cooperative 144A 6.202% 11/15/32 #		620,000		717,628
Pennsylvania Electric 5.20% 4/1/20		1,180,000		1,305,505
Perusahaan Listrik Negara PT 144A 5.50% 11/22/21 #		900,000		942,750
Public Service New Hampshire 3.50% 11/1/23		635,000		656,346
Public Service Oklahoma 5.15% 12/1/19		1,300,000		1,452,084
Puget Energy
6.00% 9/1/21		340,000		395,930
6.50% 12/15/20		3,800,000		4,503,304
Saudi Electricity Global Sukuk 3 144A 5.50% 4/8/44 #		252,000		266,490
SCANA 4.125% 2/1/22		1,225,000		1,265,828
Southwestern Electric Power 6.45% 1/15/19		690,000		805,728
State Grid Overseas Investment 2014
144A 2.75% 5/7/19 #		490,000		491,545
144A 4.125% 5/7/24 #		1,180,000		1,212,205

(continues)                                             27

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Corporate Bonds (continued)
Utilities (continued)
Transelec 144A 4.25% 1/14/25 #		700,000	$	696,448
Wisconsin Energy 6.25% 5/15/67 l		1,375,000		1,423,980
				58,786,726
Total Corporate Bonds (cost $712,945,908)				727,237,942
Municipal Bonds – 0.67%
Bay Area, California Toll Authority (Build America Bonds) Series S1
6.918% 4/1/40		800,000		1,080,720
7.043% 4/1/50		3,000,000		4,308,870
California Various Purpose (Build America Bond) 7.30% 10/1/39		200,000		279,736
Golden State, California Tobacco Securitization Corporation Settlement Revenue (Asset-Backed Senior Notes)
Series A-1 5.125% 6/1/47		370,000		272,819
Series A-1 5.75% 6/1/47		405,000		324,547
Los Angeles, California Community College District Revenue (Build America Bond) 6.60% 8/1/42		800,000		1,087,248
Maryland State Local Facilities Series A 5.00% 8/1/21		405,000		492,148
New Jersey Transportation Trust Fund Series AA 5.00% 6/15/44		450,000		481,253
New York City, New York Transitional Finance Authority Future Tax Secured Revenue (Build America Bond) 5.508% 8/1/37		700,000		838,306
New York City, New York Series I 5.00% 8/1/22		295,000		354,071
New York State Thruway Authority Revenue Series A 5.00% 5/1/19		415,000		483,251
New York State Urban Development (Build America Bonds) 5.77% 3/15/39		800,000		955,528

	Principal amount°		Value (U.S. $)
Municipal Bonds (continued)
Oregon State Taxable Pension 5.892% 6/1/27		65,000	$	79,314
Pennsylvania Turnpike Commission Series B-1 1.01% 12/1/21 l		750,000		752,475
Texas Private Activity Bond Surface Transportation Revenue (Senior Lien Note Mobility) 6.75% 6/30/43 (AMT)		310,000		374,189
University of California Series Y-1 0.652% 7/1/41 l		500,000		501,300
Total Municipal Bonds (cost $10,301,275)				12,665,775
Non-Agency Asset-Backed Securities – 3.38%
ABFC Trust Series 2006-HE1 A2D 0.375% 1/25/37 l		516,317		326,294
Accredited Mortgage Loan Trust
Series 2006-2 A4 0.415% 9/25/36 l		3,500,000		2,925,174
Series 2007-1 A3 0.285% 2/25/37 l		3,255,687		3,084,802
AEP Texas Central Transition Funding II Series 2006-A A4 5.17% 1/1/18		485,000		524,009
Ally Master Owner Trust Series 2013-2 A 0.604% 4/15/18 l		855,000		856,331
American Express Credit Account Master Trust Series 2013-2 A 0.574% 5/17/21 l		530,000		532,108
Ameriquest Mortgage Securities Asset-Backed Pass Through Certificates
Series 2005-R5 M2 0.615% 7/25/35 ¿l		1,400,000		1,350,040
Series 2005-R7 M2 0.655% 9/25/35 ¿l		2,000,000		1,749,286
Applebee’s Series 2014-1 A2 144A 4.277% 9/5/44 #		1,275,000		1,262,877

28

	Principal		Value
	amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
Argent Securities Asset-Backed Pass Through Certificates Series 2003-W9 M1 1.19% 1/25/34 ¨—		407,313	$	391,362
Argent Securities Trust
Series 2006-M1 A2C 0.305% 7/25/36 —		1,514,628		661,824
Series 2006-M1 A2D 0.395% 7/25/36 —		1,514,628		669,755
Series 2006-W4 A2C 0.315% 5/25/36 —		767,700		317,690
ARL Second Series 2014-1A A1 144A 2.92% 6/15/44 #		759,931		756,434
Avis Budget Rental Car Funding AESOP
Series 2011-3A A 144A 3.41% 11/20/17 #		565,000		588,323
Series 2013-1A A 144A 1.92% 9/20/19 #		700,000		693,888
Series 2014-1A A 144A 2.46% 7/20/20 #		665,000		664,723
BA Credit Card Trust Series 2014-A3 A 0.444% 1/15/20 —		670,000		670,092
Bear Stearns Asset-Backed Securities Trust Series 2007-SD1 22A1 2.518% 10/25/36 —		258,031		194,044
Bear Stearns Asset-Backed Securities I Trust Series 2005-FR1 M2 0.825% 6/25/35 —		2,000,000		1,607,714
California Republic Auto Receivables Trust Series 2013-1 A2 144A 1.41% 9/17/18 #		275,520		277,583
Capital One Multi-Asset Execution Trust Series 2007-A7 A7 5.75% 7/15/20		410,000		458,733
Centerpoint Energy Transition Bond IV Series 2012-1 A3 3.028% 10/15/25		555,000		556,043
Centex Home Equity Loan Trust Series 2002-A AF6 5.54% 1/25/32		7,349		7,340

	Principal		Value
	amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
Chase Issuance Trust Series 2013-A9 A 0.574% 11/16/20 —		1,000,000	$	1,002,070
Citibank Credit Card Issuance Trust
Series 2013-A2 A2 0.435% 5/26/20 —		2,000,000		1,997,140
Series 2014-A5 A5 2.68% 6/7/23		495,000		495,864
Citicorp Residential Mortgage Trust
Series 2006-3 A4 5.703% 11/25/36 f		470,250		475,675
Series 2006-3 A5 5.948% 11/25/36 f		900,000		899,982
Countrywide Asset-Backed Certificates
Series 2004-3 2A 0.555% 8/25/34 —		60,609		56,216
Series 2005-7 MV3 0.735% 11/25/35 —		400,000		355,365
Series 2005-AB2 2A3 0.54% 11/25/35 —		1,004,275		950,276
Series 2006-1 AF6 5.22% 7/25/36 —		1,752,762		1,716,679
Series 2006-11 1AF6 5.006% 9/25/46 —		748,043		985,467
Series 2006-26 2A4 0.375% 6/25/37 —		2,000,000		982,626
Series 2007-6 2A4 0.465% 9/25/37 —		1,000,000		376,540
Discover Card Execution Note Trust
Series 2012-A6 A6 1.67% 1/18/22		1,060,000		1,032,192
Series 2013-A6 A6 0.604% 4/15/21 —		2,000,000		2,005,652
Ford Credit Floorplan Master Owner Trust A Series 2014-1 A2 0.554% 2/15/19 —		750,000		750,986
Golden Credit Card Trust Series 2012-5A A 144A 0.79% 9/15/17 #		360,000		360,690
GreatAmerica Leasing Receivables Series 2013-1 B 144A 1.44% 5/15/18 #		100,000		99,728
GSAMP Trust Series 2006-FM3 A2D 0.385% 11/25/36 —		1,384,515		819,561

(continues)                                             29

Schedules of investments

Optimum Fixed Income Fund

	Principal		Value
	amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
GSAMP Trust Series 2006-HE6 A3 0.305% 8/25/36 —		1,746,239	$	1,321,552
HOA Funding Series 2014-1A A2 144A 4.846% 8/20/44 #		1,285,000		1,278,963
Home Equity Mortgage Loan Asset-Backed Trust Series 2007-A 2A3 0.395% 4/25/47 —		2,000,000		1,142,108
HSI Asset Securitization Trust Series 2006-HE1 2A1 0.205% 10/25/36 —		43,851		24,160
JPMorgan Mortgage Acquisition Trust Series 2006-CW2 AV5 0.395% 8/25/36 —		500,000		404,656
MASTR Specialized Loan Trust Series 2005-2 A2 144A 5.006% 7/25/35 #—		21,709		21,709
Merrill Lynch Mortgage Investors Trust
Series 2006-FF1 M2 0.445% 8/25/36 —		2,000,000		1,903,176
Series 2007-MLN1 A2A 0.265% 3/25/37 —		661,642		577,563
MMAF Equipment Finance Series 2014-AA A4 144A 1.59% 2/8/22 #		810,000		801,622
Morgan Stanley ABS Capital I Trust
Series 2007-HE1 A2C 0.305% 11/25/36 —		7,022,735		4,628,397
Series 2007-HE5 A2D 0.495% 3/25/37 —		4,543,214		2,694,253
New Century Home Equity Loan Trust Series 2005-1 M2 0.875% 3/25/35 —		1,048,491		932,574
RAAC Trust Series 2005-SP2 2A 0.455% 6/25/44 —		845,491		736,723
RAMP Trust
Series 2006-RZ5 A2 0.335% 8/25/46 —		761,444		733,908
Series 2007-RZ1 A2 0.315% 2/25/37 —		1,168,248		1,057,045
RASC Trust Series 2006-EMX1 A2 0.385% 1/25/36 —		29,277		29,217

	Principal		Value
	amount°		(U.S. $)
Non-Agency Asset-Backed Securities (continued)
RASC Trust Series 2007-KS3 AI2 0.335% 4/25/37 —		1,167,931	$	1,160,491
Rise Series 2014-1 A 4.75% 2/15/39 —		2,906,250		2,938,946
SLM Student Loan Trust
Series 2005-4 A2 0.314% 4/26/21 —		128,106		128,034
Series 2008-9 A 1.734% 4/25/23 —		3,343,828		3,465,667
Soundview Home Loan Trust Series 2006-WF2 A1 0.285% 12/25/36 —		1,190,232		1,138,282
Structured Asset Investment Loan Trust Series 2003-BC2 M1 1.535% 4/25/33 —		186,179		163,527
Trafigura Securitisation Finance Series 2012-1A A 144A 2.554% 10/15/15 #—		500,000		502,070
Total Non-Agency Asset-Backed Securities (cost $61,343,159)				64,273,821
Non-Agency Collateralized Mortgage Obligations – 2.85%
Alternative Loan Trust
Series 2004-J1 1A1 6.00% 2/25/34		2,884		2,936
Series 2004-J2 7A1 6.00% 12/25/33		5,037		5,128
Alternative Loan Trust Resecuritization Series 2008-2R 3A1 6.00% 8/25/37		2,064,639		1,642,160
ARM Trust
Series 2004-5 3A1 2.513% 4/25/35 —		1,632,038		1,640,647
Series 2005-10 3A31 5.397% 1/25/36 —		693,337		638,458
Series 2006-2 1A4 2.803% 5/25/36 —		1,389,764		1,220,606
Bank of America Funding Trust Series 2006-I 1A1 2.311% 12/20/36 —		718,886		723,632
Bank of America Mortgage Trust Series 2003-D 2A1 2.726% 5/25/33 —		761,751		765,973

30

	Principal		Value
	amount°		(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Bank of America Alternative Loan Trust
Series 2005-3 2A1 5.50% 4/25/20		34,115	$	35,215
Series 2005-6 7A1 5.50% 7/25/20		129,556		132,003
Bear Stearns ARM Trust
Series 2003-5 2A1 2.441% 8/25/33 —		117,472		119,941
Series 2005-2 A2 2.528% 3/25/35 —		225,467		227,985
Series 2005-5 A1 2.164% 8/25/35 —		2,277,122		2,315,578
Chase Mortgage Finance Trust Series 2005-A1 3A1 2.531% 12/25/35 —		264,127		241,072
ChaseFlex Trust Series 2006-1 A4 5.099% 6/25/36 —		420,000		375,771
Claris ABS Series 2011-1 A 0.794% 10/31/60—	EUR	5,878,849		7,375,192
Countrywide Home Loan Mortgage Pass Through Trust
Series 2003-21 A1 2.599% 5/25/33 ¨—		2,410		2,445
Series 2007-4 1A1 6.00% 5/25/37¨		2,386,793		2,214,431
CSMC Mortgage-Backed Trust
Series 2005-1R 2A5 144A 5.75% 12/26/35 #		3,053,731		2,732,989
Series 2007-1 5A14 6.00% 2/25/37		529,707		476,396
Series 2007-3 4A12 6.596% 4/25/37 @—S		684,069		105,871
Series 2007-3 4A15 5.50% 4/25/37		303,748		286,927
Series 2007-3 4A6 0.405% 4/25/37 —		684,069		559,612
Deutsche Mortgage Securities Re-REMIC Trust Certificates Series 2005-WF1 1A3 144A 5.234% 6/26/35 #—		568,255		573,583
Fannie Mae Connecticut Avenue Securities
Series 2014-C02 1M1 1.105% 5/25/24 —		117,154		115,309
Series 2014-C03 1M1 1.355% 7/25/24 —		95,850		95,175

	Principal		Value
	amount°		(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
First Horizon Mortgage Pass Through Trust Series 2005-AR2 2A1 2.569% 6/25/35 ¨—		249,407	$	234,577
GMACM Mortgage Loan Trust Series 2006-J1 A1 5.75% 4/25/36		111,521		105,768
GSMPS Mortgage Loan Trust Series 1998-3 A 144A 7.75% 9/19/27 #—		8,482		8,896
GSR Mortgage Loan Trust Series 2006-AR1 3A1 2.873% 1/25/36 —		145,572		133,722
IndyMac INDA Mortgage Loan Trust Series 2006-AR1 A1 4.998% 8/25/36 —		328,643		327,925
JPMorgan Mortgage Trust
Series 2006-A6 2A4L 2.566% 10/25/36 —		1,071,314		920,103
Series 2006-A7 2A2 2.612% 1/25/37 —		209,991		187,455
Series 2007-A1 6A1 2.525% 7/25/35 —		490,023		492,085
Lehman Mortgage Trust Series 2007-10 2A2 6.50% 1/25/38		3,101,814		2,731,683
MASTR Alternative Loan Trust
Series 2004-3 8A1 7.00% 4/25/34		4,716		4,866
Series 2004-5 6A1 7.00% 6/25/34		77,613		83,722
MASTR ARM Trust
Series 2003-6 1A2 2.45% 12/25/33 —		4,072		4,071
Series 2004-4 4A1 2.406% 5/25/34 —		161,201		158,221
MASTR Asset Securitization Trust Series 2003-9 2A7 5.50% 10/25/33		76,045		76,078
Merrill Lynch Mortgage Investors Trust
Series 2004-A1 2A2 2.395% 2/25/34 —		11,076		11,192
Series 2005-A5 A2 2.458% 6/25/35 —		147,379		147,395
Opteum Mortgage Acceptance Trust Series 2006-1 2A1 5.75% 4/25/36 —		2,176,746		2,243,838

(continues)                                             31

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
RALI Trust Series 2004-QS2 CB 5.75% 2/25/34		50,954	$	53,328
RFMSI Trust
Series 2004-S9 1A23 5.50% 12/25/34		4,500,000		4,683,051
Series 2004-S9 2A1 4.75% 12/25/19		206,604		209,532
Sequoia Mortgage Trust
Series 2004-5 A3 0.885% 6/20/34 —		403,773		402,734
Series 2007-1 4A1 2.664% 9/20/46 —		1,196,434		1,021,425
Series 2013-11 B1 144A 3.716% 9/25/43 #—		415,471		404,510
Structured ARM Loan Trust
Series 2005-22 1A4 2.432% 12/25/35 —		1,847,493		1,391,837
Series 2006-1 7A4 5.032% 2/25/36 —		1,197,322		996,397
Structured Asset Securities Trust Series 2005-6 4A1 5.00% 5/25/35		70,296		71,122
Structured Asset Mortgage Investments II Trust Series 2005-AR5 A2 0.403% 7/19/35 —		1,073,052		1,033,203
Washington Mutual Alternative Mortgage Pass Through Certificates
Series 2005-1 5A2 6.00% 3/25/35 ¿		59,096		30,338
Series 2005-AR13 A1A1 0.445% 10/25/45 ¿—		5,620,863		5,371,488
Series 2005-AR16 1A3 2.359% 12/25/35 ¿—		963,060		919,543
Series 2007-HY1 3A3 4.579% 2/25/37 ¿—		546,594		502,844
Series 2007-HY7 4A1 4.623% 7/25/37 ¿—		1,078,914		1,010,434
Wells Fargo Mortgage-Backed Securities Trust
Series 2005-AR16 2A1 2.612% 2/25/34 —		265,821		270,703
Series 2006-2 3A1 5.75% 3/25/36		167,891		170,646
Series 2006-3 A11 5.50% 3/25/36		188,072		196,325
Series 2006-6 1A3 5.75% 5/25/36		113,002		110,538

	Principal amount°		Value (U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
Wells Fargo Mortgage-Backed Securities Trust
Series 2006-AR5 2A1 2.615% 4/25/36 —		98,283	$	94,281
Series 2006-AR11 A6 2.614% 8/25/36 —		1,350,485		1,280,490
Series 2006-AR17 A1 2.611% 10/25/36  —		808,856		779,381
Series 2007-10 1A36 6.00% 7/25/37		642,542		629,918
Total Non-Agency Collateralized Mortgage Obligations (cost $53,746,112)				54,130,700
Regional Bonds – 0.10%D
Australia – 0.01%
Queensland Treasury 144A 4.75% 7/21/25 #		AUD  207,000		192,097
				192,097
Canada – 0.01%
Province of Ontario Canada 3.45% 6/2/45		CAD  281,000		244,470
				244,470
Spain – 0.08%
Autonomous Community of Catalonia 4.95% 2/11/20		EUR 1,100,000		1,557,709
				1,557,709
Total Regional Bonds (cost $2,015,203)				1,994,276
Senior Secured Loans – 5.75%«
Air Medical Group Tranche B1 5.00% 5/29/18		276,410		277,274
Albertson’s Holdings Tranche B4 1st Lien 5.50% 8/8/21		2,335,000		2,326,001
Albertsons Tranche B 1st Lien 4.75% 3/21/19		215,824		215,400
Allegion U.S. Holding Tranche B 3.00% 12/26/20		1,195,963		1,191,218
Amaya Gaming 1st Lien 5.00% 7/29/21		1,090,000		1,077,737
Amaya Gaming 2nd Lien 8.00% 7/29/22		510,000		517,140
Applied Systems 1st Lien 4.25% 1/15/21		297,750		295,070
Applied Systems 2nd Lien 7.50% 1/15/22		1,241,000		1,241,258

32

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Arch Coal 1st Lien 6.25% 5/16/18		475,000	$	435,456
Ashland Water 1st Lien 4.25% 7/2/21		405,000		398,292
Ashland Water 2nd Lien 7.75% 7/2/22		325,000		319,042
Atkore International 2nd Lien 7.75% 9/27/21		260,000		257,887
Avast Software 1st Lien 5.00% 3/18/20		502,125		502,334
Avaya Tranche B-3 4.50% 10/27/17		621,341		592,993
Axalta Coating Systems U.S. Holdings 1st Lien 4.00% 2/1/20		708,016		694,475
Azure Midstream Tranche B 6.50% 10/21/18		341,486		341,273
BJ’s Wholesale Club 2nd Lien 8.50% 3/31/20		750,000		757,969
BJ’s Wholesale Club Tranche B 1st Lien 4.50% 9/26/19		1,479,769		1,458,894
Bowie Recourse Tranche B 1st Lien 6.75% 8/9/20		370,563		371,489
Bway Holding Tranche B 1st Lien 5.50% 8/8/20		728,175		729,995
Caesars Growth Partners Tranche B 1st Lien 6.25% 5/8/21		483,788		459,719
Calpine Construction Finance Tranche B 3.00% 5/1/20		329,541		319,860
Charter Communications Tranche B 1st Lien
4.25% 8/12/21		1,715,000		1,711,937
3.25% 12/29/18		2,542,225		2,507,269
3.50% 5/24/17		1,292,096		1,284,222
Citycenter Holdings Tranche B 1st Lien 4.25% 10/28/20		264,950		262,566
Clear Channel Communications Tranche B 3.65% 1/29/16		3,722,056		3,694,808
Clear Channel Communications Tranche D 6.75% 1/30/19		400,000		382,625
Clear Channel Communications Tranche E 1st Lien 7.50% 7/30/19		184,983		181,284
Community Health Systems Tranche D 4.25% 1/27/21		2,842,399		2,837,604
Community Health Systems Tranche E 3.25% 1/25/17		423,771		422,211

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Crown Castles Operating Tranche B2 3.00% 1/31/21		343,034	$	338,982
Davita Healthcare Partners Tranche B 3.50% 6/19/21		753,113		745,876
Delta Air Lines Tranche B 1st Lien 3.25% 4/20/17		605,999		599,883
Drillships Financing Holding Tranche B1 6.00% 2/17/21		4,060,703		3,901,658
Dynegy Tranche B2 4.00% 4/23/20		857,600		852,598
Emdeon 1st Lien 3.75% 11/2/18		766,080		758,419
Energy Transfer 1st Lien 3.25% 12/2/19		1,034,750		1,012,330
Exgen Renewables I 1st Lien 5.25% 2/5/21		991,660		1,001,577
Exgen Texas Power Tranche B 1st Lien 5.75% 9/16/21		1,960,000		1,953,875
Expro Holdings UK 3 Tranche B 1st Lien 5.75% 8/12/21		1,020,000		1,017,450
Fieldwood Energy 2nd Lien 8.375% 9/30/20		1,560,000		1,568,451
First Data Tranche B 1st Lien 4.00% 3/24/21		1,106,681		1,092,848
Flint Group 1st Lien 4.75% 5/2/21		525,000		521,719
Flint Group 2nd Lien 8.25% 5/2/22		235,000		231,475
Flying Fortress 1st Lien 3.50% 6/30/17		1,151,000		1,144,526
Fortescue Resources 1st Lien 3.75% 6/30/19		282,150		276,742
Gardner Denver 1st Lien 4.25% 7/23/20		480,150		471,418
Gates Global 1st Lien 4.25% 6/12/21		475,000		467,705
Gentiva Health Services Tranche B 6.50% 10/10/19		1,438,545		1,443,041
Gentiva Health Services Tranche C 5.75% 10/10/18		728,542		728,314
Goodpack 1st Lien 4.75% 8/5/21		730,000		728,783
Goodpack 2nd Lien 8.00% 8/5/22		365,000		365,000
HCA Tranche B4 2.75% 5/1/18		198,990		196,979

(continues)                                             33

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
HD Supply Tranche B 4.00% 6/28/18		460,025	$	456,048
Heinz (H.J) Tranche B2 1st Lien 3.50% 6/5/20		895,466		886,064
Hilton Worldwide Finance Tranche B2 3.50% 9/23/20		1,679,496		1,656,102
Hostess Brands 1st Lien 6.75% 3/12/20		1,360,669		1,391,284
Houghton International 1st Lien 4.00% 12/10/19		112,988		112,281
Houghton International 2nd Lien 9.50% 11/20/20		205,000		207,306
Huntsman International Tranche B 3.75% 10/11/20		970,000		967,090
IASIS Healthcare Tranche B 1st Lien 4.50% 5/3/18		656,924		655,693
Ikaria 5.00% 2/4/22		1,451,516		1,449,475
Immucor Tranche B2 5.00% 8/19/18		1,874,186		1,867,158
Ineos U.S. Finance Tranche B 3.75% 5/4/18		1,964,168		1,927,799
Infor U.S. Tranche B5 1st Lien 3.75% 6/3/20		522,127		510,966
Intelsat Jackson Holdings Tranche B2 3.75% 6/30/19		1,231,616		1,214,425
KIK Custom Products 1st Lien 5.50% 5/17/19		785,321		786,058
Kinetic Concepts Tranche E1 4.00% 5/8/18		178,202		176,271
Landry’s Tranche B 4.00% 4/24/18		570,037		566,296
Level 3 Financing Tranche B 4.00% 1/15/20		485,000		477,043
Lightower Fiber Networks 4.00% 4/1/20		113,587		111,866
LTS Buyer 2nd Lien 8.00% 3/15/21		627,238		627,499
Mauser Holdings 2nd Lien 8.25% 6/30/22		530,000		526,025
MGM Resorts International 3.50% 12/20/19		1,632,755		1,607,243
Michael Stores Tranche B 1st Lien 3.75% 1/16/20		261,688		256,944
Moxie Liberty Tranche B 7.50% 8/21/20		687,000		704,175
Moxie Patriot (Panda Power Fund) Tranche B1 6.75% 12/19/20		720,000		738,000

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
National Vision 4.00% 3/6/21		452,239	$	442,063
NEP Broadcasting 2nd Lien 9.50% 7/3/20		628,571		636,429
NEP/NCP Tranche B 1st Lien 4.25% 1/22/20		865,655		845,096
New Albertsons 1st Lien 4.75% 6/24/21		385,000		379,658
NRG Energy Tranche B 2.75% 7/1/18		977,588		961,152
Numericable 4.50% 4/23/20		820,315		823,136
Numericable U.S. Tranche B2 1st Lien 4.50% 4/23/20		709,685		704,806
Nuveen Investments 1st Lien 4.00% 5/13/17		1,205,000		1,203,243
Nuveen Investments 2nd Lien 6.50% 2/28/19		2,911,000		2,921,916
Ocean Rig (Drillship) Tranche B 1st Lien 5.50% 7/18/21		365,000		352,909
OSI Restaurants Tranche B 1st Lien 3.50% 10/26/19		82,125		81,930
Otterbox Tranche B 5.75% 5/30/20		568,575		565,021
Panda Temple Power II Tranche B 1st Lien 7.25% 4/3/19		620,000		631,432
Patheon 4.25% 1/23/21		1,805,475		1,772,590
5.25% 12/13/19		1,667,210		1,670,858
5.25% 12/19/19		53,048		53,015
PVH Tranche B 1st Lien 3.25% 2/13/20		439,364		440,512
Quickrete 2nd Lien 7.00% 3/19/21		365,000		368,422
Ranpak 2nd Lien 8.50% 4/10/20		330,000		337,013
Republic of Angola 6.25% 12/16/23		1,850,000		1,850,000
Reynolds Group 1st Lien 4.00% 12/31/18		525,678		520,890
Rite Aid 2nd Lien 5.75% 8/3/20		145,000		147,311
Samson Investment 2nd Lien 5.00% 9/25/18		1,134,000		1,104,374
Santander Asset Management Tranche B 4.25% 11/26/20		735,694		733,395
Scientific Games International 4.25% 5/22/20		1,607,850		1,603,580
Scientific Games International Tranche B2 1st Lien 6.00% 9/17/21		1,750,000		1,716,094

34

	Principal amount°		Value (U.S. $)
Senior Secured Loans« (continued)
Sensus 4.75% 5/9/17		390,960	$	382,163
Sensus 2nd Lien 8.50% 4/13/18		295,000		294,724
Smart & Final Tranche B 1st Lien 4.75% 11/15/19		428,727		426,941
Sprouts Farmers Markets Holdings 4.00% 4/12/20		968,816		964,982
Stena 1st Lien 4.00% 2/21/21		184,075		181,199
Supervalu 1st Lien 4.50% 3/21/19		470,989		463,564
Surgical Care Affiliates Tranche C 4.25% 6/30/18		83,938		82,729
TLFC Delos Finance Tranche B 3.50% 2/27/21		400,000		396,312
TransDigm Tranche C 3.75% 2/7/20		607,722		598,748
Travelport Finance Luxembourg Tranche B 1st Lien 6.00% 8/15/21		1,250,000		1,249,414
United Continental Tranche B 3.50% 4/1/19		251,175		246,779
Univision Communications 1st Lien 4.00% 3/1/20		931,482		915,065
Univision Communications Tranche C4 4.00% 3/1/20		2,250,276		2,210,662
US Airways Tranche B1 3.50% 5/23/19		282,150		276,225
US Airways Tranche B2 3.00% 11/23/16		88,110		87,394
USI Insurance Services Tranche B 1st Lien 4.25% 12/3/18		560,068		550,967
Valeant Pharmaceuticals International Tranche BE
3.75% 8/5/20		780,273		772,191
5.00% 10/25/17		241,290		232,945
5.75% 3/28/19		2,232,997		2,137,164
Wide Open West Finance 4.75% 3/27/19		2,048,900		2,043,351
Zayo Group Tranche B 1st Lien 4.00% 7/2/19		1,156,051		1,140,757
Ziggo Tranche B 2nd Lien 3.50% 1/15/22		616,000		599,610
Ziggo Tranche B1 1st Lien 3.50% 1/15/22		955,900		930,466
Total Senior Secured Loans (cost $110,460,623)				109,415,259

	Principal amount°		Value (U.S. $)
Sovereign Bonds – 7.92%D
Australia – 3.49%
Australia Government Bond 5.25% 3/15/19	AUD	69,000,000	$	66,332,085
				66,332,085
Brazil – 2.14%
Banco Nacional de Desenvolvimento Economico e Social 144A
6.369% 6/16/18 #		1,500,000		1,650,000
144A 6.50% 6/10/19 #		2,500,000		2,821,875
Brazil Letras do Tesouro Nacional 9.095% 1/1/18 ^	BRL	73,100,000		20,378,484
Brazil Notas do Tesouro Nacional Series B 6.00% 8/15/22	BRL	320,000		3,244,607
Brazil Notas do Tesouro Nacional Series F
10.00% 1/1/21	BRL	32,999,000		12,138,478
10.00% 1/1/23	BRL	304,000		109,952
10.00% 1/1/17	BRL	763,000		298,094
				40,641,490
Chile – 0.04%
Chile Government International Bond 5.50% 8/5/20	CLP	417,000,000		737,375
				737,375
Colombia – 0.06%
Colombia Government International Bond
4.375% 3/21/23	COP	1,816,000,000		777,071
9.85% 6/28/27	COP	719,000,000		449,722
				1,226,793
Finland – 0.02%
Finland Government Bond 2.25% 3/6/18	NOK	2,000,000		313,477
				313,477
Greece – 0.05%
Hellenic Republic Treasury Bill 3.10% 10/10/14 ≠	EUR	823,000		1,039,309
				1,039,309
Guatemala – 0.05%
Guatemala Government Bond 144A 5.75% 6/6/22 #		810,000		897,075
				897,075

(continues)                                             35

Schedules of investments

Optimum Fixed Income Fund

	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Hungary – 0.01%
Magyar Export-Import Bank 144A 4.00% 1/30/20 #		245,000	$	243,591
				243,591
Iceland – 0.04%
Republic of Iceland 144A 5.875% 5/11/22 #		645,000		727,674
				727,674
Indonesia – 0.12%
Indonesia Government International Bond 144A 3.375% 4/15/23 #		929,000		868,615
144A 5.875% 1/15/24 #		576,000		636,480
Perusahaan Penerbit Indonesia 144A 6.125% 3/15/19 #		760,000		841,700
				2,346,795
Japan – 0.01%
Japanese Government CPI Linked Bond 0.10% 3/10/24	JPY	17,493,000		172,044
				172,044
Kenya – 0.03%
Kenya Government International Bond 144A 5.875% 6/24/19 #		640,000		660,000
				660,000
Mexico – 0.03%
Mexican Bonos
6.50% 6/10/21	MXN	465,000		36,286
6.50% 6/9/22	MXN	7,222,000		558,225
				594,511
Norway – 0.00%
Kommunalbanken 5.00% 3/28/19	NZD	72,000		57,055
				57,055
Pakistan – 0.04%
Pakistan Government International Bond 144A 7.25% 4/15/19 #		834,000		845,468
				845,468

	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Panama – 0.08%
Panama Government International Bond 4.00% 9/22/24		1,510,000	$	1,513,775
				1,513,775
Philippines – 0.10%
Philippine Government International Bond
3.90% 11/26/22	PHP	45,000,000		989,850
6.25% 1/14/36	PHP	40,000,000		957,731
				1,947,581
Poland – 0.02%
Poland Government Bond
2.228% 7/25/16 ^	PLN	325,000		94,737
4.00% 10/25/23	PLN	471,000		153,665
5.25% 10/25/17	PLN	361,000		119,151
				367,553
Portugal – 0.03%
Portugal Government International Bond 144A 5.125% 10/15/24 #		482,000		499,844
				499,844
Qatar – 0.31%
Qatar Government International Bond 4.00% 1/20/15		5,800,000		5,862,292
				5,862,292
Republic of Korea – 0.10%
Korea Treasury Inflation-Linked Bond 1.125% 6/10/23	KRW	1,079,070,192		993,265
Republic of Korea 7.125% 4/16/19		700,000		848,050
				1,841,315
Romania – 0.03%
Romanian Government International Bond 144A 4.875% 1/22/24 #		566,000		602,790
				602,790
Senegal – 0.03%
Senegal Government International Bond 144A 6.25% 7/30/24 #		500,000		501,250
				501,250

36

	Principal amount°		Value (U.S. $)
Sovereign BondsD (continued)
Slovenia – 0.26%
Slovenia Government International Bond
4.125% 2/18/19		200,000	$	208,750
5.50% 10/26/22		4,300,000		4,687,000
				4,895,750
South Africa – 0.09%
South Africa Government Bond 8.00% 1/31/30	ZAR	18,158,000		1,511,893
South Africa Government International Bond 5.375% 7/24/44		244,000		242,628
				1,754,521
Spain – 0.65%
Spain Government Bond 144A 2.75% 10/31/24 #	EUR	9,300,000		12,345,801
				12,345,801
Sri Lanka – 0.03%
Sri Lanka Government International Bond 144A 6.00% 1/14/19 #		533,000		563,648
				563,648
Sweden – 0.01%
Sweden Government Bond 2.50% 5/12/25	SEK	770,000		117,419
				117,419
United Kingdom – 0.05%
United Kingdom Gilt
1.25% 7/22/18	GBP	192,133		308,072
1.75% 9/7/22	GBP	100,000		156,832
United Kingdom Gilt Inflation-Linked 0.125% 3/22/24	GBP	275,621		472,770
				937,674
Total Sovereign Bonds (cost $154,051,075)				150,585,955
Supranational Banks – 0.07%
European Bank for Reconstruction & Development 6.00% 3/3/16	INR	45,500,000		733,113
Inter-American Development Bank 7.25% 7/17/17	IDR	1,840,000,000		150,122

	Principal amount°		Value (U.S. $)
Supranational Banks (continued)
International Bank for Reconstruction & Development
2.898% 9/24/18 —		AUD    310,000	$	271,657
4.625% 10/6/21		NZD    188,000		146,098
Total Supranational Banks (cost $1,345,458)				1,300,990
U.S. Treasury Obligations – 21.00%
U.S. Treasury Bonds 3.125% 8/15/44		22,110,000		21,759,358
U.S. Treasury Inflation Indexed Bonds
0.125% 7/15/22		2,486,496		2,428,996
0.125% 7/15/24		38,178,990		36,675,692
1.75% 1/15/28		9,575,645		10,671,233
2.00% 1/15/26		1,680,546		1,914,707
2.375% 1/15/25		1,744,251		2,044,862
2.375% 1/15/27		4,335,811		5,137,429
2.50% 1/15/29		4,361,082		5,327,332
3.875% 4/15/29		275,361		388,861
U.S. Treasury Notes
1.00% 9/15/17		11,400,000		11,382,638
1.625% 7/31/19		88,500,000		87,949,165
1.75% 9/30/19		9,590,000		9,577,638
2.00% 2/28/21 ¥		19,600,000		19,435,399
2.00% 5/31/21		1,100,000		1,087,368
2.25% 4/30/21		1,000,000		1,005,156
2.375% 8/15/24 ¥		39,195,000		38,744,885
2.50% 5/15/24		38,500,000		38,528,567
2.75% 11/15/23 ¥		45,200,000		46,337,051
2.75% 2/15/24		57,700,000		59,065,874
Total U.S. Treasury Obligations (cost $401,000,204)				399,462,211
	Number of
	shares
Common Stock – 0.00%
Century Communications =†		1,975,000		0
Total Common Stock (cost $59,791)				0
Convertible Preferred Stock – 0.27%
Alcoa 5.375% exercise price $19.39, expiration date 10/1/17		5,800		289,420

(continues)                                             37

Schedules of investments

Optimum Fixed Income Fund

	Number of shares		Value (U.S. $)
Convertible Preferred Stock (continued)
ArcelorMittal 6.00% exercise price $20.36, expiration date 12/21/15		9,300	$	199,514
Bank of America 7.25% exercise price $50.00, expiration date 12/31/49		203		232,739
Chesapeake Energy 144A 5.75% exercise price $26.14, expiration date 12/31/49 #		292		324,667
Dominion Resources 6.125% exercise price $65.21, expiration date 4/1/16		5,532		310,124
Exelon 6.50% exercise price $43.75, expiration date 6/1/17		6,250		317,500
Halcon Resources 5.75% exercise price $6.16, expiration date 12/31/49		337		286,450
HealthSouth 6.50% exercise price $30.01, expiration date 12/31/49		335		445,843
Huntington Bancshares 8.50% exercise price $11.95, expiration date 12/31/49		305		402,600
Intelsat 5.75% exercise price $22.05, expiration date 5/1/16		11,769		558,792
Maiden Holdings 7.25% exercise price $15.47, expiration date 9/15/16		12,600		562,716
MetLife 5.00% exercise price $44.27, expiration date 10/8/14		11,075		340,999
SandRidge Energy 8.50% exercise price $8.01, expiration date 12/31/49		4,447		423,021
Wells Fargo 7.50% exercise price $156.71, expiration date 12/31/49		321		386,006
Total Convertible Preferred Stock (cost $5,309,799)				5,080,391
Preferred Stock – 0.44%
Alabama Power 5.625%		21,075		518,023
Ally Financial 144A 7.00% #		5,600		5,633,250
Integrys Energy Group 6.00% —		35,650		914,066
National Retail Properties 5.70%		9,340		222,759

	Number of shares			Value (U.S. $)
Preferred Stock (continued)
Public Storage 5.20%		18,720		$	422,698
Regions Financial 6.375% —		25,300			642,114
Total Preferred Stock (cost $8,116,147)					8,352,910
	Number of contracts
Options Purchased – 0.00%
Futures Call Option – 0.00%
IMM Eurodollar Future exercise price $99.75, expiration date 12/15/14		34			1,488
Total Options Purchased (premium paid $0)					1,488
	Principal amount°
Security Sold Short – (0.11%)
Fannie Mae S.F. 30 yr TBA 4.50% 10/1/43		(2,000,000	)		(2,157,812	)
Total Security Sold Short (proceeds $2,155,314)					(2,157,812	)
Short-Term Investments – 10.11%
Discount Notes – 4.09%≠
Fannie Mae 0.025% 12/17/14		800,000			799,991
Federal Home Loan Bank
0.025% 11/13/14		6,682,396			6,682,370
0.042% 10/29/14		5,300,000			5,299,989
0.052% 12/17/14		6,800,000			6,799,925
0.06% 12/12/14		6,500,000			6,499,935
0.077% 11/14/14		17,876,727			17,876,655
0.079% 10/17/14		500,000			499,999
0.43% 11/19/14		33,349,830			33,349,697
					77,808,561
Repurchase Agreements – 4.56%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $11,611,892 (collateralized by U.S. government obligations 1.375%–2.375%; 1/15/17–1/15/20 market value $11,844,135)		11,611,892			11,611,892

38

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $3,870,631 (collateralized by U.S. government obligations 0.375%–3.125%; 1/31/16–8/15/44 market value $3,948,045)		3,870,631	$	3,870,631
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $11,266,477 (collateralized by U.S. government obligations 0.125%–0.25%; 5/15/16–7/15/24 market value $11,491,808)		11,266,477		11,266,477
U.S. Treasury Repo (BNP)
0.00% 10/1/14		13,500,000		13,500,000
0.05% 10/2/14		30,000,000		30,000,000
U.S. Treasury Repo (JPMC)
0.00% 10/1/14		16,500,000		16,500,000
				86,749,000
U.S. Treasury Obligations – 1.46%≠
U.S. Treasury Bills
0.005% 12/26/14		17,405,382		17,404,964
0.03% 10/2/14		552,000		552,000
0.041% 10/9/14		187,000		187,000
0.093% 11/13/14		9,682,907		9,682,791
				27,826,755
Total Short-Term Investments (cost $192,378,362)				192,384,316
Total Value of Securities – 109.01% (cost $2,055,356,405)				2,073,609,800

	Number of contracts			Value (U.S. $)
Options Written – (0.04%)
Call Swaptions – 0.00%
10 yr IRS pay a fixed rate 2.42% and receive a floating rate based on 3-month USD- ICE LIBOR expiration date 12/1/14 (MSC)		(18,500,000	)	$	(32,764	)
					(32,764	)
Currency Call Options – (0.03%)
USD vs BRL strike price $2.44, expiration date 11/26/14 (CITI)		(9,081,000	)		(326,789	)
USD vs KRW strike price $1045, expiration date 11/28/14 (CITI)		(9,081,000	)		(186,978	)
					(513,767	)
Currency Put Options – (0.01%)
GBP vs USD strike price $1.63, expiration date 11/28/14 (CITI)		(6,904,000	)		(7,062	)
GBP vs USD strike price $1.63, expiration date 11/28/14 (CITI)		(6,904,000	)		(137,629	)
USD vs KRW strike price $1000, expiration date 11/28/14 (CITI)		(9,081,000	)		(2,080	)
					(146,771	)
Futures Put Option – 0.00%
IMM Eurodollar Future exercise price $99, expiration date 12/15/14 (CME)		(34	)		(213	)
					(213	)
Put Swaptions – 0.00%
10 yr IRS pay a fixed rate 2.86% and receive a floating rate based on 3-month USD-ICE LIBOR expiration date 12/1/14 (MSC)		(18,500,000	)		(94,905	)

(continues)                                             39

Schedules of investments

Optimum Fixed Income Fund

	Number of contracts			Value (U.S. $)
Options Written (continued)
Put Swaptions (continued)
10 yr IRS pay a fixed rate 4.05% and receive a floating rate based on 6-month AUD-BBR-BBSW expiration date 11/26/14 (CITI)		(5,800,000	)	$	(22,923	)
10 yr IRS pay a fixed rate 4.13% and receive a floating rate based on 6-month AUD-BBR-BBSW expiration date 11/25/14 (JPMC)		(5,800,000	)		(14,722	)
					(132,550	)
Total Options Written (premium received $483,993)				$	(826,065	)

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2014, the aggregate value of Rule 144A securities was $273,381,538, which represents 14.37% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

@ Illiquid security. At Sept. 30, 2014, the aggregate value of illiquid securities was $14,167,228, which represents 0.74% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

¿ Pass Through Agreement. Security represents the contractual right to receive a proportionate amount of underlying payments due to the counterparty pursuant to various agreements related to the rescheduling of obligations and the exchange of certain notes.

86% of the income received was in the form of cash and 14% of the income received was in the form of additional par.

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

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2014, the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

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

† Non-income-producing security.

— Variable rate security. The rate shown is the rate as of Sept. 30, 2014. Interest rates reset periodically.

¥ Fully or partially pledged as collateral for futures contracts.

r Securities have been classified by country of origin.

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

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

100% of the income received was in the form of both cash and par.

^ 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 Sept. 30, 2014.

f Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Sept. 30, 2014.

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Sept. 30, 2014:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BAML	AUD	(1,147,386	)	USD	998,000			10/31/14	$	(4,240	)
BAML	EUR	(359,155	)	USD	464,702			10/31/14		10,958
BAML	NZD	(2,644,698	)	USD	2,095,353			10/31/14		37,542
BNP	AUD	(1,342,719	)	USD	1,188,642			10/31/14		15,779
CITI	AUD	79,099,000		USD	(70,185,524	)		10/2/14		(940,921	)
CITI	AUD	(79,099,000	)	USD	70,019,265			11/4/14		945,511
CITI	BRL	(49,311,518	)	USD	20,073,076			11/4/14		124,378
CITI	BRL	(15,910,280	)	USD	6,752,517			1/5/15		420,778
CITI	CNY	(55,270,000	)	USD	8,633,240			9/8/15		(186,285	)
CITI	EUR	(31,968,000	)	USD	42,796,870			11/20/14		2,403,666
CITI	KRW	54,066,500		USD	(52,903	)		10/15/14		(1,690	)
CITI	MXN	(32,110,000	)	USD	2,441,491			12/18/14		62,914
DB	MXN	(16,658,124	)	USD	1,234,399			10/31/14		(3,489	)
GSC	ZAR	(8,573,180	)	USD	761,749			10/31/14		6,177
HSBC	GBP	(797,253	)	USD	1,301,184			10/31/14		9,120
JPMC	AUD	(79,269,000	)	USD	73,517,010			10/2/14		4,123,586
JPMC	EUR	(10,717,000	)	USD	14,116,043			11/20/14		574,565
JPMC	KRW	(479,579,750	)	USD	458,323			10/31/14		4,408
MSC	CNY	55,270,000		USD	(8,600,000	)		9/8/15		219,525
TD	JPY	(19,071,769	)	USD	175,166			10/31/14		1,217
										$7,823,499

40

Futures Contracts

Contracts to Buy (Sell)		Notional Cost (Proceeds)			Notional Value			Expiration Date		Unrealized Appreciation (Depreciation)
(458)	Australian 10 yr Bonds	$	(38,147,797	)	$	(38,690,665	)		12/16/14	$	(542,868	)
78	U.S. Treasury 2 yr Notes		17,071,172			17,069,812			1/2/15		(1,360	)
(485)	U.S. Treasury 5 yr Notes		(57,278,788	)		(57,355,039	)		1/2/15		(76,251	)
570	U.S. Treasury 10 yr Notes		71,416,764			71,045,156			12/22/14		(371,608	)
		$	(6,938,649	)						$	(992,087	)

Swap Contracts

CDS Contracts²

Counterparty	Swap Refe- renced Obli- gation	Notional Value3		Annual Protection Payments (Receipts)			Termination Date		Unrealized Appreciation (Depreciation)
CITI	Protection Purchased: Credit Agricole London Senior 5 yr CDS	EUR	2,600,000		1.00	%		12/20/16	$	(167,806	)
CITI	Protection Sold/Moody’s Rating: Finmeccanica Finance/Ba 5 yr CDS	EUR	300,000		5.00	%		3/20/19	$	10,088
CITI	Republic of Italy/Baa 5 yr CDS	EUR	1,000,000		1.00	%		6/20/17		111,005
JPMC	Prudential Financial/Baa 5 yr CDS		700,000		1.00	%		3/20/19		1,872
JPMC	Republic of Brazil/Baa 5 yr CDS		2,000,000		1.00	%		9/20/19		(30,033	)
MSC	People’s Republic of China/Aa 5 yr CDS		2,700,000		1.00	%		9/20/16		39,654
									$	132,586
Total									$	(35,220	)

Interest Rate Swap Contracts⁴

Counter- party	Swap Refe- renced Obli- gations	Notional Value3		Fixed Interest Rate Received (Paid)			Variable Interest Rate Received (Paid)			Termi- nation Date		Unrealized Appreciation (Depreciation)
BAML	CME - 10 yr		1,375,000		2.73	%		0.234	%		4/15/24	$	(14,487	)
BAML	CME - 10 yr		2,000,000		2.73	%		0.233	%		6/6/24		(17,949	)
BCLY	CME - 5 yr		6,900,000		1.65	%		0.238	%		2/26/19		43,814
BCLY	CME - 7 yr		2,240,000		2.27	%		0.238	%		2/26/21		(5,544	)
BCLY	CME - 10 yr		8,680,000		2.84	%		0.238	%		2/26/24		(177,812	)
CITI	6-Month ICE LIBOR	JPY	1,490,000,000		1.00	%		0.170	%		9/18/23		(529,411	)
CITI	CME - 5 yr	AUD	17,700,000		3.75	%		0.025	%		12/17/19		(46,779	)
CITI	CME - 10 yr		12,000,000		2.75	%		0.228	%		10/22/23		(147	)
CITI	CME - 30 yr	EUR	9,200,000		2.75	%		0.188	%		9/17/44		(670,856	)
CITI	CME - 30 yr	EUR	1,600,000		2.00	%		0.357	%		3/18/45		774
CSFB	CME - 3 yr		15,600,000		1.50	%		0.230	%		12/17/17		14,522
CSFB	CME - 5 yr		10,500,000		2.25	%		0.240	%		12/17/19		8,259
CSFB	CME - 7 yr		17,300,000		2.50	%		0.234	%		12/17/21		85,704
HSBC	CME - 7 yr		1,750,000		2.24	%		0.235	%		7/28/21		5,067
JPMC	CME - 3 yr		3,700,000		1.28	%		0.234	%		9/16/17		2,029
JPMC	CME - 7 yr		2,800,000		2.22	%		0.235	%		5/12/21		7,491
MSC	CME - 1 yr	AUD	423,800,000		3.50	%		0.500	%		3/16/17		690,656
												$	(604,669	)

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 5 in “Notes to financial statements.”

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

³Notional 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 (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation)

(continues)                                             41

Schedules of investments

Optimum Fixed Income Fund

on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

The Fund may invest in floating rate loans. In connection with these investments, the Fund may also enter into unfunded corporate loan commitments (commitments). Commitments may obligate the Fund to furnish temporary financing to a borrower until permanent financing can be arranged. In connection with these commitments, the Fund earns a commitment fee, typically set as a percentage of the commitment amount. The following unfunded loan commitments were outstanding at Sept. 30, 2014:

Unfunded Commitments

Borrower	Unfunded Amount		Cost		Value		Unrealized Appreciation (Depreciation)
Ziggo	$	1,013,100	$	1,006,648	$	986,144	$	(20,504	)

Summary of abbreviations:

AMT – Subject to Alternative Minimum Tax

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BBR-BBSW – Bank Bill Reference Rate-Bank Swap Interest Rate

BNP – Banque Paribas

BRL – Brazilian Real

CAD – Canadian Dollar

CDS – Credit Default Swap

CITI – Citigroup Global Markets

CLO – Collateralized Loan Obligation

CLP – Chilean Peso

CME – Chicago Mercantile Exchange Inc.

CNY – China Renminbi

COP – Colombian Peso

CPI – Consumer Price Index

CSFB – Credit Suisse First Boston

DB – Deutsche Bank

EUR – European Monetary Unit

GBP – British Pound Sterling

GNMA – Government National Mortgage Association

GSC – Goldman Sachs Capital

GSMPS – Goldman Sachs Reperforming Mortgage Securities

HSBC – Hong Kong Shanghai Bank

ICE LIBOR – IntercontinentalExchange London Interbank Offered Rate

IDR – Indonesian Rupiah

IMM – International Monetary Market

INR – Indian Rupee

IRS – Interest Rate Swaptions

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

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

ZAR – South African Rand

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

42

Optimum International Fund

September 30, 2014 (Unaudited)

	Number of		Value
	shares		(U.S. $)
Common Stock – 96.55%D
Argentina – 0.32%
YPF ADR		58,300	$	2,156,517
				2,156,517
Australia – 0.80%
BHP Billiton ADR		91,439		5,383,928
				5,383,928
Austria – 2.09%
Conwert Immobilien Invest *†		259,236		2,956,465
Erste Group Bank		174,932		4,007,048
Schoeller-Bleckmann Oilfield Equipment *		72,379		7,062,343
				14,025,856
Belgium – 1.13%
Ageas VVPR Strip «=†		2,424		0
Anheuser-Busch InBev		68,178		7,588,509
				7,588,509
Bermuda – 1.41%
Everest Re Group		58,446		9,468,836
				9,468,836
Brazil – 1.55%
Banco Bradesco ADR		282,303		4,022,818
Banco do Brasil		405,400		4,217,326
Petroleo Brasileiro ADR		150,300		2,132,757
				10,372,901
British Virgin Islands – 0.29%
Nomad Holdings †		169,216		1,924,832
				1,924,832
Canada – 2.94%
Element Financial *†		312,700		3,791,995
Gildan Activewear		35,800		1,958,714
Lundin Mining *†		532,700		2,630,559
MEG Energy *†		100,000		3,070,054
Rogers Communications Class B		81,070		3,033,639
Suncor Energy		78,000		2,823,003
Tourmaline Oil †		53,540		2,372,809
				19,680,773
China/Hong Kong – 9.19%
AIA Group		678,200		3,506,794
Alibaba Group Holding ADR †		37,992		3,375,589
Anhui Conch Cement *		2,332,500		7,449,725
Baidu ADR †		30,780		6,717,119
Beijing Enterprises Water Group		2,904,000		1,963,464

	Number of		Value
	shares		(U.S. $)
Common StockD (continued)
China/Hong Kong (continued)
China Oilfield Services		3,280,000	$	8,659,536
China Shipping Container Lines *†		11,651,000		3,136,003
CSR Class H *		2,197,000		1,932,492
Industrial & Commercial Bank of China		5,845,000		3,643,316
Mindray Medical International ADR *		178,807		5,392,819
MTR		387,500		1,517,093
Orient Overseas International		1,179,500		6,531,807
Qunar Cayman Islands ADR *†		86,600		2,394,490
Weichai Power *		1,493,000		5,393,362
				61,613,609
Colombia – 0.69%
Bancolombia ADR		82,013		4,651,777
				4,651,777
Czech Republic – 0.60%
Komercni Banka		16,968		4,037,364
				4,037,364
Denmark – 0.52%
Novo Nordisk Class B		72,500		3,469,106
				3,469,106
France – 4.64%
BNP Paribas *		44,085		2,924,511
GDF Suez VVPR Strip =†		8,820		0
Orange		261,200		3,927,718
Sanofi		29,300		3,314,511
Schneider Electric *		46,416		3,564,585
Societe Generale *		183,957		9,391,833
Sodexo *		49,679		4,861,835
Unibail-Rodamco		12,000		3,087,522
				31,072,515
Germany – 1.56%
Bayer		29,400		4,118,287
Continental		9,600		1,826,746
Daimler		29,400		2,255,217
DMG MORI SEIKI *		43,578		1,232,146
Zalando 144A #†		36,773		998,632
				10,431,028
Greece – 0.30%
Alpha Bank †		2,589,191		2,008,030
				2,008,030
India – 3.61%
HDFC Bank		223,530		3,149,232

(continues)                                             43

Schedules of investments

Optimum International Fund

	Number of		Value
	shares		(U.S. $)
Common StockD (continued)
India (continued)
ICICI Bank ADR		190,911	$	9,373,730
Tata Motors ADR		95,900		4,191,789
Yes Bank		828,250		7,472,837
				24,187,588
Indonesia – 0.93%
Global Mediacom		7,916,559		1,263,661
Indofood Sukses Makmur		5,566,500		3,197,825
Matahari Department Store		1,337,644		1,781,147
				6,242,633
Ireland – 6.14%
Dalata Hotel Group †		403,553		1,539,378
Green REIT †		2,381,848		3,911,066
ICON †		216,815		12,408,322
Kingspan Group		110,001		1,761,788
Ryanair Holdings ADR †		77,900		4,395,897
Shire		197,743		17,117,967
				41,134,418
Israel – 0.56%
Teva Pharmaceutical Industries ADR		69,700		3,746,375
				3,746,375
Italy – 1.21%
Banca Generali *		108,500		2,868,380
UniCredit		665,357		5,260,982
				8,129,362
Japan – 10.38%
Denso		231,900		10,689,413
FANUC		18,500		3,341,859
Hitachi		830,000		6,338,622
Japan Tobacco		106,000		3,447,791
Kenedix Office Investment		468		2,513,582
Makita		60,700		3,431,724
Mitsubishi Estate		168,000		3,781,589
Nabtesco		165,000		3,955,546
Nippon Steel & Sumitomo Metal		1,857,000		4,819,242
ORIX		203,100		2,802,082
Secom		129,100		7,690,788
Shinsei Bank *		1,734,000		3,715,771
SMC		14,800		4,082,433
Softbank		41,600		2,916,723
Tokyo Tatemono		350,000		2,830,894
Toyota Motor		54,300		3,200,118
				69,558,177

	Number of		Value
	shares		(U.S. $)
Common StockD (continued)
Mexico – 0.53%
Cemex ADR *†		271,948	$	3,546,202
				3,546,202
Netherlands – 3.84%
Aalberts Industries *		70,336		1,823,470
ASML Holding		20,200		2,011,062
Core Laboratories		81,777		11,968,064
Royal Dutch Shell Class A		258,518		9,902,146
				25,704,742
New Zealand – 0.39%
Xero *†		56,400		951,019
Xero Private Placement =†		104,850		1,679,586
				2,630,605
Nigeria – 0.46%
Lekoil †		2,816,700		3,104,984
				3,104,984
Norway – 4.48%
DNB		568,433		10,643,520
Norsk Hydro		984,511		5,507,304
Statoil		55,600		1,516,175
Statoil ADR *		260,659		7,079,498
Subsea 7		371,631		5,307,114
				30,053,611
Panama – 0.29%
Copa Holdings Class A		18,000		1,931,220
				1,931,220
Peru – 0.26%
Credicorp		11,100		1,702,629
				1,702,629
Republic of Korea – 2.81%
Coway		20,100		1,606,171
Hyundai Development Co-Engineering & Construction		46,700		1,890,222
Hyundai Mobis		23,774		5,791,666
POSCO		17,373		5,409,764
Samsung Electronics		3,686		4,136,901
				18,834,724
Singapore – 1.43%
DBS Group Holdings		396,000		5,718,120
United Industrial		1,490,000		3,889,547
				9,607,667
South Africa – 0.47%
Naspers		28,700		3,166,199
				3,166,199

44

	Number of		Value
	shares		(U.S. $)
Common StockD (continued)
Spain – 2.54%
Abengoa Yield *†		32,100	$	1,142,118
Amadeus IT Holding		238,789		8,933,818
NH Hotel *†		753,970		3,685,554
Sacyr *†		608,608		3,277,876
				17,039,366
Sweden – 1.68%
Getinge Class B		293,172		7,398,265
Nordea Bank		296,790		3,862,000
				11,260,265
Switzerland – 8.88%
Actelion †		45,692		5,374,966
Credit Suisse Group ADR †		169,191		4,676,439
Novartis		136,300		12,871,152
Novartis ADR		98,453		9,267,381
Roche Holding		76,093		22,565,263
Transocean *		148,434		4,745,435
				59,500,636
Taiwan – 1.90%
Advanced Semiconductor Engineering		7,308,000		8,504,379
Hermes Microvision		37,844		1,579,943
Hon Hai Precision Industry		847,160		2,673,483
				12,757,805
Turkey – 1.38%
Akbank		1,492,015		4,862,844
Turkiye Garanti Bankasi		1,254,738		4,409,165
				9,272,009
United Kingdom – 11.54%
AO World *†		210,399		641,226
ARM Holdings		252,200		3,704,103
ARM Holdings ADR		310,027		13,545,080
AstraZeneca		100,800		7,257,716
Crest Nicholson Holdings		697,189		3,673,193
Diageo		287,516		8,319,745
Drax Group		135,800		1,423,240
Foxtons Group *		794,908		2,770,545
Hargreaves Lansdown		71,869		1,100,990
HSBC Holdings		405,294		4,113,615
Imperial Tobacco Group		129,400		5,588,282
Kennedy Wilson Europe Real Estate		150,911		2,671,489
Liberty Global Class A *†		121,400		5,164,356
Lloyds Banking Group †		1,280,900		1,596,180
Polypipe Group *		801,470		3,199,435
Project White =†		83,072		1,576,828
Prudential		68,600		1,530,215

	Number of		Value
	shares		(U.S. $)
Common StockD (continued)
United Kingdom (continued)
Rio Tinto ADR *		131,974	$	6,490,481
Whitbread		44,700		3,010,120
				77,376,839
United States – 2.81%
Carnival		188,695		7,579,878
EOG Resources		26,200		2,594,324
Euronet Worldwide †		43,737		2,090,191
Project Star =†		142		920,463
Samsonite International		967,200		3,114,033
Schlumberger		24,600		2,501,574
				18,800,463
Total Common Stock (cost $632,135,799)				647,174,100
Exchange-Traded Fund – 0.43%
iShares MSCI United Kingdom		148,768		2,883,124
Total Exchange-Traded Fund (cost $2,930,599)				2,883,124
Preferred Stock – 0.53%D
Germany – 0.53%
Henkel & KGaA 1.61% *		35,500		3,545,054
Total Preferred Stock (cost $4,130,114)				3,545,054
Warrant – 0.02%D
British Virgin Islands – 0.02%
Nomad Holdings CW17 strike price $11.50, expiration date 4/10/17 †		169,216		90,531
Total Warrant (cost $1,692)				90,531
	Principal
	amount°
Short-Term Investments – 1.34%
Discount Notes – 0.71%≠
Federal Home Loan Bank
0.025% 11/13/14		351,249		351,248
0.055% 11/19/14		2,797,902		2,797,891
0.077% 11/14/14		1,604,590		1,604,583
				4,753,722

(continues)                                             45

Schedules of investments

Optimum International Fund

	Principal		Value
	amount°		(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 0.27%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $800,057 (collateralized by U.S. government obligations 1.375%–2.375%; 1/15/17–1/15/20 market value $816,058)		800,057	$	800,057
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $266,686 (collateralized by U.S. government obligations 0.375%–3.125%; 1/31/16–8/15/44 market value $272,019)		266,685		266,685
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $776,258 (collateralized by U.S. government obligations 0.125%–0.25%; 5/15/16–7/15/24 market value $791,783)		776,258		776,258
				1,843,000
U.S. Treasury Obligations – 0.36%≠
U.S. Treasury Bills
0.005% 12/26/14		1,513,134		1,513,097
0.093% 11/13/14		888,442		888,431
				2,401,528
Total Short-Term Investments (cost $8,997,831)				8,998,250
Total Value of Securities Before Securities Lending Collateral – 98.87% (cost $648,196,035)				662,691,059

	Number of		Value
	shares		(U.S. $)
Securities Lending Collateral** – 8.46%
Investment Company
Delaware Investments® Collateral Fund No.1		56,713,943	$	56,713,943
Total Securities Lending Collateral (cost $56,713,943)				56,713,943
Total Value of Securities – 107.33%n (cost $704,909,978)			$	719,405,002

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2014, the aggregate value of Rule 144A securities was $998,632, which represents 0.15% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

 * Fully or partially on loan.

** See Note 7 in “Notes to financial statements” for additional information on securities lending collateral and non-cash collateral.

« Dividend coupon which when presented with the corresponding coupon of the share benefits from a reduced withholding tax of 15% (rather than 25%) on dividends paid.

= Security is being fair valued in accordance with the Fund’s fair valuation policy. Sept. 30, 2014, the aggregate value of fair valued securities was $4,176,877, which represented 0.62% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

n Includes $52,923,196 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.

D Securities have been classified by country of origin. Aggregate classification by business sectors has been presented on page 4 in “Security type / country and sector allocations.”

46

The following foreign currency exchange contracts were outstanding at Sept. 30, 2014:¹

Foreign Currency Exchange Contracts

Counterparty	Contracts to Receive (Deliver)			In Exchange For			Settlement Date		Unrealized Appreciation (Depreciation)
BBH	CHF	65,222		USD	(68,285	)		10/3/14	$	37
BBH	CZK	587,824		USD	(27,010	)		10/3/14		(2	)
BBH	EUR	202,332		USD	(255,578	)		10/3/14		(8	)
BBH	GBP	52,131		USD	(84,514	)		10/3/14		(6	)
BBH	HKD	1,696,461		USD	(218,498	)		10/6/14		(22	)
BBH	JPY	21,796,806		USD	(198,818	)		10/3/14		(55	)
BBH	NOK	929,946		USD	(144,833	)		10/3/14		(106	)
BBH	SEK	358,360		USD	(49,671	)		10/3/14		(10	)
BBH	SGD	55,764		USD	(43,740	)		10/3/14		(27	)
BBH	TRY	144,083		USD	(63,180	)		10/2/14		73
BNYM	IDR	(1,284,778,549	)	USD	105,717			10/2/14		353
BNYM	KRW	(69,020,715	)	USD	65,337			10/1/14		(85	)
BNYM	KRW	29,674,000		USD	(28,028	)		10/2/14		97
BNYM	TWD	(2,141,141	)	USD	70,177			10/1/14		(209	)
CITI	CAD	(1,606,000	)	USD	1,471,537			10/22/14		38,236
CITI	CHF	1,535,754		USD	(1,624,386	)		10/22/14		(15,377	)
CITI	DKK	(2,472,707	)	USD	448,629			10/22/14		29,012
CITI	EUR	790,619		USD	(995,707	)		10/2/14		2,939
CITI	EUR	(2,901,918	)	USD	3,722,690			10/22/14		56,727
CITI	GBP	1,771,000		USD	(2,894,061	)		10/22/14		(23,666	)
CITI	HKD	44,105,000		USD	(5,690,253	)		10/22/14		(10,490	)
CITI	JPY	(127,526,000	)	USD	1,162,286			10/2/14		(600	)
CITI	JPY	(626,358,644	)	USD	5,828,910			10/22/14		116,418
CITI	NOK	9,890,000		USD	(1,575,674	)		10/22/14		(37,585	)
CITI	NZD	1,741,000		USD	(1,468,810	)		10/22/14		(112,877	)
CITI	SEK	64,093,000		USD	(9,318,128	)		10/22/14		(437,018	)
CITI	SGD	3,790,000		USD	(3,049,693	)		10/21/14		(78,806	)
CITI	TRY	4,048,000		USD	(1,873,486	)		10/22/14		(106,335	)
CITI	ZAR	17,091,000		USD	(1,569,915	)		10/22/14		(61,300	)
MSC	AUD	9,490,000		USD	(8,825,447	)		10/22/14		(530,342	)
MSC	CAD	(610,000	)	USD	558,648			10/22/14		14,243
MSC	CHF	(10,566,260	)	USD	11,765,594			10/22/14		695,320
MSC	DKK	3,822,818		USD	(693,554	)		10/22/14		(44,825	)
MSC	EUR	(7,539,000	)	USD	10,198,776			10/22/14		674,839
MSC	GBP	(257,000	)	USD	439,153			10/22/14		22,613
MSC	JPY	293,870,000		USD	(2,696,077	)		10/22/14		(15,935	)
MSC	NOK	(6,953,000	)	USD	1,117,667			10/22/14		36,338
MSC	NZD	(4,752,000	)	USD	4,096,078			10/22/14		395,103
MSC	SEK	(40,420,000	)	USD	5,917,827			10/22/14		316,990
									$	923,652

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

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

Summary of abbreviations:

ADR – American Depositary Receipt

AUD – Australian Dollar

BBH – Brown Brothers Harriman

BNYM – BNY Mellon

CAD – Canadian Dollar

CHF – Swiss Franc

CITI – Citigroup Global Markets

CZK – Czech Koruna

DKK – Danish Krone

EUR – European Monetary Unit

GBP – British Pound Sterling

HKD – Hong Kong Dollar

IDR – Indonesian Rupiah

JPY – Japanese Yen

KRW – South Korean Won

MSC – Morgan Stanley Capital

NOK – Norwegian Krone

NZD – New Zealand Dollar

REIT – Real Estate Investment Trust

SEK – Swedish Krona

SGD – Singapore Dollar

TWD – Taiwan Dollar

TRY – Turkish Lira

USD – United States Dollar

VVPR Strip – Dividend Coupon

ZAR – South African Rand

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

47

Schedules of investments

Optimum Large Cap Growth Fund

September 30, 2014 (Unaudited)

	Number of		Value
	shares		(U.S. $)
Common Stock – 97.09%²
Consumer Discretionary – 21.29%
Amazon.com †		110,600	$	35,661,864
AutoZone †		13,800		7,033,308
CarMax †		105,100		4,881,895
CBS Class B		66,675		3,567,113
Chipotle Mexican Grill †		11,000		7,332,490
Comcast Class A		239,700		12,891,066
Delphi Automotive (United Kingdom)		174,750		10,719,165
DISH Network Class A †		37,850		2,444,353
Disney (Walt)		95,300		8,484,559
Hanesbrands		41,300		4,437,272
Harley-Davidson		27,200		1,583,040
Hilton Worldwide Holdings †		240,500		5,923,515
Home Depot		267,773		24,565,495
Johnson Controls		86,350		3,799,400
L Brands		40,950		2,742,831
Lamar Advertising Class A		44,300		2,181,775
Las Vegas Sands		110,800		6,892,868
Lear		21,750		1,879,417
Lowe’s		161,600		8,551,872
MGM Resorts International †		248,870		5,669,258
Michael Kors Holdings (China) (Hong Kong Exchange) †		59,050		4,215,579
NetFlix †		14,000		6,316,520
Nielsen Holdings		83,200		3,688,256
NIKE Class B		105,950		9,450,740
Pandora Media †		61,300		1,481,008
Priceline Group †		19,748		22,879,638
PVH		24,400		2,956,060
Ralph Lauren		29,900		4,925,427
Ross Stores		32,700		2,471,466
Royal Caribbean Cruises		109,600		7,374,984
Signet Jewelers (Bermuda)		20,700		2,357,937
Starbucks		220,750		16,657,795
Starwood Hotels & Resorts Worldwide		54,750		4,555,747
Tesla Motors †		18,100		4,392,508
Tiffany		9,400		905,314
Time Warner Cable		30,900		4,433,841
Tractor Supply		96,800		5,954,168
TripAdvisor †		13,000		1,188,460
Twenty-First Century Fox		77,100		2,643,759
Under Armour Class A †		38,500		2,660,350
Wynn Macau (Macau)		1,046,400		3,328,600
Wynn Resorts		57,700		10,794,516
				286,875,229

	Number of		Value
	shares		(U.S. $)
Common Stock² (continued)
Consumer Staples – 3.83%
Anheuser-Busch InBev ADR (Belgium)		10,950	$	1,213,807
Costco Wholesale		32,000		4,010,240
CVS Health		253,750		20,195,963
Estee Lauder		37,200		2,779,584
Jarden †		28,650		1,722,151
Lorillard		21,200		1,270,092
Molson Coors Brewing Class B		35,250		2,624,010
PepsiCo		95,000		8,843,550
Procter & Gamble		32,350		2,708,989
Walgreen		104,650		6,202,605
				51,570,991
Energy – 4.49%
Anadarko Petroleum		63,600		6,451,584
Cheniere Energy †		54,250		4,341,627
Concho Resources †		25,300		3,172,367
Continental Resources †		50,700		3,370,536
Devon Energy		85,450		5,825,981
EQT		52,700		4,824,158
Halliburton		38,238		2,466,733
National Oilwell Varco		47,800		3,637,580
Pioneer Natural Resources		47,250		9,306,833
Range Resources		69,831		4,735,240
Schlumberger		9,800		996,562
Weatherford International (Switzerland) †		545,950		11,355,760
				60,484,961
Financials – 6.73%
Affiliated Managers Group †		16,250		3,255,850
American Express		81,500		7,134,510
American International Group		37,150		2,006,843
American Tower		128,200		12,003,366
Aon (United Kingdom)		23,150		2,029,561
BlackRock		10,400		3,414,528
Blackstone Group		294,250		9,262,990
Carlyle Group		97,250		2,962,235
CBS Outdoor Americas		25,105		751,644
Citigroup		38,400		1,989,888
Discover Financial Services		49,900		3,213,061
Hartford Financial Services Group		182,200		6,786,950
IntercontinentalExchange		20,300		3,959,515
Invesco		69,600		2,747,808
JPMorgan Chase		33,600		2,024,064

48

	Number of		Value
	shares		(U.S. $)
Common Stock² (continued)
Financials (continued)
Morgan Stanley		502,500	$	17,371,425
Prudential Financial		7,400		650,756
State Street		55,300		4,070,633
TD Ameritrade Holding		111,800		3,730,766
US Bancorp		32,050		1,340,651
				90,707,044
Healthcare – 15.92%
AbbVie		122,800		7,092,928
Actavis †		63,858		15,407,658
Aetna		116,550		9,440,550
Alexion Pharmaceuticals †		50,400		8,357,328
Allergan		37,400		6,664,306
Amgen		19,150		2,689,809
Biogen Idec †		61,050		20,195,951
Celgene †		133,500		12,653,130
Gilead Sciences †		350,700		37,332,015
HCA Holdings †		195,859		13,811,977
Humana		28,900		3,765,381
IDEXX Laboratories †		10,200		1,201,866
Incyte †		49,900		2,447,595
Insulet †		33,400		1,230,790
Intercept Pharmaceuticals †		1,700		402,373
Intuitive Surgical †		16,800		7,758,576
McKesson		72,600		14,133,042
Pharmacyclics †		61,900		7,268,917
Regeneron Pharmaceuticals †		10,100		3,641,252
St. Jude Medical		85,000		5,111,050
Thermo Fisher Scientific		98,100		11,938,770
UnitedHealth Group		55,800		4,812,750
Valeant Pharmaceuticals International (Canada) †		81,050		10,633,760
Vertex Pharmaceuticals †		58,700		6,592,597
				214,584,371
Industrials – 12.05%
American Airlines Group		258,300		9,164,484
Boeing		127,150		16,196,367
Danaher		237,400		18,037,652
Delta Air Lines		110,400		3,990,960
Eagle Materials		22,700		2,311,541
Eaton (Ireland)		31,152		1,974,102
FedEx		26,200		4,229,990
Flowserve		24,400		1,720,688
General Electric		38,450		985,089
Grainger (W.W.)		9,200		2,315,180
HD Supply Holdings †		150,850		4,112,171
Honeywell International		143,750		13,386,000
Hunt (J.B.) Transport Services		33,100		2,451,055

	Number of		Value
	shares		(U.S. $)
Common Stock² (continued)
Industrials (continued)
Ingersoll-Rand (Ireland)		29,500	$	1,662,620
Kansas City Southern		44,300		5,369,160
Martin Marietta Materials		61,250		7,897,575
McGraw Hill Financial		8,850		747,383
Mobileye (Israel) †		42,100		2,256,139
Precision Castparts		84,650		20,051,892
Quanta Services †		55,500		2,014,095
Roper Industries		45,100		6,597,679
Tyco International (Switzerland)		236,750		10,551,947
Union Pacific		50,100		5,431,842
United Continental Holdings †		76,800		3,593,472
United Rentals †		26,450		2,938,595
United Technologies		59,800		6,314,880
WABCO Holdings †		22,750		2,069,113
Wabtec		48,900		3,962,856
				162,334,527
Information Technology – 28.82%
Activision Blizzard		74,400		1,546,776
Adobe Systems †		9,750		674,603
Alibaba Group Holding ADR †		107,555		9,556,262
Alliance Data Systems †		30,100		7,472,927
Apple		536,500		54,052,375
ASML Holding (Netherlands)		47,900		4,733,478
Avago Technologies		69,750		6,068,250
Baidu ADR †		54,100		11,806,243
Broadcom Class A		8,650		349,633
Cognizant Technology Solutions Class A †		58,650		2,625,761
CoStar Group †		14,250		2,216,445
Ctrip.com International ADR †		107,500		6,101,700
Facebook Class A †		534,429		42,241,268
Fiserv †		104,900		6,780,211
Google Class A †		45,650		26,860,917
Google Class C †		75,100		43,359,736
International Business Machines		15,100		2,866,433
Lam Research		42,250		3,156,075
LinkedIn Class A †		39,450		8,197,315
MasterCard Class A		189,600		14,015,232
Micron Technology †		347,635		11,909,975
Microsoft		321,300		14,895,468
NAVER (South Korea)		3,915		2,994,838
NetSuite †		33,500		2,999,590
NXP Semiconductor (Netherlands) †		85,700		5,864,451
Red Hat †		67,300		3,778,895
salesforce.com †		307,250		17,676,093

(continues)                                             49

Schedules of investments

Optimum Large Cap Growth Fund

	Number of		Value
	shares		(U.S. $)
Common Stock² (continued)
Information Technology (continued)
SanDisk		47,800	$	4,682,010
SAP ADR		41,850		3,019,896
ServiceNow †		51,100		3,003,658
Stratasys †		37,900		4,577,562
SunEdison †		217,750		4,111,120
Tencent Holdings (China) (Hong Kong Exchange)		170,000		2,528,703
Vipshop Holdings ADR †		23,500		4,441,735
Visa Class A		146,050		31,162,689
VistaPrint (Netherlands) †		44,100		2,416,239
VMware Class A †		35,600		3,340,704
Western Digital		16,250		1,581,450
Workday Class A †		23,500		1,938,750
Yahoo †		164,950		6,721,713
				388,327,179
Materials – 2.12%
Air Products & Chemicals		33,350		4,341,503
Dow Chemical		38,100		1,997,964
Ecolab		61,500		7,062,045
Monsanto		30,750		3,459,683
Praxair		10,400		1,341,600
Sherwin-Williams		47,400		10,380,126
				28,582,921
Telecommunication Services – 1.77%
Crown Castle International		177,800		14,318,234
Level 3 Communications †		79,150		3,619,529
Softbank (Japan)		83,900		5,882,525
				23,820,288
Utilities – 0.07%
Sempra Energy		8,550		900,999
				900,999
Total Common Stock (cost $1,069,250,479)				1,308,188,510
Convertible Preferred Stock – 0.07%
Airbnb Private Placement @=†		23,130		894,608
LivingSocial Private Placement Series F @=†		14,824		6,819
Total Convertible Preferred Stock (cost $1,055,689)				901,427

	Principal		Value
	amount°		(U.S. $)
Short-Term Investments – 2.95%
Discount Notes – 1.32%≠
Federal Home Loan Bank
0.025% 11/13/14		1,620,346	$	1,620,339
0.046% 11/19/14		8,841,425		8,841,389
0.077% 11/14/14		7,320,552		7,320,523
				17,782,251
Repurchase Agreements – 0.71%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $4,164,376 (collateralized by U.S. government obligations 1.375%–2.375%; 1/15/17–1/15/20 market value $4,247,665)		4,164,376		4,164,376
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $1,388,125 (collateralized by U.S. government obligations 0.375%–3.125%; 1/31/16–8/15/44 market value $1,415,888)		1,388,125		1,388,125
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $4,040,499 (collateralized by U.S. government obligations 0.125%–0.25%; 5/15/16–7/15/24 market value $4,121,310)		4,040,499		4,040,499
				9,593,000
U.S. Treasury Obligations – 0.92%≠
U.S. Treasury Bills
0.005% 12/26/14		10,164,578		10,164,334
0.093% 11/13/14		2,248,977		2,248,950
				12,413,284
Total Short-Term Investments (cost $39,787,220)				39,788,535
Total Value of Securities – 100.11% (cost $1,110,093,388)			$	1,348,878,472

50

@ Illiquid security. At Sept. 30, 2014, the aggregate value of illiquid securities was $901,427, which represents 0.07% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

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

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2014, the aggregate value of fair valued securities was $901,427, which represented 0.07% of the Fund’s net assets. See Note 1 in “Notes to financial statements”.

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

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

† Non-income-producing security.

The following foreign currency exchange contract was outstanding at Sept. 30, 2014:¹

Foreign Currency Exchange Contract

Counterparty	Contracts to Receive (Deliver)	In Exchange For			Settlement Date	Unrealized Appreciation (Depreciation)
BNYM	KRW  163,141,230	USD	(154,093	)	10/2/14	$	536

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 8 in “Notes to financial statements.”

Summary of abbreviations:

ADR – American Depositary Receipt

BNYM – BNY Mellon

KRW – South Korean Won

USD – United States Dollar

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

51

Schedules of investments

Optimum Large Cap Value Fund

September 30, 2014 (Unaudited)

	Number of shares		Value (U.S. $)
Common Stock – 96.87%
Consumer Discretionary – 9.96%
Advance Auto Parts		26,882	$	3,502,725
Bed Bath & Beyond †		23,447		1,543,516
Coach		205,155		7,305,570
Comcast Special Class A		135,223		7,234,432
Copa Holdings Class A (Panama)		33,236		3,565,890
Delphi Automotive (United Kingdom)		76,046		4,664,662
Disney (Walt)		71,071		6,327,451
Hasbro		50,496		2,777,028
Johnson Controls		131,807		5,799,508
Kohl’s		26,506		1,617,661
Mattel		29,903		916,527
McDonald’s		67,770		6,425,274
Omnicom Group		100,263		6,904,110
Ross Stores		159,728		12,072,242
Staples		203,490		2,462,229
Target		144,233		9,040,524
Time †		7,027		164,643
Time Warner		67,271		5,059,452
TJX		303,337		17,948,450
Verisk Analytics Class A †		102,773		6,257,848
Viacom Class B		55,983		4,307,332
Yum Brands		153,866		11,075,275
				126,972,349
Consumer Staples – 12.19%
Altria Group		430,098		19,758,702
Campbell Soup		243,255		10,394,286
Colgate-Palmolive		230,067		15,004,970
CVS Health		152,091		12,104,923
Danone (France)		69,883		4,678,268
Diageo (United Kingdom)		309,010		8,941,709
Dr Pepper Snapple Group		56,739		3,648,885
General Mills		183,833		9,274,375
Imperial Tobacco Group (United Kingdom)		30,630		1,322,790
Kellogg		254,585		15,682,436
Lorillard		108,832		6,520,125
Nestle (Switzerland)		147,417		10,848,001
Philip Morris International		407,133		33,954,892
Procter & Gamble		40,034		3,352,447
				155,486,809
Energy – 11.88%
Apache		166,003		15,582,702
Atwood Oceanics †		150,188		6,561,714
Chevron		86,959		10,375,948

	Number of shares		Value (U.S. $)
Common Stock (continued)
Energy (continued)
ConocoPhillips		168,520	$	12,895,150
Continental Resources †		208,086		13,833,557
EOG Resources		23,740		2,350,735
Exxon Mobil		274,099		25,779,011
Marathon Petroleum		197,828		16,750,097
Oasis Petroleum †		260,840		10,905,720
Occidental Petroleum		88,731		8,531,486
Oil States International †		105,037		6,501,790
SM Energy		196,147		15,299,466
Valero Energy		133,918		6,196,386
				151,563,762
Financials – 22.20%
ACE (Switzerland)		65,378		6,856,191
AFLAC		269,633		15,706,122
Aon (United Kingdom)		74,694		6,548,423
Apartment Investment & Management		411,776		13,102,712
Bank of New York Mellon		204,526		7,921,292
BlackRock		18,293		6,005,958
CBOE Holdings		328,248		17,569,474
Chubb		49,830		4,538,516
Citigroup		31,847		1,650,312
Discover Financial Services		272,563		17,550,332
Eaton Vance		297,475		11,223,732
Franklin Resources		151,211		8,257,633
Goldman Sachs Group		66,731		12,249,810
JPMorgan Chase		452,189		27,239,865
McGraw Hill Financial		196,845		16,623,560
MetLife		224,659		12,068,681
Moody’s		151,849		14,349,732
NASDAQ OMX Group		94,655		4,015,265
Nationstar Mortgage Holdings †		205,155		7,024,507
PNC Financial Services Group		53,253		4,557,392
Prudential Financial		72,004		6,332,032
State Street		81,592		6,005,987
Travelers		117,662		11,053,168
US Bancorp		249,735		10,446,415
Waddell & Reed Financial Class A		257,909		13,331,316
Wells Fargo		402,050		20,854,334
				283,082,761
Healthcare – 11.43%
Abbott Laboratories		180,200		7,494,518
AmerisourceBergen		177,313		13,706,295
Covidien (Ireland)		61,122		5,287,664

52

	Number of shares		Value (U.S. $)
Common Stock (continued)
Healthcare (continued)
Express Scripts Holding †		83,735	$	5,914,203
Gilead Sciences †		149,470		15,911,082
Johnson & Johnson		223,272		23,798,562
Medtronic		119,547		7,405,937
Merck		112,439		6,665,384
Mylan †		319,456		14,532,053
Novartis (Switzerland)		22,875		2,160,144
Pfizer		607,971		17,977,702
Quest Diagnostics		10,193		618,511
Roche Holding (Switzerland)		6,508		1,929,937
St. Jude Medical		70,166		4,219,082
Thermo Fisher Scientific		47,117		5,734,139
United Therapeutics †		95,250		12,253,913
Zoetis		5,338		197,239
				145,806,365
Industrials – 12.41%
3M		90,824		12,867,944
Canadian National Railway (Canada)		67,689		4,803,211
Caterpillar		136,281		13,495,907
Danaher		100,450		7,632,191
Eaton (Ireland)		83,232		5,274,412
Honeywell International		125,645		11,700,062
Illinois Tool Works		32,170		2,715,791
Lockheed Martin		189,763		34,684,881
Northrop Grumman		39,676		5,227,710
Pentair (United Kingdom)		39,091		2,560,070
Rockwell Collins		148,005		11,618,393
Stanley Black & Decker		46,641		4,141,254
Tyco International (Switzerland)		146,377		6,524,023
United Parcel Service Class B		215,952		21,225,922
United Technologies		130,313		13,761,053
				158,232,824
Information Technology – 10.19%
Accenture Class A (Ireland)		168,492		13,701,769
Apple		215,413		21,702,860
Fidelity National Information Services		53,248		2,997,862
Fiserv †		64,924		4,196,363
International Business Machines		137,960		26,188,947
Microsoft		361,953		16,780,141
Oracle		185,416		7,097,724
Texas Instruments		99,793		4,759,128
Western Digital		189,036		18,396,984

	Number of shares		Value (U.S. $)
Common Stock (continued)
Information Technology (continued)
Western Union		882,424	$	14,154,081
				129,975,859
Materials – 4.11%
CF Industries Holdings		48,358		13,502,521
Crown Holdings †		65,887		2,933,289
LyondellBasell Industries		124,558		13,534,472
NewMarket		35,169		13,400,092
PPG Industries		42,763		8,413,193
Valspar		7,973		629,787
				52,413,354
Telecommunication Services – 1.88%
AT&T		54,155		1,908,422
Verizon Communications		369,628		18,477,704
Vodafone Group (United Kingdom)		1,070,621		3,547,533
				23,933,659
Utilities – 0.62%
AES		402,984		5,714,313
Duke Energy		28,777		2,151,656
				7,865,969
Total Common Stock (cost $934,704,802)				1,235,333,711
Convertible Preferred Stock – 0.04%
United Technologies 7.50% exercise price $98.52, expiration date 8/1/15		7,480		440,497
Total Convertible Preferred Stock (cost $376,064)				440,497
	Principal amount°
Short-Term Investments – 3.13%
Discount Notes – 0.36%≠
Federal Home Loan Bank
0.025% 11/13/14		607,869		607,867
0.043% 11/19/14		3,001,837		3,001,825
0.077% 11/14/14		980,141		980,137
				4,589,829

(continues)                                             53

Schedules of investments

Optimum Large Cap Value Fund

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements – 2.58%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $14,259,937 (collateralized by U.S. government obligations 1.375%–2.375%; 1/15/17–1/15/20 market value $14,545,141)		14,259,937	$	14,259,937
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $4,753,312 (collateralized by U.S. government obligations 0.375%–3.125%; 1/31/16–8/15/44 market value $4,848,381)		4,753,312		4,753,312
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $13,835,751 (collateralized by U.S. government obligations 0.125%–0.25%; 5/15/16–7/15/24 market value $14,112,468)		13,835,751		13,835,751
				32,849,000

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
U.S. Treasury Obligations – 0.19%≠
U.S. Treasury Bills
0.005% 12/26/14		1,689,051	$	1,689,011
0.093% 11/13/14		759,216		759,207
				2,448,218
Total Short-Term Investments (cost $39,886,727)				39,887,047
Total Value of Securities – 100.04% (cost $974,967,593)			$	1,275,661,255

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

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

† Non-income-producing security.

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

54

Optimum Small-Mid Cap Growth Fund

September 30, 2014 (Unaudited)

	Number of shares		Value (U.S. $)
Common Stock – 94.08%
Consumer Discretionary – 14.46%
Bloomin’ Brands †		103,147	$	1,891,716
Buffalo Wild Wings †		17,609		2,364,360
Casey’s General Stores		35,887		2,573,098
Choice Hotels International		40,000		2,080,000
Diamond Resorts International †		116,899		2,660,621
Domino’s Pizza		20,000		1,539,200
Dorman Products †		37,369		1,497,002
Fiesta Restaurant Group †		40,000		1,987,200
Gentherm †		37,204		1,571,125
GNC Holdings		20,000		774,800
HSN		46,587		2,859,044
IMAX (Canada) †		89,772		2,465,139
Jarden †		30,000		1,803,300
KAR Auction Services		60,000		1,717,800
Kate Spade †		61,058		1,601,551
LKQ †		210,000		5,583,900
Michaels †		55,000		961,400
Panera Bread Class A †		12,291		1,999,992
Papa John’s International		27,000		1,079,730
Pier 1 Imports		95,000		1,129,550
Pool		45,000		2,426,400
PVH		22,000		2,665,300
Red Robin Gourmet Burgers †		37,554		2,136,823
Samsonite International		608,830		1,960,212
Select Comfort †		37,000		774,040
Shutterfly †		23,383		1,139,687
Skechers U.S.A. Class A †		40,917		2,181,285
Standard Pacific †		298,373		2,234,814
Taylor Morrison Home Class A †		76,258		1,236,905
Tenneco †		46,484		2,431,578
Tuesday Morning †		98,868		1,918,534
Vail Resorts		49,000		4,251,240
Vince Holding †		71,692		2,169,400
Williams-Sonoma		30,000		1,997,100
Zalando (Germany) 144A #†		5,568		151,208
Zulily Class A Class CL A †		45,800		1,735,362
				71,550,416
Consumer Staples – 2.67%
B&G Foods		38,000		1,046,900
Boulder Brands †		75,000		1,022,250
Chefs’ Warehouse †		86,000		1,398,360
Fresh Market †		115,000		4,016,950
Prestige Brands Holdings †		42,000		1,359,540

	Number of shares		Value (U.S. $)
Common Stock (continued)
Consumer Staples (continued)
Spectrum Brands Holdings		20,525	$	1,858,128
United Natural Foods †		41,000		2,519,860
				13,221,988
Energy – 4.42%
Athlon Energy †		44,388		2,584,713
Carrizo Oil & Gas †		35,000		1,883,700
Clayton Williams Energy †		17,000		1,639,650
Diamondback Energy †		28,426		2,125,696
Energen		12,000		866,880
FMC Technologies †		22,000		1,194,820
Gulfport Energy †		22,000		1,174,800
Hornbeck Offshore Services †		27,000		883,710
Laredo Petroleum Holdings †		15,172		340,004
Parsley Energy Class A †		22,000		469,260
PDC Energy †		13,000		653,770
Real Goods Solar Class A †		225,000		387,000
Rice Energy †		7,500		199,500
Rosetta Resources †		43,000		1,916,080
Rowan		15,000		379,650
RSP Permian †		91,940		2,349,986
SM Energy		27,000		2,106,000
WPX Energy †		30,000		721,800
				21,877,019
Financials – 11.22%
Allied World Assurance
Holdings (Switzerland)		30,000		1,105,200
Associated Banc-Corp		110,000		1,916,200
Assured Guaranty (Bermuda)		73,508		1,628,937
Berkshire Hills Bancorp		17,500		411,075
Blackhawk Network Holdings †		79,000		2,551,700
Brown & Brown		32,000		1,028,800
City National		27,000		2,043,090
CoreSite Realty		50,000		1,643,500
DCT Industrial Trust		255,000		1,915,050
Douglas Emmett		55,930		1,435,723
Education Realty Trust		315,000		3,238,200
Enstar Group (Bermuda) †		12,000		1,635,840
Extra Space Storage		55,000		2,836,350
Financial Engines		26,544		908,203
First Busey		177,800		990,346
First Commonwealth Financial		83,000		696,370
HFF Class A		84,119		2,435,245
Kennedy-Wilson Holdings		106,442		2,550,350
Kite Realty Group Trust		60,000		1,454,400

(continues)                                             55

Schedules of investments

Optimum Small-Mid Cap Growth Fund

	Number of shares		Value (U.S. $)
Common Stock (continued)
Financials (continued)
Lakeland Financial		40,000	$	1,500,000
MB Financial		53,000		1,467,040
PacWest Bancorp		68,116		2,808,423
Pebblebrook Hotel Trust		43,854		1,637,508
Post Properties		46,000		2,361,640
Sandy Spring Bancorp		43,000		984,270
SEI Investments		79,000		2,856,640
St. Joe †		50,000		996,500
SVB Financial Group †		20,000		2,241,800
Virtus Investment Partners		10,606		1,842,262
WisdomTree Investments †		94,959		1,080,633
WL Ross Holding †		72,300		774,333
World Acceptance †		12,766		861,705
Xoom †		76,646		1,682,380
				55,519,713
Healthcare – 14.55%
Abaxis		7,183		364,250
Acadia Healthcare †		66,497		3,225,105
Aerie Pharmaceuticals †		32,582		674,122
Akorn †		81,000		2,937,870
Allscripts Healthcare Solutions †		113,300		1,519,919
Alnylam Pharmaceuticals †		28,032		2,189,299
Anacor Pharmaceuticals †		63,961		1,565,126
BioCryst Pharmaceuticals †		98,551		963,829
Celldex Therapeutics †		53,700		695,952
Cepheid †		102,400		4,508,672
Covance †		34,274		2,697,364
Cubist Pharmaceuticals †		29,926		1,985,291
DexCom †		68,755		2,749,512
Envision Healthcare Holdings †		111,020		3,850,174
ExamWorks Group †		81,631		2,673,415
HealthSouth		25,000		922,500
HeartWare International †		32,788		2,545,332
Hyperion Therapeutics †		45,969		1,159,338
Insulet †		77,536		2,857,202
Intercept Pharmaceuticals †		2,000		473,380
Intersect ENT †		32,249		499,859
Ironwood Pharmaceuticals †		62,063		804,026
Medicines †		40,505		904,072
Mettler-Toledo International †		20,000		5,122,600
NPS Pharmaceuticals †		80,185		2,084,810
Portola Pharmaceuticals †		60,183		1,521,426
PTC Therapeutics †		33,619		1,479,572
Revance Therapeutics †		6,000		115,980
Salix Pharmaceuticals †		15,148		2,366,724

	Number of shares		Value (U.S. $)
Common Stock (continued)
Healthcare (continued)
Sarepta Therapeutics †		43,000	$	907,300
Seattle Genetics †		88,093		3,275,298
Sirona Dental Systems †		21,000		1,610,280
Synageva BioPharma †		51,000		3,507,780
Team Health Holdings †		34,226		1,984,766
Techne @		26,000		2,432,300
TESARO †		55,056		1,482,108
Ultragenyx Pharmaceutical †		9,862		558,189
Wright Medical Group †		25,000		757,500
				71,972,242
Industrials – 23.90%
Acuity Brands		47,235		5,560,032
AECOM Technology †		98,391		3,320,696
Altra Industrial Motion @		101,446		2,958,165
AMETEK		115,000		5,774,150
Applied Industrial Technologies		63,407		2,894,530
Astronics †		33,312		1,588,297
Avis Budget Group †		80,000		4,391,200
Belden		21,000		1,344,420
CAI International †		53,000		1,025,550
Chart Industries †		22,000		1,344,860
Chicago Bridge & Iron (Netherlands)		23,000		1,330,550
Clean Harbors †		37,242		2,008,089
Cognex †		64,508		2,597,737
DigitalGlobe †		88,730		2,528,805
Donaldson		150,000		6,094,500
ESCO Technologies		47,000		1,634,660
Forward Air		24,000		1,075,920
Generac Holdings †		123,295		4,998,379
HD Supply Holdings †		120,854		3,294,480
HEICO Class A		75,000		3,022,500
Hertz Global Holdings †		38,900		987,671
Interface		90,000		1,452,600
Kennametal		41,000		1,693,710
Kirby †		12,000		1,414,200
Knoll		65,000		1,125,150
Landstar System		50,145		3,619,968
McGrath RentCorp		31,000		1,060,200
Middleby †		30,000		2,643,900
Moog Class A †		66,639		4,558,108
MRC Global †		40,000		932,800
Nordson		80,000		6,085,600
Old Dominion Freight Line †		31,918		2,254,688
Orbital Sciences †		95,387		2,651,759

56

	Number of shares		Value (U.S. $)
Common Stock (continued)
Industrials (continued)
Oshkosh		22,000	$	971,300
PGT †		85,000		792,200
RPX †		34,000		466,820
Rush Enterprises Class A †		57,000		1,906,650
Spirit Airlines †		33,813		2,337,831
SunPower †		61,882		2,096,562
Swift Transportation †		123,089		2,582,407
Teledyne Technologies †		20,190		1,898,062
Textainer Group Holdings (Bermuda)		18,510		576,031
Thermon Group Holdings @†		47,740		1,165,811
Toro		35,000		2,073,050
TrueBlue †		107,695		2,720,376
WageWorks †		33,266		1,514,601
Watts Water Technologies Class A		54,085		3,150,451
WESCO International †		59,888		4,686,835
				118,206,861
Information Technology – 18.65%
Amber Road †		65,000		1,127,100
Amphenol Class A		28,400		2,836,024
ANSYS †		53,000		4,010,510
Atmel †		173,000		1,397,840
Bankrate †		50,000		568,000
Castlight Health Class B †		12,000		155,280
CommVault Systems †		10,000		504,000
Concur Technologies †		4,550		577,031
Constant Contact †		86,893		2,358,276
CoStar Group †		13,044		2,028,864
Dealertrack Technologies †		39,708		1,723,724
Demandware †		43,323		2,206,007
E2open †		46,000		428,260
Envestnet †		28,717		1,292,265
Exa †		27,998		315,817
ExlService Holdings †		80,000		1,952,800
F5 Networks †		17,000		2,018,580
FleetMatics Group (Ireland) †		58,471		1,783,365
FLIR Systems		55,000		1,723,700
Freescale Semiconductor †		68,610		1,339,953
Heartland Payment Systems @		61,445		2,932,155
Infinera †		152,000		1,621,840
Informatica †		90,000		3,081,600
IPG Photonics †		41,000		2,819,980
Ixia †		48,000		438,720
Lattice Semiconductor †		148,447		1,113,353
Marketo †		57,542		1,858,607

	Number of shares		Value (U.S. $)
Common Stock (continued)
Information Technology (continued)
MAXIMUS		38,034	$	1,526,304
Medidata Solutions †		22,000		974,380
Nimble Storage †		49,978		1,297,929
Pandora Media †		30,000		724,800
Power Integrations		37,142		2,002,325
PTC †		60,447		2,230,494
RealPage †		36,000		558,000
Rogers †		25,000		1,369,000
Shutterstock †		30,686		2,190,367
Silicon Laboratories †		29,539		1,200,465
Solera Holdings		25,000		1,409,000
SPS Commerce †		50,000		2,657,500
Stratasys †		10,000		1,207,800
SunEdison †		93,110		1,757,917
Telogis @=		185,242		129,669
Textura †		22,265		587,796
Tyler Technologies †		30,132		2,663,669
Ultratech †		28,000		637,000
Veeva Systems Class A †		109,216		3,076,615
Verint Systems †		60,378		3,357,621
Virtusa †		153,262		5,449,997
WEX †		24,515		2,704,495
WNS Holdings ADR †		281,964		6,347,010
Yelp †		28,729		1,960,754
				92,234,558
Materials – 2.78%
Airgas		36,000		3,983,400
Caesarstone Sdot-Yam (Israel)		39,443		2,038,414
Drew Industries		45,000		1,898,550
Headwaters †		170,517		2,138,283
KapStone Paper & Packaging †		31,159		871,517
Platform Specialty Products †		113,716		2,845,174
				13,775,338
Telecommunication Services – 1.43%
Boingo Wireless †		75,000		534,750
CalAmp †		49,000		863,380
SBA Communications Class A †		19,000		2,107,100
Ubiquiti Networks †		46,396		1,741,242
Vonage Holdings †		555,000		1,820,400
				7,066,872
Total Common Stock (cost $382,470,289)				465,425,007

(continues)                                             57

Schedules of investments

Optimum Small-Mid Cap Growth Fund

	Number of shares		Value (U.S. $)
Convertible Preferred Stock – 1.76%
Cloudera@=		30,243	$	655,668
DocuSign
Series B @=		1,166		18,166
Series B-1 @=		349		5,437
Series D @=		838		13,056
Series E @=		21,664		337,525
Mobileye Series F2=		129,645		6,600,292
Telogis@=		252,269		1,064,575
Total Convertible Preferred Stock (cost $2,215,955)				8,694,719
Preferred Stock – 0.47%
Apigee Series H =		256,001		778,243
Nutanix @=		40,185		484,505
Pure Storage =		36,123		539,678
Veracode Series 8 @=		30,584		508,285
Total Preferred Stock (cost $2,416,129)				2,310,711
	Principal amount°
Short-Term Investments – 3.78%
Discount Notes – 1.10%≠
Federal Home Loan Bank
0.025% 11/13/14		598,730		598,728
0.043% 11/19/14		2,986,671		2,986,659
0.077% 11/14/14		1,873,346		1,873,339
				5,458,726
Repurchase Agreements – 1.74%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $3,724,627 (collateralized by U.S. government obligations 1.375%–2.375%; 1/15/17–1/15/20 market value $3,799,121)		3,724,627		3,724,627
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $1,241,542 (collateralized by U.S. government obligations 0.375%–3.125%; 1/31/16–8/15/44 market value $1,266,374)		1,241,542		1,241,542

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $3,613,831 (collateralized by U.S. government obligations 0.125%–0.25%; 5/15/16–7/15/24 market value $3,686,108)		3,613,831	$	3,613,831
				8,580,000
U.S. Treasury Obligations – 0.94%≠
U.S. Treasury Bills
0.005% 12/26/14		3,583,091		3,583,005
0.093% 11/13/14		1,060,609		1,060,597
				4,643,602
Total Short-Term Investments (cost $18,681,919)				18,682,328
Total Value of Securities – 100.09% (cost $405,784,292)			$	495,112,765

# Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Sept. 30, 2014, the aggregate value of Rule 144A securities was $151,208, which represents 0.03% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

@ Illiquid security. At Sept. 30, 2014, the aggregate value of illiquid securities was $12,705,317, which represents 2.57% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

= Security is being fair valued in accordance with the Fund’s fair valuation policy. At Sept. 30, 2014, the aggregate value of fair valued securities was $11,135,099, which represents 2.25% of the Fund’s net assets. See Note 1 in “Notes to financial statements.”

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

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

† Non-income-producing security.

58

The following foreign currency exchange contracts were outstanding at Sept. 30, 2014:¹

Foreign Currency Exchange Contract

Counterparty	Contract to Receive (Deliver)		In Exchange For			Settlement Date	Unrealized Appreciation (Depreciation)
GSC	EUR	119,712	USD	(151,244	)	10/2/14	$	(34	)

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

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

Summary of abbreviations:

ADR – American Depositary Receipt

EUR – European Monetary Unit

GSC – Goldman Sachs International

USD – United States Dollar

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

(continues)                                             59

Schedules of investments

Optimum Small-Mid Cap Value Fund

September 30, 2014 (Unaudited)

	Number of shares		Value (U.S. $)
Common Stock – 89.28%
Consumer Discretionary – 10.50%
AMC Networks Class A †		54,100	$	3,160,522
Ascena Retail Group †		168,000		2,234,400
bebe stores		737,455		1,710,896
Callaway Golf		474,860		3,437,986
Christopher & Banks †		32,253		318,982
Coach		25,000		890,250
Crocs †		229,800		2,890,884
Express †		188,400		2,940,924
Finish Line Class A		59,000		1,476,770
Foot Locker		22,600		1,257,690
Hooker Furniture		143,694		2,185,586
LeapFrog Enterprises †		393,700		2,358,263
Lear		19,300		1,667,713
Life Time Fitness †		84,700		4,272,268
Lithia Motors Class A		23,400		1,771,146
Meredith		45,300		1,938,840
Pier 1 Imports		153,000		1,819,170
Rent-A-Center		59,700		1,811,895
Ruth’s Hospitality Group		135,257		1,493,237
SeaWorld Entertainment		27,500		528,825
Spartan Motors		510,538		2,384,212
Stage Stores		55,000		941,050
Staples		321,000		3,884,100
Tupperware Brands		22,900		1,581,016
Winnebago Industries †		66,143		1,439,933
				50,396,558
Energy – 7.92%
Boardwalk Pipeline Partners		100,000		1,870,000
Bonanza Creek Energy †		37,100		2,110,990
Cloud Peak Energy †		212,510		2,681,876
CONSOL Energy		74,000		2,801,640
Energy XXI (Bermuda)		203,000		2,304,050
Frank’s International (Netherlands)		91,000		1,701,700
Gulf Island Fabrication		110,875		1,907,050
Hallador Energy		162,876		1,928,452
McDermott International †		60,500		346,060
Newpark Resources †		298,403		3,712,133
Oasis Petroleum †		62,200		2,600,582
Oil States International †		21,500		1,330,850
PDC Energy †		32,800		1,649,512
Primoris Services		51,900		1,392,996
Rex Energy †		172,253		2,182,446
VAALCO Energy †		543,756		4,621,926
Warren Resources †		303,936		1,610,861

	Number of shares		Value (U.S. $)
Common Stock (continued)
Energy (continued)
Weatherford International (Switzerland) †		60,000	$	1,248,000
				38,001,124
Financials – 7.73%
Alexandria Real Estate Equities		43,192		3,185,410
BankUnited		108,200		3,299,018
Cedar Realty Trust		526,776		3,107,978
Comerica		30,100		1,500,786
DiamondRock Hospitality		127,700		1,619,236
Dime Community Bancshares		208,303		2,999,563
East West Bancorp		42,900		1,458,600
First Financial Bancorp @		125,100		1,980,333
Hallmark Financial Services †		297,778		3,070,091
Inland Real Estate		143,200		1,419,112
Potlatch		48,903		1,966,390
PrivateBancorp		106,400		3,182,424
SVB Financial Group †		30,500		3,418,745
Wintrust Financial		64,900		2,899,083
XL Group (Ireland)		60,000		1,990,200
				37,096,969
Healthcare – 4.75%
CareFusion †		93,400		4,226,350
Haemonetics †		53,800		1,878,696
Hospira †		64,700		3,366,341
Integra Lifesciences Holdings †		35,200		1,747,328
Mednax †		50,800		2,784,856
Myriad Genetics †		129,400		4,990,958
Premier Class A †		44,200		1,452,412
Teleflex		22,700		2,384,408
				22,831,349
Industrials – 24.42%
Aaon		70,560		1,200,226
ACCO Brands †		328,000		2,263,200
Acuity Brands		14,800		1,742,108
Advanced Energy Industries		175,925		3,305,631
Aegion †		96,000		2,136,000
AMETEK		52,875		2,654,854
Apogee Enterprises		49,200		1,958,160
Avery Dennison		89,000		3,973,850
B/E Aerospace †		33,400		2,803,596
Beacon Roofing Supply †		50,779		1,293,849
Boise Cascade †		93,700		2,824,118
Brady Class A		58,300		1,308,252
Carlisle		30,800		2,475,704

60

	Number of shares		Value (U.S. $)
Common Stock (continued)
Industrials (continued)
Civeo		63,000	$	731,430
Colfax †		62,900		3,583,413
Crane		33,300		2,104,893
Diana Shipping (Greece) †		347,100		3,103,074
Dover		51,700		4,153,061
Encore Wire		59,397		2,203,035
Energizer Holdings		30,200		3,720,942
Ennis		166,790		2,196,624
Federal Signal		27,000		357,480
FreightCar America		132,372		4,407,988
Graham		80,803		2,323,086
Granite Construction		115,171		3,663,590
Harsco		136,000		2,911,760
Houston Wire & Cable		123,061		1,474,271
Hubbell Class B		21,200		2,555,236
IDEX		20,200		1,461,874
Joy Global		69,800		3,806,892
Kennametal		86,800		3,585,708
Knoll		243,724		4,218,862
ManpowerGroup		22,600		1,584,260
McGrath RentCorp		95,476		3,265,279
PerkinElmer		33,500		1,460,600
Robert Half International		30,800		1,509,200
Rush Enterprises Class A †		70,600		2,361,570
Stanley Black & Decker		46,000		4,084,340
Timken		62,500		2,649,375
Trex †		40,800		1,410,456
TrueBlue †		185,900		4,695,834
Tyco International (Switzerland)		15,400		686,378
U.S. Ecology		45,348		2,120,472
Watts Water Technologies Class A		48,801		2,842,658
WESCO International †		46,800		3,662,568
Woodward		50,100		2,385,762
				117,221,519
Information Technology – 19.00%
Amdocs		86,000		3,945,680
AVG Technologies (Netherlands) †		209,200		3,468,536
Broadridge Financial Solutions		71,500		2,976,545
Brooks Automation		175,500		1,844,505
Cardtronics †		110,000		3,872,000
Checkpoint Systems †		134,600		1,646,158
Diebold		23,500		830,020
Diodes †		23,000		550,160
Equifax		45,297		3,385,498

	Number of shares		Value (U.S. $)
Common Stock (continued)
Information Technology (continued)
Fairchild Semiconductor International †		324,500	$	5,039,485
Flextronics International †		582,000		6,006,240
FLIR Systems		71,200		2,231,408
Harris		16,100		1,069,040
Henry (Jack) & Associates		26,200		1,458,292
IAC/InterActiveCorp		63,500		4,184,650
Infineon Technologies (Germany)		100,000		1,034,858
Ingram Micro Class A †		126,000		3,252,060
j2 Global		61,200		3,020,832
Jabil Circuit		191,000		3,852,470
KEMET †		220,000		906,400
Mercury Systems †		174,629		1,922,665
Methode Electronics		105,540		3,891,260
Micrel		308,111		3,706,575
ModusLink Global Solutions †		190,848		681,327
ON Semiconductor †		269,200		2,406,648
Plexus †		112,302		4,147,313
Rudolph Technologies †		244,342		2,211,295
ScanSource †		71,636		2,477,889
Silicon Image †		592,018		2,983,771
Synaptics †		32,975		2,413,770
Teradyne		192,100		3,724,819
Unisys †		164,287		3,845,959
Vishay Intertechnology		106,200		1,517,598
Xcerra †		70,300		688,237
				91,193,963
Materials – 12.88%
Allegheny Technologies		57,000		2,114,700
Ashland		25,100		2,612,910
Cabot		44,000		2,233,880
Carpenter Technology		62,000		2,799,300
Celanese Class A		14,500		848,540
Chemtura †		83,000		1,936,390
Deltic Timber		40,378		2,516,357
Eastman Chemical		46,600		3,769,474
Fuller (H.B.)		59,000		2,342,300
Intrepid Potash †		224,400		3,466,980
KMG Chemicals		218,001		3,549,056
Landec †		270,234		3,310,367
MeadWestvaco		20,600		843,364
Minerals Technologies		65,800		4,060,518
Olympic Steel		140,161		2,883,112
Owens-Illinois †		97,000		2,526,850
PolyOne		119,000		4,234,020

(continues)                                             61

Schedules of investments

Optimum Small-Mid Cap Value Fund

	Number of shares		Value (U.S. $)
Common Stock (continued)
Materials (continued)
Rock-Tenn Class A		32,400	$	1,541,592
Rockwood Holdings		42,700		3,264,415
Sealed Air		101,000		3,522,880
Sonoco Products		77,600		3,048,904
Stillwater Mining †		229,056		3,442,712
Xerium Technologies †		67,500		986,175
				61,854,796
Telecommunication Services – 1.30%
Arris Group †		110,400		3,130,392
Vonage Holdings †		942,600		3,091,728
				6,222,120
Utilities – 0.78%
New Jersey Resources		15,200		767,752
Questar		133,800		2,982,402
				3,750,154
Total Common Stock (cost $351,167,340)				428,568,552
	Principal amount°
Short-Term Investments – 11.14%
Discount Notes – 5.45%≠
Federal Home Loan Bank
0.025% 11/13/14		3,112,676		3,112,664
0.043% 11/19/14		15,614,201		15,614,138
0.077% 11/14/14		7,416,302		7,416,272
				26,143,074
Repurchase Agreements – 3.37%
Bank of America Merrill Lynch 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $7,031,209 (collateralized by U.S. government obligations 1.375%-2.375%; 1/15/17-1/15/20 market value $7,171,836)		7,031,209		7,031,209

	Principal amount°		Value (U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
Bank of Montreal 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $2,343,737 (collateralized by U.S. government obligations 0.375%-3.125%; 1/31/16-8/15/44 market value $2,390,612)		2,343,736	$	2,343,737
BNP Paribas 0.00%, dated 9/30/14, to be repurchased on 10/1/14, repurchase price $6,822,054 (collateralized by U.S. government obligations 0.125%-0.25%; 5/15/16-7/15/24 market value $6,958,496)		6,822,054		6,822,054
				16,197,000
U.S. Treasury Obligations – 2.32%≠
U.S. Treasury Bills
0.005% 12/26/14		8,212,698		8,212,501
0.093% 11/13/14		2,930,712		2,930,676
				11,143,177
Total Short-Term Investments (cost $53,481,460)				53,483,251
Total Value of Securities – 100.42% (cost $404,648,800)			$	482,051,803

@ Illiquid security. At Sept. 30, 2014, the aggregate value of illiquid securities was $1,980,333, which represents 0.41% of the Fund’s net assets. See Note 8 in “Notes to financial statements.”

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

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

† Non-income-producing security.

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

62

Statements of assets and liabilities

Optimum Fund Trust

September 30, 2014 (Unaudited)

	Optimum Fixed Income		Optimum International		Optimum Large Cap		Optimum Large Cap		Optimum Small-Mid Cap		Optimum Small-Mid Cap
	Fund		Fund		Growth Fund		Value Fund		Growth Fund		Value Fund
Assets:
Investments, at value1,2	$	1,883,383,296	$	653,692,809	$	1,309,089,937	$	1,235,774,208	$	476,430,437	$	428,568,552
Short-term investments, at value3		192,384,316		8,998,250		39,788,535		39,887,047		18,682,328		53,483,251
Short-term investments held as collateral for loaned securities, at value4		—		56,713,943		—		—		—		—
Cash collateral due from brokers		3,548,449		—		—		—		—		—
Foreign currencies, at value5		3,474,150		1,527,023		—		15,111		—		30,314
Cash		2,602,687		2,970,514		353,196		222,009		85,988		314,681
Receivable for securities sold		93,144,364		4,717,039		8,877,147		1,945,488		2,173,062		531,646
Dividends and interest receivable		13,898,346		1,193,894		500,764		1,625,073		139,348		268,817
Receivable for fund shares sold		5,151,306		1,630,900		2,414,810		2,434,204		1,059,533		1,077,841
Swap interest receivable		16,526		—		—		—		—		—
Securities lending income receivable		—		59,161		—		—		—		—
Unrealized gain on foreign currency exchange contracts		8,960,124		2,399,338		536		—		—		—
Unrealized gain on interest rate swap contracts		858,316		—		—		—		—		—
Unrealized gain on credit default swap contracts		162,619		—		—		—		—		—
Upfront payments received on credit default swap contracts		116,782		—		—		—		—		—
Other assets		824		—		—		—		—		—
Total assets		2,207,702,105		733,902,871		1,361,024,925		1,281,903,140		498,570,696		484,275,102
Liabilities:
Securities sold short, at value6		2,157,812		—		—		—		—		—
Options written, at value7		826,065		—		—		—		—		—
Payable for securities purchased		295,971,598		3,948,624		11,492,608		4,780,447		3,057,120		3,407,846
Payable for fund shares redeemed		533,596		209,906		612,884		507,526		192,193		186,839
Swap interest payable		273,170		—		—		—		—		—
Variation margin due to broker on futures contracts		109,189		—		—		—		—		—
Cash collateral due to brokers		—		50,000		—		—		—		—
Obligation to return securities lending collateral		—		56,713,943		—		—		—		—
Investment management fees payable		844,547		429,729		824,195		742,229		384,349		374,878
Other affiliates payable		626,477		220,808		472,108		448,460		160,888		156,808
Other accrued expenses		382,020		158,766		231,692		206,140		86,028		89,201
Trustees’ fees and expenses payable		34,651		12,423		24,945		23,578		9,179		8,975
Unrealized loss on interest rate swap contracts		1,462,985		—		—		—		—		—
Unrealized loss on foreign currency exchange contracts		1,136,625		1,475,686		—		—		34		—
Upfront payments paid on interest rate swap contracts		893,460		—		—		—		—		—
Unrealized loss on credit default swap contracts		197,839		—		—		—		—		—
Upfront payments paid on credit default swap contracts		82,493		—		—		—		—		—
Other liabilities		—		389,391		—		—		—		—
Total liabilities		305,532,527		63,609,276		13,658,432		6,708,380		3,889,791		4,224,547
Total Net Assets	$	1,902,169,578	$	670,293,595	$	1,347,366,493	$	1,275,194,760	$	494,680,905	$	480,050,555

(continues)                                             63

Statements of assets and liabilities

Optimum Fund Trust

	Optimum Fixed Income			Optimum International			Optimum Large Cap			Optimum Large Cap			Optimum Small-Mid Cap			Optimum Small-Mid Cap
	Fund			Fund			Growth Fund			Value Fund			Growth Fund			Value Fund
Net Assets Consist of:
Paid-in capital	$	1,875,191,473		$	658,832,999		$	1,039,472,432		$	1,019,659,419		$	377,601,528		$	387,242,801
Undistributed (accumulated) net investment income (loss)		25,276,690			4,369,404			(1,768,262	)		6,030,370			(2,316,281	)		(983,699	)
Accumulated net realized gain (loss)		(21,262,756	)		(7,894,809	)		70,878,007			(51,172,616	)		30,067,219			16,390,218
Net unrealized appreciation of investments, foreign currencies, and derivatives		22,964,171			14,986,001			238,784,316			300,677,587			89,328,439			77,401,235
Total Net Assets	$	1,902,169,578		$	670,293,595		$	1,347,366,493		$	1,275,194,760		$	494,680,905		$	480,050,555
Net Asset Value
Class A:
Net assets	$	43,334,566		$	10,631,977		$	39,902,663		$	36,923,505		$	6,635,632		$	5,495,134
Shares of beneficial interest outstanding, unlimited authorization, no par		4,500,778			882,229			2,411,781			2,355,252			449,369			400,854
Net asset value per share	$	9.63		$	12.05		$	16.54		$	15.68		$	14.77		$	13.71
Sales charge		4.50	%		5.75	%		5.75	%		5.75	%		5.75	%		5.75	%
Offering price per share, equal to net asset value per share / (1 – sales charge)	$	10.08		$	12.79		$	17.55		$	16.64		$	15.67		$	14.55
Class B:
Net assets	$	229,279		$	76,060		$	294,114		$	270,462		$	48,956		$	46,874
Shares of beneficial interest outstanding, unlimited authorization, no par		23,798			6,430			19,234			17,374			3,593			3,709
Net asset value per share	$	9.63		$	11.83		$	15.29		$	15.57		$	13.63		$	12.64
Class C:
Net assets	$	165,352,570		$	36,735,561		$	131,707,093		$	123,565,170		$	21,670,375		$	19,249,649
Shares of beneficial interest outstanding, unlimited authorization, no par		17,227,673			3,120,703			8,676,559			7,973,025			1,611,071			1,544,095
Net asset value per share	$	9.60		$	11.77		$	15.18		$	15.50		$	13.45		$	12.47
Institutional Class:
Net assets	$	1,693,253,163		$	622,849,997		$	1,175,462,623		$	1,114,435,623		$	466,325,942		$	455,258,898
Shares of beneficial interest outstanding, unlimited authorization, no par		175,812,668			51,302,272			68,252,510			70,906,285			30,150,891			31,746,570
Net asset value per share	$	9.63		$	12.14		$	17.22		$	15.72		$	15.47		$	14.34
1Investments, at cost	$	1,865,133,357		$	639,198,204		$	1,070,306,168		$	935,080,866		$	387,102,373		$	351,167,340
2Including securities on loan		—			52,923,196			—						—			—
3Short-term investments, at cost		192,378,362			8,997,831			39,787,220			39,886,727			18,681,919			53,481,460
4Short-term investments held as collateral for loaned securities, at cost		—			56,713,943			—			—			—			—
5Foreign currencies, at cost		2,652,486			1,534,443			—			15,172			—			32,083
6Securities sold short, at cost		(2,155,314	)		—			—			—			—			—
7Options written, at cost		(483,993	)		—			—			—			—			—

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

64

Statements of operations

Optimum Fund Trust

Six months ended September 30, 2014 (Unaudited)

	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Investment Income:
Interest	$	31,856,322		$	3,302		$	7,837		$	7,951		$	3,670		$	12,058
Dividends		382,313			8,693,217			6,055,616			13,494,272			1,202,955			2,469,472
Securities lending income		—			487,758			—			—			—			—
Foreign tax withheld		(1,290	)		(762,444	)		(33,009	)		(74,627	)		(483	)		(1,508	)
		32,237,345			8,421,833			6,030,444			13,427,596			1,206,142			2,480,022
Expenses:
Management fees		4,984,244			2,566,447			4,752,175			4,355,836			2,665,166			2,455,520
Distribution expenses — Class A		54,952			14,014			49,642			47,029			8,641			7,409
Distribution expenses — Class B		2,283			844			2,988			2,794			517			470
Distribution expenses — Class C		828,606			190,872			650,931			625,689			111,272			102,405
Dividend disbursing and transfer agent fees and expenses		1,841,046			676,400			1,292,196			1,250,153			491,673			493,755
Administration expenses		828,777			380,839			635,839			621,145			290,625			291,278
Accounting fees		334,610			122,427			233,845			224,482			88,565			88,730
Custodian fees		88,975			99,589			36,971			37,621			23,654			10,428
Trustees’ fees and expenses		83,170			30,098			58,883			56,795			22,515			22,146
Reports and statements to shareholders		80,914			32,356			102,818			60,758			24,589			27,419
Professional fees		72,231			31,723			46,299			44,280			24,843			24,601
Registration fees		65,935			53,572			59,764			49,888			37,579			47,503
Pricing fees		39,184			3,741			621			503			545			409
Insurance		20,088			4,590			12,053			11,609			5,201			5,006
Tax services		633			18,649			867			98			590			239
Other		8,427			4,836			6,084			6,199			3,923			4,264
		9,334,075			4,230,997			7,941,976			7,394,879			3,799,898			3,581,582
Less expenses waived		—			—			(4,454	)		(5,879	)		(276,879	)		(117,299	)
Less waived distribution expenses — Class B		(1,712	)		(633	)		(2,241	)		(2,096	)		(388	)		(352	)
Less expense paid indirectly		(198	)		(197	)		(210	)		(210	)		(208	)		(210	)
Total operating expenses		9,332,165			4,230,167			7,935,071			7,386,694			3,522,423			3,463,721
Net Investment Income (Loss)		22,905,180			4,191,666			(1,904,627	)		6,040,902			(2,316,281	)		(983,699	)
Net Realized and Unrealized Gain (Loss):
Net realized gain (loss) on:
Investments		12,436,733			7,590,927			74,766,974			18,151,233			30,375,440			16,793,961
Foreign currencies		(2,230,053	)		(312,363	)		7,027			3,833			(169	)		—
Foreign currency exchange contracts		(2,685,428	)		344,126			(6,794	)		(4,976	)		16			—
Futures contracts		(1,547,606	)		—			—			—			—			—
Options written		425,900			—			—			—			—			—
Swap contracts		(6,126,138	)		—			—			—			—			—
Net realized gain		273,408			7,622,690			74,767,207			18,150,090			30,375,287			16,793,961
Net change in unrealized appreciation (depreciation) of:
Investments*		(7,822,410	)		(39,622,728	)		11,064,955			6,258,112			(36,203,687	)		(38,660,657	)
Foreign currencies		(286,027	)		(1,506	)		(1,820	)		(20,488	)		—			(2,749	)
Foreign currency exchange contracts		10,882,980			1,877,717			819			—			(34	)		—
Futures contracts		23,107			—			—			—			—			—
Options written		(728,856	)		—			—			—			—			—
Swap contracts		3,992,381			—			—			—			—			—
Net change in unrealized appreciation (depreciation)		6,061,175			(37,746,517	)		11,063,954			6,237,624			(36,203,721	)		(38,663,406	)
Net Realized and Unrealized Gain (Loss)		6,334,583			(30,123,827	)		85,831,161			24,387,714			(5,828,434	)		(21,869,445	)
Net Increase (Decrease) in Net Assets Resulting from Operations	$	29,239,763		$	(25,932,161	)	$	83,926,534		$	30,428,616		$	(8,144,715	)	$	(22,853,144	)

*Includes $389,391 capital gain taxes accrued for Optimum International Fund.

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

(continues)                                             65

Statements of changes in net assets

Optimum Fund Trust

	Optimum Fixed Income Fund						Optimum International Fund
	Six months ended 9/30/14 (Unaudited)			Year ended 3/31/14			Six months ended 9/30/14 (Unaudited)			Year ended 3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment income	$	22,905,180		$	38,401,260		$	4,191,666		$	8,022,731
Net realized gain (loss)		273,408			(23,489,916	)		7,622,690			42,282,307
Net change in unrealized appreciation (depreciation)		6,061,175			(30,870,111	)		(37,746,517	)		28,055,700
Net increase (decrease) in net assets resulting from operations		29,239,763			(15,958,767	)		(25,932,161	)		78,360,738
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		(299,300	)		(607,560	)		(34,749	)		(71,136	)
Class B		(3,454	)		(10,243	)		(616	)		(2,198	)
Class C		(841,487	)		(1,279,141	)		—			(128,217	)
Institutional Class		(11,888,174	)		(25,186,612	)		(2,284,475	)		(5,108,799	)
Net realized gain:
Class A		—			(117,055	)		—			—
Class B		—			(3,398	)		—			—
Class C		—			(446,725	)		—			—
Institutional Class		—			(3,834,085	)		—			—
		(13,032,415	)		(31,484,819	)		(2,319,840	)		(5,310,350	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		4,432,264			9,525,104			860,772			1,958,772
Class B		20,913			113,873			6,442			19,764
Class C		14,318,501			34,709,090			2,743,737			6,035,603
Institutional Class		282,801,079			500,376,862			97,206,572			166,107,011
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		298,920			703,966			34,430			70,139
Class B		3,454			12,872			616			2,114
Class C		841,487			1,701,326			—			125,977
Institutional Class		11,887,252			28,740,751			2,283,785			5,073,768
		314,603,870			575,883,844			103,136,354			179,393,148
Cost of shares redeemed:
Class A		(5,045,153	)		(6,935,320	)		(1,077,899	)		(1,707,398	)
Class B		(308,229	)		(779,341	)		(126,906	)		(283,253	)
Class C		(12,305,535	)		(25,916,378	)		(2,296,361	)		(4,922,840	)
Institutional Class		(125,240,466	)		(275,846,637	)		(39,556,159	)		(75,350,955	)
		(142,899,383	)		(309,477,676	)		(43,057,325	)		(82,264,446	)
Increase in net assets derived from capital share transactions		171,704,487			266,406,168			60,079,029			97,128,702
Net Increase in Net Assets		187,911,835			218,962,582			31,827,028			170,179,090
Net Assets:
Beginning of period		1,714,257,743			1,495,295,161			638,466,567			468,287,477
End of period	$	1,902,169,578		$	1,714,257,743		$	670,293,595		$	638,466,567
Undistributed net investment income	$	25,276,690		$	15,403,925		$	4,369,404		$	2,497,578

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

66

	Optimum Large Cap Growth Fund						Optimum Large Cap Value Fund
	Six months ended 9/30/14 (Unaudited)			Year ended 3/31/14			Six months ended 9/30/14 (Unaudited)			Year ended 3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment income (loss)	$	(1,904,627	)	$	(4,499,020	)	$	6,040,902		$	13,154,681
Net realized gain		74,767,207			163,571,786			18,150,090			67,075,662
Net change in unrealized appreciation		11,063,954			71,142,639			6,237,624			105,214,396
Net increase in net assets resulting from operations		83,926,534			230,215,405			30,428,616			185,444,739
Dividends and Distributions to Shareholders from:
Net investment income:
Class A		—			—			(167,314	)		(236,189	)
Class B		—			—			(2,891	)		(1,805	)
Class C		—			—			(339,583	)		(82,417	)
Institutional Class		—			(149,730	)		(5,343,957	)		(8,692,742	)
Net realized gain:
Class A		(2,111,836	)		(3,780,983	)		—			—
Class B		(39,437	)		(124,078	)		—			—
Class C		(7,533,773	)		(13,379,555	)		—			—
Institutional Class		(56,492,621	)		(88,348,179	)		—			—
		(66,177,667	)		(105,782,525	)		(5,853,745	)		(9,013,153	)
Capital Share Transactions:
Proceeds from shares sold:
Class A		2,454,770			4,278,699			2,377,980			4,044,375
Class B		46			—			—			1,935
Class C		6,231,579			12,295,792			6,184,269			12,080,730
Institutional Class		157,671,457			260,083,733			160,890,142			257,308,753
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A		2,092,389			3,742,628			165,696			233,521
Class B		39,437			122,957			2,891			1,804
Class C		7,529,462			13,354,876			339,259			82,351
Institutional Class		56,464,419			88,289,266			5,341,296			8,665,410
		232,483,559			382,167,951			175,301,533			282,418,879
Cost of shares redeemed:
Class A		(4,137,685	)		(7,683,829	)		(3,675,532	)		(6,111,227	)
Class B		(436,965	)		(1,035,685	)		(401,198	)		(977,280	)
Class C		(10,013,263	)		(26,676,702	)		(8,773,628	)		(20,860,221	)
Institutional Class		(81,925,134	)		(156,532,584	)		(75,873,509	)		(143,870,889	)
		(96,513,047	)		(191,928,800	)		(88,723,867	)		(171,819,617	)
Increase in net assets derived from capital share transactions		135,970,512			190,239,151			86,577,666			110,599,262
Net Increase in Net Assets		153,719,379			314,672,031			111,152,537			287,030,848
Net Assets:
Beginning of period		1,193,647,114			878,975,083			1,164,042,223			877,011,375
End of period	$	1,347,366,493		$	1,193,647,114		$	1,275,194,760		$	1,164,042,223
Undistributed (accumulated) net investment income (loss)	$	(1,768,262	)	$	136,365		$	6,030,370		$	5,843,213

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

(continues)                                             67

Statements of changes in net assets

Optimum Fund Trust

	Optimum Small-Mid Cap Growth Fund								Optimum Small-Mid Cap Value Fund
	Six months								Six months
	ended								ended
	9/30/14				Year ended				9/30/14				Year ended
	(Unaudited)				3/31/14				(Unaudited)				3/31/14
Increase (Decrease) in Net Assets from Operations:
Net investment loss		$	(2,316,281	)		$	(4,227,467	)		$	(983,699	)		$	(1,594,905	)
Net realized gain			30,375,287				41,798,567				16,793,961				36,556,718
Net change in unrealized appreciation (depreciation)			(36,203,721	)			41,735,963				(38,663,406	)			45,343,172
Net increase (decrease) in net assets resulting from operations			(8,144,715	)			79,307,063				(22,853,144	)			80,304,985
Dividends and Distributions to Shareholders from:
Net investment income:
Institutional Class			—				—				—				(92,035	)
Net realized gain:
Class A			(240,591	)			(705,607	)			(202,491	)			(661,267	)
Class B			(4,518	)			(25,053	)			(3,938	)			(24,770	)
Class C			(854,331	)			(2,430,254	)			(768,324	)			(2,497,276	)
Institutional Class			(15,142,235	)			(36,720,711	)			(14,909,859	)			(39,680,287	)
			(16,241,675	)			(39,881,625	)			(15,884,612	)			(42,955,635	)
Capital Share Transactions:
Proceeds from shares sold:
Class A			426,935				863,138				357,745				566,977
Class C			1,128,485				2,312,977				937,134				1,599,572
Institutional Class			69,881,518				114,271,501				69,984,185				113,886,038
Net asset value of shares issued upon reinvestment of dividends and distributions:
Class A			238,053				698,439				200,820				651,876
Class B			4,518				24,611				3,938				23,763
Class C			853,827				2,419,840				767,676				2,480,011
Institutional Class			15,135,638				36,468,070				14,903,324				39,475,438
			87,668,974				157,058,576				87,154,822				158,683,675
Cost of shares redeemed:
Class A			(817,380	)			(1,464,584	)			(645,064	)			(1,379,142	)
Class B			(74,790	)			(181,096	)			(60,967	)			(162,113	)
Class C			(1,565,152	)			(4,796,730	)			(1,512,132	)			(4,715,105	)
Institutional Class			(32,829,629	)			(72,394,143	)			(32,578,937	)			(68,108,979	)
			(35,286,951	)			(78,836,553	)			(34,797,100	)			(74,365,339	)
Increase in net assets derived from capital share transactions			52,382,023				78,222,023				52,357,722				84,318,336
Net Increase in Net Assets			27,995,633				117,647,461				13,619,966				121,667,686
Net Assets:
Beginning of period			466,685,272				349,037,811				466,430,589				344,762,903
End of period		$	494,680,905			$	466,685,272			$	480,050,555			$	466,430,589
Accumulated net investment loss		$	(2,316,281	)		$	—			$	(983,699	)		$	—

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

68

Financial Highlights

Optimum Fixed Income Fund Class A

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	9.540		$	9.850		$	9.710		$	9.550		$	9.290		$	7.750
Income (loss) from investment operations:
Net investment income2		0.114			0.213			0.225			0.293			0.391			0.661
Net realized and unrealized gain (loss)		0.042			(0.353	)		0.302			0.338			0.247			1.482
Total from investment operations		0.156			(0.140	)		0.527			0.631			0.638			2.143
Less dividends and distributions from:
Net investment income		(0.066	)		(0.142	)		(0.172	)		(0.342	)		(0.378	)		(0.603	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—			—
Total dividends and distributions		(0.066	)		(0.170	)		(0.387	)		(0.471	)		(0.378	)		(0.603	)
Net asset value, end of period	$	9.630		$	9.540		$	9.850		$	9.710		$	9.550		$	9.290
Total return3		1.64%			(1.40%	)		5.47%			6.71%			7.01%			28.24%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	43,335		$	43,241		$	41,210		$	40,620		$	39,758		$	40,808
Ratio of expenses to average net assets		1.17%			1.31%			1.35%			1.35%			1.35%			1.31%
Ratio of expenses to average net assets prior to fees waived		1.17%			1.34%			1.40%			1.44%			1.46%			1.48%
Ratio of net investment income to average net assets		2.35%			2.24%			2.27%			3.01%			4.10%			7.49%
Ratio of net investment income to average net assets prior to fees waived		2.35%			2.21%			2.22%			2.92%			3.99%			7.32%
Portfolio turnover		291%			323%	4		208%			211%			273%			134%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ‘s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2014.

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

(continues)                                             69

Financial Highlights

Optimum Fixed Income Fund Class B

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	9.550		$	9.840		$	9.700		$	9.540		$	9.280		$	7.750
Income (loss) from investment operations:
Net investment income2		0.114			0.189			0.161			0.229			0.328			0.604
Net realized and unrealized gain (loss)		0.032			(0.345	)		0.302			0.340			0.248			1.486
Total from investment operations		0.146			(0.156	)		0.463			0.569			0.576			2.090
Less dividends and distributions from:
Net investment income		(0.066	)		(0.106	)		(0.108	)		(0.280	)		(0.316	)		(0.560	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—			—
Total dividends and distributions		(0.066	)		(0.134	)		(0.323	)		(0.409	)		(0.316	)		(0.560	)
Net asset value, end of period	$	9.630		$	9.550		$	9.840		$	9.700		$	9.540		$	9.280
Total return3		1.53%			(1.57%	)		4.69%			6.15%			6.32%			27.51%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	229		$	508		$	1,203		$	3,056		$	4,714		$	5,587
Ratio of expenses to average net assets		1.17%			1.57%			2.00%			2.00%			2.00%			1.96%
Ratio of expenses to average net assets prior to fees waived		1.92%			2.02%			2.05%			2.09%			2.11%			2.13%
Ratio of net investment income to average net assets		2.35%			1.98%			1.62%			2.36%			3.45%			6.84%
Ratio of net investment income to average net assets prior to fees waived		1.60%			1.53%			1.57%			2.27%			3.34%			6.67%
Portfolio turnover		291%			323%	4		208%			211%			273%			134%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

⁴  As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ‘s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2014.

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

70

Optimum Fixed Income Fund Class C

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	9.530		$	9.840		$	9.710		$	9.540		$	9.280		$	7.760
Income (loss) from investment operations:
Net investment income2		0.077			0.148			0.161			0.229			0.329			0.604
Net realized and unrealized gain (loss)		0.042			(0.351	)		0.292			0.350			0.247			1.476
Total from investment operations		0.119			(0.203	)		0.453			0.579			0.576			2.080
Less dividends and distributions from:
Net investment income		(0.049	)		(0.079	)		(0.108	)		(0.280	)		(0.316	)		(0.560	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—			—
Total dividends and distributions		(0.049	)		(0.107	)		(0.323	)		(0.409	)		(0.316	)		(0.560	)
Net asset value, end of period	$	9.600		$	9.530		$	9.840		$	9.710		$	9.540		$	9.280
Total return3		1.25%			(2.06%	)		4.69%			6.15%			6.32%			27.34%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	165,353		$	161,353		$	155,728		$	154,778		$	159,759		$	170,214
Ratio of expenses to average net assets		1.92%			1.99%			2.00%			2.00%			2.00%			1.96%
Ratio of expenses to average net assets prior to fees waived		1.92%			2.02%			2.05%			2.09%			2.11%			2.13%
Ratio of net investment income to average net assets		1.60%			1.56%			1.62%			2.36%			3.45%			6.84%
Ratio of net investment income to average net assets prior to fees waived		1.60%			1.53%			1.57%			2.27%			3.34%			6.67%
Portfolio turnover		291%			323%	4		208%			211%			273%			134%

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

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

³ Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ‘s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2014.

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

(continues)                                             71

Financial Highlights

Optimum Fixed Income Fund Institutional Class

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	9.540		$	9.850		$	9.710		$	9.550		$	9.290		$	7.740
Income (loss) from investment operations:
Net investment income2		0.126			0.244			0.260			0.327			0.424			0.692
Net realized and unrealized gain (loss)		0.036			(0.350	)		0.301			0.338			0.247			1.484
Total from investment operations		0.162			(0.106	)		0.561			0.665			0.671			2.176
Less dividends and distributions from:
Net investment income		(0.072	)		(0.176	)		(0.206	)		(0.376	)		(0.411	)		(0.626	)
Net realized gain		—			(0.028	)		(0.215	)		(0.129	)		—			—
Total dividends and distributions		(0.072	)		(0.204	)		(0.421	)		(0.505	)		(0.411	)		(0.626	)
Net asset value, end of period	$	9.630		$	9.540		$	9.850		$	9.710		$	9.550		$	9.290
Total return3		1.70%			(1.05%	)		5.72%			7.20%			7.39%			28.73%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,693,253		$	1,509,156		$	1,297,154		$	1,014,595		$	791,984		$	579,694
Ratio of expenses to average net assets		0.92%			0.99%			1.00%			1.00%			1.00%			0.96%
Ratio of expenses to average net assets prior to fees waived		0.92%			1.02%			1.05%			1.09%			1.11%			1.13%
Ratio of net investment income to average net assets		2.60%			2.56%			2.62%			3.36%			4.45%			7.84%
Ratio of net investment income to average net assets prior to fees waived		2.60%			2.53%			2.57%			3.27%			4.34%			7.67%
Portfolio turnover		291%			323%	4		208%			211%			273%			134%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

⁴  As a result of the addition of Delaware Management Company’s diversified floating rate investment strategy and Pacific Investment Management Company, LLC ‘s low-duration investment strategy on Feb. 1, 2014, to the Fund’s principal investment strategy, the Fund’s portfolio turnover rate increased substantially during the year ended March 31, 2014.

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

72

Optimum International Fund Class A

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	12.570		$	10.970		$	10.420		$	11.200		$	10.340		$	7.010
Income (loss) from investment operations:
Net investment income2		0.067			0.142			0.185			0.192			0.129			0.124
Net realized and unrealized gain (loss)		(0.548	)		1.540			0.620			(0.790	)		0.887			3.366
Total from investment operations		(0.481	)		1.682			0.805			(0.598	)		1.016			3.490
Less dividends and distributions from:
Net investment income		(0.039	)		(0.082	)		(0.255	)		(0.182	)		(0.156	)		(0.160	)
Total dividends and distributions		(0.039	)		(0.082	)		(0.255	)		(0.182	)		(0.156	)		(0.160	)
Net asset value, end of period	$	12.050		$	12.570		$	10.970		$	10.420		$	11.200		$	10.340
Total return3		(3.84%	)		15.31%			8.10%			(5.30%	)		10.19%			50.29%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	10,632		$	11,277		$	9,553		$	9,318		$	11,189		$	12,082
Ratio of expenses to average net assets		1.45%			1.68%			1.75%			1.75%			1.75%			1.75%
Ratio of expenses to average net assets prior to fees waived		1.45%			1.68%			1.84%			1.84%			1.88%			1.94%
Ratio of net investment income to average net assets		1.06%			1.20%			1.81%			1.84%			1.26%			1.30%
Ratio of net investment income to average net assets prior to fees waived		1.06%			1.20%			1.72%			1.75%			1.13%			1.11%
Portfolio turnover		40%			126%			70%			50%			95%			91%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             73

Financial Highlights

Optimum International Fund Class B

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	12.340		$	10.760		$	10.220		$	10.940		$	10.100		$	6.880
Income (loss) from investment operations:
Net investment income2		0.065			0.137			0.115			0.122			0.061			0.064
Net realized and unrealized gain (loss)		(0.536	)		1.510			0.617			(0.773	)		0.875			3.304
Total from investment operations		(0.471	)		1.647			0.732			(0.651	)		0.936			3.368
Less dividends and distributions from:
Net investment income		(0.039	)		(0.067	)		(0.192	)		(0.069	)		(0.096	)		(0.148	)
Total dividends and distributions		(0.039	)		(0.067	)		(0.192	)		(0.069	)		(0.096	)		(0.148	)
Net asset value, end of period	$	11.830		$	12.340		$	10.760		$	10.220		$	10.940		$	10.100
Total return3		(3.83%	)		15.37%			7.38%			(5.94%	)		9.49%			49.42%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	76		$	199		$	412		$	1,139		$	1,868		$	2,243
Ratio of expenses to average net assets		1.45%			1.69%			2.40%			2.40%			2.40%			2.40%
Ratio of expenses to average net assets prior to fees waived		2.20%			2.36%			2.49%			2.49%			2.53%			2.59%
Ratio of net investment income to average net assets		1.06%			1.19%			1.16%			1.19%			0.61%			0.65%
Ratio of net investment income to average net assets prior to fees waived		0.31%			0.52%			1.07%			1.10%			0.48%			0.46%
Portfolio turnover		40%			126%			70%			50%			95%			91%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

74

Optimum International Fund Class C

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	12.290		$	10.760		$	10.230		$	10.950		$	10.100		$	6.890
Income (loss) from investment operations:
Net investment income2		0.019			0.061			0.116			0.122			0.061			0.064
Net realized and unrealized gain (loss)		(0.539	)		1.512			0.606			(0.773	)		0.885			3.294
Total from investment operations		(0.520	)		1.573			0.722			(0.651	)		0.946			3.358
Less dividends and distributions from:
Net investment income		—			(0.043	)		(0.192	)		(0.069	)		(0.096	)		(0.148	)
Total dividends and distributions		—			(0.043	)		(0.192	)		(0.069	)		(0.096	)		(0.148	)
Net asset value, end of period	$	11.770		$	12.290		$	10.760		$	10.230		$	10.950		$	10.100
Total return3		(4.23%	)		14.56%			7.37%			(5.94%	)		9.59%			49.20%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,736		$	37,893		$	32,064		$	32,995		$	39,762		$	43,260
Ratio of expenses to average net assets		2.20%			2.36%			2.40%			2.40%			2.40%			2.40%
Ratio of expenses to average net assets prior to fees waived		2.20%			2.36%			2.49%			2.49%			2.53%			2.59%
Ratio of net investment income to average net assets		0.31%			0.52%			1.16%			1.19%			0.61%			0.65%
Ratio of net investment income to average net assets prior to fees waived		0.31%			0.52%			1.07%			1.10%			0.48%			0.46%
Portfolio turnover		40%			126%			70%			50%			95%			91%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during some of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             75

Financial Highlights

Optimum International Fund Institutional Class

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	12.660		$	11.050		$	10.490		$	11.300		$	10.430		$	7.050
Income (loss) from investment operations:
Net investment income2		0.083			0.182			0.223			0.229			0.168			0.157
Net realized and unrealized gain (loss)		(0.556	)		1.551			0.627			(0.793	)		0.887			3.393
Total from investment operations		(0.473	)		1.733			0.850			(0.564	)		1.055			3.550
Less dividends and distributions from:
Net investment income		(0.047	)		(0.123	)		(0.290	)		(0.246	)		(0.185	)		(0.170	)
Total dividends and distributions		(0.047	)		(0.123	)		(0.290	)		(0.246	)		(0.185	)		(0.170	)
Net asset value, end of period	$	12.140		$	12.660		$	11.050		$	10.490		$	11.300		$	10.430
Total return3		(3.76%	)		15.79%			8.41%			(4.93%	)		10.55%			50.88%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	622,850		$	589,098		$	426,258		$	252,539		$	226,512		$	146,156
Ratio of expenses to average net assets		1.20%			1.36%			1.40%			1.40%			1.40%			1.40%
Ratio of expenses to average net assets prior to fees waived		1.20%			1.36%			1.49%			1.49%			1.53%			1.59%
Ratio of net investment income to average net assets		1.31%			1.52%			2.16%			2.19%			1.61%			1.65%
Ratio of net investment income to average net assets prior to fees waived		1.31%			1.52%			2.07%			2.10%			1.48%			1.46%
Portfolio turnover		40%			126%			70%			50%			95%			91%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during some of the periods reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

76

Optimum Large Cap Growth Fund Class A

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

	Six months ended			Year ended
	9/30/141			3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	16.390		$	14.530		$	13.480		$	12.430		$	10.640		$	6.990
Income (loss) from investment operations:
Net investment income (loss)2		(0.036	)		(0.099	)		0.014			(0.040	)		(0.062	)		(0.025	)
Net realized and unrealized gain		1.088			3.631			1.042			1.090			1.852			3.675
Total from investment operations		1.052			3.532			1.056			1.050			1.790			3.650
Less dividends and distributions from:
Net investment income		—			—			(0.006	)		—			—			—
Net realized gain		(0.902	)		(1.672	)		—			—			—			—
Total dividends and distributions		(0.902	)		(1.672	)		(0.006	)		—			—			—
Net asset value, end of period	$	16.540		$	16.390		$	14.530		$	13.480		$	12.430		$	10.640
Total return3		6.64%			25.17%			7.76%			8.45%			16.82%			52.22%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	39,903		$	39,044		$	34,182		$	34,170		$	35,359		$	36,288
Ratio of expenses to average net assets		1.38%			1.54%			1.60%			1.61%			1.61%			1.61%
Ratio of expenses to average net assets prior to fees waived		1.38%			1.55%			1.63%			1.64%			1.64%			1.66%
Ratio of net investment income (loss) to average net assets		(0.44%	)		(0.62%	)		0.10%			(0.34%	)		(0.57%	)		(0.28%	)
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.44%	)		(0.63%	)		0.07%			(0.37%	)		(0.60%	)		(0.33%	)
Portfolio turnover		40%			98%			102%			89%			117%			145%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             77

Financial Highlights

Optimum Large Cap Growth Fund Class B

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

	Six months ended 9/30/141
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
	(Unaudited)
Net asset value, beginning of period	$	15.210		$	13.630		$	12.730		$	11.820		$	10.180		$	6.730
Income (loss) from investment operations:
Net investment loss2		(0.033	)		(0.154	)		(0.068	)		(0.112	)		(0.127	)		(0.081	)
Net realized and unrealized gain		1.015			3.406			0.968			1.022			1.767			3.531
Total from investment operations		0.982			3.252			0.900			0.910			1.640			3.450
Less dividends and distributions from:
Net realized gain		(0.902	)		(1.672	)		—			—			—			—
Total dividends and distributions		(0.902	)		(1.672	)		—			—			—			—
Net asset value, end of period	$	15.290		$	15.210		$	13.630		$	12.730		$	11.820		$	10.180
Total return3		6.69%			24.67%			7.07%			7.70%			16.11%			51.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	294		$	686		$	1,447		$	3,628		$	5,381		$	6,135
Ratio of expenses to average net assets		1.38%			1.97%			2.25%			2.26%			2.26%			2.26%
Ratio of expenses to average net assets prior to fees waived		2.13%			2.23%			2.28%			2.29%			2.29%			2.31%
Ratio of net investment loss to average net assets		(0.44%	)		(1.05%	)		(0.55%	)		(0.99%	)		(1.22%	)		(0.93%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.19%	)		(1.31%	)		(0.58%	)		(1.02%	)		(1.25%	)		(0.98%	)
Portfolio turnover		40%			98%			102%			89%			117%			145%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

78

Optimum Large Cap Growth Fund Class C

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.160		$	13.630		$	12.720		$	11.820		$	10.180		$	6.730
Income (loss) from investment operations:
Net investment loss2		(0.090	)		(0.192	)		(0.069	)		(0.112	)		(0.127	)		(0.081	)
Net realized and unrealized gain		1.012			3.394			0.979			1.012			1.767			3.531
Total from investment operations		0.922			3.202			0.910			0.900			1.640			3.450
Less dividends and distributions from:
Net realized gain		(0.902	)		(1.672	)		—			—			—			—
Total dividends and distributions		(0.902	)		(1.672	)		—			—			—			—
Net asset value, end of period	$	15.180		$	15.160		$	13.630		$	12.720		$	11.820		$	10.180
Total return3		6.31%			24.27%			7.15%			7.61%			16.11%			51.26%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	131,707		$	127,540		$	115,242		$	120,183		$	128,256		$	132,242
Ratio of expenses to average net assets		2.13%			2.22%			2.25%			2.26%			2.26%			2.26%
Ratio of expenses to average net assets prior to fees waived		2.13%			2.23%			2.28%			2.29%			2.29%			2.31%
Ratio of net investment loss to average net assets		(1.19%	)		(1.30%	)		(0.55%	)		(0.99%	)		(1.22%	)		(0.93%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.19%	)		(1.31%	)		(0.58%	)		(1.02%	)		(1.25%	)		(0.98%	)
Portfolio turnover		40%			98%			102%			89%			117%			145%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             79

Financial Highlights

Optimum Large Cap Growth Fund Institutional Class

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	17.000		$	14.970		$	13.880		$	12.760		$	10.880		$	7.130
Income (loss) from investment operations:
Net investment income (loss)2		(0.016	)		(0.049	)		0.062			0.002			(0.025	)		0.007
Net realized and unrealized gain		1.138			3.754			1.068			1.118			1.905			3.758
Total from investment operations		1.122			3.705			1.130			1.120			1.880			3.765
Less dividends and distributions from:
Net investment income		—			(0.003	)		(0.040	)		—			—			(0.015	)
Net realized gain		(0.902	)		(1.672	)		—			—			—			—
Total dividends and distributions		(0.902	)		(1.675	)		(0.040	)		—			—			(0.015	)
Net asset value, end of period	$	17.220		$	17.000		$	14.970		$	13.880		$	12.760		$	10.880
Total return3		6.82%			25.51%			8.25%			8.78%			17.28%			52.87%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,175,462		$	1,026,377		$	728,104		$	650,869		$	587,141		$	532,282
Ratio of expenses to average net assets		1.13%			1.22%			1.25%			1.26%			1.26%			1.26%
Ratio of expenses to average net assets prior to fees waived		1.13%			1.23%			1.28%			1.29%			1.29%			1.31%
Ratio of net investment income (loss) to average net assets		(0.19%	)		(0.30%	)		0.45%			0.01%			(0.22%	)		0.07%
Ratio of net investment income (loss) to average net assets prior to fees waived		(0.19%	)		(0.31%	)		0.42%			(0.02%	)		(0.25%	)		0.02%
Portfolio turnover		40%			98%			102%			89%			117%			145%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

80

Optimum Large Cap Value Fund Class A

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.360		$	12.900		$	11.750		$	11.060		$	9.830		$	6.710
Income from investment operations:
Net investment income2		0.066			0.157			0.173			0.133			0.075			0.118
Net realized and unrealized gain		0.324			2.399			1.259			0.635			1.274			3.181
Total from investment operations		0.390			2.556			1.432			0.768			1.349			3.299
Less dividends and distributions from:
Net investment income		(0.070	)		(0.096	)		(0.282	)		(0.078	)		(0.119	)		(0.179	)
Total dividends and distributions		(0.070	)		(0.096	)		(0.282	)		(0.078	)		(0.119	)		(0.179	)
Net asset value, end of period	$	15.680		$	15.360		$	12.900		$	11.750		$	11.060		$	9.830
Total return3		2.54%			19.96%			12.48%			7.01%			14.00%			49.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	36,924		$	37,299		$	32,995		$	31,478		$	33,892		$	34,167
Ratio of expenses to average net assets		1.33%			1.50%			1.57%			1.57%			1.59%			1.58%
Ratio of expenses to average net assets prior to fees waived		1.33%			1.51%			1.59%			1.60%			1.61%			1.62%
Ratio of net investment income to average net assets		0.84%			1.12%			1.48%			1.25%			0.77%			1.38%
Ratio of net investment income to average net assets prior to fees waived		0.84%			1.11%			1.46%			1.22%			0.75%			1.34%
Portfolio turnover		19%			37%			49%			57%			82%			28%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             81

Financial Highlights

Optimum Large Cap Value Fund Class B

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.260		$	12.790		$	11.600		$	10.930		$	9.720		$	6.630
Income from investment operations:
Net investment income2		0.065			0.093			0.095			0.063			0.012			0.063
Net realized and unrealized gain		0.315			2.403			1.255			0.622			1.262			3.147
Total from investment operations		0.380			2.496			1.350			0.685			1.274			3.210
Less dividends and distributions from:
Net investment income		(0.070	)		(0.026	)		(0.160	)		(0.015	)		(0.064	)		(0.120	)
Total dividends and distributions		(0.070	)		(0.026	)		(0.160	)		(0.015	)		(0.064	)		(0.120	)
Net asset value, end of period	$	15.570		$	15.260		$	12.790		$	11.600		$	10.930		$	9.720
Total return3		2.49%			19.53%			11.84%			6.28%			13.25%			48.92%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	270		$	649		$	1,425		$	3,478		$	5,135		$	5,943
Ratio of expenses to average net assets		1.33%			1.94%			2.22%			2.22%			2.24%			2.23%
Ratio of expenses to average net assets prior to fees waived		2.08%			2.19%			2.24%			2.25%			2.26%			2.27%
Ratio of net investment income to average net assets		0.84%			0.68%			0.83%			0.60%			0.12%			0.73%
Ratio of net investment income to average net assets prior to fees waived		0.09%			0.43%			0.81%			0.57%			0.10%			0.69%
Portfolio turnover		19%			37%			49%			57%			82%			28%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

82

Optimum Large Cap Value Fund Class C

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.220		$	12.780		$	11.590		$	10.930		$	9.710		$	6.630
Income from investment operations:
Net investment income2		0.007			0.061			0.096			0.063			0.012			0.063
Net realized and unrealized gain		0.315			2.389			1.254			0.612			1.272			3.137
Total from investment operations		0.322			2.450			1.350			0.675			1.284			3.200
Less dividends and distributions from:
Net investment income		(0.042	)		(0.010	)		(0.160	)		(0.015	)		(0.064	)		(0.120	)
Total dividends and distributions		(0.042	)		(0.010	)		(0.160	)		(0.015	)		(0.064	)		(0.120	)
Net asset value, end of period	$	15.500		$	15.220		$	12.780		$	11.590		$	10.930		$	9.710
Total return3		2.12%			19.17%			11.85%			6.19%			13.37%			48.76%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	123,565		$	123,541		$	111,806		$	111,557		$	119,899		$	125,961
Ratio of expenses to average net assets		2.08%			2.18%			2.22%			2.22%			2.24%			2.23%
Ratio of expenses to average net assets prior to fees waived		2.08%			2.19%			2.24%			2.25%			2.26%			2.27%
Ratio of net investment income to average net assets		0.09%			0.44%			0.83%			0.60%			0.12%			0.73%
Ratio of net investment income to average net assets prior to fees waived		0.09%			0.43%			0.81%			0.57%			0.10%			0.69%
Portfolio turnover		19%			37%			49%			57%			82%			28%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             83

Financial Highlights

Optimum Large Cap Value Fund Institutional Class

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.390		$	12.920		$	11.800		$	11.110		$	9.870		$	6.740
Income from investment operations:
Net investment income2		0.085			0.203			0.214			0.171			0.110			0.148
Net realized and unrealized gain		0.324			2.410			1.255			0.631			1.279			3.193
Total from investment operations		0.409			2.613			1.469			0.802			1.389			3.341
Less dividends and distributions from:
Net investment income		(0.079	)		(0.143	)		(0.349	)		(0.112	)		(0.149	)		(0.211	)
Total dividends and distributions		(0.079	)		(0.143	)		(0.349	)		(0.112	)		(0.149	)		(0.211	)
Net asset value, end of period	$	15.720		$	15.390		$	12.920		$	11.800		$	11.110		$	9.870
Total return3		2.66%			20.31%			12.92%			7.32%			14.42%			50.47%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	1,114,436		$	1,002,553		$	730,785		$	617,485		$	550,313		$	480,762
Ratio of expenses to average net assets		1.08%			1.18%			1.22%			1.22%			1.24%			1.23%
Ratio of expenses to average net assets prior to fees waived		1.08%			1.19%			1.24%			1.25%			1.26%			1.27%
Ratio of net investment income to average net assets		1.09%			1.44%			1.83%			1.60%			1.12%			1.73%
Ratio of net investment income to average net assets prior to fees waived		1.09%			1.43%			1.81%			1.57%			1.10%			1.69%
Portfolio turnover		19%			37%			49%			57%			82%			28%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

84

Optimum Small-Mid Cap Growth Fund Class A

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.570		$	14.260		$	13.000		$	13.900		$	11.150		$	6.760
Income (loss) from investment operations:
Net investment loss2		(0.088	)		(0.193	)		(0.079	)		(0.169	)		(0.149	)		(0.123	)
Net realized and unrealized gain (loss)		(0.170	)		3.073			1.653			0.064			2.899			4.513
Total from investment operations		(0.258	)		2.880			1.574			(0.105	)		2.750			4.390
Less dividends and distributions from:
Net realized gain		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Total dividends and distributions		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Net asset value, end of period	$	14.770		$	15.570		$	14.260		$	13.000		$	13.900		$	11.150
Total return3		(1.74%	)		21.63%			12.50%			0.33%			24.66%			64.94%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	6,636		$	7,158		$	6,415		$	5,989		$	6,866		$	6,736
Ratio of expenses to average net assets		1.65%			1.76%			1.86%			1.90%			1.90%			1.90%
Ratio of expenses to average net assets prior to fees waived		1.77%			1.96%			2.05%			2.06%			2.07%			2.10%
Ratio of net investment loss to average net assets		(1.16%	)		(1.28%	)		(0.62%	)		(1.34%	)		(1.29%	)		(1.30%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.28%	)		(1.48%	)		(0.81%	)		(1.50%	)		(1.46%	)		(1.50%	)
Portfolio turnover		34%			58%			78%			82%			86%			100%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             85

Financial Highlights

Optimum Small-Mid Cap Growth Fund Class B

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	14.410		$	13.290		$	12.220		$	13.200		$	10.660		$	6.510
Income (loss) from investment operations:
Net investment loss2		(0.081	)		(0.169	)		(0.145	)		(0.238	)		(0.213	)		(0.179	)
Net realized and unrealized gain (loss)		(0.157	)		2.859			1.529			0.053			2.753			4.329
Total from investment operations		(0.238	)		2.690			1.384			(0.185	)		2.540			4.150
Less dividends and distributions from:
Net realized gain		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Total dividends and distributions		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Net asset value, end of period	$	13.630		$	14.410		$	13.290		$	12.220		$	13.200		$	10.660
Total return3		(1.74%	)		21.69%			11.82%			(0.28%	)		23.83%			63.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	49		$	123		$	261		$	661		$	1,063		$	1,143
Ratio of expenses to average net assets		1.65%			1.70%			2.47%			2.55%			2.55%			2.55%
Ratio of expenses to average net assets prior to fees waived		2.52%			2.65%			2.70%			2.71%			2.72%			2.75%
Ratio of net investment loss to average net assets		(1.16%	)		(1.22%	)		(1.23%	)		(1.99%	)		(1.94%	)		(1.95%	)
Ratio of net investment loss to average net assets prior to fees waived		(2.03%	)		(2.17%	)		(1.46%	)		(2.15%	)		(2.11%	)		(2.15%	)
Portfolio turnover		34%			58%			78%			82%			86%			100%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

86

Optimum Small-Mid Cap Growth Fund Class C

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

	Six months ended 9/30/141 (Unaudited)
				Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	14.290		$	13.280		$	12.220		$	13.200		$	10.660		$	6.510
Income (loss) from investment operations:
Net investment loss2		(0.132	)		(0.274	)		(0.151	)		(0.237	)		(0.213	)		(0.179	)
Net realized and unrealized gain (loss)		(0.166	)		2.854			1.525			0.052			2.753			4.329
Total from investment operations		(0.298	)		2.580			1.374			(0.185	)		2.540			4.150
Less dividends and distributions from:
Net realized gain		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Total dividends and distributions		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Net asset value, end of period	$	13.450		$	14.290		$	13.280		$	12.220		$	13.200		$	10.660
Total return3		(2.18%	)		20.82%			11.73%			(0.27%	)		23.83%			63.75%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	21,670		$	22,581		$	20,921		$	20,992		$	24,337		$	23,824
Ratio of expenses to average net assets		2.40%			2.45%			2.51%			2.55%			2.55%			2.55%
Ratio of expenses to average net assets prior to fees waived		2.52%			2.65%			2.70%			2.71%			2.72%			2.75%
Ratio of net investment loss to average net assets		(1.91%	)		(1.97%	)		(1.27%	)		(1.99%	)		(1.94%	)		(1.95%	)
Ratio of net investment loss to average net assets prior to fees waived		(2.03%	)		(2.17%	)		(1.46%	)		(2.15%	)		(2.11%	)		(2.15%	)
Portfolio turnover		34%			58%			78%			82%			86%			100%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             87

Financial Highlights

Optimum Small-Mid Cap Growth Fund Institutional Class

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

	Six months ended 9/30/141 (Unaudited)			Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	16.270		$	14.780		$	13.420		$	14.270		$	11.410		$	6.900
Income (loss) from investment operations:
Net investment loss2		(0.072	)		(0.152	)		(0.036	)		(0.128	)		(0.112	)		(0.091	)
Net realized and unrealized gain (loss)		(0.186	)		3.212			1.710			0.073			2.972			4.601
Total from investment operations		(0.258	)		3.060			1.674			(0.055	)		2.860			4.510
Less dividends and distributions from:
Net realized gain		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Total dividends and distributions		(0.542	)		(1.570	)		(0.314	)		(0.795	)		—			—
Net asset value, end of period	$	15.470		$	16.270		$	14.780		$	13.420		$	14.270		$	11.410
Total return3		(1.66%	)		22.03%			12.94%			0.68%			25.07%			65.36%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	466,326		$	436,823		$	321,441		$	321,641		$	304,406		$	204,843
Ratio of expenses to average net assets		1.40%			1.45%			1.51%			1.55%			1.55%			1.55%
Ratio of expenses to average net assets prior to fees waived		1.52%			1.65%			1.70%			1.71%			1.72%			1.75%
Ratio of net investment loss to average net assets		(0.91%	)		(0.97%	)		(0.27%	)		(0.99%	)		(0.94%	)		(0.95%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.03%	)		(1.17%	)		(0.46%	)		(1.15%	)		(1.11%	)		(1.15%	)
Portfolio turnover		34%			58%			78%			82%			86%			100%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

88

Optimum Small-Mid Cap Value Fund Class A

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

	Six months ended 9/30/141 (Unaudited)			Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	14.880		$	13.740		$	12.590		$	12.610		$	10.070		$	5.690
Income (loss) from investment operations:
Net investment loss2		(0.044	)		(0.092	)		(0.027	)		(0.044	)		(0.062	)		(0.027	)
Net realized and unrealized gain (loss)		(0.619	)		2.873			1.609			0.148			2.602			4.407
Total from investment operations		(0.663	)		2.781			1.582			0.104			2.540			4.380
Less dividends and distributions from:
Net realized gain		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Total dividends and distributions		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Net asset value, end of period	$	13.710		$	14.880		$	13.740		$	12.590		$	12.610		$	10.070
Total return3		(4.64%	)		21.85%			13.23%			1.01%			25.22%			76.98%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	5,495		$	6,058		$	5,711		$	5,372		$	6,102		$	5,918
Ratio of expenses to average net assets		1.63%			1.70%			1.76%			1.79%			1.81%			1.82%
Ratio of expenses to average net assets prior to fees waived		1.68%			1.86%			1.98%			1.98%			2.00%			2.13%
Ratio of net investment loss to average net assets		(0.61%	)		(0.64%	)		(0.22%	)		(0.38%	)		(0.59%	)		(0.32%	)
Ratio of net investment loss to average net assets prior to fees waived		(0.66%	)		(0.80%	)		(0.44%	)		(0.57%	)		(0.78%	)		(0.63%	)
Portfolio turnover		13%			33%			36%			30%			43%			40%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             89

Financial Highlights

Optimum Small-Mid Cap Value Fund Class B

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

	Six months ended 9/30/141 (Unaudited)			Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	13.760		$	12.810		$	11.840		$	11.940		$	9.590		$	5.460
Income (loss) from investment operations:
Net investment loss2		(0.041	)		(0.077	)		(0.094	)		(0.113	)		(0.123	)		(0.077	)
Net realized and unrealized gain (loss)		(0.572	)		2.668			1.496			0.137			2.473			4.207
Total from investment operations		(0.613	)		2.591			1.402			0.024			2.350			4.130
Less dividends and distributions from:
Net realized gain		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Total dividends and distributions		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Net asset value, end of period	$	12.640		$	13.760		$	12.810		$	11.840		$	11.940		$	9.590
Total return3		(4.65%	)		21.97%			12.53%			0.39%			24.50%			75.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	47		$	110		$	236		$	653		$	1,038		$	1,114
Ratio of expenses to average net assets		1.63%			1.65%			2.37%			2.44%			2.46%			2.47%
Ratio of expenses to average net assets prior to fees waived		2.43%			2.56%			2.63%			2.63%			2.65%			2.78%
Ratio of net investment loss to average net assets		(0.61%	)		(0.59%	)		(0.83%	)		(1.03%	)		(1.24%	)		(0.97%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.41%	)		(1.50%	)		(1.09%	)		(1.22%	)		(1.43%	)		(1.28%	)
Portfolio turnover		13%			33%			36%			30%			43%			40%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects waivers by the manager and/or distributor. Performance would have been lower had the waivers not been in effect.

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

90

Optimum Small-Mid Cap Value Fund Class C

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

	Six months ended 9/30/141 (Unaudited)			Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	13.630		$	12.800		$	11.830		$	11.930		$	9.590		$	5.460
Income (loss) from investment operations:
Net investment loss2		(0.090	)		(0.175	)		(0.100	)		(0.113	)		(0.124	)		(0.076	)
Net realized and unrealized gain (loss)		(0.563	)		2.646			1.502			0.137			2.464			4.206
Total from investment operations		(0.653	)		2.471			1.402			0.024			2.340			4.130
Less dividends and distributions from:
Net realized gain		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Total dividends and distributions		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Net asset value, end of period	$	12.470		$	13.630		$	12.800		$	11.830		$	11.930		$	9.590
Total return3		(4.99%	)		21.08%			12.45%			0.39%			24.40%			75.64%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	19,250		$	20,846		$	20,058		$	19,986		$	22,797		$	22,163
Ratio of expenses to average net assets		2.38%			2.40%			2.41%			2.44%			2.46%			2.47%
Ratio of expenses to average net assets prior to fees waived		2.43%			2.56%			2.63%			2.63%			2.65%			2.78%
Ratio of net investment loss to average net assets		(1.36%	)		(1.34%	)		(0.87%	)		(1.03%	)		(1.24%	)		(0.97%	)
Ratio of net investment loss to average net assets prior to fees waived		(1.41%	)		(1.50%	)		(1.09%	)		(1.22%	)		(1.43%	)		(1.28%	)
Portfolio turnover		13%			33%			36%			30%			43%			40%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value and does not reflect the impact of a sales charge. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

(continues)                                             91

Financial Highlights

Optimum Small-Mid Cap Value Fund Institutional Class

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

	Six months ended 9/30/141 (Unaudited)			Year ended
				3/31/14			3/31/13			3/31/12			3/31/11			3/31/10
Net asset value, beginning of period	$	15.530		$	14.230		$	12.990		$	12.960		$	10.310		$	5.820
Income (loss) from investment operations:
Net investment income (loss)2		(0.027	)		(0.050	)		0.016			(0.004	)		(0.026	)		0.002
Net realized and unrealized gain (loss)		(0.656	)		2.995			1.661			0.158			2.676			4.505
Total from investment operations		(0.683	)		2.945			1.677			0.154			2.650			4.507
Less dividends and distributions from:
Net investment income		—			(0.004	)		(0.005	)		—			—			(0.008	)
Net realized gain		(0.507	)		(1.641	)		(0.432	)		(0.124	)		—			—
Return of capital		—			—			—			—			—			(0.009	)
Total dividends and distributions		(0.507	)		(1.645	)		(0.437	)		(0.124	)		—			(0.017	)
Net asset value, end of period	$	14.340		$	15.530		$	14.230		$	12.990		$	12.960		$	10.310
Total return3		(4.57%	)		22.29%			13.56%			1.37%			25.70%			77.56%
Ratios and supplemental data:
Net assets, end of period (000 omitted)	$	455,259		$	439,417		$	318,758		$	310,737		$	274,495		$	161,862
Ratio of expenses to average net assets		1.38%			1.40%			1.41%			1.44%			1.46%			1.47%
Ratio of expenses to average net assets prior to fees waived		1.43%			1.56%			1.63%			1.63%			1.65%			1.78%
Ratio of net investment income (loss) to average net assets		(0.36%	)		(0.34%	)		0.13%			(0.03%	)		(0.24%	)		0.03%
Ratio of net investment loss to average net assets prior to fees waived		(0.41%	)		(0.50%	)		(0.09%	)		(0.22%	)		(0.43%	)		(0.28%	)
Portfolio turnover		13%			33%			36%			30%			43%			40%

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

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

³  Total investment return is based on the change in net asset value of a share during the period and assumes reinvestment of dividends and distributions at net asset value. Total investment return during all of the periods shown reflects a waiver by the manager. Performance would have been lower had the waiver not been in effect.

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

92

Notes to financial statements

Optimum Fund Trust

September 30, 2014 (Unaudited)

Optimum Fund Trust (Trust) is organized as a Delaware statutory trust and offers six series: Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund, (each, a Fund, or collectively, the Funds). The Trust is an open-end investment company. The Funds are considered diversified under the Investment Company Act of 1940, as amended, and offer Class A, Class B*, Class C, and Institutional Class shares. Class A shares are sold with a maximum front-end sales charge of 4.50% for Optimum Fixed Income Fund and 5.75% for Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund. Class A share purchases of $1,000,000 or more will incur a contingent deferred sales charge (CDSC) of 1.00% if redeemed during the first year and 0.50% during the second year, provided that Delaware Distributors, L.P. (DDLP) paid a financial advisor a commission on the purchase of those shares. Class B shares may be purchased only through dividend reinvestment and certain permitted exchanges. Prior to Aug. 1, 2007, Class B shares were sold with a CDSC that declined from 4.00% to zero depending upon the period of time the shares were held. Class B shares will automatically convert to Class A shares on a quarterly basis approximately eight years after purchase.* Class C shares are sold with a CDSC of 1.00%, if redeemed during the first 12 months. Institutional Class shares are not subject to a sales charge and are offered for sale exclusively to certain eligible investors.

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

The investment objective of Optimum International Fund is to seek long-term growth of capital. The Fund may also seek income.

The investment objective of Optimum Large Cap Growth Fund is to seek long-term growth of capital.

The investment objective of Optimum Large Cap Value Fund is to seek long-term growth of capital. The Fund may also seek income.

The investment objective of Optimum Small-Mid Cap Growth Fund is to seek long-term growth of capital.

The investment objective of Optimum Small-Mid Cap Value Fund is to seek long-term growth of capital.

*See Note 11.

1. Significant Accounting Policies

The following accounting policies are in accordance with U.S. generally accepted accounting principles (U.S. GAAP) and are consistently followed by the Funds.

Security Valuation – Equity securities and exchange-traded funds (ETFs), except those traded on the Nasdaq Stock Market, 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. Open-end 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. Other debt securities, credit default swap (CDS) contracts, interest rate swap options contracts (swaptions) and interest rate swap contracts are valued based upon valuations provided by an independent pricing service or broker/counterparty and reviewed by management. To the extent current market prices are not available, the pricing service may take into account developments related to the specific security, as well as transactions in comparable securities. Valuations for fixed income securities utilize matrix systems, which reflect such factors as security prices, yields, maturities, and ratings, and are supplemented by dealer and exchange quotations. For asset-backed securities, collateralized mortgage obligations, commercial mortgage securities, and U.S. government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. Generally, other securities and assets for which market quotations are not readily available are valued at fair value as determined in good faith under the direction of the Funds’ Board of Trustees (Board). In determining

(continues)                                             93

Notes to financial statements

Optimum Fund Trust

1. Significant Accounting Policies (continued)

whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security. Each Fund may use fair value pricing more frequently for securities traded primarily in non-U.S. markets because, among other things, most foreign markets close well before each Fund values its securities, generally as of 4:00 p.m. Eastern time. The earlier close of these foreign markets gives rise to the possibility that significant events, including broad market moves, government actions or pronouncements, aftermarket trading, or news events may have occurred in the interim. To account for this, each Fund may frequently value foreign securities using fair value prices based on third-party vendor modeling tools (international fair value pricing).

Federal and Foreign Income Taxes — No provision for federal income taxes has been made as each Fund intends to continue to qualify for federal income tax purposes as a regulated investment company under Subchapter M of the Internal Revenue Code of 1986, as amended, and make the requisite distributions to shareholders. The Funds evaluate tax positions taken or expected to be taken in the course of preparing each Fund’s tax returns to determine whether the tax positions are “more-likely-than-not” of being sustained by the applicable tax authority. Tax positions not deemed to meet the “more-likely-than-not” threshold are recorded as a tax benefit or expense in the current year. Management has analyzed each Fund’s tax positions taken for all open federal income tax years (March 31, 2011–March 31, 2014) and has concluded that no provision for federal income tax is required in the Funds’ financial statements. In regard to foreign taxes only, each Fund has open tax years in certain foreign countries it invests in that may date back to the inception of each Fund.

Class Accounting — Investment income, common expenses, and realized and unrealized gain (loss) on investments are allocated to the various classes of the Funds on the basis of daily net assets of each class. Distribution expenses relating to a specific class are charged directly to that class.

Repurchase Agreements — Each Fund may purchase certain U.S. government securities subject to the counterparty’s agreement to repurchase them at an agreed upon date and price. The counterparty will be required on a daily basis to maintain the value of the collateral subject to the agreement at not less than the repurchase price (including accrued interest). The agreements are conditioned upon the collateral being deposited under the Federal Reserve book-entry system with each Fund’s custodian or a third-party sub-custodian. In the event of default or bankruptcy by the other party to the agreement, retention of the collateral may be subject to legal proceedings. All open repurchase agreements as of the date of this report were entered into on Sept. 30, 2014.

Reverse Repurchase Agreements – Optimum Fixed Income Fund may enter into reverse repurchase agreements. In a reverse repurchase agreement, the Fund sells securities to a bank or broker/dealer and agrees to repurchase the securities at an agreed upon date and price. The Fund will maintain in a segregated account, cash, cash equivalents, or U.S. government securities in an amount sufficient to cover its obligations under reverse repurchase agreements with broker/dealers (but no collateral is required on reverse repurchase agreements with banks). The Fund will subject its investments in reverse repurchase agreements to the borrowing provisions set forth in the 1940 Act. The use of reverse repurchase agreements by the Fund creates leverage, which increases the Fund’s investment risk. If the income and gains on securities purchased with the proceeds of reverse repurchase agreements exceed the costs of the agreements, the Fund’s earnings or NAV will increase faster than otherwise would be the case; conversely, if the income and gains fail to exceed the costs, earnings or NAV would decline faster than otherwise would be the case. At Sept. 30, 2014, there were no open reverse repurchase agreements in the Fund.

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

Foreign Currency Transactions — Transactions denominated in foreign currencies are recorded at the prevailing exchange rates on the valuation date in accordance with the Funds’ prospectus. The value of all assets and liabilities denominated in foreign currencies is translated daily into U.S. dollars at the exchange rate of such currencies against the U.S. dollar. Transaction gains or losses resulting from changes in exchange rates during the reporting period or upon settlement of the foreign currency transaction are reported in operations for the current period. The Funds generally bifurcate that portion of realized gains and losses on investments in debt securities which is due to changes in foreign exchange rates from that which is due to changes in market prices of debt securities. That portion of gains (losses) is included on the “Statements of operations” under “Net realized gain (loss) on foreign currencies.” For foreign equity securities, these changes are included in

94

net realized and unrealized gain or loss on investments. The Funds report certain foreign currency related transactions as components of realized gains (losses) for financial reporting purposes, whereas such components are treated as ordinary income (loss) for federal income tax purposes.

Use of Estimates — The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the fair value of investments, the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates and the differences could be material.

Other — Expenses directly attributable to a Fund are charged directly to that Fund. Other expenses common to various funds within the Trust are generally allocated among such funds on the basis of average net assets. Management fees and some other expenses are paid monthly. Security transactions are recorded on the date the securities are purchased or sold (trade date) for financial reporting purposes. Costs used in calculating realized gains and losses on the sale of investment securities are those of the specific securities sold. Dividend income is recorded on the ex-dividend date and interest income is recorded on the accrual basis. Discounts and premiums on debt securities are amortized to interest income over the lives of the respective securities using the effective interest method. Realized gains (losses) on paydowns of asset- and mortgage-backed securities are classified as interest income. Distributions received from investments in real estate investment trusts (REITs) are recorded as dividend income on the ex-dividend date, subject to reclassification upon notice of the character of such distributions by the issuer. Foreign dividends are also recorded on the ex-dividend date or as soon after the ex-dividend date that the Funds are aware of such dividends, net of all tax withholdings, a portion of which may be reclaimable. Withholding taxes and reclaims on foreign dividends and interest have been recorded in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. Each Fund may pay foreign capital gains taxes on certain foreign securities held, which are reported as components of realized losses for financial reporting purposes, whereas such components are treated as ordinary loss for federal income tax purposes. Each Fund declares and pays distributions from net investment income and net realized gain on investments, if any, at least annually. The Funds may distribute more frequently, if necessary for tax purposes. Dividends and distributions, if any, are recorded on the ex-dividend date.

Each Fund may receive earnings credits from its custodian when positive cash balances are maintained, which may be used to offset custody fees. There were no earnings credits for the six months ended Sept. 30, 2014.

Each Fund receives earnings credits from its transfer agent when positive cash balances are maintained, which may be used to offset transfer agent fees. If the amount earned is greater than one dollar, the expense paid under this arrangement is included on the “Statements of operations” under “Dividend disbursing and transfer agent fees and expenses” with the corresponding expense offset shown under “Less expense paid indirectly.” For the six months ended Sept. 30, 2014, each Fund earned the following amounts under this agreement:

Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
$198	$197	$210	$210	$208	$210

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

Delaware Management Company (DMC), a series of Delaware Management Business Trust, furnishes investment management services to each Fund and has full discretion and responsibility, subject to the overall supervision of the Trust’s Board, to select and contract with one or more investment sub-advisors to manage the investment operations and composition of each Fund, and to render investment advice for each Fund, including the purchase, retention, and dispositions of investments, securities, and cash contained in each Fund. The investment management agreement obligates DMC to implement decisions with respect to the allocation or reallocation of each Fund’s assets among one or more current or additional sub-advisors, and to monitor the sub-advisors’ compliance with the relevant Fund’s investment objective, policies and restrictions. DMC pays the sub-advisors out of its fees.

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

(continues)                                             95

Notes to financial statements

Optimum Fund Trust

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

Optimum Fixed Income Fund	0.7000% of net assets up to $25 million
	0.6500% of net assets from $25 million to $100 million
	0.6000% of net assets from $100 million to $500 million
	0.5500% of net assets from $500 million to $1 billion
	0.5000% of net assets from $1 billion to $2.5 billion
	0.4750% of net assets over $2.5 billion
Optimum International Fund	0.8750% of net assets up to $50 million
	0.8000% of net assets from $50 million to $100 million
	0.7800% of net assets from $100 million to $300 million
	0.7650% of net assets from $300 million to $400 million
	0.7300% of net assets over $400 million
Optimum Large Cap Growth Fund	0.8000% of net assets up to $250 million
	0.7875% of net assets from $250 million to $300 million
	0.7625% of net assets from $300 million to $400 million
	0.7375% of net assets from $400 million to $500 million
	0.7250% of net assets from $500 million to $1 billion
	0.7100% of net assets from $1 billion to $1.5 billion
	0.7000% of net assets over $1.5 billion
Optimum Large Cap Value Fund	0.8000% of net assets up to $100 million
	0.7375% of net assets from $100 million to $250 million
	0.7125% of net assets from $250 million to $500 million
	0.6875% of net assets from $500 million to $1 billion
	0.6675% of net assets from $1 billion to $1.5 billion
	0.6475% of net assets over $1.5 billion
Optimum Small-Mid Cap Growth Fund	1.1000% of net assets
Optimum Small-Mid Cap Value Fund	1.0500% of net assets up to $75 million
	1.0250% of net assets from $75 million to $150 million
	1.0000% of net assets over $150 million

DMC has entered into sub-advisory agreements for the Trust as follows: Optimum Fixed Income Fund – Pacific Investment Management Company, LLC (PIMCO); Optimum International Fund – BlackRock Advisors, LLC (BlackRock) and EARNEST Partners, LLC (EARNEST); Optimum Large Cap Growth Fund – T. Rowe Price Associates, Inc. (T. Rowe Price), and Fred Alger Management, Inc. (Alger); Optimum Large Cap Value Fund – Massachusetts Financial Services Company (MFS) and Herndon Capital Management, LLC (Herndon); Optimum Small-Mid Cap Growth Fund – Columbia Wanger Asset Management, LLC (Columbia WAM) and Wellington Management Company, LLP (Wellington Management); Optimum Small-Mid Cap Value Fund – The Killen Group, Inc. (Killen), Westwood Management Corp. (Westwood) and The Delafield Group, a division of Tocqueville Asset Management L.P. (Tocqueville).

For the six months ended Sept. 30, 2014, DMC paid the following sub-advisory fees:

Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
$1,102,789	$1,313,402	$2,324,685	$1,805,214	$1,762,044	$1,433,116

DMC has contractually agreed to waive that portion, if any, of its management fee and reimburse each Fund to the extent necessary to ensure that total annual fund operating expenses (excluding any 12b-1 fees, acquired fund fees and expenses, taxes, interest, short sale and dividend interest expenses, brokerage fees, certain insurance costs and nonroutine expenses or costs, including, but not limited to, those relating to reorganizations, litigation, conducting shareholder meetings, and liquidations (collectively, nonroutine expenses)) do not exceed the following

96

percentages of each Fund’s average daily net assets from April 1, 2014 through July 29, 2015.* For purposes of these waivers and reimbursements, nonroutine expenses may also include such additional costs and expenses as may be agreed upon from time to time by the Funds’ Board and DMC. These waivers and reimbursements may be terminated only by agreement of DMC and the Funds.

	Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
Operating expense limitation as a percentage of average daily net assets (per annum)	0.95%	1.25%	1.12%	1.08%	1.36%	1.35%

Delaware Service Company, Inc. (DSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Trust. For these services, the Trust pays DSC fees based on the aggregate daily net assets of the Trust at the following annual rate: 0.0075% of the first $3 billion; 0.0070% of the next $2 billion; 0.0065% of the next $2.5 billion; 0.0055% of the next $2.5 billion; and 0.0050% of aggregate average daily net assets in excess of $10 billion. The fees payable to DSC under the service agreement described above are allocated among all Funds in the Trust on a relative net asset value basis. For the six months ended Sept. 30, 2014, each Fund was charged for these services as follows:

Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
$65,632	$24,014	$45,867	$44,364	$17,372	$17,404

DSC also provides the Trust with administrative services including financial and tax reporting, corporate governance, and preparation of materials and reports for the Board. For administrative services, each Fund pays DSC a fee at an annual rate (plus out-of-pocket expenses) of 0.120% of assets up to $500 million of the Funds’ average daily net assets; 0.095% of assets from $500 million to $1 billion; and 0.070% of assets over $1 billion.

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

DDLP, an affiliate of DMC, serves as the national distributor of each Fund’s shares pursuant to a Distribution Agreement. Pursuant to the Distribution Agreement and Rule 12b-1 plan, each Fund pays DDLP an annual distribution and service fee of 0.25% of the average daily net assets of the Class A shares and 1.00% of the average daily net assets of the Class B and Class C shares. Institutional Class shares pay no distribution expenses. DDLP has contractually agreed to waive Class B shares’ 12b-1 fees from April 1, 2014 through July 29, 2015** to 0.25% of average daily net assets for all Funds.

* The contractual waiver period is from July 29, 2014 through July 29, 2015. Prior to July 28, 2014, the contractual waiver for Optimum Fixed Income Fund, Optimum International Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund was 1.00%, 1.40%, 1.25%, 1.20%, 1.43%, and 1.40%, respectively.

**The contractual waiver periods are from July 29, 2014 through July 29, 2015.

For the six months ended Sept. 30, 2014, DDLP earned commissions on sales of Class A shares for each Fund as follows:

Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
$17,557	$3,549	$12,253	$11,906	$2,108	$1,727

(continues)                                             97

Notes to financial statements

Optimum Fund Trust

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

For the six months ended Sept. 30, 2014, DDLP received gross CDSC commissions on redemptions of each Fund’s Class C shares, respectively, and these commissions were entirely used to offset upfront commissions previously paid by DDLP to broker/dealers on sales of those shares. The amounts received were as follows:

	Optimum Fixed Income Fund	Optimum International Fund	Optimum Large Cap Growth Fund	Optimum Large Cap Value Fund	Optimum Small-Mid Cap Growth Fund	Optimum Small-Mid Cap Value Fund
Class C	$12	$93	$31	$31	$5	$5

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

3. Investments

For the six months ended Sept. 30, 2014, the Funds made purchases and sales of investments securities other than short-term investments as follows:

	Optimum Fixed Income Fund			Optimum International Fund			Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund			Optimum Small-Mid Cap Value Fund
Purchases other than U.S. government securities		$	1,074,288,649		$	314,891,490		$	562,914,520		$	311,881,076		$	185,552,261		$	78,728,984
Purchases of U.S. government securities			4,328,627,913			—			—			—			—			—
Sales other than U.S. government securities			984,043,439			261,308,879			503,407,798			223,090,032			156,998,722			54,326,543
Sales of U.S. government securities			4,202,001,525			—			—			—			—			—

At Sept. 30, 2014, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Sept. 30, 2014, the cost of investments and unrealized appreciation (depreciation) for each Fund were as follows:

	Optimum Fixed Income Fund				Optimum International Fund				Optimum Large Cap Growth Fund				Optimum Large Cap Value Fund				Optimum Small-Mid Cap Growth Fund				Optimum Small-Mid Cap Value Fund
Cost of investments		$	2,058,161,980			$	705,885,148			$	1,115,044,693			$	984,862,663			$	406,350,260			$	405,176,802
Aggregate unrealized appreciation		$	45,781,065			$	59,060,180			$	249,578,572			$	312,167,449			$	103,403,926			$	93,712,973
Aggregate unrealized depreciation			(30,333,245	)			(45,540,326	)			(15,744,793	)			(21,368,858	)			(14,641,421	)			(16,837,972	)
Net unrealized appreciation		$	15,447,820			$	13,519,854			$	233,833,779			$	290,798,591			$	88,762,505			$	76,875,001

98

For federal income tax purposes, capital loss carryforwards may be carried forward and applied against future capital gains. At March 31, 2014, Optimum Large Cap Growth, Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund did not have any capital loss carryforwards outstanding. Capital loss carryforwards remaining at March 31, 2014 will expire as follows:

Year of Expiration	Optimum International Fund		Optimum Large Cap Value Fund
3/31/18		$14,704,841		$57,884,661

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

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

Optimum Fixed Income Fund

Loss carryforward character

Short-term

$20,553,369

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

Level 1	–	Inputs are quoted prices in active markets for identical investments. (Examples: equity securities, open-end investment companies, futures contracts, exchange-traded options contracts)
Level 2	–	Other observable inputs, including, but not limited to: quoted prices for similar assets or liabilities in markets that are active, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the assets or liabilities (such as interest rates, yield curves, volatilities, prepayment speeds, loss severities, credit risks, and default rates) or other market-corroborated inputs. (Examples: debt securities, government securities, swap contracts, foreign currency exchange contracts, foreign securities utilizing international fair value pricing, broker-quoted securities, fair valued securities)
Level 3	–	Significant unobservable inputs, including each Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

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

(continues)                                             99

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

The following tables summarize the valuation of each Fund’s investments by fair value hierarchy levels as of Sept. 30, 2014:

	Optimum Fixed Income Fund
		Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset- & Mortgage-Backed Securities1	$	—		$	441,045,631		$	5,093,117	$	446,138,748
Corporate Debt		—			748,385,293			—		748,385,293
Foreign Debt		—			153,881,221			—		153,881,221
Municipal Bonds		—			12,665,775			—		12,665,775
Senior Secured Loans		—			107,565,259			1,850,000		109,415,259
Common Stock		—			—			—		—
Convertible Preferred Stock1		3,168,157			1,912,234			—		5,080,391
Preferred Stock1		2,719,660			5,633,250			—		8,352,910
U.S. Treasury Obligations		—			399,462,211			—		399,462,211
Short-Term Investments		—			192,384,316			—		192,384,316
Options Purchased		1,488			—			—		1,488
Liabilities:
Security Sold Short		—			(2,157,812	)		—		(2,157,812	)
Total	$	5,889,305		$	2,060,777,378		$	6,943,117	$	2,073,609,800
Foreign Currency Exchange Contracts	$	—		$	7,823,499		$	—	$	7,823,499
Futures Contracts		(992,087	)		—			—		(992,087	)
Swap Contracts		—			(639,889	)		—		(639,889	)
Options Written		(213	)		(825,852	)		—		(826,065	)

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

	Optimum Fixed Income Fund
	Level 1	Level 2	Level 3	Total
Agency, Asset & Mortgage-Backed Securities	—	98.86%	1.14%	100.00%
Convertible Preferred Stock	62.36%	37.64%	—	100.00%
Preferred Stock	32.56%	67.44%	—	100.00%

100

	Optimum International Fund
		Level 1		Level 2		Level 3		Total
Common Stock
Argentina		2,156,517		—		—		2,156,517
Australia	$	5,383,928	$	—	$	—	$	5,383,928
Austria		14,025,856		—		—		14,025,856
Belgium		7,588,509		—		—		7,588,509
Bermuda		9,468,836		—		—		9,468,836
Brazil		10,372,901		—		—		10,372,901
British Virgin Islands		1,924,832		—		—		1,924,832
Canada		19,680,773		—		—		19,680,773
China/Hong Kong		61,613,609		—		—		61,613,609
Colombia		4,651,777		—		—		4,651,777
Czech Republic		4,037,364		—		—		4,037,364
Denmark		3,469,106		—		—		3,469,106
France		31,072,515		—		—		31,072,515
Germany		10,431,028		—		—		10,431,028
Greece		2,008,030		—		—		2,008,030
India		24,187,588		—		—		24,187,588
Indonesia		6,242,633		—		—		6,242,633
Ireland		41,134,418		—		—		41,134,418
Israel		3,746,375		—		—		3,746,375
Italy		8,129,362		—		—		8,129,362
Japan		69,558,177		—		—		69,558,177
Mexico		3,546,202		—		—		3,546,202
Netherlands		25,704,742		—		—		25,704,742
New Zealand		951,019		1,679,586		—		2,630,605
Nigeria		3,104,984		—		—		3,104,984
Norway		30,053,611		—		—		30,053,611
Panama		1,931,220		—		—		1,931,220
Peru		1,702,629		—		—		1,702,629
Republic of Korea		18,834,724		—		—		18,834,724
Singapore		9,607,667		—		—		9,607,667
South Africa		3,166,199		—		—		3,166,199
Spain		17,039,366		—		—		17,039,366
Sweden		11,260,265		—		—		11,260,265
Switzerland		59,500,636		—		—		59,500,636
Taiwan		12,757,805		—		—		12,757,805
Turkey		9,272,009		—		—		9,272,009
United Kingdom		75,800,011		—		1,576,828		77,376,839
United States		17,880,000		—		920,463		18,800,463
Exchange-Traded Fund		2,883,124		—		—		2,883,124
Preferred Stock		3,545,054		—		—		3,545,054
Warrant		90,531		—		—		90,531
Short-Term Investments		—		8,998,250		—		8,998,250
Securities Lending Collateral		—		56,713,943		—		56,713,943
Total	$	649,515,932	$	67,391,779	$	2,497,291	$	719,405,002
Foreign Currency Exchange Contracts	$	—	$	923,652	$	—	$	923,652

(continues)                                             101

Notes to financial statements

Optimum Fund Trust

3. Investments (continued)

	Optimum Large Cap Growth Fund
	Level 1		Level 2			Level 3		Total
Common Stock		1,308,188,510		—			—		1,308,188,510
Convertible Preferred Stock		—		—			901,427		901,427
Short-Term Investments		—		39,788,535			—		39,788,535
Total	$	1,308,188,510	$	39,788,535		$	901,427	$	1,348,878,472
Foreign Currency Exchange Contract	$	—	$	536		$	—	$	536
	Optimum Large Cap Value Fund
	Level 1		Level 2			Total
Common Stock	$	1,235,333,711	$	—		$	1,235,333,711
Convertible Preferred Stock		440,497		—			440,497
Short-Term Investments		—		39,887,047			39,887,047
Total	$	1,235,774,208	$	39,887,047		$	1,275,661,255
	Optimum Small-Mid Cap Growth Fund
	Level 1		Level 2			Level 3		Total
Common Stock
Consumer Discretionary	$	71,550,416	$	—		$	—	$	71,550,416
Consumer Staples		13,221,988		—			—		13,221,988
Energy		21,877,019		—			—		21,877,019
Financials		55,519,713		—			—		55,519,713
Healthcare		71,972,242		—			—		71,972,242
Industrials		118,206,861		—			—		118,206,861
Information Technology		92,104,889		—			129,669		92,234,558
Materials		13,775,338		—			—		13,775,338
Telecommunication Services		7,066,872		—			—		7,066,872
Convertible Preferred Stock1		—		6,600,292			2,094,427		8,694,719
Preferred Stock		—		—			2,310,711		2,310,711
Short-Term Investments		—		18,682,328			—		18,682,328
Total	$	465,295,338	$	25,282,620		$	4,534,807	$	495,112,765
Foreign Currency Exchange Contracts	$	—	$	(34	)	$	—	$	(34	)

¹Security type is valued across multiple levels. The amounts attributed to Level 2 investments and Level 3 investments represent 75.91% and 24.09%, respectively, of the total market value of this security type. Level 2 investments represent investments with observable inputs or matrix-priced investments while Level 3 investments represent investments without observable inputs.

			Optimum Small-Mid Cap Value Fund
	Level 1		Level 2		Total
Common Stock	$	428,568,552	$	—	$	428,568,552
Short-Term Investments		—		53,483,251		53,483,251
Total	$	428,568,552	$	53,483,251	$	482,051,803

The securities that have been deemed worthless on the “Schedules of investments” are considered to be Level 3 investments in these tables.

During the six months ended Sept. 30, 2014, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Funds. This does not include transfers between Level 1 investments and Level 2 investments due to the

102

Funds utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in each Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Funds’ 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. Each Fund’s policy is to recognize transfers at the beginning of the period.

A reconciliation of Level 3 investments is presented when each Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to each Fund’s net assets. 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 each Fund’s net assets at the end of the period.

4. Capital Shares

Transactions in capital shares were as follows:

	Optimum Fixed Income Fund						Optimum International Fund						Optimum Large Cap Growth Fund
	Six months ended 9/30/14			Year ended 3/31/14			Six months ended 9/30/14			Year ended 3/31/14			Six months ended 9/30/14			Year ended 3/31/14
Shares sold:
Class A		460,159			1,000,079			68,719			164,094			150,328			270,733
Class B		2,157			11,996			521			1,696			—			—
Class C		1,486,602			3,653,069			224,534			516,592			412,595			830,030
Institutional Class		29,320,133			52,479,284			7,714,352			13,817,101			9,273,796			15,787,976
Shares issued upon reinvestment of dividends and distributions:
Class A		31,073			74,238			2,713			6,158			131,596			240,221
Class B		359			1,354			49			189			2,683			8,509
Class C		87,707			178,787			—			11,515			515,011			922,805
Institutional Class		1,235,681			3,035,957			178,700			436,578			3,413,810			5,465,216
		32,623,871			60,434,764			8,189,588			14,953,923			13,899,819			23,525,490
Shares redeemed:
Class A		(522,992	)		(725,990	)		(86,305	)		(143,645	)		(253,009	)		(481,398	)
Class B		(31,994	)		(82,361	)		(10,289	)		(24,065	)		(28,549	)		(69,546	)
Class C		(1,278,235	)		(2,727,197	)		(187,667	)		(422,881	)		(663,616	)		(1,793,236	)
Institutional Class		(12,979,811	)		(28,975,875	)		(3,138,259	)		(6,280,513	)		(4,812,081	)		(9,508,944	)
		(14,813,032	)		(32,511,423	)		(3,422,520	)		(6,871,104	)		(5,757,255	)		(11,853,124	)
Net increase		17,810,839			27,923,341			4,767,068			8,082,819			8,142,564			11,672,366

(continues)                                             103

Notes to financial statements

Optimum Fund Trust

4. Capital Shares (continued)

	Optimum Large Cap Value Fund						Optimum Small-Mid Cap Growth Fund						Optimum Small-Mid Cap Value Fund
	Six months ended 9/30/14			Year ended 3/31/14			Six months ended 9/30/14			Year ended 3/31/14			Six months ended 9/30/14			Year ended 3/31/14
Shares sold:
Class A		152,569			288,149			28,099			57,896			24,508			40,164
Class B		—			131			—			—			—			—
Class C		400,441			864,017			81,610			166,070			70,621			122,226
Institutional Class		10,273,263			18,155,553			4,413,275			7,266,342			4,610,919			7,698,944
Shares issued upon reinvestment of dividends and distributions:
Class A		10,581			16,351			15,734			48,996			13,878			48,311
Class B		186			125			324			1,872			295			1,912
Class C		21,859			5,715			61,827			183,909			58,201			199,457
Institutional Class		340,427			605,862			956,136			2,451,119			985,018			2,808,274
		11,199,326			19,935,903			5,557,005			10,176,204			5,763,440			10,919,288
Shares redeemed:
Class A		(235,638	)		(435,193	)		(54,124	)		(97,157	)		(44,494	)		(97,135	)
Class B		(25,389	)		(69,058	)		(5,306	)		(12,926	)		(4,565	)		(12,348	)
Class C		(567,131	)		(1,497,758	)		(113,045	)		(344,301	)		(113,988	)		(359,849	)
Institutional Class		(4,841,557	)		(10,186,922	)		(2,074,740	)		(4,606,449	)		(2,147,455	)		(4,603,643	)
		(5,669,715	)		(12,188,931	)		(2,247,215	)		(5,060,833	)		(2,310,502	)		(5,072,975	)
Net increase		5,529,611			7,746,972			3,309,790			5,115,371			3,452,938			5,846,313

For the six months ended Sept. 30, 2014, and the year ended March 31, 2014, the following shares and values were converted from Class B to Class A. The amounts are included in Class B redemptions and Class A subscriptions in the tables above and the “Statements of changes in net assets.”

	Six months ended 9/30/14						Year ended 3/31/14
	Class B Shares		Class A Shares		Value		Class B Shares		Class A Shares		Value
Optimum Fixed Income Fund		291		291	$	2,804		39,925		39,876	$	377,824
Optimum International Fund		106		104		1,294		10,379		10,185		119,447
Optimum Large Cap Growth Fund		290		268		4,521		25,481		23,838		372,877
Optimum Large Cap Value Fund		257		255		4,094		29,211		28,937		400,667
Optimum Small-Mid Cap Growth Fund		59		55		840		5,102		4,739		70,060
Optimum Small-Mid Cap Value Fund		69		64		923		5,391		5,001		69,457

5. Derivatives

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

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

104

The use of foreign currency exchange contracts and foreign cross currency exchange contracts does not eliminate fluctuations in the underlying prices of the securities, but does establish a rate of exchange that can be achieved in the future. Although foreign currency exchange contracts and foreign cross currency exchange contracts limit the risk of loss due to an unfavorable change in the value of the hedged currency, they also limit any potential gain that might result should the value of the currency change favorably. In addition, each Fund could be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts. Each Fund’s maximum risk of loss from counterparty credit risk is the value of its currency exchanged with the counterparty. The risk is generally mitigated by having a netting arrangement between the Funds and the counterparty and by the posting of collateral by the counterparty to the Funds to cover the Funds’ exposure to the counterparty. Optimum International Fund received $50,000 cash collateral for open foreign currency exchange contracts, which is presented as cash collateral due to brokers on the “Statements of assets and liabilities.”

During the six months ended Sept. 30, 2014, each Fund except Optimum Small-Mid Cap Value Fund, used foreign currency exchange contracts to fix the U.S. dollar value of a security between trade date and settlement date, hedge the U.S. dollar value of securities it already owns that are denominated in foreign currencies, and to facilitate or expedite the settlement of portfolio transactions.

Futures Contracts — A futures contract is an agreement in which the writer (or seller) of the contract agrees to deliver to the buyer an amount of cash or securities equal to a specific dollar amount times the difference between the value of a specific security or index at the close of the last trading day of the contract and the price at which the agreement is made. Optimum Fixed Income Fund may use futures in the normal course of pursuing its investment objective. Optimum Fixed Income Fund may invest in futures contracts to hedge its existing portfolio securities against fluctuations in fair value caused by changes in interest rates or market conditions. Upon entering into a futures contract, the Fund deposits cash or pledges U.S. government securities to a broker, equal to the minimum “initial margin” requirements of the exchange on which the contract is traded. Subsequent payments are received from the broker or paid to the broker each day, based on the daily fluctuation in the market value of the contract. These receipts or payments are known as “variation margin” and are recorded daily by the Fund as unrealized gains or losses until the contracts are closed. When the contracts are closed, the Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed. Risks of entering into futures contracts include potential imperfect correlation between the futures contracts and the underlying securities and the possibility of an illiquid 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.

During the six months ended Sept. 30, 2014, Optimum Fixed Income Fund used futures contracts to hedge the Fund’s existing portfolio securities against fluctuations in value caused by changes in interest rates or market conditions and to facilitate investments in portfolio securities.

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

(continues)                                             105

Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

Transactions in options written during the six months ended Sept. 30, 2014 for Optimum Fixed Income Fund were as follows:

Call options	Number of contracts			Premiums
Options outstanding March 31, 2014		50,100,037		$	361,416
Options written		82,362,000			258,114
Options expired		(45,700,037	)		(358,416	)
Options terminated in closing purchase transactions		(50,100,000	)		(48,701	)
Options outstanding Sept. 30, 2014		36,662,000		$	212,413
Put options	Number of contracts			Premiums
Options outstanding March 31, 2014		55,800,037		$	289,905
Options written		52,989,000			271,579
Options expired		(37	)		79,406
Options terminated in closing purchase transactions		(55,799,966	)		(369,310	)
Options outstanding Sept. 30, 2014		52,989,034		$	271,580

During the six months ended Sept. 30, 2014, Optimum Fixed Income Fund used options contracts to manage the Fund’s exposure to changes in securities prices caused by interest rates or market conditions, to adjust the Fund’s overall exposure to certain markets, to receive premiums for writing options and to facilitate investments in portfolio securities.

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

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

During the six months ended Sept. 30, 2014, Optimum Fixed Income Fund entered into interest rate swap contracts to manage the Fund’s sensitivity to interest rates or to hedge against changes in interest rates.

106

Credit Default Swaps. A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). In exchange for the protection offered by the seller of protection, the purchaser of protection agrees to pay the seller of protection a periodic amount at a stated rate that is applied to the notional amount of the CDS contract. In addition, an upfront payment may be made or received by the Fund in connection with an unwinding or assignment of a CDS contract. Upon the occurrence of a credit event, the seller of protection would pay the par (or other agreed-upon) value of the reference security (or basket of securities) to the counterparty. Credit events generally include, among others, bankruptcy, failure to pay, and obligation default.

During the six months ended Sept. 30, 2014, Optimum Fixed Income Fund entered into CDS contracts as a purchaser and seller of protection, as a hedge against credit events. Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement. Initial margin and variation margin are posted to central counterparties for central cleared CDS basket trades, as determined by the applicable central counterparty.

As disclosed in the footnotes to the “Schedules of investments,” at Sept. 30, 2014, the notional value of the protection sold was EUR 1,300,000 and USD 5,400,000, which reflects the maximum potential amount Optimum Fixed Income Fund would have been required to make as a seller of credit protection if a credit event had occurred. In addition to serving as the source of the current value of the securities, the quoted market prices and resulting market values for credit default swap agreements on securities and credit indices serve as an indicator of the current status of the payment/performance risk and represent the likelihood of an expected liability (or profit) for the credit derivative if the swap agreement has been closed/sold as of the period end. Increasing market values, in absolute terms when compared to the notional amount of the swap, represent a deterioration of the reference entity’s credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. At Sept. 30, 2014, net unrealized appreciation of the protection sold was $132,586.

CDS contracts may involve greater risks than if Optimum Fixed Income Fund had invested in the reference obligation directly. CDS contracts are subject to general market risk, liquidity risk, counterparty risk and credit risk. The Fund’s maximum risk of loss from counterparty credit risk, either as the seller of protection or the buyer of protection, is the fair value of the contract. This risk is mitigated by (1) for bilateral swap contracts, having a netting arrangement between the Fund and the counterparty and by the posting of collateral by the counterparty to the Fund to cover the Fund’s exposure to the counterparty and (2) for cleared swaps, trading these instruments through a central counterparty.

During the six months ended Sept. 30, 2014, Optimum Fixed Income Fund used CDS contracts to hedge against a credit event, and to gain exposure to certain securities or markets.

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

At Sept. 30, 2014, for bilateral swap contracts, Optimum Fixed Income Fund posted $2,730,000 in cash collateral for certain open derivatives, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” Optimum Fixed Income Fund posted $818,449 in cash collateral for centrally cleared swap contracts, which is presented as “Cash collateral due from brokers” on the “Statements of assets and liabilities.” At Sept. 30, 2014, the Fund received $4,334,000 securities collateral for certain open derivatives.

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Notes to financial statements

Optimum Fund Trust

5. Derivatives (continued)

Fair values of derivative instruments as of Sept. 30, 2014 were as follows:

	Optimum Fixed Income Fund
	Asset Derivatives				Liability Derivatives
	Statements of Assets and Liabilities Location	Fair Value			Statements of Assets and Liabilities Location	Fair Value
Forward currency exchange contracts (Foreign currency exchange contracts)	Unrealized gain on foreign currency exchange contracts/options written, at value	$	8,960,124		Unrealized loss on foreign currency exchange contracts/options written, at value	$	(1,797,163	)
Interest rate contracts (Futures contracts/Options written, at value)	Variation margin receivable on futures contracts/ options written, at value		—	*	Variation margin payable on futures contracts/ options written, at value		(992,300	)*
Credit contracts (Swap contracts/Options written, at value)	Unrealized gain on credit default swap contracts/ options written, at value		162,619		Unrealized loss on credit default swap contracts/ options written, at value		(197,839	)
Interest rate contracts (Swap contracts/Options written, at value)	Unrealized gain on interest rate swap contracts/options written, at value		858,316		Unrealized loss on interest rate swap contracts/options written, at value		(1,628,299	)
Total		$	9,981,059			$	(4,615,601	)

*Includes cumulative appreciation of futures contracts from the date the contracts are opened through Sept. 30, 2014. Only current day variation margin is reported on Optimum Fixed Income Fund’s “Statements of assets and liabilities.”

The effect of derivative instruments on the Optimum Fixed Income Fund’s “Statements of operations” for the six months ended Sept. 30, 2014 was as follows:

				Net Realized Gain (Loss) on:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Written			Swap Contracts			Total
Forward currency exchange contracts	$	(2,685,428	)	$	—		$	—		$	—		$	(2,685,428	)
Interest rate contracts		—			(1,547,606	)		36,800			(3,308,013	)		(4,818,819	)
Credit contracts		—			—			389,100			(2,818,125	)		(2,429,025	)
Total	$	(2,685,428	)	$	(1,547,606	)	$	425,900		$	(6,126,138	)	$	(9,933,272	)
	Net Change in Unrealized Appreciation (Depreciation) of:
	Foreign Currency Exchange Contracts			Futures Contracts			Options Written			Swap Contracts			Total
Forward currency exchange contracts	$	10,882,980		$	—		$	(393,491	)	$	—		$	10,489,489
Interest rate contracts		—			23,107			(312,499	)		1,947,111			1,657,719
Credit contracts		—			—			(22,866	)		2,045,270			2,022,404
Total	$	10,882,980		$	23,107		$	(728,856	)	$	3,992,381		$	14,169,612

Derivatives Generally. The tables below summarize the average balance of derivative holdings by the Funds during the six months ended Sept. 30, 2014. During the six months ended Sept. 30, 2014, Optimum Small-Mid Cap Value Fund did not enter into any derivative contracts.

108

				Long Derivative Volume
	Optimum Fixed Income Fund			Optimum International Fund		Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund
Foreign currency exchange contracts (average cost)		USD	32,687,176		USD 45,422,102		USD	24,012		USD	45,501		USD	1,820
Futures contracts (average notional value)			182,989,557		—			—			—			—
Options contracts (average notional value)			1,911		—			—			—			—
CDS contracts (average notional value)*		EUR	5,874,531		—			—			—			—
		USD	1,960,156		—			—			—			—
Interest rate swap contracts (average notional value)**		AUD	274,270,313		—			—			—			—
		BRL	11,984,375		—			—			—			—
		EUR	23,283,594		—			—			—			—
		JPY	1,361,953,125		—			—			—			—
		USD	41,871,016		—			—			—			—
					Short Derivative Volume
	Optimum Fixed Income Fund			Optimum International Fund		Optimum Large Cap Growth Fund			Optimum Large Cap Value Fund			Optimum Small-Mid Cap Growth Fund
Foreign currency exchange contracts (average cost)		USD	174,375,349		USD 76,510,698		USD	70,344		USD	—		USD	1,365
Futures contracts (average notional value)			171,025,709		—			—			—			—
Options contracts (average notional value)			166,608		—			—			—			—
CDS contracts (average notional value)*		EUR	1,289,844		—			—			—			—
		USD	5,357,813		—			—			—			—

*Long represents buying protection and short represents selling protection.

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

6. Offsetting

In December 2011, the Financial Accounting Standards Board (FASB) issued guidance that expands disclosure requirements on the offsetting of certain assets and liabilities. The new disclosures are required for investments and derivative financial instruments subject to master netting or similar agreements which are eligible for offset on the “Statements of assets and liabilities” and requires an entity to disclose both gross and net information about such investments and transactions in the financial statements. In January 2013, the FASB issued guidance that clarifies which investments and transactions are subject to the offsetting disclosure requirements. The scope of the disclosure requirements for offsetting is limited to derivative instruments, repurchase agreements and reverse repurchase agreements, and securities borrowing. The guidance is effective for financial statements with fiscal years beginning on or after Jan. 1, 2013, and interim periods within those fiscal years.

In order to better define its contractual rights and to secure rights that will help the Funds mitigate its counterparty risk, the Funds entered into an International Swaps and Derivatives Association, Inc. Master Agreement (ISDA Master Agreement) or similar agreement with each of their derivative contract counterparties. An ISDA Master Agreement is a bilateral agreement between the Funds and a counterparty that governs over-the-counter (OTC) derivatives and foreign exchange contracts and typically contains, among other things, collateral posting items and netting provisions in the event of a default and/or termination event. Under an ISDA Master Agreement, the Funds may, under certain

(continues)                                             109

Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)

circumstances, offset with the counterparty certain derivative financial instruments’ payables and/or receivables with collateral held and/or posted and create one single net payment. The provisions of the ISDA Master Agreement typically permit a single net payment in the event of default (close-out) netting including the bankruptcy or insolvency of the counterparty. However, bankruptcy, or insolvency laws of a particular jurisdiction may impose restrictions on or prohibitions against the right of offset in bankruptcy, insolvency, or other events.

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

At Sept. 30, 2014, each Fund had the following assets and liabilities subject to offsetting provisions:

Offsetting of Financial Assets and Liabilities and Derivative Assets and Liabilities

	Optimum Fixed Income Fund
Counterparty		Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Bank of America Merrill Lynch		$	48,500	$	(36,676	)	$	11,824
Barclays Bank			43,814		(183,356	)		(139,542	)
BNP Paribas			15,779		—			15,779
Citigroup Global Markets			4,081,830		(2,937,386	)		1,144,444
Credit Suisse First Boston			108,485		—			108,485
Deutsche Bank			—		(3,489	)		(3,489	)
Goldman Sachs Capital			6,177		—			6,177
Hong Kong Shanghai Bank			14,187		—			14,187
JPMorgan Chase Bank			4,724,036		(30,033	)		4,694,003
Morgan Stanley Capital			996,621		(7,955	)		988,666
Toronto Dominion Bank			1,217		—			1,217
Total		$	10,040,646	$	(3,198,895	)	$	6,841,751

				Optimum Fixed Income Fund
Counterparty	Net Position			Fair Value of Non-Cash Collateral Received			Cash Collateral Received			Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount(a)
Bank of America Merrill Lynch	$	11,824		$	—		$	—		$	—	$	—	$	11,824
Barclays Bank		(139,542	)		—			—			—		—		(139,542	)
BNP Paribas		15,779			—			—			—		—		15,779
Citigroup Global Markets		1,144,444			—			—			—		—		1,144,444
Credit Suisse First Boston		108,485			—			—			—		—		108,485
Deutsche Bank		(3,489	)		—			—			—		—		(3,489	)
Goldman Sachs Capital		6,177			—			—			—		—		6,177
Hong Kong Shanghai Bank		14,187			—			—			—		—		14,187
JPMorgan Chase Bank		4,694,003			—			(4,175,000	)		—		—		519,003
Morgan Stanley Capital		988,666			(159,000	)		—			—		—		829,666
Toronto Dominion Bank		1,217			—			—			—		—		1,217
Total	$	6,841,751		$	(159,000	)	$	(4,175,000	)	$	—	$	—	$	2,507,751

110

			Optimum Fixed Income Fund
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received			Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	11,611,892	$	(11,611,892	)	$	—	$	—
Bank of Montreal		3,870,631		(3,870,631	)		—		—
BNP Paribas		54,766,477		(54,766,477	)		—		—
JPMorgan Chase Bank		16,500,000		(16,500,000	)		—		—
Total	$	86,749,000	$	(86,749,000	)	$	—	$	—

	Optimum International Fund
Counterparty	Gross Value of Derivative Asset		Gross Value of Derivative Liability			Net Position
Brown Brothers Harriman	$	110	$	(236	)	$	(126	)
BNY Mellon		450		(294	)		156
Citigroup Global Markets		243,332		(884,054	)		(640,722	)
Morgan Stanley Capital		2,155,446		(591,102	)		1,564,344
Total	$	2,399,338	$	(1,475,686	)	$	923,652

			Optimum International Fund
Counterparty	Net Position		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Fair Value of Non-Cash Collateral Pledged		Cash Collateral Pledged		Net Amount(a)
Brown Brothers Harriman	$	(126)	$	—	$	—	$	—	$	—	$	(126)
BNY Mellon		156		—		—		—		—		156
Citigroup Global Markets		(640,722)		—		—		—		—		(640,722)
Morgan Stanley Capital		1,564,344		—		—		—		—		1,564,344
Total	$	923,652	$	—	$	—	$	—	$	—	$	923,652

			Optimum International Fund
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received			Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	800,057	$	(800,057	)	$	—	$	—
Bank of Montreal		266,685		(266,685	)		—		—
BNP Paribas		776,258		(776,258	)		—		—
Total	$	1,843,000	$	(1,843,000	)	$	—	$	—

(continues)                                             111

Notes to financial statements

Optimum Fund Trust

6. Offsetting (continued)

			Optimum Large Cap Growth Fund
Master Repurchase Agreements(b) Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	4,164,376	$	(4,164,376)	$	—	$	—
Bank of Montreal		1,388,125		(1,388,125)		—		—
BNP Paribas		4,040,499		(4,040,499)		—		—
Total	$	9,593,000	$	(9,593,000)	$	—	$	—
			Optimum Large Cap Value Fund
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	14,259,937	$	(14,259,937)	$	—	$	—
Bank of Montreal		4,753,312		(4,753,312)		—		—
BNP Paribas		13,835,751		(13,835,751)		—		—
Total	$	32,849,000	$	(32,849,000)	$	—	$	—
				Optimum Small-Mid Cap Growth Fund
Master Repurchase Agreements(b) Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	3,724,627	$	(3,724,627)	$	—	$	—
Bank of Montreal		1,241,542		(1,241,542)		—		—
BNP Paribas		3,613,831		(3,613,831)		—		—
Total	$	8,580,000	$	(8,580,000)	$	—	$	—
				Optimum Small-Mid Cap Value Fund
Master Repurchase Agreements Counterparty	Repurchase Agreements		Fair Value of Non-Cash Collateral Received		Cash Collateral Received		Net Amount(a)
Bank of America Merrill Lynch	$	7,031,209	$	(7,031,209)	$	—	$	—
Bank of Montreal		2,343,737		(2,343,737)		—		—
BNP Paribas		6,822,054		(6,822,054)		—		—
Total	$	16,197,000	$	(16,197,000)	$	—	$	—

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

^(b)Table excludes counterparties where the absolute value of the total is less than 0.05% of the net assets of the respective Fund. These holdings are deemed immaterial to the respective Fund.

112

7. Securities Lending

Each Fund, may lend its securities pursuant to a security lending agreement (Lending Agreement) with The Bank of New York Mellon (BNY Mellon). At the time a security is loaned, the borrower must post collateral equal to the required percentage of the market value of the loaned security, including any accrued interest. The required percentage is: (1) 102% with respect to U.S. securities and foreign securities that are denominated and payable in U.S. dollars; and (2) 105% with respect to foreign securities. With respect to each loan, if on any business day the aggregate market value of securities collateral plus cash collateral held is less than the aggregate market value of the securities 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 DMC 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 Funds 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 Funds or, at the discretion of the lending agent, replace the loaned securities. The Funds continue to record dividends or interest, as applicable, on the securities loaned and are subject to changes in value of the securities loaned that may occur during the term of the loan. The Funds have the right under the Lending Agreement to recover the securities from the borrower on demand. With respect to security loans collateralized by non-cash collateral, the Funds receive loan premiums paid by the borrower. With respect to security loans collateralized by cash collateral, the earnings from the collateral investments are shared among the Funds, the security lending agent and the borrower. The Funds record security lending income net of allocations to the security lending agent, and the borrower.

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 Funds 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 Funds may not receive an amount from the collateral investment pool that is equal in amount to the collateral the Funds would be required to return to the borrower of the securities and the Funds would be required to make up for this shortfall.

At Sept. 30, 2014, the value of securities on loan for Optimum International Fund was $52,923,196, for which the Fund received collateral comprised of non-cash collateral valued at $29,206, and cash collateral of $56,713,943. At Sept. 30, 2014, the value of invested collateral for Optimum International Fund was $56,713,943. Investments purchased with cash collateral are presented on the schedules of investments under the caption “Securities Lending Collateral.” At Sept. 30, 2014 , Optimum Fixed Income Fund, Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund had no securities on loan.

8. Credit and Market Risk

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

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

(continues)                                             113

Notes to financial statements

Optimum Fund Trust

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

Optimum Fixed Income Fund invests in bank loans and other securities that may subject it to direct indebtedness risk, the risk that the Fund will not receive payment of principal, interest and other amounts due in connection with these investments and will depend primarily on the financial condition of the borrower. Loans that are fully secured offer the Fund more protection than unsecured loans in the event of nonpayment of scheduled interest or principal, although there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Some loans or claims may be in default at the time of purchase. Certain of the loans and the other direct indebtedness acquired by the Fund may involve revolving credit facilities or other standby financing commitments that obligate the Fund to pay additional cash on a certain date or on demand. These commitments may require the Fund to increase its investment in a company at a time when the Fund might not otherwise decide to do so (including at a time when the company’s financial condition makes it unlikely that such amounts will be repaid). To the extent that the Fund is committed to advance additional funds, it will at all times hold and maintain cash or other high grade debt obligations in an amount sufficient to meet such commitments. As the Fund may be required to rely upon another lending institution to collect and pass on to the Fund amounts payable with respect to the loan and to enforce the Fund’s rights under the loan and other direct indebtedness, an insolvency, bankruptcy, or reorganization of the lending institution may delay or prevent the Fund from receiving such amounts. The highly leveraged nature of many loans may make them especially vulnerable to adverse changes in economic or market conditions. Investments in such loans and other direct indebtedness may involve additional risk to the Fund.

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

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

Optimum Small-Mid Cap Growth Fund and Optimum Small-Mid Cap Value Fund invest a significant portion of their assets in small- and mid-sized companies. Investments in small- and mid-sized companies may be more volatile than investments in larger companies for a number of reasons, which include more limited financial resources or a dependence on narrow product lines.

Optimum Large Cap Growth Fund, Optimum Large Cap Value Fund, Optimum Small-Mid Cap Growth Fund, and Optimum Small-Mid Cap Value Fund may invest in REITs and are subject to the risks associated with that industry. If a Fund holds real estate directly as a result of defaults or receives rental income directly from real estate holdings, its tax status as a regulated investment company may be jeopardized. There were no direct real estate holdings during the six months ended Sept. 30, 2014. The Funds’ REIT holdings are also affected by interest rate changes, particularly if the REITs they hold use floating rate debt to finance their ongoing operations.

Each Fund may invest up to 15% of its net assets in illiquid securities, which may include securities with contractual restrictions on resale, securities exempt from registration under Rule 144A 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 Funds from disposing of them in a timely manner and at a fair price when it is necessary or desirable to do so. While maintaining oversight, the Funds’ Board has delegated to DMC, the day-to-day functions of

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determining whether individual securities are liquid for purposes of the Funds’ limitation on investments in illiquid securities. Securities eligible for resale pursuant to Rule 144A, which are determined to be liquid, are not subject to the Funds’ 15% limit on investments in illiquid securities. Rule 144A and illiquid securities have been identified on the “Schedules of investments.”

9. Contractual Obligations

Each Fund enters into contracts in the normal course of business that contain a variety of indemnifications. Each Fund’s maximum exposure under these arrangements is unknown. However, each Fund has not had prior claims or losses pursuant to these contracts. Management has reviewed the Funds’ existing contracts and expects the risk of loss to be remote.

10. Recent Accounting Pronouncements

In June 2014, the Financial Accounting Standards Board issued guidance to improve the financial reporting of reverse repurchase agreements and other similar transactions. The guidance includes expanded disclosure requirements for entities that enter into reverse repurchase agreements and similar transactions accounted for as secured borrowings. The guidance is effective for financial statements with fiscal years beginning on or after Dec. 15, 2014 and interim periods within those fiscal years. Management is evaluating the impact, if any, of this guidance on the Funds’ financial statement disclosures.

11. Subsequent Events

At a meeting on Sept. 17-18, 2014, the Funds’ Board of Trustees approved the early conversion of all remaining Class B shares to Class A shares. On or about Nov. 4, 2014, all remaining Class B shares of the Funds will convert to Class A shares, including Class B shares that are scheduled to convert on a date later than the fourth quarter of 2014.

Effective Nov. 1, 2014, Delaware Investments Fund Services Company (DIFSC), an affiliate of DMC, provides fund accounting and financial administration oversight services to the Funds. Also effective Nov. 1, 2014, DIFSC is the transfer agent and dividend disbursing agent of the Funds.

Management has determined that no other material events or transactions occurred subsequent to Sept. 30, 2014 that would require recognition or disclosure in the Funds’ financial statements.

(continues)                                             115

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 17-18, 2014

At a meeting held Sept. 17-18, 2014, the Board of Trustees, including a majority of non-interested or independent Trustees, approved renewal of the Investment Management Agreement between Delaware Management Company (“DMC” or “Management”) and each of the six separate funds within the Optimum Fund Trust (the “Funds”), and approved the continuation of Sub-Advisory Agreements for the existing sub-advisers of all the Funds.

In reaching such decisions, the Board took into account information furnished and discussed throughout the year at quarterly Board meetings, as well as information furnished specifically for the renewal reviews conducted at the Sept. 17-18, 2014 Board meeting. Information furnished at Board meetings throughout the year included an analysis by DMC (with the assistance of its consultant, LPL Financial LLC (“LPL”)) of the investment performance of each Fund and its sub-adviser(s), presentations given to the Board by portfolios managers from DMC and each sub-adviser on a rotating basis, and compliance reports and related certifications furnished in regards to DMC and each sub-adviser. Material furnished specifically in connection with the renewals included: a memorandum from DMC discussing and analyzing the performance of each Fund and its respective sub-adviser(s); information on the fees charged by DMC and each sub-adviser showing their competitiveness with those charged by them to other comparable investment companies or accounts; copies of the Investment Management and Sub-Advisory Agreements; a “due diligence” report describing various material items in relation to the personnel, organization and policies of DMC and the sub-advisers; and information on the fees and other benefits realized by DMC (and its affiliates) and the sub-advisers in performing services for the Funds, as well as the revenues and expenses incurred by DMC and its affiliates in performing such services. Information furnished specifically in connection with the renewal process also included a report for each Fund prepared by Lipper Inc., an independent third-party analyst (“Lipper”), comparing, among other things, each Fund’s investment performance and expenses with those of other mutual funds deemed comparable by Lipper (“Lipper Report”).

In considering such materials, the independent Trustees received assistance and advice from and met separately with independent counsel. While the Investment Management Agreement and related Sub-Advisory Agreements for all Funds were considered at the same Board meeting, the Board dealt with each Fund separately. In approving continuance of the Investment Management Agreement for each Fund, the Board, including a majority of independent Trustees, determined that the existing investment management fee structure was fair and reasonable and that continuance of the Investment Management Agreement with DMC and the applicable Sub-Advisory Agreements were in the best interests of each Fund and its shareholders. While attention was given to all information furnished, the following discusses some primary factors relevant to the Board’s decision. This discussion of the information and factors considered by the Board (as well as the discussion above) is not intended to be exhaustive, but rather summarizes certain factors considered by the Board. In view of the wide variety of factors considered, the Board did not, unless otherwise noted, find it practicable to quantify or otherwise assign relative weights to the following factors. In addition, individual Trustees may have assigned different weights to various factors.

Nature, Extent and Quality of Services. The Trustees were satisfied with the nature, extent and quality of the services provided by DMC and its affiliates to each of the Funds. The Board’s view was based upon factors such as the background and experience of the executives and other Management personnel involved in the Funds’ operations, the quality and thoroughness of the monitoring of each Fund’s investment performance conducted by DMC, reports furnished by DMC as to adherence with various compliance and procedural matters, such as the Code of Ethics and fair value pricing, the monitoring of various service providers to the Funds, and DMC’s success in obtaining meaningful information on a timely basis from each of the Fund’s sub-advisers. Particular attention was given to the analysis involved in the review of sub-adviser performance for each Fund, including the complementary nature of investment strategies adhered to by each Fund. The nature of the services of the sub-advisers to each Fund was considered primarily in respect to the investment performance of the Funds. The Board was, however, satisfied with the adherence by each sub-adviser (and DMC with respect to the Optimum Fixed Income Fund) with the investment policies and restrictions of the Funds advised, as well as their adherence to various compliance and other procedures based on personal presentations made by the sub-advisers’ portfolio managers (and DMC’s portfolio managers with respect to the Optimum Fixed Income Fund) and reports of Management’s discussions with the sub-advisers, as well as certificates and materials furnished at Board meetings and in connection with the contract renewals.

Investment Performance. The Board placed significant emphasis on the investment performance of each Fund. While consideration was given to performance reports and discussions throughout the year (including a detailed discussion of the investment performance of each Fund and its sub-advisers contained in a memorandum from DMC provided to the Board prior to the September 17-18, 2014 Board meeting), particular attention in assessing performance was given to the Lipper Reports furnished in connection with the contract renewals. The Lipper

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Reports prepared for each individual Fund showed the annualized total return investment performance of its Institutional Class shares in comparison with a Performance Universe selected by Lipper for the one year period ended June 30, 2014, as well as the three, five and ten year periods ended that date. The Trustees also compared Fund performance to other industry benchmarks, including measures of risk-adjusted performance of a Fund, as part of their evaluation of investment performance. The following summarizes the performance results for each Fund and the Board’s view of such performance.

Optimum Fixed Income Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional core bond funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the middle performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to also be in the middle performing quintile of its Performance Universe for the previous three year period and in the highest performing quintile of such Universe for each of the previous five and ten year periods. The Trustees found such overall comparative results to be satisfactory.

Optimum International Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional international large-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the lowest performing quintile of its Performance Universe for the one year period, and on an annualized basis to also be in the lowest performing quintile of its Performance Universe for the three year period and to be in the second lowest performing quintile of its Performance Universe for each of the previous five and ten year periods. The Board discussed with Management the reasons for the Fund’s relative underperformance and various options to seek to improve such performance. While the Trustees were not satisfied with such comparative performance, they believed Management was taking appropriate actions to improve performance, noting the appointment last year of EARNEST Partners, LLC as a sub-adviser to the Fund in replacement of Mondrian Investment Partners Limited.

Optimum Large Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional large-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second highest performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to also be in the second highest quintile of the Performance Universe for each of the previous three, five and ten year periods. The Trustees found such overall comparative results to be satisfactory.

Optimum Large Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional multi-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the second lowest performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to be in the middle performing quintile of the Performance Universe for each of the three, five and ten year periods. The Trustees discussed with Management the reasons for the relative underperformance for the one-year period ended June 30, 2014. While noting such discussions, the Trustees found such overall comparative performance to be acceptable.

Optimum Small-Mid Cap Growth Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap growth funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the middle performing quintile of its Lipper Performance Universe for the one year period, but on an annualized basis to be in the second lowest performing quintile of such Universe for the previous three year period, the middle performing quintile of such Universe for the previous five year period and the lowest performing quintile of such Universe for the previous ten year period. The Trustees discussed with Management the reasons for the Fund’s relative underperformance and various options to seek to improve such performance. While the Trustees were not satisfied with such comparative results and intend to closely monitor future performance, they believe that Management is addressing such performance and the need to take appropriate action to attempt to improve it.

Optimum Small-Mid Cap Value Fund — The Lipper Performance Universe for this Fund consisted of the Fund and all retail and institutional small-cap core funds as selected by Lipper. The Lipper Report showed the Fund’s investment performance to be in the middle performing quintile of its Lipper Performance Universe for the one year period, and on an annualized basis to also be in the middle performing quintile of such Universe for the three year period, the second highest performing quintile of such Universe for the five year period, and the second lowest performing quintile of such Universe for the ten year period. The Trustees discussed with Management the reasons for the relative underperformance for the ten-year period ended June 30, 2014. While noting such discussions, the Board found such overall comparative performance to be acceptable.

Comparative Expenses. In considering the appropriateness of the investment management fees charged to the Funds, the Board also reviewed and considered the investment management fees in light of the nature, extent and quality of the investment management services provided, and to be provided, by DMC and each sub-adviser, as more fully discussed above. The Board noted that the sub-advisory fees are paid

(continues)                                             117

Other Fund information

(Unaudited)

Optimum Fund Trust

Board Consideration of Optimum Fund Trust Investment Management and Sub-Advisory Agreements at Meeting Held September 17-18, 2014 (continued)

by DMC to each sub-adviser and are not additional fees borne by the Funds. The Board also noted that the sub-advisory fees paid, and to be paid, by DMC to each sub-adviser were the product of arms-length negotiations between DMC and each sub-adviser, and the Board considered the allocation of the investment management fees charged to the Funds between DMC and each sub-adviser in light of the nature, extent and quality of the investment management services provided, and to be provided by, DMC and each sub-adviser. The Trustees considered various other products, portfolios and entities that are advised by DMC and each sub-adviser, as well as their relative fees and reasons for differences with respect thereto and any potential conflicts of interest.

Attention was also given to a comparative analysis of each Fund’s Institutional Class share expenses, including investment management fees, in comparison to a group of other multi-advised institutional funds constituting its Lipper Expense Group. Lipper expense data is based upon information for the twelve months covered by each fund’s most recent annual report which reflects historical asset levels which may be quite different from those currently existing, particularly in a period of market volatility. While recognizing such inherent limitations and the fact that expense ratios generally increase as assets decline and decrease as assets grow, the Trustees believed that the independent analysis conducted by Lipper remained an appropriate measure of comparative expenses. The Lipper Report showed the actual total expenses of each Fund to be the highest or close to the highest in its respective Lipper Expense Group. The Trustees noted that DMC, since inception, had waived fees to the extent necessary to keep expenses of each Fund from exceeding certain percentage amounts, and that the Trustees had also previously discussed in detail the current cap on expenses in effect for each Fund through July 29, 2015, which were more favorable to shareholders of each Fund than the caps on expenses that were applicable through July 29, 2014. The Trustees also noted that, as a result of discussions held last year, Management had agreed to a restructuring and overall reduction in fees charged by affiliated service providers to each Fund that was completed on Jan. 1, 2014, including a 4.5 basis point reduction in administrative fees and a 2.5 basis point reduction in transfer agent fees. It was noted that further expense reductions occurred through reductions, effective on Nov. 1, 2013, in sub-transfer agent fees paid by each Fund as a result of the change to omnibus shareholder accounting for the accounts LPL maintains in the Funds. As part of the cost reduction discussions in 2013, Management also agreed to a framework for providing additional expense waivers for the Funds as appropriate to the extent combined assets of the Funds are above $4.2 billion on an annual basis. While intending to continuously monitor the fee structure of each Fund, the Trustees found the expense structure of each Fund to be acceptable in view of the nature and structure of Fund operations, and Management’s cap on expenses, and taking into account possible future savings resulting from the aforementioned fee and expense reductions.

DMC’s Profitability; Economies of Scale. Based on the size of each Fund and the reimbursement and/or waiver of expenses by DMC, as well as other profitability information furnished to them by DMC, the Trustees did not believe that the level of profit being realized by DMC and its affiliates from services provided to any of the Funds was excessive. Trustees were also given available information on profits being realized by sub-advisers in relation to the services being provided to the Funds or in relation to the sub-advisers’ overall investment advisory business, but believed such information to be of limited relevance since the fees paid to the sub-advisers were the product of arms-length negotiations between DMC and each sub-adviser. The Board also took into account Management’s expenditures in improving shareholder services provided to the Funds, as well as the need to meet additional regulatory and compliance requirements resulting from the Sarbanes-Oxley Act, the Dodd-Frank Act and recent SEC and other regulatory requirements. The Board was also provided information on potential fall-out benefits derived or to be derived by DMC and its affiliates or the sub-advisers in connection with their relationship to the Funds, such as the fees received for non-investment management services provided to the Funds by certain affiliates of DMC, soft dollar arrangements, and commissions paid to affiliated broker-dealers. The Trustees recognized that as the Funds get larger at some point, economies of scale may result in DMC realizing a larger profit margin on management services provided to a Fund. The Trustees also noted that economies of scale are shared with a Fund and its shareholders through investment management fee breakpoints so that as a Fund grows in size, its effective investment management fee rate declines. The Optimum Small-Mid Cap Growth Fund has a fixed investment management fee of 1.1% at all asset levels without breakpoints, but in view of the nature of this Fund, its asset level of approximately $504 million at June 30, 2014, and the fact that the actual investment management fee charged the Fund was reduced as a result of management expense caps, the Trustees believed that no meaningful economies of scale currently existed. The investment management fee schedules for all the other Funds contained breakpoints. The Board considered that the asset size of the Optimum International Fund and Optimum Small-Mid Cap Value Fund, as of June 30, 2014, exceeded the last fee breakpoint under their respective investment management agreements. The Trustees noted, however, that the actual investment management fees charged these Funds were also limited as a result of management expense caps, and while intending to monitor the need for additional breakpoints, believed it unlikely that meaningful economies of scale currently existed in the management of such Funds.

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About the organization

This semiannual report is for the information of Optimum Fund Trust shareholders, but it may be used with prospective investors when preceded or accompanied by a current prospectus for Optimum Fund Trust and the fact sheet for the most recently completed calendar quarter. The prospectus sets forth details about charges, expenses, investment objectives, and operating policies of the investment company. You should read the prospectus carefully before you invest. The figures in this report represent past results that are not a guarantee of future results. The return and principal value of an investment in the investment company will fluctuate so that shares, when redeemed, may be worth more or less than their original cost.

Board of trustees	Affiliated officers	Contact information
Daniel H. Arnold	David F. Connor	Investment manager
Chief Financial Officer	Senior Vice President,	Delaware Management Company, a series
LPL Financial LLC	Deputy General Counsel and Secretary	of Delaware Management Business Trust
	Optimum Fund Trust	Philadelphia, PA
J. Scott Coleman	Philadelphia, PA
		National distributor
Executive Vice President	Daniel V. Geatens
Delaware Investments		Delaware Distributors, L.P.
	Vice President and Treasurer	Philadelphia, PA
Robert J. Christian	Optimum Fund Trust
	Philadelphia, PA	Shareholder servicing, dividend
Private Investor		disbursing, and transfer agent
	David P. O’Connor	Delaware Service Company, Inc.
Durant Adams Hunter		2005 Market Street
	Executive Vice President,	Philadelphia, PA 19103-7094
Principal — Ridgeway Partners	General Counsel and Chief Legal Officer
	Optimum Fund Trust	For shareholders
Pamela J. Moret	Philadelphia, PA
		800 914-0278
Chief Executive Officer —	Richard Salus
brightpeak financial		For securities dealers
	Senior Vice President and	and financial institutions
Stephen Paul Mullin	Chief Financial Officer	representatives only
	Optimum Fund Trust
President — Econsult Solutions, Inc.	Philadelphia, PA	800 362-7500
Robert A. Rudell		Website
Private Investor		optimummutualfunds.com
Jon Edward Socolofsky
Private Investor
	Each Fund files its complete schedule of portfolio holdings with the Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year on Forms N-Q. Each Fund’s Forms N-Q, as well as a description of the policies and procedures that each Fund uses to determine how to vote proxies (if any) relating to portfolio securities is available without charge (i) upon request, by calling 800 914-0278; (ii) on the Fund’s website at optimummutualfunds.com; and (iii) on the SEC’s website at sec.gov. Each Fund’s Forms N-Q may be reviewed and copied at the SEC’s Public Reference Room in Washington, D.C.; information on the operation of the Public Reference Room may be obtained by calling 800 SEC-0330.
	Information (if any) regarding how each Fund voted proxies relating to portfolio securities during the most recently disclosed 12-month period ended June 30 is available without charge (i) through the Fund’s website at optimummutualfunds.com; and (ii) on the SEC’s website at sec.gov.

                                         119

Item 2. Code of Ethics

     Not applicable.

Item 3. Audit Committee Financial Expert

Not applicable.

Item 4. Principal Accountant Fees and Services

Not applicable.

Item 5. Audit Committee of Listed Registrants

Not applicable.

Item 6. Investments

(a) Included as part of report to shareholders filed under Item 1 of this Form N-CSR.

(b) Divestment of securities in accordance with Section 13(c) of the Investment Company Act of 1940.

Not applicable.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders

     Not applicable.

Item 11. Controls and Procedures

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

     There were no significant changes in the registrant’s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by the report to stockholders included herein (i.e., the registrant’s second fiscal quarter) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits

(a)	(1) Code of Ethics
	Not applicable.
	(2) Certifications of Principal Executive Officer and Principal Financial Officer pursuant to Rule 30a-2 under the Investment Company Act of 1940 are attached hereto as Exhibit 99.CERT.
	(3) Written solicitations to purchase securities pursuant to Rule 23c-1 under the Securities Exchange Act of 1934.
	Not applicable.
(b)	Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are furnished herewith as Exhibit 99.906CERT.

SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf, by the undersigned, thereunto duly authorized.

OPTIMUM FUND TRUST

/s/ J. SCOTT COLEMAN
By:	J. Scott Coleman
Title:	Chief Executive Officer
Date:	December 1, 2014

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

/s/ J. SCOTT COLEMAN
By:	J. Scott Coleman
Title:	Chief Executive Officer
Date:	December 1, 2014
/s/ RICHARD SALUS
By:	Richard Salus
Title:	Chief Financial Officer
Date:	September 4, 2014