N-Q 1 deoptimum3219621-nq.htm QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

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 <