UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:	811-21335
Exact name of registrant as specified in charter:	Optimum Fund Trust
Address of principal executive offices:	2005 Market Street
	Philadelphia, PA 19103
Name and address of agent for service:	David F. Connor, Esq.
	2005 Market Street
	Philadelphia, PA 19103
Registrant’s telephone number, including area code:	(800) 523-1918
Date of fiscal year end:	March 31
Date of reporting period:	December 31, 2016

Item 1. Schedule of Investments.

Schedule of investments

Optimum Fixed Income Fund
December 31, 2016 (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Agency Asset-Backed Securities – 0.15%
	Navient Student Loan Trust
		Series 2016-5A A 144A
		2.006% 6/25/65 #●	195,667	$	198,563
	SLM Student Loan Trust
		Series 2008-9 A
		2.382% 4/25/23 ●	2,311,292		2,314,280
		Series 2012-5 A2
		1.056% 6/25/19 ●	323,347		321,857
Total Agency Asset-Backed
	Securities (cost $2,857,577)				2,834,700
Agency Collateralized Mortgage Obligations – 5.92%
	Fannie Mae Connecticut
		Avenue Securities
		Series 2015-C03 1M1
		2.256% 7/25/25 ●	69,615		69,745
		Series 2015-C03 2M1
		2.256% 7/25/25 ●	98,849		99,043
		Series 2015-C04 2M1
		2.456% 4/25/28 ●	81,943		82,189
		Series 2016-C03 1M1
		2.756% 10/25/28 ●	106,112		107,549
		Series 2016-C04 1M1
		2.206% 1/25/29 ●	53,687		54,028
	Fannie Mae Grantor Trust
		Series 1999-T2 A1
		7.50% 1/19/39 ●	10,122		11,384
		Series 2002-T4 A3
		7.50% 12/25/41	36,979		42,798
		Series 2004-T1 1A2
		6.50% 1/25/44	10,898		12,601
	Fannie Mae REMIC Trust
		Series 2004-W4 A5
		5.50% 6/25/34	733,380		765,351
		Series 2004-W11 1A2
		6.50% 5/25/44	55,802		64,151
	Fannie Mae REMICs
		Series 2013-7 EI
		3.00% 10/25/40 ∑	934,869		131,694
		Series 2015-89 AZ
		3.50% 12/25/45	151,634		145,515
		Series 2016-74 GS
		5.244% 10/25/46 ∑●	335,027		83,065
		Series 1996-46 ZA
		7.50% 11/25/26	7,218		8,224
		Series 1999-19 PH
		6.00% 5/25/29	123,222		139,440
		Series 2001-14 Z
		6.00% 5/25/31	7,302		8,008
		Series 2002-90 A1
		6.50% 6/25/42	9,511		11,085
		Series 2002-90 A2
		6.50% 11/25/42	31,884		36,657
		Series 2005-70 PA
		5.50% 8/25/35	70,496		78,770
		Series 2005-110 MB
		5.50% 9/25/35	68,461		72,421
		Series 2007-30 OE
		1.98% 4/25/37 Ω^	3,632,827		3,050,001
		Series 2007-114 A6
		0.956% 10/27/37 ●	803,902		803,035
		Series 2008-15 SB
		5.844% 8/25/36 ∑●	155,706		29,733
		Series 2008-24 ZA
		5.00% 4/25/38	15,343,860		16,767,453
		Series 2009-2 AS
		4.944% 2/25/39 ∑●	1,442,438		188,472
		Series 2009-68 SA
		5.994% 9/25/39 ∑●	342,255		61,115
		Series 2009-94 AC
		5.00% 11/25/39	202,944		220,601
		Series 2010-41 PN
		4.50% 4/25/40	475,000		515,522
		Series 2010-43 HJ
		5.50% 5/25/40	113,636		126,767
		Series 2010-96 DC
		4.00% 9/25/25	508,547		544,614
		Series 2010-123 FE
		1.236% 11/25/40 ●	2,494,485		2,498,542
		Series 2010-129 SM
		5.244% 11/25/40 ∑●	1,216,705		205,699
		Series 2011-118 DC
		4.00% 11/25/41	1,393,217		1,427,916
		Series 2012-98 MI
		3.00% 8/25/31 ∑	1,716,070		204,496
		Series 2012-122 SD
		5.344% 11/25/42 ∑●	1,622,093		324,763
		Series 2013-38 AI
		3.00% 4/25/33 ∑	1,690,717		236,975
		Series 2013-43 IX
		4.00% 5/25/43 ∑	4,815,606		1,081,860
		Series 2013-44 DI
		3.00% 5/25/33 ∑	2,638,120		420,113
		Series 2013-55 AI
		3.00% 6/25/33 ∑	2,053,751		293,431
		Series 2014-36 ZE
		3.00% 6/25/44	655,850		587,893
		Series 2014-68 BS
		5.394% 11/25/44 ∑●	1,703,253		338,955

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 1

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	Fannie Mae REMICs
		Series 2014-90 SA
		5.394% 1/25/45 ∑●	4,692,393	$	923,288
		Series 2015-27 SA
		5.694% 5/25/45 ∑●	630,976		140,417
		Series 2015-44 Z
		3.00% 9/25/43	1,616,022		1,539,822
		Series 2015-95 SH
		5.244% 1/25/46 ∑●	1,524,505		360,974
		Series 2016-55 SK
		5.244% 8/25/46 ∑●	1,239,772		309,161
		Series 2016-62 SA
		5.244% 9/25/46 ∑●	2,401,142		623,945
	Fannie Mae Whole Loan Trust
		Series 2004-W15 1A1
		6.00% 8/25/44	51,443		56,864
	Freddie Mac REMICs
		Series 4614 HB
		2.50% 9/15/46	605,000		537,567
		Series 4623 LZ
		2.50% 10/15/46	1,128,152		1,006,421
		Series 4631 GS
		5.296% 11/15/46 ∑●	2,618,957		536,764
		Series 4636 NZ
		3.00% 12/15/46	662,000		552,399
		Series 1730 Z
		7.00% 5/15/24	33,892		37,880
		Series 2165 PE
		6.00% 6/15/29	101,276		115,808
		Series 2326 ZQ
		6.50% 6/15/31	57,223		64,825
		Series 2557 WE
		5.00% 1/15/18	42,668		43,256
		Series 3143 BC
		5.50% 2/15/36	2,452,280		2,702,858
		Series 3289 SA
		6.046% 3/15/37 ∑●	1,115,543		177,979
		Series 3656 PM
		5.00% 4/15/40	417,997		457,423
		Series 4065 DE
		3.00% 6/15/32	120,000		120,219
		Series 4109 AI
		3.00% 7/15/31 ∑	3,139,625		368,743
		Series 4120 IK
		3.00% 10/15/32 ∑	2,522,703		354,551
		Series 4146 IA
		3.50% 12/15/32 ∑	1,341,171		207,178
		Series 4159 KS
		5.446% 1/15/43 ∑●	1,183,079		264,634
		Series 4181 DI
		2.50% 3/15/33 ∑	816,042		103,093
		Series 4184 GS
		5.416% 3/15/43 ∑●	1,362,600		299,434
		Series 4185 LI
		3.00% 3/15/33 ∑	640,413		89,518
		Series 4191 CI
		3.00% 4/15/33 ∑	271,992		38,036
		Series 4342 CI
		3.00% 11/15/33 ∑	487,770		60,536
		Series 4435 DY
		3.00% 2/15/35	1,305,000		1,288,667
		Series 4453 DI
		3.50% 11/15/33 ∑	646,737		89,127
		Series 4592 WT
		5.50% 6/15/46	2,787,858		3,097,421
		Series 4594 SG
		5.296% 6/15/46 ∑●	3,576,937		899,030
	Freddie Mac Strips
		Series 267 S5
		5.296% 8/15/42 ∑●	1,717,564		372,708
		Series 299 S1
		5.296% 1/15/43 ∑●	1,291,980		268,669
		Series 326 S2
		5.246% 3/15/44 ∑●	905,808		182,292
	Freddie Mac Structured
		Agency Credit Risk Debt
		Notes
		Series 2015-DNA3 M1
		2.106% 4/25/28 ●	49,635		49,659
		Series 2016-DNA3 M1
		1.856% 12/25/28 ●	290,101		290,753
	Freddie Mac Structured Pass
		Through Certificates
		Series T-54 2A
		6.50% 2/25/43 ⧫	16,276		18,830
		Series T-58 2A
		6.50% 9/25/43 ⧫	8,429		9,644
	GNMA
		Series 2008-65 SB
		5.261% 8/20/38 ∑●	984,395		145,552
		Series 2009-2 SE
		5.081% 1/20/39 ∑●	2,999,589		436,729
		Series 2010-113 KE
		4.50% 9/20/40	1,170,000		1,269,287
		Series 2011-H21 FT
		1.37% 10/20/61 ●	11,101,085		11,095,981
		Series 2011-H23 FA
		1.23% 10/20/61 ●	7,392,690		7,405,001
		Series 2012-136 MX
		2.00% 11/20/42	240,000		216,116
		Series 2012-H08 FB
		1.13% 3/20/62 ●	1,168,518		1,166,851

2 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2012-H18 NA
		1.05% 8/20/62 ●	667,269	$	665,058
		Series 2012-H29 SA
		1.045% 10/20/62 ●	5,309,516		5,280,588
		Series 2013-113 AZ
		3.00% 8/20/43	1,663,075		1,574,466
		Series 2013-113 LY
		3.00% 5/20/43	173,000		169,731
		Series 2015-64 GZ
		2.00% 5/20/45	631,673		512,996
		Series 2015-133 AL
		3.00% 5/20/45	1,725,000		1,637,320
		Series 2015-H10 FA
		1.13% 4/20/65 ●	16,650,590		16,411,616
		Series 2015-H11 FC
		1.08% 5/20/65 ●	2,141,690		2,105,518
		Series 2015-H12 FB
		1.13% 5/20/65 ●	8,472,089		8,352,081
		Series 2015-H20 FB
		1.13% 8/20/65 ●	2,241,185		2,207,884
		Series 2016-111 PB
		2.50% 8/20/46	579,000		517,002
		Series 2016-134 MW
		3.00% 10/20/46	98,000		96,863
		Series 2016-156 PB
		2.00% 11/20/46	362,000		289,275
		Series 2016-H06 FD
		1.45% 7/20/65 ●	2,210,927		2,214,457
Total Agency Collateralized
	Mortgage Obligations
	(cost $117,864,216)				114,382,439
Agency Commercial Mortgage-Backed Securities – 1.01%
	Freddie Mac Multifamily
		Structured Pass Through
		Certificates
		Series K031 A2 3.30%
		4/25/23 ⧫●	4,000,000		4,185,654
		Series K055 A2 2.673%
		3/25/26 ⧫	1,135,000		1,113,057
		Series K057 A2 2.57%
		7/25/26 ⧫	570,000		553,439
		Series K059 A2 3.12%
		9/25/26 ⧫●	1,005,000		1,020,115
		Series K716 A2 3.13%
		6/25/21 ⧫	2,060,000		2,142,643
		Series K719 A1 2.53%
		12/25/21 ⧫	444,914		449,782
		Series K719 A2 2.731%
		6/25/22 ⧫●	1,900,000		1,916,912
		Series KS03 A4 3.161%
		5/25/25 ⧫●	900,000		909,974
	FREMF Mortgage Trust
		Series 2011-K10 B 144A
		4.631% 11/25/49 #●	245,000		259,691
		Series 2011-K13 B 144A
		4.61% 1/25/48 #●	650,000		694,213
		Series 2011-K15 B 144A
		4.948% 8/25/44 #●	75,000		80,908
		Series 2011-K704 B 144A
		4.69% 10/25/30 #●	650,000		672,974
		Series 2012-K22 B 144A
		3.811% 8/25/45 #●	665,000		681,799
		Series 2012-K23 B 144A
		3.655% 10/25/45 #●	1,500,000		1,519,380
		Series 2012-K708 B 144A
		3.751% 2/25/45 #●	885,000		907,695
		Series 2012-K708 C 144A
		3.751% 2/25/45 #●	230,000		234,952
		Series 2013-K33 B 144A
		3.502% 8/25/46 #●	505,000		508,485
		Series 2013-K712 B 144A
		3.365% 5/25/45 #●	470,000		477,272
		Series 2013-K713 B 144A
		3.165% 4/25/46 #●	285,000		287,261
		Series 2013-K713 C 144A
		3.165% 4/25/46 #●	1,000,000		981,356
Total Agency Commercial
	Mortgage-Backed Securities
	(cost $19,803,205)				19,597,562
Agency Mortgage-Backed Securities – 19.81%
	Fannie Mae
		5.50% 3/1/37	21,613		23,303
		5.50% 7/1/37	118,666		128,130
	Fannie Mae ARM
		2.414% 5/1/43 ●	397,433		402,090
		2.553% 6/1/43 ●	147,003		148,646
		2.669% 7/1/37 ●	50,752		53,127
		2.921% 7/1/45 ●	266,097		271,232
		2.958% 12/1/45 ●	352,507		362,562
		2.966% 4/1/46 ●	46,491		47,423
		3.076% 8/1/35 ●	15,519		16,378
		3.081% 4/1/44 ●	1,303,814		1,338,988
		3.218% 4/1/44 ●	356,118		365,921
		3.226% 3/1/44 ●	527,726		545,991
		3.274% 9/1/43 ●	326,171		335,244

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 3

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae ARM
		6.099% 8/1/37 ●	35,667	$	35,623
	Fannie Mae S.F. 15 yr
		4.50% 8/1/18	24,240		24,912
		4.50% 7/1/20	90,440		93,115
	Fannie Mae S.F. 30 yr
		3.00% 4/1/43	1,500,287		1,499,859
		4.00% 10/1/40	27,935		29,469
		4.00% 11/1/40	164,358		173,060
		4.50% 5/1/35	105,080		113,557
		4.50% 8/1/35	208,389		225,242
		4.50% 9/1/35	168,188		181,770
		4.50% 4/1/39	1,574,226		1,699,566
		4.50% 5/1/39	719,042		776,081
		4.50% 11/1/39	482,649		523,909
		4.50% 1/1/40	1,383,143		1,500,408
		4.50% 6/1/40	520,943		565,352
		4.50% 7/1/40	603,790		649,374
		4.50% 8/1/40	154,317		166,536
		4.50% 4/1/41	74,015		79,948
		4.50% 7/1/41	1,325,364		1,436,046
		4.50% 8/1/41	1,290,176		1,399,556
		4.50% 1/1/42	380,175		412,105
		4.50% 8/1/42	2,058,079		2,225,845
		4.50% 10/1/44	434,548		470,327
		4.50% 2/1/46	8,795,836		9,470,031
		4.50% 3/1/46	590,284		639,251
		4.50% 7/1/46	1,466,674		1,581,207
		5.00% 3/1/34	3,122		3,404
		5.00% 4/1/34	19,350		21,188
		5.00% 8/1/34	29,902		32,740
		5.00% 4/1/35	7,508		8,290
		5.00% 12/1/37	3,089		3,363
		5.00% 3/1/38	157,478		171,456
		5.00% 6/1/38	8,470		9,222
		5.00% 2/1/39	4,293		4,674
		5.00% 5/1/40	99,390		108,581
		5.50% 12/1/32	14,992		16,815
		5.50% 2/1/33	41,270		46,227
		5.50% 6/1/33	184,730		206,933
		5.50% 12/1/33	21,216		23,847
		5.50% 7/1/34	28,653		32,137
		5.50% 9/1/34	466,426		523,131
		5.50% 11/1/34	77,168		86,538
		5.50% 12/1/34	86,129		96,483
		5.50% 2/1/35	1,129,163		1,273,010
		5.50% 3/1/35	40,162		45,005
		5.50% 5/1/35	328,843		368,351
		5.50% 6/1/35	53,488		59,970
		5.50% 1/1/36	418,883		469,792
		5.50% 4/1/36	1,303,088		1,457,582
		5.50% 7/1/36	474,084		531,120
		5.50% 9/1/36	625,847		702,100
		5.50% 1/1/37	295,679		329,221
		5.50% 2/1/37	404,437		450,405
		5.50% 8/1/37	221,773		248,612
		5.50% 9/1/37	394,432		439,701
		5.50% 1/1/38	311,859		347,134
		5.50% 2/1/38	181,204		202,704
		5.50% 3/1/38	131,069		145,881
		5.50% 6/1/38	77,560		86,517
		5.50% 7/1/38	142,527		158,744
		5.50% 11/1/38	1,100,464		1,228,745
		5.50% 1/1/39	1,048,175		1,174,439
		5.50% 2/1/39	5,495,795		6,159,883
		5.50% 6/1/39	400,819		448,571
		5.50% 10/1/39	605,048		674,692
		5.50% 3/1/40	1,430,881		1,601,919
		5.50% 7/1/40	193,943		216,591
		5.50% 3/1/41	2,167,773		2,430,793
		5.50% 9/1/41	2,396,421		2,683,528
		6.00% 4/1/35	241,701		276,956
		6.00% 3/1/36	273,650		311,872
		6.00% 5/1/36	52,879		59,912
		6.00% 6/1/36	26,118		29,617
		6.00% 9/1/36	182,847		211,937
		6.00% 12/1/36	28,434		32,441
		6.00% 2/1/37	83,123		94,178
		6.00% 5/1/37	193,091		218,813
		6.00% 6/1/37	15,547		17,845
		6.00% 7/1/37	13,103		14,969
		6.00% 8/1/37	146,778		167,135
		6.00% 9/1/37	425,778		481,928
		6.00% 11/1/37	4,986		5,646
		6.00% 5/1/38	884,880		1,002,634
		6.00% 8/1/38	97,988		110,857
		6.00% 9/1/38	699,439		793,632
		6.00% 10/1/38	38,557		43,705
		6.00% 11/1/38	67,574		77,373
		6.00% 12/1/38	195,407		222,927
		6.00% 1/1/39	118,872		134,710
		6.00% 9/1/39	379,463		429,992
		6.00% 10/1/39	1,432,561		1,649,083
		6.00% 3/1/40	118,442		134,332
		6.00% 7/1/40	433,105		490,596
		6.00% 9/1/40	100,668		114,062
		6.00% 11/1/40	45,932		52,958

4 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		6.00% 5/1/41	957,854	$	1,084,940
		6.00% 6/1/41	644,478		730,029
		6.00% 7/1/41	3,009,497		3,416,851
		6.50% 11/1/33	4,800		5,431
		6.50% 2/1/36	59,361		67,159
		6.50% 3/1/36	61,582		69,671
		6.50% 6/1/36	177,883		205,454
		6.50% 2/1/38	34,703		39,428
		6.50% 11/1/38	9,415		10,652
		6.50% 3/1/40	1,547,703		1,752,067
		6.50% 5/1/40	281,601		320,197
		7.50% 3/1/32	321		368
		7.50% 4/1/32	1,819		2,082
	Fannie Mae S.F. 30 yr TBA
		3.00% 1/1/46	55,008,000		54,645,706
		3.50% 1/1/46	83,800,000		85,888,455
		4.00% 2/1/46	96,000,000		100,790,630
		4.50% 1/1/46	32,000,000		34,418,749
	Freddie Mac ARM
		2.553% 10/1/46 ●	663,522		668,375
		2.759% 10/1/45 ●	315,993		322,049
		2.814% 9/1/45 ●	1,997,207		2,036,914
		2.817% 12/1/33 ●	41,779		44,172
		2.927% 10/1/45 ●	527,713		538,733
		2.943% 11/1/44 ●	175,991		180,615
		2.979% 11/1/45 ●	393,536		401,718
		3.114% 3/1/46 ●	776,119		795,757
		3.307% 5/1/37 ●	379,339		404,160
		5.384% 2/1/38 ●	75,077		78,960
	Freddie Mac S.F. 20 yr
		5.50% 10/1/23	43,613		48,308
		5.50% 8/1/24	14,533		16,110
	Freddie Mac S.F. 30 yr
		4.50% 4/1/39	84,342		91,084
		4.50% 5/1/40	2,137,407		2,317,852
		4.50% 7/1/42	811,149		876,770
		4.50% 12/1/43	188,967		204,284
		4.50% 8/1/44	1,236,683		1,340,748
		4.50% 7/1/45	3,454,776		3,719,116
		5.50% 3/1/34	33,758		37,985
		5.50% 12/1/34	30,659		34,480
		5.50% 6/1/36	18,313		20,575
		5.50% 11/1/36	37,448		41,986
		5.50% 12/1/36	8,424		9,403
		5.50% 4/1/38	167,156		186,410
		5.50% 6/1/38	24,252		27,038
		5.50% 1/1/39	164,526		184,526
		5.50% 6/1/39	215,645		240,247
		5.50% 3/1/40	98,167		109,185
		5.50% 8/1/40	373,872		416,912
		5.50% 1/1/41	105,704		117,873
		5.50% 6/1/41	1,667,470		1,862,998
		6.00% 2/1/36	257,906		294,858
		6.00% 3/1/36	228,008		260,691
		6.00% 9/1/37	113,300		128,730
		6.00% 1/1/38	38,334		43,306
		6.00% 6/1/38	104,868		119,063
		6.00% 8/1/38	168,505		193,300
		6.00% 5/1/40	637,961		723,715
		6.00% 7/1/40	619,429		704,550
		6.50% 11/1/33	27,217		30,741
		6.50% 1/1/35	99,249		116,131
		6.50% 8/1/38	31,097		35,124
		6.50% 4/1/39	160,477		182,546
		7.00% 1/1/38	25,098		28,559
	Freddie Mac S.F. 30 yr TBA
		3.50% 1/1/46	6,000,000		6,143,657
	GNMA I S.F. 30 yr
		5.00% 3/15/40	659,658		722,291
		7.00% 12/15/34	176,338		207,341
	GNMA II S.F. 30 yr
		5.50% 5/20/37	247,553		274,424
		5.50% 4/20/40	228,530		250,204
		6.00% 4/20/34	5,371		5,967
		6.00% 2/20/39	352,112		397,970
		6.00% 2/20/40	1,107,334		1,263,879
		6.00% 4/20/46	372,976		415,709
		6.50% 10/20/39	393,654		445,735
	GNMA II S.F. 30 yr TBA
		4.00% 1/1/46	6,000,000		6,371,836
Total Agency Mortgage-Backed
	Securities (cost $383,432,680)				382,704,872
Collateralized Debt Obligations – 2.58%
	Anchorage Capital CLO 6
		Series 2015-6A A1 144A
		2.42% 4/15/27 #●	435,000		434,469
	Ares XXV CLO
		Series 2012-3A AR 144A
		2.10% 1/17/24 #●	700,000		699,303
	Avery Point III CLO
		Series 2013-3A A 144A
		2.282% 1/18/25 #●	1,000,000		999,496
	Avery Point VI CLO
		Series 2015-6A A 144A
		2.331% 8/5/27 #●	250,000		250,444

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 5

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

				Principal	Value
				amount°	(U.S. $)
Collateralized Debt Obligations (continued)
	Benefit Street Partners CLO IV
		Series 2014-IVA A1R 144A
		2.233% 1/20/29 #●		2,400,000	$	2,398,800
	Benefit Street Partners CLO VI
		Series 2015-VIA A1A 144A
		2.432% 4/18/27 #●		520,000		520,466
	BlueMountain CLO
		Series 2015-1A A1R 144A
		2.065% 4/13/27 #●		400,000		399,800
		Series 2015-2A A1 144A
		2.312% 7/18/27 #●		710,000		711,244
	Carlyle Global Market
		Strategies CLO
		Series 2012-1A AR 144A
		2.111% 4/20/22 #●		2,835,842		2,837,396
		Series 2014-2A A 144A
		2.376% 5/15/25 #●		1,500,000		1,500,087
	Cavalry CLO V
		Series 2014-5A A 144A
		2.25% 1/16/24 #●		282,406		282,427
	Cedar Funding V CLO
		Series 2016-5A A1 144A
		2.243% 7/17/28 #●		530,000		530,938
	Cedar Funding VI CLO
		Series 2016-6A A1 144A
		2.344% 10/20/28 #●		1,230,000		1,230,935
	Cent CLO 20
		Series 2013-20A A 144A
		2.362% 1/25/26 #●		654,000		653,669
	Cent CLO 21
		Series 2014-21A A1B
		144A 2.276% 7/27/26 #●		1,250,000		1,249,367
	CIFC Funding
		Series 2012-3A A1R 144A
		2.082% 1/29/25 #●		2,700,000		2,698,002
		Series 2014-2A A1L 144A
		2.41% 5/24/26 #●		250,000		250,510
	Cordatus CLO I
		Series 2006-1X A1
		0.049% 1/30/24 ●	EUR	1,678,014		1,762,253
	Dryden XXV Senior Loan Fund
		Series 2012-25A AR 144A
		2.054% 1/15/25 #●		3,600,000		3,598,189
	Finn Square CLO
		Series 2012-1A 144A
		2.05% 12/24/23 #		4,400,000		4,381,656
	Fraser Sullivan CLO VII
		Series 2012-7A A1R 144A
		1.956% 4/20/23 #●		154,040		153,888
	Halcyon Loan Advisors
		Funding
		Series 2012-1A A1 144A
		2.406% 8/15/23 #●		489,202		490,153
	JFIN CLO
		Series 2015-2A AX 144A
		2.33% 10/19/26 #●		180,000		179,685
	Jubilee CDO I-R
		Series I-RA A 144A
		0.023% 7/30/24 #●	EUR	378,922		397,484
		Series I-RX A
		0.023% 7/30/24 ●	EUR	1,894,611		1,987,421
	KVK CLO
		Series 2012-1A A 144A
		2.25% 7/15/23 #●		292,758		292,800
	Lockwood Grove CLO
		Series 2014-1A A1R 144A
		2.33% 4/25/25 #●		500,000		499,747
	Madison Park Funding IX
		Series 2012-9AR AR 144A
		2.196% 8/15/22 #●		439,071		439,790
	Magnetite IX
		Series 2014-9A A1 144A
		2.302% 7/25/26 #●		2,405,000		2,405,991
	Malin CLO
		Series 2007-1A A1 144A
		0.10% 5/7/23 #●	EUR	230,391		241,959
	Neuberger Berman CLO XIX
		Series 2015-19A A1 144A
		2.30% 7/15/27 #●		1,300,000		1,299,345
	Neuberger Berman CLO XVII
		Series 2014-17A A 144A
		2.346% 8/4/25 #●		1,350,000		1,354,895
	Palmer Square Loan Funding
		Series 2016-2A A1 144A
		2.231% 6/21/24 #●		893,518		892,166
	Shackleton CLO
		Series 2014-5A A 144A
		2.381% 5/7/26 #●		1,565,000		1,565,504
		Series 2015-8A A1 144A
		2.391% 10/20/27 #●		250,000		250,369
	Stoney Lane Funding I
		Series 2007-1A A1 144A
		1.12% 4/18/22 #●		301,067		296,168
	Tralee CLO III
		Series 2014-3A A1R 144A
		1.803% 7/20/26 #●		250,000		249,875
	Venture CDO
		Series 2016-25A A1 144A
		2.49% 4/20/29 #●		490,000		489,755

6 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Collateralized Debt Obligations (continued)
	Venture X CLO
		Series 2012-10A AR 144A
		2.08% 7/20/22 #●	2,000,000	$	1,998,992
	Venture XI CLO
		Series 2012-11AR AR
		144A
		2.202% 11/14/22 #●	750,000		750,466
	Venture XXI CLO
		Series 2015-21A A 144A
		2.37% 7/15/27 #●	285,000		285,174
	Venture XXIV CLO
		Series 2016-24A A1D
		144A 2.24% 10/20/28 #●	1,115,000		1,116,015
	Voya CLO
		Series 2012-2AR AR 144A
		2.18% 10/15/22 #●	200,000		200,252
	Westwood CDO II
		Series 2007-2A A1 144A
		1.102% 4/25/22 #●	354,591		354,270
	WhiteHorse VI
		Series 2012-1A A1R 144A
		2.078% 2/3/25 #●	4,300,000		4,272,987
Total Collateralized Debt
	Obligations
	(cost $49,990,860)				49,854,602
Convertible Bonds – 0.86%
	Aerojet Rocketdyne Holdings
		144A 2.25% exercise price
		$26.00, maturity date
		12/15/23 #	52,000		50,895
	Alaska Communications
		Systems Group 6.25%
		exercise price $10.28,
		maturity date 5/1/18	707,000		701,697
	BioMarin Pharmaceutical
		1.50% exercise price
		$94.15, maturity date
		10/15/20	225,000		264,797
	Blackhawk Network Holdings
		144A 1.50% exercise price
		$49.83, maturity date
		1/15/22 #	432,000		444,960
	Blackstone Mortgage Trust
		5.25% exercise price
		$27.99, maturity date
		12/1/18	686,000		766,605
	Blucora 4.25% exercise price
		$21.66, maturity date
		4/1/19	275,000		275,000
	Brookdale Senior Living
		2.75% exercise price
		$29.32, maturity date
		6/15/18	641,000		626,177
	Cardtronics 1.00% exercise
		price $52.35, maturity date
		12/1/20	220,000		259,600
	Cemex 3.72% exercise price
		$11.45, maturity date
		3/15/20	277,000		297,429
	Chart Industries 2.00%
		exercise price $69.03,
		maturity date 8/1/18	540,000		530,550
	Ciena 144A 3.75% exercise
		price $20.17, maturity date
		10/15/18 #	278,000		376,864
	Clearwire Communications
		144A 8.25% exercise price
		$7.08, maturity date
		12/1/40 #	433,000		453,567
	DISH Network 144A 3.375%
		exercise price $65.18,
		maturity date 8/15/26 #	107,000		122,314
	GAIN Capital Holdings
		4.125% exercise price
		$12.00, maturity date
		12/1/18	364,000		355,810
	General Cable 4.50% exercise
		price $31.67, maturity date
		11/15/29 ϕ	649,000		509,871
	HealthSouth 2.00% exercise
		price $37.16, maturity date
		12/1/43	489,000		581,299
	Helix Energy Solutions Group
		4.25% exercise price
		$13.89, maturity date
		5/1/22	327,000		339,467
	Hologic 2.00% exercise price
		$31.18, maturity date
		3/1/42 ϕ	239,000		324,741
	Infinera 1.75% exercise price
		$12.58, maturity date
		6/1/18	353,000		368,223
	Insulet 144A 1.25% exercise
		price $58.37, maturity date
		9/15/21 #	220,000		204,875
	Jefferies Group 3.875%
		exercise price $43.93,
		maturity date 11/1/29	501,000		507,889
	Knowles 144A 3.25%
		exercise price $18.42,
		maturity date 11/1/21 #	302,000		351,830

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 7

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

				Principal	Value
				amount°	(U.S. $)
Convertible Bonds (continued)
	Liberty Interactive 144A
		1.75% exercise price
		$341.10, maturity date
		9/30/46 #		285,000	$	307,800
	Liberty Media 144A 2.25%
		exercise price $104.54,
		maturity date 9/30/46 #		106,000		112,227
	Medicines 144A 2.75%
		exercise price $48.97,
		maturity date 7/15/23 #		292,000		282,327
	Meritor 4.00% exercise price
		$26.73, maturity date
		2/15/27 ϕ		831,000		850,736
	New Mountain Finance
		5.00% exercise price
		$15.80, maturity date
		6/15/19		333,000		341,117
	Novellus Systems 2.625%
		exercise price $33.85,
		maturity date 5/15/41		210,000		654,806
	NuVasive 144A 2.25%
		exercise price $59.82,
		maturity date 3/15/21 #		180,000		229,387
	NXP Semiconductors 1.00%
		exercise price $102.84,
		maturity date 12/1/19		440,000		502,700
	ON Semiconductor 1.00%
		exercise price $18.50,
		maturity date 12/1/20		303,000		311,901
	PROS Holdings 2.00%
		exercise price $33.79,
		maturity date 12/1/19		514,000		506,933
	Spectrum Pharmaceuticals
		2.75% exercise price
		$10.53, maturity date
		12/15/18		547,000		488,539
	Spirit Realty Capital 3.75%
		exercise price $13.10,
		maturity date 5/15/21		383,000		403,109
	Synchronoss Technologies
		0.75% exercise price
		$53.17, maturity date
		8/15/19		513,000		541,215
	TPG Specialty Lending 4.50%
		exercise price $25.83,
		maturity date 12/15/19		442,000		453,603
	Vector Group
		1.75% exercise price
		$23.46, expiration date
		4/15/20 ●		474,000		545,989
		2.50% exercise price
		$15.22, expiration date
		1/15/19 ●		147,000		229,683
	VEREIT 3.75% exercise price
		$14.99, maturity date
		12/15/20		673,000		674,265
	Verint Systems 1.50%
		exercise price $64.46,
		maturity date 6/1/21		590,000		555,706
Total Convertible Bonds
	(cost $16,147,516)					16,706,503
Corporate Bonds – 45.19%
Banking – 16.33%
	Ally Financial
		4.125% 3/30/20		200,000		202,500
		4.75% 9/10/18		200,000		206,500
		5.50% 2/15/17		2,500,000		2,510,937
		5.75% 11/20/25		620,000		620,775
	ANZ New Zealand
		International 144A
		2.60% 9/23/19 #		200,000		201,769
	Australia & New Zealand
		Banking Group
		2.625% 12/10/18	CAD	151,000		114,756
	Banco Bilbao Vizcaya
		Argentaria
		6.75% 12/29/49 ●	EUR	400,000		402,695
	Banco Nacional de Costa Rica
		144A 5.875% 4/25/21 #		1,050,000		1,060,500
	Banco Nacional de Desenvol-
		vimento Economico e
		Social
		144A 6.369% 6/16/18 #		1,500,000		1,574,670
		6.50% 6/10/19		2,500,000		2,668,000
	Bank Nederlandse
		Gemeenten
		144A 0.951% 7/14/17 #●		674,000		674,131
		5.25% 5/20/24	AUD	292,000		235,976
	Bank of America
		1.263% 6/15/17 ●		3,800,000		3,798,176
		2.061% 10/21/22 ●		545,000		554,815
		2.60% 1/15/19		1,200,000		1,210,853
		2.625% 4/19/21		2,300,000		2,286,517
		3.248% 10/21/27		430,000		411,444
		3.30% 8/5/21	AUD	240,000		169,713
		3.30% 1/11/23		716,000		719,365
		4.183% 11/25/27		1,065,000		1,067,823
		4.45% 3/3/26		5,580,000		5,761,194
		5.65% 5/1/18		3,300,000		3,458,723
		5.75% 12/1/17		700,000		725,255
		6.00% 9/1/17		3,200,000		3,293,267
		6.40% 8/28/17		1,000,000		1,030,831

8 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

				Principal	Value
				amount°	(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Bank of America
		6.875% 4/25/18		5,025,000	$	5,342,806
		7.625% 6/1/19		800,000		899,474
	Bank of New York Mellon
		1.937% 10/30/23 ●		840,000		853,703
		2.15% 2/24/20		1,960,000		1,955,112
		2.20% 8/16/23		810,000		773,516
		2.50% 4/15/21		180,000		180,307
		2.80% 5/4/26		490,000		472,450
		4.625% 12/29/49 ●		1,365,000		1,255,554
	Bank of Nova Scotia
		1.875% 4/26/21		4,500,000		4,392,828
	Bank of Scotland 144A
		5.25% 2/21/17 #		1,000,000		1,006,943
	Banque Federative du Credit
		Mutuel 144A
		2.00% 4/12/19 #		500,000		498,127
	Barclays
		2.00% 3/16/18		1,000,000		999,721
		3.20% 8/10/21		3,825,000		3,783,847
		6.50% 6/15/49 ●	EUR	400,000		409,801
	Barclays Bank
		1.745% 11/6/17 ●		3,000,000		3,002,796
		144A 6.05% 12/4/17 #		300,000		310,065
		7.625% 11/21/22		1,800,000		1,978,875
	BB&T
		1.546% 2/1/19 ●		750,000		753,431
		1.823% 6/15/18 ●		65,000		65,374
		2.05% 5/10/21		3,765,000		3,697,445
		2.45% 1/15/20		670,000		675,537
	BBVA Bancomer
		144A 6.50% 3/10/21 #		435,000		470,670
		144A 7.25% 4/22/20 #		100,000		110,250
	BNP Paribas
		144A 7.375% 8/19/25 #●		2,300,000		2,317,121
		7.375% 12/29/49 ●		500,000		503,722
	Branch Banking & Trust
		3.625% 9/16/25		250,000		254,456
	Capital One 2.25% 9/13/21			1,495,000		1,460,297
	Capital One Financial
		4.20% 10/29/25		425,000		427,188
	CIT Group
		5.25% 3/15/18		6,100,000		6,336,375
		144A 5.50% 2/15/19 #		2,800,000		2,961,000
	Citigroup
		1.767% 7/30/18 ●		2,300,000		2,314,851
		1.878% 6/7/19 ●		2,300,000		2,318,681
		2.361% 9/1/23 ●		830,000		847,173
		3.20% 10/21/26		1,000,000		958,208
		3.75% 10/27/23	AUD	498,000		348,226
		4.05% 7/30/22		150,000		155,441
	Citizens Bank
		2.55% 5/13/21		1,655,000		1,646,525
	Citizens Financial Group
		2.375% 7/28/21		115,000		112,895
		4.30% 12/3/25		965,000		982,055
	Compass Bank
		3.875% 4/10/25		1,145,000		1,091,526
	Cooperatieve Rabobank
		2.50% 9/4/20	NOK	1,740,000		208,638
		3.75% 7/21/26		2,405,000		2,362,179
		4.375% 8/4/25		2,000,000		2,055,916
		6.875% 3/19/20	EUR	2,400,000		2,981,042
		8.40% 11/29/49 ●		500,000		514,325
	Credit Agricole 144A
		1.923% 6/10/20 #●		200,000		200,933
	Credit Suisse
		1.753% 9/12/17 ●		400,000		400,556
	Credit Suisse Group 144A
		6.25% 12/29/49 #●		2,350,000		2,294,070
	Credit Suisse Group Funding
		Guernsey
		2.75% 3/26/20		2,449,000		2,429,601
		3.125% 12/10/20		1,445,000		1,441,805
		3.45% 4/16/21		400,000		402,923
		3.80% 9/15/22		3,350,000		3,384,009
		3.80% 6/9/23		2,300,000		2,300,715
		4.55% 4/17/26		1,810,000		1,883,377
	DBS Bank
		144A 3.625% 9/21/22 #●		700,000		706,366
		3.625% 9/21/22 ●		200,000		201,819
	Deutsche Bank
		2.85% 5/10/19		3,100,000		3,088,577
		144A 4.25% 10/14/21 #		1,200,000		1,205,918
	DNB Bank 144A
		3.20% 4/3/17 #		3,300,000		3,315,923
	Eksportfinans
		5.50% 6/26/17		600,000		609,240
	Fifth Third Bancorp
		2.875% 7/27/20		435,000		440,873
	Fifth Third Bank
		1.821% 8/20/18 ●		905,000		911,011
		2.25% 6/14/21		665,000		657,854
		3.85% 3/15/26		985,000		993,121
	Goldman Sachs Group
		1.586% 5/22/17 ●		1,800,000		1,803,150

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 9

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Goldman Sachs Group
	2.163% 9/15/20 ●		3,500,000	$	3,534,465
	2.537% 11/29/23 ●		875,000		902,987
	3.055% 8/21/19 ●	AUD	140,000		101,150
	3.50% 11/16/26		805,000		788,097
	3.55% 2/12/21	CAD	100,000		78,050
	5.15% 5/22/45		1,755,000		1,852,687
	5.20% 12/17/19	NZD	206,000		147,314
	5.95% 1/18/18		700,000		729,404
	HBOS 1.646% 9/6/17 ●		500,000		499,170
	HSBC Bank 144A
	1.546% 5/15/18 #●		620,000		620,335
	HSBC Holdings
	2.499% 1/5/22 ●		2,800,000		2,854,183
	2.59% 5/25/21●∞		1,100,000		1,124,257
	2.65% 1/5/22		1,345,000		1,313,986
	4.375% 11/23/26		805,000		812,594
	6.00% 12/29/49 ●	EUR	900,000		982,130
	Huntington Bancshares
	2.30% 1/14/22		670,000		650,587
	ICICI Bank 144A
	4.00% 3/18/26 #		1,070,000		1,040,642
	ING Bank 144A
	1.686% 8/17/18 #●		4,500,000		4,521,749
	Intesa Sanpaolo
	2.375% 1/13/17		1,000,000		1,000,144
	JPMorgan Chase & Co.
	1.52% 1/28/19 ●		200,000		200,703
	2.048% 6/7/21 ●		2,900,000		2,945,185
	2.112% 10/24/23 ●		375,000		382,842
	2.25% 1/23/20		9,800,000		9,781,223
	3.625% 12/1/27		1,235,000		1,200,849
	4.25% 11/2/18	NZD	570,000		400,706
	4.25% 10/1/27		4,125,000		4,247,261
	4.40% 7/22/20		400,000		425,095
	5.30% 12/29/49 ●		100,000		102,306
	6.30% 4/23/19		300,000		327,928
	7.90% 4/29/49 ●		500,000		518,375
	JPMorgan Chase Bank
	1.65% 9/23/19		250,000		247,611
	6.00% 10/1/17		600,000		619,258
	KBC Bank 8.00% 1/25/23 ●		2,200,000		2,326,500
	KeyBank
	3.18% 5/22/22		250,000		252,777
	3.40% 5/20/26		2,690,000		2,617,367
	6.95% 2/1/28		1,220,000		1,501,321
	KeyCorp
	2.90% 9/15/20		2,500,000		2,531,840
	5.00% 12/29/49 ●		1,675,000		1,549,375
	Korea Development Bank
	3.00% 3/17/19		850,000		868,362
	Kreditanstalt fuer
	Wiederaufbau
	1.157% 12/29/17 ●		600,000		599,982
	Lloyds Bank 144A
	12.00% 12/29/49 #●		6,700,000		8,961,250
	Lloyds Banking Group
	7.50% 4/30/49 ●		510,000		526,575
	7.625% 12/29/49 ●	GBP	2,500,000		3,234,788
	7.875% 12/29/49 ●	GBP	1,300,000		1,698,292
	Mitsubishi UFJ Financial
	Group
	2.017% 9/13/21 ●		450,000		450,952
	2.19% 9/13/21		2,050,000		1,994,867
	Mitsubishi UFJ Trust &
	Banking
	1.713% 9/19/17 ●		1,900,000		1,903,532
	144A 2.45% 10/16/19 #		500,000		500,771
	144A 2.65% 10/19/20 #		500,000		498,496
	Mizuho Bank 144A
	2.45% 4/16/19 #		600,000		602,743
	Morgan Stanley
	2.125% 4/25/18		3,450,000		3,464,856
	2.282% 10/24/23 ●		875,000		885,440
	2.50% 4/21/21		3,500,000		3,465,451
	2.625% 11/17/21		3,315,000		3,278,807
	3.125% 8/5/21	CAD	387,000		297,494
	3.95% 4/23/27		2,835,000		2,812,280
	5.00% 9/30/21	AUD	359,000		270,503
	5.45% 1/9/17		700,000		700,347
	MUFG Capital Finance 4
	5.271% 1/29/49 ●	EUR	100,000		105,939
	National City Bank
	1.318% 6/7/17 ●		325,000		325,153
	Natixis 1.688% 9/25/17 ●		4,300,000		4,314,775
	Norinchukin Bank
	1.589% 10/10/17 ●		700,000		701,661
	1.589% 10/11/17 ●		700,000		701,656
	1.589% 10/12/17 ●		1,500,000		1,503,527
	Oesterreichische Kontrollbank
	1.062% 8/10/17 ●		790,000		790,389
	PNC Bank
	2.30% 6/1/20		500,000		500,029
	2.45% 11/5/20		1,035,000		1,037,454
	6.875% 4/1/18		1,415,000		1,499,560
	PNC Financial Services Group
	5.00% 12/29/49 ●		1,100,000		1,064,250
	5.625% 2/1/17		225,000		225,685

10 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Banking (continued)
	Popular 7.00% 7/1/19		535,000	$	554,394
	Regions Bank
	2.25% 9/14/18		345,000		346,269
	Royal Bank of Canada
	2.30% 3/22/21		2,300,000		2,285,595
	Royal Bank of Scotland
	9.50% 3/16/22 ●		2,500,000		2,541,513
	Royal Bank of Scotland Group
	3.875% 9/12/23		1,745,000		1,678,081
	144A 6.99% 10/29/49 #●		300,000		324,750
	8.625% 12/29/49 ●		4,175,000		4,268,937
	Santander Bank
	1.804% 1/12/18 ●		1,400,000		1,401,086
	Santander Holdings USA
	2.38% 11/24/17 ●		2,500,000		2,521,755
	2.70% 5/24/19		2,100,000		2,099,607
	Santander UK
	1.467% 3/13/17 ●		225,000		225,010
	1.78% 8/24/18 ●		730,000		731,390
	Santander UK Group Holdings
	2.875% 10/16/20		440,000		436,916
	3.125% 1/8/21		550,000		550,275
	7.375% 6/24/22 ●	GBP	2,200,000		2,728,768
	Societe Generale
	144A 4.25% 4/14/25 #		3,600,000		3,498,372
	144A
	7.375% 12/29/49 #●		750,000		750,615
	Standard Chartered 144A
	2.041% 8/19/19 #●		3,200,000		3,214,192
	State Street
	2.55% 8/18/20		1,000,000		1,010,610
	3.10% 5/15/23		525,000		524,422
	3.55% 8/18/25		900,000		922,405
	Sumitomo Mitsui Banking
	1.254% 5/2/17 ●		1,000,000		1,000,668
	1.663% 9/15/17 ●		3,800,000		3,806,399
	Sumitomo Mitsui Financial
	Group 2.631% 3/9/21 ●		2,300,000		2,367,599
	Sumitomo Mitsui Trust Bank
	1.723% 9/18/17 ●		2,700,000		2,705,235
	SunTrust Bank
	3.30% 5/15/26		540,000		522,243
	SunTrust Banks
	2.70% 1/27/22		1,105,000		1,106,770
	SVB Financial Group
	3.50% 1/29/25		2,205,000		2,128,279
	Swedbank 144A
	2.65% 3/10/21 #		1,135,000		1,136,393
	Synchrony Financial
	1.875% 8/15/17		500,000		500,469
	2.111% 2/3/20 ●		500,000		494,562
	2.287% 11/9/17 ●		1,400,000		1,409,345
	Toronto-Dominion Bank
	1.437% 4/30/18 ●		835,000		837,635
	2.125% 4/7/21		750,000		738,982
	2.50% 12/14/20		690,000		692,890
	3.625% 9/15/31 ●		1,075,000		1,051,868
	Turkiye Garanti Bankasi 144A
	6.25% 4/20/21 #		590,000		601,256
	UBS
	4.75% 5/22/23 ●		400,000		409,015
	4.75% 2/12/26 ●	EUR	176,000		199,336
	5.125% 5/15/24		200,000		202,682
	5.875% 12/20/17		1,163,000		1,210,783
	7.25% 2/22/22 ●		2,100,000		2,116,712
	7.625% 8/17/22		500,000		568,125
	UBS Group Funding Jersey
	144A 2.65% 2/1/22 #		1,930,000		1,877,961
	144A 2.661% 4/14/21 #●		400,000		412,643
	144A 3.00% 4/15/21 #		3,165,000		3,169,827
	144A 4.125% 9/24/25 #		870,000		888,380
	144A 4.125% 4/15/26 #		1,135,000		1,163,022
	US Bancorp
	2.375% 7/22/26		1,700,000		1,575,791
	3.60% 9/11/24		1,275,000		1,300,607
	USB Capital IX
	3.50% 10/29/49 ●		1,820,000		1,496,950
	Wells Fargo
	2.117% 10/31/23 ●		1,440,000		1,458,966
	2.55% 12/7/20		3,000,000		3,005,103
	3.00% 7/27/21	AUD	979,000		688,309
	3.50% 9/12/29	GBP	196,000		263,977
	4.75% 12/7/46		490,000		498,475
	Wells Fargo Bank
	2.15% 12/6/19		535,000		534,894
	Westpac Banking
	4.322% 11/23/31 ●		860,000		866,189
	Woori Bank 144A
	4.75% 4/30/24 #		800,000		809,554
	Zions Bancorporation
	4.50% 6/13/23		830,000		841,038
					315,471,711
Basic Industry – 1.55%
	Air Liquide Finance
	144A 1.75% 9/27/21 #		700,000		673,796
	144A 2.50% 9/27/26 #		740,000		696,145

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 11

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Basic Industry (continued)
	ArcelorMittal 6.125% 6/1/25		320,000	$	352,000
	BHP Billiton Finance
	3.00% 3/30/20	AUD	250,000		178,929
	3.25% 9/25/24	GBP	123,000		166,343
	BHP Billiton Finance USA
	144A 6.25% 10/19/75 #●		1,205,000		1,309,473
	CF Industries
	144A 3.40% 12/1/21 #		135,000		133,731
	6.875% 5/1/18		1,655,000		1,746,257
	Cia Brasileira de Aluminio
	144A 6.75% 4/5/21 #		655,000		686,113
	Dow Chemical
	8.55% 5/15/19		2,322,000		2,662,651
	Eastman Chemical
	4.65% 10/15/44		1,405,000		1,398,803
	Equate Petrochemical
	144A 3.00% 3/3/22 #		625,000		597,519
	144A 4.25% 11/3/26 #		385,000		368,653
	FMG Resources August 2006
	144A 9.75% 3/1/22 #		440,000		512,631
	Freeport-McMoRan
	4.55% 11/14/24		555,000		523,087
	144A 6.50% 11/15/20 #		245,000		252,963
	Georgia-Pacific
	144A 2.539% 11/15/19 #		1,050,000		1,059,911
	8.00% 1/15/24		2,242,000		2,865,612
	Glencore Finance Canada
	144A 3.60% 1/15/17 #		500,000		500,231
	International Paper
	4.40% 8/15/47		1,765,000		1,674,773
	5.15% 5/15/46		1,045,000		1,093,961
	INVISTA Finance 144A
	4.25% 10/15/19 #		1,060,000		1,056,179
	Lundin Mining 144A
	7.50% 11/1/20 #		330,000		352,687
	MMC Norilsk Nickel
	144A 5.55% 10/28/20 #		258,000		275,296
	144A 6.625% 10/14/22 #		605,000		675,785
	NOVA Chemicals 144A
	5.00% 5/1/25 #		476,000		467,522
	OCP
	144A 4.50% 10/22/25 #		1,180,000		1,131,401
	144A 6.875% 4/25/44 #		210,000		212,232
	PolyOne 5.25% 3/15/23		290,000		295,800
	Potash Corp of Saskatchewan
	4.00% 12/15/26		1,595,000		1,608,301
	Southern Copper
	5.875% 4/23/45		775,000		764,469
	Steel Dynamics 144A
	5.00% 12/15/26 #		370,000		369,537
	Suzano Austria 144A
	5.75% 7/14/26 #		1,070,000		1,033,887
	Suzano Trading 144A
	5.875% 1/23/21 #		725,000		752,695
	Teck Resources 144A
	8.00% 6/1/21 #		225,000		248,063
	Vale Overseas
	5.875% 6/10/21		1,055,000		1,107,750
	WR Grace & Co-Conn 144A
	5.625% 10/1/24 #		148,000		155,955
					29,961,141
Brokerage – 0.38%
	Affiliated Managers Group
	3.50% 8/1/25		830,000		784,573
	Bear Stearns
	6.40% 10/2/17		700,000		725,242
	7.25% 2/1/18		2,000,000		2,116,808
	E*TRADE Financial
	5.875% 12/29/49 ●		1,120,000		1,116,360
	Jefferies Group
	6.45% 6/8/27		331,000		363,712
	6.50% 1/20/43		220,000		227,096
	Lazard Group
	3.75% 2/13/25		2,100,000		2,054,109
					7,387,900
Capital Goods – 1.16%
	Ardagh Packaging Finance
	144A 4.156% 5/15/21 #●		435,000		448,594
	144A 4.625% 5/15/23 #		275,000		273,798
	144A 7.25% 5/15/24 #		200,000		211,500
	Ball 5.25% 7/1/25		610,000		639,737
	Boise Cascade 144A
	5.625% 9/1/24 #		505,000		503,737
	Builders FirstSource 144A
	5.625% 9/1/24 #		495,000		499,331
	CCL Industries 144A
	3.25% 10/1/26 #		655,000		625,420
	Cemex Finance 144A
	6.00% 4/1/24 #		785,000		808,550
	Crane
	2.75% 12/15/18		170,000		172,206
	4.45% 12/15/23		1,050,000		1,087,676
	Crown Americas 144A
	4.25% 9/30/26 #		364,000		343,525
	Fortune Brands Home &
	Security 3.00% 6/15/20		515,000		518,722

12 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Capital Goods (continued)
	General Electric
	1.261% 5/5/26 ●		920,000	$	891,281
	144A 3.80% 6/18/19 #		345,000		360,723
	4.25% 1/17/18	NZD	140,000		98,397
	4.65% 10/17/21		89,000		97,691
	5.55% 5/4/20		470,000		520,020
	6.00% 8/7/19		1,025,000		1,132,899
	Heathrow Funding 144A
	4.875% 7/15/21 #		200,000		213,741
	KLX 144A 5.875% 12/1/22 #		275,000		284,281
	LafargeHolcim Finance US
	144A 3.50% 9/22/26 #		1,470,000		1,429,531
	144A 4.75% 9/22/46 #		570,000		554,125
	Lennox International
	3.00% 11/15/23		710,000		690,395
	Lockheed Martin
	3.10% 1/15/23		1,111,000		1,124,644
	Masco 3.50% 4/1/21		1,265,000		1,274,487
	NCI Building Systems 144A
	8.25% 1/15/23 #		215,000		233,275
	Novelis 144A
	5.875% 9/30/26 #		465,000		470,813
	Owens-Brockway Glass
	Container 144A
	5.875% 8/15/23 #		600,000		626,625
	Parker-Hannifin
	3.30% 11/21/24		65,000		65,891
	Reynolds Group Issuer
	8.25% 2/15/21		58,955		60,888
	Roper Technologies
	2.80% 12/15/21		685,000		685,458
	3.80% 12/15/26		485,000		489,724
	SBA Communications 144A
	4.875% 9/1/24 #		525,000		519,750
	Siemens Financierings-
	maatschappij
	144A 1.21% 5/25/18 #●		610,000		610,411
	144A 1.70% 9/15/21 #		1,235,000		1,187,255
	St. Marys Cement 144A
	5.75% 1/28/27 #		920,000		886,650
	TransDigm 144A
	6.375% 6/15/26 #		495,000		510,840
	Union Andina de Cementos
	144A 5.875% 10/30/21 #		460,000		477,250
	United Technologies
	3.75% 11/1/46		875,000		834,920
	US Concrete 6.375% 6/1/24		25,000		26,500
					22,491,261
Communications – 3.36%
	21st Century Fox America
	4.50% 2/15/21		155,000		165,873
	4.95% 10/15/45		1,255,000		1,294,718
	AT&T
	1.928% 6/30/20 ●		2,210,000		2,223,110
	2.80% 2/17/21		2,200,000		2,184,631
	4.35% 6/15/45		715,000		639,557
	4.50% 3/9/48		2,950,000		2,661,334
	Bell Canada 3.35% 3/22/23 CAD		219,000		169,633
	Cablevision 144A
	6.50% 6/15/21 #		950,000		967,813
	CCO Holdings 144A
	5.50% 5/1/26 #		520,000		531,700
	CenturyLink
	5.80% 3/15/22		1,160,000		1,190,021
	6.75% 12/1/23		659,000		676,299
	Charter Communications
	Operating
	4.464% 7/23/22		800,000		837,023
	4.908% 7/23/25		1,810,000		1,910,869
	Columbus Cable Barbados
	144A 7.375% 3/30/21 #		595,000		635,395
	Crown Castle Towers
	144A 3.663% 5/15/25 #		110,000		110,298
	144A 4.883% 8/15/20 #		2,090,000		2,227,501
	CSC Holdings 144A
	5.50% 4/15/27 #		826,000		838,390
	Deutsche Telekom
	International Finance
	144A 1.95% 9/19/21 #		770,000		742,784
	144A 2.485% 9/19/23 #		3,005,000		2,874,745
	6.50% 4/8/22	GBP	36,000		55,717
	Digicel 144A
	6.00% 4/15/21 #		205,000		186,441
	Digicel Group 144A
	8.25% 9/30/20 #		1,080,000		932,008
	DISH DBS
	4.25% 4/1/18		200,000		205,574
	7.75% 7/1/26		230,000		259,900
	Frontier Communications
	8.875% 9/15/20		365,000		390,094
	Gray Television 144A
	5.125% 10/15/24 #		475,000		460,750
	Grupo Televisa
	6.125% 1/31/46		570,000		568,715
	GTP Acquisition Partners I
	144A 2.35% 6/15/20 #		530,000		516,506
	KT 144A 1.75% 4/22/17 #		900,000		899,906
	Lamar Media 5.75% 2/1/26		401,000		423,556

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 13

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Communications (continued)
	Level 3 Financing
	5.375% 5/1/25		966,000	$	987,735
	Midcontinent Communications 144A
	6.875% 8/15/23 #		355,000		379,850
	Millicom International Cellular
	144A 6.00% 3/15/25 #		675,000		665,719
	144A 6.625% 10/15/21 #		685,000		721,497
	Myriad International Holdings
	144A 5.50% 7/21/25 #		700,000		707,406
	NBCUniversal Enterprise
	144A 1.565% 4/15/18 #●		840,000		845,326
	Nexstar Escrow 144A
	5.625% 8/1/24 #		525,000		522,375
	SBA Tower Trust
	144A 2.24% 4/16/18 #		735,000		736,603
	144A 2.898% 10/15/19 #		600,000		604,554
	Scripps Networks Interactive
	3.50% 6/15/22		300,000		303,533
	SFR Group
	144A 6.00% 5/15/22 #		485,000		499,550
	144A 7.375% 5/1/26 #		1,800,000		1,851,750
	Sinclair Television Group
	144A 5.125% 2/15/27 #		535,000		510,925
	Sirius XM Radio 144A
	5.375% 4/15/25 #		987,000		984,533
	Sky 144A 3.75% 9/16/24 #		1,875,000		1,884,075
	Sprint Capital 6.90% 5/1/19		900,000		955,125
	Sprint Communications
	144A 7.00% 3/1/20 #		615,000		668,813
	7.00% 8/15/20		200,000		212,522
	144A 9.00% 11/15/18 #		115,000		127,075
	9.125% 3/1/17		100,000		101,250
	Telefonica Emisiones SAU
	6.221% 7/3/17		722,000		738,294
	Time Warner 3.80% 2/15/27		1,490,000		1,484,626
	Time Warner Cable
	6.75% 7/1/18		1,500,000		1,602,001
	7.30% 7/1/38		2,685,000		3,312,726
	T-Mobile USA
	6.125% 1/15/22		515,000		544,613
	Tribune Media
	5.875% 7/15/22		628,000		641,345
	Unitymedia 144A
	6.125% 1/15/25 #		340,000		351,050
	UPCB Finance IV 144A
	5.375% 1/15/25 #		488,000		494,100
	Verizon Communications
	1.75% 8/15/21		565,000		542,599
	Verizon Communications
	2.709% 9/14/18 ●		650,000		664,674
	3.00% 11/1/21		5,000		5,042
	3.25% 2/17/26	EUR	323,000		399,700
	3.65% 9/14/18		900,000		930,097
	4.125% 8/15/46		4,595,000		4,175,591
	4.862% 8/21/46		422,000		429,294
	5.15% 9/15/23		1,400,000		1,550,251
	Viacom 3.45% 10/4/26		660,000		611,210
	Vimpel Communications
	144A 7.748% 2/2/21 #		420,000		469,182
	VimpelCom Holdings 144A
	5.95% 2/13/23 #		645,000		672,413
	Virgin Media Secured Finance
	144A 5.25% 1/15/26 #		790,000		783,087
	VTR Finance 144A
	6.875% 1/15/24 #		1,055,000		1,091,925
	Wind Acquisition Finance
	144A 7.375% 4/23/21 #		350,000		364,875
	WPP Finance 2010
	5.625% 11/15/43		340,000		365,805
	Zayo Group 6.00% 4/1/23		695,000		726,275
					65,001,852
Consumer Cyclical – 3.68%
	Adient Global Holdings 144A
	4.875% 8/15/26 #		370,000		363,525
	Aramark Services 144A
	4.75% 6/1/26 #		885,000		878,363
	BMW US Capital 144A
	1.50% 4/11/19 #		500,000		495,420
	Boyd Gaming 144A
	6.375% 4/1/26 #		700,000		757,400
	Cencosud
	144A 5.15% 2/12/25 #		600,000		607,435
	144A 6.625% 2/12/45 #		530,000		512,119
	CVS Health
	2.125% 6/1/21		750,000		736,175
	3.875% 7/20/25		1,372,000		1,417,859
	CVS Pass Through Trust 144A
	5.773% 1/10/33 #⧫		83,950		94,168
	Daimler 2.75% 12/10/18 NOK		1,870,000		222,236
	Daimler Finance North
	America
	144A 1.226% 8/1/17 #●		540,000		540,448
	144A 1.303% 3/10/17 #●		650,000		650,273
	144A 1.591% 8/3/17 #●		4,500,000		4,512,159
	144A 2.00% 8/3/18 #		3,800,000		3,806,145
	144A 2.00% 7/6/21 #		300,000		291,490
	144A 2.20% 10/30/21 #		910,000		889,869

14 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Delphi Automotive
	3.15% 11/19/20		900,000	$	915,223
	DR Horton
	3.75% 3/1/19		200,000		204,500
	4.00% 2/15/20		400,000		412,500
	Ford Motor 4.346% 12/8/26		585,000		592,302
	Ford Motor Credit
	1.471% 9/8/17 ●		700,000		700,267
	2.24% 6/15/18		4,000,000		4,006,836
	3.096% 5/4/23		940,000		909,066
	3.20% 1/15/21		4,600,000		4,611,031
	5.00% 5/15/18		1,300,000		1,351,445
	5.75% 2/1/21		700,000		768,308
	General Motors Financial
	3.00% 9/25/17		3,400,000		3,433,157
	3.45% 4/10/22		2,410,000		2,386,177
	3.70% 5/9/23		730,000		719,316
	4.00% 10/6/26		650,000		626,233
	4.375% 9/25/21		500,000		519,209
	4.75% 8/15/17		900,000		917,210
	5.25% 3/1/26		570,000		599,846
	GLP Capital 5.375% 4/15/26		375,000		392,025
	Goodyear Tire & Rubber
	5.00% 5/31/26		505,000		503,960
	Hanesbrands 144A
	4.875% 5/15/26 #		630,000		618,975
	HD Supply 144A
	5.75% 4/15/24 #		510,000		539,682
	Hyundai Capital America
	144A 2.125% 10/2/17 #		615,000		616,273
	144A 2.55% 2/6/19 #		715,000		719,547
	144A 3.00% 3/18/21 #		580,000		579,950
	Hyundai Capital Services
	144A 1.793% 3/18/17 #●		205,000		205,064
	IHO Verwaltungs 144A PIK
	4.75% 9/15/26 #❆		205,000		198,337
	JD.com 3.125% 4/29/21		735,000		727,366
	KFC Holding
	144A 5.00% 6/1/24 #		340,000		348,075
	144A 5.25% 6/1/26 #		318,000		323,565
	L Brands 6.75% 7/1/36		260,000		264,550
	Lennar 4.875% 12/15/23		380,000		378,100
	Levi Strauss 5.00% 5/1/25		445,000		447,225
	Lowe’s
	1.373% 9/10/19 ●		520,000		521,491
	3.70% 4/15/46		1,475,000		1,380,422
	Marriott International
	3.125% 6/15/26		1,165,000		1,104,933
	Marriott International
	3.75% 3/15/25		1,020,000		1,019,330
	4.50% 10/1/34		160,000		157,163
	MGM Resorts International
	4.625% 9/1/26		525,000		507,937
	PACCAR Financial
	1.546% 12/6/18 ●		835,000		840,580
	Penske Automotive Group
	5.50% 5/15/26		380,000		376,200
	PulteGroup 5.00% 1/15/27		380,000		362,425
	Sally Holdings 5.75% 6/1/22		15,000		15,656
	Scotts Miracle-Gro 144A
	5.25% 12/15/26 #		395,000		395,987
	Starbucks 2.45% 6/15/26		575,000		549,437
	Target 3.625% 4/15/46		1,575,000		1,467,349
	Tempur Sealy International
	5.50% 6/15/26		450,000		453,375
	Toyota Credit Canada
	2.05% 5/20/20	CAD	100,000		75,131
	Toyota Motor Credit
	2.80% 7/13/22		420,000		424,051
	Volkswagen Financial Services
	2.375% 11/13/18	GBP	800,000		1,009,089
	Walgreens Boots Alliance
	2.60% 6/1/21		585,000		581,928
	3.10% 6/1/23		3,955,000		3,934,529
	3.45% 6/1/26		475,000		467,189
	Wolverine World Wide 144A
	5.00% 9/1/26 #		400,000		386,000
	Wyndham Worldwide
	2.95% 3/1/17		700,000		700,717
	Wynn Las Vegas 144A
	5.50% 3/1/25 #		6,600,000		6,563,700
	ZF North America Capital
	144A 4.00% 4/29/20 #		400,000		417,500
					71,022,523
Consumer Non-Cyclical – 3.94%
	Abbott Laboratories
	2.90% 11/30/21		475,000		474,184
	4.90% 11/30/46		1,770,000		1,823,755
	AbbVie
	2.30% 5/14/21		1,000,000		980,794
	2.85% 5/14/23		1,400,000		1,360,064
	3.20% 5/14/26		1,060,000		1,010,525
	ACCO Brands 144A
	5.25% 12/15/24 #		170,000		171,595
	Actavis Funding SCS
	1.30% 6/15/17		1,425,000		1,424,384

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 15

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Actavis Funding SCS
	2.35% 3/12/18		500,000	$	503,037
	3.00% 3/12/20		1,200,000		1,217,534
	3.45% 3/15/22		1,000,000		1,016,175
	Albertsons 144A
	5.75% 3/15/25 #		505,000		501,213
	Altria Group
	3.875% 9/16/46		1,230,000		1,140,001
	Amgen 4.00% 9/13/29	GBP	216,000		302,763
	Anheuser-Busch InBev
	Finance
	1.286% 2/1/19 ●		340,000		340,481
	2.65% 2/1/21		900,000		906,023
	3.65% 2/1/26		5,310,000		5,400,780
	Anheuser-Busch InBev
	Worldwide
	5.375% 1/15/20		1,000,000		1,091,461
	Arcor SAIC 144A
	6.00% 7/6/23 #		610,000		637,450
	BAT International Finance
	144A 2.75% 6/15/20 #		700,000		704,089
	Bayer US Finance 144A
	1.285% 10/6/17 #●		295,000		294,578
	Becle 144A 3.75% 5/13/25 #		1,815,000		1,732,790
	Biogen 5.20% 9/15/45		870,000		934,568
	Boston Scientific
	3.375% 5/15/22		800,000		814,136
	BRF 144A 4.35% 9/29/26 #		1,215,000		1,126,913
	Celgene 3.25% 8/15/22		1,475,000		1,490,039
	DaVita 5.00% 5/1/25		551,000		543,424
	Dean Foods 144A
	6.50% 3/15/23 #		465,000		490,575
	ESAL 144A 6.25% 2/5/23 #		360,000		362,880
	Gilead Sciences
	2.55% 9/1/20		500,000		505,533
	4.15% 3/1/47		2,040,000		1,942,476
	Gruma 144A
	4.875% 12/1/24 #		590,000		618,320
	HCA
	3.75% 3/15/19		1,700,000		1,751,000
	5.25% 6/15/26		535,000		554,394
	HealthSouth
	5.125% 3/15/23		235,000		233,825
	5.75% 11/1/24		178,000		181,115
	5.75% 9/15/25		190,000		190,000
	Hill-Rom Holdings 144A
	5.75% 9/1/23 #		455,000		472,063
	Imperial Brands Finance
	144A 2.05% 2/11/18 #		270,000		270,324
	Imperial Brands Finance
	144A 2.95% 7/21/20 #		700,000		704,872
	144A 3.75% 7/21/22 #		470,000		483,074
	JBS Investments 144A
	7.75% 10/28/20 #		235,000		250,581
	JBS USA
	144A 5.75% 6/15/25 #		210,000		213,675
	144A 5.875% 7/15/24 #		320,000		332,000
	Kinetic Concepts 144A
	9.625% 10/1/21 #		800,000		850,000
	Lamb Weston Holdings
	144A 4.625% 11/1/24 #		220,000		221,100
	144A 4.875% 11/1/26 #		270,000		267,806
	Live Nation Entertainment
	144A 4.875% 11/1/24 #		381,000		382,905
	Mallinckrodt International
	Finance 144A
	5.50% 4/15/25 #		887,000		798,300
	Marfrig Holdings Europe
	144A 8.00% 6/8/23 #		455,000		472,108
	Medtronic 1.027% 2/27/17 ●		1,430,000		1,429,921
	Merck 1.269% 5/18/18 ●		680,000		682,779
	Molson Coors Brewing
	3.00% 7/15/26		745,000		705,697
	4.20% 7/15/46		830,000		777,002
	Mylan 144A
	3.95% 6/15/26 #		2,225,000		2,086,291
	New York & Presbyterian
	Hospital 4.063% 8/1/56		690,000		647,417
	PepsiCo
	1.228% 10/13/17 ●		950,000		952,186
	2.375% 10/6/26		1,350,000		1,279,657
	Pernod Ricard
	144A 3.25% 6/8/26 #		1,640,000		1,576,783
	144A 4.45% 1/15/22 #		1,940,000		2,060,612
	Pfizer
	1.263% 6/15/18 ●		754,000		756,149
	3.00% 12/15/26		1,105,000		1,092,254
	Post Holdings 144A
	5.00% 8/15/26 #		605,000		580,800
	Prestige Brands 144A
	5.375% 12/15/21 #		277,000		286,695
	Prime Security Services
	Borrower 144A
	9.25% 5/15/23 #		480,000		523,800
	Reynolds American
	4.00% 6/12/22		1,035,000		1,083,851
	4.45% 6/12/25		965,000		1,020,608

16 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

			Principal	Value
			amount°	(U.S. $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	ServiceMaster 144A
	5.125% 11/15/24 #		485,000	$	493,487
	Shire Acquisitions Investments
	Ireland
	2.40% 9/23/21		1,470,000		1,421,569
	2.875% 9/23/23		1,385,000		1,318,354
	Sigma Alimentos 144A
	4.125% 5/2/26 #		805,000		766,763
	Sysco 3.30% 7/15/26		2,855,000		2,807,376
	Teva Pharmaceutical Finance
	Netherlands III
	2.80% 7/21/23		2,010,000		1,905,454
	Thermo Fisher Scientific
	3.00% 4/15/23		1,980,000		1,948,837
	Transurban Finance 144A
	3.375% 3/22/27 #		410,000		388,227
	Tyson Foods 2.65% 8/15/19		1,500,000		1,515,219
	Universal Health Services
	144A 5.00% 6/1/26 #		210,000		205,800
	Valeant Pharmaceuticals
	International
	4.50% 5/15/23	EUR	4,200,000		3,228,088
	Zimmer Biomet Holdings
	3.375% 11/30/21		745,000		753,001
	4.625% 11/30/19		1,270,000		1,344,113
					76,130,472
Energy – 3.94%
	Anadarko Petroleum
	6.60% 3/15/46		2,045,000		2,531,262
	Antero Resources 144A
	5.00% 3/1/25 #		535,000		525,910
	BG Energy Capital 144A
	4.00% 10/15/21 #		600,000		638,185
	BP Capital Markets
	3.216% 11/28/23		730,000		737,958
	3.561% 11/1/21		415,000		433,494
	3.723% 11/28/28		675,000		686,823
	Buckeye Partners
	3.95% 12/1/26		800,000		780,143
	Cheniere Corpus Christi
	Holdings 144A
	5.875% 3/31/25 #		140,000		143,368
	Chevron 1.472% 3/3/22 ●		575,000		574,962
	CNOOC Finance 2015
	Australia 2.625% 5/5/20		695,000		693,303
	CNOOC Nexen Finance 2014
	1.625% 4/30/17		1,000,000		999,410
	ConocoPhillips
	1.806% 5/15/22 ●		1,075,000		1,065,313
	ConocoPhillips
	4.95% 3/15/26		1,925,000		2,129,085
	Diamondback Energy 144A
	4.75% 11/1/24 #		350,000		344,750
	Ecopetrol
	5.875% 9/18/23		950,000		1,007,950
	7.375% 9/18/43		450,000		457,875
	Empresa Nacional del
	Petroleo 144A
	4.75% 12/6/21 #		1,124,000		1,163,373
	Enbridge
	4.25% 12/1/26		490,000		502,697
	6.00% 1/15/77 ●		820,000		820,000
	Energy Transfer Equity
	7.50% 10/15/20		475,000		532,000
	Energy Transfer Partners
	6.125% 12/15/45		1,640,000		1,750,910
	9.70% 3/15/19		694,000		796,963
	EnLink Midstream Partners
	4.85% 7/15/26		500,000		505,302
	Enterprise Products Operating
	7.034% 1/15/68 ●		200,000		205,203
	Exxon Mobil
	1.316% 3/6/22 ●		1,125,000		1,117,882
	Genesis Energy
	6.75% 8/1/22		325,000		339,300
	Gulfport Energy 144A
	6.00% 10/15/24 #		235,000		240,287
	Hilcorp Energy I 144A
	5.00% 12/1/24 #		265,000		264,337
	Kinder Morgan
	2.00% 12/1/17		600,000		601,048
	7.00% 6/15/17		800,000		818,651
	Kinder Morgan Energy
	Partners
	5.00% 10/1/21		620,000		660,807
	5.95% 2/15/18		1,000,000		1,043,403
	6.85% 2/15/20		2,000,000		2,231,114
	9.00% 2/1/19		2,200,000		2,478,505
	Murphy Oil 6.875% 8/15/24		465,000		496,387
	Murphy Oil USA
	6.00% 8/15/23		580,000		607,550
	Nabors Industries 144A
	5.50% 1/15/23 #		262,000		273,463
	Newfield Exploration
	5.75% 1/30/22		475,000		502,906
	Noble Energy
	5.05% 11/15/44		705,000		709,695

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 17

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Energy (continued)
	Pertamina Persero
	144A 4.875% 5/3/22 #	525,000	$	540,881
	144A 5.25% 5/23/21 #	440,000		464,105
	144A 5.625% 5/20/43 #	455,000		420,911
	Petrobras Global Finance
	3.02% 1/15/19 ●	1,400,000		1,378,272
	4.875% 3/17/20	100,000		99,120
	6.25% 3/17/24	575,000		552,977
	6.75% 1/27/41	300,000		253,500
	6.85% 6/5/15	1,700,000		1,385,500
	7.25% 3/17/44	600,000		532,620
	7.875% 3/15/19	600,000		644,604
	8.375% 5/23/21	1,740,000		1,879,200
	8.75% 5/23/26	90,000		97,313
	Petroleos Mexicanos
	3.125% 1/23/19	200,000		198,800
	144A 4.607% 3/11/22 #●	565,000		583,363
	5.75% 3/1/18	1,000,000		1,036,750
	144A 6.50% 3/13/27 #	1,385,000		1,430,359
	6.625% 6/15/35	545,000		539,550
	144A 6.75% 9/21/47 #	350,000		331,555
	Petronas Global Sukuk 144A
	2.707% 3/18/20 #	965,000		964,998
	Plains All American Pipeline
	4.50% 12/15/26	780,000		792,815
	6.50% 5/1/18	800,000		845,686
	8.75% 5/1/19	1,160,000		1,321,313
	QEP Resources
	5.25% 5/1/23	265,000		266,987
	Regency Energy Partners
	5.00% 10/1/22	2,450,000		2,599,381
	5.50% 4/15/23	220,000		228,250
	5.75% 9/1/20	400,000		432,868
	Rio Oil Finance Trust
	9.25% 7/6/24	229,658		217,027
	Rockies Express Pipeline
	144A 6.85% 7/15/18 #	500,000		530,625
	Sabine Pass Liquefaction
	5.75% 5/15/24	5,500,000		5,926,250
	Shell International Finance
	1.352% 5/11/20 ●	595,000		595,676
	2.875% 5/10/26	650,000		629,179
	3.75% 9/12/46	1,714,000		1,581,220
	4.00% 5/10/46	580,000		556,037
	Sinopec Group Overseas
	Development 2012
	2.75% 5/17/17	500,000		501,757
	Sinopec Group Overseas
	Development 2014 144A
	1.75% 4/10/17 #	500,000		499,986
	Southwestern Energy
	6.70% 1/23/25	365,000		375,037
	7.50% 2/1/18	1,000,000		1,045,000
	Statoil 1.343% 11/8/18 ●	835,000		836,235
	Targa Resources Partners
	144A 5.375% 2/1/27 #	495,000		492,525
	Tengizchevroil Finance Co
	International 144A
	4.00% 8/15/26 #	1,000,000		942,375
	Tesoro Logistics
	5.25% 1/15/25	340,000		348,500
	Transcanada Trust
	5.875% 8/15/76 ●	920,000		959,100
	Transocean Proteus 144A
	6.25% 12/1/24 #	120,000		121,726
	Williams Partners
	4.875% 5/15/23	1,800,000		1,835,235
	7.25% 2/1/17	1,410,000		1,415,534
	Woodside Finance
	144A 3.65% 3/5/25 #	485,000		474,617
	144A 3.70% 9/15/26 #	950,000		930,876
	144A 4.60% 5/10/21 #	400,000		420,968
	144A 8.75% 3/1/19 #	1,125,000		1,270,154
	YPF
	144A 8.50% 3/23/21 #	295,000		317,155
	144A 8.50% 7/28/25 #	100,000		101,650
	144A 26.333% 7/7/20 #●	805,000		921,725
				76,079,421
Finance Companies – 1.96%
	AerCap Global Aviation Trust
	144A 6.50% 6/15/45 #●	1,785,000		1,809,544
	AerCap Ireland Capital
	3.95% 2/1/22	2,315,000		2,341,044
	4.625% 10/30/20	1,000,000		1,042,500
	Air Lease
	3.00% 9/15/23	985,000		942,466
	3.375% 6/1/21	1,600,000		1,623,821
	American Express
	7.00% 3/19/18	7,500,000		7,972,523
	American Express Credit
	1.667% 5/26/20 ●	1,000,000		1,005,894
	Aviation Capital Group
	144A 2.875% 9/17/18 #	445,000		451,119
	144A 4.875% 10/1/25 #	1,090,000		1,156,763

18 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Finance Companies (continued)
	Citicorp Lease Pass Through
	Trust Series 1999-1 144A
	8.04% 12/15/19 #⧫	200,000	$	229,982
	GE Capital International
	Funding Unlimited
	2.342% 11/15/20	251,000		251,019
	International Lease Finance
	6.25% 5/15/19	200,000		215,500
	144A 7.125% 9/1/18 #	100,000		108,000
	8.75% 3/15/17	3,300,000		3,347,038
	LeasePlan 144A
	2.875% 1/22/19 #	1,600,000		1,600,283
	Mastercard 3.80% 11/21/46	200,000		196,559
	Murray Street Investment
	Trust I 4.647% 3/9/17 ϕ	4,700,000		4,727,425
	Nationwide Building Society
	144A 4.00% 9/14/26 #	1,855,000		1,770,865
	Navient 5.50% 1/15/19	700,000		728,000
	Peachtree Corners Funding
	Trust 144A
	3.976% 2/15/25 #	860,000		840,551
	SMBC Aviation Capital
	Finance 144A
	2.65% 7/15/21 #	895,000		862,496
	Springleaf Finance
	6.90% 12/15/17	300,000		313,590
	8.25% 12/15/20	2,500,000		2,725,000
	SUAM Finance 144A
	4.875% 4/17/24 #	655,000		664,825
	Waha Aerospace
	3.925% 7/28/20	840,000		864,520
				37,791,327
Insurance – 0.59%
	Allstate 3.28% 12/15/26	735,000		738,962
	Berkshire Hathaway
	2.75% 3/15/23	600,000		598,255
	Berkshire Hathaway Finance
	2.90% 10/15/20	885,000		906,863
	Highmark 144A
	6.125% 5/15/41 #	60,000		55,694
	Liberty Mutual Group 144A
	4.95% 5/1/22 #	320,000		349,567
	MetLife Capital Trust IV 144A
	7.875% 12/15/37 #	300,000		363,150
	MetLife Capital Trust X 144A
	9.25% 4/8/38 #	1,100,000		1,498,750
	Metropolitan Life Global
	Funding I 144A
	3.45% 12/18/26 #	765,000		773,017
	Principal Life Global Funding
	II 144A 3.00% 4/18/26 #	745,000		725,059
	Prudential Financial
	5.375% 5/15/45 ●	765,000		784,125
	TIAA Asset Management
	Finance
	144A 2.95% 11/1/19 #	1,130,000		1,150,281
	144A 4.125% 11/1/24 #	1,460,000		1,477,101
	USI 144A 7.75% 1/15/21 #	92,000		93,897
	XLIT
	4.45% 3/31/25	590,000		586,025
	5.50% 3/31/45	900,000		856,952
	6.50% 12/29/49 ●	565,000		442,113
				11,399,811
Natural Gas – 0.26%
	CenterPoint Energy
	5.95% 2/1/17	35,000		35,120
	Dominion Gas Holdings
	4.60% 12/15/44	675,000		674,232
	Florida Gas Transmission
	144A 7.90% 5/15/19 #	320,000		358,290
	KeySpan Gas East 144A
	2.742% 8/15/26 #	1,065,000		1,012,310
	Southern Co. Gas Capital
	3.25% 6/15/26	670,000		655,098
	3.95% 10/1/46	740,000		687,633
	Spire 1.656% 8/15/17 ●	700,000		700,215
	Texas Eastern Transmission
	144A 6.00% 9/15/17 #	800,000		823,770
				4,946,668
Real Estate – 1.80%
	Alexandria Real Estate
	Equities 3.95% 1/15/27	320,000		319,240
	American Tower
	2.25% 1/15/22	225,000		215,774
	2.80% 6/1/20	405,000		405,534
	4.00% 6/1/25	1,440,000		1,446,170
	4.40% 2/15/26	670,000		685,892
	5.05% 9/1/20	500,000		537,008
	American Tower Trust I 144A
	3.07% 3/15/23 #	970,000		963,069
	AvalonBay Communities
	2.95% 5/11/26	1,390,000		1,328,508
	CC Holdings GS V
	3.849% 4/15/23	450,000		457,938
	Communications Sales &
	Leasing 8.25% 10/15/23	235,000		250,275

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 19

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Real Estate (continued)
	Corporate Office Properties
	3.60% 5/15/23	690,000	$	664,876
	5.25% 2/15/24	670,000		699,030
	Crown Castle International
	5.25% 1/15/23	1,190,000		1,285,200
	CubeSmart 3.125% 9/1/26	930,000		878,265
	DDR
	7.50% 4/1/17	1,640,000		1,662,699
	7.875% 9/1/20	415,000		483,668
	Digital Realty Trust
	3.40% 10/1/20	2,100,000		2,137,976
	Education Realty Operating
	Partnership
	4.60% 12/1/24	950,000		948,479
	ESH Hospitality 144A
	5.25% 5/1/25 #	515,000		513,713
	GEO Group
	5.125% 4/1/23	140,000		135,100
	6.00% 4/15/26	35,000		34,563
	Goodman Funding
	144A 6.00% 3/22/22 #	300,000		338,389
	144A 6.375% 11/12/20 #	5,300,000		5,958,355
	HCP 5.375% 2/1/21	2,300,000		2,514,710
	Hospitality Properties Trust
	4.50% 3/15/25	870,000		849,465
	Host Hotels & Resorts
	3.75% 10/15/23	1,270,000		1,248,625
	4.50% 2/1/26	45,000		45,659
	Iron Mountain US Holdings
	144A 5.375% 6/1/26 #	290,000		282,025
	Kite Realty Group
	4.00% 10/1/26	330,000		316,398
	Lifestorage 3.50% 7/1/26	695,000		668,379
	MGM Growth Properties
	Operating Partnership
	144A 4.50% 9/1/26 #	660,000		636,900
	PLA Administradora Industrial
	144A 5.25% 11/10/22 #	670,000		644,875
	Prologis 4.00% 1/15/18	300,000		306,144
	Trust F/1401 144A
	5.25% 1/30/26 #	745,000		717,063
	UDR 4.00% 10/1/25	290,000		297,374
	Ventas Realty
	1.25% 4/17/17	1,000,000		999,606
	WEA Finance 144A
	3.25% 10/5/20 #	1,800,000		1,832,179
	Welltower 2.25% 3/15/18	400,000		401,828
	WP Carey 4.60% 4/1/24	695,000		705,414
				34,816,365
Technology – 0.95%
	Analog Devices
	2.50% 12/5/21	280,000		277,750
	3.50% 12/5/26	745,000		739,640
	Apple
	1.181% 5/6/19 ●	840,000		843,733
	3.45% 2/9/45	260,000		230,080
	3.85% 8/4/46	790,000		758,897
	CDK Global 5.00% 10/15/24	840,000		819,000
	Cisco Systems
	1.431% 3/1/19 ●	650,000		653,917
	1.85% 9/20/21	950,000		927,790
	Diamond 1 Finance
	144A 4.42% 6/15/21 #	300,000		310,730
	144A 6.02% 6/15/26 #	1,725,000		1,872,010
	Fidelity National Information
	Services
	3.00% 8/15/26	770,000		724,464
	5.00% 10/15/25	1,410,000		1,538,365
	First Data
	144A 5.75% 1/15/24 #	510,000		528,171
	144A 7.00% 12/1/23 #	323,000		344,803
	Hewlett Packard Enterprise
	144A 2.45% 10/5/17 #	300,000		301,724
	144A 2.85% 10/5/18 #	150,000		151,515
	Intel 2.45% 7/29/20	200,000		202,923
	International Business
	Machines
	1.625% 5/15/20	440,000		434,859
	NXP
	144A 4.125% 6/1/21 #	200,000		207,000
	144A 4.625% 6/1/23 #	775,000		815,687
	Oracle
	1.515% 10/8/19 ●	940,000		947,696
	4.00% 7/15/46	565,000		541,796
	Quintiles IMS 144A
	5.00% 10/15/26 #	410,000		412,050
	Samsung Electronics America
	144A 1.75% 4/10/17 #	745,000		745,365
	Symantec 4.20% 9/15/20	2,000,000		2,053,458
	Tencent Holdings 144A
	3.375% 5/2/19 #	690,000		705,971
	Western Digital 144A
	7.375% 4/1/23 #	240,000		264,600
				18,353,994
Transportation – 1.20%
	Air Canada 2015-1 Class A
	Pass Through Trust 144A
	3.60% 3/15/27 #⧫	556,941		555,549

20 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Transportation (continued)
	American Airlines 2011-1
	Class A Pass Through Trust
	5.25% 1/31/21 ⧫	355,777	$	378,903
	American Airlines 2014-1
	Class A Pass Through Trust
	3.70% 10/1/26 ⧫	416,135		411,974
	American Airlines 2015-1
	Class A Pass Through Trust
	3.375% 5/1/27 ⧫	348,460		343,669
	American Airlines 2015-2
	Class AA Pass Through
	Trust 3.60% 9/22/27 ⧫	239,205		238,009
	American Airlines 2016-1
	Class AA Pass Through
	Trust 3.575% 1/15/28 ⧫	483,812		484,416
	American Airlines 2016-3
	Class AA Pass Through
	Trust 3.00% 10/15/28 ⧫	1,300,000		1,249,781
	AP Moller - Maersk 144A
	2.875% 9/28/20 #	200,000		198,654
	Autoridad del Canal de
	Panama 144A
	4.95% 7/29/35 #	780,000		826,800
	Burlington Northern Santa Fe
	4.70% 9/1/45	1,915,000		2,101,071
	Continental Airlines 2009-2
	Class A Pass Through Trust
	7.25% 11/10/19 ⧫	604,459		676,238
	CSX
	2.60% 11/1/26	790,000		741,112
	3.80% 11/1/46	1,830,000		1,703,893
	Delta Air Lines 2007-1 Class
	A Pass Through Trust
	6.821% 8/10/22 ⧫	263,701		303,586
	Doric Nimrod Air Finance
	Alpha 2012-1 Class A Pass
	Through Trust 144A
	5.125% 11/30/22 #⧫	1,376,713		1,434,894
	ERAC USA Finance
	144A 3.30% 12/1/26 #	1,420,000		1,365,360
	144A 4.20% 11/1/46 #	415,000		380,786
	Herc Rentals 144A
	7.50% 6/1/22 #	335,000		354,681
	Latam Airlines 2015-1 Pass
	Through Trust Class A
	4.20% 11/15/27 ⧫	476,010		471,250
	NES Rentals Holdings 144A
	7.875% 5/1/18 #	265,000		265,000
	Penske Truck Leasing
	144A 3.30% 4/1/21 #	855,000		865,443
	144A 3.375% 2/1/22 #	1,570,000		1,585,059
	144A 3.40% 11/15/26 #	140,000		134,225
	144A 3.75% 5/11/17 #	200,000		201,573
	UAL 2009-2A Pass Through
	Trust 9.75% 1/15/17 ⧫	333,245		334,724
	United Airlines 2014-1 Class
	A Pass Through Trust
	4.00% 4/11/26 ⧫	320,325		327,132
	United Airlines 2014-2 Class
	A Pass Through Trust
	3.75% 9/3/26 ⧫	612,510		616,338
	United Airlines 2016-1 Class
	AA Pass Through Trust
	3.10% 7/7/28 ⧫	555,000		536,269
	United Parcel Service
	5.125% 4/1/19	2,210,000		2,374,066
	United Rentals North America
	5.50% 7/15/25	758,000		776,003
	US Airways 2012-2 Class A
	Pass Through Trust 4.625%
	6/3/25 ⧫	535,201		567,982
	XPO Logistics 144A
	6.125% 9/1/23 #	465,000		487,669
				23,292,109
Utilities – 4.09%
	AES 5.50% 4/15/25	665,000		668,325
	AES Andres 144A
	7.95% 5/11/26 #	500,000		517,735
	AES Gener
	144A 5.00% 7/14/25 #	550,000		546,917
	144A 5.25% 8/15/21 #	265,000		278,403
	144A
	8.375% 12/18/73 #●	476,000		509,320
	Ameren 3.65% 2/15/26	410,000		412,821
	Ameren Illinois
	9.75% 11/15/18	2,110,000		2,412,449
	American Transmission
	Systems 144A
	5.25% 1/15/22 #	2,445,000		2,708,989
	AmeriGas Partners
	5.875% 8/20/26	460,000		469,200
	Appalachian Power
	4.45% 6/1/45	585,000		600,131
	Berkshire Hathaway Energy
	3.75% 11/15/23	1,235,000		1,293,335
	Black Hills
	3.15% 1/15/27	480,000		460,307
	3.95% 1/15/26	310,000		317,116

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 21

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Utilities (continued)
	Calpine
	144A 5.25% 6/1/26 #	495,000	$	490,050
	5.50% 2/1/24	314,000		304,580
	Cleveland Electric Illuminating
	5.50% 8/15/24	515,000		582,957
	CMS Energy 6.25% 2/1/20	1,080,000		1,195,484
	ComEd Financing III
	6.35% 3/15/33	680,000		701,353
	Commonwealth Edison
	3.65% 6/15/46	55,000		51,823
	4.35% 11/15/45	965,000		1,011,721
	Consumers Energy
	3.25% 8/15/46	1,215,000		1,075,551
	4.10% 11/15/45	275,000		284,504
	Dominion Resources
	2.00% 8/15/21	280,000		271,834
	2.85% 8/15/26	240,000		225,161
	3.90% 10/1/25	1,645,000		1,682,475
	DTE Energy
	2.85% 10/1/26	950,000		884,402
	3.30% 6/15/22	855,000		870,790
	Duke Energy
	1.625% 8/15/17	1,000,000		1,001,766
	1.80% 9/1/21	280,000		270,024
	2.65% 9/1/26	205,000		191,734
	4.80% 12/15/45	650,000		689,753
	Duke Energy Carolinas
	3.875% 3/15/46	365,000		357,971
	Dynegy 7.625% 11/1/24	283,000		262,483
	E.ON International Finance
	144A 5.80% 4/30/18 #	200,000		209,798
	Electricite de France 144A
	1.341% 1/20/17 #●	840,000		840,100
	Emera 6.75% 6/15/76 ●	1,515,000		1,628,625
	Emera US Finance 144A
	4.75% 6/15/46 #	1,990,000		2,014,706
	Enel 144A
	8.75% 9/24/73 #●	1,405,000		1,601,700
	Enel Americas
	4.00% 10/25/26	735,000		702,609
	Enel Finance International
	144A 6.00% 10/7/39 #	550,000		616,438
	144A 6.25% 9/15/17 #	900,000		927,623
	Entergy
	2.95% 9/1/26	195,000		182,789
	4.00% 7/15/22	1,070,000		1,120,223
	Entergy Arkansas
	3.75% 2/15/21	200,000		209,830
	Entergy Louisiana
	4.05% 9/1/23	1,555,000		1,631,114
	4.95% 1/15/45	235,000		241,461
	Entergy Mississippi
	2.85% 6/1/28	780,000		741,725
	Exelon
	2.45% 4/15/21	200,000		197,796
	3.95% 6/15/25	1,070,000		1,101,919
	FirstEnergy 2.75% 3/15/18	1,000,000		1,009,359
	Fortis
	144A 2.10% 10/4/21 #	325,000		314,469
	144A 3.055% 10/4/26 #	1,970,000		1,846,319
	Great Plains Energy
	4.85% 6/1/21	545,000		581,162
	Indiana Michigan Power
	4.55% 3/15/46	465,000		484,242
	IPALCO Enterprises
	5.00% 5/1/18	165,000		171,187
	ITC Holdings 3.25% 6/30/26	885,000		861,467
	Jersey Central Power & Light
	7.35% 2/1/19	1,000,000		1,095,844
	Kansas City Power & Light
	3.65% 8/15/25	1,350,000		1,354,047
	LG&E & KU Energy
	3.75% 11/15/20	165,000		171,755
	4.375% 10/1/21	1,555,000		1,656,605
	Louisville Gas & Electric
	4.375% 10/1/45	275,000		289,720
	Majapahit Holding
	7.75% 1/20/20	400,000		450,000
	Massachusetts Electric 144A
	4.004% 8/15/46 #	3,075,000		2,959,869
	Metropolitan Edison 144A
	4.00% 4/15/25 #	600,000		605,107
	MidAmerican Energy
	4.25% 5/1/46	1,525,000		1,574,587
	National Rural Utilities
	Cooperative Finance
	2.70% 2/15/23	1,215,000		1,208,203
	4.75% 4/30/43 ●	1,640,000		1,653,076
	5.25% 4/20/46 ●	430,000		448,761
	New York State Electric & Gas
	144A 3.25% 12/1/26 #	1,015,000		1,011,860
	NextEra Energy Capital
	Holdings
	2.40% 9/15/19	1,455,000		1,464,159
	2.70% 9/15/19	450,000		455,982
	3.625% 6/15/23	330,000		335,979
	NV Energy 6.25% 11/15/20	935,000		1,061,255

22 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Corporate Bonds (continued)
Utilities (continued)
	Pedernales Electric
	Cooperative 144A
	6.202% 11/15/32 #	620,000	$	697,245
	Pennsylvania Electric
	5.20% 4/1/20	1,380,000		1,478,938
	Perusahaan Listrik Negara
	144A 5.50% 11/22/21 #	900,000		967,500
	Public Service Co. of New
	Hampshire
	3.50% 11/1/23	635,000		647,861
	Public Service Co. of
	Oklahoma 5.15% 12/1/19	1,300,000		1,398,864
	Puget Energy
	6.50% 12/15/20	3,800,000		4,287,848
	SCANA 4.125% 2/1/22	810,000		819,304
	Southern
	2.35% 7/1/21	635,000		624,874
	2.75% 6/15/20	1,260,000		1,271,813
	2.95% 7/1/23	500,000		494,268
	3.25% 7/1/26	1,170,000		1,140,982
	4.40% 7/1/46	970,000		963,376
	Southwestern Electric Power
	6.45% 1/15/19	690,000		749,566
	Southwestern Public Service
	3.40% 8/15/46	60,000		54,002
	Trans-Allegheny Interstate
	Line 144A 3.85% 6/1/25 #	525,000		532,767
	Trinidad Generation 144A
	5.25% 11/4/27 #	740,000		721,337
	Wisconsin Electric Power
	4.30% 12/15/45	555,000		574,872
	Xcel Energy 3.30% 6/1/25	1,055,000		1,057,114
				79,117,465
Total Corporate Bonds
	(cost $874,920,128)			873,264,020
Municipal Bonds – 1.55%
	American Municipal Power,
	Ohio (Combined
	Hydroelectric Projects)
	Series B
	8.084% 2/15/50	1,500,000		2,279,010
	Bay Area, California Toll
	Authority
	(Taxable Build America
	Bonds)
	Series S1 7.043% 4/1/50	3,000,000		4,254,270
	Series S3 6.907%
	10/1/50	905,000		1,273,516
	California State Various
	Purposes
	(Build America Bond)
	7.55% 4/1/39	715,000		1,064,506
	Chicago, Illinois Transit
	Authority
	(Pension Funding) Series A
	6.899% 12/1/40	1,800,000		2,254,050
	(Retiree Health Care
	Funding) Series B 6.899%
	12/1/40	1,800,000		2,254,050
	Commonwealth of
	Massachusetts
	Series C 5.00% 10/1/25	455,000		551,678
	Los Angeles, California
	Community College District
	Revenue
	(Build America Bond)
	6.60% 8/1/42	800,000		1,112,632
	Michigan Finance Authority
	(Exchanged Detroit Bonds)
	Series G-10A 5.00%
	4/1/28-18 (AGC) §	1,125,000		1,177,256
	Municipal Electric Authority of
	Georgia Build America
	Bond (Plant Vogtle Units 3
	& 4 Project)
	6.655% 4/1/57	1,800,000		2,190,528
	New Jersey Transportation
	Trust Fund Authority
	(Build America Bond)
	Series C 5.754%
	12/15/28	1,590,000		1,662,250
	New Jersey Turnpike Authority
	(Build America Bonds)
	Series A 7.102% 1/1/41	495,000		693,257
	Series F 7.414% 1/1/40	240,000		346,567
	New York City Transitional
	Finance Authority Future
	Tax Secured Revenue
	(Build America Bond)
	5.508% 8/1/37	700,000		852,817
	New York City, New York
	Series C 5.00% 8/1/26	175,000		209,941
	Series C 5.00% 8/1/27	200,000		237,994
	New York State Urban
	Development (Build
	America Bond)
	5.77% 3/15/39	800,000		965,208
	Oregon State Taxable Pension
	5.892% 6/1/27	65,000		79,134

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 23

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Municipal Bonds (continued)
	Pennsylvania Turnpike
	Commission
	Series B-1 1.70%
	12/1/21 ●	750,000	$	747,967
	Port Authority of New York &
	New Jersey Consolidated
	Bonds (One Hundred
	Sixty-Fifth Series)
	5.647% 11/1/40	3,300,000		3,993,726
	South Carolina Public Service
	Authority
	Series D 4.77% 12/1/45	290,000		298,593
	Texas Water Development
	Board
	Series A 5.00% 10/15/45	255,000		288,877
	Texas Water Development
	Board 2016
	(State Water
	Implementation) Series B
	5.00% 10/15/46	665,000		762,502
	University of California
	Series Y-1 1.272%
	7/1/41 ●	500,000		499,705
Total Municipal Bonds
	(cost $29,038,221)			30,050,034
Non-Agency Asset-Backed Securities – 4.10%
	ABFC Trust
	Series 2006-HE1 A2D
	0.976% 1/25/37 ●	427,868		275,793
	Accredited Mortgage Loan
	Trust
	Series 2007-1 A3
	0.886% 2/25/37 ●	1,640,823		1,584,609
	AEP Texas Central Transition
	Funding II
	Series 2006-A A4
	5.17% 1/1/18	256,560		261,115
	American Express Credit
	Account Master Trust
	Series 2013-1 A
	1.124% 2/16/21 ●	500,000		501,556
	Series 2013-2 A
	1.124% 5/17/21 ●	530,000		531,627
	Series 2014-1 A
	1.074% 12/15/21 ●	1,000,000		1,001,821
	American Express Credit
	Account Secured Note Trust
	Series 2012-4 A
	0.944% 5/15/20 ●	205,000		205,001
	Ameriquest Mortgage
	Securities Asset-Backed
	Pass Through Certificates
	Series 2005-R5 M2
	1.216% 7/25/35 ⧫●	1,400,000		1,368,369
	Argent Securities
	Asset-Backed Pass Through
	Certificates
	Series 2003-W9 M1
	1.791% 1/25/34 ⧫●	296,502		277,516
	Argent Securities Trust
	Series 2006-M1 A2C
	0.906% 7/25/36 ●	1,378,751		598,776
	Series 2006-W4 A2C
	0.916% 5/25/36 ●	717,656		242,189
	Avis Budget Rental Car
	Funding AESOP
	Series 2013-1A A 144A
	1.92% 9/20/19 #	700,000		696,480
	Series 2014-1A A 144A
	2.46% 7/20/20 #	665,000		663,398
	Bank of America Credit Card
	Trust
	Series 2014-A2 A
	0.974% 9/16/19 ●	1,000,000		1,000,196
	Series 2014-A3 A
	0.994% 1/15/20 ●	1,120,000		1,120,777
	Series 2015-A1 A
	1.034% 6/15/20 ●	205,000		205,275
	Bear Stearns Asset-Backed
	Securities I Trust
	Series 2005-FR1 M2
	1.761% 6/25/35 ●	2,000,000		1,845,996
	Series 2007-HE2 1A2
	0.926% 3/25/37 ●	400,631		432,659
	Bear Stearns Asset-Backed
	Securities Trust
	Series 2007-SD1 22A1
	2.253% 10/25/36 ●	229,384		163,358
	California Republic Auto
	Receivables Trust
	Series 2013-1 A2 144A
	1.41% 9/17/18 #	18,694		18,693
	Capital One Multi-Asset
	Execution Trust
	Series 2007-A5 A5
	0.744% 7/15/20 ●	100,000		99,894
	Centex Home Equity Loan
	Trust
	Series 2002-A AF6
	5.54% 1/25/32	1,550		1,548

24 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Chase Issuance Trust
	Series 2007-C1 C1
	1.164% 4/15/19 ●	705,000	$	704,942
	Series 2013-A6 A6
	1.124% 7/15/20 ●	500,000		501,684
	Series 2014-A5 A5
	1.074% 4/15/21 ●	500,000		500,760
	Series 2016-A3 A3
	1.254% 6/15/23  ●	500,000		501,525
	Chesapeake Funding
	Series 2014-1A A 144A
	1.072% 3/7/26 #●	475,739		474,104
	Citibank Credit Card Issuance
	Trust
	Series 2013-A2 A2
	1.036% 5/26/20 ●	200,000		200,199
	Series 2013-A7 A7
	1.094% 9/10/20 ●	500,000		501,796
	Citicorp Residential Mortgage
	Trust
	Series 2006-3 A5
	5.836% 11/25/36 ϕ	900,000		922,406
	Citigroup Mortgage Loan
	Trust
	Series 2007-FS1 1A1 144A
	4.593% 10/25/37 #ϕ	2,199,134		2,046,695
	CNH Equipment Trust
	Series 2016-B A2B
	1.104% 10/15/19 ●	195,000		195,251
	Countrywide Asset-Backed
	Certificates
	Series 2004-3 2A
	1.156% 8/25/34 ●	59,986		55,643
	Series 2005-AB2 2A3
	1.526% 11/25/35 ●	208,415		207,238
	Series 2006-1 AF6
	4.825% 7/25/36 ●	585,239		591,204
	Series 2006-26 2A4
	0.976% 6/25/37 ●	2,000,000		1,649,797
	Series 2007-6 2A4
	1.066% 9/25/37 ●	1,000,000		490,274
	CWABS Asset-Backed
	Certificates Trust
	Series 2005-7 MV3
	1.336% 11/25/35 ●	400,000		392,051
	Series 2006-11 1AF6
	4.65% 9/25/46 ●	364,934		663,525
	Series 2006-17 2A2
	0.906% 3/25/47 ●	2,355,108		2,193,856
	Discover Card Execution Note
	Trust
	Series 2013-A1 A1
	1.004% 8/17/20 ●	450,000		450,368
	Series 2013-A6 A6
	0.988% 4/15/21 ●	560,000		562,265
	Series 2014-A1 A1
	1.134% 7/15/21 ●	690,000		692,574
	Ford Credit Auto Owner Trust
	Series 2016-2 A 144A
	2.03% 12/15/27 #	1,950,000		1,917,786
	Ford Credit Floorplan Master
	Owner Trust A
	Series 2014-1 A2
	1.104% 2/15/19 ●	750,000		750,128
	Series 2014-4 A2
	1.054% 8/15/19 ●	1,240,000		1,241,336
	Golden Credit Card Trust
	Series 2014-2A A 144A
	1.154% 3/15/21 #●	420,000		420,479
	GSAMP Trust
	Series 2006-FM3 A2D
	0.986% 11/25/36 ●	1,181,421		692,278
	Series 2007-SEA1 A 144A
	1.056% 12/25/36 #●	1,099,053		1,016,758
	HOA Funding
	Series 2014-1A A2 144A
	4.846% 8/20/44 #	1,031,400		913,064
	Home Equity Mortgage Loan
	Asset-Backed Trust
	Series 2007-A 2A3
	0.996% 4/25/37 ●	1,788,351		1,115,210
	HSI Asset Securitization Trust
	Series 2006-HE1 2A1
	0.806% 10/25/36 ●	34,748		18,798
	JPMorgan Mortgage
	Acquisition Trust
	Series 2006-CW2 AV5
	0.996% 8/25/36 ●	500,000		415,975
	Long Beach Mortgage Loan
	Trust
	Series 2006-1 2A4
	1.056% 2/25/36 ●	4,102,007		2,736,675
	Series 2006-7 1A
	0.911% 8/25/36 ●	4,259,797		2,498,398
	Mercedes-Benz Master Owner
	Trust
	Series 2016-AA A 144A
	1.284% 5/15/20 #●	915,000		917,925
	Series 2016-BA A 144A
	1.404% 5/17/21 #●	1,021,000		1,027,002

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 25

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Non-Agency Asset-Backed Securities (continued)
	Merrill Lynch Mortgage
	Investors Trust
	Series 2006-FF1 M2
	1.046% 8/25/36 ●	2,000,000	$	1,971,411
	Morgan Stanley ABS Capital I
	Trust
	Series 2007-HE1 A2C
	0.906% 11/25/36 ●	6,064,833		3,617,294
	Series 2007-HE5 A2D
	1.096% 3/25/37 ●	3,988,394		2,130,944
	Navistar Financial Dealer Note
	Master Owner Trust II
	Series 2016-1 A 144A
	2.106% 9/27/21 #●	525,000		526,408
	New Century Home Equity
	Loan Trust
	Series 2005-1 M2
	1.476% 3/25/35 ●	303,481		257,881
	Nissan Auto Receivables
	Owner Trust
	Series 2016-B A1
	0.63% 5/15/17	156,845		156,845
	Option One Mortgage Loan
	Trust
	Series 2005-1 M1
	1.536% 2/25/35 ●	2,155,252		1,743,107
	Series 2007-4 2A4
	1.066% 4/25/37 ●	7,517,421		4,645,299
	Penarth Master Issuer
	Series 2015-2A A1 144A
	1.136% 5/18/19 #●	4,400,000		4,400,031
	PFS Financing
	Series 2015-AA A 144A
	1.324% 4/15/20 #●	250,000		249,486
	RAAC Trust
	Series 2005-SP2 2A
	1.056% 6/25/44 ●	638,994		528,598
	RAMP Trust
	Series 2006-RZ5 A2
	0.936% 8/25/46 ●	262,681		257,867
	Series 2007-RZ1 A2
	0.916% 2/25/37 ●	725,979		691,601
	Rise
	Series 2014-1 A
	4.75% 2/15/39 ●	2,476,092		2,459,997
	Sofi Professional Loan
	Program
	Series 2016-F A2 144A
	3.02% 2/25/40 #	700,000		697,794
	Soundview Home Loan Trust
	Series 2006-WF2 A1
	0.886% 12/25/36 ●	639,805		620,202
	SpringCastle America Funding
	Series 2016-AA A 144A
	3.05% 4/25/29 #	4,235,759		4,256,938
	Structured Asset Investment
	Loan Trust
	Series 2003-BC2 M1
	2.136% 4/25/33 ●	17,825		15,054
	Structured Asset Securities
	Mortgage Loan Trust
	Series 2006-BC1 A6
	1.026% 3/25/36 ●	1,800,000		1,361,699
	Verizon Owner Trust
	Series 2016-2A A 144A
	1.68% 5/20/21 #	680,000		677,260
	VOLT XL
	Series 2015-NP14 A1
	144A
	4.375% 11/27/45 #ϕ	187,027		188,453
	VOLT XLI
	Series 2016-NPL1 A1 144A
	4.25% 2/26/46 #ϕ	1,724,789		1,743,074
	VOLT XLII
	Series 2016-NPL2 A1 144A
	4.25% 3/26/46 #ϕ	1,781,068		1,793,445
	Wells Fargo Dealer Floorplan
	Master Note Trust
	Series 2014-2 A
	1.189% 10/20/19 ●	1,000,000		1,000,213
Total Non-Agency Asset-Backed
	Securities
	(cost $77,587,353)			79,267,516
Non-Agency Collateralized Mortgage Obligations – 1.99%
	Alternative Loan Trust
	Series 2004-J1 1A1
	6.00% 2/25/34	1,932		1,951
	Alternative Loan Trust
	Resecuritization
	Series 2008-2R 3A1
	6.00% 8/25/37	1,575,755		1,268,993
	ARM Trust
	Series 2004-5 3A1
	3.293% 4/25/35 ●	788,305		786,084
	Series 2005-10 3A31
	3.124% 1/25/36 ●	364,702		316,701
	Series 2006-2 1A4
	3.227% 5/25/36 ●	1,262,504		1,128,286
	Banc of America Funding Trust
	Series 2005-E 7A1
	2.028% 6/20/35 ●	274,309		183,207
	Series 2006-I 1A1
	2.966% 12/20/36 ●	461,731		463,893

26 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

				Principal	Value
				amount°	(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Banc of America Mortgage
		Trust
		Series 2003-D 2A1
		3.39% 5/25/33 ●		405,944	$	407,847
	Bank of America Alternative
		Loan Trust
		Series 2005-6 7A1
		5.50% 7/25/20		49,776		47,927
	Bear Stearns ARM Trust
		Series 2003-5 2A1
		3.044% 8/25/33 ●		67,759		67,447
		Series 2005-2 A2
		3.128% 3/25/35 ●		134,044		134,918
		Series 2005-5 A1
		2.58% 8/25/35 ●		1,403,342		1,410,308
	Chase Mortgage Finance Trust
		Series 2005-A1 3A1
		3.169% 12/25/35 ●		168,422		155,584
	CHL Mortgage Pass Through
		Trust
		Series 2007-4 1A1 6.00%
		5/25/37 ⧫		1,488,672		1,253,420
	Claris ABS
		Series 2011-1 A
		0.137% 10/31/60 ●	EUR	3,192,795		3,361,292
	CSMC Mortgage-Backed Trust
		Series 2005-1R 2A5 144A
		5.75% 12/26/35 #		1,847,615		1,633,437
		Series 2007-1 5A14
		6.00% 2/25/37		342,445		293,167
		Series 2007-3 4A6
		1.006% 4/25/37 ●		305,628		249,123
		Series 2007-3 4A12
		5.994% 4/25/37 Σ●		305,628		38,391
		Series 2007-3 4A15
		5.50% 4/25/37		135,708		133,062
	Deutsche Mortgage Securities
		Re-REMIC Trust Certificates
		Series 2005-WF1 1A3
		144A 3.054% 6/26/35 #●		150,220		149,145
	Eurosail-UK
		Series 2007-4X A2A
		0.677% 6/13/45 ●	GBP	46,745		57,630
	First Horizon Mortgage Pass
		Through Trust
		Series 2005-AR2 2A1
		3.036% 6/25/35 ⧫●		131,998		125,324
	GMACM Mortgage Loan Trust
		Series 2006-J1 A1
		5.75% 4/25/36		67,502		62,817
	GSR Mortgage Loan Trust
		Series 2007-AR1 2A1
		3.228% 3/25/47 ●		1,276,656		1,150,842
	JPMorgan Mortgage Trust
		Series 2006-A6 2A4L
		3.145% 10/25/36 ●		753,006		662,661
		Series 2006-A7 2A2
		3.186% 1/25/37 ●		145,259		130,066
		Series 2007-A1 6A1
		3.046% 7/25/35 ●		263,647		260,395
		Series 2014-2 B1 144A
		3.431% 6/25/29 #●		81,292		80,414
		Series 2014-2 B2 144A
		3.431% 6/25/29 #●		81,292		79,549
		Series 2015-1 B1 144A
		2.64% 12/25/44 #●		655,160		648,719
		Series 2015-4 B1 144A
		3.629% 6/25/45 #●		494,035		479,925
		Series 2015-4 B2 144A
		3.629% 6/25/45 #●		353,574		337,511
		Series 2015-5 B2 144A
		2.896% 5/25/45 #●		539,566		508,165
		Series 2015-6 B1 144A
		3.631% 10/25/45 #●		358,731		353,718
		Series 2015-6 B2 144A
		3.631% 10/25/45 #●		349,036		339,068
		Series 2016-4 B1 144A
		3.914% 10/25/46 #●		249,486		252,929
		Series 2016-4 B2 144A
		3.914% 10/25/46 #●		424,127		409,733
	Lehman Mortgage Trust
		Series 2007-10 2A2
		6.50% 1/25/38		2,164,324		1,612,813
	Ludgate Funding
		Series 2006-1X A2A
		0.575% 12/1/60 ●	GBP	1,888,461		2,181,096
		Series 2008-W1X A1
		0.97% 1/1/61 ●	GBP	855,840		1,005,182
	Mansard Mortgages Parent
		Series 2007-1X A2
		0.581% 4/15/47 ●	GBP	896,930		1,030,017
	MASTR Alternative Loan Trust
		Series 2004-3 8A1
		7.00% 4/25/34		3,714		3,955
		Series 2004-5 6A1
		7.00% 6/25/34		51,986		54,458
	MASTR ARM Trust
		Series 2004-4 4A1
		3.109% 5/25/34 ●		121,507		119,189

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 27

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

				Principal	Value
				amount°	(U.S. $)
Non-Agency Collateralized Mortgage Obligations (continued)
	MASTR Asset Securitization
		Trust
		Series 2003-9 2A7
		5.50% 10/25/33		34,800	$	34,825
	Merrill Lynch Mortgage
		Investors Trust
		Series 2004-A1 2A2
		2.883% 2/25/34 ●		7,852		7,878
	Opteum Mortgage
		Acceptance Trust
		Series 2006-1 2A1
		5.75% 4/25/36 ●		828,312		833,371
	RALI Trust
		Series 2004-QS2 CB
		5.75% 2/25/34		32,473		33,203
	Reperforming Loan REMIC
		Trust
		Series 2006-R1 AF1 144A
		1.096% 1/25/36 #●		1,752,642		1,533,086
	RFMSI Trust
		Series 2004-S9 2A1
		4.75% 12/25/19		75,294		75,552
	Sequoia Mortgage Trust
		Series 2004-5 A3
		1.835% 6/20/34 ●		277,551		258,468
		Series 2007-1 4A1
		3.28% 9/20/46 ●		833,107		675,642
		Series 2013-11 B1 144A
		3.666% 9/25/43 #●		393,841		394,999
		Series 2015-1 B2 144A
		3.881% 1/25/45 #●		377,767		373,436
	Structured ARM Loan Trust
		Series 2005-22 1A4
		3.228% 12/25/35 ●		1,809,104		1,473,056
		Series 2006-1 7A4
		2.916% 2/25/36 ●		764,553		648,416
	Structured Asset Mortgage
		Investments II Trust
		Series 2005-AR5 A2
		0.986% 7/19/35 ●		531,344		515,214
	Structured Asset Securities
		Trust
		Series 2005-6 4A1
		5.00% 5/25/35		29,651		29,968
	Thrones
		Series 2013-1 A
		1.902% 7/20/44 ●	GBP	1,551,589		1,928,118
	WaMu Mortgage Pass
		Through Certificates Trust
		Series 2005-AR16 1A3
		2.85% 12/25/35 ⧫●		665,936		622,314
		Through Certificates Trust
		Series 2007-HY1 3A3
		4.211% 2/25/37 ⧫●		346,040		324,600
		Series 2007-HY7 4A1
		4.341% 7/25/37 ⧫●		700,013		638,948
	Washington Mutual Mortgage
		Pass Through Certificates
		Trust
		Series 2005-1 5A2 6.00%
		3/25/35 ⧫		37,348		15,782
	Wells Fargo Mortgage-Backed
		Securities Trust
		Series 2005-AR16 2A1
		3.04% 2/25/34 ●		162,153		164,542
		Series 2006-2 3A1
		5.75% 3/25/36		85,782		86,569
		Series 2006-3 A11
		5.50% 3/25/36		107,473		109,118
		Series 2006-6 1A3
		5.75% 5/25/36		55,305		55,388
		Series 2006-AR5 2A1
		3.154% 4/25/36 ●		60,847		56,916
		Series 2006-AR11 A6
		3.033% 8/25/36 ●		799,409		752,580
		Series 2006-AR17 A1
		3.048% 10/25/36 ●		481,538		456,345
		Series 2007-10 1A36
		6.00% 7/25/37		335,357		330,488
	WinWater Mortgage Loan
		Trust
		Series 2015-3 B1 144A
		3.91% 3/20/45 #●		535,594		532,578
Total Non-Agency
	Collateralized Mortgage
	Obligations (cost $41,707,723)					38,391,759
Non-Agency Commercial Mortgage-Backed Securities – 4.30%
	BAMLL Commercial Mortgage
		Securities Trust
		Series 2015-ASHF A 144A
		1.924% 1/15/28 #●		900,000		901,442
	Banc of America Commercial
		Mortgage Trust
		Series 2007-4 AM
		5.814% 2/10/51 ●		505,000		514,297
	Banc of America Re-REMIC
		Series BALL 2009-UB2
		A4AA 144A
		5.722% 2/24/51 #●		853,088		853,921

28 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

	Principal		Value
	amount°		(U.S. $)
Non-Agency Commercial Mortgage-Backed Securities
(continued)
BBCMS Trust
Series 2015- RRI A 144A
1.854% 5/15/32 #●		4,877,359	$	4,877,571
Series 2015-STP A 144A
3.323% 9/10/28 #		4,500,000		4,566,919
CD Mortgage Trust
Series 2016-CD2 A3
3.248% 11/10/49		4,000,000		4,033,844
Series 2016-CD2 A4
3.526% 11/10/49 ●		620,000		637,454
CFCRE Commercial Mortgage
Trust
Series 2016-C7 A3
3.839% 12/10/54		1,360,000		1,405,076
Citigroup Commercial
Mortgage Trust
Series 2014-GC25 A4
3.635% 10/10/47		1,100,000		1,139,026
Series 2015-GC27 A5
3.137% 2/10/48		3,085,000		3,080,215
Series 2016-P5 A4
2.941% 10/10/49		760,000		737,010
COMM Mortgage Trust
Series 2014-CR19 A5
3.796% 8/10/47		4,470,000		4,683,313
Series 2014-CR20 AM
3.938% 11/10/47		2,225,000		2,300,784
Series 2015-CR23 A4
3.497% 5/10/48		1,110,000		1,137,165
CSMC
Series 2010-UD1 A 144A
5.784% 12/16/49 #●		1,205,385		1,208,618
DBJPM
Series 2016-C1 A4
3.276% 5/10/49		1,320,000		1,332,466
Series 2016-C3 A5
2.89% 9/10/49		945,000		921,275
DBUBS Mortgage Trust
Series 2011-LC1A A3 144A
5.002% 11/10/46 #		2,050,000		2,224,077
Series 2011-LC1A C 144A
5.685% 11/10/46 #●		815,000		899,438
GRACE Mortgage Trust
Series 2014-GRCE A 144A
3.369% 6/10/28 #		2,200,000		2,282,315
Series 2014-GRCE B 144A
3.52% 6/10/28 #		1,455,000		1,500,176
GS Mortgage Securities Trust
Series 2010-C1 C 144A
5.635% 8/10/43 #●		375,000		399,806
Series 2014-GC24 A5
3.931% 9/10/47		1,800,000		1,899,887
Series 2016-RENT A 144A
3.203% 2/10/29 #		2,300,000		2,343,567
Hyatt Hotel Portfolio Trust
Series 2015-HYT A 144A
1.954% 11/15/29 #●		900,000		902,810
JPMBB Commercial Mortgage
Securities Trust
Series 2015-C33 A4
3.77% 12/15/48		570,000		592,287
JPMDB Commercial Mortgage
Securities Trust
Series 2016-C2 A4
3.144% 6/15/49		1,640,000		1,633,293
Series 2016-C4 A3
3.141% 12/15/49		1,065,000		1,058,638
Series 2016-C4 B
3.638% 12/15/49 ●		785,000		781,487
JPMorgan Chase Commercial
Mortgage Securities Trust
Series 2005-CB11 E
5.524% 8/12/37 ●		230,000		241,691
Series 2005-LDP5 D
5.524% 12/15/44 ●		420,000		419,185
Series 2007-LDPX A3
5.42% 1/15/49		278,203		278,276
Series 2011-C5 C 144A
5.408% 8/15/46 #●		410,000		436,472
Series 2016-ATRM A 144A
2.962% 10/5/28 #		2,700,000		2,715,532
Series 2016-JP2 A4
2.822% 8/15/49		1,000,000		969,250
Series 2016-JP3 B
3.397% 8/15/49 ●		300,000		292,941
Series 2016-WIKI A 144A
2.798% 10/5/31 #		375,000		376,518
Series 2016-WIKI B 144A
3.201% 10/5/31 #		690,000		694,497
LB-UBS Commercial
Mortgage Trust
Series 2004-C1 A4
4.568% 1/15/31		17,834		17,829
Series 2006-C6 AJ
5.452% 9/15/39 ●		778,299		698,368

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 29

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Non-Agency Commercial Mortgage-Backed Securities
(continued)
ML-CFC Commercial
Mortgage Trust
Series 2007-7 A4
5.733% 6/12/50 ●		772,512	$	777,444
Morgan Stanley Bank of
America Merrill Lynch Trust
Series 2014-C17 A5
3.741% 8/15/47		795,000		828,971
Series 2015-C23 A4
3.719% 7/15/50		1,275,000		1,322,223
Series 2015-C26 A5
3.531% 10/15/48		4,000,000		4,097,068
Series 2015-C27 ASB
3.557% 12/15/47		2,200,000		2,273,359
Series 2016-C29 A4
3.325% 5/15/49		795,000		796,466
Morgan Stanley Capital I Trust
Series 2011-C3 A4
4.118% 7/15/49		855,000		918,326
Series 2014-CPT AM 144A
3.402% 7/13/29 #●		2,200,000		2,254,693
Series 2015-XLF1 A 144A
1.845% 8/14/31 #●		1,602,832		1,598,231
Morgan Stanley Re-REMIC
Trust
Series 2009-GG10 A4A
144A 5.793% 8/12/45 #●		3,578,600		3,587,239
RFTI
Series 2015-FL1 A 144A
2.454% 8/15/30 #●		2,112,987		2,110,303
UBS Commercial Mortgage
Trust
Series 2012-C1 A3
3.40% 5/10/45		795,410		828,713
Wachovia Bank Commercial
Mortgage Trust
Series 2007-C31 A5FL
144A 0.917% 4/15/47 #●		400,000		398,679
Series 2007-C32 A4FL
144A 0.882% 6/15/49 #●		700,000		695,126
Wells Fargo Commercial
Mortgage Trust
Series 2014-LC18 A5
3.405% 12/15/47		275,000		279,560
Series 2015-NXS3 A4
3.617% 9/15/57		740,000		762,197
Series 2016-BNK1 A3
2.652% 8/15/49		1,220,000		1,166,161
WFRBS Commercial Mortgage
Trust
Series 2012-C10 A3
2.875% 12/15/45		380,000		384,348
Total Non-Agency Commercial
Mortgage-Backed Securities
(cost $84,334,974)				83,067,843
Regional Bonds – 0.65%Δ
Argentina – 0.09%
City of Buenos Aires
Argentina 144A
7.50% 6/1/27 #		1,105,000		1,132,625
Provincia de Buenos Aires
144A 7.875% 6/15/27 #		530,000		524,011
				1,656,636
Australia – 0.05%
New South Wales Treasury
4.00% 5/20/26	AUD	404,900		317,209
Queensland Treasury
144A 2.75% 8/20/27 #	AUD	446,000		306,869
144A 3.25% 7/21/28 #	AUD	495,000		353,646
				977,724
Canada – 0.16%
Province of British Columbia
2.25% 6/2/26		1,495,000		1,423,923
Province of Manitoba
2.125% 6/22/26		1,255,000		1,172,214
Province of Ontario
3.45% 6/2/45	CAD	551,000		427,606
Province of Quebec
6.00% 10/1/29	CAD	155,000		153,790
				3,177,533
Germany – 0.10%
State of North
Rhine-Westphalia
1.201% 5/3/17 ●		2,000,000		2,001,540
				2,001,540
Japan – 0.08%
Japan Finance Organization
For Municipalities 144A
2.125% 4/13/21 #		1,646,000		1,610,945
				1,610,945
Spain – 0.17%
Autonomous Community of
Catalonia
4.90% 9/15/21	EUR	1,800,000		1,951,424

30 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Regional BondsΔ (continued)
Spain (continued)
Autonomous Community of
Catalonia
4.95% 2/11/20	EUR	1,100,000	$	1,240,657
				3,192,081
Total Regional Bonds
(cost $13,362,417)				12,616,459
Senior Secured Loans – 7.00%«
Accudyne Industries Borrower
1st Lien 4.00% 12/13/19		1,591,259		1,508,713
Air Medical Group Holdings
Tranche B 1st Lien
4.25% 4/28/22		2,699,266		2,695,217
Albertsons Tranche B 1st Lien
3.77% 8/23/21		1,293,694		1,309,966
Allied Universal Holdco 1st
Lien 5.50% 7/28/22		1,352,570		1,365,420
Allied Universal Holdco
Tranche DD 1st Lien
4.50% 7/28/22		136,331		137,626
Amaya Holdings 1st Lien
5.00% 8/1/21		1,875,534		1,886,084
American Airlines Tranche B
1st Lien 3.25% 12/15/23		2,206,751		2,218,820
Applied Systems 1st Lien
4.00% 1/23/21		244,653		246,972
Applied Systems 2nd Lien
7.50% 1/23/22		1,955,501		1,978,723
Ardagh Holdings USA Tranche
B 1st Lien
4.00% 12/17/21		517,646		524,198
ATI Holdings Acquisition 1st
Lien 7.25% 5/10/23		861,211		869,106
Avago Technologies Cayman
Finance Tranche B3 1st
Lien 3.704% 2/1/23		3,664,639		3,711,695
BJ’s Wholesale Club 2nd Lien
8.50% 3/31/20		1,650,308		1,674,031
BJ’s Wholesale Club Tranche B
1st Lien 4.50% 9/26/19		220,965		223,244
Blue Ribbon 1st Lien
5.00% 11/13/21		1,340,088		1,330,038
Boyd Gaming Tranche B2 1st
Lien 3.756% 9/15/23		408,975		413,576
Builders FirstSource Tranche B
1st Lien 4.75% 7/31/22		2,871,878		2,900,955
BWAY Holding Tranche B 1st
Lien 4.75% 9/9/23		1,330,364		1,337,681
Caesars Growth Properties
Holdings Tranche B 1st Lien
6.25% 5/8/21		1,544,768		1,559,491
Calpine Construction Finance
Tranche B 1st Lien
3.02% 5/3/20		265,000		265,331
Calpine Tranche B 1st Lien
2.75% 1/15/23		198,000		199,312
Change Healthcare Holdings
1st Lien 3.75% 11/2/18		831,151		833,835
Charter Communications
Operating 1st Lien
2.25% 1/15/24		496,250		500,592
Charter Communications
Operating Tranche H 1st
Lien 2.00% 1/15/22		166,165		167,204
CHS/Community Health
Systems Tranche H 1st Lien
4.00% 1/27/21		648,173		628,149
CityCenter Holdings Tranche B
1st Lien 4.25% 10/16/20		461,876		467,217
ColourOZ Investment 2 1st
Lien 4.50% 9/7/21		440,387		441,671
Communications Sale &
Leasing Tranche B 1st Lien
4.50% 10/24/22		1,580,380		1,600,925
Community Health Systems
Tranche F 1st Lien
4.185% 12/31/18		264,165		260,409
Community Health Systems
Tranche G 1st Lien
3.75% 12/31/19		399,195		387,656
CSC Holdings Tranche B 1st
Lien 3.876% 10/11/24		430,921		436,240
DaVita Tranche B 1st Lien
3.52% 6/24/21		1,559,015		1,577,204
Dell International
4.02% 9/7/23		1,385,000		1,410,247
Dynegy Finance IV Tranche 1st
Lien 5.00% 6/27/23		760,000		770,586
ESH Hospitality Tranche 1st
Lien 3.77% 8/30/23		334,163		338,688
ExamWorks Group
4.75% 7/27/23		1,257,638		1,266,913
FCA US Tranche B 1st Lien
3.27% 12/31/18		258,695		259,664
First Data 1st Lien
3.756% 3/24/21		2,363,992		2,390,095
3.756% 7/10/22		856,451		866,943
First Eagle Holdings Tranche B
1st Lien 4.998% 12/1/22		1,145,400		1,158,286

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 31

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

	Principal	Value
	amount°	(U.S. $)
Senior Secured Loans« (continued)
Flex Acquisition 1st Lien
4.25% 12/29/23	195,000	$	196,950
Flint Group 2nd Lien
8.25% 9/7/22	235,000		232,650
Flint Group Tranche C 1st Lien
4.50% 9/7/21	72,801		73,529
Flying Fortress Tranche B 1st
Lien 3.00% 10/20/22	1,356,000		1,363,628
FMG Resources August 2006
1st Lien 3.75% 6/30/19	1,572,172		1,577,281
Forterra Finance 1st Lien
4.50% 10/25/23	1,995,725		2,021,087
Frank Russell 6.75% 6/1/23	2,080,545		2,103,302
Gardner Denver 1st Lien
4.25% 7/30/20	1,895,434		1,878,849
Gates Global 1st Lien
4.25% 7/6/21	1,497,184		1,500,460
Genesys Telecommunications
Laboratories Tranche B 1st
Lien 6.25% 12/2/23	1,035,000		1,050,740
Genoa a QoL Healthcare 1st
Lien 4.75% 10/28/23	962,588		969,005
Green Energy Partners/
Stonewall Tranche B 1st
Lien 6.50% 11/13/21	591,000		588,045
HCA Tranche B6 1st Lien
4.02% 3/17/23	229,268		232,187
HCA Tranche B7 1st Lien
3.52% 2/9/24	359,100		363,429
Hilton Worldwide Finance
Tranche B1 1st Lien
3.50% 10/26/20	199,601		201,514
Hilton Worldwide Finance
Tranche B2 1st Lien
3.256% 10/25/23	2,713,812		2,748,462
Houghton International 1st
Lien 4.25% 12/20/19	110,400		111,642
Hyperion Insurance Group
Tranche B 1st Lien
5.50% 4/29/22	1,462,325		1,470,002
IASIS Healthcare Tranche B
1st Lien 4.50% 5/3/18	427,564		424,891
Immucor Tranche B2 1st Lien
5.00% 8/17/18	879,339		851,860
Ineos US Finance Tranche B
1st Lien
3.75% 12/15/20	970,343		976,668
4.25% 3/31/22	260,360		263,199
inVentiv Group Holdings
Tranche B 1st Lien
4.75% 11/9/23	1,770,000		1,776,361
JC Penney Tranche B 1st Lien
5.25% 6/23/23	1,748,913		1,762,023
Keurig Green Mountain
Tranche B 1st Lien
5.25% 3/3/23	668,691		680,248
KIK Custom Products 1st Lien
6.00% 8/26/22	1,788,505		1,808,626
Kinetic Concepts Tranche F1
1st Lien 5.00% 11/4/20	942,238		946,243
KRATON Polymers Tranche B
1st Lien 6.00% 1/6/22	1,490,000		1,509,324
Kronos 2nd Lien
9.25% 11/1/24	735,000		758,658
Kronos Tranche B 1st Lien
5.00% 11/1/23	540,000		545,670
Landry’s 4.00% 10/4/23	710,000		718,697
Las Vegas Sands
2.25% 12/19/20	485,000		488,031
Las Vegas Sands Tranche B
3.02% 12/19/20	197,959		199,428
Level 3 Financing Tranche B
1st Lien 4.00% 1/15/20	655,000		664,723
Lightstone Generation
Tranche B 1st Lien
6.50% 12/14/23	33,043		33,539
6.50% 12/15/23	346,957		352,161
LTS Buyer 1st Lien
4.248% 4/13/20	10,615		10,715
MGM Growth Properties
Operating Partnership
Tranche B 1st Lien
3.50% 4/25/23	1,146,338		1,156,547
Micron Technology Tranche B
1st Lien 4.52% 4/26/22	258,700		263,130
Mohegan Tribal Gaming
Authority Tranche B 1st
Lien 5.50% 10/13/23	1,591,253		1,604,680
Moran Foods Tranche B 1st
Lien 7.00% 12/5/23	1,710,000		1,704,656
MPH Acquisition Holdings
5.00% 6/7/23	1,025,389		1,045,165
Nature’s Bounty Tranche B 1st
Lien 5.00% 5/5/23	1,206,651		1,218,341
NXP Tranche B 1st Lien
3.405% 12/7/20	507,563		510,894
ON Semiconductor Tranche B
1st Lien 4.02% 3/31/23	1,062,338		1,076,354
Panda Hummel Tranche B1
1st Lien 7.00% 10/27/22	315,000		298,463
Panda Liberty Tranche B 1st
Lien 7.50% 8/21/20	559,185		549,399

32 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

	Principal	Value
	amount°	(U.S. $)
Senior Secured Loans« (continued)
Petco Animal Supplies
5.00% 1/26/23	1,275,363	$	1,286,787
PQ 1st Lien 5.25% 11/4/22	1,842,752		1,862,989
Prime Security Services
Borrower 1st Lien
4.25% 5/2/22	1,580,817		1,607,000
Prospect Medical Holdings
Tranche B 1st Lien
7.00% 6/30/22	1,079,575		1,063,381
Radiate Holdco 1st Lien
3.75% 12/9/23	1,380,000		1,390,206
Republic of Angola
(Unsecured)
7.57% 12/16/23	1,618,750		1,343,563
Revlon Consumer Products
Tranche B 1st Lien
4.27% 9/7/23	1,593,313		1,610,441
Reynolds Group Holdings 1st
Lien 4.25% 2/5/23	1,765,811		1,787,281
Rite Aid 2nd Lien
5.75% 8/21/20	365,500		367,727
Sable International Finance
Tranche B1 1st Lien
5.588% 1/3/23	1,150,000		1,164,375
Sable International Finance
Tranche B2 1st Lien
5.83% 1/3/23	945,000		956,813
SAM Finance Tranche B 1st
Lien 4.25% 12/17/20	912,415		919,258
Scientific Games International
1st Lien 6.00% 10/18/20	1,557,303		1,580,468
SFR Group Tranche B 1st Lien
5.137% 1/15/24	1,681,550		1,700,467
SFR Group Tranche B10 1st
Lien 4.038% 1/31/25	1,070,000		1,081,035
Sinclair Television Group
Tranche B1 1st Lien
3.52% 7/31/21	3,005,339		3,014,731
Sinclair Television Group
Tranche B2 1st Lien
2.25% 1/31/24	2,640,000		2,648,250
Solera Tranche B 1st Lien
5.75% 3/3/23	1,449,050		1,470,886
Spectrum Brands Tranche B
1st Lien 3.25% 6/23/22	380,438		385,296
StandardAero Aviation
Holdings 1st Lien
5.25% 7/7/22	616,883		621,413
Summit Materials Tranche B
1st Lien 4.00% 7/17/22	541,750		546,575
SUPERVALU 1st Lien
5.50% 3/21/19	16,778		16,922
Telenet Financing USD
Tranche B 1st Lien
3.704% 1/31/25	1,600,000		1,613,000
T-Mobile USA Tranche B 1st
Lien 3.52% 11/9/22	2,424,594		2,455,336
TransDigm Tranche E 1st Lien
3.998% 5/14/22	218,200		219,990
TransDigm Tranche F 1st Lien
3.77% 6/9/23	1,850,999		1,871,050
Tribune Media Tranche B 1st
Lien 3.77% 12/27/20	541,750		546,825
Univar USA Tranche B 1st Lien
4.25% 7/1/22	1,281,788		1,292,431
Univision Communications 1st
Lien 4.00% 3/1/20	909,408		914,453
Univision Communications
Tranche C4 1st Lien
4.00% 3/1/20	1,723,473		1,733,646
USI Tranche B 1st Lien
4.25% 12/27/19	2,038,760		2,049,378
USIC Holdings 1st lien
4.75% 12/9/23	1,030,000		1,040,300
Virgin Media Bristol 1st Lien
2.75% 1/31/25	620,000		623,616
Vistra Operations Tranche B2
1st Lien 4.00% 8/4/23	190,000		192,613
Western Digital Tranche B 1st
Lien 4.52% 4/29/23	815,900		828,285
WideOpenWest Finance
Tranche B 1st Lien
4.50% 8/19/23	1,246,805		1,257,541
Windstream Services 1st Lien
4.75% 3/30/21	881,383		887,168
4.75% 12/2/23	520,000		523,413
WireCo WorldGroup 1st Lien
6.50% 9/30/23	678,300		683,952
WireCo WorldGroup 2nd Lien
10.00% 9/30/24	405,000		408,375
Zekelman Industries
5.00% 6/14/21	681,575		690,095
Total Senior Secured Loans
(cost $133,374,915)			135,257,510

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 33

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Sovereign Bonds – 2.40%Δ
Argentina – 0.04%
Argentine Republic
Government International
Bond 144A 7.125%
7/6/36 #		855,000	$	815,456
				815,456
Australia – 0.01%
Australia Government Bond
3.75% 4/21/37	AUD	352,000		263,565
				263,565
Azerbaijan – 0.04%
Republic of Azerbaijan
International Bond
144A 4.75% 3/18/24 #		800,000		797,824
				797,824
Bahrain – 0.02%
Bahrain Government
International Bond
144A 7.00% 10/12/28 #		400,000		409,678
				409,678
Bermuda – 0.04%
Bermuda Government
International Bond
144A 3.717% 1/25/27 #		800,000		760,000
				760,000
Brazil – 0.06%
Brazil Notas do Tesouro
Nacional Series F 10.00%
1/1/25	BRL	1,826,000		522,866
Brazilian Government
International Bond 5.00%
1/27/45		800,000		652,960
				1,175,826
Canada – 0.01%
Canadian Government Bond
2.75% 12/1/48	CAD	171,000		139,981
				139,981
Colombia – 0.01%
Colombia Government
International Bond 5.00%
6/15/45		200,000		190,750
				190,750
Croatia – 0.04%
Croatia Government
International Bond
144A 6.375% 3/24/21 #		655,000		713,856
				713,856
Cyprus – 0.07%
Cyprus Government
International Bond 3.875%
5/6/22	EUR	1,200,000		1,316,486
				1,316,486
Dominican Republic – 0.04%
Dominican Republic
International Bond
144A 6.875% 1/29/26 #		745,000		776,342
				776,342
Hungary – 0.07%
Hungary Government
International Bond 5.75%
11/22/23		1,160,000		1,288,441
				1,288,441
India – 0.07%
Export-Import Bank of India
144A 3.375% 8/5/26 #		1,500,000		1,403,881
				1,403,881
Indonesia – 0.21%
Indonesia Government
International Bond
144A 3.70% 1/8/22 #		700,000		703,323
144A 5.125% 1/15/45 #		200,000		200,121
144A 5.25% 1/8/47 #		1,000,000		1,000,872
Indonesia Treasury Bond
9.00% 3/15/29	IDR	26,764,000,000		2,100,793
				4,005,109
Jamaica – 0.05%
Jamaica Government
International Bond 8.00%
3/15/39		900,000		1,003,833
				1,003,833
Japan – 0.03%
Japan International
Cooperation Agency
2.125% 10/20/26		684,000		637,842
				637,842

34 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Sovereign BondsΔ (continued)
Jordan – 0.02%
Jordan Government
International Bond
144A 5.75% 1/31/27 #		400,000	$	379,916
				379,916
Mexico – 0.32%
Mexican Bonos
5.75% 3/5/26	MXN	72,182,400		3,094,839
8.00% 6/11/20	MXN	42,797,000		2,125,637
Mexico Government
International Bond
3.60% 1/30/25		200,000		193,300
4.35% 1/15/47		800,000		688,000
				6,101,776
Mongolia – 0.02%
Mongolia Government
International Bond
144A 10.875% 4/6/21 #		430,000		453,142
				453,142
New Zealand – 0.06%
New Zealand Government
Bond
2.75% 4/15/25	NZD	1,710,000		1,146,346
4.50% 4/15/27	NZD	69,000		52,737
				1,199,083
Peru – 0.06%
Peruvian Government
International Bond 6.95%
8/12/31	PEN	3,855,000		1,173,649
				1,173,649
Poland – 0.14%
Republic of Poland
Government Bond
2.50% 7/25/26	PLN	8,756,000		1,904,615
3.25% 7/25/25	PLN	1,087,000		255,107
4.00% 10/25/23	PLN	2,203,000		548,164
				2,707,886
Portugal – 0.01%
Portugal Government
International Bond
144A 5.125% 10/15/24 #		131,000		127,414
				127,414
Republic of Korea – 0.29%
Export-Import Bank of Korea
4.375% 9/15/21		700,000		747,029
5.00% 4/11/22		2,000,000		2,208,628
5.125% 6/29/20		1,500,000		1,625,400
Inflation Linked Korea
Treasury Bond 1.125%
6/10/23	KRW	1,101,005,452		911,059
				5,492,116
Russia – 0.03%
Russian Foreign Bond -
Eurobond 144A 5.625%
4/4/42 #		600,000		647,212
				647,212
Saudi Arabia – 0.16%
Saudi Government
International Bond
144A 2.375% 10/26/21 #		1,395,000		1,355,773
144A 3.25% 10/26/26 #		1,000,000		949,412
144A 4.50% 10/26/46 #		800,000		768,401
				3,073,586
Serbia – 0.04%
Serbia International Bond
144A 4.875% 2/25/20 #		665,000		677,807
				677,807
Singapore – 0.03%
Temasek Financial I
144A 2.375% 1/23/23 #		560,000		547,955
				547,955
South Africa – 0.16%
Republic of South Africa
Government Bond 8.00%
1/31/30	ZAR	29,449,000		1,931,616
Republic of South Africa
Government International
Bond 5.875% 5/30/22		1,085,000		1,185,379
				3,116,995
Sri Lanka – 0.07%
Sri Lanka Government
International Bond
144A 6.00% 1/14/19 #		535,000		551,375
144A 6.125% 6/3/25 #		880,000		832,301
				1,383,676
Turkey – 0.06%
Export Credit Bank of Turkey
144A 5.375% 2/8/21 #		910,000		892,799

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 35

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Sovereign BondsΔ (continued)
Turkey (continued)
Export Credit Bank of Turkey
144A 5.375% 10/24/23 #		260,000	$	241,963
				1,134,762
Ukraine – 0.05%
Ukraine Government
International Bond
144A 7.75% 9/1/19 #		1,000,000		1,008,540
				1,008,540
United Kingdom – 0.02%
United Kingdom Gilt
1.75% 9/7/22	GBP	100,000		130,618
3.50% 1/22/45	GBP	138,800		231,809
				362,427
Uruguay – 0.05%
Uruguay Government
International Bond 5.10%
6/18/50		1,115,000		1,006,287
				1,006,287
Total Sovereign Bonds (cost $48,852,650)				46,293,099
Supranational Banks – 0.29%
Inter-American Development
Bank 1.10% 10/15/20 ●		890,000		891,612
International Bank for
Reconstruction &
Development
0.806% 4/17/19 ●		440,000		439,424
1.11% 12/16/17 ●		585,000		585,749
2.50% 11/25/24		440,000		439,423
3.50% 1/22/21	NZD	2,494,000		1,739,389
3.75% 2/10/20	NZD	500,000		353,444
4.625% 10/6/21	NZD	380,000		276,851
International Finance
1.065% 1/9/19 ●		600,000		600,128
3.00% 5/6/21	NZD	305,000		207,909
3.625% 5/20/20	NZD	163,000		114,538
Total Supranational Banks (cost $5,663,179)				5,648,467
U.S. Treasury Obligations – 14.81%
U.S. Treasury Bonds
2.25% 8/15/46		750,000		630,645
2.50% 2/15/45		43,900,000		39,114,724
2.50% 2/15/46		6,400,000		5,688,627
2.50% 5/15/46		4,250,000		3,777,022
2.75% 8/15/42		900,000		850,518
2.75% 11/15/42		1,400,000		1,322,672
2.875% 5/15/43		2,200,000		2,125,578
2.875% 8/15/45		16,700,000		16,074,401
2.875% 11/15/46		4,650,000		4,490,249
3.00% 11/15/44		2,500,000		2,470,263
3.00% 5/15/45		14,400,000		14,209,027
3.125% 8/15/44 ∞		4,300,000		4,353,079
4.375% 5/15/40		100,000		123,586
U.S. Treasury Inflation
Indexed Bonds
0.125% 4/15/18		1,150,292		1,161,058
0.125% 4/15/19 ∞		10,207,880		10,338,143
0.125% 4/15/20 ∞		8,154,617		8,241,814
0.125% 4/15/21		3,197,449		3,217,839
0.125% 7/15/22 ∞		735,812		738,267
0.125% 7/15/24		13,132,716		12,912,546
0.125% 7/15/26		5,163,315		4,995,879
0.25% 1/15/25		10,103,742		9,943,072
0.375% 7/15/25		2,548,350		2,535,927
0.625% 1/15/26		13,662,742		13,790,448
1.75% 1/15/28		32,561,929		36,391,212
2.375% 1/15/25		5,232,192		6,011,747
2.375% 1/15/27		11,842,860		13,885,824
2.50% 1/15/29		12,981,512		15,675,448
3.875% 4/15/29		279,382		382,402
U.S. Treasury Notes
0.75% 8/31/18		5,700,000		5,665,048
1.125% 8/31/21 ∞		13,800,000		13,335,602
1.25% 11/30/18		19,100,000		19,129,471
1.25% 12/15/18		2,200,000		2,202,750
1.25% 10/31/21		600,000		581,883
1.50% 8/15/26		8,830,000		8,121,534
2.00% 10/31/21 ∞		1,600,000		1,604,906
Total U.S. Treasury Obligations
(cost $295,836,952)				286,093,211
		Number of
		shares
Common Stock – 0.00%
Century Communications =†		1,975,000		0
Total Common Stock
(cost $59,790)				0

36 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

	Number of
	Shares	Value (U.S. $)
Convertible Preferred Stock – 0.14%
A Schulman 6.00% exercise
price $52.33, expiration
date 12/31/49	308	$	262,967
Bank of America 7.25%
exercise price $50.00,
expiration date 12/31/49	225		262,530
DTE Energy 6.50% exercise
price $116.31, expiration
date 10/1/19	5,653		299,609
Exelon 6.50% exercise price
$43.75, expiration date
6/1/17	6,250		302,563
Huntington Bancshares
8.50% exercise price
$11.95, expiration date
12/31/49	305		442,250
Teva Pharmaceutical
Industries 7.00% exercise
price $75.00, expiration
date 12/15/18	194		125,130
T-Mobile US 5.50% exercise
price $31.02, expiration
date 12/15/17	3,207		302,869
Wells Fargo & Co. 7.50%
exercise price $156.71,
expiration date 12/31/49	366		435,540
Welltower 6.50% exercise
price $57.68, expiration
date 12/31/49	4,947		297,710
Total Convertible Preferred
Stock (cost $2,592,846)			2,731,168
Preferred Stock – 0.30%
General Electric 5.00% ●	2,448,000		2,543,350
Integrys Holding 6.00% ●	35,650		929,128
PNC Preferred Funding Trust II
144A 2.186% #●	2,000,000		1,935,000
USB Realty 144A 2.027% #●	500,000		441,250
Total Preferred Stock
(cost $5,468,715)			5,848,728
	Number of
	contracts
Options Purchased – 0.04%
Call Swaptions – 0.02%
2 yr IRS pay a fixed rate
1.65% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 11/15/18	88,800,000		386,369
Fixed Income Put Option – 0.00%
U.S. Treasury 5yr Notes strike
price $97, expiration date
4/1/17	2,034		0
Put Swaptions – 0.02%
2 yr IRS pay a fixed rate
1.60% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 3/6/17	18,000,000		22,284
30 yr IRS pay a fixed rate
2.91% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 8/20/18	4,400,000		296,886
			319,170
Total Options Purchased
(premium paid $974,105)			705,539
	Principal
	amount°
Short-Term Investments – 2.77%
Discount Notes – 2.14%≠
Federal Home Loan Bank
0.378% 2/3/17	191,066		190,986
0.391% 1/11/17	400,000		399,967
0.442% 1/30/17	3,601,333		3,600,331
0.446% 2/1/17	300,000		299,881
0.453% 1/20/17	4,200,000		4,199,265
0.457% 1/13/17	1,100,000		1,099,887
0.477% 1/25/17	4,865,210		4,864,111
0.477% 1/27/17	9,582,133		9,579,766
0.499% 2/15/17	50,333		50,304
0.501% 2/6/17	150,999		150,929
0.506% 2/10/17	16,900,000		16,891,263
			41,326,690
Repurchase Agreements – 0.52%
Bank of America Merrill Lynch
0.41%, dated 12/30/16, to
be repurchased on 1/3/17,
repurchase price
$3,384,827 (collateralized
by U.S. government
obligations
2.00% 8/15/25;
market value $3,452,367)	3,384,673		3,384,673

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 37

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

	Principal		Value
	amount°		(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
Bank of Montreal 0.30%,
dated 12/30/16, to be
repurchased on 1/3/17,
repurchase price
$3,948,917 (collateralized
by U.S. government
obligations
0.00%–4.375%
5/15/18-11/15/44; market
value $4,027,763)	3,948,785		$	3,948,785
BNP Paribas 0.48%, dated
12/30/16, to be
repurchased on 1/3/17,
repurchase price
$2,703,686 (collateralized
by U.S. government
obligations 2.125%
12/31/22; market value
$2,757,614)	2,703,542			2,703,542
				10,037,000
U.S. Treasury Obligations – 0.11%≠
U.S. Treasury Bills
0.424% 2/2/17 ∞	1,429,000			1,428,504
0.434% 2/9/17	412,000			411,813
0.443% 2/23/17 ∞	305,000			304,799
				2,145,116
Total Short-Term Investments
(cost $53,505,422)				53,508,806
Total Value of Securities Before
Options Written – 115.86%
(cost $2,257,375,444)			$	2,238,824,837
	Number of
	contracts
Options Written – (0.04%)
Call Swaptions – (0.02%)
10 yr IRS pay a fixed rate
1.95% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 2/16/17
(GSC)	(20,100,000	)		(13,226	)
2.00% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 11/15/18
(MSC)	(19,400,000	)		(373,978	)
				(387,204	)
Currency Call Options – 0.00%
GBP vs USD strike price
$1.297, expiration date
1/27/17 (BAML)	(5,100,000	)		(3,438	)
GBP vs USD strike price
$1.302, expiration date
1/30/17 (CITI)	(2,000,000	)		(1,304	)
				(4,742	)
Put Swaptions – (0.02%)
2 yr IRS pay a fixed rate
1.65% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 02/21/17
(JPMC)	(12,000,000	)		(7,296	)
5 yr IRS pay a fixed rate
2.80% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 08/20/18
(MSC)	(19,500,000	)		(260,423	)
10 yr IRS pay a fixed rate
2.40% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 02/16/17
(GSC)	(20,100,000	)		(167,152	)
30 yr IRS pay a fixed rate
3.01% and receive a
floating rate based on
3-month USD-ICE LIBOR
expiration date 03/06/17
(CITI)	(1,600,000	)		(7,443	)
				(442,314	)
Total Options Written (premium
received $1,329,863)				(834,260	)
Liabilities Net of Receivables
and Other
Assets – (15.82%)★				(305,733,154	)
Net Assets Applicable to
208,747,342 shares
outstanding – 100.00%			$	1,932,257,423

38 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2016, the aggregate value of Rule 144A securities was $386,699,942,which represents 20.01% of the Fund’s net assets.
⧫	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.
❆	PIK. 100% of the income received was in the form of cash.
★	Of this amount, $2,773,717 represents cash collateral posted for certain open derivatives, $967,000 due to brokers on certain open derivatives, $152,221,424 receivable for securities sold and $477,325,986 payable for securities purchased as of Dec. 31, 2016.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2016,the aggregate value of fair valued securities was $0, which represents 0.00% of the Fund’s net assets.
≠	The rate shown is the effective yield at the time of purchase.
«	Senior secured loans generally pay interest at rates which are periodically reset 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 U.S. banks, (ii) the lending rate offered by one or more European banks such as the London Interbank Offered Rate (LIBOR), and (iii) the certificate of deposit rate. Senior secured loans may be subject to restrictions on resale. Stated rate in effect at Dec. 31, 2016.
§	Pre-refunded bonds. Municipal bonds that are generally backed or secured by U.S. Treasury bonds. For pre-refunded bonds, the stated maturity is followed by the year in which the bond is pre-refunded.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
Σ	Interest only security. An interest only security is the interest only portion of a fixed income security, which is separated and sold individually from the principal portion of the security.
Ω	Principal only security. A principal only security is the principal only portion of a fixed income security which is separated and sold individually from the interest portion of the security.
†	Non-income-producing security.
●	Variable rate security. Each rate shown is as of Dec. 31, 2016. Interest rates reset periodically.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Dec. 31, 2016.
∞	Fully or partially pledged as collateral for future contracts, reverse repurchase agreements and swap contracts.
^	Zero coupon security. The rate shown is the yield at the time of purchase.

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 39

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

The following foreign currency exchange contracts, futures contracts, reverse repurchase agreement, and swap contracts were outstanding at Dec. 31, 2016:

Foreign Currency Exchange Contracts

									Unrealized
	Contracts to						Settlement		Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date		(Depreciation)
BAML	AUD	(1,340,000	)	USD	996,089			1/6/17	$	29,279
BAML	AUD	(2,830,387	)	USD	2,107,138			1/27/17		66,151
BAML	CAD	(1,585,839	)	USD	1,194,534			1/27/17		12,989
BAML	EUR	21,164,000		USD	(22,020,695	)		1/6/17		269,230
BAML	EUR	2,952,957		USD	(3,171,822	)		1/27/17		(58,560	)
BAML	EUR	(20,703,000	)	USD	21,561,140			2/2/17		(271,619	)
BAML	JPY	(924,500,000	)	USD	8,229,921			1/6/17		314,946
BAML	JPY	11,188,765		USD	(98,208	)		1/27/17		(2,314	)
BAML	MXN	88,229,037		USD	(4,598,136	)		2/13/17		(369,195	)
BAML	NZD	(3,177,740	)	USD	2,249,617			1/27/17		44,325
BAML	SGD	9,478,079		USD	(6,558,317	)		1/17/17		(14,350	)
BAML	SGD	(9,478,079	)	USD	6,556,276			3/17/17		13,871
BAML	TWD	(69,157,201	)	USD	2,200,917			3/21/17		65,974
BNP	AUD	399,559		USD	(294,980	)		1/27/17		(6,859	)
BNP	BRL	4,034,724		USD	(1,186,509	)		1/27/17		42,414
BNP	BRL	22,254,720		USD	(6,625,795	)		2/2/17		141,533
BNP	EUR	(21,161,000	)	USD	22,444,203			1/6/17		157,438
BNP	GBP	(11,638,000	)	USD	14,552,737			1/6/17		206,225
BNP	GBP	(922,000	)	USD	1,150,442			2/14/17		12,815
BNP	MXN	(3,495,000	)	USD	165,502			2/13/17		(2,019	)
BNP	MYR	17,102,354		USD	(3,871,062	)		1/17/17		(61,890	)
BNP	MYR	(17,102,354	)	USD	3,863,629			3/17/17		66,509
BNP	NOK	1,598,960		USD	(191,566	)		1/27/17		(6,349	)
BNP	ZAR	(14,982,351	)	USD	1,080,339			1/27/17		(4,341	)
CITI	EUR	(452,000	)	USD	474,980			1/6/17		(1,066	)
CITI	MYR	(17,102,354	)	USD	4,108,180			1/17/17		299,008
CITI	SGD	(9,478,080	)	USD	6,807,987			1/17/17		264,020
HSBC	GBP	99,517		USD	(126,804	)		1/27/17		(4,057	)
JPMC	AUD	26,000		USD	(19,120	)		1/6/17		(361	)
JPMC	CAD	(1,272,000	)	USD	957,800			1/6/17		10,335
JPMC	EUR	449,000		USD	(470,162	)		1/6/17		2,725
JPMC	INR	23,338,266		USD	(346,368	)		1/17/17		(3,491	)
JPMC	JPY	924,500,000		USD	(7,864,738	)		1/6/17		50,237
JPMC	JPY	(924,500,000	)	USD	7,874,485			2/2/17		(51,062	)
JPMC	KRW	(24,887,100	)	USD	22,153			1/17/17		1,540
JPMC	KRW	(1,037,881,750	)	USD	886,192			1/26/17		26,575
JPMC	MXN	2,158,519		USD	(104,000	)		2/13/17		(539	)
JPMC	PLN	(795,314	)	USD	189,268			1/27/17		(681	)
JPMC	SEK	813,407		USD	(89,169	)		1/27/17		287
JPMC	THB	(4,239,616	)	USD	117,490			3/17/17		(858	)
TD	EUR	(1,169,399	)	USD	1,255,187			1/27/17		22,306
TD	JPY	129,558,430		USD	(1,132,591	)		1/27/17		(22,194	)
									$	1,238,927

40 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

Futures Contracts

										Unrealized
		Notional			Notional			Expiration		Appreciation
Contracts to Buy (Sell)		Cost (Proceeds)			Value			Date		(Depreciation)
(1,002)	90 Day Euro	$	(246,727,610	)	$	(245,490,000	)		12/18/18	$	1,237,610
(542)	90 Day Euro		(133,749,101	)		(133,277,800	)		3/20/18		471,301
(273)	90 Day Euro		(67,273,515	)		(67,048,800	)		6/19/18		224,715
(87)	90 Day Euro		(21,417,773	)		(21,244,312	)		12/17/19		173,461
(39)	90 Day Euro		(9,613,433	)		(9,567,187	)		9/18/18		46,246
(4)	90 Day Euro		(989,605	)		(984,800	)		12/19/17		4,805
(647)	90 Day Euro		(159,009,303	)		(159,558,288	)		9/19/17		(548,985	)
40	Australian 3 Yr Bonds		2,831,940			2,827,713			3/16/17		(4,227	)
9	Australian 10 Yr Bonds		625,632			631,299			3/16/17		5,667
(40)	Euro-Bund		(6,809,614	)		(6,911,700	)		3/9/17		(102,086	)
(468)	U.S. Treasury 2 Yr Notes		(101,241,145	)		(101,409,750	)		4/1/17		(168,605	)
2,943	U.S. Treasury 5 Yr Notes		347,387,750			346,285,336			4/1/17		(1,102,414	)
(380)	U.S. Treasury 10 yr Notes		(46,661,291	)		(47,226,875	)		3/23/17		(565,584	)
258	U.S. Treasury Long Bonds		38,960,189			38,869,312			3/23/17		(90,877	)
37	U.S. Treasury Ultra Bond		5,982,791			5,929,250			3/23/17		(53,541	)
		$	(397,704,088	)						$	(472,514	)

Swap Contracts

CDS Contracts¹

							Upfront
							Payments			Unrealized
		Notional	Annual Protection		Termination		Paid			Appreciation
Counterparty	Swap Referenced Obligation	Value2	Payments		Date		(Received)			(Depreciation)3
	Protection Purchased /
	Moody’s ratings:
HSBC	CDX.EM.264	2,240,000		1.00%		12/20/21	$	148,183		$	(7,563	)
ICE	JPMC CDX.NA.HY.275	5,800,000		5.00%		12/20/21		(279,214	)		(79,585	)
ICE	JPMC CDX.NA.IG.266	10,300,000		1.00%		6/20/21		(111,200	)		(59,867	)
										$	(147,015	)
	Protection Sold / Moody’s
	ratings:
	Brazil LA SP
BAML	4.25% 1/7/25 Ba2 CDS	700,000		1.00%		12/20/21		(64,776	)		9,114
	Citigroup CDS
BAML	6.125% 5/15/18 Baa1	700,000		1.00%		12/20/20		(1,179	)		11,603
	Italy Government
BAML	6.875% 9/27/23 Baa2	9,800,000		1.00%		6/20/21		(146,466	)		(76,169	)
	Republic of Colombia LA
BAML	10.375% 1/28/33 Baa2 CDS	100,000		1.00%		6/20/21		(2,925	)		894
BAML	Republic of Colombia LA SP CDS	500,000		1.00%		12/20/21		(23,517	)		8,837
	Republic of Colombia LA CDS
BNP	10.375% 1/28/33 Baa2 CDS	200,000		1.00%		6/20/21		(5,921	)		1,859
DB	CMBX.NA.AAA.87	14,200,000		0.50%		10/17/57		(938,877	)		775,439
	Republic of Colombia LA CDS
DB	10.375% 1/28/33 Baa2 CDS	200,000		1.00%		6/20/21		(5,847	)		1,786
	Republic of Colombia LA CDS
GSC	10.375% 1/28/33 Baa2 CDS	3,100,000		1.00%		6/20/21		(93,034	)		30,085

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 41

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

							Upfront
							Payments			Unrealized
		Notional		Annual Protection	Termination		Paid			Appreciation
Counterparty	Swap Referenced Obligation	Value2		Payments	Date		(Received)			(Depreciation)3
	Mexico LA 5 yr CDS
JPMC	5.950% 3/19/19 A3		14,300,000	1.00%		12/20/19	$	80,901			(69,427	)
	Republic of Colombia LA CDS
JPMC	10.375% 1/28/33 Baa2 CDS		100,000	1.00%		6/20/21		(2,960	)		930
	Volkswagen International 2yr CDS
JPMC	5.375% 5/22/18 A3	EUR	2,500,000	1.00%		12/20/17		(21,950	)		40,385
										$	735,336
Total										$	588,321

Interest Rate Swap Contracts⁸

			Fixed			Variable
			Interest			Interest					Upfront
			Rate			Rate					Payments			Unrealized
	Swap Referenced		Received			Received			Termination		Paid			Appreciation
Counterparty	Obligation	Notional Value2	(Paid)			(Paid)			Date		(Received)			(Depreciation)3
	BAML 10 yr
	USD-BBA- 3-month
CME	LIBOR	1,490,000		1.69	%		1.00	%		4/5/26	$	—		$	81,316
	BAML 3 yr USD-BBA-
CME	3-month LIBOR	5,100,000		0.98	%		1.00	%		4/6/19		—			62,184
	BAML 30 yr
	USD-BBA- 3-month
CME	LIBOR	1,770,000		2.77	%		1.00	%		12/21/46		—			(52,802	)
	BAML 5 yr USD-BBA-
CME	3-month LIBOR	6,220,000		1.19	%		1.00	%		8/9/21		—			203,641
	BAML 5 yr USD-BBA-
CME	3-month LIBOR	5,035,000		1.20	%		1.00	%		4/6/21		—			141,609
	BAML 7 yr USD-BBA-
CME	3-month LIBOR	3,450,000		1.42	%		1.00	%		4/6/23		—			142,856
	CSFB 30 yr
	USD-BBA- 3-month
CME	LIBOR	900,000		2.25	%		1.00	%		12/21/46		(72,197	)		147,827
	JPMC 10 yr
	USD-BBA-3-month
CME	LIBOR	19,100,000		2.45	%		1.00	%		12/19/26		—			147,816
	JPMC 2 yr USD-BBA-
CME	3-month LIBOR	12,400,000		1.35	%		1.00	%		12/28/18		—			(25,405	)
	JPMC 2 yr USD-BBA-
CME	3-month LIBOR	30,100,000		1.45	%		1.00	%		6/28/21		—			515,339
	JPMC 30 yr
	USD-BBA- 3-month
CME	LIBOR	24,500,000		2.75	%		0.97	%		12/16/45		(293,196	)		(337,547	)
	JPMC 30 yr
	USD-BBA- 3-month
CME	LIBOR	500,000		2.50	%		1.00	%		6/15/46		(20,890	)		35,106
	JPMC 4 yr USD-BBA-
CME	3-month LIBOR	1,600,000		2.00	%		0.97	%		12/16/19		(4,865	)		(10,972	)

42 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

				Fixed			Variable
				Interest			Interest				Upfront
				Rate			Rate				Payments			Unrealized
	Swap Referenced			Received			Received			Termination	Paid			Appreciation
Counterparty	Obligation	Notional Value2		(Paid)			(Paid)			Date	(Received)			(Depreciation)3
	JPMC 5 yr
	MXN-TIEC-
CME	BANXICO-28D LIBOR	MXN	82,500,000		5.80	%		6.11	%	9/6/21	$	(154,719	)	$	(134,544	)
	BAML 30 yr
	USD-BBA-3-month
LCH	LIBOR		885,000		2.72	%		1.00	%	12/22/46		—			(25,441	)
	JPMC 10 yr
	USD-BBA- 3-month
LCH	LIBOR		900,000		1.75	%		1.00	%	12/21/26		(5,457	)		53,190
	JPMC 30 yr
	USD-BBA-3-month
LCH	LIBOR		31,000,000		2.25	%		1.00	%	6/15/46		(1,930,445	)		2,498,864
	JPMC 5 yr USD-BBA-
LCH	3-month LIBOR		43,000,000		2.00	%		0.97	%	12/16/20		134,879			(425,565	)
	JPMC 5 yr USD-BBA-
LCH	3-month LIBOR		40,400,000		2.00	%		1.00	%	6/15/21		(1,166,850	)		982,655
	JPMC 5 yr USD-BBA-
LCH	3-month LIBOR		2,900,000		1.50	%		1.00	%	12/21/21		42,539			21,631
	JPMC 7 yr USD-BBA-
LCH	3-month LIBOR		42,500,000		2.25	%		0.97	%	12/16/22		331,474			(788,152	)
														$	3,233,606

Reverse Repurchase Agreement

	Interest	Trade	Maturity	Face	Repurchase
Counterparty	Rate	Date	Date	Value	Price
CSFB - HSBC Holdings	1.05%	12/21/16	1/5/17	$(1,068,000)	$(1,068,436)

The type of underlying collateral and the remaining maturity of open reverse repurchase agreement in relation to the reverse repurchase agreement is as follows:

Remaining Contracted Maturity of the Agreement

Reverse Repurchase	Up to
Agreement	30 days	Total
HSBC Holdings	$(1,068,000)	$(1,068,000)

The use of foreign currency exchange contracts, futures contracts, reverse repurchase agreement, and swap contracts involves elements of market risk and risks in excess of the amounts disclosed in these financial statements. The foreign currency exchange contracts and notional values and reverse repurchase agreements 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.

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 Dec. 31, 2016:

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 43

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

Unfunded Commitments

				Unrealized
				Appreciation
Borrower	Unfunded Amount	Cost	Value	(Depreciation)
Allied Universal
Holdco
4.50% 7/28/22	$133,625	$131,043	$133,625	$2,582

¹ A CDS contract is a risk-transfer instrument through which one party (purchaser of protection) transfers to another party (seller of protection) the financial risk of a credit event (as defined in the CDS agreement), as it relates to a particular reference security or basket of securities (such as an index). Periodic payments (receipts) on such contracts are accrued daily and recorded as unrealized losses (gains) on swap contracts. Upon payment (receipt), such amounts are recorded as realized losses (gains) on swap contracts. Upfront payments made or received in connection with CDS contracts are amortized over the expected life of the CDS contracts as unrealized losses (gains) on swap contracts. The change in value of CDS contracts is recorded daily as unrealized appreciation or depreciation. A realized gain or loss is recorded upon a credit event (as defined in the CDS agreement) or the maturity or termination of the agreement.

² Notional value shown is stated in U.S. dollars unless noted that the swap is denominated in another currency.

³ Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of ($118,909).

⁴ Markit’s Emerging markets CDX Index, or the CDX.EM Index is composed of fourteen sovereign issuers from the following regions: Latin America, Middle East, Eastern Europe, Africa and Asia.

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

⁶ Markit’s CDX.NA.IG Index, is composed of one hundred twenty five (125) of the most liquid North American entities with investment grade credit ratings that trade in the CDS market.

⁷ Markit’s CMBX Index or the CMBX.NA Index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality rating are measured on a scale that generally ranges from AAA (highest) to D (lowest). U.S. Agency and U.S. Agency mortgage-backed securities appear under U.S. Government.

⁸ An interest rate swap agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

Summary of abbreviations:

AGC – Assured Guaranty Corporation

ARM – Adjustable Rate Mortgage

AUD – Australian Dollar

BAML – Bank of America Merrill Lynch

BBA – LIBOR – British Bankers Association Rate

BNP – BNP Paribas

BNYM – Bank of New York Mellon

BRL – Brazilian Real

CAD – Canadian Dollar

CDO – Collateralized Debt Obligation

CDS – Credit Default Swap

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

CDX.EM – Credit Default Swap Index Emerging Market

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

CITI – Citigroup Global Markets

CLO – Collateralized Loan Obligation

CME – Chicago Mercantile Exchange Inc.

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

HSBC – Hong Kong Shanghai Bank

ICE – Intercontinental Exchange

IDR – Indonesian Rupiah

INR – Indian Rupee

IRS – Interest Rate Swaptions

JPMC – JPMorgan Chase Bank

JPY – Japanese Yen

KRW – South Korean Won

LB – Lehman Brothers

LCH – London Clearing House

MASTR – Mortgage Asset Securitization Transactions, Inc.

MSC – Morgan Stanley Capital

MXN – Mexican Peso

MYR – Malaysian Ringgit

NOK – Norwegian Krone

NZD – New Zealand Dollar

PEN – Peruvian Nuevo Sol

PIK – Payment-in-Kind

44 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

Summary of abbreviations: (continued)

PLN – Polish Zloty

REMIC – Real Estate Mortgage Investment Conduit

SEK – Swedish Krona

SGD – Singapore Dollar

S.F. – Single Family

TBA – To be announced

TD – Toronto Dominion Bank

THB – Thailand Baht

TWD – Taiwan Dollar

UBS – Union Bank of Switzerland

USD – U.S. Dollar

yr – Year

ZAR – South African Rand

(continues)     NQ-OPTFI [12/16] 2/17 (18643) 45

Notes

Optimum Fixed Income Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

Security Valuation – Equity securities and exchange-traded Funds (ETFs), except those traded on the Nasdaq Stock Market LLC (Nasdaq), are valued at the last quoted sales price as of the time of the regular close of the New York Stock Exchange on the valuation date. Equity securities and ETFs traded on the Nasdaq are valued in accordance with the Nasdaq Official Closing Price, which may not be the last sales price. If, on a particular day, an equity security or ETF does not trade, then the mean between the bid and ask prices will be used, which approximates fair value. 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 Trust’s Board of Trustees. In determining whether market quotations are readily available or fair valuation will be used, various factors will be taken into consideration, such as market closures or suspension of trading in a security.

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	2,257,375,444
Aggregate unrealized appreciation of investments	$	29,395,965
Aggregate unrealized depreciation of investments		(47,946,572	)
Net unrealized depreciation of investments	$	(18,550,607	)

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

46 NQ-OPTFI [12/16] 2/17 (18643)

(Unaudited)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1			Level 2			Level 3		Total
Agency, Asset- &
Mortgage-Backed Securities1	$	—		$	769,150,570		$	950,723	$	770,101,293
Corporate Debt		—			889,970,523			—		889,970,523
Foreign Debt		—			64,558,025			—		64,558,025
Municipal Bonds		—			30,050,034			—		30,050,034
Senior Secured Loans1		—			132,262,521			2,994,989		135,257,510
Common Stock		—			—			—		—
Convertible Preferred Stocksup}1		—			2,731,168			—		2,731,168
Preferred Stock		—			5,848,728			—		5,848,728
U.S. Treasury Obligations		—			286,093,211			—		286,093,211
Short-Term Investments		—			53,508,806			—		53,508,806
Options Purchased		—			705,539			—		705,539
Total Value of Securities	$	—		$	2,234,879,125		$	3,945,712	$	2,238,824,837
Foreign Currency Exchange
Contracts	$	—		$	1,238,927		$	—	$	1,238,927
Futures Contracts		(472,514	)		—			—		(472,514	)
Swap Contracts		—			3,821,927			—		3,821,927
Reverse Repurchase Agreements		—			(1,068,000	)		—		(1,068,000	)
Options Written		—			(834,260	)		—		(834,260	)

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, Level 2, and Level 3 investments represent the following percentages of the total market value of these security types:

	Level 1	Level 2	Level 3	Total
Agency, Asset &
Mortgage-Backed Securities	—	99.88%	0.12%	100.00%
Senior Secured Loans	—	97.79%	2.21%	100.00%

The securities that have been valued at zero on the “Schedule of investments” are considered to be Level 3 investments in these tables.

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

NQ-OPTFI [12/16] 2/17 (18643) 47

(Unaudited)

2. Investments (continued)

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as they were not considered significant to the Fund’s net assets at the beginning, interim, or end of the period. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amounts relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the “Schedule of investments” and accompanying notes.

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

48 NQ-OPTFI [12/16] 2/17 (18643)

Schedule of investments

Optimum International Fund
December 31, 2016 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 98.40%Δ
Australia – 1.68%
	BHP Billiton ADR *	71,042	$	2,541,883
	Fortescue Metals Group	331,964		1,387,278
	OZ Minerals	258,785		1,462,066
	Qantas Airways	1,582,213		3,790,244
				9,181,471
Austria – 3.63%
	Conwert Immobilien
	Invest *=†	201,409		3,426,133
	Erste Group Bank †	241,179		7,051,390
	Lenzing	6,846		828,741
	Raiffeisen Bank
	International †	27,303		497,706
	Schoeller-Bleckmann Oilfield
	Equipment *	48,236		3,877,925
	voestalpine	108,167		4,229,676
				19,911,571
Bermuda – 1.05%
	Everest Re Group	26,476		5,729,406
				5,729,406
Brazil – 1.06%
	Banco Bradesco ADR	484,393		4,219,063
	Magazine Luiza †	49,400		1,611,454
				5,830,517
Canada – 2.41%
	Canadian Imperial Bank of
	Commerce	58,100		4,740,950
	Dominion Diamond	76,600		742,238
	Magna International Class A	99,415		4,316,757
	Rogers Communications
	Class B	62,986		2,430,000
	Superior Plus	21,400		203,217
	Teck Resources Class B	31,500		630,399
	Tourmaline Oil †	6,200		165,823
				13,229,384
China/Hong Kong – 5.32%
	Anhui Conch Cement *	1,018,000		2,754,899
	BOC Hong Kong Holdings	376,500		1,340,926
	BYD Class H *	421,000		2,206,803
	China Construction Bank	1,587,000		1,215,373
	China Life Insurance Class H	2,212,000		5,717,907
	CLP Holdings	889,500		8,157,502
	Melco Crown Entertainment
	ADR	30,740		488,766
	Orient Overseas International	656,000		2,713,917
	Shanghai Fosun
	Pharmaceutical Group
	Class H *	898,000		2,740,979
	Wharf Holdings	269,000		1,781,850
				29,118,922
Colombia – 0.60%
	Bancolombia ADR	89,367		3,277,982
				3,277,982
Czech Republic – 0.41%
	Komercni banka	65,916		2,271,479
				2,271,479
Denmark – 2.00%
	GN Store Nord	81,635		1,688,239
	H. Lundbeck †	168,229		6,830,272
	Vestas Wind Systems	37,538		2,431,133
				10,949,644
Finland – 1.13%
	Neste	161,940		6,197,046
				6,197,046
France – 4.41%
	Atos	27,604		2,909,395
	Christian Dior	2,828		592,499
	Derichebourg	87,294		386,030
	GDF Suez VVPR Strip =†	8,820		0
	Gecina	15,623		2,157,818
	Ipsen	20,818		1,504,205
	IPSOS	23,199		728,828
	Metropole Television	22,770		423,264
	Peugeot †	150,150		2,445,519
	Safran	64,227		4,619,455
	Societe Generale	80,534		3,961,210
	Sodexo	38,597		4,431,449
				24,159,672
Germany – 4.73%
	adidas	15,254		2,405,832
	AURELIUS Equity
	Opportunities	19,778		1,156,360
	Continental	23,571		4,541,111
	Deutsche Lufthansa	453,002		5,839,527
	Merck	32,946		3,430,367
	METRO	18,829		625,822
	Muenchener
	Rueckversicherungs	17,956		3,391,492
	OSRAM Licht	17,048		892,725
	Suedzucker	103,898		2,476,574

(continues)       NQ-OPTIE [12/16] 2/17 (18642) 1

Schedule of investments

Optimum International Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common StockΔ(continued)
Germany (continued)
	TUI	82,466	$	1,154,354
				25,914,164
India – 3.06%
	Bharat Petroleum	261,420		2,442,064
	ICICI Bank ADR	624,792		4,679,692
	Oil & Natural Gas	1,499,169		4,214,266
	Yes Bank	318,460		5,402,121
				16,738,143
Indonesia – 1.62%
	Barito Pacific †	12,899,200		1,400,002
	Indofood Sukses Makmur	4,324,800		2,532,967
	Telekomunikasi Indonesia
	Persero	16,746,000		4,926,545
				8,859,514
Ireland – 2.78%
	AerCap Holdings †	88,864		3,697,631
	ICON *†	153,614		11,551,773
				15,249,404
Israel – 3.87%
	Bank Hapoalim	1,248,913		7,412,943
	Bank Leumi Le-Israel †	1,259,694		5,176,817
	Israel Discount Bank Class A †	49,030		101,751
	Plus500	91,064		431,514
	Taro Pharmaceutical
	Industries †	44,567		4,691,568
	Teva Pharmaceutical
	Industries ADR	93,102		3,374,947
				21,189,540
Italy – 1.92%
	Enel	446,776		1,963,893
	La Doria	45,778		432,248
	Prysmian	197,168		5,053,480
	Recordati	107,536		3,047,284
				10,496,905
Japan – 13.82%
	Adastria	53,400		1,381,635
	Chubu Electric Power	78,800		1,096,532
	Daikyo	247,000		494,295
	Daito Trust Construction	39,600		5,953,377
	Daiwa House Industry	224,600		6,124,927
	Denso	161,200		6,972,946
	EDION	62,400		584,342
	Fuji Electric	318,000		1,642,057
	Fujitsu	1,080,000		5,980,553
	Gurunavi	54,100		1,071,970
	Hitachi	645,000		3,477,932
	Konami Holdings	84,200		3,398,166
	Lion	162,000		2,655,403
	Medipal Holdings	78,900		1,242,842
	Miraca Holdings	44,300		1,981,360
	Mitsubishi Electric	127,000		1,766,464
	Mixi	122,300		4,456,372
	NTT Data	59,100		2,855,218
	Otsuka Holdings	77,400		3,371,576
	Secom	80,600		5,888,967
	Sumitomo Dainippon Pharma	130,900		2,246,810
	Suzuken	88,500		2,890,635
	Tanabe Management
	Consulting	4,200		46,262
	T-Gaia	78,900		1,281,938
	Tokyo Electric Power
	Holdings †	471,700		1,898,454
	Yamada Denki	202,900		1,092,504
	Yamazaki Baking	199,300		3,842,391
				75,695,928
Mexico – 0.63%
	Grupo Financiero Banorte	700,400		3,449,689
				3,449,689
Netherlands – 3.73%
	Core Laboratories *	58,416		7,012,257
	PostNL †	290,580		1,248,358
	Royal Dutch Shell Class A	446,427		12,176,558
				20,437,173
New Zealand – 0.80%
	Spark New Zealand	1,326,047		3,137,719
	Xero Private Placement †	104,850		1,274,688
				4,412,407
Norway – 2.66%
	DNB	441,634		6,556,191
	Norsk Hydro	764,899		3,650,658
	Statoil ADR *	238,197		4,344,713
				14,551,562
Republic of Korea – 3.72%
	Hansol Paper	11,277		183,877
	Hyundai Mobis	18,471		4,032,648
	Korea Electric Power	65,495		2,389,130
	LG Display ADR	46,312		595,109
	Samsung Electronics	7,869		11,711,536
	SK Hynix	39,595		1,456,941
				20,369,241
Singapore – 1.08%
	DBS Group Holdings	308,000		3,674,699

2 NQ-OPTIE [12/16] 2/17 (18642)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Common StockΔ(continued)
Singapore (continued)
	United Industrial	1,166,000	$	2,230,308
				5,905,007
Spain – 1.99%
	Abertis Infraestructuras *	209,736		2,930,326
	Amadeus IT Group	175,445		7,957,156
				10,887,482
Sweden – 1.19%
	Boliden	72,945		1,894,746
	Getinge Class B *	219,623		3,519,018
	Probi	1,737		90,605
	Svenska Cellulosa Class B	36,398		1,024,477
				6,528,846
Switzerland – 7.54%
	Credit Suisse Group ADR †	247,623		3,543,485
	Ferrexpo †	342,961		568,485
	Galenica	4,855		5,470,849
	Glencore †	1,028,071		3,473,733
	Lonza Group †	41,089		7,101,379
	Nestle	36,651		2,625,589
	Novartis ADR *	91,107		6,636,234
	Roche Holding	26,674		6,080,407
	STMicroelectronics	312,876		3,546,276
	Swiss Life Holding †	6,748		1,906,168
	Zehnder Group †	11,237		354,637
				41,307,242
Taiwan – 3.00%
	Advanced Semiconductor
	Engineering	3,658,000		3,729,281
	AU Optronics	4,201,000		1,525,549
	Hon Hai Precision Industry	1,852,500		4,818,516
	Taiwan Semiconductor
	Manufacturing	1,135,000		6,357,425
				16,430,771
Thailand – 0.42%
	PTT Exploration & Production
	NVDR	479,000		1,282,994
	PTT NVDR	97,400		1,008,465
				2,291,459
Turkey – 1.07%
	Akbank	2,104,050		4,657,647
	Turkiye Halk Bankasi	455,129		1,202,650
				5,860,297
United Kingdom – 11.83%
	Anglo American †	66,992		946,520
	Bae Systems	171,743		1,249,181
	Barclays	2,597,908		7,129,563
	British American Tobacco	40,185		2,277,502
	Compass Group	75,319		1,392,013
	Debenhams	1,953,525		1,379,511
	Diageo	223,381		5,796,704
	HSBC Holdings	653,538		5,273,147
	Imperial Brands	47,294		2,061,098
	Indivior	377,052		1,373,843
	Investec	329,179		2,158,953
	ITV	1,770,082		4,494,250
	Kingfisher	419,430		1,807,068
	Legal & General Group	520,920		1,586,919
	Metro Bank †	60,572		2,177,567
	Mondi	113,887		2,325,829
	National Grid	176,813		2,065,839
	Persimmon	25,934		565,819
	Rio Tinto	164,797		6,291,620
	Rio Tinto ADR *	102,535		3,943,496
	Rolls-Royce Holdings †	66,543		546,551
	Shire	139,580		7,969,912
				64,812,905
United States – 3.24%
	Carnival	126,653		6,593,555
	International Game
	Technology	257,548		6,572,625
	Project Star =†	142		3,453,717
	Project Star Series G =†	47		1,143,132
				17,763,029
Total Common Stock
	(cost $538,423,220)			539,007,802
Exchange-Traded Fund – 0.93%
	iShares MSCI EAFE ETF	88,490		5,108,528
Total Exchange-Traded Fund
	(cost $5,050,150)			5,108,528

(continues)      NQ-OPTIE [12/16] 2/17 (18642) 3

Schedule of investments

Optimum International Fund (Unaudited)

		Principal	Value
		amount°	(U.S. $)
Short-Term Investments – 0.77%
Discount Notes – 0.53%≠
	Federal Home Loan Bank
	0.366% 1/27/17	147,337	$	147,301
	0.379% 2/3/17	73,668		73,637
	0.414% 1/25/17	843,528		843,337
	0.483% 1/30/17	919,137		918,881
	0.499% 2/15/17	229,784		229,650
	0.501% 2/6/17	689,353		689,033
				2,901,839
Repurchase Agreements – 0.24%
	Bank of America Merrill Lynch
	0.41%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price $438,068
	(collateralized by U.S.
	government obligations
	2.00% 8/15/25;
	market value $446,809)	438,048		438,048
	Bank of Montreal
	0.30%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price $511,073
	(collateralized by U.S.
	government obligations
	0.00%–4.375%
	5/15/18–11/15/44; market
	value $521,278)	511,056		511,056
	BNP Paribas
	0.48%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price $349,914
	(collateralized by U.S.
	government obligations
	2.125%
	12/31/22; market value
	$356,894)	349,895		349,896
				1,299,000
Total Short-Term
	Investments
	(cost $4,200,628)			4,200,839
Total Value of Securities
	Before Securities Lending
	Collateral – 100.10%
	(cost $547,673,998)			548,317,169
		Number of
		shares
Securities Lending Collateral – 4.64%
Certificates of Deposit – 0.73%≠
	Australia & New Zealand
	Banking Group (London)
	0.70% 1/3/17	1,144,000		1,144,000
	Canadian Imperial Bank of
	Commerce (Cayman)
	0.52% 1/3/17	889,000		889,000
	National Australia Bank
	(Cayman) 0.48% 1/3/17	1,144,000		1,144,000
	Royal Bank of Canada
	(Toronto) 0.50% 1/3/17	813,000		813,000
				3,990,000
Commercial Paper – 0.05%
	American Honda Finance
	0.65% 1/27/17 ≠	249,895		249,895
				249,895
Floating Rate Notes – 0.65%
	Bank of Montreal (Chicago)
	1.03% 1/5/17 ●	285,021		285,021
	1.25% 5/15/17 ●	278,285		278,285
	Bank of Nova Scotia
	1.04% 1/3/17 ●	339,017		339,017
	1.36% 6/9/17 ●	200,234		200,234
	Bank of Nova Scotia (Toronto)
	1.24% 2/17/17 ●	312,219		312,219
	Canadian Imperial Bank of
	Commerce
	1.26% 3/3/17 ●	255,265		255,265
	Chase Bank USA
	1.35% 6/9/17 ●	261,294		261,294
	CommonWealth Bank
	Australia 1.18% 11/3/17 ●	251,061		251,061
	Royal Bank of Canada
	1.32% 6/2/17 ●	331,380		331,380
	Wells Fargo Bank
	1.24% 11/7/17 ●	272,187		272,187
	1.33% 6/1/17 ●	315,244		315,244
	WestPac Banking
	1.30% 3/2/17 ●	180,160		180,160

4 NQ-OPTIE [12/16] 2/17 (18642)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Securities Lending Collateral (continued)
Floating Rate Notes (continued)
	WestPac Banking (New York)
	0.95% 6/1/17 ●	284,989	$	284,989
				3,566,356
Repurchase Agreements – 3.21%≠
	Bank of Nova Scotia
	0.50%, dated 12/30/16 to
	be repurchased on 1/3/17,
	repurchase price
	$5,778,582 (collateralized
	by U.S.
	government obligations
	1.75%
	12/31/20; market value
	$5,894,406)	5,778,502		5,778,502
	BNP Paribas
	0.50%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$5,917,357 (collateralized
	by U.S.
	government obligations
	0.00%-3.50%
	12/31/16-11/15/20;
	market value $6,035,623)	5,917,275		5,917,275
	JP Morgan Securities
	0.50%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$5,917,357 (collateralized
	by U.S.
	government obligations
	0.125%-2.375%
	1/15/17-1/15/21; market
	value $6,035,929)	5,917,275		5,917,275
				17,613,052
Total Securities Lending
	Collateral
	(cost $25,419,303)			25,419,303
Total Value of
	Securities – 104.74%
	(cost $573,093,301)			573,736,472	■
Obligation to Return
	Securities Lending
	Collateral – (4.64%)			(25,419,303	)
Liabilities Net of
	Receivables and Other
	Assets – (0.10%)			(543,318	)
Net Assets Applicable to
	48,215,383 Shares
	Outstanding – 100.00%		$	547,773,851

____________________

*	Fully or partially on loan.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2016, the aggregate value of fair valued securities was $8,022,982, which represents 1.46% of the Fund’s net assets.
≠	The rate shown is the effective yield at the time of purchase.
■	Includes $33,674,062 of securities loaned.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
†	Non-income-producing security.
●	Variable rate security. Each rate shown is as of Dec. 31, 2016.Interest rates reset periodically.

The following foreign currency exchange contracts were outstanding at Dec. 31, 2016:

Foreign Currency Exchange Contracts

								Unrealized
	Contract to						Settlement	Appreciation
Counterparty	Receive (Deliver)			In Exchange For			Date	(Depreciation)
BBH	HKD	105,657		USD	(13,623	)	1/3/17	$	2
BBH	JPY	(11,338,726	)	USD	96,493		1/4/17		(565	)
BBH	JPY	(26,714,018	)	USD	228,880		1/5/17		192
BBH	JPY	23,087,600		USD	(197,788	)	1/6/17		(127	)
BBH	MXN	1,193,188		USD	(57,642	)	1/3/17		(118	)
BBH	MXN	613,720		USD	(29,622	)	1/4/17		(39	)
								$	(655	)

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

(continues)      NQ-OPTIE [12/16] 2/17 (18642) 5

Schedule of investments

Optimum International Fund (Unaudited)

Summary of abbreviations:
ADR – American Depositary Receipt
BBH – Brown Brothers Harriman
EAFE – Europe Australasia Far East
ETF – Exchange-Traded Fund
HKD – Hong Kong Dollar
JPY – Japanese Yen
MXN – Mexico Peso
NVDR – Non-Voting Depositor Receipt
USD – U.S. Dollar
VVPR Strip – Dividend Coupon

6 NQ-OPTIE [12/16] 2/17 (18642)

Notes

Optimum International Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

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

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	573,093,301
Aggregate unrealized appreciation of investments	$	65,673,594
Aggregate unrealized depreciation of investments		(65,030,423	)
Net unrealized appreciation of investments	$	643,171

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

(continues)     NQ-OPTIE [12/16] 2/17 (18642) 7

(Unaudited)

2. Investments (continued)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1		Level 2		Level 3		Total
Common Stock
Australia	$	2,541,883	$	6,639,588	$	—	$	9,181,471
Austria		828,741		15,656,697		3,426,133		19,911,571
Bermuda		5,729,406		—		—		5,729,406
Brazil		5,830,517		—		—		5,830,517
Canada		13,229,384		—		—		13,229,384
China/Hong Kong		488,766		28,630,156		—		29,118,922
Colombia		3,277,982		—		—		3,277,982
Czech Republic		—		2,271,479		—		2,271,479
Denmark		—		10,949,644		—		10,949,644
Finland		—		6,197,046		—		6,197,046
France		1,114,858		23,044,814		—		24,159,672
Germany		—		25,914,164		—		25,914,164
India		4,679,692		12,058,451		—		16,738,143
Indonesia		—		8,859,514		—		8,859,514
Ireland		15,249,404		—		—		15,249,404
Israel		8,498,029		12,691,511		—		21,189,540
Italy		3,479,532		7,017,373		—		10,496,905
Japan		—		75,695,928		—		75,695,928
Mexico		3,449,689		—		—		3,449,689
Netherlands		7,012,257		13,424,916		—		20,437,173
New Zealand		1,274,688		3,137,719		—		4,412,407
Norway		4,344,713		10,206,849		—		14,551,562
Republic of Korea		595,109		19,774,132		—		20,369,241
Singapore		2,230,308		3,674,699		—		5,905,007
Spain		—		10,887,482		—		10,887,482
Sweden		—		6,528,846		—		6,528,846
Switzerland		10,748,204		30,559,038		—		41,307,242
Taiwan		—		16,430,771		—		16,430,771
Thailand		—		2,291,459		—		2,291,459
Turkey		—		5,860,297		—		5,860,297
United Kingdom		5,323,007		59,489,898		—		64,812,905
United States		13,166,180		—		4,596,849		17,763,029
Exchange-Traded Fund		5,108,528		—		—		5,108,528
Short-Term Investments		—		4,200,839		—		4,200,839
Securities Lending Collateral		—		25,419,303		—		25,419,303
Total Value of Securities	$	118,200,877	$	447,512,613	$	8,022,982	$	573,736,472

8 NQ-OPTIE [12/16] 2/17 (18642)

(Unaudited)

Securities	Level 1		Level 2			Level 3		Total
Foreign Currency Exchange
Contracts	$	—	$	(655	)	$	—	$	(655	)

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

As a result of utilizing international fair value pricing at Dec. 31, 2016, the majority of the Fund’s common stock investments were categorized as Level 2.

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s NAV is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as they were not considered significant to the Fund’s net assets at the beginning, interim, or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the Fund’s “Schedule of investments” and accompanying notes.

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-OPTIE [12/16] 2/17 (18642) 9

Schedule of investments

Optimum Large Cap Growth Fund
December 31, 2016 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 97.43%✧
Consumer Discretionary – 21.72%
	Amazon.com †	122,032	$	91,508,136
	AutoZone †	10,986		8,676,633
	CBS Class B	134,909		8,582,911
	Comcast Class A	290,028		20,026,433
	Ctrip.com International ADR †	81,300		3,252,000
	Delphi Automotive (United
	Kingdom)	132,041		8,892,961
	Dollar General	35,700		2,644,299
	Ferrari (Italy) †	98,790		5,743,651
	Flipkart Limited =†	1,530		142,520
	Flipkart Limited Series A =†	522		48,624
	Flipkart Limited Series C =†	921		85,791
	Flipkart Limited Series E =†	1,712		159,473
	Flipkart Limited Series G =†	7,188		669,562
	Flipkart Limited Series H =†	6,977		649,908
	Hanesbrands	67,800		1,462,446
	Hilton Worldwide Holdings †	126,000		3,427,200
	Home Depot	119,032		15,959,810
	Johnson Controls
	International	115,218		4,745,829
	Las Vegas Sands	79,600		4,251,436
	Lowe’s	91,300		6,493,256
	Marriott International Class A	122,949		10,165,423
	MGM Resorts International †	239,770		6,912,569
	Netflix †	36,405		4,506,939
	Newell Brands	293,078		13,085,933
	NIKE Class B	27,665		1,406,212
	O’Reilly Automotive †	17,300		4,816,493
	Priceline Group †	21,300		31,227,078
	PVH	43,612		3,935,547
	Ross Stores	82,000		5,379,200
	ServiceMaster Global
	Holdings †	79,386		2,990,470
	Signet Jewelers (Bermuda)	32,485		3,062,036
	Starbucks	168,205		9,338,742
	Tesla Motors †	46,726		9,984,879
	Time Warner	41,463		4,002,423
	Tractor Supply	77,043		5,840,630
	Yum! Brands	47,400		3,001,842
				307,079,295
Consumer Staples – 4.07%
	Costco Wholesale	32,345		5,178,758
	Molson Coors Brewing
	Class B	99,236		9,656,655
	Mondelez International	140,500		6,228,365
	PepsiCo	100,516		10,516,989
	Philip Morris International	192,481		17,610,087
	Walgreens Boots Alliance	100,894		8,349,987
				57,540,841
Energy – 1.06%
	Anadarko Petroleum	116,328		8,111,551
	Halliburton	62,583		3,385,115
	Pioneer Natural Resources	19,453		3,502,902
				14,999,568
Financials – 4.77%
	Bank of America	217,825		4,813,933
	Charles Schwab	134,000		5,288,980
	First Republic Bank	16,137		1,486,863
	Intercontinental Exchange	276,395		15,594,206
	JPMorgan Chase & Co.	65,463		5,648,802
	Morgan Stanley	428,885		18,120,391
	S&P Global	13,766		1,480,396
	State Street	76,200		5,922,264
	TD Ameritrade Holding	134,372		5,858,619
	Wells Fargo & Co.	57,480		3,167,723
	WeWork Companies =†	2,473		80,125
				67,462,302
Healthcare – 15.67%
	ACADIA Pharmaceuticals †	68,100		1,964,004
	Aetna	93,252		11,564,181
	Alexion Pharmaceuticals †	83,078		10,164,593
	Allergan †	87,975		18,475,630
	Anthem	22,000		3,162,940
	Biogen †	53,749		15,242,141
	BioMarin Pharmaceutical †	41,972		3,476,960
	Boston Scientific †	159,162		3,442,674
	Bristol-Myers Squibb	105,260		6,151,394
	Celgene †	131,955		15,273,791
	Centene †	70,569		3,987,854
	Cigna	31,500		4,201,785
	Danaher	188,341		14,660,463
	DexCom †	74,729		4,461,321
	Edwards Lifesciences †	74,521		6,982,618
	Eli Lilly & Co.	45,274		3,329,903
	Envision Healthcare †	23,033		1,457,759
	Gilead Sciences	42,967		3,076,867
	Humana	51,398		10,486,734
	Illumina †	31,637		4,050,802
	Incyte †	53,177		5,332,058
	Intuitive Surgical †	17,800		11,288,226
	Medtronic	54,695		3,895,925
	Stryker	71,700		8,590,377
	Thermo Fisher Scientific	19,421		2,740,303

(continues)      NQ-OPTLG [12/16] 2/17 (18640) 1

Schedule of investments

Optimum Large Cap Growth Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock✧ (continued)
Healthcare (continued)
	UnitedHealth Group	180,146	$	28,830,566
	Vertex Pharmaceuticals †	131,127		9,660,126
	Zoetis	105,800		5,663,474
				221,615,469
Industrials – 7.15%
	American Airlines Group	221,601		10,346,551
	Boeing	65,400		10,181,472
	Delta Air Lines	33,300		1,638,027
	Equifax	8,843		1,045,508
	FedEx	21,700		4,040,540
	Fortive	71,700		3,845,271
	General Electric	75,652		2,390,603
	HD Supply Holdings †	175,386		7,455,659
	Honeywell International	260,097		30,132,238
	IHS Markit (United Kingdom)
	Class A †	72,198		2,556,531
	Illinois Tool Works	12,200		1,494,012
	Lockheed Martin	19,151		4,786,601
	Roper Technologies	30,400		5,565,632
	Southwest Airlines	82,823		4,127,898
	Union Pacific	68,611		7,113,588
	Verisk Analytics Class A †	34,725		2,818,628
	Wabtec	17,915		1,487,303
				101,026,062
Information Technology – 38.55%
	Activision Blizzard	56,877		2,053,828
	Adobe Systems †	75,219		7,743,796
	Alibaba Group Holding ADR †	149,458		13,123,907
	Alphabet Class A †	33,600		26,626,320
	Alphabet Class C †	103,052		79,537,594
	Apple	478,077		55,370,878
	ASML Holding (Netherlands)	55,700		6,249,540
	Autodesk †	49,155		3,637,962
	Broadcom	87,970		15,550,457
	Cognizant Technology
	Solutions
	Class A †	25,652		1,437,282
	Dropbox Class A =†	61,727		592,579
	eBay †	124,446		3,694,802
	Electronic Arts †	130,196		10,254,237
	Facebook Class A †	528,677		60,824,289
	Fidelity National Information
	Services	24,100		1,822,924
	Fiserv †	55,094		5,855,390
	Mastercard Class A	156,300		16,137,975
	MercadoLibre	18,800		2,935,432
	Micron Technology †	155,255		3,403,190
	Microsemi †	77,528		4,184,186
	Microsoft	1,133,179		70,415,743
	NVIDIA	43,900		4,685,886
	NXP Semiconductors
	(Netherlands) †	179,451		17,587,992
	Palo Alto Networks †	31,571		3,947,954
	PayPal Holdings †	360,600		14,232,882
	QUALCOMM	58,084		3,787,077
	Red Hat †	40,617		2,831,005
	Sabre	133,108		3,321,045
	salesforce.com †	294,249		20,144,287
	ServiceNow †	138,314		10,282,263
	Tencent Holdings (China)
	(Hong Kong Exchange)	371,400		9,005,378
	VeriSign †	57,743		4,392,510
	Visa Class A	592,909		46,258,760
	Western Digital	51,263		3,483,321
	Workday Class A †	54,900		3,628,341
	Yahoo †	154,554		5,976,603
				545,017,615
Materials – 1.32%
	Air Products & Chemicals	60,355		8,680,256
	Ashland Global Holdings	18,100		1,978,149
	Martin Marietta Materials	13,289		2,943,912
	Monsanto	17,100		1,799,091
	Sherwin-Williams	6,636		1,783,359
	WR Grace & Co	20,978		1,418,952
				18,603,719
Real Estate – 2.14%
	American Tower	104,500		11,043,560
	Blackstone Mortgage Trust	123,844		3,723,989
	Crown Castle International	125,454		10,885,644
	Equinix	13,000		4,646,330
				30,299,523
Telecommunication Services – 0.34%
	Level 3 Communications †	30,848		1,738,593
	T-Mobile US †	54,000		3,105,540
				4,844,133
Utilities – 0.64%
	AMETEK	80,408		3,907,829
	NextEra Energy	42,900		5,124,834
				9,032,663
Total Common Stock
	(cost $1,179,585,532)			1,377,521,190
Convertible Preferred Stock – 0.65%
	Airbnb Private Placement =†	36,741		3,664,915

2 NQ-OPTLG [12/16] 2/17 (18640)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Convertible Preferred Stock (continued)
	Magic Leap =†	43,435	$	950,416
	Snapchat =†	37,203		1,085,732
	Uber Technologies
	Series G =†	34,197		1,584,470
	WeWork Companies
	Series E =†	22,244		720,706
	Xiaoju Kuaizhi (China) =†	32,416		1,177,211
Total Convertible Preferred
	Stock (cost $7,640,622)			9,183,450
U.S. Master Limited Partnerships – 0.47%
	Blackstone Group	248,003		6,703,521
Total U.S. Master Limited
	Partnerships
	(cost $7,473,026)			6,703,521
		Principal
		amount°
Short-Term Investments – 1.09%
Repurchase Agreements – 1.09%
	Bank of America Merrill Lynch
	0.41%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$5,185,662 (collateralized
	by U.S. government
	obligations
	2.00% 8/15/25;
	market value $5,289,134)	5,185,426		5,185,426
	Bank of Montreal
	0.30%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$6,049,865 (collateralized
	by U.S. government
	obligations
	0.00%–4.375%
	5/15/18–11/15/44; market
	value $6,170,659)	6,049,663		6,049,663
	BNP Paribas
	0.48%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$4,142,132 (collateralized
	by U.S. government
	obligations 2.125%
	12/31/22; market value
	$4,224,751)	4,141,911		4,141,911
				15,377,000
Total Short-Term
	Investments
	(cost $15,377,000)			15,377,000
Total Value of
	Securities – 99.64%
	(cost $1,210,076,180)			1,408,785,161
Receivables and Other
	Assets Net of
	Liabilities – 0.36%			5,132,722
Net Assets Applicable to
	89,556,185 Shares
	Outstanding – 100.00%		$	1,413,917,883

✧	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 December 31, 2016, the aggregate value of fair valued securities was $11,612,032, which represents 0.82% of the Fund’s net assets.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†	Non-income-producing security.
ADR – American Depositary Receipt

NQ-OPTLG [12/16] 2/17 (18640) 3

Notes

Optimum Large Cap Growth Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

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

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	1,210,076,180
Aggregate unrealized appreciation of investments	$	222,252,011
Aggregate unrealized depreciation of investments		(23,543,030	)
Net unrealized appreciation of investments	$	198,708,981

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

4 NQ-OPTLG [12/16] 2/17 (18640)

(Unaudited)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1		Level 2		Level 3		Total
Common Stock
Consumer Discretionary	$	305,323,417	$	—	$	1,755,878	$	307,079,295
Consumer Staples		57,540,841		—		—		57,540,841
Energy		14,999,568		—		—		14,999,568
Financials		67,382,177		—		80,125		67,462,302
Healthcare		221,615,469		—		—		221,615,469
Industrials		101,026,062		—		—		101,026,062
Information Technology		535,419,658		9,597,957		—		545,017,615
Materials		18,603,719		—		—		18,603,719
Real Estate		30,299,523		—		—		30,299,523
Telecommunication Services		4,844,133		—		—		4,844,133
Utilities		9,032,663		—		—		9,032,663
Convertible Preferred Stock		—		—		9,183,450		9,183,450
U.S. Master Limited Partnerships		6,703,521		—		—		6,703,521
Short-Term Investments		—		15,377,000		—		15,377,000
Total Value of Securities	$	1,372,790,751	$	24,974,957	$	11,019,453	$	1,408,785,161

As a result of utilizing international fair value pricing at Dec. 31, 2016, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the treshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) 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 NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. Management has determined not to provide a reconciliation of Level 3 investments as they were not considered significant to the Fund’s net assets at the beginning, interim, or end of the year. Management has determined not to provide additional disclosure on Level 3 inputs since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

NQ-OPTLG [12/16] 2/17 (18640) 5

(Unaudited)

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the Fund’s “Schedule of investments” and accompanying notes.

4. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure on the Fund’s “Schedule of investments.”

6 NQ-OPTLG [12/16] 2/17 (18640)

Schedule of investments

Optimum Large Cap Value Fund
December 31, 2016 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 99.17%✧
Consumer Discretionary – 6.97%
	Advance Auto Parts	9,682	$	1,637,420
	CBS Class B	127,018		8,080,885
	Comcast Class A Special	260,057		17,956,936
	Delphi Automotive
	(United Kingdom)	87,515		5,894,135
	Hanesbrands	108,252		2,334,996
	Harley-Davidson	58,109		3,390,079
	Home Depot	47,465		6,364,107
	Interpublic Group	111,272		2,604,878
	Newell Brands	24,772		1,106,070
	Omnicom Group	115,336		9,816,247
	PulteGroup	334,069		6,140,188
	PVH	70,575		6,368,688
	Skechers U.S.A. Class A †	250,790		6,164,418
	Target	46,203		3,337,243
	Time Warner	126,085		12,170,985
	Walt Disney	15,170		1,581,017
				94,948,292
Consumer Staples – 8.86%
	Altria Group	57,037		3,856,842
	Archer-Daniels-Midland	122,610		5,597,148
	Coty Class A	188,962		3,459,894
	CVS Health	142,611		11,253,434
	Danone (France)	43,379		2,744,960
	Diageo (United Kingdom)	254,255		6,597,880
	General Mills	102,546		6,334,266
	JM Smucker	27,640		3,539,578
	Kroger	193,919		6,692,145
	Mead Johnson Nutrition	23,986		1,697,249
	Nestle (Switzerland)	146,198		10,473,272
	PepsiCo	133,277		13,944,773
	Philip Morris International	239,846		21,943,511
	Procter & Gamble	193,672		16,283,942
	Tyson Foods Class A	100,025		6,169,542
				120,588,436
Energy – 9.34%
	Antero Resources †	364,548		8,621,560
	Chevron	208,307		24,517,734
	ConocoPhillips	279,244		14,001,294
	Energen †	107,606		6,205,638
	EOG Resources	225,150		22,762,665
	Exxon Mobil	238,632		21,538,924
	Halliburton	151,658		8,203,181
	Occidental Petroleum	81,384		5,796,982
	Schlumberger	99,030		8,313,569
	Valero Energy	104,074		7,110,336
				127,071,883
Financials – 27.12%
	Allstate	126,810		9,399,157
	American Express	183,092		13,563,455
	American International
	Group	137,242		8,963,275
	Ameriprise Financial	66,997		7,432,647
	Aon (United Kingdom)	91,250		10,177,113
	Bank of America	1,075,289		23,763,887
	Bank of New York Mellon	163,847		7,763,071
	Berkshire Hathaway Class B †	27,527		4,486,350
	BlackRock	16,780		6,385,461
	Chubb (Switzerland)	203,587		26,897,914
	Citigroup	205,362		12,204,664
	Discover Financial Services	154,062		11,106,330
	Franklin Resources	87,878		3,478,211
	Goldman Sachs Group	68,961		16,512,711
	Huntington Bancshares	764,529		10,107,073
	JPMorgan Chase & Co.	691,017		59,627,857
	MetLife	285,481		15,384,571
	Moody’s	41,186		3,882,604
	Nasdaq	106,708		7,162,241
	PNC Financial Services Group	75,036		8,776,211
	Prudential Financial	57,445		5,977,727
	S&P Global	11,819		1,271,015
	State Street	217,756		16,923,996
	SunTrust Banks	238,258		13,068,451
	Travelers	112,798		13,808,731
	U.S. Bancorp	308,861		15,866,190
	Wells Fargo & Co.	637,684		35,142,765
				369,133,678
Healthcare – 13.68%
	Abbott Laboratories	183,239		7,038,210
	Amgen	36,129		5,282,421
	Becton Dickinson and Co.	27,659		4,578,947
	Cigna	25,437		3,393,041
	Danaher	168,579		13,122,189
	Eli Lilly & Co.	156,884		11,538,818
	Express Scripts Holding †	53,261		3,663,824
	Gilead Sciences	81,741		5,853,473
	Johnson & Johnson	279,865		32,243,247
	McKesson	31,568		4,433,726
	Medtronic (Ireland)	358,320		25,523,134
	Merck & Co.	162,330		9,556,367
	Novartis (Switzerland)	20,982		1,525,884
	Pfizer	837,717		27,209,048
	Roche Holding (Switzerland)	5,967		1,360,193
	St. Jude Medical	64,356		5,160,708
	Thermo Fisher Scientific	51,106		7,211,057

(continues)     NQ-OPTLV [12/16] 2/17 (18641) 1

Schedule of investments

Optimum Large Cap Value Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock✧ (continued)
Healthcare (continued)
	UnitedHealth Group	67,534	$	10,808,141
	VCA †	96,976		6,657,402
				186,159,830
Industrials – 12.79%
	3M	74,989		13,390,786
	Canadian National Railway
	(Canada)	52,784		3,557,642
	Delta Air Lines	195,705		9,626,729
	Eaton	86,372		5,794,697
	Equifax	20,882		2,468,879
	Fluor	94,353		4,955,420
	General Electric	302,974		9,573,978
	Honeywell International	106,268		12,311,148
	Illinois Tool Works	49,944		6,116,142
	Ingersoll-Rand	49,138		3,687,316
	Johnson Controls
	International	300,173		12,364,126
	Lockheed Martin	30,838		7,707,650
	Northrop Grumman	77,637		18,056,813
	Parker-Hannifin	79,654		11,151,560
	Pentair (United Kingdom)	47,871		2,684,127
	Raytheon	35,268		5,008,056
	Stanley Black & Decker	102,863		11,797,357
	Union Pacific	48,325		5,010,336
	United Parcel Service Class B	88,784		10,178,198
	United Technologies	70,670		7,746,845
	Waste Management	153,109		10,856,959
				174,044,764
Information Technology – 7.85%
	Accenture Class A (Ireland)	149,251		17,481,770
	Amdocs	28,352		1,651,504
	Apple	41,861		4,848,341
	Cisco Systems	361,961		10,938,461
	Cognizant Technology
	Solutions Class A †	45,070		2,525,272
	Fidelity National Information
	Services	79,318		5,999,614
	Fiserv †	28,429		3,021,434
	Hewlett Packard Enterprise	278,570		6,446,110
	Intel	449,158		16,290,961
	International Business
	Machines	28,100		4,664,319
	Microsoft	118,512		7,364,336
	Oracle	103,200		3,968,040
	QUALCOMM	171,445		11,178,214
	Texas Instruments	143,298		10,456,455
				106,834,831
Materials – 4.78%
	Crown Holdings †	60,430		3,176,805
	Dow Chemical	198,697		11,369,442
	EI du Pont de Nemours & Co.	68,134		5,001,036
	International Paper	114,003		6,048,999
	LyondellBasell Industries
	Class A	93,660		8,034,155
	Monsanto	24,228		2,549,028
	Nucor	118,075		7,027,824
	PPG Industries	129,655		12,286,108
	Sherwin-Williams	14,055		3,777,141
	WestRock	114,671		5,821,847
				65,092,385
Real Estate – 1.55%
	Equity LifeStyle Properties	88,980		6,415,458
	Kimco Realty	248,822		6,260,362
	Prologis	159,846		8,438,270
				21,114,090
Telecommunication Services – 3.07%
	AT&T	550,871		23,428,544
	Verizon Communications	343,293		18,324,980
				41,753,524
Utilities – 3.16%
	American Electric Power	124,974		7,868,363
	DTE Energy	90,701		8,934,956
	Duke Energy	72,089		5,595,548
	Edison International	140,728		10,131,009
	Public Service Enterprise
	Group	192,083		8,428,602
	Xcel Energy	50,190		2,042,733
				43,001,211
Total Common Stock
	(cost $1,170,850,822)			1,349,742,924

2 NQ-OPTLV [12/16] 2/17 (18641)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Short-Term Investments – 0.61%
Discount Notes – 0.22% ≠
	Federal Home Loan Bank
	0.366% 1/27/17	520,752	$	520,624
	0.379% 2/3/17	260,376		260,266
	0.47% 1/25/17	576,342		576,211
	0.483% 1/30/17	815,385		815,159
	0.499% 2/15/17	203,846		203,727
	0.501% 2/6/17	611,539		611,256
				2,987,243
Repurchase Agreements – 0.39%
	Bank of America Merrill Lynch
	0.41%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$1,810,615 (collateralized
	by U.S. government
	obligations
	2.00% 8/15/25;
	market value $1,846,743)	1,810,532		1,810,532
	Bank of Montreal
	0.30%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$2,112,358 (collateralized
	by U.S. government
	obligations
	0.00%–4.375%
	5/15/18–11/15/44; market
	value $2,154,534)	2,112,287		2,112,287
	BNP Paribas
	0.48%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price
	$1,446,258 (collateralized
	by U.S. government
	obligations 2.125%
	12/31/22; market value
	$1,475,105)	1,446,181		1,446,181
				5,369,000
Total Short-Term
	Investments
	(cost $8,356,043)			8,356,243
Total Value of
	Securities – 99.78%
	(cost $1,179,206,865)			1,358,099,167
Receivables and Other
	Assets Net of
	Liabilities – 0.22%			2,945,866
Net Assets Applicable to
	91,712,193 Shares
	Outstanding – 100.00%		$	1,361,045,033

____________________

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

(continues)     NQ-OPTLV [12/16] 2/17 (18641) 3

Notes

Optimum Large Cap Value Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

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

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	1,179,206,865
Aggregate unrealized appreciation of investments	$	201,729,432
Aggregate unrealized depreciation of investments		(22,837,130	)
Net unrealized appreciation of investments	$	178,892,302

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

Level 1 -	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

4 NQ-OPTLV [12/16] 2/17 (18641)

(Unaudited)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1		Level 2		Total
Common Stock
Consumer Discretionary	$	94,948,292	$	—	$	94,948,292
Consumer Staples		100,772,324		19,816,112		120,588,436
Energy		127,071,883		—		127,071,883
Financials		369,133,678		—		369,133,678
Healthcare		183,273,753		2,886,077		186,159,830
Industrials		174,044,764		—		174,044,764
Information Technology		106,834,831		—		106,834,831
Materials		65,092,385		—		65,092,385
Real Estate		21,114,090		—		21,114,090
Telecommunication Services		41,753,524		—		41,753,524
Utilities		43,001,211		—		43,001,211
Short-Term Investments		—		8,356,243		8,356,243
Total Value of Securities	$	1,327,040,735	$	31,058,432	$	1,358,099,167

As a result of utilizing international fair value pricing at Dec. 31, 2016, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the year. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to the net assets. During the period ended Dec. 31, 2016, there were no Level 3 investments.

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the Fund’s “Schedule of investments” and accompanying notes.

NQ-OPTLV [12/16] 2/17 (18641) 5

(Unaudited)

4. Subsequent Events

Management has determined that no other material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

6 NQ-OPTLV [12/16] 2/17 (18641)

Schedule of investments

Optimum Small-Mid Cap Growth Fund
December 31, 2016 (Unaudited)

	Number of	Value
	shares	(U.S. $)
Common Stock – 96.83%✧
Consumer Discretionary – 17.07%
At Home Group †	47,995	$	702,167
BorgWarner	131,100		5,170,584
Burlington Stores †	82,748		7,012,893
Chico’s FAS	83,906		1,207,407
Dave & Buster’s
Entertainment †	24,600		1,384,980
Del Taco Restaurants †	102,244		1,443,685
Dick’s Sporting Goods	39,853		2,116,194
Expedia	8,800		996,864
Extended Stay America	126,803		2,047,869
Gentherm †	64,183		2,172,594
G-III Apparel Group †	19,500		576,420
Houghton Mifflin Harcourt †	93,641		1,016,005
IMAX (Canada) †	170,045		5,339,413
iRobot †	45,100		2,636,095
Jack in the Box	8,500		948,940
Kate Spade †	68,516		1,279,194
Lions Gate Entertainment
Class A †	34,643		931,897
Lions Gate Entertainment
Class B †	34,643		850,139
Media General †	50,031		942,084
Monro Muffler Brake	26,972		1,542,798
Nordstrom	44,500		2,132,885
Norwegian Cruise Line
Holdings †	33,800		1,437,514
Panera Bread Class A †	8,500		1,743,265
Party City Holdco †	101,666		1,443,657
PVH	11,400		1,028,736
Royal Caribbean Cruises	58,000		4,758,320
Sportsman’s Warehouse
Holdings †	103,889		975,518
Tempur Sealy International †	18,922		1,291,994
Tenneco †	75,000		4,685,250
Tower International	40,610		1,151,294
Ulta Salon Cosmetics &
Fragrance †	15,400		3,926,076
Vail Resorts	24,600		3,968,226
William Lyon Homes Class A †	63,279		1,204,199
Zoe’s Kitchen †	55,827		1,339,290
Zumiez †	42,600		930,810
			72,335,256
Consumer Staples – 2.39%
Central Garden & Pet Class
A †	71,269		2,202,212
Inter Parfums	64,400		2,109,100
Snyder’s-Lance	151,578		5,811,500
			10,122,812
Energy – 4.40%
Diamondback Energy †	36,865		3,725,577
Fairmount Santrol Holdings †	132,181		1,558,414
GasLog (Monaco)	80,732		1,299,785
Mammoth Energy Services †	4,796		72,899
Newfield Exploration †	96,200		3,896,100
Oasis Petroleum †	89,351		1,352,774
Parsley Energy Class A †	30,400		1,071,296
PDC Energy †	18,117		1,314,932
QEP Resources †	69,154		1,273,125
US Silica Holdings	36,700		2,080,156
Whiting Petroleum †	83,900		1,008,478
			18,653,536
Financials – 8.31%
Argo Group International
Holdings (Bermuda)	42,730		2,815,907
Comerica	28,600		1,947,946
E*TRADE Financial †	120,400		4,171,860
Essent Group †	72,238		2,338,344
Evercore Partners Class A	36,195		2,486,597
First Republic Bank	39,300		3,621,102
Radian Group	126,400		2,272,672
ServisFirst Bancshares	36,184		1,354,729
Signature Bank †	9,875		1,483,225
Stifel Financial †	44,037		2,199,648
SVB Financial Group †	16,516		2,835,137
Virtu Financial Class A	105,849		1,688,291
Virtus Investment Partners	14,308		1,689,059
Zions Bancorporation	100,300		4,316,912
			35,221,429
Healthcare – 19.55%
ABIOMED †	13,400		1,509,912
Accuray †	121,555		559,153
Alder Biopharmaceuticals †	30,489		634,171
Align Technology †	48,821		4,693,163
Alnylam Pharmaceuticals †	17,755		664,747
AMN Healthcare Services †	67,488		2,594,914
Analogic	17,574		1,457,763
AtriCure †	87,496		1,712,297
Bluebird Bio †	11,400		703,380
Cerus †	295,769		1,286,595
Coherus Biosciences †	42,555		1,197,923
DexCom †	25,475		1,520,857
Emergent BioSolutions †	26,500		870,260
Ensign Group	85,552		1,900,110
Evolent Health Class A †	113,011		1,672,563
Flexion Therapeutics †	63,485		1,207,485
Galapagos ADR †	11,669		749,033

(continues)     NQ-OPTSG [12/16] 2/17 (18645) 1

Schedule of investments

Optimum Small-Mid Cap Growth Fund (Unaudited)

	Number of	Value
	shares	(U.S. $)
Common Stock✧ (continued)
Healthcare (continued)
HealthEquity †	61,528	$	2,493,115
HealthSouth	52,900		2,181,596
ICON (Ireland) †	37,107		2,790,446
IDEXX Laboratories †	63,000		7,388,010
Inogen †	33,036		2,219,028
Intra-Cellular Therapies †	43,500		656,415
Intrexon †	27,111		658,797
K2M Group Holdings †	179,038		3,587,922
Lexicon Pharmaceuticals †	68,431		946,401
LifePoint Health †	18,189		1,033,135
Medidata Solutions †	25,349		1,259,085
Mettler-Toledo International †	5,090		2,130,470
Neurocrine Biosciences †	16,200		626,940
Nevro †	70,090		5,092,739
Novocure (United Kingdom) †	98,087		769,983
NuVasive †	21,400		1,441,504
Obalon Therapeutics †	25,080		221,958
Pacira Pharmaceuticals †	31,947		1,031,888
Portola Pharmaceuticals †	39,201		879,670
Radius Health †	18,987		722,076
Spectranetics †	80,517		1,972,667
Surgery Partners †	97,107		1,539,146
Teladoc †	58,074		958,221
TESARO †	29,054		3,907,182
Ultragenyx Pharmaceutical †	12,900		906,999
Vocera Communications †	172,854		3,196,070
WellCare Health Plans †	40,100		5,496,908
Wright Medical Group
(Netherlands) †	77,925		1,790,717
			82,833,414
Industrials – 12.62%
AMETEK	83,300		4,048,380
AO Smith	49,418		2,339,942
Apogee Enterprises	54,714		2,930,482
Chicago Bridge & Iron
(Netherlands)	24,500		777,875
Copart †	57,582		3,190,619
Dycom Industries †	20,800		1,670,032
EnPro Industries	34,630		2,332,677
Genesee & Wyoming †	72,639		5,041,873
Granite Construction	43,156		2,373,580
Hub Group Class A †	34,657		1,516,244
KAR Auction Services	42,009		1,790,423
Masonite International †	21,742		1,430,624
Mercury Systems †	49,900		1,507,978
Middleby †	35,200		4,534,112
NCI Building Systems †	108,706		1,701,249
On Assignment †	61,537		2,717,474
PGT Innovations †	152,768		1,749,193
RPX †	75,821		818,867
Spirit Airlines †	71,100		4,113,846
SPX †	37,407		887,294
Swift Transportation †	63,272		1,541,306
Wabash National	165,782		2,622,671
West	73,884		1,829,368
			53,466,109
Information Technology – 29.26%
2U †	74,573		2,248,376
Acxiom †	105,309		2,822,281
Applied Micro Circuits †	176,319		1,454,632
Atlassian (Australia) †	50,371		1,212,934
Benefitfocus †	56,923		1,690,613
Booz Allen Hamilton Holding	62,200		2,243,554
CACI International Class A †	9,400		1,168,420
Cadence Design Systems †	108,044		2,724,870
Ciena †	93,058		2,271,546
Cognex	34,900		2,220,338
Coherent †	12,300		1,689,835
CommScope Holding †	130,600		4,858,320
CommVault Systems †	41,500		2,133,100
Cornerstone OnDemand †	54,148		2,291,002
CyberArk Software (Israel) †	39,237		1,785,283
Cypress Semiconductor	197,168		2,255,602
Five9 †	146,504		2,078,892
FormFactor †	193,624		2,168,589
GrubHub †	40,200		1,512,324
Hortonworks †	100,862		838,163
Match Group †	88,300		1,509,930
MAXIMUS	28,028		1,563,682
Micron Technology †	233,500		5,118,320
Microsemi †	84,496		4,560,249
Mimecast †	57,537		1,029,912
MINDBODY Class A †	95,100		2,025,630
MKS Instruments	29,600		1,758,240
Mobileye (Israel) †	194,100		7,399,092
Nanometrics †	53,415		1,338,580
Nuance Communications †	117,914		1,756,919
OSI Systems †	25,794		1,963,439
Pandora Media †	96,343		1,256,313
Proofpoint †	10,300		727,695
PTC †	67,510		3,123,688
Pure Storage Class A †	36,123		408,551
RealPage †	92,129		2,763,870
RingCentral Class A †	151,000		3,110,600
Rubicon Project †	109,427		811,948
SecureWorks Class A †	8,767		92,842

2 NQ-OPTSG [12/16] 2/17 (18645)

(Unaudited)

	Number of	Value
	shares	(U.S. $)
Common Stock✧ (continued)
Information Technology (continued)
ServiceNow †	71,100	$	5,285,574
Shopify Class A (Canada) †	76,568		3,282,470
Silicon Motion Technology
ADR	30,518		1,296,405
Square Class A †	184,558		2,515,525
SS&C Technologies Holdings	126,620		3,621,332
Stamps.com †	38,400		4,402,560
Synchronoss Technologies †	31,002		1,187,377
Take-Two Interactive
Software †	42,900		2,114,541
Talend ADR †	28,878		641,092
Teradyne	112,990		2,869,946
Trimble †	61,200		1,845,180
Ultimate Software Group †	7,971		1,453,512
Universal Display †	51,900		2,921,970
Vantiv Class A †	66,224		3,948,275
ViaSat †	15,155		1,003,564
Zendesk †	75,000		1,590,000
			123,967,497
Materials – 2.66%
Albemarle	34,800		2,995,584
Boise Cascade †	86,733		1,951,493
Forterra †	87,334		1,891,654
Steel Dynamics	56,494		2,010,056
US Concrete †	36,800		2,410,400
			11,259,187
Real Estate – 0.57%
QTS Realty Trust	48,357		2,400,925
			2,400,925
Total Common Stock
(cost $363,484,012)			410,260,165
Convertible Preferred Stock – 1.43%
Cloudera=†	30,243		671,395
DocuSign
Series B =†	1,166		25,687
Series B-1 =†	349		7,688
Series C =†	4,474		98,562
Series D =†	838		18,461
Series E =†	21,664		477,258
DraftKings
Series D =†	56,648		180,141
Series D-1 =†	50,706		161,245
Honest=†	15,249		609,350
MarkLogic=†	83,588		1,227,908
Nutanix†	40,185		1,014,541
Veracode Series 8=†	30,584		672,848
Zuora=†	209,844		883,443
Total Convertible Preferred
Stock (cost $5,103,829)			6,048,527
	Principal
	amount°
Short-Term Investments – 1.89%
Discount Notes – 1.85%≠
Federal Home Loan Bank
0.366% 1/27/17	1,263,725		1,263,413
0.379% 2/3/17	631,863		631,596
0.458% 1/25/17	5,174,392		5,173,223
0.483% 1/30/17	382,326		382,220
0.499% 2/15/17	95,582		95,526
0.501% 2/6/17	286,745		286,612
			7,832,590
Repurchase Agreements – 0.04%
Bank of America Merrill Lynch
0.41%, dated 12/30/16, to
be repurchased on 1/3/17,
repurchase price $64,749
(collateralized by U.S.
government obligations
2.00% 8/15/25;
market value $66,041)	64,746		64,746
Bank of Montreal
0.30%, dated 12/30/16, to
be repurchased on 1/3/17,
repurchase price $75,540
(collateralized by U.S.
government obligations
0.00%–4.375%
5/15/18–11/15/44; market
value $77,048)	75,537		75,537
BNP Paribas
0.48%, dated 12/30/16, to
be repurchased on 1/3/17,
repurchase price $51,719
(collateralized by U.S.
government obligations
2.125%
12/31/22; market value
$52,751)	51,717		51,717
			192,000
Total Short-Term
Investments
(cost $8,024,053)			8,024,590

(continues)     NQ-OPTSG [12/16] 2/17 (18645) 3

Schedule of investments

Optimum Small-Mid Cap Growth Fund (Unaudited)

Total Value of
Securities – 100.15%
(cost $376,611,894)	$	424,333,282
Liabilities Net of
Receivables and Other
Assets – (0.15%)		(621,257	)
Net Assets Applicable to
32,872,978 Shares
Outstanding – 100.00%	$	423,712,025

____________________

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=	Security is being fair valued in accordance with the Fund’s fair valuation policy. At Dec. 31, 2016,the aggregate value of fair valued securities was $5,033,986, which represents 1.19% of the Fund’s net assets.
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in U.S. dollars unless noted that the security is denominated in another currency.
†	Non-income-producing security.

ADR – American Depositary Receipt

4 NQ-OPTSG [12/16] 2/17 (18645)

Notes

Optimum Small-Mid Cap Growth Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

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

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	376,611,894
Aggregate unrealized appreciation of investments	$	59,825,165
Aggregate unrealized depreciation of investments		(12,103,777	)
Net unrealized appreciation of investments	$	47,721,388

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

Level 1 -	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

(continues)     NQ-OPTSG [12/16] 2/17 (18645) 5

(Unaudited)

2. Investments (continued)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1		Level 2		Level 3		Total
Common Stock	$	410,260,165	$	—	$	—	$	410,260,165
Convertible Preferred Stock		1,014,541		—		5,033,986		6,048,527
Short-Term Investments		—		8,024,590		—		8,024,590
Total Value of Securities	$	411,274,706	$	8,024,590	$	5,033,986	$	424,333,282

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments, or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

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

The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining fair value for the Fund:

				Convertible
	Common			Preferred
	Stock			Stock			Total
Beginning balance March 31, 2016	$	133,374		$	6,261,635		$	6,395,009
Purchases		—			2,447,731			2,447,731
Sales		—			(1,313,030	)		(1,313,030	)
Transfers out of Level 3		(366,983	)		(1,093,633	)		(1,460,616	)
Net change in unrealized
appreciation (depreciation)		233,609			(1,268,717	)		(1,035,108	)
Ending balance Dec. 31, 2016	$	—		$	5,033,986		$	5,033,986
Net change in unrealized appreciation
(depreciation) from investments still
held at the end of the period	$	—		$	(433,340	)	$	(433,340	)

6 NQ-OPTSG [12/16] 2/17 (18645)

(Unaudited)

Sensitivity Analysis

Valuation: The Fund fair values its financial instruments at fair value using independent pricing sources under the policies approved by the Board. The Pricing Committee is the committee formed by the advisor to develop pricing policies and procedures and to provide oversight of the pricing function for the Fund.

When market quotations are not readily available for one or more portfolio securities, the Fund’s NAV shall be calculated by using the “fair value” of the securities as determined by the Pricing Committee. Such “fair value” is the amount that the Fund might reasonably expect to receive for the security (or asset) upon its current sale. Each such determination should be based on a consideration of all relevant factors, which are likely to vary from one pricing context to another. Examples of such factors may include, but are not limited to: (i) the type of security, (ii) the size of the holding, (iii) the initial cost of the security, (iv) the existence of any contractual restrictions of the security’s disposition, (v) the price and extent of public trading in similar securities of the issuer or of comparable companies, (vi) quotations or evaluated prices from broker/ dealers and/or pricing services, (vii) information obtained from the issuer, analysts, and/or appropriate stock exchange (for exchange-traded securities), (viii) an analysis of the company’s financial statements, and (ix) an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

The Pricing Committee, or its delegate, employs various methods for calibrating these valuation approaches, including due diligence of the Fund’s pricing vendors and periodic back-testing of the prices that are fair valued under these procedures and reviews of any market related activity. The pricing of all securities fair valued by the Pricing Committee is subsequently reported to and approved by the Board on a quarterly basis.

Quantitative information about Level 3 fair value measurements for the Fund was as follows:

					Weighted
					Average
					Discounted
				Range of	Enterprise
		Valuation	Unobservable	Unobservable	Value / Revenue
Assets	Value	Techniques	Inputs	Inputs	Multiple
Convertible	$5,033,986	Comparable	Enterprise Value / Revenue Multiple	1.4x to 9.8x	5.2x
Preferred Stock		Company Approach	Range of Comparable Companies

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

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the “Schedule of investments” and accompanying notes.

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-OPTSG [12/16] 2/17 (18645) 7

Schedule of investments

Optimum Small-Mid Cap Value Fund
December 31, 2016 (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock – 99.03%
Consumer Discretionary – 10.15%
	AMC Networks Class A †	32,800	$	1,716,752
	American Eagle Outfitters	62,200		943,574
	Bed Bath & Beyond	23,600		959,104
	Bloomin’ Brands	72,500		1,307,175
	Brinker International	40,700		2,015,871
	Cable One	6,602		4,104,661
	Carriage Services	41,700		1,194,288
	Children’s Place	7,100		716,745
	ClubCorp Holdings	152,755		2,192,034
	Columbia Sportswear	31,900		1,859,770
	Cooper-Standard Holding †	17,300		1,788,474
	Goodyear Tire & Rubber	56,700		1,750,329
	Hanesbrands	77,300		1,667,361
	Harley-Davidson	28,800		1,680,192
	Haverty Furniture	43,900		1,040,430
	Helen of Troy †	42,160		3,560,412
	KB Home	50,600		799,986
	Kohl’s	23,900		1,180,182
	Lear	11,700		1,548,729
	Marcus	38,992		1,228,248
	Marriott Vacations Worldwide	14,500		1,230,325
	Murphy USA †	16,500		1,014,255
	Penske Automotive Group	19,700		1,021,248
	Scripps Networks Interactive
	Class A	12,800		913,536
	Shoe Carnival	40,700		1,098,086
	Sonic Automotive Class A	76,300		1,747,270
	Tenneco †	26,400		1,649,208
	Unifi †	21,800		711,334
	Wyndham Worldwide	24,229		1,850,369
				44,489,948
Consumer Staples – 5.09%
	Bunge	23,500		1,697,640
	Dean Foods	87,300		1,901,394
	Edgewell Personal Care †	23,800		1,737,162
	Energizer Holdings	85,124		3,797,382
	Flowers Foods	103,800		2,072,886
	Ingles Markets Class A	35,400		1,702,740
	J&J Snack Foods	24,524		3,272,237
	Pilgrim’s Pride	59,400		1,128,006
	Sanderson Farms	17,400		1,639,776
	SUPERVALU †	124,600		581,882
	Universal	33,100		2,110,125
	Whole Foods Market	21,200		652,112
				22,293,342
Energy – 4.74%
	Ardmore Shipping (Ireland)	95,000		703,000
	Bristow Group	39,700		813,056
	Diamond Offshore Drilling †	42,600		754,020
	Diamondback Energy †	40,042		4,046,645
	HollyFrontier	70,400		2,306,304
	Murphy Oil	28,700		893,431
	Parsley Energy Class A †	113,400		3,996,216
	Rowan †	54,795		1,035,078
	RSP Permian †	96,900		4,323,678
	Tesoro	21,600		1,888,920
				20,760,348
Financials – 22.41%
	American Financial Group	30,900		2,722,908
	Annaly Capital Management	139,300		1,388,821
	Apollo Commercial Real
	Estate Finance	77,600		1,289,712
	Ares Capital	56,000		923,440
	Aspen Insurance Holdings
	(Bermuda)	37,600		2,068,000
	Assurant	18,600		1,727,196
	Assured Guaranty (Bermuda)	34,400		1,299,288
	Banc of California	121,100		2,101,085
	Banco Latinoamericano de
	Comercio Exterior
	(Panama) Class E	28,445		837,421
	Berkshire Hills Bancorp	30,600		1,127,610
	Blackstone Mortgage Trust	41,500		1,247,905
	Central Pacific Financial	47,000		1,476,740
	Chemical Financial	78,226		4,237,502
	CIT Group	61,800		2,637,624
	CNA Financial	60,200		2,498,300
	CNO Financial Group	127,400		2,439,710
	Cousins Properties	189,900		1,616,049
	Customers Bancorp †	37,700		1,350,414
	Everest Re Group (Bermuda)	12,200		2,640,080
	First Busey	45,200		1,391,256
	Great Western Bancorp	99,350		4,330,667
	Hancock Holding	26,625		1,147,537
	Hanmi Financial	47,900		1,671,710
	Hanover Insurance Group	20,400		1,856,604
	Heritage Insurance Holdings	32,300		506,141
	Home BancShares	152,300		4,229,371
	International Bancshares	36,400		1,485,120
	MGIC Investment †	107,200		1,092,368
	New Mountain Finance	71,900		1,013,790
	Old National Bancorp	86,500		1,569,975
	Opus Bank	15,500		465,775
	Piper Jaffray †	18,900		1,370,250
	Prospect Capital	159,200		1,329,320

(continues)      NQ-OPTSV [12/16] 2/17 (18644) 1

Schedule of investments

Optimum Small-Mid Cap Value Fund (Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock (continued)
Financials (continued)
	Radian Group	69,500	$	1,249,610
	Reinsurance Group of
	America	21,200		2,667,596
	Starwood Property Trust	81,600		1,791,120
	TCF Financial	173,000		3,389,070
	TriCo Bancshares	45,200		1,544,936
	Universal Insurance Holdings	41,300		1,172,920
	Unum Group	75,700		3,325,501
	Validus Holdings (Bermuda)	39,200		2,156,392
	Washington Federal	43,100		1,480,485
	Western Alliance Bancorp †	112,400		5,475,004
	Wintrust Financial	78,000		5,660,460
	XL Group	119,000		4,433,940
	Zions Bancorporation	110,993		4,777,139
				98,213,862
Healthcare – 6.84%
	Akorn †	31,000		676,730
	Centene †	16,400		926,764
	Cooper	24,400		4,268,292
	Kindred Healthcare	107,600		844,660
	Lannett †	44,200		974,610
	LifePoint Health †	21,100		1,198,480
	PAREXEL International †	12,000		788,640
	Patterson	102,074		4,188,096
	PerkinElmer	54,600		2,847,390
	Premier Class A †	96,600		2,932,776
	Quest Diagnostics	16,100		1,479,590
	SciClone Pharmaceuticals †	12,800		138,240
	STERIS (United Kingdom)	29,300		1,974,527
	Sucampo Pharmaceuticals
	Class A †	67,400		913,270
	Teleflex	24,800		3,996,520
	United Therapeutics †	12,900		1,850,247
				29,998,832
Industrials – 12.80%
	ACCO Brands †	176,600		2,304,630
	Aircastle	55,700		1,161,345
	Alaska Air Group	14,800		1,313,204
	Briggs & Stratton	39,700		883,722
	Crane	19,100		1,377,492
	Curtiss-Wright	28,450		2,798,342
	Deluxe	29,800		2,133,978
	Ennis	45,800		794,630
	Equifax	25,307		2,992,047
	Fluor	4,700		246,844
	GATX	20,400		1,256,232
	Hawaiian Holdings †	37,700		2,148,900
	Herman Miller	111,500		3,813,300
	Hillenbrand	25,966		995,796
	Hubbell	26,725		3,118,807
	Huntington Ingalls Industries	33,370		6,146,420
	Interface	169,700		3,147,935
	ITT	31,330		1,208,398
	JetBlue Airways †	69,200		1,551,464
	Moog Class A †	19,600		1,287,328
	Oshkosh	24,800		1,602,328
	Pitney Bowes	45,300		688,107
	Ryder System	35,400		2,635,176
	Spirit AeroSystems Holdings
	Class A	51,200		2,987,520
	Timken	24,600		976,620
	Trinity Industries	50,400		1,399,104
	Wabash National	130,500		2,064,510
	Woodward	44,256		3,055,877
				56,090,056
Information Technology – 13.59%
	Amdocs	83,300		4,852,225
	Avnet	130,000		6,189,300
	Benchmark Electronics †	58,100		1,772,050
	Booz Allen Hamilton Holding	140,674		5,074,111
	Broadridge Financial
	Solutions	58,276		3,863,699
	Brocade Communications
	Systems	178,600		2,230,714
	Cardtronics (United Kingdom)
	Class A †	44,700		2,439,279
	Cirrus Logic †	27,400		1,549,196
	Convergys	31,400		771,184
	CSG Systems International	18,200		880,880
	Flex †	158,900		2,283,393
	FLIR Systems	118,207		4,277,911
	IXYS	43,138		513,342
	j2 Global	62,700		5,128,860
	Jabil Circuit	43,700		1,034,379
	Mentor Graphics	29,400		1,084,566
	NCR †	79,500		3,224,520
	OSI Systems †	49,351		3,756,598
	Plantronics	27,500		1,505,900
	Sanmina †	59,300		2,173,345
	Tech Data †	23,100		1,956,108
	Teradyne	73,300		1,861,820
	Western Union	51,400		1,116,408
				59,539,788
Materials – 7.44%
	Albemarle	47,807		4,115,227

2 NQ-OPTSV [12/16] 2/17 (18644)

(Unaudited)

		Number of	Value
		shares	(U.S. $)
Common Stock (continued)
Materials (continued)
	Cabot	26,400	$	1,334,256
	Chemtura †	26,500		879,800
	Clearwater Paper †	25,400		1,664,970
	Domtar	45,500		1,775,865
	Eagle Materials	30,000		2,955,900
	Eastman Chemical	15,700		1,180,797
	KapStone Paper & Packaging	208,500		4,597,425
	Packaging Corp of America	24,100		2,044,162
	PolyOne	113,800		3,646,152
	Reliance Steel & Aluminum	21,500		1,710,110
	Schweitzer-Mauduit
	International	32,700		1,488,831
	Sensient Technologies	38,600		3,033,188
	Stepan	26,600		2,167,368
				32,594,051
Real Estate – 10.55%
	Alexandria Real Estate
	Equities	42,192		4,688,797
	Brandywine Realty Trust	249,400		4,117,594
	CBL & Associates Properties	63,700		732,550
	City Office REIT (Canada)	41,300		543,921
	Franklin Street Properties	70,484		913,473
	Getty Realty	63,200		1,610,968
	Government Properties
	Income Trust	37,700		718,751
	Highwoods Properties	53,900		2,749,439
	Hospitality Properties Trust	104,300		3,310,482
	Hudson Pacific Properties	59,400		2,065,932
	Independence Realty Trust	82,300		734,116
	Lexington Realty Trust	201,200		2,172,960
	Mack-Cali Realty	69,300		2,011,086
	Medical Properties Trust	157,100		1,932,330
	One Liberty Properties	51,900		1,303,728
	Parkway †	23,737		528,148
	Piedmont Office Realty Trust	58,900		1,231,599
	Preferred Apartment
	Communities	33,100		493,521
	PS Business Parks	36,400		4,241,328
	Select Income REIT	88,800		2,237,760
	Senior Housing Properties
	Trust	123,300		2,334,069
	STAG Industrial	123,900		2,957,493
	Summit Hotel Properties	162,100		2,598,463
				46,228,508
Telecommunication Services – 0.62%
	Inteliquent	7,959		182,420
	Iridium Communications †	178,100		1,709,760
	magicJack VocalTec (Israel) †	123,200		843,920
				2,736,100
Utilities – 4.80%
	AES	97,300		1,130,626
	Alliant Energy	114,732		4,347,195
	CenterPoint Energy	142,200		3,503,808
	IDACORP	56,000		4,510,800
	NorthWestern	69,542		3,954,854
	OGE Energy	107,200		3,585,840
				21,033,123
Total Common Stock
	(cost $350,705,568)			433,977,958
		Principal
		amount°
Short-Term Investments – 0.32%
Discount Note – 0.13%≠
	Federal Home Loan Bank
	0.366% 1/27/17	556,050		555,913
				555,913
Repurchase Agreements – 0.19%
	Bank of America Merrill Lynch
	0.41%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price $282,603
	(collateralized by U.S.
	government obligations
	2.00% 8/15/25;
	market value $288,242)	282,590		282,590
	Bank of Montreal
	0.30%, dated 12/30/16, to
	be repurchased on 1/3/17,
	repurchase price $329,699
	(collateralized by U.S.
	government obligations
	0.00%–4.375%
	5/15/18–11/15/44; market
	value $336,282)	329,688		329,688

(continues)      NQ-OPTSV [12/16] 2/17 (18644) 3

Schedule of investments

Optimum Small-Mid Cap Value Fund (Unaudited)

	Principal	Value
	amount°	(U.S. $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
BNP Paribas
0.48%, dated 12/30/16, to
be repurchased on 1/3/17,
repurchase price $225,734
(collateralized by U.S.
government obligations
2.125%
12/31/22; market value
$230,236)	225,722	$	225,722
			838,000
Total Short-Term
Investments
(cost $1,393,898)			1,393,913
Total Value of
Securities – 99.35%
(cost $352,099,466)			435,371,871
Receivables and Other
Assets Net of
Liabilities – 0.65%			2,841,386
Net Assets Applicable to
30,997,840 Shares
Outstanding – 100.00%		$	438,213,257

____________________

≠	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.
REIT – Real Estate Investment Trust

4 NQ-OPTSV [12/16] 2/17 (18644)

Notes

Optimum Small-Mid Cap Value Fund
December 31, 2016 (Unaudited)

1. Significant Accounting Policies

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

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

2. Investments

At Dec. 31, 2016, the cost of investments for federal income tax purposes has been estimated since final tax characteristics cannot be determined until fiscal year end. At Dec. 31, 2016, the cost and unrealized appreciation (depreciation) of investments for the Fund were as follows:

Cost of investments	$	352,099,466
Aggregate unrealized appreciation of investments	$	89,022,747
Aggregate unrealized depreciation of investments		(5,750,342	)
Net unrealized appreciation of investments	$	83,272,405

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

Level 1 –	Inputs are quoted prices in active markets for identical investments. (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 the Fund’s own assumptions used to determine the fair value of investments. (Examples: broker-quoted securities, fair valued securities)

(continues)      NQ-OPTSV [12/16] 2/17 (18644) 5

(Unaudited)

2. Investments (continued)

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

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2016:

Securities	Level 1		Level 2		Total
Common Stock	$	433,977,958	$	—	$	433,977,958
Short-Term Investments		—		1,393,913		1,393,913
Total Value of Securities	$	433,977,958	$	1,393,913	$	435,371,871

During the period ended Dec. 31, 2016, there were no transfers between Level 1 investments, Level 2 investments or Level 3 investments that had a significant impact to the Fund. This does not include transfers between Level 1 investments and Level 2 investments due to the Fund utilizing international fair value pricing during the period. In accordance with the fair valuation procedures described in Note 1, international fair value pricing of securities in the Fund occurs when market volatility exceeds an established rolling threshold. If the threshold is exceeded on a given date, then prices of international securities (those that traded on exchanges that close at a different time than the time that the Fund’s net asset value (NAV) is determined) are established using a separate pricing feed from a third-party vendor designed to establish a price for each such security as of the time that the Fund’s NAV is determined. Further, international fair value pricing uses other observable market-based inputs in place of the closing exchange price due to the events occurring after the close of the exchange or market on which the investment is principally traded, causing a change in classification between levels. The Fund’s policy is to recognize transfers between levels at the beginning of the reporting period.

A reconciliation of Level 3 investments is presented when the Fund has a significant amount of Level 3 investments at the beginning, interim, or end of the period in relation to net assets. During the period ended Dec. 31, 2016, there were no Level 3 investments.

3. Recent Accounting Pronouncements

On Oct. 13, 2016, the Securities and Exchange Commission amended existing rules intended to modernize reporting and disclosure of information. These amendments relate to Regulation S-X which sets forth the form and content of financial statements. At this time, management is evaluating the implications of adopting these amendments and their impact on the “Schedule of investments” and accompanying notes.

4. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2016 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

6 NQ-OPTSV [12/16] 2/17 (18644)

Item 2. Controls and Procedures.

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

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

Item 3. Exhibits.

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