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, 2017

Item 1. Schedule of Investments.

Schedule of investments

Optimum Fixed Income Fund
December 31, 2017 (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Asset-Backed Securities – 0.13%
	Navient Student Loan Trust
		Series 2016-5A A 144A
		2.802% (LIBOR01M +
		1.25%) 6/25/65 #●	167,423	$	170,981
	SLM Student Loan Trust
		Series 2003-11 A6 144A
		2.138% (LIBOR03M +
		0.55%) 12/15/25 #●	391,240		392,906
		Series 2008-9 A 2.867%
		(LIBOR03M + 1.50%)
		4/25/23 ●	1,940,839		1,986,000
		Series 2012-5 A2 1.628%
		(LIBOR01M + 0.30%)
		6/25/19 ●	31,309		31,313
Total Agency Asset-Backed
	Securities (cost $2,547,785)				2,581,200
Agency Collateralized Mortgage Obligations – 7.37%
	Fannie Mae Connecticut
		Avenue Securities
		Series 2016-C03 1M1
		3.552% (LIBOR01M +
		2.00%) 10/25/28 ●	69,890		71,003
		Series 2016-C04 1M1
		3.002% (LIBOR01M +
		1.45%) 1/25/29 ●	40,415		40,808
		Series 2017-C01 1M1
		2.852% (LIBOR01M +
		1.30%) 7/25/29 ●	30,753		31,068
		Series 2017-C04 2M2
		4.402% (LIBOR01M +
		2.85%) 11/25/29 ●	420,000		436,614
	Fannie Mae Grantor Trust
		Series 1999-T2 A1
		7.50% 1/19/39 ●	8,439		9,291
		Series 2002-T4 A3
		7.50% 12/25/41	29,923		33,530
		Series 2004-T1 1A2
		6.50% 1/25/44	9,575		10,830
	Fannie Mae Interest Strip
		Series 409 C3
		3.00% 5/25/27 ∑	689,940		59,903
		Series 419 C3
		3.00% 11/25/43 ∑	415,821		81,841
	Fannie Mae REMIC Trust
		Series 2004-W4 A5
		5.50% 6/25/34	415,175		425,928
		Series 2004-W11 1A2
		6.50% 5/25/44	49,748		56,473
	Fannie Mae REMICs
		Series 1996-46 ZA
		7.50% 11/25/26	5,750		6,449
		Series 1999-19 PH
		6.00% 5/25/29	103,979		114,219
		Series 2001-14 Z
		6.00% 5/25/31	6,236		6,765
		Series 2002-90 A1
		6.50% 6/25/42	8,445		9,654
		Series 2002-90 A2
		6.50% 11/25/42	27,878		31,526
		Series 2004-W15 1A1
		6.00% 8/25/44	43,947		48,852
		Series 2005-70 PA
		5.50% 8/25/35	56,673		63,035
		Series 2005-110 MB
		5.50% 9/25/35	42,897		44,454
		Series 2007-30 OE
		1.909% 4/25/37 Ω^	3,198,812		2,643,871
		Series 2008-15 SB
		5.048% (6.60% minus
		LIBOR01M, Cap 6.60%,
		Floor 0.00%) 8/25/36 ∑●	129,554		23,468
		Series 2008-24 ZA
		5.00% 4/25/38	12,222,838		13,182,949
		Series 2009-2 AS
		4.148% (5.70% minus
		LIBOR01M, Cap 5.70%,
		Floor 0.00%) 2/25/39 ∑●	874,142		93,190
		Series 2009-68 SA
		5.198% (6.75% minus
		LIBOR01M, Cap 6.75%,
		Floor 0.00%) 9/25/39 ∑●	255,048		41,499
		Series 2009-94 AC
		5.00% 11/25/39	159,700		171,957
		Series 2010-41 PN
		4.50% 4/25/40	475,000		502,273
		Series 2010-43 HJ
		5.50% 5/25/40	90,132		99,216
		Series 2010-96 DC
		4.00% 9/25/25	372,805		395,665
		Series 2010-123 FE
		2.032% (LIBOR01M +
		0.48%) 11/25/40 ●	1,993,004		2,005,764
		Series 2010-129 SM
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 11/25/40 ∑●	979,622		141,575
		Series 2011-118 DC
		4.00% 11/25/41	1,120,269		1,157,551

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 1

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	Fannie Mae REMICs
		Series 2012-98 MI
		3.00% 8/25/31 ∑	1,399,047	$	157,284
		Series 2012-99 AI
		3.50% 5/25/39 ∑	482,103		49,155
		Series 2012-122 SD
		4.548% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 11/25/42 ∑●	1,362,137		259,995
		Series 2012-115 MI
		3.50% 3/25/42 ∑	259,991		31,793
		Series 2012-120 WI
		3.00% 11/25/27 ∑	1,131,117		110,049
		Series 2012-132 AI
		3.00% 12/25/27 ∑	1,551,183		146,671
		Series 2012-137 AI
		3.00% 12/25/27 ∑	531,034		49,044
		Series 2012-139 NS
		5.148% (6.70% minus
		LIBOR01M, Cap 6.70%,
		Floor 0.00%) 12/25/42 ∑●	1,864,012		429,354
		Series 2012-150 DI
		3.00% 1/25/28 ∑	1,721,410		167,426
		Series 2013-2 CS
		4.598% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 2/25/43 ∑●	1,364,821		258,985
		Series 2013-7 EI
		3.00% 10/25/40 ∑	774,950		103,961
		Series 2013-26 ID
		3.00% 4/25/33 ∑	753,754		107,996
		Series 2013-38 AI
		3.00% 4/25/33 ∑	721,288		102,639
		Series 2013-41 HI
		3.00% 2/25/33 ∑	1,431,957		161,097
		Series 2013-43 IX
		4.00% 5/25/43 ∑	4,175,408		991,425
		Series 2013-44 DI
		3.00% 5/25/33 ∑	2,272,351		326,909
		Series 2013-45 PI
		3.00% 5/25/33 ∑	148,012		21,125
		Series 2013-55 AI
		3.00% 6/25/33 ∑	1,782,570		258,563
		Series 2013-59 PY
		2.50% 6/25/43	110,000		101,719
		Series 2013-69 IJ
		3.00% 7/25/33 ∑	334,796		46,958
		Series 2013-87 IW
		2.50% 6/25/28 ∑	4,122,272		323,202
		Series 2013-92 SA
		4.398% (5.95% minus
		LIBOR01M, Cap 5.95%,
		Floor 0.00%) 9/25/43 ∑●	2,123,740		417,591
		Series 2013-103 SK
		4.368% (5.92% minus
		LIBOR01M, Cap 5.92%,
		Floor 0.00%) 10/25/43 ∑●	1,781,284		391,465
		Series 2013-101 HS
		4.948% (6.50% minus
		LIBOR01M, Cap 6.50%,
		Floor 0.00%) 10/25/43 ∑●	666,924		158,984
		Series 2014-36 ZE
		3.00% 6/25/44	675,798		632,937
		Series 2014-68 BS
		4.598% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 11/25/44 ∑●	1,395,038		262,951
		Series 2014-90 SA
		4.598% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 1/25/45 ∑●	7,256,133		1,361,531
		Series 2015-27 SA
		4.898% (6.45% minus
		LIBOR01M, Cap 6.45%,
		Floor 0.00%) 5/25/45 ∑●	522,218		110,480
		Series 2015-40 GZ
		3.50% 5/25/45	438,889		431,228
		Series 2015-43 PZ
		3.50% 6/25/45	459,684		471,079
		Series 2015-44 Z
		3.00% 9/25/43	1,662,549		1,615,373
		Series 2015-89 AZ
		3.50% 12/25/45	157,027		154,092
		Series 2015-95 SH
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 1/25/46 ∑●	1,324,919		290,083
		Series 2016-6 AI
		3.50% 4/25/34 ∑	1,108,165		139,095
		Series 2016-33 DI
		3.50% 6/25/36 ∑	2,185,543		323,242
		Series 2016-30 CI
		3.00% 5/25/36 ∑	888,472		125,738
		Series 2016-36 SB
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 3/25/43 ∑●	711,904		111,331
		Series 2016-40 IO
		3.50% 7/25/36 ∑	294,171		45,695

2 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	Fannie Mae REMICs
		Series 2016-40 ZC
		3.00% 7/25/46	348,308	$	326,013
		Series 2016-50 IB
		3.00% 2/25/46 ∑	133,123		19,910
		Series 2016-51 LI
		3.00% 8/25/46 ∑	2,749,586		414,741
		Series 2016-55 SK
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 8/25/46 ∑●	1,108,577		237,084
		Series 2016-62 SA
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 9/25/46 ∑●	2,181,493		488,571
		Series 2016-64 CI
		3.50% 7/25/43 ∑	1,075,590		138,666
		Series 2016-74 GS
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 10/25/46 ∑●	1,468,426		349,698
		Series 2016-79 JS
		4.498% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 11/25/46 ∑●	1,109,582		232,084
		Series 2016-85 SA
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 11/25/46 ∑●	2,275,556		513,833
		Series 2016-99 DI
		3.50% 1/25/46 ∑	639,875		105,413
		Series 2016-105 SA
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 1/25/47 ∑●	1,438,728		312,434
		Series 2017-1 EI
		3.50% 9/25/35 ∑	470,947		73,932
		Series 2017-4 AI
		3.50% 5/25/41 ∑	1,133,301		143,537
		Series 2017-4 BI
		3.50% 5/25/41 ∑	651,831		97,483
		Series 2017-6 NI
		3.50% 3/25/46 ∑	131,696		21,431
		Series 2017-8 BZ
		3.00% 2/25/47	1,104,935		1,023,947
		Series 2017-8 SG
		4.448% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 2/25/47 ∑●	1,854,103		392,761
		Series 2017-11 EI
		3.00% 3/25/42 ∑	1,850,413		259,642
		Series 2017-12 JI
		3.50% 5/25/40 ∑	594,375		85,161
		Series 2017-16 SM
		4.498% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 3/25/47 ∑●	2,227,555		463,443
		Series 2017-16 WI
		3.00% 1/25/45 ∑	399,495		54,815
		Series 2017-16 YT
		3.00% 7/25/46	19,000		18,923
		Series 2017-21 ZD
		3.50% 4/25/47	393,172		391,398
		Series 2017-25 BL
		3.00% 4/25/47	157,000		149,575
		Series 2017-25 GS
		5.148% (6.70% minus
		LIBOR01M, Cap 6.70%,
		Floor 0.00%) 4/25/47 ∑●	141,073		21,968
		Series 2017-26 VZ
		3.00% 4/25/47	911,249		859,686
		Series 2017-39 CY
		3.50% 5/25/47	904,000		902,264
		Series 2017-40 GZ
		3.50% 5/25/47	338,803		344,600
		Series 2017-45 JZ
		3.00% 6/25/47	117,028		104,514
		Series 2017-45 ZK
		3.50% 6/25/47	250,046		248,913
		Series 2017-46 VG
		3.50% 4/25/38	201,000		205,267
		Series 2017-61 SB
		4.598% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 8/25/47 ∑●	3,011,100		660,488
		Series 2017-69 SG
		4.598% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 9/25/47 ∑●	1,502,761		316,369
		Series 2017-77 HZ
		3.50% 10/25/47	481,186		494,018
		Series 2017-95 FA
		1.592% (LIBOR01M +
		0.35%) 11/25/47 ●	942,055		942,166
		Series 2017-94 CZ
		3.50% 11/25/47	301,753		300,360
		Series 2017-96 EZ
		3.50% 12/25/47	535,558		531,900
	Freddie Mac REMICs
		Series 1730 Z
		7.00% 5/15/24	26,424		28,869

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 3

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac REMICs
		Series 2165 PE
		6.00% 6/15/29	81,701	$	90,049
		Series 2326 ZQ
		6.50% 6/15/31	45,691		50,932
		Series 3143 BC
		5.50% 2/15/36	1,929,822		2,102,656
		Series 3289 SA
		5.273% (6.75% minus
		LIBOR01M, Cap 6.75%,
		Floor 0.00%) 3/15/37 ∑●	950,451		163,895
		Series 3656 PM
		5.00% 4/15/40	592,100		644,209
		Series 4050 EI
		4.00% 2/15/39 ∑	1,155,888		128,990
		Series 4065 DE
		3.00% 6/15/32	120,000		121,116
		Series 4096 EI
		3.00% 8/15/27 ∑	1,517,403		143,716
		Series 4101 WI
		3.50% 8/15/32 ∑	618,153		95,620
		Series 4109 AI
		3.00% 7/15/31 ∑	2,613,046		299,095
		Series 4120 IK
		3.00% 10/15/32 ∑	2,149,033		293,841
		Series 4123 DI
		3.00% 10/15/27 ∑	3,419,509		307,142
		Series 4135 AI
		3.50% 11/15/42 ∑	1,065,706		219,703
		Series 4146 IA
		3.50% 12/15/32 ∑	1,098,777		173,282
		Series 4150 UI
		3.50% 8/15/32 ∑	1,819,139		196,156
		Series 4159 KS
		4.673% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 1/15/43 ∑●	1,012,253		219,748
		Series 4161 IM
		3.50% 2/15/43 ∑	332,965		73,773
		Series 4181 DI
		2.50% 3/15/33 ∑	712,714		89,142
		Series 4184 GS
		4.643% (6.12% minus
		LIBOR01M, Cap 6.12%,
		Floor 0.00%) 3/15/43 ∑●	1,176,119		250,945
		Series 4185 LI
		3.00% 3/15/33 ∑	563,172		80,650
		Series 4191 CI
		3.00% 4/15/33 ∑	236,103		33,938
		Series 4216 KI
		3.50% 6/15/28 ∑	1,392,945		143,066
		Series 4342 CI
		3.00% 11/15/33 ∑	417,263		51,488
		Series 4435 DY
		3.00% 2/15/35	1,305,000		1,305,151
		Series 4448 TS
		1.931% 5/15/40 ∑●	4,095,408		245,342
		Series 4453 DI
		3.50% 11/15/33 ∑	525,066		68,424
		Series 4464 DA
		2.50% 1/15/43	181,604		172,064
		Series 4494 SA
		4.703% (6.18% minus
		LIBOR01M, Cap 6.18%,
		Floor 0.00%) 7/15/45 ∑●	299,774		62,620
		Series 4504 IO
		3.50% 5/15/42 ∑	518,167		57,391
		Series 4527 CI
		3.50% 2/15/44 ∑	1,415,312		240,420
		Series 4543 HI
		3.00% 4/15/44 ∑	586,773		92,362
		Series 4581 LI
		3.00% 5/15/36 ∑	532,090		74,437
		Series 4592 WT
		5.50% 6/15/46	2,097,406		2,318,547
		Series 4594 SG
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 6/15/46 ∑●	3,237,890		738,707
		Series 4600 WI
		3.50% 5/15/36 ∑	950,976		161,519
		Series 4601 IN
		3.50% 7/15/46 ∑	5,371,498		1,058,476
		Series 4610 IB
		3.00% 6/15/41 ∑	3,356,153		388,250
		Series 4614 HB
		2.50% 9/15/46	605,000		558,303
		Series 4618 SA
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 9/15/46 ∑●	676,453		156,400
		Series 4623 LZ
		2.50% 10/15/46	531,256		465,363
		Series 4623 MW
		2.50% 10/15/46	610,000		570,254
		Series 4625 BI
		3.50% 6/15/46 ∑	2,108,615		437,635
		Series 4625 PZ
		3.00% 6/15/46	277,534		263,283

4 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	Freddie Mac REMICs
		Series 4631 GS
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 11/15/46 ∑●	2,309,652	$	502,123
		Series 4631 LJ
		3.00% 3/15/41	168,000		167,294
		Series 4636 NZ
		3.00% 12/15/46	682,135		653,336
		Series 4644 GI
		3.50% 5/15/40 ∑	820,751		114,685
		Series 4648 MZ
		3.00% 6/15/46	118,202		113,271
		Series 4648 SA
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 1/15/47 ∑●	1,593,457		340,778
		Series 4650 JE
		3.00% 7/15/46	112,000		108,079
		Series 4655 WI
		3.50% 8/15/43 ∑	639,131		105,451
		Series 4657 JZ
		3.50% 2/15/47	132,812		138,509
		Series 4657 NW
		3.00% 4/15/45	146,000		145,371
		Series 4657 PS
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 2/15/47 ∑●	1,640,590		344,378
		Series 4660 GI
		3.00% 8/15/43 ∑	478,641		77,956
		Series 4663 AI
		3.00% 3/15/42 ∑	1,141,083		146,352
		Series 4663 HZ
		3.50% 3/15/47	157,063		156,871
		Series 4664 ZC
		3.00% 9/15/45	115,568		112,301
		Series 4665 NI
		3.50% 7/15/41 ∑	3,396,953		409,725
		Series 4673 WI
		3.50% 9/15/43 ∑	822,591		112,845
		Series 4675 KS
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 4/15/47 ∑●	1,289,375		280,983
		Series 4676 KZ
		2.50% 7/15/45	340,624		301,629
		Series 4681 WI
		1.566% 8/15/33 ∑●	4,248,462		284,593
		Series 4690 WI
		3.50% 12/15/43 ∑	1,070,742		160,976
		Series 4693 EI
		3.50% 8/15/42 ∑	565,203		76,186
		Series 4700 WI
		3.50% 1/15/44 ∑	1,456,735		209,744
		Series 4703 CI
		3.50% 7/15/42 ∑	1,680,719		199,057
	Freddie Mac Strips
		Series 267 S5
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 8/15/42 ∑●	1,449,682		281,459
		Series 299 S1
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 1/15/43 ∑●	1,112,313		208,164
		Series 319 S2
		4.523% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 11/15/43 ∑●	443,650		94,165
		Series 326 S2
		4.473% (5.95% minus
		LIBOR01M, Cap 5.95%,
		Floor 0.00%) 3/15/44 ∑●	1,123,992		215,888
		Series 337 S1
		4.573% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 9/15/44 ∑●	980,402		194,100
		Series 350 S5
		1.747% 9/15/40 ∑●	2,040,710		104,090
	Freddie Mac Structured
		Agency Credit Risk Debt
		Notes
		Series 2016-DNA3 M1
		2.652% (LIBOR01M +
		1.10%) 12/25/28 ●	82,070		82,192
		Series 2017-DNA1 M2
		4.802% (LIBOR01M +
		3.25%) 7/25/29 ●	750,000		803,734
		Series 2017-DNA3 M2
		4.052% (LIBOR01M +
		2.50%) 3/25/30 ●	315,000		326,245
		Series 2017-HQA3 M2
		3.902% (LIBOR01M +
		2.35%) 4/25/30 ●	790,000		808,774
	Freddie Mac Structured Pass
		Through Certificates
		Series T-54 2A
		6.50% 2/25/43 ⧫	14,825		17,217
		Series T-58 2A
		6.50% 9/25/43 ⧫	7,526		8,590

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 5

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2008-65 SB
		4.499% (6.00% minus
		LIBOR01M, Cap 6.00%,
		Floor 0.00%) 8/20/38 ∑●	761,764	$	95,249
		Series 2009-2 SE
		4.319% (5.82% minus
		LIBOR01M, Cap 5.82%,
		Floor 0.00%) 1/20/39 ∑●	2,318,302		295,419
		Series 2010-113 KE
		4.50% 9/20/40	1,170,000		1,261,134
		Series 2011-H21 FT
		2.13% (H15T1Y + 0.70%)
		10/20/61 ●	9,634,568		9,719,597
		Series 2011-H23 FA
		1.943% (LIBOR01M +
		0.70%) 10/20/61 ●	6,339,996		6,373,549
		Series 2012-136 MX
		2.00% 11/20/42	240,000		211,862
		Series 2012-H08 FB
		1.843% (LIBOR01M +
		0.60%) 3/20/62 ●	1,048,601		1,051,406
		Series 2012-H18 NA
		1.763% (LIBOR01M +
		0.52%) 8/20/62 ●	603,142		603,405
		Series 2012-H29 SA
		1.758% (LIBOR01M +
		0.515%) 10/20/62 ●	4,849,281		4,853,517
		Series 2013-113 AZ
		3.00% 8/20/43	1,713,659		1,665,614
		Series 2013-113 LY
		3.00% 5/20/43	173,000		173,343
		Series 2015-64 GZ
		2.00% 5/20/45	644,423		540,035
		Series 2015-74 CI
		3.00% 10/16/39 ∑	1,171,481		152,972
		Series 2015-133 AL
		3.00% 5/20/45	1,725,000		1,745,216
		Series 2015-142 AI
		4.00% 2/20/44 ∑	359,046		45,724
		Series 2015-H10 FA
		1.843% (LIBOR01M +
		0.60%) 4/20/65 ●	14,638,347		14,638,360
		Series 2015-H11 FC
		1.793% (LIBOR01M +
		0.55%) 5/20/65 ●	1,842,754		1,838,688
		Series 2015-H12 FB
		1.843% (LIBOR01M +
		0.60%) 5/20/65 ●	7,488,584		7,488,439
		Series 2015-H20 FB
		1.843% (LIBOR01M +
		0.60%) 8/20/65 ●	1,922,290		1,922,333
		Series 2015-H30 FD
		1.843% (LIBOR01M +
		0.60%) 10/20/65 ●	158,926		159,422
		Series 2016-89 QS
		4.549% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 7/20/46 ∑●	1,029,868		240,121
		Series 2016-108 SK
		4.549% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 8/20/46 ∑●	1,708,267		369,172
		Series 2016-111 PB
		2.50% 8/20/46	579,000		530,766
		Series 2016-115 SA
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 8/20/46 ∑●	3,028,858		660,792
		Series 2016-116 GI
		3.50% 11/20/44 ∑	2,097,727		366,165
		Series 2016-118 DI
		3.50% 3/20/43 ∑	2,367,038		363,775
		Series 2016-118 ES
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 9/20/46 ∑●	1,057,350		250,586
		Series 2016-120 AS
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 9/20/46 ∑●	1,810,665		416,370
		Series 2016-120 NS
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 9/20/46 ∑●	2,447,266		564,481
		Series 2016-121 JS
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 9/20/46 ∑●	1,787,244		415,797
		Series 2016-126 NS
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 9/20/46 ∑●	1,204,252		281,416
		Series 2016-134 MW
		3.00% 10/20/46	98,000		99,785
		Series 2016-147 ST
		4.549% (6.05% minus
		LIBOR01M, Cap 6.05%,
		Floor 0.00%) 10/20/46 ∑●	1,146,966		254,416
		Series 2016-149 GI
		4.00% 11/20/46 ∑	1,086,286		244,741
		Series 2016-156 PB
		2.00% 11/20/46	362,000		299,293

6 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2016-160 GI
		3.50% 11/20/46 ∑	1,443,317	$	337,259
		Series 2016-160 GS
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 11/20/46 ∑●	3,319,664		755,232
		Series 2016-160 VZ
		2.50% 11/20/46	178,772		154,070
		Series 2016-163 MI
		3.50% 11/20/46 ∑	1,113,832		128,205
		Series 2016-163 PI
		3.50% 5/20/43 ∑	3,004,422		490,212
		Series 2016-163 XI
		3.00% 10/20/46 ∑	1,659,995		225,089
		Series 2016-171 IP
		3.00% 3/20/46 ∑	1,491,834		233,386
		Series 2016-H06 FD
		2.163% (LIBOR01M +
		0.92%) 7/20/65 ●	1,908,855		1,935,826
		Series 2017-4 BW
		3.00% 1/20/47	106,000		105,248
		Series 2017-10 IB
		4.00% 1/20/47 ∑	1,360,918		286,478
		Series 2017-10 KZ
		3.00% 1/20/47	123,342		115,556
		Series 2017-18 QI
		4.00% 3/16/41 ∑	1,145,756		203,814
		Series 2017-18 QS
		4.609% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 2/16/47 ∑●	1,373,976		293,245
		Series 2017-25 CZ
		3.50% 2/20/47	466,387		474,690
		Series 2017-26 SA
		4.599% (6.10% minus
		LIBOR01M, Cap 6.10%,
		Floor 0.00%) 2/20/47 ∑●	1,387,929		283,319
		Series 2017-34 DY
		3.50% 3/20/47	230,000		228,001
		Series 2017-56 JZ
		3.00% 4/20/47	275,447		264,318
		Series 2017-56 QS
		4.649% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 4/20/47 ∑●	1,839,596		370,946
		Series 2017-68 SB
		4.649% (6.15% minus
		LIBOR01M, Cap 6.15%,
		Floor 0.00%) 5/20/47 ∑●	2,802,870		509,145
		Series 2017-80 AS
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 5/20/47 ∑●	3,569,088		747,623
		Series 2017-91 SM
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 6/20/47 ∑●	98,936		21,567
		Series 2017-101 AI
		4.00% 7/20/47 ∑	862,892		165,258
		Series 2017-101 KS
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 7/20/47 ∑●	1,414,552		297,400
		Series 2017-101 SK
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 7/20/47 ∑●	3,576,443		740,739
		Series 2017-101 TI
		4.00% 3/20/44 ∑	1,348,088		211,054
		Series 2017-107 QZ
		3.00% 8/20/45	219,726		209,028
		Series 2017-107 T
		3.00% 1/20/47	614,000		615,004
		Series 2017-113 LB
		3.00% 7/20/47	595,000		571,522
		Series 2017-114 IK
		4.00% 10/20/44 ∑	1,932,534		403,113
		Series 2017-117 SD
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 8/20/47 ∑●	99,079		21,551
		Series 2017-120 QS
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 8/20/47 ∑●	1,534,766		349,141
		Series 2017-130 YJ
		2.50% 8/20/47	270,000		250,963
		Series 2017-134 ES
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 9/20/47 ∑●	851,399		173,936
		Series 2017-137 CZ
		3.00% 9/20/47	1,300,707		1,217,299
		Series 2017-141 JS
		4.699% (6.20% minus
		LIBOR01M, Cap 6.20%,
		Floor 0.00%) 9/20/47 ∑●	1,319,952		296,622
		Series 2017-156 LP
		2.50% 10/20/47	159,000		141,571

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 7

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Collateralized Mortgage Obligations (continued)
	GNMA
		Series 2017-163 ZK
		3.50% 11/20/47	3,312,226	$	3,290,894
Total Agency Collateralized
	Mortgage Obligations
	(cost $149,240,292)				146,691,838
Agency Commercial Mortgage-Backed Securities – 0.61%
	Freddie Mac Multifamily
		Structured Pass Through
		Certificates
		Series KS03 A4 3.161%
		5/25/25 ⧫●	920,000		939,220
	FREMF Mortgage Trust
		Series 2011-K10 B 144A
		4.622% 11/25/49 #●	550,000		572,028
		Series 2011-K12 B 144A
		4.344% 1/25/46 #●	685,000		716,809
		Series 2011-K15 B 144A
		4.948% 8/25/44 #●	75,000		79,843
		Series 2011-K704 B 144A
		4.536% 10/25/30 #●	650,000		656,538
		Series 2012-K22 B 144A
		3.686% 8/25/45 #●	665,000		679,438
		Series 2012-K23 B 144A
		3.655% 10/25/45 #●	1,500,000		1,531,281
		Series 2012-K708 B 144A
		3.75% 2/25/45 #●	885,000		894,916
		Series 2013-K32 B 144A
		3.537% 10/25/46 #●	510,000		522,493
		Series 2013-K33 B 144A
		3.501% 8/25/46 #●	505,000		508,803
		Series 2013-K712 B 144A
		3.362% 5/25/45 #●	470,000		474,117
		Series 2013-K713 B 144A
		3.165% 4/25/46 #●	285,000		286,512
		Series 2013-K713 C 144A
		3.165% 4/25/46 #●	945,000		941,486
		Series 2014-K41 B 144A
		3.832% 11/25/47 #●	1,245,000		1,272,506
		Series 2014-K716 B 144A
		3.95% 8/25/47 #●	500,000		513,274
		Series 2015-K49 B 144A
		3.721% 10/25/48 #●	840,000		848,328
		Series 2017-K71 B 144A
		3.753% 11/25/50 #●	470,000		463,398
		Series 2017-K729 B 144A
		3.675% 11/25/49 #●	310,000		306,741
Total Agency Commercial
	Mortgage-Backed Securities
	(cost $12,252,126)				12,207,731
Agency Mortgage-Backed Securities – 14.46%
	Fannie Mae
		5.50% 3/1/37	10,482		10,942
		5.50% 7/1/37	32,542		33,725
	Fannie Mae ARM
		2.903% (LIBOR12M +
		1.60%) 7/1/45 ●	227,323		229,750
		3.047% (LIBOR12M +
		1.559%) 4/1/44 ●	1,014,518		1,031,402
		3.17% (LIBOR12M +
		1.42%) 7/1/37 ●	49,527		51,758
		3.45% (LIBOR12M +
		1.70%) 8/1/37 ●	34,927		34,685
		3.58% (LIBOR12M +
		1.83%) 8/1/35 ●	10,464		11,015
	Fannie Mae FHAVA
		4.50% 7/1/40	487,827		520,868
	Fannie Mae S.F. 15 yr
		4.50% 8/1/18	5,437		5,527
		4.50% 7/1/20	38,809		39,449
	Fannie Mae S.F. 30 yr
		3.00% 4/1/43	1,337,979		1,345,457
		4.00% 10/1/40	24,085		25,311
		4.00% 11/1/40	135,073		142,000
		4.50% 5/1/35	84,167		90,041
		4.50% 8/1/35	160,344		171,328
		4.50% 9/1/35	151,932		162,346
		4.50% 5/1/39	582,039		623,088
		4.50% 11/1/39	410,369		444,958
		4.50% 6/1/40	456,857		493,687
		4.50% 8/1/40	127,492		137,199
		4.50% 4/1/41	72,178		77,355
		4.50% 10/1/43	608,098		656,095
		4.50% 10/1/44	339,991		366,262
		4.50% 3/1/46	745,927		799,927
		4.50% 5/1/46	1,757,185		1,889,229
		4.50% 7/1/46	1,183,948		1,267,346
		5.00% 3/1/34	2,479		2,686
		5.00% 4/1/34	15,475		16,812
		5.00% 8/1/34	23,867		25,863
		5.00% 4/1/35	7,248		7,910
		5.00% 12/1/37	3,002		3,232
		5.00% 3/1/38	139,226		149,974
		5.00% 6/1/38	7,085		7,620
		5.00% 2/1/39	4,191		4,500
		5.00% 5/1/40	96,822		104,510
		5.00% 6/1/44	1,114,718		1,221,704
		5.50% 12/1/33	14,972		16,483
		5.50% 2/1/35	352,057		393,264
		5.50% 3/1/38	95,663		105,491
		5.50% 6/1/39	306,208		338,277

8 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Agency Mortgage-Backed Securities (continued)
	Fannie Mae S.F. 30 yr
		5.50% 9/1/41	500,166	$	560,312
		5.50% 5/1/44	13,569,084		15,064,896
		6.00% 9/1/36	158,334		181,130
		6.00% 12/1/36	22,125		25,003
		6.00% 6/1/37	12,188		13,794
		6.00% 7/1/37	8,523		9,546
		6.00% 8/1/38	72,020		80,470
		6.00% 9/1/38	444,531		499,398
		6.00% 10/1/38	111,212		125,366
		6.00% 11/1/38	52,257		59,112
		6.00% 12/1/38	143,083		161,650
		6.00% 10/1/39	1,075,211		1,220,632
		6.00% 11/1/40	35,549		40,344
		6.00% 5/1/41	227,248		256,382
		6.00% 7/1/41	2,999,940		3,389,164
		6.00% 7/1/41	374,020		424,315
		6.50% 11/1/33	3,952		4,380
		6.50% 2/1/36	40,447		45,221
		6.50% 3/1/36	59,627		66,094
		6.50% 6/1/36	154,442		174,238
		6.50% 2/1/38	27,271		30,272
		6.50% 11/1/38	8,105		9,208
		6.50% 3/1/40	1,168,050		1,322,674
		6.50% 5/1/40	213,369		238,047
		7.50% 3/1/32	304		342
		7.50% 4/1/32	1,455		1,632
	Fannie Mae S.F. 30 yr TBA
		3.00% 2/1/48	48,600,000		48,543,274
		3.50% 2/1/48	78,800,000		80,821,961
		3.50% 3/1/48	5,000,000		5,120,093
		4.00% 1/1/48	76,000,000		79,518,800
		4.00% 2/1/48	2,100,000		2,194,277
		4.50% 1/1/48	6,100,000		6,489,790
		4.50% 2/1/48	2,836,000		3,013,675
	Freddie Mac ARM
		2.559% (LIBOR12M +
		1.63%) 10/1/46 ●	627,222		626,982
		2.919% (LIBOR12M +
		1.63%) 10/1/45 ●	470,122		476,483
		3.933% (LIBOR12M +
		2.18%) 5/1/37 ●	209,757		223,128
		5.433% (LIBOR12M +
		1.625%) 2/1/38 ●	32,964		34,516
	Freddie Mac S.F. 20 yr
		5.50% 10/1/23	28,222		30,831
		5.50% 8/1/24	10,902		11,912
	Freddie Mac S.F. 30 yr
		4.50% 4/1/39	68,695		73,699
		4.50% 7/1/42	650,735		700,283
		4.50% 12/1/43	150,798		161,797
		4.50% 8/1/44	885,542		946,010
		5.00% 5/1/41	455,202		497,056
		5.00% 12/1/41	414,663		453,904
		5.00% 4/1/44	483,551		527,654
		5.50% 3/1/34	27,073		29,991
		5.50% 12/1/34	24,176		26,854
		5.50% 12/1/35	23,562		26,236
		5.50% 11/1/36	30,366		33,691
		5.50% 12/1/36	6,396		7,081
		5.50% 4/1/38	126,972		140,320
		5.50% 6/1/38	18,625		20,562
		5.50% 1/1/39	129,671		143,374
		5.50% 6/1/39	160,848		177,794
		5.50% 3/1/40	73,388		81,161
		5.50% 8/1/40	280,668		310,148
		5.50% 1/1/41	81,600		90,232
		5.50% 6/1/41	1,493,123		1,650,351
		6.00% 2/1/36	195,937		220,494
		6.00% 3/1/36	187,567		212,303
		6.00% 9/1/37	76,137		85,375
		6.00% 1/1/38	28,734		32,203
		6.00% 6/1/38	79,744		89,942
		6.00% 8/1/38	129,158		146,179
		6.00% 5/1/40	217,411		245,322
		6.00% 7/1/40	478,447		539,437
		6.50% 11/1/33	26,074		28,910
		6.50% 1/1/35	95,762		110,700
		6.50% 8/1/38	13,494		14,947
		6.50% 4/1/39	126,254		141,066
		7.00% 1/1/38	21,739		24,152
	Freddie Mac S.F. 30 yr TBA
		3.50% 2/1/48	6,000,000		6,154,556
	GNMA I S.F. 30 yr
		5.50% 2/15/41	262,996		289,405
		7.00% 12/15/34	146,917		170,331
	GNMA II S.F. 30 yr
		5.00% 9/20/46	83,883		90,379
		5.50% 5/20/37	211,207		232,410
		5.50% 4/20/40	159,783		172,643
		6.00% 4/20/34	4,778		5,214
		6.00% 2/20/39	201,546		222,745
		6.00% 10/20/39	355,751		393,174
		6.00% 2/20/40	796,195		883,611
		6.00% 4/20/46	244,904		271,695
		6.50% 10/20/39	310,351		344,766

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 9

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Agency Mortgage-Backed Securities (continued)
	GNMA II S.F. 30 yr TBA
		4.00% 1/20/48	6,000,000	$	6,258,000
Total Agency Mortgage-Backed
	Securities (cost $287,225,379)				287,646,577
Agency Obligation – 0.12%
	Federal Home Loan Mortgage
		2.25% 11/24/20	2,300,000		2,304,071
Total Agency Obligation
	(cost $2,305,419)				2,304,071
Collateralized Debt Obligations – 4.68%
	Allegro CLO VI
		Series 2017-2A A 144A
		0.00% (1.13% minus
		LIBOR03M, Cap 1.13%,
		Floor 1.13%) 1/16/30 #●	400,000		400,000
	AMMC CLO 16
		Series 2015-16A AR 144A
		2.619% (LIBOR03M +
		1.26%) 4/14/29 #●	145,000		146,203
	AMMC CLO 21
		Series 2017-21A A 144A
		2.637% (LIBOR03M +
		1.25%) 11/2/30 #●	2,400,000		2,412,000
	AMMC CLO XII
		Series 2013-12A AR 144A
		2.61% (LIBOR03M +
		1.20%) 11/10/30 #●	2,000,000		2,011,200
	AMMC CLO XIII
		Series 2013-13A A1LR
		144A 2.625% (LIBOR03M
		+ 1.26%) 7/24/29 #●	1,500,000		1,515,960
	Apex Credit CLO
		Series 2015-2A AX 144A
		2.803% (LIBOR03M +
		1.45%) 10/19/26 #●	120,000		120,319
		Series 2017-1A A1 144A
		2.835% (LIBOR03M +
		1.47%) 4/24/29 #●	1,275,000		1,280,998
	Arbor Realty CLO
		Series 2017-FL3 A 144A
		2.233% (LIBOR01M +
		0.99%) 12/15/27 #●	250,000		250,001
	Atlas Senior Loan Fund VI
		Series 2014-6A AR 144A
		2.609% (LIBOR03M +
		1.25%) 10/15/26 #●	2,500,000		2,514,550
	Atrium XII
		Series 12A AR 144A
		2.203% (LIBOR03M +
		0.83%) 4/22/27 #●	2,500,000		2,498,740
	Atrium XIII
		Series 13A A1 144A
		2.621% (LIBOR03M +
		1.18%) 11/21/30 #●	250,000		251,450
	Avery Point VI CLO
		Series 2015-6A A 144A
		2.841% (LIBOR03M +
		1.45%) 8/5/27 #●	250,000		250,596
	Benefit Street Partners CLO IV
		Series 2014-IVA A1R 144A
		2.853% (LIBOR03M +
		1.49%) 1/20/29 #●	2,400,000		2,436,586
	Blue Hill CLO
		Series 2013-1A AR 144A
		2.539% (LIBOR03M +
		1.18%) 1/15/26 #●	1,500,000		1,508,429
	BlueMountain CLO
		Series 2015-1A A1R 144A
		2.689% (LIBOR03M +
		1.33%) 4/13/27 #●	400,000		399,896
		Series 2015-2A A1 144A
		2.784% (LIBOR03M +
		1.43%) 7/18/27 #●	710,000		712,976
	Carlyle Global Market
		Strategies CLO
		Series 2014-3A A1AR
		144A 2.524% (LIBOR03M
		+ 1.15%) 7/27/26 #●	1,900,000		1,899,485
		Series 2014-5A A1R 144A
		2.499% (LIBOR03M +
		1.14%) 10/16/25 #●	400,000		401,239
	Catamaran CLO 2013-1
		Series 2013-1A AR 144A
		2.363% (LIBOR03M +
		0.85%) 1/27/28 #●	3,500,000		3,500,000
	Cedar Funding V CLO
		Series 2016-5A A1 144A
		2.963% (LIBOR03M +
		1.61%) 7/17/28 #●	530,000		534,937
	Cedar Funding VI CLO
		Series 2016-6A A1 144A
		2.833% (LIBOR03M +
		1.47%) 10/20/28 #●	1,230,000		1,245,954
	CIFC Funding
		Series 2015-2A AR 144A
		2.422% (0.78% minus
		LIBOR03M, Cap 0.78%,
		Floor 0.78%) 4/15/27 #●	2,050,000		2,050,000
	CVP CLO 2017-2
		Series 2017-2A A 144A
		3.116% (1.19% minus
		LIBOR03M, Cap 1.19%,
		Floor 1.19%) 1/20/31 #●	400,000		400,000

10 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal		Value
			amount°		(US $)
Collateralized Debt Obligations (continued)
	Emerson Park CLO
		Series 2013-1A A1AR
		144A 2.339% (LIBOR03M
		+ 0.98%) 7/15/25 #●		262,397	$	263,041
	Figueroa CLO
		Series 2013-2A A1R 144A
		2.875% (LIBOR03M +
		1.25%) 6/20/27 #●		400,000		401,513
	Flagship CLO VIII
		Series 2014-8A AR 144A
		2.609% (LIBOR03M +
		1.25%) 1/16/26 #●		2,300,000		2,299,172
	Flatiron CLO 2014-1
		Series 2014-1A A1R 144A
		2.533% (LIBOR03M +
		1.18%) 7/17/26 #●		1,250,000		1,259,130
	Fortress Credit BSL II
		Series 2013-2A A1FR 144A
		2.507% (LIBOR03M +
		1.15%) 10/19/25 #●		2,000,000		2,004,186
	Galaxy XVI CLO
		Series 2013-16A A2R
		144A 2.549% (LIBOR03M
		+ 1.13%) 11/16/25 #●		1,500,000		1,505,541
	GoldenTree Loan
		Management US CLO 1
		Series 2017-1A A 144A
		2.583% (LIBOR03M +
		1.22%) 4/20/29 #●		1,190,000		1,199,018
	Halcyon Loan Advisors
		Funding
		Series 2012-1A A1 144A
		2.916% (LIBOR03M +
		1.50%) 8/15/23 #●		158,850		158,983
	Hull Street CLO
		Series 2014-1A AR 144A
		2.574% (LIBOR03M +
		1.22%) 10/18/26 #●		500,000		502,703
	Jamestown CLO IV
		Series 2014-4A A1CR
		144A 2.049% (LIBOR03M
		+ 0.69%) 7/15/26 #●		1,500,000		1,500,301
	Jamestown CLO VII
		Series 2015-7A A1R 144A
		2.197% (LIBOR03M +
		0.83%) 7/25/27 #●		700,000		699,648
	JMP Credit Advisors CLO III
		Series 2014-1A AR 144A
		2.593% (LIBOR03M +
		1.24%) 10/17/25 #●		2,600,000		2,622,225
	KKR CLO 20
		Series 20 A 144A 2.846%
		(LIBOR03M + 1.13%)
		10/16/30 #●		300,000		300,000
	KVK CLO
		Series 2013-2A AR 144A
		2.509% (LIBOR03M +
		1.15%) 1/15/26 #●		2,000,000		1,999,208
		Series 2015-1A AR 144A
		2.686% (LIBOR03M +
		1.25%) 5/20/27 #●		1,750,000		1,759,249
	Limerock CLO II
		Series 2014-2A AR 144A
		2.654% (LIBOR03M +
		1.30%) 4/18/26 #●		2,000,000		2,012,500
	Lockwood Grove CLO
		Series 2014-1A A1R 144A
		2.837% (LIBOR03M +
		1.47%) 4/25/25 #●		500,000		499,981
	Madison Park Funding XIII
		Series 2014-13A AR 144A
		2.467% (LIBOR03M +
		1.11%) 1/19/25 #●		1,500,000		1,499,509
	Malin CLO
		Series 2007-1A A1 144A
		0.01% (0.195% minus
		EUR003M, Cap 0.195%,
		Floor 0.00%) 5/7/23 #●	EUR	32,903		39,452
	Marathon CLO V
		Series 2013-5A A1R 144A
		2.311% (LIBOR03M +
		0.87%) 11/21/27 #●		1,100,000		1,099,440
	MP CLO VI
		Series 2014-2A AR 144A
		2.559% (LIBOR03M +
		1.20%) 1/15/27 #●		2,000,000		2,012,218
	MP CLO VII
		Series 2015-1A A1R 144A
		2.37% (LIBOR03M +
		0.84%) 4/18/27 #●		2,500,000		2,500,000
	Nelder Grove CLO
		Series 2014-1A A1R 144A
		2.768% (LIBOR03M +
		1.30%) 8/28/26 #●		1,500,000		1,500,282
	Northwoods Capital XV
		Series 2017-15A A 144A
		2.925% (LIBOR03M +
		1.30%) 6/20/29 #●		3,000,000		3,019,341
	Oak Hill Credit Partners X
		Series 2014-10A AR 144A
		2.493% (LIBOR03M +
		1.13%) 7/20/26 #●		1,000,000		1,004,954

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 11

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Collateralized Debt Obligations (continued)
	Oaktree CLO
		Series 2014-1A A1R 144A
		2.703% (LIBOR03M +
		1.29%) 5/13/29 #●	250,000	$	252,589
	OCP CLO
		Series 2015-9A A1R 144A
		2.159% (LIBOR03M +
		0.80%) 7/15/27 #●	2,100,000		2,100,743
		Series 2015-10A A1R
		144A 2.191% (LIBOR03M
		+ 0.82%) 10/26/27 #●	3,200,000		3,205,978
		Series 2017-13A A1A
		144A 2.561% (LIBOR03M
		+ 1.26%) 7/15/30 #●	1,000,000		1,005,871
	Octagon Investment Partners
		XIX
		Series 2014-1A AR 144A
		2.459% (LIBOR03M +
		1.10%) 4/15/26 #●	1,000,000		1,003,299
	OFSI Fund VII
		Series 2014-7A AR 144A
		2.254% (LIBOR03M +
		0.90%) 10/18/26 #●	2,100,000		2,110,998
	OZLM IX
		Series 2014-9A A1R 144A
		2.583% (LIBOR03M +
		1.22%) 1/20/27 #●	1,800,000		1,809,187
	Saranac CLO II
		Series 2014-2A A1AR
		144A 2.666% (LIBOR03M
		+ 1.23%) 11/20/29 #●	250,000		249,872
	Sound Point CLO III
		Series 2013-2A A1R 144A
		2.349% (LIBOR03M +
		0.99%) 7/15/25 #●	271,530		272,099
	Sound Point CLO VIII
		Series 2015-1A AR 144A
		2.219% (LIBOR03M +
		0.86%) 4/15/27 #●	3,200,000		3,198,400
	Staniford Street CLO
		Series 2014-1A AR 144A
		2.768% (LIBOR03M +
		1.18%) 6/15/25 #●	1,500,000		1,505,775
	Steele Creek CLO
		Series 2017-1A A 144A
		2.884% (LIBOR03M +
		1.25%) 1/15/30 #●	250,000		249,869
	TIAA CLO II
		Series 2017-1A A 144A
		2.643% (LIBOR03M +
		1.28%) 4/20/29 #●	1,040,000		1,045,954
	TICP CLO IX
		Series 2017-9A A 144A
		2.871% (1.14% minus
		LIBOR03M, Cap 1.14%,
		Floor 0.00%) 1/20/31 #●	400,000		400,000
	Venture CDO
		Series 2016-25A A1 144A
		2.853% (LIBOR03M +
		1.49%) 4/20/29 #●	490,000		493,796
	Venture XVII CLO
		Series 2014-17A AR 144A
		2.439% (LIBOR03M +
		1.08%) 7/15/26 #●	400,000		399,860
	Venture XX CLO
		Series 2015-20A AR 144A
		2.179% (LIBOR03M +
		0.82%) 4/16/27 #●	2,000,000		2,000,000
	Venture XXIV CLO
		Series 2016-24A A1D
		144A 2.783% (LIBOR03M
		+ 1.42%) 10/20/28 #●	1,115,000		1,119,520
	Venture XXVIII CLO
		Series 2017-28A A2 144A
		2.716% (LIBOR03M +
		1.11%) 7/20/30 #●	2,100,000		2,106,640
	Voya CLO
		Series 2014-3A A1R 144A
		2.236% (LIBOR03M +
		0.72%) 7/25/26 #●	1,100,000		1,099,450
	WhiteHorse IX
		Series 2014-9A AR 144A
		2.513% (LIBOR03M +
		1.16%) 7/17/26 #●	400,000		401,879
	WhiteHorse VI
		Series 2012-1A A1R 144A
		2.581% (LIBOR03M +
		1.20%) 2/3/25 #●	2,111,755		2,110,678
	Z Capital Credit Partners CLO
		Series 2015-1A A1R 144A
		2.672% (0.95% minus
		LIBOR03M, Cap 0.95%,
		Floor 0.95%) 7/16/27 #●	2,600,000		2,600,000
Total Collateralized Debt
	Obligations
	(cost $92,802,567)				93,145,571
Convertible Bonds – 1.34%
	Aerojet Rocketdyne Holdings
		2.25% exercise price
		$26.00, maturity date
		12/15/23	99,000		136,806

12 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal	Value
		amount°	(US $)
Convertible Bonds (continued)
	Alaska Communications
	Systems Group 6.25%
	exercise price $10.28,
	maturity date 5/1/18	216,000	$	220,860
	Ares Capital 144A 3.75%
	exercise price $19.39,
	maturity date 2/1/22 #	176,000		181,390
	BioMarin Pharmaceutical
	1.50% exercise price
	$94.15, maturity date
	10/15/20	595,000		707,678
	Blackhawk Network Holdings
	1.50% exercise price
	$49.83, maturity date
	1/15/22	928,000		947,140
	Blackstone Mortgage Trust
	4.375% exercise price
	$35.67, maturity date
	5/5/22	355,000		361,878
	5.25% exercise price
	$27.67, maturity date
	12/1/18	919,000		1,080,974
	Brookdale Senior Living
	2.75% exercise price
	$29.33, maturity date
	6/15/18	862,000		862,539
	Cardtronics 1.00% exercise
	price $52.35, maturity date
	12/1/20	243,000		216,726
	Cemex 3.72% exercise price
	$11.01, maturity date
	3/15/20	627,000		655,215
	Chart Industries 144A 1.00%
	exercise price $58.73,
	maturity date 11/15/24 #	510,000		535,819
	Ciena 3.75% exercise price
	$20.17, maturity date
	10/15/18	221,000		257,465
	DISH Network
	144A 2.375% exercise
	price $82.22, maturity date
	3/15/24 #	396,000		381,397
	3.375% exercise price
	$65.18, maturity date
	8/15/26	652,000		711,088
	GAIN Capital Holdings 144A
	5.00% exercise price
	$8.20, maturity date
	8/15/22 #	684,000		933,660
	Helix Energy Solutions Group
	4.25% exercise price
	$13.89, maturity date
	5/1/22	651,000		650,186
	Hologic 2.00% exercise price
	$31.18, maturity date
	3/1/42 ϕ	569,000		785,576
	Huron Consulting Group
	1.25% exercise price
	$79.89, maturity date
	10/1/19	237,000		221,743
	IAC FinanceCo. 144A 0.875%
	exercise price $152.18,
	maturity date 10/1/22 #	510,000		539,963
	Infinera 1.75% exercise price
	$12.58, maturity date
	6/1/18	353,000		349,911
	Insulet
	1.25% exercise price
	$58.37, maturity date
	9/15/21	595,000		778,706
	144A 1.375% exercise
	price $93.18, maturity date
	11/15/24 #	275,000		279,297
	Kaman 144A 3.25% exercise
	price $65.26, maturity date
	5/1/24 #	758,000		846,591
	Knowles 3.25% exercise price
	$18.43, maturity date
	11/1/21	441,000		491,164
	Liberty Interactive 144A
	1.75% exercise price
	$341.10, maturity date
	9/30/46 #	755,000		875,328
	Liberty Media 2.25% exercise
	price $104.55, maturity
	date 9/30/46	103,000		107,764
	Medicines 2.75% exercise
	price $48.97, maturity date
	7/15/23	784,000		720,790
	Microchip Technology 144A
	1.625% exercise price
	$99.28, maturity date
	2/15/27 #	430,000		506,056
	Neurocrine Biosciences 144A
	2.25% exercise price
	$75.92, maturity date
	5/15/24 #	636,000		813,683
	New Mountain Finance
	5.00% exercise price
	$15.80, maturity date
	6/15/19	331,000		340,723
	Novellus Systems 2.625%
	exercise price $33.45,
	maturity date 5/15/41	96,000		528,720

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 13

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal		Value
		amount°		(US $)
Convertible Bonds (continued)
	NXP Semiconductors 1.00%
	exercise price $102.84,
	maturity date 12/1/19		371,000	$	459,344
	ON Semiconductor 1.00%
	exercise price $18.50,
	maturity date 12/1/20		295,000		377,969
	Pacira Pharmaceuticals 144A
	2.375% exercise price
	$66.89, maturity date
	4/1/22 #		894,000		938,700
	PDC Energy 1.125% exercise
	price $85.39, maturity date
	9/15/21		833,000		814,778
	Priceline Group 0.35%
	exercise price $1,315.10,
	maturity date 6/15/20		460,000		635,375
	PROS Holdings 2.00%
	exercise price $33.79,
	maturity date 12/1/19		661,000		695,289
	Quotient Technology 144A
	1.75% exercise price
	$17.36, maturity date
	12/1/22 #		304,000		297,540
	RPM International 2.25%
	exercise price $52.36,
	maturity date 12/15/20		235,000		272,453
	Sarepta Therapeutics 144A
	1.50% exercise price
	$73.42, maturity date
	11/15/24 #		87,000		93,199
	SolarCity 1.625% exercise
	price $759.35, maturity
	date 11/1/19		648,000		603,045
	Spectrum Pharmaceuticals
	2.75% exercise price
	$10.53, maturity date
	12/15/18		98,000		182,341
	Spirit Realty Capital 3.75%
	exercise price $12.96,
	maturity date 5/15/21		525,000		545,018
	Synaptics 144A 0.50%
	exercise price $73.02,
	maturity date 6/15/22 #		418,000		386,650
	Synchronoss Technologies
	0.75% exercise price
	$53.17, maturity date
	8/15/19		303,000		273,268
	Team 144A 5.00% exercise
	price $21.70, maturity date
	8/1/23 #		129,000		131,016
	Vector Group
	1.75% exercise price
	$22.35, maturity date
	4/15/20 ●		466,000		539,104
	2.50% exercise price
	$14.50, maturity date
	1/15/19 ●		537,000		852,823
	VEREIT 3.75% exercise price
	$14.99, maturity date
	12/15/20		690,000		709,841
	Verint Systems 1.50%
	exercise price $64.46,
	maturity date 6/1/21		785,000		766,356
Total Convertible Bonds
	(cost $24,918,609)				26,600,945
Corporate Bonds – 40.13%
Banking – 14.10%
	Akbank Turk 144A
	7.20% 3/16/27 #µ		840,000		884,102
	Ally Financial
	4.125% 3/30/20		200,000		204,500
	4.75% 9/10/18		200,000		203,000
	5.75% 11/20/25		445,000		486,719
	ANZ New Zealand
	International 144A
	2.60% 9/23/19 #		200,000		200,741
	Banco Bilbao Vizcaya
	Argentaria
	6.125%µψ		200,000		206,750
	6.75%µψ	EUR	400,000		520,399
	Banco de Credito E
	Inversiones 144A
	3.50% 10/12/27 #		570,000		556,819
	Banco Do Brasil 144A
	4.625% 1/15/25 #		1,120,000		1,108,050
	Banco Nacional de Costa Rica
	144A 5.875% 4/25/21 #		840,000		877,275
	Banco Nacional de Desenvol-
	vimento Economico e
	Social
	6.369% 6/16/18		1,500,000		1,532,355
	6.50% 6/10/19		2,500,000		2,629,050
	Banco Santander
	3.80% 2/23/28		1,200,000		1,202,307
	Bancolombia
	4.875% 10/18/27 µ		965,000		955,350
	Banistmo 144A
	3.65% 9/19/22 #		505,000		499,950

14 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal		Value
		amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
	Bank Nederlandse
	Gemeenten
	3.50% 7/19/27	AUD	292,000	$	231,578
	Bank of America
	2.023% (LIBOR03M +
	0.66%) 7/21/21 ●		900,000		904,612
	2.365% (LIBOR03M +
	1.00%) 4/24/23 ●		1,320,000		1,342,044
	2.60% 1/15/19		174,000		174,611
	2.625% 4/19/21		2,300,000		2,312,600
	144A
	3.004% 12/20/23 #µ		2,001,000		2,007,235
	3.30% 8/5/21	AUD	240,000		189,109
	3.30% 1/11/23		716,000		732,871
	144A
	3.419% 12/20/28 #µ		2,890,000		2,893,367
	4.183% 11/25/27		2,105,000		2,201,662
	4.443% 1/20/48 µ		780,000		880,440
	5.65% 5/1/18		3,300,000		3,339,538
	6.875% 4/25/18		4,125,000		4,188,207
	Bank of Montreal
	3.803% 12/15/32 µ		810,000		801,803
	Bank of New York Mellon
	2.428% (LIBOR03M +
	1.05%) 10/30/23 ●		840,000		863,607
	2.50% 4/15/21		180,000		180,471
	3.30% 8/23/29		1,805,000		1,801,259
	4.625%µψ		1,365,000		1,390,594
	Bank of Nova Scotia
	1.875% 4/26/21		4,500,000		4,414,099
	337.54% 1/22/18	CAD	3,500,000		2,781,929
	387.999% 1/19/18	CAD	4,500,000		3,577,160
	Barclays
	2.00% 3/16/18		1,000,000		1,000,461
	6.50%µψ	EUR	400,000		514,064
	8.25%µψ		1,775,000		1,864,416
	Barclays Bank
	7.625% 11/21/22		1,800,000		2,041,875
	BB&T
	1.608% (LIBOR03M +
	0.22%) 2/1/21 ●		980,000		975,822
	2.85% 10/26/24		725,000		720,210
	BBVA Bancomer
	144A 6.50% 3/10/21 #		955,000		1,042,144
	144A 7.25% 4/22/20 #		100,000		108,500
	BGEO Group 144A
	6.00% 7/26/23 #		690,000		720,765
	BNP Paribas
	144A 7.375%#µψ		700,000		809,375
	7.375%µψ		500,000		578,125
	Branch Banking & Trust
	2.85% 4/1/21		670,000		679,438
	CIT Group 144A
	5.50% 2/15/19 #		936,000		964,080
	Citigroup
	2.258% (LIBOR03M +
	0.88%) 7/30/18 ●		2,300,000		2,308,598
	2.445% (LIBOR03M +
	0.93%) 6/7/19 ●		2,300,000		2,318,610
	2.522% (LIBOR03M +
	1.10%) 5/17/24 ●		1,535,000		1,559,777
	3.20% 10/21/26		1,000,000		993,042
	3.52% 10/27/28 µ		600,000		603,892
	3.75% 10/27/23	AUD	498,000		395,389
	4.05% 7/30/22		150,000		156,263
	Citizens Bank
	2.55% 5/13/21		1,655,000		1,650,032
	2.65% 5/26/22		250,000		247,938
	Citizens Financial Group
	2.375% 7/28/21		115,000		113,579
	4.30% 12/3/25		965,000		1,013,607
	Compass Bank
	2.875% 6/29/22		1,220,000		1,208,351
	3.875% 4/10/25		1,145,000		1,150,174
	Cooperatieve Rabobank
	2.50% 9/4/20	NOK	1,740,000		219,510
	3.625% 6/8/22	NZD	538,000		388,301
	3.75% 7/21/26		2,405,000		2,440,134
	4.375% 8/4/25		2,000,000		2,114,120
	6.875% 3/19/20	EUR	2,400,000		3,316,052
	Credit Suisse Group
	144A 4.282% 1/9/28 #		1,885,000		1,966,964
	144A 6.25%#µψ		2,035,000		2,211,455
	Credit Suisse Group Funding
	Guernsey
	2.75% 3/26/20		2,199,000		2,208,633
	3.125% 12/10/20		250,000		253,338
	3.80% 9/15/22		3,350,000		3,458,912
	3.80% 6/9/23		2,300,000		2,374,524
	4.55% 4/17/26		1,810,000		1,940,803
	Deutsche Bank
	2.85% 5/10/19		3,100,000		3,111,089
	4.25% 10/14/21		1,700,000		1,774,512
	Dexia Credit Local 144A
	1.916% (LIBOR03M +
	0.50%) 2/15/19 #●		560,000		561,732

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 15

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal		Value
		amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
	Fifth Third Bancorp
	2.60% 6/15/22		630,000	$	626,907
	Fifth Third Bank
	2.25% 6/14/21		665,000		658,902
	2.346% (LIBOR03M +
	0.91%) 8/20/18 ●		905,000		908,848
	3.85% 3/15/26		985,000		1,017,665
	Goldman Sachs Group
	2.545% (LIBOR03M +
	1.05%) 6/5/23 ●		505,000		509,821
	2.727% (LIBOR03M +
	1.36%) 4/23/21 ●		1,300,000		1,332,599
	2.788% (LIBOR03M +
	1.20%) 9/15/20 ●		1,700,000		1,732,844
	3.02% (BBSW3M +
	1.30%) 8/21/19 ●	AUD	140,000		110,322
	3.077% (LIBOR03M +
	1.60%) 11/29/23 ●		875,000		911,460
	3.272% 9/29/25 µ		510,000		508,286
	3.55% 2/12/21	CAD	100,000		81,885
	3.691% 6/5/28 µ		3,005,000		3,051,180
	5.15% 5/22/45		910,000		1,056,826
	5.20% 12/17/19	NZD	206,000		152,561
	5.95% 1/18/18		700,000		701,111
	HSBC Bank 144A 2.056%
	(LIBOR03M + 0.64%)
	5/15/18 #●		620,000		621,060
	HSBC Bank Canada
	447.01% 1/17/18	CAD	2,400,000		1,907,952
	HSBC Holdings
	2.65% 1/5/22		200,000		198,762
	3.122% (LIBOR03M +
	1.66%) 5/25/21 ●		900,000		934,423
	3.196% (LIBOR03M +
	1.50%) 1/5/22 ●		2,000,000		2,068,881
	6.00%µψ	EUR	900,000		1,264,049
	Huntington Bancshares
	2.30% 1/14/22		670,000		659,764
	Huntington National Bank
	2.50% 8/7/22		1,245,000		1,229,147
	ICICI Bank 144A
	4.00% 3/18/26 #		1,070,000		1,085,153
	ING Bank 144A 2.202%
	(LIBOR03M + 0.78%)
	8/17/18 #●		4,500,000		4,517,541
	ITAU CorpBanca
	2.50% 12/7/18		500,000		499,782
	2.57% 1/11/19		300,000		299,527
	JPMorgan Chase & Co.
	2.008% (LIBOR03M +
	0.63%) 1/28/19 ●		200,000		200,961
	2.25% 1/23/20		9,100,000		9,096,144
	2.267% (LIBOR03M +
	0.90%) 4/25/23 ●		895,000		905,716
	2.595% (LIBOR03M +
	1.23%) 10/24/23 ●		375,000		385,009
	2.615% (LIBOR03M +
	1.10%) 6/7/21 ●		2,900,000		2,964,939
	3.964% 11/15/48 µ		2,810,000		2,906,232
	4.032% 7/24/48 µ		835,000		872,248
	4.25% 11/2/18	NZD	570,000		409,598
	4.40% 7/22/20		400,000		420,339
	6.75%µψ		865,000		980,694
	KBC Bank 8.00% 1/25/23 µ		2,200,000		2,213,275
	KeyBank
	2.30% 9/14/22		730,000		716,012
	2.40% 6/9/22		810,000		799,511
	3.18% 5/22/22		250,000		251,992
	3.40% 5/20/26		2,245,000		2,240,077
	6.95% 2/1/28		1,220,000		1,543,913
	Korea Development Bank
	3.00% 3/17/19		850,000		853,695
	Landwirtschaftliche
	Rentenbank
	2.50% 11/15/27		295,000		292,456
	5.375% 4/23/24	NZD	1,150,000		909,106
	Lloyds Bank 144A
	12.00%#µψ		2,600,000		3,500,975
	Lloyds Banking Group
	2.907% 11/7/23 µ		700,000		694,684
	3.574% 11/7/28 µ		1,555,000		1,543,077
	7.00%µψ	GBP	400,000		570,627
	7.50%µψ		765,000		869,231
	7.625%µψ	GBP	2,500,000		3,894,356
	7.875%µψ	GBP	1,300,000		2,141,075
	Manufacturers & Traders Trust
	2.05% 8/17/20		485,000		481,589
	2.50% 5/18/22		555,000		552,883
	Mitsubishi UFJ Financial
	Group
	2.19% 9/13/21		2,050,000		2,013,748
	2.623% (LIBOR03M +
	1.06%) 9/13/21 ●		450,000		456,623
	Mitsubishi UFJ Trust &
	Banking
	144A 2.45% 10/16/19 #		500,000		500,866
	144A 2.65% 10/19/20 #		500,000		500,904

16 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal		Value
		amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
	Mizuho Bank 144A
	2.45% 4/16/19 #		600,000	$	600,505
	Morgan Stanley
	2.125% 4/25/18		3,450,000		3,450,255
	2.50% 4/21/21		3,500,000		3,495,455
	2.617% (LIBOR03M +
	1.22%) 5/8/24 ●		875,000		894,063
	3.125% 8/5/21	CAD	387,000		312,944
	3.591% 7/22/28 µ		1,615,000		1,631,348
	3.95% 4/23/27		565,000		574,695
	4.375% 1/22/47		1,870,000		2,053,145
	5.00% 9/30/21	AUD	359,000		299,665
	5.00% 11/24/25		1,790,000		1,961,437
	Nationwide Building Society
	4.125% 3/20/23 µ	EUR	300,000		363,063
	144A
	4.125% 10/18/32 #µ		1,740,000		1,743,557
	10.25%ψ•	GBP	625,000		1,327,851
	Nederlandse
	Waterschapsbank
	144A 1.608% (LIBOR03M
	+ 0.02%) 3/15/19 #●		1,500,000		1,499,893
	144A 2.125% 11/15/21 #		275,000		272,683
	Northern Trust
	3.375% 5/8/32 µ		330,000		329,073
	PNC Bank
	1.874% (LIBOR03M +
	0.50%) 7/27/22 ●		1,000,000		1,003,184
	2.45% 11/5/20		250,000		250,456
	3.10% 10/25/27		745,000		743,780
	6.875% 4/1/18		1,415,000		1,432,089
	PNC Financial Services Group
	5.00%µψ		1,100,000		1,166,000
	Popular 7.00% 7/1/19		645,000		674,025
	QNB Finance
	2.125% 2/14/18		300,000		299,907
	Regions Bank
	2.25% 9/14/18		345,000		345,427
	Regions Financial
	2.75% 8/14/22		430,000		429,052
	Royal Bank of Canada
	2.30% 3/22/21		2,300,000		2,287,201
	2.75% 2/1/22		185,000		187,397
	337.556% 1/22/18	CAD	1,600,000		1,271,739
	423.523% 1/18/18	CAD	2,000,000		1,589,897
	646.024% 1/11/18	CAD	2,100,000		1,669,876
	Royal Bank of Scotland Group
	2.886% (LIBOR03M +
	1.47%) 5/15/23 ●		390,000		394,513
	3.498% 5/15/23 µ		500,000		501,532
	3.875% 9/12/23		690,000		702,473
	8.625%µψ		4,970,000		5,609,887
	Santander Holdings USA
	2.70% 5/24/19		2,100,000		2,105,079
	Santander UK
	1.685% (LIBOR03M +
	0.30%) 11/3/20 ●		1,000,000		1,000,283
	2.312% (LIBOR03M +
	0.85%) 8/24/18 ●		730,000		732,885
	144A 5.00% 11/7/23 #		1,540,000		1,649,345
	Santander UK Group Holdings
	3.823% 11/3/28 µ		1,275,000		1,280,177
	7.375%µψ	GBP	2,200,000		3,279,467
	Societe Generale 144A
	4.25% 4/14/25 #		3,600,000		3,677,371
	Standard Chartered 144A
	2.566% (LIBOR03M +
	1.13%) 8/19/19 #●		3,200,000		3,237,333
	State Bank of India 2.646%
	(LIBOR03M + 0.95%)
	4/6/20 ●		900,000		902,340
	State Street
	2.653% 5/15/23 µ		45,000		45,035
	3.10% 5/15/23		525,000		529,868
	3.30% 12/16/24		875,000		904,403
	Sumitomo Mitsui Financial
	Group 3.216% (LIBOR03M
	+ 1.68%) 3/9/21 ●		2,300,000		2,379,597
	SunTrust Banks
	2.45% 8/1/22		1,160,000		1,144,894
	2.70% 1/27/22		1,105,000		1,105,890
	3.30% 5/15/26		540,000		535,639
	5.05%µψ		280,000		284,200
	SVB Financial Group
	3.50% 1/29/25		2,205,000		2,213,207
	Synchrony Financial 2.615%
	(LIBOR03M + 1.23%)
	2/3/20 ●		500,000		507,191
	Toronto-Dominion Bank
	1.928% (LIBOR03M +
	0.55%) 4/30/18 ●		835,000		836,307
	2.50% 12/14/20		690,000		692,447
	Turkiye Garanti Bankasi
	144A 5.25% 9/13/22 #		355,000		362,899
	144A 6.25% 4/20/21 #		590,000		624,884
	Turkiye Is Bankasi 144A
	7.00% 6/29/28 #µ		560,000		561,788

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 17

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal		Value
		amount°		(US $)
Corporate Bonds (continued)
Banking (continued)
	UBS
	144A 1.835% (LIBOR03M
	+ 0.32%) 12/7/18 #●		2,000,000	$	2,002,478
	144A 2.103% (LIBOR03M
	+ 0.58%) 6/8/20 #●		2,000,000		2,009,902
	4.75% 5/22/23 µ		1,300,000		1,311,592
	5.125% 5/15/24		200,000		211,512
	7.625% 8/17/22		500,000		585,350
	UBS Group 6.875%µψ		555,000		615,531
	UBS Group Funding
	Switzerland
	144A 2.859% 8/15/23 #µ		820,000		811,388
	144A 3.00% 4/15/21 #		2,705,000		2,725,848
	144A 3.139% (LIBOR03M
	+ 1.78%) 4/14/21 #●		400,000		415,283
	144A 3.491% 5/23/23 #		1,145,000		1,164,255
	144A 4.125% 9/24/25 #		870,000		913,709
	144A 4.125% 4/15/26 #		845,000		887,350
	144A 4.253% 3/23/28 #		715,000		754,615
	US Bancorp
	2.375% 7/22/26		1,700,000		1,601,974
	2.625% 1/24/22		1,435,000		1,443,887
	3.15% 4/27/27		1,940,000		1,945,321
	3.60% 9/11/24		1,275,000		1,321,676
	USB Capital IX 3.50%
	(LIBOR03M + 1.02%)ψ●		1,820,000		1,649,375
	Wells Fargo & Co.
	2.343% (LIBOR03M +
	0.93%) 2/11/22 ●		200,000		202,585
	2.55% 12/7/20		2,800,000		2,812,311
	2.61% (LIBOR03M +
	1.23%) 10/31/23 ●		1,440,000		1,479,285
	3.00% 7/27/21	AUD	979,000		763,614
	3.50% 9/12/29	GBP	196,000		298,015
	Westpac Banking 5.00%µψ		280,000		279,485
	Woori Bank 144A
	4.75% 4/30/24 #		800,000		839,990
	Zions Bancorporation
	4.50% 6/13/23		690,000		722,594
					280,414,103
Basic Industry – 2.03%
	AK Steel 6.375% 10/15/25		220,000		218,900
	Allegheny Technologies
	7.875% 8/15/23		205,000		221,783
	Anglo American Capital 144A
	4.875% 5/14/25 #		2,205,000		2,338,926
	ArcelorMittal 6.125% 6/1/25		320,000		370,000
	Barrick North America Finance
	5.75% 5/1/43		1,360,000		1,715,213
	BHP Billiton Finance USA
	144A 6.25% 10/19/75 #µ		2,795,000		3,033,973
	Braskem Netherlands Finance
	144A 4.50% 1/10/28 #		1,250,000		1,231,313
	Builders FirstSource 144A
	5.625% 9/1/24 #		715,000		746,782
	Chemours
	5.375% 5/15/27		180,000		186,750
	7.00% 5/15/25		90,000		98,100
	CK Hutchison International 17
	144A 2.875% 4/5/22 #		1,120,000		1,116,699
	Cydsa 144A
	6.25% 10/4/27 #		555,000		562,631
	Dow Chemical
	8.55% 5/15/19		3,662,000		3,967,568
	DR Horton
	3.75% 3/1/19		200,000		202,721
	4.00% 2/15/20		400,000		411,641
	Equate Petrochemical 144A
	3.00% 3/3/22 #		625,000		616,943
	First Quantum Minerals 144A
	7.25% 4/1/23 #		830,000		896,400
	FMG Resources August 2006
	144A 4.75% 5/15/22 #		225,000		228,656
	144A 5.125% 5/15/24 #		695,000		706,294
	Freeport-McMoRan
	4.55% 11/14/24		650,000		664,105
	6.875% 2/15/23		645,000		706,275
	Georgia-Pacific
	144A 2.539% 11/15/19 #		1,050,000		1,053,944
	8.00% 1/15/24		2,242,000		2,856,375
	HD Supply 144A
	5.75% 4/15/24 #		510,000		543,150
	Hudbay Minerals
	144A 7.25% 1/15/23 #		10,000		10,650
	144A 7.625% 1/15/25 #		325,000		357,500
	International Paper
	4.40% 8/15/47		365,000		382,646
	Joseph T Ryerson & Son 144A
	11.00% 5/15/22 #		160,000		179,400
	Kraton Polymers 144A
	7.00% 4/15/25 #		120,000		129,000
	Lennar
	4.50% 4/30/24		270,000		277,506
	4.75% 5/30/25		40,000		41,700
	4.875% 12/15/23		185,000		194,944
	M/I Homes 6.75% 1/15/21		80,000		83,200
	Mexichem 144A
	5.50% 1/15/48 #		915,000		893,269

18 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal		Value
			amount°		(US $)
Corporate Bonds (continued)
Basic Industry (continued)
	Mosaic
		4.05% 11/15/27		835,000	$	838,602
		5.625% 11/15/43		850,000		918,319
	NCI Building Systems 144A
		8.25% 1/15/23 #		275,000		291,844
	Nexa Resources 144A
		5.375% 5/4/27 #		750,000		796,875
	NOVA Chemicals
		144A 5.00% 5/1/25 #		526,000		526,000
		144A 5.25% 6/1/27 #		180,000		180,000
	Novelis 144A
		6.25% 8/15/24 #		280,000		294,000
	Novolipetsk Steel via Steel
		Funding 144A
		4.50% 6/15/23 #		595,000		621,269
	OCP
		144A 4.50% 10/22/25 #		980,000		983,228
		144A 6.875% 4/25/44 #		210,000		241,571
	Olin 5.125% 9/15/27			360,000		379,800
	Phosagro OAO via Phosagro
		Bond Funding DAC 144A
		3.95% 11/3/21 #		955,000		963,944
	PolyOne 5.25% 3/15/23			530,000		560,475
	PQ 144A 6.75% 11/15/22 #			70,000		74,987
	SPCM 144A
		4.875% 9/15/25 #		550,000		556,187
	Steel Dynamics
		5.00% 12/15/26		875,000		927,500
	Summit Materials
		144A 5.125% 6/1/25 #		230,000		235,175
		6.125% 7/15/23		70,000		73,150
		8.50% 4/15/22		30,000		33,375
	Suzano Austria 144A
		7.00% 3/16/47 #		805,000		925,750
	US Concrete 6.375% 6/1/24			600,000		646,500
	Vale Overseas
		4.375% 1/11/22		230,000		238,395
	Vedanta Resources
		144A 6.125% 8/9/24 #		365,000		373,344
		144A 6.375% 7/30/22 #		455,000		476,067
	Westlake Chemical
		4.375% 11/15/47		355,000		369,876
	WR Grace & Co. 144A
		5.625% 10/1/24 #		508,000		549,910
						40,321,100
Brokerage – 0.39%
	Bear Stearns 7.25% 2/1/18			2,000,000		2,008,021
	Charles Schwab
		3.20% 1/25/28		340,000		340,857
		5.00%µψ		355,000		356,793
	E*TRADE Financial
		3.80% 8/24/27		865,000		863,657
		5.30%µψ		250,000		251,875
		5.875%µψ		950,000		1,009,375
	Jefferies Group
		6.45% 6/8/27		331,000		385,126
		6.50% 1/20/43		270,000		319,311
	Lazard Group
		3.75% 2/13/25		2,100,000		2,144,368
						7,679,383
Capital Goods – 1.70%
	3M 2.875% 10/15/27			825,000		821,364
	Advanced Disposal Services
		144A 5.625% 11/15/24 #		80,000		82,000
	Allegion US Holding
		3.20% 10/1/24		475,000		470,606
		3.55% 10/1/27		1,469,000		1,456,234
	Ardagh Packaging Finance
		144A 6.00% 2/15/25 #		205,000		216,275
		144A 7.25% 5/15/24 #		200,000		218,500
	Ball 5.25% 7/1/25			725,000		791,156
	BMC East 144A
		5.50% 10/1/24 #		250,000		259,375
	Boise Cascade 144A
		5.625% 9/1/24 #		750,000		795,000
	BWAY Holding 144A
		5.50% 4/15/24 #		840,000		875,700
	Carlisle 3.75% 12/1/27			1,985,000		2,009,068
	CCL Industries 144A
		3.25% 10/1/26 #		655,000		628,981
	Corning 4.375% 11/15/57			550,000		547,978
	Covanta Holding
		5.875% 7/1/25		230,000		231,725
	Crane
		2.75% 12/15/18		170,000		170,791
		4.45% 12/15/23		1,050,000		1,098,708
	Eaton 3.103% 9/15/27			1,020,000		1,003,897
	General Electric
		1.771% (LIBOR03M +
		0.38%) 5/5/26 ●		920,000		883,072
		4.25% 1/17/18	NZD	140,000		99,291
		4.65% 10/17/21		89,000		95,860
		5.55% 5/4/20		470,000		503,275
		6.00% 8/7/19		1,025,000		1,086,223
	Harris 1.871% (LIBOR03M +
		0.48%) 4/30/20 ●		2,100,000		2,100,707

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 19

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Capital Goods (continued)
	Heathrow Funding 144A
		4.875% 7/15/21 #	200,000	$	213,830
	Herc Rentals 144A
		7.75% 6/1/24 #	434,000		478,485
	Huntington Ingalls Industries
		144A 3.483% 12/1/27 #	660,000		659,175
	Koppers 144A
		6.00% 2/15/25 #	60,000		63,750
	LafargeHolcim Finance US
		144A 3.50% 9/22/26 #	1,135,000		1,120,844
	Leggett & Platt
		3.50% 11/15/27	2,040,000		2,023,763
	Lennox International
		3.00% 11/15/23	710,000		701,901
	Martin Marietta Materials
		3.50% 12/15/27	710,000		705,954
		4.25% 12/15/47	680,000		675,038
	Masco 5.95% 3/15/22		304,000		336,845
	Northrop Grumman
		3.25% 1/15/28	615,000		617,017
		4.03% 10/15/47	705,000		739,294
	Owens-Brockway Glass
		Container 144A
		5.875% 8/15/23 #	600,000		647,625
	Parker-Hannifin
		3.30% 11/21/24	65,000		66,599
	Republic Services
		3.375% 11/15/27	325,000		328,001
	Rockwell Collins
		3.20% 3/15/24	530,000		534,681
	Siemens Financierings-
		maatschappij 144A
		1.742% (LIBOR03M +
		0.28%) 5/25/18 #●	610,000		610,415
	Standard Industries 144A
		5.00% 2/15/27 #	985,000		1,009,625
	StandardAero Aviation
		Holdings 144A
		10.00% 7/15/23 #	30,000		33,000
	Textron 1.96% (LIBOR03M +
		0.55%) 11/10/20 ●	1,900,000		1,900,254
	TransDigm 6.375% 6/15/26		350,000		355,687
	United Technologies
		2.80% 5/4/24	720,000		715,146
		3.75% 11/1/46	875,000		877,831
	Waste Management
		3.15% 11/15/27	900,000		901,107
	WestRock
		144A 3.00% 9/15/24 #	480,000		476,349
		144A 3.375% 9/15/27 #	430,000		427,729
	Zekelman Industries 144A
		9.875% 6/15/23 #	90,000		101,475
					33,767,206
Communications – 3.31%
	Alibaba Group Holding
		3.40% 12/6/27	985,000		985,685
		4.00% 12/6/37	275,000		284,948
		4.20% 12/6/47	270,000		281,574
	AMC Networks
		4.75% 8/1/25	440,000		437,250
	AT&T
		2.303% (LIBOR03M +
		0.89%) 2/14/23 ●	810,000		816,900
		2.309% (LIBOR03M +
		0.95%) 7/15/21 ●	500,000		507,108
		3.20% 3/1/22	100,000		101,163
		3.40% 8/14/24	325,000		327,067
		3.80% 3/1/24	100,000		102,527
		3.90% 8/14/27	740,000		746,183
		144A 4.10% 2/15/28 #	3,171,000		3,186,957
		4.90% 8/14/37	2,105,000		2,141,041
		5.25% 3/1/37	530,000		561,853
	Bell Canada 3.35% 3/22/23 CAD		219,000		178,362
	Cablevision 144A
		6.50% 6/15/21 #	950,000		1,011,465
	CCO Holdings
		144A 5.00% 2/1/28 #	900,000		879,750
		144A 5.125% 5/1/27 #	525,000		518,437
		144A 5.50% 5/1/26 #	530,000		544,575
		144A 5.75% 2/15/26 #	80,000		83,300
		144A 5.875% 5/1/27 #	60,000		61,800
	CenturyLink 6.75% 12/1/23		434,000		426,947
	Charter Communications
		Operating
		4.464% 7/23/22	800,000		835,408
	Cincinnati Bell 144A
		7.00% 7/15/24 #	185,000		184,075
	Comunicaciones Celulares via
		Comcel Trust 144A
		6.875% 2/6/24 #	380,000		394,983
	Crown Castle Towers
		144A 3.663% 5/15/25 #	110,000		111,880
		144A 4.883% 8/15/20 #	2,090,000		2,186,928
	CSC Holdings 144A
		5.50% 4/15/27 #	826,000		844,585
	Deutsche Telekom
		International Finance
		144A 1.95% 9/19/21 #	770,000		749,350

20 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal		Value
			amount°		(US $)
Corporate Bonds (continued)
Communications (continued)
	Deutsche Telekom
		International Finance
		144A 2.485% 9/19/23 #		3,005,000	$	2,914,577
		6.50% 4/8/22	GBP	36,000		58,904
	Digicel 144A 6.75% 3/1/23 #			205,000		202,317
	Digicel Group
		144A 7.125% 4/1/22 #		645,000		599,702
		144A 8.25% 9/30/20 #		455,000		448,767
	Discovery Communications
		3.95% 3/20/28		1,690,000		1,683,957
		5.20% 9/20/47		1,510,000		1,580,696
	DISH DBS 4.25% 4/1/18			200,000		201,250
	Gray Television 144A
		5.875% 7/15/26 #		640,000		657,600
	GTP Acquisition Partners I
		144A 2.35% 6/15/20 #		530,000		525,770
	Lamar Media 5.75% 2/1/26			501,000		536,696
	Level 3 Financing
		5.375% 5/1/25		1,036,000		1,037,295
	Midcontinent Communications
		144A 6.875% 8/15/23 #		355,000		378,519
	Myriad International Holdings
		144A 4.85% 7/6/27 #		570,000		592,467
		144A 5.50% 7/21/25 #		315,000		343,706
	NBCUniversal Enterprise
		144A 2.044% (LIBOR03M
		+ 0.685%) 4/15/18 #●		840,000		841,404
	Nexstar Broadcasting 144A
		5.625% 8/1/24 #		635,000		657,225
	Radiate Holdco 144A
		6.625% 2/15/25 #		80,000		75,800
	SBA Tower Trust
		144A 2.24% 4/10/18 #		735,000		735,145
		144A 2.898% 10/8/19 #		600,000		601,425
	SFR Group 144A
		6.25% 5/15/24 #		790,000		794,937
	Sinclair Television Group
		144A 5.125% 2/15/27 #		615,000		612,694
	Sirius XM Radio
		144A 5.00% 8/1/27 #		500,000		503,750
		144A 5.375% 4/15/25 #		1,147,000		1,197,181
	Sprint
		7.125% 6/15/24		300,000		306,000
		7.875% 9/15/23		628,000		670,390
	Sprint Capital 6.90% 5/1/19			900,000		943,875
	Sprint Communications
		7.00% 8/15/20		260,000		276,250
	Telecom Italia 144A
		5.303% 5/30/24 #		400,000		428,500
	Telefonica Emisiones
		5.213% 3/8/47		540,000		614,705
	Time Warner Cable
		6.75% 7/1/18		1,500,000		1,533,387
		7.30% 7/1/38		2,165,000		2,719,901
	Time Warner Entertainment
		8.375% 3/15/23		1,415,000		1,719,630
	T-Mobile USA
		6.375% 3/1/25		50,000		53,625
		6.50% 1/15/26		760,000		831,250
	Tribune Media
		5.875% 7/15/22		313,000		323,173
	Unitymedia 144A
		6.125% 1/15/25 #		340,000		360,400
	UPCB Finance IV 144A
		5.375% 1/15/25 #		488,000		493,807
	VEON Holdings
		144A 4.95% 6/16/24 #		510,000		518,415
		144A 5.95% 2/13/23 #		925,000		996,688
	Verizon Communications
		2.60% (LIBOR03M +
		1.00%) 3/16/22 ●		2,800,000		2,856,822
		2.946% 3/15/22		1,981,000		1,994,785
		3.125% 3/16/22		1,600,000		1,623,645
		3.25% 2/17/26	EUR	323,000		445,571
		3.324% (LIBOR03M +
		1.75%) 9/14/18 ●		250,000		252,771
		144A 3.376% 2/15/25 #		2,691,000		2,704,786
		4.125% 3/16/27		1,500,000		1,566,624
		4.50% 8/17/27	AUD	900,000		714,830
		4.50% 8/10/33		845,000		888,203
	Virgin Media Secured Finance
		144A 5.25% 1/15/26 #		790,000		800,863
	VTR Finance 144A
		6.875% 1/15/24 #		855,000		904,163
	Zayo Group
		144A 5.75% 1/15/27 #		805,000		823,113
		6.375% 5/15/25		110,000		116,738
						65,756,795
Consumer Cyclical – 2.05%
	Allison Transmission 144A
		4.75% 10/1/27 #		325,000		327,844
	Amazon.com 144A
		3.15% 8/22/27 #		1,700,000		1,705,496
	AMC Entertainment Holdings
		6.125% 5/15/27		405,000		403,987
	American Tire Distributors
		144A 10.25% 3/1/22 #		60,000		62,100

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 21

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal			Value
			amount°			(US $)
Corporate Bonds (continued)
Consumer Cyclical (continued)
	Beacon Escrow 144A
		4.875% 11/1/25 #			640,000	$	645,600
	BMW US Capital 144A
		1.50% 4/11/19 #			500,000		496,600
	Boyd Gaming
		6.375% 4/1/26			920,000		993,600
	CVS Health 2.125% 6/1/21				450,000		439,473
	CVS Pass Through Trust 144A
		5.773% 1/10/33 #⧫			80,686		90,855
	Daimler 2.75% 12/10/18 NOK				1,870,000		231,838
	Daimler Finance North
		America 144A
		2.00% 8/3/18 #			3,800,000		3,800,756
	Ford Motor Credit
		1.897% 8/12/19			1,000,000		992,763
		2.24% 6/15/18			4,000,000		4,004,218
		2.956% (LIBOR03M +
		1.27%) 3/28/22 ●			400,000		406,897
		3.096% 5/4/23			1,340,000		1,333,752
		3.20% 1/15/21			4,200,000		4,261,476
		5.75% 2/1/21			700,000		760,452
	General Motors
		6.75% 4/1/46			245,000		309,316
	General Motors Financial
		4.375% 9/25/21			800,000		842,147
		5.25% 3/1/26			725,000		798,327
	GLP Capital 5.375% 4/15/26				730,000		784,750
	Goodyear Tire & Rubber
		4.875% 3/15/27			370,000		379,713
		5.00% 5/31/26			530,000		548,471
	Hanesbrands 144A
		4.875% 5/15/26 #			630,000		648,900
	Hilton Worldwide Finance
		4.875% 4/1/27			365,000		382,794
	Hyundai Capital America
		144A 2.55% 2/6/19 #			715,000		713,885
		144A 3.00% 3/18/21 #			580,000		579,025
	JD.com 3.125% 4/29/21				1,270,000		1,266,771
	KFC Holding
		144A 5.00% 6/1/24 #			340,000		351,475
		144A 5.25% 6/1/26 #			393,000		414,615
	Lithia Motors 144A
		5.25% 8/1/25 #			345,000		360,525
	Lowe’s
		1.956% (LIBOR03M +
		0.42%) 9/10/19 ●			520,000		522,802
		3.70% 4/15/46			1,475,000		1,483,457
		4.05% 5/3/47			170,000		181,264
	Marriott International
		4.50% 10/1/34			160,000		170,382
	MGM Resorts International
		4.625% 9/1/26			605,000		614,075
	Mohegan Gaming &
		Entertainment 144A
		7.875% 10/15/24 #			75,000		77,156
	New Red Finance 144A
		5.00% 10/15/25 #			310,000		313,875
	PACCAR Financial 2.108%
		(LIBOR03M + 0.60%)
		12/6/18 ●			835,000		838,884
	Penn National Gaming 144A
		5.625% 1/15/27 #			930,000		967,200
	Penske Automotive Group
		5.50% 5/15/26			490,000		498,428
	PulteGroup 5.00% 1/15/27				430,000		450,963
	Royal Caribbean Cruises
		3.70% 3/15/28			1,505,000		1,494,018
	Schaeffler Finance 144A
		4.75% 5/15/23 #			200,000		204,500
	Scientific Games International
		144A 5.00% 10/15/25 #			195,000		195,975
		10.00% 12/1/22			575,000		633,219
	Scotts Miracle-Gro
		5.25% 12/15/26			395,000		414,750
	Toyota Motor Credit
		2.80% 7/13/22			420,000		425,181
	Volkswagen Financial Services
		2.375% 11/13/18		GBP	800,000		1,094,418
	Wolverine World Wide 144A
		5.00% 9/1/26 #			400,000		400,000
	Wyndham Worldwide
		4.15% 4/1/24			255,000		256,484
	ZF North America Capital
		144A 4.00% 4/29/20 #			250,000		259,938
							40,835,390
Consumer Non-Cyclical – 3.43%
	Abbott Laboratories
		2.90% 11/30/21			475,000		480,879
		4.90% 11/30/46			1,260,000		1,449,133
	AbbVie 2.85% 5/14/23				1,400,000		1,398,447
	Actavis 3.25% 10/1/22				300,000		301,198
	Adani Abbot Point Terminal
		144A 4.45% 12/15/22 #			1,500,000		1,460,315
	Air Medical Group Holdings
		144A 6.375% 5/15/23 #			110,000		106,150
	Albertsons
		5.75% 3/15/25			298,000		270,435
		6.625% 6/15/24			35,000		33,600

22 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal			Value
			amount°			(US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Allergan Funding SCS
		2.35% 3/12/18			500,000	$	500,414
		3.45% 3/15/22			1,000,000		1,016,889
	Amgen 4.00% 9/13/29			GBP	216,000		336,595
	Anheuser-Busch InBev
		Finance
		1.777% (LIBOR03M +
		0.40%) 2/1/19 ●			490,000		491,429
		2.65% 2/1/21			900,000		905,084
		3.65% 2/1/26			4,720,000		4,877,991
	Anheuser-Busch InBev
		Worldwide
		5.375% 1/15/20			1,000,000		1,061,267
	Aramark Services
		4.75% 6/1/26			895,000		910,663
	Atento Luxco 1 144A
		6.125% 8/10/22 #			740,000		777,000
	BAT Capital
		144A 2.764% 8/15/22 #			440,000		438,017
		144A 3.557% 8/15/27 #			2,270,000		2,276,870
	BAT International Finance
		144A 2.75% 6/15/20 #			700,000		703,793
	Becle 144A 3.75% 5/13/25 #				1,815,000		1,824,412
	Becton Dickinson
		3.363% 6/6/24			1,375,000		1,380,479
	Biogen 5.20% 9/15/45				1,455,000		1,732,431
	Boston Scientific
		2.85% 5/15/20			600,000		605,064
		3.375% 5/15/22			800,000		813,093
	Cardinal Health
		1.948% 6/14/19			1,200,000		1,192,935
	Celgene 3.25% 8/15/22				1,475,000		1,499,754
	Cencosud 144A
		6.625% 2/12/45 #			730,000		801,258
	Central Nippon Expressway
		2.079% 11/5/19			1,200,000		1,189,002
	Change Healthcare Holdings
		144A 5.75% 3/1/25 #			265,000		265,994
	Cott Holdings 144A
		5.50% 4/1/25 #			380,000		391,875
	DaVita 5.00% 5/1/25				516,000		517,135
	Encompass Health
		5.125% 3/15/23			235,000		241,463
		5.75% 11/1/24			643,000		660,683
		5.75% 9/15/25			270,000		282,150
	ESAL 144A 6.25% 2/5/23 #				875,000		835,625
	HCA
		3.75% 3/15/19			2,600,000		2,629,250
		5.375% 2/1/25			1,025,000		1,063,437
		5.875% 2/15/26			250,000		265,000
		7.58% 9/15/25			30,000		34,500
	Hill-Rom Holdings
		144A 5.00% 2/15/25 #			245,000		251,051
		144A 5.75% 9/1/23 #			325,000		341,656
	Imperial Brands Finance
		144A 2.05% 2/11/18 #			270,000		269,972
		144A 2.95% 7/21/20 #			700,000		707,143
		144A 3.75% 7/21/22 #			470,000		486,128
	inVentiv Group Holdings
		144A 7.50% 10/1/24 #			14,000		15,190
	JBS USA
		144A 5.75% 6/15/25 #			155,000		149,963
		144A 5.875% 7/15/24 #			320,000		310,800
	KAR Auction Services 144A
		5.125% 6/1/25 #			200,000		205,500
	Kernel Holding 144A
		8.75% 1/31/22 #			890,000		982,467
	Kraft Heinz Foods 2.23%
		(LIBOR03M + 0.82%)
		8/10/22 ●			300,000		302,766
	Lamb Weston Holdings
		144A 4.625% 11/1/24 #			220,000		227,700
		144A 4.875% 11/1/26 #			355,000		371,863
	Marfrig Holdings Europe
		144A 8.00% 6/8/23 #			935,000		978,244
	Merck & Co. 1.796%
		(LIBOR03M + 0.36%)
		5/18/18 ●			680,000		680,578
	MHP 144A 7.75% 5/10/24 #				520,000		564,928
	Molson Coors Brewing
		3.00% 7/15/26			1,120,000		1,097,978
		4.20% 7/15/46			830,000		848,508
	MPH Acquisition Holdings
		144A 7.125% 6/1/24 #			330,000		352,275
	New York and Presbyterian
		Hospital 4.063% 8/1/56			690,000		726,112
	Nielsen Co. Luxembourg
		144A 5.00% 2/1/25 #			980,000		1,019,200
	Pernod Ricard 144A
		4.45% 1/15/22 #			1,665,000		1,770,045
	Pfizer
		1.888% (LIBOR03M +
		0.30%) 6/15/18 ●			754,000		754,919
		3.00% 12/15/26			1,105,000		1,112,642
	Post Holdings
		144A 5.00% 8/15/26 #			825,000		813,656

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 23

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Consumer Non-Cyclical (continued)
	Post Holdings
		144A 5.75% 3/1/27 #	105,000	$	107,100
	Prime Security Services
		Borrower 144A
		9.25% 5/15/23 #	745,000		828,813
	Quintiles IMS 144A
		5.00% 10/15/26 #	610,000		627,537
	Reynolds American
		4.00% 6/12/22	900,000		941,185
	Service Corp International
		4.625% 12/15/27	355,000		361,078
	ServiceMaster 144A
		5.125% 11/15/24 #	460,000		466,900
	Shire Acquisitions Investments
		Ireland
		2.40% 9/23/21	1,620,000		1,595,739
		2.875% 9/23/23	1,385,000		1,363,121
	Teleflex 4.625% 11/15/27		305,000		308,751
	Tempur Sealy International
		5.50% 6/15/26	450,000		462,465
	Tenet Healthcare 144A
		5.125% 5/1/25 #	1,105,000		1,081,519
	Thermo Fisher Scientific
		3.00% 4/15/23	1,980,000		1,994,270
	Tyson Foods 2.65% 8/15/19		1,500,000		1,507,645
	Universal Health Services
		144A 3.75% 8/1/19 #	1,400,000		1,428,000
		144A 5.00% 6/1/26 #	210,000		217,613
	Zimmer Biomet Holdings
		3.15% 4/1/22	300,000		300,986
		4.625% 11/30/19	1,270,000		1,319,126
					68,274,841
Energy – 4.03%
	Abu Dhabi Crude Oil Pipeline
		144A 3.65% 11/2/29 #	1,090,000		1,084,191
		144A 4.60% 11/2/47 #	780,000		804,391
	Alta Mesa Holdings
		7.875% 12/15/24	80,000		88,100
	Anadarko Petroleum
		6.60% 3/15/46	1,215,000		1,567,199
	Andeavor
		3.80% 4/1/28	315,000		316,309
		4.50% 4/1/48	120,000		121,747
	Andeavor Logistics
		5.25% 1/15/25	390,000		410,651
		6.875µψ	25,000		25,427
	Antero Resources
		5.00% 3/1/25	110,000		112,750
		5.625% 6/1/23	90,000		94,050
	Cheniere Corpus Christi
		Holdings 5.875% 3/31/25	295,000		320,259
	Chevron 2.017% (LIBOR03M
		+ 0.53%) 3/3/22 ●	575,000		581,397
	ConocoPhillips 2.316%
		(LIBOR03M + 0.90%)
		5/15/22 ●	575,000		588,108
	Crestwood Midstream
		Partners 5.75% 4/1/25	405,000		419,681
	Diamondback Energy
		4.75% 11/1/24	775,000		781,781
	Ecopetrol
		5.875% 9/18/23	410,000		454,075
		7.375% 9/18/43	270,000		325,553
	Enbridge
		1.75% (LIBOR03M +
		0.40%) 1/10/20 ●	2,550,000		2,554,269
		2.288% (LIBOR03M +
		0.70%) 6/15/20 ●	1,350,000		1,363,025
		3.70% 7/15/27	1,400,000		1,408,244
	Energy Partners
		5.00% 10/1/22	1,500,000		1,600,370
		5.75% 9/1/20	400,000		425,931
	Energy Transfer
		6.125% 12/15/45	1,640,000		1,785,680
		9.70% 3/15/19	694,000		751,270
	Energy Transfer Equity
		5.50% 6/1/27	50,000		51,125
		7.50% 10/15/20	475,000		523,687
	Energy Transfer Partners
		6.625µψ	1,235,000		1,201,809
	Enlink Midstream Partners
		6.00µψ	455,000		436,906
	Enterprise Products Operating
		7.034% 1/15/68 µ	200,000		201,000
	Exxon Mobil 1.878%
		(LIBOR03M + 0.37%)
		3/6/22 ●	1,125,000		1,133,435
	Florida Gas Transmission
		144A 7.90% 5/15/19 #	320,000		342,731
	Gazprom OAO Via Gaz
		Capital 144A
		4.95% 3/23/27 #	1,065,000		1,110,422
	Genesis Energy
		6.75% 8/1/22	690,000		719,325
	Gulfport Energy
		6.00% 10/15/24	520,000		522,600
		6.625% 5/1/23	245,000		251,125
	Hilcorp Energy I
		144A 5.00% 12/1/24 #	700,000		696,500

24 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Energy (continued)
	Hilcorp Energy I
		144A 5.75% 10/1/25 #	40,000	$	41,100
	Holly Energy Partners 144A
		6.00% 8/1/24 #	40,000		41,900
	KazMunayGas National
		144A 3.875% 4/19/22 #	345,000		351,015
		144A 4.75% 4/19/27 #	550,000		580,943
	Kinder Morgan Energy
		Partners
		5.00% 10/1/21	620,000		661,296
		5.95% 2/15/18	1,000,000		1,004,680
		6.85% 2/15/20	2,000,000		2,167,348
		9.00% 2/1/19	2,200,000		2,349,180
	Laredo Petroleum
		6.25% 3/15/23	285,000		296,485
	Marathon Oil 4.40% 7/15/27		515,000		539,084
	MPLX 4.875% 12/1/24		1,615,000		1,742,913
	Murphy Oil 6.875% 8/15/24		1,030,000		1,102,100
	Murphy Oil USA
		6.00% 8/15/23	895,000		937,513
	Nabors Industries
		5.50% 1/15/23	262,000		254,795
	Newfield Exploration
		5.375% 1/1/26	50,000		53,125
		5.75% 1/30/22	475,000		509,437
	Noble Energy
		3.85% 1/15/28	2,020,000		2,029,674
		4.95% 8/15/47	155,000		166,385
		5.05% 11/15/44	500,000		537,130
	NuStar Logistics
		5.625% 4/28/27	285,000		290,700
	Oasis Petroleum
		6.50% 11/1/21	260,000		266,175
		6.875% 3/15/22	40,000		41,150
	ONEOK
		4.95% 7/13/47	560,000		584,384
		7.50% 9/1/23	1,485,000		1,770,966
	Pertamina Persero
		144A 4.30% 5/20/23 #	475,000		497,567
		144A 4.875% 5/3/22 #	525,000		559,213
		144A 5.625% 5/20/43 #	255,000		277,926
	Petrobras Global Finance
		144A 5.299% 1/27/25 #	520,000		522,210
		144A 5.999% 1/27/28 #	2,816,000		2,826,560
		6.125% 1/17/22	500,000		531,875
		6.75% 1/27/41	985,000		987,323
		6.85% 6/5/15	1,700,000		1,642,625
		7.25% 3/17/44	1,040,000		1,084,200
		7.375% 1/17/27	385,000		424,655
	Petroleos Mexicanos
		3.125% 1/23/19	200,000		201,500
		144A 5.186% (LIBOR03M
		+ 3.65%) 3/11/22 #●	110,000		121,054
		144A 6.50% 3/13/27 #	390,000		426,757
		144A 6.75% 9/21/47 #	305,000		319,137
		6.75% 9/21/47	155,000		162,184
		9.25% 3/30/18	1,000,000		1,019,880
	Precision Drilling
		144A 7.125% 1/15/26 #	165,000		168,713
		7.75% 12/15/23	235,000		247,925
	QEP Resources
		5.25% 5/1/23	565,000		574,526
	Raizen Fuels Finance 144A
		5.30% 1/20/27 #	885,000		928,188
	Rio Oil Finance Trust
		Series 2014-1
		9.25% 7/6/24	177,103		192,157
	Rockies Express Pipeline
		144A 6.85% 7/15/18 #	500,000		511,250
	Sabine Pass Liquefaction
		5.75% 5/15/24	6,950,000		7,733,364
		5.875% 6/30/26	1,815,000		2,041,906
		6.25% 3/15/22	400,000		445,397
	Shell International Finance
		1.863% (LIBOR03M +
		0.45%) 5/11/20 ●	595,000		600,651
		4.375% 5/11/45	151,000		170,046
	Southern Gas Corridor 144A
		6.875% 3/24/26 #	600,000		683,213
	Southwestern Energy
		4.10% 3/15/22	220,000		217,250
		6.70% 1/23/25	95,000		99,156
	Spectra Energy Partners
		2.195% (LIBOR03M +
		0.70%) 6/5/20 ●	500,000		503,921
	Statoil 1.857% (LIBOR03M +
		0.46%) 11/8/18 ●	835,000		837,237
	Summit Midstream Holdings
		5.75% 4/15/25	425,000		430,691
	Targa Resources Partners
		5.375% 2/1/27	680,000		700,400
	Tecpetrol 144A
		4.875% 12/12/22 #	1,340,000		1,346,030
	Tengizchevroil Finance Co.
		International 144A
		4.00% 8/15/26 #	785,000		789,514
	Transcanada Trust
		5.30% 3/15/77 µ	555,000		573,384
		5.875% 8/15/76 µ	560,000		607,600

(continues)      NQ-OPTFI [12/17] 2/18 (421423) 25

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Energy (continued)
	Transocean 144A
		9.00% 7/15/23 #	70,000	$	75,950
	Transocean Proteus 144A
		6.25% 12/1/24 #	292,500		307,856
	WildHorse Resource
		Development
		6.875% 2/1/25	80,000		82,000
	Woodside Finance
		144A 3.65% 3/5/25 #	485,000		488,574
		144A 3.70% 9/15/26 #	400,000		402,334
		144A 4.60% 5/10/21 #	400,000		419,124
		144A 8.75% 3/1/19 #	1,125,000		1,204,525
	YPF
		144A 7.00% 12/15/47 #	470,000		466,945
		144A 25.458%
		(BADLARPP + 4.00%)
		7/7/20 #●	1,205,000		1,180,780
					80,129,874
Finance Companies – 1.57%
	AerCap Global Aviation Trust
		144A 6.50% 6/15/45 #µ	1,585,000		1,739,537
	AerCap Ireland Capital
		3.65% 7/21/27	1,990,000		1,972,789
		4.625% 10/30/20	1,000,000		1,048,901
	Air Lease
		3.00% 9/15/23	985,000		978,485
		3.625% 4/1/27	715,000		715,622
	American Express
		7.00% 3/19/18	6,600,000		6,671,037
	Aviation Capital Group
		144A 2.875% 9/17/18 #	300,000		301,052
		144A 3.50% 11/1/27 #	480,000		471,253
		144A 4.875% 10/1/25 #	1,090,000		1,185,792
		144A 6.75% 4/6/21 #	500,000		559,171
	BOC Aviation
		144A 2.375% 9/15/21 #	910,000		886,855
		2.375% 9/15/21	600,000		584,740
		3.00% 5/23/22	300,000		297,081
	Citicorp Lease Pass Through
		Trust Series 1999-1 144A
		8.04% 12/15/19 #⧫	148,870		163,754
	GATX 2.111% (LIBOR03M +
		0.72%) 11/5/21 ●	1,300,000		1,310,264
	GE Capital International
		Funding Unlimited
		2.342% 11/15/20	251,000		249,927
	Intercontinental Exchange
		3.10% 9/15/27	570,000		569,932
	International Lease Finance
		6.25% 5/15/19	200,000		209,632
		144A 7.125% 9/1/18 #	100,000		103,203
		8.625% 1/15/22	1,455,000		1,753,645
	LeasePlan 144A
		2.875% 1/22/19 #	1,600,000		1,601,390
	Navient 5.50% 1/15/19		2,500,000		2,550,000
	SMBC Aviation Capital
		Finance 144A
		3.00% 7/15/22 #	400,000		396,488
	Springleaf Finance
		8.25% 12/15/20	2,500,000		2,756,250
	SUAM Finance 144A
		4.875% 4/17/24 #	655,000		698,394
	SURA Asset Management
		144A 4.375% 4/11/27 #	315,000		318,937
	Temasek Financial I 144A
		2.375% 1/23/23 #	560,000		553,987
	Waha Aerospace
		3.925% 7/28/20	630,000		641,268
					31,289,386
Insurance – 0.70%
	Allstate 3.28% 12/15/26		305,000		310,096
	Athene Global Funding 144A
		2.924% (LIBOR03M +
		1.23%) 7/1/22 #●	700,000		710,971
	AXIS Specialty Finance
		4.00% 12/6/27	1,170,000		1,177,274
	Berkshire Hathaway
		2.75% 3/15/23	600,000		604,258
	Berkshire Hathaway Finance
		2.90% 10/15/20	885,000		901,653
	Cigna 3.05% 10/15/27		1,205,000		1,185,711
	HUB International 144A
		7.875% 10/1/21 #	120,000		125,100
	Liberty Mutual Group 144A
		4.95% 5/1/22 #	320,000		345,589
	MetLife 144A
		9.25% 4/8/38 #	1,100,000		1,625,250
	MetLife Capital Trust IV 144A
		7.875% 12/15/37 #	300,000		401,250
	Metropolitan Life Global
		Funding I 144A
		3.45% 12/18/26 #	765,000		786,808
	Nuveen Finance
		144A 2.95% 11/1/19 #	1,130,000		1,141,179
		144A 4.125% 11/1/24 #	1,460,000		1,542,780
	Progressive 4.125% 4/15/47		780,000		843,763
	Prudential Financial
		5.375% 5/15/45 µ	765,000		821,610

26 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Insurance (continued)
	USIS Merger Sub 144A
		6.875% 5/1/25 #	200,000	$	202,500
	XLIT
		3.817% (LIBOR03M +
		2.458%)Ψ●	510,000		457,980
		5.50% 3/31/45	725,000		772,475
					13,956,247
Natural Gas – 0.18%
	AmeriGas Partners
		5.875% 8/20/26	825,000		853,875
	Perusahaan Gas Negara
		Persero 144A
		5.125% 5/16/24 #	615,000		661,633
	Sempra Energy 2.038%
		(LIBOR03M + 0.45%)
		3/15/21 ●	2,050,000		2,054,107
					3,569,615
Real Estate Investment Trusts – 1.36%
	Alexandria Real Estate
		Equities 3.45% 4/30/25	1,760,000		1,756,539
	American Tower
		3.60% 1/15/28	620,000		617,454
		4.40% 2/15/26	525,000		552,865
		5.05% 9/1/20	500,000		530,703
	American Tower Trust I 144A
		3.07% 3/15/23 #	1,285,000		1,300,820
	AvalonBay Communities
		3.20% 1/15/28	1,200,000		1,196,555
	CC Holdings GS V
		3.849% 4/15/23	450,000		464,745
	Corporate Office Properties
		3.60% 5/15/23	690,000		691,166
		5.25% 2/15/24	670,000		723,589
	Crown Castle International
		3.65% 9/1/27	980,000		979,286
		5.25% 1/15/23	975,000		1,068,614
	CubeSmart 3.125% 9/1/26		930,000		887,989
	CyrusOne 144A
		5.00% 3/15/24 #	150,000		156,000
	Digital Realty Trust
		3.40% 10/1/20	2,100,000		2,142,686
	Education Realty Operating
		Partnership
		4.60% 12/1/24	950,000		989,215
	Equinix 5.375% 5/15/27		350,000		375,375
	ESH Hospitality 144A
		5.25% 5/1/25 #	845,000		855,563
	GEO Group
		5.125% 4/1/23	140,000		140,700
		6.00% 4/15/26	85,000		87,763
	Goodman US Finance Three
		144A 3.70% 3/15/28 #	330,000		328,049
	HCP 5.375% 2/1/21		359,000		385,749
	Hospitality Properties Trust
		4.50% 3/15/25	870,000		904,117
	Host Hotels & Resorts
		3.75% 10/15/23	1,270,000		1,294,186
		3.875% 4/1/24	250,000		254,642
		4.50% 2/1/26	45,000		47,178
	Hudson Pacific Properties
		3.95% 11/1/27	490,000		488,320
	Iron Mountain US Holdings
		144A 5.375% 6/1/26 #	600,000		619,500
	Kilroy Realty
		3.45% 12/15/24	720,000		718,870
	Life Storage
		3.50% 7/1/26	695,000		677,918
		3.875% 12/15/27	175,000		174,661
	MGM Growth Properties
		Operating Partnership
		4.50% 9/1/26	265,000		265,000
	Regency Centers
		3.60% 2/1/27	815,000		817,082
	SBA Communications
		4.875% 9/1/24	525,000		540,750
	Starwood Property Trust 144A
		4.75% 3/15/25 #	200,000		199,000
	Trust F/1401 144A
		5.25% 1/30/26 #	745,000		787,837
	WEA Finance 144A
		3.25% 10/5/20 #	1,800,000		1,832,561
	Welltower 2.25% 3/15/18		400,000		400,175
	WP Carey 4.60% 4/1/24		695,000		726,846
					26,980,068
Technology – 1.17%
	Apple
		1.763% (LIBOR03M +
		0.35%) 5/11/22 ●	1,040,000		1,047,283
		1.903% (LIBOR03M +
		0.50%) 2/9/22 ●	180,000		182,585
		2.75% 1/13/25	2,215,000		2,197,293
	Broadcom
		144A 3.00% 1/15/22 #	1,400,000		1,389,289
		144A 3.50% 1/15/28 #	990,000		945,456
	CDK Global
		144A 4.875% 6/1/27 #	305,000		309,575
		5.00% 10/15/24	910,000		947,310

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 27

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Technology (continued)
	CDW Finance 5.00% 9/1/25		90,000	$	93,600
	Cisco Systems 1.981%
		(LIBOR03M + 0.50%)
		3/1/19 ●	650,000		653,280
	Citrix Systems
		4.50% 12/1/27	1,840,000		1,870,518
	CommScope Technologies
		144A 5.00% 3/15/27 #	740,000		741,850
	Dell International
		4.42% 6/15/21	1,600,000		1,668,533
		144A 4.42% 6/15/21 #	300,000		312,820
		144A 5.45% 6/15/23 #	600,000		649,039
		144A 6.02% 6/15/26 #	600,000		662,493
		144A 8.10% 7/15/36 #	15,000		18,980
	EMC 2.65% 6/1/20		900,000		889,055
	First Data
		144A 5.75% 1/15/24 #	510,000		531,547
		144A 7.00% 12/1/23 #	268,000		284,080
	Genesys Telecommunications
		Laboratories 144A
		10.00% 11/30/24 #	20,000		21,900
	Hewlett Packard Enterprise
		2.85% 10/5/18	150,000		150,750
	Infor US 6.50% 5/15/22		70,000		72,800
	International Business
		Machines
		1.625% 5/15/20	440,000		434,729
	NXP 144A 4.625% 6/1/23 #		575,000		602,887
	Oracle
		1.859% (LIBOR03M +
		0.51%) 10/8/19 ●	940,000		947,611
		3.80% 11/15/37	1,585,000		1,665,792
		4.00% 11/15/47	1,260,000		1,343,983
	Solera 144A
		10.50% 3/1/24 #	50,000		56,499
	Symantec
		4.20% 9/15/20	2,000,000		2,065,000
		144A 5.00% 4/15/25 #	530,000		552,525
					23,309,062
Transportation – 1.06%
	Air Canada 2015-1 Class A
		Pass Through Trust 144A
		3.60% 3/15/27 #⧫	528,957		538,584
	American Airlines 2011-1
		Class A Pass Through Trust
		5.25% 1/31/21 ⧫	305,780		321,711
	American Airlines 2014-1
		Class A Pass Through Trust
		3.70% 10/1/26 ⧫	390,429		399,214
	American Airlines 2015-1
		Class A Pass Through Trust
		3.375% 5/1/27 ⧫	329,496		330,382
	American Airlines 2015-2
		Class AA Pass Through
		Trust 3.60% 9/22/27 ⧫	227,600		232,209
	American Airlines 2016-1
		Class AA Pass Through
		Trust 3.575% 1/15/28 ⧫	461,523		471,376
	American Airlines 2016-3
		Class AA Pass Through
		Trust 3.00% 10/15/28 ⧫	1,264,102		1,239,819
	AP Moller – Maersk 144A
		2.875% 9/28/20 #	200,000		201,511
	Ashtead Capital 144A
		4.375% 8/15/27 #	450,000		457,875
	Avis Budget Car Rental 144A
		6.375% 4/1/24 #	235,000		245,645
	Continental Airlines 2009-2
		Class A Pass Through Trust
		7.25% 11/10/19 ⧫	567,087		611,957
	Delta Air Lines
		3.625% 3/15/22	500,000		507,809
	Delta Air Lines 2007-1 Class
		A Pass Through Trust
		6.821% 8/10/22 ⧫	242,139		275,893
	Doric Nimrod Air Finance
		Alpha 2012-1 Class A Pass
		Through Trust 144A
		5.125% 11/30/22 #⧫	1,193,108		1,246,574
	Kansas City Southern
		3.00% 5/15/23	500,000		496,203
	Latam Airlines 2015-1 Pass
		Through Trust Class A
		4.20% 11/15/27 ⧫	449,081		455,256
	Penske Truck Leasing
		144A 2.70% 3/14/23 #	695,000		683,639
		144A 3.30% 4/1/21 #	1,230,000		1,253,584
		144A 3.40% 11/15/26 #	140,000		138,456
		144A 4.20% 4/1/27 #	2,535,000		2,639,230
	Transnet SOC 144A
		4.00% 7/26/22 #	575,000		564,334
	United Airlines 2014-1 Class
		A Pass Through Trust
		4.00% 4/11/26 ⧫	301,106		316,194
	United Airlines 2014-2 Class
		A Pass Through Trust
		3.75% 9/3/26 ⧫	575,443		596,965
	United Airlines 2016-1 Class
		AA Pass Through Trust
		3.10% 7/7/28 ⧫	555,000		555,416

28 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Corporate Bonds (continued)
Transportation (continued)
	United Continental Holdings
		4.25% 10/1/22	380,000	$	381,425
	United Parcel Service
		3.05% 11/15/27	1,135,000		1,136,172
		5.125% 4/1/19	2,210,000		2,292,408
	United Rentals North America
		5.50% 5/15/27	1,430,000		1,508,650
	US Airways 2012-2 Class A
		Pass Through Trust 4.625%
		6/3/25 ⧫	500,043		532,021
	XPO Logistics 144A
		6.125% 9/1/23 #	486,000		515,768
					21,146,280
Utilities – 3.05%
	Aegea Finance 144A
		5.75% 10/10/24 #	585,000		596,700
	AEP Texas 144A
		2.40% 10/1/22 #	245,000		241,594
	AES 5.50% 4/15/25		413,000		435,715
	AES Andres 144A
		7.95% 5/11/26 #	840,000		913,500
	AES Gener
		144A 5.25% 8/15/21 #	20,000		20,962
		144A
		8.375% 12/18/73 #µ	595,000		625,208
	Ameren Illinois
		3.70% 12/1/47	505,000		517,604
		9.75% 11/15/18	2,110,000		2,247,211
	American Transmission
		Systems 144A
		5.25% 1/15/22 #	2,445,000		2,648,194
	Avangrid 3.15% 12/1/24		305,000		303,801
	Berkshire Hathaway Energy
		3.75% 11/15/23	1,145,000		1,193,636
	Calpine 144A
		5.25% 6/1/26 #	1,040,000		1,023,110
	Cerro del Aguila 144A
		4.125% 8/16/27 #	1,070,000		1,061,975
	Cleveland Electric Illuminating
		5.50% 8/15/24	515,000		586,980
	CMS Energy 6.25% 2/1/20		1,080,000		1,162,180
	ComEd Financing III
		6.35% 3/15/33	680,000		746,300
	Consumers Energy
		3.25% 8/15/46	675,000		649,294
	Dominion Energy
		2.00% 8/15/21	280,000		273,822
		3.625% 12/1/24	820,000		849,716
	DTE Energy
		2.85% 10/1/26	475,000		456,837
		3.30% 6/15/22	715,000		726,058
	Duke Energy
		1.80% 9/1/21	480,000		467,234
		2.65% 9/1/26	205,000		196,745
		3.15% 8/15/27	820,000		815,502
	Dynegy 144A
		8.00% 1/15/25 #	136,000		147,900
	E.ON International Finance
		144A 5.80% 4/30/18 #	200,000		202,424
	Emera 6.75% 6/15/76 µ		1,365,000		1,542,450
	Emera US Finance
		4.75% 6/15/46	790,000		867,602
	Enel 144A 8.75% 9/24/73 #µ		1,605,000		2,000,231
	Enel Americas
		4.00% 10/25/26	525,000		535,642
	Enel Finance International
		144A 3.625% 5/25/27 #	2,905,000		2,891,137
	Entergy Arkansas
		3.75% 2/15/21	200,000		207,312
	Entergy Louisiana
		3.12% 9/1/27	80,000		79,871
		4.05% 9/1/23	1,555,000		1,649,204
		4.95% 1/15/45	235,000		247,095
	Exelon
		2.45% 4/15/21	200,000		199,230
		3.497% 6/1/22	1,075,000		1,096,494
		3.95% 6/15/25	670,000		699,162
	FirstEnergy 2.85% 7/15/22		200,000		198,365
	Fortis
		2.10% 10/4/21	325,000		317,489
		3.055% 10/4/26	1,245,000		1,204,051
	Great Plains Energy
		4.85% 6/1/21	545,000		577,616
	Inkia Energy 144A
		5.875% 11/9/27 #	585,000		589,832
	ITC Holdings
		144A 2.70% 11/15/22 #	330,000		329,731
		144A 3.35% 11/15/27 #	990,000		992,484
	Jersey Central Power & Light
		7.35% 2/1/19	1,000,000		1,050,268
	Kansas City Power & Light
		3.65% 8/15/25	1,350,000		1,383,703
	LG&E & KU Energy
		3.75% 11/15/20	165,000		170,326
		4.375% 10/1/21	1,555,000		1,644,519
	Majapahit Holding
		7.75% 1/20/20	400,000		438,520

(continues)      NQ-OPTFI [12/17] 2/18 (421423) 29

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal		Value
			amount°		(US $)
Corporate Bonds (continued)
Utilities (continued)
	National Rural Utilities
		Cooperative Finance
		2.70% 2/15/23		1,215,000	$	1,214,722
		4.75% 4/30/43 µ		1,195,000		1,256,877
		5.25% 4/20/46 µ		865,000		930,549
	New England Power 144A
		3.80% 12/5/47 #		870,000		890,954
	New York State Electric & Gas
		144A 3.25% 12/1/26 #		1,015,000		1,024,186
	Newfoundland & Labrador
		Hydro 3.60% 12/1/45	CAD	100,000		84,192
	NextEra Energy Capital
		Holdings
		2.70% 9/15/19		450,000		452,886
		3.55% 5/1/27		385,000		392,825
	NV Energy 6.25% 11/15/20			935,000		1,027,459
	Pedernales Electric
		Cooperative (MBIA) 144A
		6.202% 11/15/32 #		620,000		698,919
	Pennsylvania Electric
		5.20% 4/1/20		280,000		295,671
	Perusahaan Listrik Negara
		144A 4.125% 5/15/27 #		500,000		501,978
		144A 5.25% 5/15/47 #		410,000		428,016
	Public Service Co. of New
		Hampshire
		3.50% 11/1/23		635,000		655,335
	Public Service Co. of
		Oklahoma 5.15% 12/1/19		645,000		675,655
	Puget Energy
		6.50% 12/15/20		3,800,000		4,209,168
	Southern
		2.95% 7/1/23		500,000		500,798
		3.25% 7/1/26		950,000		933,148
	Southern Power 144A
		2.175% (LIBOR03M +
		0.55%) 12/20/20 #●		1,700,000		1,703,814
	Southwestern Electric Power
		6.45% 1/15/19		690,000		718,461
	Trans-Allegheny Interstate
		Line 144A 3.85% 6/1/25 #		525,000		545,327
	Union Electric
		2.95% 6/15/27		900,000		892,429
	Wisconsin Electric Power
		4.30% 12/15/45		555,000		614,591
						60,670,496
Total Corporate Bonds
	(cost $780,983,934)					798,099,846
Municipal Bonds – 1.05%
	American Municipal Power,
		Ohio (Combined
		Hydroelectric Projects)
		Series B
		8.084% 2/15/50		1,500,000		2,564,010
	Bay Area, California Toll
		Authority
		(Taxable Build America
		Bonds) Series S3 6.907%
		10/1/50		905,000		1,434,090
	Buckeye, Ohio Tobacco
		Settlement Financing
		Authority
		(Asset-Backed Senior
		Turbo) Series A-2 5.875%
		6/1/47		295,000		285,413
	California State Various
		Purposes
		(Build America Bonds)
		7.55% 4/1/39		715,000		1,128,005
		(High Speed Passenger)
		Series C 2.344% 4/1/47 ●		1,250,000		1,262,113
	Chicago, Illinois Transit
		Authority
		(Pension Funding) Series A
		6.899% 12/1/40		1,800,000		2,445,768
		(Retiree Health Care
		Funding) Series B 6.899%
		12/1/40		1,800,000		2,445,768
	Commonwealth of
		Massachusetts
		Series C 5.00% 10/1/25		100,000		121,902
	Municipal Electric Authority of
		Georgia (Build America
		Bond Plant Vogtle Units 3
		& 4 Project)
		6.655% 4/1/57		1,800,000		2,273,526
	New Jersey Transportation
		Trust Fund Authority
		(Build America Bond)
		Series C 5.754%
		12/15/28		1,590,000		1,827,959
	New Jersey Turnpike Authority
		(Build America Bonds)
		Series A 7.102% 1/1/41		495,000		741,366
		Series F 7.414% 1/1/40		240,000		371,376
	New York City, New York
		Transitional Finance
		Authority Future Tax
		Secured Revenue
		(Build America Bond)
		5.508% 8/1/37		700,000		892,654

30 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Municipal Bonds (continued)
	New York State Urban
		Development (Build
		America Bond)
		5.77% 3/15/39	800,000	$	979,720
	Oregon State Taxable Pension
		5.892% 6/1/27	65,000		78,278
	Pennsylvania Higher
		Education Assistance
		Agency Revenue
		(Guaranteed Student
		Loans) Series 2006-2 A3
		1.702% (LIBOR03M +
		0.13%) 10/25/36 ●	673,982		664,493
	South Carolina Public Service
		Authority
		Series D 4.77% 12/1/45	290,000		315,239
	Texas Water Development
		Board (2016 State Water
		Implementation)
		Series A 5.00% 10/15/45	255,000		299,039
		Series B 5.00% 10/15/46	665,000		784,999
Total Municipal Bonds
	(cost $19,903,575)				20,915,718
Non-Agency Asset-Backed Securities – 4.52%
	ABFC Trust
		Series 2006-HE1 A2D
		1.772% (LIBOR01M +
		0.22%) 1/25/37 ●	396,095		271,523
	AEP Texas Central Transition
		Funding II
		Series 2006-A A4
		5.17% 1/1/18	77,647		77,660
	Ally Master Owner Trust
		Series 2015-2 A1 2.047%
		(LIBOR01M + 0.57%)
		1/15/21 ●	1,200,000		1,204,665
	American Express Credit
		Account Master Trust
		Series 2013-1 A 1.897%
		(LIBOR01M + 0.42%)
		2/16/21 ●	500,000		500,948
		Series 2013-2 A 1.897%
		(LIBOR01M + 0.42%)
		5/17/21 ●	530,000		531,416
		Series 2017-2 A 2.038%
		(LIBOR01M + 0.45%)
		9/16/24 ●	135,000		136,046
		Series 2017-5 A 1.857%
		(LIBOR01M + 0.38%)
		2/18/25 ●	620,000		623,014
		Series 2017-8 A 1.597%
		(LIBOR01M + 0.12%)
		5/16/22 ●	760,000		760,352
	Argent Securities
		Asset-Backed Pass Through
		Certificates
		Series 2003-W9 M1
		2.587% (LIBOR01M +
		1.035%) 1/25/34 ●	260,914		261,318
	Argent Securities Trust
		Series 2006-M1 A2C
		1.702% (LIBOR01M +
		0.15%) 7/25/36 ●	1,326,910		562,424
		Series 2006-W4 A2C
		1.712% (LIBOR01M +
		0.16%) 5/25/36 ●	693,141		266,095
	Avis Budget Rental Car
		Funding AESOP
		Series 2013-1A A 144A
		1.92% 9/20/19 #	700,000		698,928
		Series 2014-1A A 144A
		2.46% 7/20/20 #	665,000		665,945
	Barclays Dryrock Issuance
		Trust
		Series 2017-1 A 1.807%
		(LIBOR01M + 0.33%)
		3/15/23 ●	220,000		220,615
	Bayview Opportunity Master
		Fund IIIa Trust
		Series 2017-RN8 A1 144A
		3.352% 11/28/32 #ϕ	300,000		299,392
	Bear Stearns Asset-Backed
		Securities I Trust
		Series 2005-FR1 M2
		2.557% (LIBOR01M +
		1.005%) 6/25/35 ●	2,000,000		1,996,641
		Series 2007-HE2 1A2
		1.722% (LIBOR01M +
		0.17%) 3/25/37 ●	319,388		384,434
	Bear Stearns Asset-Backed
		Securities Trust
		Series 2007-SD1 22A1
		2.565% 10/25/36 ●	200,881		148,089
	BMW Floorplan Master
		Owner Trust
		Series 2015-1A A 144A
		1.977% (LIBOR01M +
		0.50%) 7/15/20 #●	500,000		501,045

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 31

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Non-Agency Asset-Backed Securities (continued)
	BMW Vehicle Lease Trust
		Series 2017-2 A2B 1.681%
		(LIBOR01M + 0.18%)
		2/20/20 ●	890,000	$	890,197
	Capital One Multi-Asset
		Execution Trust
		Series 2017-A5 A5
		2.057% (LIBOR01M +
		0.58%) 7/15/27 ●	870,000		876,806
	Centex Home Equity Loan
		Trust
		Series 2002-A AF6
		5.54% 1/25/32	977		990
	Chase Issuance Trust
		Series 2013-A6 A6
		2.008% (LIBOR01M +
		0.42%) 7/15/20 ●	500,000		500,905
		Series 2014-A5 A5
		1.847% (LIBOR01M +
		0.37%) 4/15/21 ●	500,000		501,886
		Series 2016-A3 2.027%
		(LIBOR01M + 0.55%)
		6/15/23 ●	500,000		505,664
		Series 2017-A1 A 1.777%
		(LIBOR01M + 0.30%)
		1/18/22 ●	1,370,000		1,374,876
	Citibank Credit Card Issuance
		Trust
		Series 2013-A2 A2
		1.832% (LIBOR01M +
		0.28%) 5/26/20 ●	200,000		200,172
		Series 2013-A7 A7
		1.862% (LIBOR01M +
		0.43%) 9/10/20 ●	500,000		501,240
		Series 2016-A3 A3
		1.893% (LIBOR01M +
		0.49%) 12/7/23 ●	500,000		504,798
		Series 2017-A5 A5
		2.155% (LIBOR01M +
		0.62%) 4/22/26 ●	1,195,000		1,208,693
		Series 2017-A6 A6
		2.242% (LIBOR01M +
		0.77%) 5/14/29 ●	340,000		343,191
		Series 2017-A7 A7
		1.777% (LIBOR01M +
		0.37%) 8/8/24 ●	500,000		502,025
	Citicorp Residential Mortgage
		Trust
		Series 2006-3 A5
		5.468% 11/25/36 ϕ	900,000		935,866
	CNH Equipment Trust
		Series 2016-B A2B
		1.877% (LIBOR01M +
		0.40%) 10/15/19 ●	65,454		65,486
	Countrywide Asset-Backed
		Certificates
		Series 2004-3 2A 1.952%
		(LIBOR01M + 0.40%)
		8/25/34 ●	55,184		54,023
		Series 2005-AB2 2A3
		2.322% (LIBOR01M +
		0.77%) 11/25/35 ●	64,163		64,236
		Series 2006-1 AF6
		4.764% 7/25/36 ●	397,448		400,239
		Series 2006-11 1AF6
		4.54% 9/25/46 ●	249,892		531,542
		Series 2006-26 2A4
		1.772% (LIBOR01M +
		0.22%) 6/25/37 ●	2,000,000		1,839,958
		Series 2007-6 2A4
		1.862% (LIBOR01M +
		0.31%) 9/25/37 ●	1,000,000		616,459
	CSMC
		Series 2017-1A-A
		4.50% 3/1/21	214,652		216,370
	CWABS Asset-Backed
		Certificates Trust
		Series 2005-3 MV7
		3.278% (LIBOR01M +
		1.95%) 8/25/35 ●	4,200,000		4,188,563
		Series 2005-7 MV3
		2.132% (LIBOR01M +
		0.58%) 11/25/35 ●	395,927		394,926
		Series 2006-17 2A2
		1.702% (LIBOR01M +
		0.15%) 3/25/47 ●	2,020,766		1,948,662
	Discover Card Execution Note
		Trust
		Series 2013-A6 A6
		1.927% (LIBOR01M +
		0.45%) 4/15/21 ●	560,000		561,773
		Series 2014-A1 A1
		1.907% (LIBOR01M +
		0.43%) 7/15/21 ●	1,190,000		1,194,069
		Series 2017-A1 A1
		1.967% (LIBOR01M +
		0.49%) 7/15/24 ●	1,205,000		1,214,227
		Series 2017-A3 A3
		1.707% (LIBOR01M +
		0.23%) 10/17/22 ●	8,940,000		8,958,570

32 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Non-Agency Asset-Backed Securities (continued)
	Discover Card Execution Note
		Trust
		Series 2017-A5 A5
		2.077% (LIBOR01M +
		0.60%) 12/15/26 ●	1,940,000	$	1,961,453
		Series 2017-A7 A7
		1.837% (LIBOR01M +
		0.36%) 4/15/25 ●	2,625,000		2,635,922
	EquiFirst Mortgage Loan Trust
		Series 2004-2 M7 4.552%
		(LIBOR01M + 3.00%)
		10/25/34 ●	662,361		646,084
	Ford Credit Auto Lease Trust
		Series 2017-B A2B
		1.637% (LIBOR01M +
		0.16%) 6/15/20 ●	930,000		929,778
	Golden Credit Card Trust
		Series 2014-2A A 144A
		1.927% (LIBOR01M +
		0.45%) 3/15/21 #●	420,000		421,621
		Series 2016-1A A 144A
		2.077% (LIBOR01M +
		0.60%) 1/15/20 #●	1,000,000		1,000,268
	GSAMP Trust
		Series 2006-FM3 A2D
		1.782% (LIBOR01M +
		0.23%) 11/25/36 ●	1,112,082		671,940
		Series 2007-SEA1 A 144A
		1.852% (LIBOR01M +
		0.30%) 12/25/36 #●	1,008,549		973,016
	HOA Funding
		Series 2014-1A A2 144A
		4.846% 8/20/44 #	1,009,800		982,323
	Home Equity Mortgage Loan
		Asset-Backed Trust
		Series 2007-A 2A3
		1.792% (LIBOR01M +
		0.24%) 4/25/37 ●	1,630,975		1,138,068
	HSI Asset Securitization Trust
		Series 2006-HE1 2A1
		1.602% (LIBOR01M +
		0.05%) 10/25/36 ●	32,867		18,138
	JPMorgan Mortgage
		Acquisition Trust
		Series 2006-CW2 AV5
		1.792% (LIBOR01M +
		0.24%) 8/25/36 ●	500,000		449,141
	Long Beach Mortgage Loan
		Trust
		Series 2006-1 2A4
		1.852% (LIBOR01M +
		0.30%) 2/25/36 ●	3,883,118		2,748,362
		Series 2006-7 1A 1.707%
		(LIBOR01M + 0.155%)
		8/25/36 ●	4,047,074		2,722,480
	Mercedes-Benz Master Owner
		Trust
		Series 2016-AA A 144A
		2.057% (LIBOR01M +
		0.58%) 5/15/20 #●	915,000		916,643
		Series 2016-BA A 144A
		2.177% (LIBOR01M +
		0.70%) 5/17/21 #●	1,021,000		1,028,454
	Merrill Lynch Mortgage
		Investors Trust
		Series 2006-FF1 M2
		1.842% (LIBOR01M +
		0.29%) 8/25/36 ●	2,000,000		1,998,868
	Morgan Stanley ABS Capital I
		Trust
		Series 2007-HE1 A2C
		1.702% (LIBOR01M +
		0.15%) 11/25/36 ●	5,572,171		3,704,326
		Series 2007-HE5 A2D
		1.892% (LIBOR01M +
		0.34%) 3/25/37 ●	3,727,026		2,006,940
	Navistar Financial Dealer Note
		Master Owner Trust II
		Series 2016-1 A 144A
		2.902% (LIBOR01M +
		1.35%) 9/27/21 #●	525,000		528,087
	New Century Home Equity
		Loan Trust
		Series 2005-1 M2 2.272%
		(LIBOR01M + 0.72%)
		3/25/35 ●	233,599		220,375
	New Residential Mortgage
		Loan Trust
		Series 2017-6A A1 144A
		4.00% 8/27/57 #●	279,369		286,670
	Nissan Auto Receivables
		Owner Trust
		Series 2016-C A2A
		1.07% 5/15/19	61,348		61,304
	Option One Mortgage Loan
		Trust
		Series 2005-1 M1 2.332%
		(LIBOR01M + 0.78%)
		2/25/35 ●	2,155,252		2,015,467
		Series 2007-4 2A4
		1.862% (LIBOR01M +
		0.31%) 4/25/37 ●	7,016,464		4,415,571

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 33

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Non-Agency Asset-Backed Securities (continued)
	PFS Financing
		Series 2017-C A 144A
		1.947% (LIBOR01M +
		0.47%) 10/15/21 #●	685,000	$	683,902
	RAAC Trust
		Series 2005-SP2 2A
		1.852% (LIBOR01M +
		0.30%) 6/25/44 ●	532,149		468,133
	RAMP Trust
		Series 2006-RZ5 A2
		1.732% (LIBOR01M +
		0.18%) 8/25/46 ●	56,178		56,159
		Series 2007-RZ1 A2
		1.712% (LIBOR01M +
		0.16%) 2/25/37 ●	488,076		483,844
	Rise
		Series 2014-1 A
		4.75% 2/15/39 ●	1,810,130		1,830,494
	Sofi Consumer Loan Program
		Series 2017-3 A 144A
		2.77% 5/25/26 #	1,698,806		1,699,422
	Sofi Professional Loan
		Program
		Series 2016-F A2 144A
		3.02% 2/25/40 #	541,964		540,246
	Soundview Home Loan Trust
		Series 2006-WF2 A1
		1.682% (LIBOR01M +
		0.13%) 12/25/36 ●	366,663		365,489
	SpringCastle America Funding
		Series 2016-AA A 144A
		3.05% 4/25/29 #	3,037,151		3,055,987
	Structured Asset Investment
		Loan Trust
		Series 2003-BC2 M1
		2.932% (LIBOR01M +
		1.38%) 4/25/33 ●	15,778		15,459
	Structured Asset Securities
		Mortgage Loan Trust
		Series 2006-BC1 A6
		1.822% (LIBOR01M +
		0.27%) 3/25/36 ●	1,800,000		1,491,359
	Towd Point Mortgage Trust
		Series 2017-1 A1 144A
		2.75% 10/25/56 #●	357,782		357,284
		Series 2017-2 A1 144A
		2.75% 4/25/57 #●	196,435		196,258
		Series 2017-4 M1 144A
		3.25% 6/25/57 #●	615,000		602,863
	Verizon Owner Trust
		Series 2016-2A A 144A
		1.68% 5/20/21 #	680,000		675,344
	VOLT LIX
		Series 2017-NPL6 A1 144A
		3.25% 5/25/47 #ϕ	67,081		67,244
	VOLT LVIII
		Series 2017-NPL5 A1 144A
		3.375% 5/28/47 #ϕ	284,281		284,699
	VOLT LX
		Series 2017-NPL7 A1 144A
		3.25% 4/25/59 #ϕ	202,908		203,256
	VOLT LXI
		Series 2017-NPL8 A1 144A
		3.125% 6/25/47 #ϕ	70,214		70,241
	Volt LXIII
		Series 2017-NP10 A1
		144A 3.00% 10/25/47 #ϕ	500,000		499,211
	VOLT XL
		Series 2015-NP14 A1
		144A
		4.375% 11/27/45 #ϕ	75,630		75,799
	Wendys Funding
		Series 2018-1A A2I 144A
		3.573% 3/15/48 #	480,000		479,850
Total Non-Agency Asset-Backed
	Securities
	(cost $86,835,964)				89,890,804
Non-Agency Collateralized Mortgage Obligations – 1.46%
	Alternative Loan Trust
		Resecuritization
		Series 2008-2R 3A1
		6.00% 8/25/37 ●	1,352,708		1,088,213
	ARM Trust
		Series 2004-5 3A1
		3.769% 4/25/35 ●	571,983		576,659
		Series 2005-10 3A31
		3.468% 1/25/36 ●	250,123		239,149
		Series 2006-2 1A4
		3.387% 5/25/36 ●	1,008,961		936,897
	Banc of America Funding Trust
		Series 2005-E 7A1 2.167%
		(COF 11 + 1.43%)
		6/20/35 ●	209,407		174,650
		Series 2006-I 1A1
		3.374% 12/20/36 ●	328,717		331,782
	Banc of America Mortgage
		Trust
		Series 2003-D 2A1
		3.917% 5/25/33 ●	273,109		276,693
	Bank of America Alternative
		Loan Trust
		Series 2005-6 7A1
		5.50% 7/25/20	31,664		30,203

34 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

				Principal	Value
				amount°	(US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Bear Stearns ARM Trust
		Series 2003-5 2A1
		3.385% 8/25/33 ●		53,545	$	53,500
		Series 2005-2 A2 3.636%
		(LIBOR12M + 1.95%)
		3/25/35 ●		106,373		107,412
	Chase Mortgage Finance Trust
		Series 2005-A1 3A1
		3.355% 12/25/35 ●		125,054		121,787
	CHL Mortgage Pass Through
		Trust
		Series 2007-4 1A1 6.00%
		5/25/37 ⧫		1,237,030		1,002,171
	CSMC Mortgage-Backed Trust
		Series 2005-1R 2A5 144A
		5.75% 12/26/35 #		1,509,406		1,402,157
		Series 2007-1 5A14
		6.00% 2/25/37		279,043		251,562
		Series 2007-3 4A6
		1.802% (LIBOR01M +
		0.25%) 4/25/37 ●		254,005		216,198
		Series 2007-3 4A12
		5.198% (6.75% minus
		LIBOR01M, Cap 6.75%,
		Floor 0.00%) 4/25/37 ∑●		254,005		36,532
		Series 2007-3 4A15
		5.50% 4/25/37		112,786		111,412
	GMACM Mortgage Loan Trust
		Series 2006-J1 A1
		5.75% 4/25/36		50,521		49,540
	GSR Mortgage Loan Trust
		Series 2007-AR1 2A1
		3.537% 3/25/47 ●		976,511		899,545
	JPMorgan Mortgage Trust
		Series 2006-A6 2A4L
		3.60% 10/25/36 ●		575,667		521,110
		Series 2006-A7 2A2
		3.554% 1/25/37 ●		107,906		108,592
		Series 2007-A1 6A1
		3.575% 7/25/35 ●		192,701		193,117
		Series 2014-2 B1 144A
		3.427% 6/25/29 #●		73,169		73,864
		Series 2014-2 B2 144A
		3.427% 6/25/29 #●		73,169		73,366
		Series 2015-1 B1 144A
		2.587% 12/25/44 #●		649,682		646,415
		Series 2015-4 B1 144A
		3.626% 6/25/45 #●		807,130		810,671
		Series 2015-4 B2 144A
		3.626% 6/25/45 #●		344,968		339,211
		Series 2015-5 B2 144A
		2.864% 5/25/45 #●		531,482		521,982
		Series 2015-6 B1 144A
		3.617% 10/25/45 #●		348,504		347,345
		Series 2015-6 B2 144A
		3.617% 10/25/45 #●		339,085		329,216
		Series 2016-4 B1 144A
		3.901% 10/25/46 #●		243,130		248,096
		Series 2016-4 B2 144A
		3.901% 10/25/46 #●		413,321		420,604
		Series 2017-1 B2 144A
		3.558% 1/25/47 #●		722,029		717,729
		Series 2017-2 A3 144A
		3.50% 5/25/47 #●		339,441		343,822
		Series 2017-6 B1 144A
		3.859% 12/25/48 #=●		470,000		476,298
	Lehman Mortgage Trust
		Series 2007-10 2A2
		6.50% 1/25/38		1,803,825		1,312,301
	Ludgate Funding
		Series 2006-1X A2A
		0.71% (BP0003M +
		0.19%) 12/1/60 ●	GBP	1,698,486		2,210,469
		Series 2008-W1X A1
		1.119% (BP0003M +
		0.60%) 1/1/61 ●	GBP	746,551		988,907
	Mansard Mortgages Parent
		Series 2007-1X A2 0.559%
		(BP0003M + 0.18%)
		4/15/47 ●	GBP	812,848		1,061,216
	MASTR Alternative Loan Trust
		Series 2004-3 8A1
		7.00% 4/25/34		3,335		3,520
		Series 2004-5 6A1
		7.00% 6/25/34		43,946		45,960
	MASTR ARM Trust
		Series 2004-4 4A1
		3.489% 5/25/34 ●		92,543		92,332
	Merrill Lynch Mortgage
		Investors Trust
		Series 2004-A1 2A2
		3.178% 2/25/34 ●		6,460		6,452
	New Residential Mortgage
		Loan Trust
		Series 2017-2A A3 144A
		4.00% 3/25/57 #●		432,257		446,737
	Opteum Mortgage
		Acceptance Trust
		Series 2006-1 2A1
		5.75% 4/25/36 ●		532,098		534,239

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 35

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

				Principal	Value
				amount°	(US $)
Non-Agency Collateralized Mortgage Obligations (continued)
	Reperforming Loan REMIC
		Trust
		Series 2006-R1 AF1 144A
		1.892% (LIBOR01M +
		0.34%) 1/25/36 #●		1,401,457	$	1,325,102
	RFMSI Trust
		Series 2004-S9 2A1
		4.75% 12/25/19		41,028		41,096
	Sequoia Mortgage Trust
		Series 2004-5 A3 2.192%
		(LIBOR06M + 0.56%)
		6/20/34 ●		226,343		217,334
		Series 2007-1 4A1
		3.559% 9/20/46 ●		702,610		583,613
		Series 2015-1 B2 144A
		3.874% 1/25/45 #●		367,980		367,445
		Series 2017-4 A1 144A
		3.50% 7/25/47 #●		364,384		370,680
	Structured ARM Loan Trust
		Series 2006-1 7A4
		3.33% 2/25/36 ●		546,468		483,017
	Structured Asset Mortgage
		Investments II Trust
		Series 2005-AR5 A2
		1.745% (LIBOR01M +
		0.25%) 7/19/35 ●		447,800		437,717
	Thrones
		Series 2013-1 A 1.813%
		(BP0003M + 1.50%)
		7/20/44 ●	GBP	1,189,093		1,612,288
	WaMu Mortgage Pass
		Through Certificates Trust
		Series 2005-AR16 1A3
		3.363% 12/25/35 ⧫●		526,572		512,942
		Series 2007-HY1 3A3
		3.229% 2/25/37 ⧫●		276,505		264,685
		Series 2007-HY7 4A1
		3.38% 7/25/37 ⧫●		576,936		535,486
	Washington Mutual Mortgage
		Pass Through Certificates
		Trust
		Series 2005-1 5A2 6.00%
		3/25/35 ⧫		28,065		7,655
	Wells Fargo Mortgage-Backed
		Securities Trust
		Series 2005-AR16 2A1
		3.542% 2/25/34 ●		138,457		141,721
		Series 2006-2 3A1
		5.75% 3/25/36		65,859		65,899
		Series 2006-3 A11
		5.50% 3/25/36		87,318		89,307
		Series 2006-6 1A3
		5.75% 5/25/36		40,074		40,148
		Series 2006-AR5 2A1
		3.325% 4/25/36 ●		49,649		46,902
		Series 2006-AR11 A6
		3.484% 8/25/36 ●		551,895		527,039
		Series 2006-AR17 A1
		3.631% 10/25/36 ●		317,221		309,556
		Series 2007-10 1A36
		6.00% 7/25/37		233,899		232,754
Total Non-Agency
	Collateralized Mortgage
	Obligations (cost $29,870,543)					28,992,019
Non-Agency Commercial Mortgage-Backed Securities – 4.33%
	BAMLL Commercial Mortgage
		Securities Trust
		Series 2015-ASHF A 144A
		2.697% (LIBOR01M +
		1.22%) 1/15/28 #●		900,000		901,705
	Banc of America Commercial
		Mortgage Trust
		Series 2017-BNK3 AS
		3.748% 2/15/50		640,000		656,694
		Series 2017-BNK3 C
		4.352% 2/15/50 ●		325,000		330,805
	BANK
		Series 2017-BNK5 A5
		3.39% 6/15/60		1,430,000		1,458,648
		Series 2017-BNK5 B
		3.896% 6/15/60 ●		605,000		611,570
		Series 2017-BNK7 A5
		3.435% 9/15/60		715,000		730,725
		Series 2017-BNK7 B
		3.949% 9/15/60		1,085,000		1,105,505
		Series 2017-BNK8 A4
		3.488% 11/15/50		515,000		528,589
	BBCMS Trust
		Series 2015-RRI A 144A
		2.727% (LIBOR01M +
		1.25%) 5/15/32 #●		4,851,384		4,855,128
		Series 2015-STP A 144A
		3.323% 9/10/28 #		4,462,587		4,535,579
	BX Trust
		Series 2017-APPL A 144A
		2.357% (LIBOR01M +
		0.88%) 7/15/34 #●		600,000		600,752

36 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	CCUBS Commercial Mortgage
		Trust
		Series 2017-C1 A4
		3.544% 11/15/50 ●	3,600,000	$	3,699,751
	CD Mortgage Trust
		Series 2016-CD2 A3
		3.248% 11/10/49	4,000,000		4,054,187
		Series 2016-CD2 A4
		3.526% 11/10/49 ●	620,000		639,760
		Series 2017-CD6 B
		3.911% 11/13/50 ●	440,000		449,897
	CFCRE Commercial Mortgage
		Trust
		Series 2016-C7 A3
		3.839% 12/10/54	1,100,000		1,147,912
		Series 2017-C8 A4
		3.572% 6/15/50	440,000		449,226
	Citigroup Commercial
		Mortgage Trust
		Series 2014-GC25 A4
		3.635% 10/10/47	785,000		816,072
		Series 2015-GC27 A5
		3.137% 2/10/48	3,085,000		3,108,176
		Series 2016-P3 A4
		3.329% 4/15/49	1,895,000		1,927,792
		Series 2017-C4 A4
		3.471% 10/12/50	1,015,000		1,039,790
	COMM Mortgage Trust
		Series 2013-WWP A2
		144A 3.424% 3/10/31 #	1,100,000		1,140,735
		Series 2014-CR20 AM
		3.938% 11/10/47	2,225,000		2,295,965
		Series 2015-3BP A 144A
		3.178% 2/10/35 #	605,000		609,108
		Series 2015-CR23 A4
		3.497% 5/10/48	780,000		801,787
	Commercial Mortgage Pass
		Through Certificates
		Series 2016-CR28 A4
		3.762% 2/10/49 ⧫	1,295,000		1,359,931
	DBJPM Mortgage Trust
		Series 2016-C1 A4
		3.276% 5/10/49	1,970,000		1,996,156
		Series 2016-C3 A5
		2.89% 9/10/49	945,000		931,383
	DBUBS Mortgage Trust
		Series 2011-LC1A C 144A
		5.698% 11/10/46 #●	955,000		1,023,025
	GRACE Mortgage Trust
		Series 2014-GRCE A 144A
		3.369% 6/10/28 #	2,200,000		2,256,278
		Series 2014-GRCE B 144A
		3.52% 6/10/28 #	1,455,000		1,476,008
	GS Mortgage Securities Trust
		Series 2010-C1 C 144A
		5.635% 8/10/43 #●	375,000		390,952
		Series 2016-RENT A 144A
		3.203% 2/10/29 #	2,300,000		2,322,493
		Series 2017-GS5 A4
		3.674% 3/10/50	1,205,000		1,260,494
		Series 2017-GS6 A3
		3.433% 5/10/50	1,935,000		1,982,965
		Series 2017-GS6 XA
		1.052% 5/10/50 ●	21,971,294		1,770,829
	JPMBB Commercial Mortgage
		Securities Trust
		Series 2005-CB11 E
		5.525% 8/12/37 ●	230,000		235,167
		Series 2013-LC11 B
		3.499% 4/15/46	355,000		353,219
		Series 2015-C31 A3
		3.801% 8/15/48	650,000		680,990
		Series 2015-C33 A4
		3.77% 12/15/48	570,000		596,889
		Series 2016-JP2 A4
		2.822% 8/15/49	2,555,000		2,500,978
		Series 2016-JP2 AS
		3.056% 8/15/49	1,250,000		1,214,960
		Series 2016-JP3 B
		3.397% 8/15/49 ●	1,550,000		1,508,599
		Series 2016-WIKI A 144A
		2.798% 10/5/31 #	705,000		705,724
		Series 2016-WIKI B 144A
		3.201% 10/5/31 #	690,000		692,568
		Series 2017-C7 A5
		3.409% 10/15/50	1,395,000		1,429,667
	JPMDB Commercial Mortgage
		Securities Trust
		Series 2016-C2 A4
		3.144% 6/15/49	1,640,000		1,645,369
		Series 2016-C4 A3
		3.141% 12/15/49	1,065,000		1,067,128
	LB-UBS Commercial
		Mortgage Trust
		Series 2006-C6 AJ
		5.452% 9/15/39 ●	708,530		562,930
	Morgan Stanley Bank of
		America Merrill Lynch Trust
		Series 2014-C17 A5
		3.741% 8/15/47	795,000		830,650

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 37

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

				Principal	Value
				amount°	(US $)
Non-Agency Commercial Mortgage-Backed Securities (continued)
	Morgan Stanley Bank of
		America Merrill Lynch Trust
		Series 2015-C23 A4
		3.719% 7/15/50		1,275,000	$	1,332,300
		Series 2015-C26 A5
		3.531% 10/15/48		820,000		847,158
		Series 2015-C27 ASB
		3.557% 12/15/47		2,200,000		2,287,062
		Series 2016-C29 A4
		3.325% 5/15/49		795,000		807,959
	Morgan Stanley Capital I Trust
		Series 2011-C3 A4
		4.118% 7/15/49		855,000		895,015
		Series 2014-CPT AM 144A
		3.402% 7/13/29 #●		2,200,000		2,241,296
		Series 2016-BNK2 A4
		3.049% 11/15/49		2,066,000		2,056,960
	RFTI Issuer
		Series 2015-FL1 A 144A
		3.227% (LIBOR01M +
		1.75%) 8/15/30 #●		752,295		753,498
	UBS Commercial Mortgage
		Trust
		Series 2012-C1 A3
		3.40% 5/10/45		1,458,938		1,496,495
	Wells Fargo Commercial
		Mortgage Trust
		Series 2014-LC18 A5
		3.405% 12/15/47		275,000		281,534
		Series 2015-C30 XA
		0.958% 9/15/58 ●		6,387,904		357,335
		Series 2015-NXS3 A4
		3.617% 9/15/57		510,000		529,159
		Series 2016-BNK1 A3
		2.652% 8/15/49		1,220,000		1,181,191
		Series 2017-C38 A5
		3.453% 7/15/50		905,000		924,789
		Series 2017-RB1 XA
		1.285% 3/15/50 ●		8,508,845		788,846
Total Non-Agency Commercial
	Mortgage-Backed Securities
	(cost $87,080,638)					86,071,807
Regional Bonds – 0.57%Δ
Argentina – 0.09%
	Provincia de Buenos Aires
		144A 7.875% 6/15/27 #		630,000		700,762
	Provincia de Cordoba
		144A 7.125% 6/10/21 #		395,000		427,572
		144A 7.125% 8/1/27 #		675,000		718,031
						1,846,365
Australia – 0.05%
	New South Wales Treasury
		4.00% 5/20/26	AUD	404,900		343,517
	Queensland Treasury
		144A 2.75% 8/20/27 #	AUD	446,000		338,042
		144A 3.25% 7/21/28 #	AUD	495,000		389,698
						1,071,257
Canada – 0.16%
	Province of New Brunswick
		2.50% 12/12/22		300,000		299,157
	Province of Ontario
		2.60% 6/2/27	CAD	203,000		161,326
		3.45% 6/2/45	CAD	551,000		479,795
	Province of Quebec
		1.65% 3/3/22	CAD	419,000		327,050
		6.00% 10/1/29	CAD	155,000		163,576
		2.75% 4/12/27		1,805,000		1,791,709
						3,222,613
Finland – 0.03%
	Municipality Finance 144A
		1.562% (LIBOR03M +
		0.17%) 2/7/20 #●		485,000		486,283
						486,283
Japan – 0.05%
	Japan Finance Organization
		For Municipalities
		2.125% 3/6/19		900,000		899,384
						899,384
Spain – 0.19%
	Autonomous Community of
		Catalonia
		4.90% 9/15/21	EUR	1,800,000		2,318,254
		4.95% 2/11/20	EUR	1,100,000		1,409,547
						3,727,801
Total Regional Bonds
	(cost $10,970,226)					11,253,703
Loan Agreements – 3.70%
	Air Medical Group Holdings
		Tranche B 1st Lien 4.25%
		(LIBOR03M + 3.25%)
		4/28/22 ●		1,013,938		1,011,131

38 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal	Value
		amount°	(US $)
Loan Agreements (continued)
	Air Medical Group Holdings
	Tranche B1 1st Lien 5.00%
	(LIBOR03M + 4.00%)
	4/28/22 ●	224,568	$	224,731
	Albertsons Tranche B 1st Lien
	3.50% (LIBOR03M +
	2.75%) 8/25/21 ●	518,161		508,639
	Alpha 3 Tranche B1 1st Lien
	4.00% (LIBOR03M +
	3.00%) 1/31/24 ●	199,000		200,524
	American Airlines 3.477%
	(LIBOR03M + 2.00%)
	12/14/23 ●	858,083		858,955
	American Tire Distributors 1st
	Lien 5.25% (LIBOR03M +
	4.25%) 9/1/21 ●	233,202		235,155
	Applied Systems 2nd Lien
	8.00% (LIBOR03M +
	7.00%) 9/19/25 ●	765,000		793,449
	Aramark Services 3.569%
	(LIBOR03M + 2.00%)
	3/11/25 ●	385,000		387,647
	AssuredPartners Tranche B 1st
	Lien 5.069% (LIBOR03M +
	3.50%) 10/22/24 ●	214,463		216,104
	ATI Holdings Acquisition
	Tranche B 1st Lien 4.50%
	(LIBOR03M + 3.50%)
	5/10/23 =●	852,556		861,081
	Avaya 5.75% (LIBOR03M +
	4.75%) 11/9/24 ●	220,000		216,746
	Blue Ribbon 1st Lien 5.00%
	(LIBOR03M + 4.00%)
	11/13/21 ●	726,558		725,346
	Builders FirstSource 1st Lien
	4.00% (LIBOR03M +
	3.00%) 2/29/24 ●	2,003,848		2,014,493
	BWAY Tranche B 1st Lien
	4.599% (LIBOR03M +
	3.25%) 4/3/24 ●	980,075		985,435
	Calpine Construction Finance
	Tranche B 1st Lien 3.00%
	(LIBOR03M + 2.25%)
	5/3/20 ●	53,991		54,109
	CenturyLink Tranche B 1st
	Lien 4.319% (LIBOR03M +
	2.75%) 1/31/25 ●	850,000		821,616
	CH Hold 2nd Lien 8.25%
	(LIBOR03M + 7.25%)
	2/1/25 ●	385,000		393,663
	Change Healthcare Holdings
	Tranche B 1st Lien 3.75%
	(LIBOR03M + 2.75%)
	3/1/24 ●	1,766,650		1,771,480
	Charter Communications
	Operating 3.57%
	(LIBOR03M + 2.00%)
	4/15/25 ●	185,000		185,347
	Chesapeake Energy 1st Lien
	8.50% (LIBOR03M +
	7.50%) 8/23/21 ●	790,000		842,831
	CIRCOR International 4.50%
	(LIBOR03M + 3.50%)
	12/11/24 ●	355,000		354,334
	CityCenter Holdings Tranche B
	1st Lien 3.25% (LIBOR03M
	+ 2.50%) 4/18/24 ●	457,700		460,346
	Constellis Holdings 1st Lien
	6.00% (LIBOR03M +
	5.00%) 4/21/24 ●	563,170		568,977
	Constellis Holdings 2nd Lien
	10.00% (LIBOR03M +
	9.00%) 4/21/25 ●	237,000		237,593
	CSC Holdings Tranche B 1st
	Lien 3.741% (LIBOR03M +
	2.25%) 7/17/25 ●	427,850		426,674
	Cyxtera DC Holdings 2nd Lien
	8.25% (LIBOR03M +
	7.25%) 5/1/25 ●	240,000		243,600
	DaVita Tranche B 3.50%
	(LIBOR03M + 2.75%)
	6/24/21 ●	123,516		124,613
	Deerfield Holdings 4.25%
	(LIBOR03M + 3.25%)
	12/6/24 ●	440,000		442,292
	Dynegy 4.251% (LIBOR03M
	+ 2.75%) 2/7/24 ●	785,050		789,793
	Energy Future Intermediate
	Holding 1st Lien DIP
	4.00% (LIBOR03M +
	3.00%) 6/28/18 ●	1,100,000		1,103,850
	Energy Transfer Equity
	3.501% (LIBOR03M +
	2.00%) 2/2/24 ●	390,000		389,086
	ESH Hospitality 3.819%
	(LIBOR03M + 2.25%)
	8/30/23 ●	330,827		332,171
	ExamWorks Group Tranche B1
	1st Lien 4.25% (LIBOR03M
	+ 3.25%) 7/27/23 ●	1,244,282		1,254,391
	First Data 3.80% (LIBOR03M
	+ 2.25%) 4/26/24 ●	1,434,227		1,436,789

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 39

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal	Value
		amount°	(US $)
Loan Agreements (continued)
	First Data 1st Lien 3.80%
	(LIBOR03M + 2.25%)
	7/10/22 ●	661,064	$	662,212
	First Eagle Holdings Tranche B
	1st Lien 3.75% (LIBOR03M
	+ 3.00%) 12/1/22 ●	804,586		812,632
	Flex Acquisition 1st Lien
	4.00% (LIBOR03M +
	3.00%) 12/29/23 ●	432,825		435,711
	Flying Fortress Holdings
	Tranche B 1st Lien 3.693%
	(LIBOR03M + 2.00%)
	11/2/22	496,000		499,410
	Frontier Communications
	Tranche B 1st Lien 4.50%
	(LIBOR03M + 3.75%)
	6/15/24 ●	337,876		326,768
	Gardner Denver Tranche B 1st
	Lien 4.443% (LIBOR03M +
	2.75%) 7/30/24 ●	1,093,046		1,097,489
	Gates Global 4.00%
	(LIBOR03M + 3.00%)
	3/31/24 ●	718,815		723,364
	Genoa A Qol Healthcare 1st
	Lien 4.25% (LIBOR03M +
	3.25%) 10/28/23 ●	952,974		959,724
	Greeneden US Holdings II
	Tranche B 1st Lien 5.083%
	(LIBOR03M + 3.75%)
	12/1/23 ●	1,024,676		1,031,812
	Greenhill & Co. Tranche B 1st
	Lien 4.75% (LIBOR03M +
	3.75%) 10/12/22 ●	230,000		231,438
	HCA Tranche B9 1st Lien
	3.569% (LIBOR03M +
	2.00%) 3/17/23 ●	66,984		67,382
	Hilton Worldwide Finance
	Tranche B2 1st Lien
	3.552% (LIBOR03M +
	2.00%) 10/25/23 ●	2,015,198		2,027,563
	Houghton International
	4.00% (LIBOR03M +
	3.00%) 12/20/19 ●	10,925		10,945
	Hoya Midco Tranche B 1st
	Lien 5.00% (LIBOR03M +
	4.00%) 6/30/24 ●	706,450		706,450
	HUB International Tranche B
	1st Lien 4.25% (LIBOR03M
	+ 3.25%) 10/2/20 ●	445,378		447,884
	HVSC Merger Sub 5.00%
	(LIBOR03M + 4.00%)
	10/20/24 ●	495,000		499,228
	HVSC Merger Sub 2nd Lien
	9.25% (LIBOR03M +
	8.25%) 10/26/25 ●	605,000		597,438
	Hyperion Insurance Group
	4.50% (LIBOR03M +
	3.50%) 12/20/24 ●	1,288,000		1,292,830
	INC Research Holdings
	Tranche B 1st Lien 3.819%
	(LIBOR03M + 2.25%)
	6/26/24 ●	314,844		315,749
	INEOS US Finance Tranche B
	1st Lien 3.569%
	(LIBOR03M + 2.00%)
	3/31/24 ●	960,000		962,466
	JBS USA Tranche B 1st Lien
	3.25% (LIBOR03M +
	2.50%) 10/30/22 ●	696,193		684,532
	JC Penney Tranche B 1st Lien
	5.25% (LIBOR03M +
	4.25%) 6/23/23 ●	275,966		258,718
	Kingpin Intermediate Holdings
	Tranche B 1st Lien 5.25%
	(LIBOR03M + 4.25%)
	6/29/24 ●	472,625		477,930
	Kloeckner Pentaplast of
	America Tranche B 1st Lien
	5.25% (LIBOR03M +
	4.25%) 7/3/22 ●	643,388		651,128
	Kraton Polymers Tranche B 1st
	Lien 4.00% (LIBOR03M +
	3.00%) 1/6/22 ●	565,454		572,027
	Kronos Tranche B 1st Lien
	4.50% (LIBOR03M +
	3.50%) 11/1/23 ●	534,610		538,773
	Kronos Tranche B 2nd Lien
	9.25% (LIBOR03M +
	8.25%) 11/1/24 ●	505,000		525,326
	Las Vegas Sands 1st Lien
	3.569% (LIBOR03M +
	2.00%) 3/29/24 ●	195,980		197,232
	MGM Growth Properties
	Operating Partnership
	Tranche B 1st Lien 3.819%
	(LIBOR03M + 2.25%)
	4/25/23 ●	250,538		251,835
	Mohegan Gaming &
	Entertainment Tranche B
	1st Lien 5.00% (LIBOR03M
	+ 4.00%) 10/13/23 ●	897,956		906,375
	MPH Acquisition Holdings
	Tranche B 1st Lien 4.00%
	(LIBOR03M + 3.00%)
	6/7/23 ●	972,846		975,962

40 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal	Value
		amount°	(US $)
Loan Agreements (continued)
	ON Semiconductor 3.35%
	(LIBOR03M + 2.00%)
	3/31/23 ●	328,857	$	330,810
	Panda Hummel Tranche B1
	1st Lien 7.00% (LIBOR03M
	+ 6.00%) 10/27/22 =●	315,000		299,250
	Panda Stonewall Tranche B
	6.50% (LIBOR03M +
	5.50%) 11/13/21 =●	589,523		571,837
	Penn National Gaming
	Tranche B 1st Lien 3.25%
	(LIBOR03M + 2.50%)
	1/19/24 ●	193,213		194,259
	Petroleo Global Trading
	3.451% 2/19/20	800,000		796,000
	PharMerica Tranche B 1st Lien
	4.50% (LIBOR03M +
	3.50%) 12/6/24 ●	655,000		659,012
	PharMerica Tranche B 2nd
	Lien 8.75% (LIBOR03M +
	7.75%) 12/7/25 ●	345,000		348,450
	PQ Tranche B 1st Lien 4.63%
	(LIBOR03M + 3.25%)
	11/4/22 ●	1,546,388		1,561,127
	Radiate Holdco 1st Lien
	3.75% (LIBOR03M +
	3.00%) 2/1/24 ●	1,369,650		1,361,090
	Republic of Angola 8.032%
	(LIBOR06M + 6.25%)
	12/16/23 =●	1,387,500		1,288,641
	Ring Container Technologies
	Group 4.319% (LIBOR03M
	+ 2.75%) 10/31/24 ●	440,000		441,375
	Rite Aid 5.75% (LIBOR03M +
	4.75%) 8/21/20 ●	475,500		477,580
	Russell Investments US
	Institutional Holdco
	Tranche B 1st Lien 5.25%
	(LIBOR03M + 4.25%)
	6/1/23 ●	2,053,510		2,073,532
	Sable International Finance
	Tranche B3 1st Lien
	5.069% (LIBOR03M +
	3.50%) 1/31/25 ●	265,000		265,663
	Scientific Games International
	Tranche B4 1st Lien
	4.673% (LIBOR03M +
	3.25%) 8/14/24 ●	1,730,663		1,747,969
	SFR Group Tranche B 1st Lien
	4.13% (LIBOR03M +
	2.75%) 7/18/25 ●	1,407,925		1,349,848
	SFR Group Tranche B12 1st
	Lien 4.349% (LIBOR03M +
	3.00%) 1/31/26 ●	638,641		617,619
	Sinclair Television Group
	2.50% (LIBOR03M +
	2.50%) 12/12/24 ●	715,000		715,219
	Sinclair Television Group
	Tranche B2 1st Lien 3.82%
	(LIBOR03M + 2.25%)
	1/3/24 ●	2,613,600		2,617,507
	Sprint Communications
	Tranche B 1st Lien 3.25%
	(LIBOR03M + 2.50%)
	2/2/24 ●	150,337		150,447
	StandardAero Aviation
	Holdings 1st Lien 4.75%
	(LIBOR03M + 3.75%)
	7/7/22 ●	610,636		615,216
	Staples 1st Lien 5.00%
	(LIBOR03M + 4.00%)
	9/12/24 ●	260,000		254,898
	Stars Group Holdings 2nd
	Lien 8.00% (LIBOR03M +
	7.00%) 8/1/22 ●	74,643		75,063
	Stars Group Holdings Tranche
	B 1st Lien 4.50%
	(LIBOR03M + 3.50%)
	8/1/21 ●	1,404,565		1,414,134
	Summit Materials 3.60%
	(LIBOR03M + 2.25%)
	11/10/24 ●	735,000		740,053
	Summit Midstream Partners
	Holdings Tranche B 1st Lien
	7.00% (LIBOR03M +
	6.00%) 5/21/22 ●	483,000		491,453
	Surgery Center Holdings 1st
	Lien 4.25% (LIBOR03M +
	3.25%) 8/31/24 ●	159,600		158,071
	Team Holdings Tranche B 1st
	Lien 3.75% (LIBOR03M +
	2.75%) 2/6/24 ●	331,491		323,618
	Telenet Financing Usd
	3.918% (LIBOR03M +
	2.50%) 3/1/26 ●	370,000		371,619
	TKC Holdings 1st Lien 5.25%
	(LIBOR03M + 4.25%)
	2/1/23 ●	82,964		83,716
	TransDigm 4.443%
	(LIBOR03M + 2.75%)
	6/9/23 ●	701,382		703,429
	Tribune Media Tranche B 1st
	Lien 3.75% (LIBOR03M +
	3.00%) 12/27/20 ●	33,149		33,260

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 41

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Principal	Value
			amount°	(US $)
Loan Agreements (continued)
	Tribune Media Tranche C 1st
	Lien 3.75% (LIBOR03M +
	3.00%) 1/27/24 ●		413,162	$	414,195
	Uniti Group 1st Lien 4.00%
	(LIBOR03M + 3.00%)
	10/24/22 ●		186,576		180,255
	Unitymedia Finance 3.809%
	(LIBOR03M + 2.25%)
	1/15/26 ●		295,000		294,877
	Univar USA 4.069%
	(LIBOR03M + 2.50%)
	7/1/24 ●		48,882		49,127
	Univision Communications
	Tranche C 1st Lien 3.75%
	(LIBOR03M + 2.75%)
	3/15/24 ●		935,051		933,355
	UPC Financing Partnership
	Tranche AR 1st Lien
	3.977% (LIBOR03M +
	2.50%) 1/15/26 ●		290,000		290,209
	USI Tranche B 1st Lien
	4.693% (LIBOR03M +
	3.00%) 5/16/24 ●		2,004,975		2,006,645
	USIC Holdings Tranche SR
	4.50% (LIBOR03M +
	3.50%) 12/9/23 ●		1,019,700		1,024,799
	USS Ultimate Holdings 2nd
	Lien 8.75% (LIBOR03M +
	7.75%) 8/25/25 ●		110,000		111,375
	Utz Quality Foods 5.011%
	(LIBOR03M + 3.50%)
	11/21/24 ●		330,000		333,403
	Valeant Pharmaceuticals
	International 4.25%
	(LIBOR03M + 3.50%)
	4/1/22 ●		133,549		135,696
	VC GB Holdings 2nd Lien
	9.00% (LIBOR03M +
	8.00%) 2/28/25 =●		252,000		254,835
	VICI Properties 1 3.785%
	(LIBOR03M + 2.25%)
	12/15/24 ●		60,000		60,106
	Virgin Media Bristol 3.977%
	(LIBOR03M + 2.50%)
	1/15/26 ●		315,000		315,394
	Western Digital 3.569%
	(LIBOR03M + 2.00%)
	4/29/23 ●		300,966		302,533
	WideOpenWest Finance
	Tranche B 1st Lien 4.25%
	(LIBOR03M + 3.25%)
	8/19/23 ●		754,815		747,031
	Windstream Services Tranche
	B6 1st Lien 4.75%
	(LIBOR03M + 4.00%)
	3/30/21 ●		215,318		202,803
	Wink Holdco 7.75%
	(LIBOR03M + 6.75%)
	12/1/25 ●		845,000		855,563
	Zayo Group Tranche B2 1st
	Lien 3.25% (LIBOR03M +
	2.25%) 1/19/24 ●		146,567		147,224
	Zekelman Industries 1st Lien
	3.75% (LIBOR03M +
	2.75%) 6/14/21 ●		674,759		679,651
Total Loan Agreements
	(cost $72,775,343)				73,692,165
Sovereign Bonds – 6.58%Δ
Argentina – 0.31%
	Argentine Bonos del Tesoro
	15.50% 10/17/26	ARS	13,355,000		747,521
	16.00% 10/17/23	ARS	21,516,000		1,184,102
	22.75% 3/5/18	ARS	43,185,000		2,478,645
	Argentine Republic
	Government International
	Bond
	5.625% 1/26/22		930,000		983,475
	144A 7.125% 6/28/17 #		835,000		862,555
					6,256,298
Bahrain – 0.02%
	Bahrain Government
	International Bond
	144A 7.50% 9/20/47 #		500,000		478,810
					478,810
Bermuda – 0.04%
	Bermuda Government
	International Bond
	144A 3.717% 1/25/27 #		800,000		813,000
					813,000
Brazil – 0.55%
	Brazil Letras Do Tesouro
	Nacional
	9.06% 7/1/18 ≠	BRL	17,100,000		4,994,349
	9.13% 4/1/18 ≠	BRL	5,200,000		1,543,060
	Brazil Notas do Tesouro
	Nacional Series F
	10.00% 1/1/25	BRL	14,776,000		4,432,624
					10,970,033

42 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

			Principal	Value
			amount°	(US $)
Sovereign BondsΔ (continued)
Canada – 0.01%
	Canadian Government Bond
	2.75% 12/1/48	CAD	171,000	$	150,676
					150,676
Colombia – 0.12%
	Colombia Government
	International Bond
	5.00% 6/15/45		600,000		636,000
	Colombian TES
	7.00% 6/30/32	COP	5,376,000,000		1,829,116
					2,465,116
Costa Rica – 0.02%
	Costa Rica Government
	International Bond
	144A 4.25% 1/26/23 #		445,000		434,987
					434,987
Croatia – 0.04%
	Croatia Government
	International Bond
	144A 5.50% 4/4/23 #		655,000		723,531
					723,531
Cyprus – 0.08%
	Cyprus Government
	International Bond
	3.875% 5/6/22	EUR	1,200,000		1,624,527
					1,624,527
Dominican Republic – 0.03%
	Dominican Republic
	International Bond
	144A 6.85% 1/27/45 #		500,000		563,755
					563,755
Ecuador – 0.08%
	Ecuador Government
	International Bond
	144A 8.875% 10/23/27 #		1,400,000		1,545,250
					1,545,250
Egypt – 0.06%
	Egypt Government
	International Bonds
	144A 6.125% 1/31/22 #		600,000		628,905
	144A 8.50% 1/31/47 #		550,000		632,891
					1,261,796
France – 0.88%
	France Treasury Bill
	0.00% 1/24/18 ≠	EUR	14,600,000		17,525,608
					17,525,608
Greece – 0.11%
	Hellenic Republic Treasury Bill
	0.00% 3/9/18 ≠	EUR	1,800,000		2,154,460
					2,154,460
Indonesia – 0.01%
	Indonesia Government
	International Bond
	144A 5.125% 1/15/45 #		200,000		221,436
					221,436
Italy – 0.45%
	Italy Buoni Poliennali Del
	Tesoro 0.75% 1/15/18 EUR		7,400,000		8,883,543
					8,883,543
Ivory Coast – 0.10%
	Ivory Coast Government
	International Bond
	144A 6.125% 6/15/33 #		2,000,000		2,038,798
					2,038,798
Japan – 0.12%
	Japan Bank For International
	Cooperation
	2.032% (LIBOR03M +
	0.57%) 2/24/20 ●		248,000		249,743
	2.125% 6/1/20		700,000		695,986
	2.125% 11/16/20		594,000		589,151
	2.375% 11/16/22		536,000		530,505
	2.75% 11/16/27		240,000		240,006
					2,305,391
Jordan – 0.02%
	Jordan Government
	International Bond
	144A 5.75% 1/31/27 #		400,000		397,802
					397,802
Kuwait – 0.17%
	Kuwait International
	Government Bond
	144A 2.75% 3/20/22 #		3,400,000		3,392,693
					3,392,693
Malaysia – 0.18%
	Malaysia Government Bond
	3.844% 4/15/33	MYR	14,844,000		3,436,711

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 43

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Principal		Value
		amount°		(US $)
Sovereign BondsΔ (continued)
Malaysia (continued)
	Malaysia Treasury Bill
	13.79% 1/19/18 ≠	MYR	810,000	$	199,895
					3,636,606
Mexico – 0.41%
	Mexican Bonos
	5.75% 3/5/26	MXN	43,668,400		1,965,406
	6.50% 6/9/22	MXN	82,842,000		4,037,128
	10.00% 12/5/24	MXN	19,178,000		1,100,381
	Mexico Government
	International Bonds
	4.15% 3/28/27		200,000		207,650
	4.35% 1/15/47		800,000		766,000
					8,076,565
Mongolia – 0.05%
	Mongolia Government
	International Bond
	144A 5.625% 5/1/23 #		890,000		900,177
					900,177
Nigeria – 0.08%
	Nigeria Government
	International Bonds
	144A 7.625% 11/28/47 #		395,000		424,915
	144A 7.875% 2/16/32 #		1,000,000		1,132,800
					1,557,715
Poland – 0.02%
	Republic of Poland
	Government Bond
	3.25% 7/25/25	PLN	1,087,000		315,128
					315,128
Republic of Korea – 0.06%
	Export-Import Bank of Korea
	4.00% 6/7/27	AUD	210,000		164,570
	Inflation Linked Korea
	Treasury Bond
	1.125% 6/10/23	KRW	1,120,856,703		1,054,098
					1,218,668
Russia – 0.03%
	Russian Foreign Bond -
	Eurobond
	144A 4.75% 5/27/26 #		600,000		637,127
					637,127
Saudi Arabia – 0.28%
	Saudi Government
	International Bonds
	2.375% 10/26/21		200,000		195,346
	144A 2.875% 3/4/23 #		3,569,000		3,513,734
	3.25% 10/26/26		1,000,000		982,457
	144A 4.50% 10/26/46 #		800,000		800,360
					5,491,897
South Africa – 0.19%
	Republic of South Africa
	Government Bond
	8.75% 1/31/44	ZAR	41,433,000		3,018,774
	Republic of South Africa
	Government International
	Bond 5.875% 5/30/22		750,000		821,004
					3,839,778
Spain – 0.45%
	Spain Government Bond
	4.50% 1/31/18	EUR	7,400,000		8,911,209
					8,911,209
Sri Lanka – 0.06%
	Sri Lanka Government
	International Bonds
	144A 6.20% 5/11/27 #		580,000		613,477
	144A 6.825% 7/18/26 #		510,000		562,436
					1,175,913
Turkey – 0.22%
	Turkey Government Bond
	11.10% 5/15/19	TRY	12,706,000		3,264,240
	Turkey Government
	International Bonds
	3.25% 3/23/23		1,000,000		949,595
	5.75% 5/11/47		200,000		195,345
					4,409,180
Ukraine – 0.14%
	Ukraine Government
	International Bonds
	144A 7.375% 9/25/32 #		1,800,000		1,773,079
	144A 7.75% 9/1/26 #		900,000		931,464
					2,704,543
United Kingdom – 1.03%
	United Kingdom Gilt
	1.75% 9/7/22	GBP	100,000		141,435
	3.50% 1/22/45	GBP	138,800		256,061
	United Kingdom Treasury Bill
	0.08% 1/29/18 ≠	GBP	14,900,000		20,113,795
					20,511,291

44 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Principal		Value
		amount°		(US $)
Sovereign BondsΔ (continued)
Uruguay – 0.16%
	Uruguay Government
	International Bonds
	144A 8.50% 3/15/28 #	UYU	22,248,000	$	777,053
	144A 9.875% 6/20/22 #	UYU	66,970,000		2,470,554
					3,247,607
Total Sovereign Bonds (cost $130,666,124)					130,840,914
Supranational Banks – 0.57%
	Asian Development Bank
	1.488% (LIBOR03M +
	0.02%) 2/28/18 ●		2,000,000		1,999,384
	1.547% (LIBOR03M +
	0.15%) 2/8/18 ●		740,000		739,894
	3.50% 5/30/24	NZD	921,000		663,732
	Banque Ouest Africaine de
	Developpement 144A
	5.00% 7/27/27 #		1,000,000		1,040,890
	European Bank For
	Reconstruction &
	Development 1.675%
	(LIBOR03M + 0.00%)
	3/23/20 ●		505,000		504,779
	Inter-American Development
	Bank
	1.579% (LIBOR03M +
	0.22%) 10/15/20 ●		890,000		894,847
	6.25% 6/15/21	IDR	43,200,000,000		3,186,350
	International Bank for
	Reconstruction &
	Development
	1.561% (LIBOR01M +
	0.07%) 4/17/19 ●		440,000		439,920
	2.50% 11/25/24		440,000		440,606
	3.375% 1/25/22	NZD	300,000		217,202
	4.625% 10/6/21	NZD	380,000		287,345
	International Finance
	1.41% (LIBOR03M +
	0.06%) 1/9/19 ●		600,000		600,374
	3.625% 5/20/20	NZD	163,000		118,633
	3.75% 8/9/27	NZD	305,000		217,200
Total Supranational Banks (cost $11,345,440)					11,351,156
US Treasury Obligations – 15.33%
	US Treasury Bonds
	2.50% 2/15/45		37,100,000		35,337,186
	2.75% 8/15/42		900,000		905,564
	2.75% 11/15/42		1,400,000		1,407,827
	2.75% 8/15/47		10,460,000		10,463,563
	2.75% 11/15/47		2,020,000		2,021,355
	2.875% 5/15/43		2,200,000		2,260,283
	2.875% 8/15/45 ∞		16,700,000		17,112,390
	4.375% 5/15/40		100,000		128,856
	US Treasury Floating Rate
	Note
	1.488% (USBMMY03M +
	0.048%) 10/31/19 ●		1,200,000		1,200,375
	US Treasury Inflation
	Indexed Notes
	0.125% 4/15/19		1,263,216		1,260,781
	0.125% 7/15/26		20,581		20,131
	0.357% 4/15/22		9,468,117		9,406,420
	0.375% 7/15/27		8,671,896		8,634,649
	0.419% 1/15/25		9,164,408		9,091,367
	0.625% 1/15/26		8,408,529		8,551,807
	1.75% 1/15/28		14,270,209		16,060,461
	2.375% 1/15/25		8,898,344		10,148,580
	2.375% 1/15/27		1,590,082		1,862,155
	2.50% 1/15/29		34,466		41,865
	US Treasury Notes
	1.125% 8/31/21		13,800,000		13,332,274
	1.50% 8/31/18		3,400,000		3,396,172
	1.50% 10/31/19		42,700,000		42,406,318
	1.875% 7/31/22		39,700,000		39,163,113
	2.00% 10/31/21		1,600,000		1,593,274
	2.00% 10/31/22		40,000		39,652
	2.00% 11/30/22		10,100,000		10,007,834
	2.00% 5/31/24		25,200,000		24,727,760
	2.00% 6/30/24		7,700,000		7,552,075
	2.125% 11/30/24		9,400,000		9,275,649
	2.25% 8/15/27		745,000		734,408
	2.375% 5/15/27		12,600,000		12,562,186
	2.75% 2/15/24		4,000,000		4,104,821
Total US Treasury Obligations
	(cost $304,991,307)				304,811,151
			Number of
			shares
Common Stock – 0.00%
	Century Communications =†		1,975,000		0
Total Common Stock
	(cost $59,790)				0
Convertible Preferred Stock – 0.30%
	A Schulman 6.00%
	exercise price $52.33 ψ		317		295,197

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 45

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Number of	Value
		shares	(US $)
Convertible Preferred Stock (continued)
	American Tower 5.50%
	exercise price $115.11,
	maturity date 2/15/18	926	$	116,445
	AMG Capital Trust II
	5.15% exercise price
	$200.00, maturity date
	10/15/37	12,759		809,399
	Bank of America 7.25%
	exercise price $50.00 ψ	229		302,051
	Becton Dickinson 6.125%
	exercise price $211.80,
	maturity date 5/1/20	12,507		724,155
	Crown Castle International
	6.875% exercise price
	$115.20, maturity date
	8/1/20	37		41,766
	DTE Energy 6.50% exercise
	price $116.31, maturity
	date 10/1/19	9,605		518,286
	El Paso Energy Capital Trust
	I 4.75% exercise price
	$50.00, maturity date
	3/31/28	9,952		479,139
	Electronics For Imaging
	0.75% exercise price
	$52.72, maturity date
	9/1/19	502,000		485,371
	Huntington Bancshares
	8.50% exercise price
	$11.95 ψ	164		230,420
	Kinder Morgan 9.75%
	exercise price $32.38,
	maturity date 10/26/18	16,800		637,728
	NextEra Energy
	6.123% exercise price
	$159.55, maturity date
	9/1/19	5,664		318,317
	6.371% exercise price
	$114.03, maturity date
	9/1/18	3,162		220,012
	Wells Fargo & Co. 7.50%
	exercise price
	$156.71 ψ	325		425,747
	Welltower 6.50% exercise
	price $57.42 ψ	7,547		451,839
Total Convertible Preferred Stock (cost
	$5,906,563)			6,055,872
Preferred Stock – 0.29%
	Bank of America 6.50% µψ	1,150,000		1,308,125
	General Electric 5.00% µψ	2,648,000		2,732,339
	Integrys Holdings 6.00% µψ	35,650		966,561
	Morgan Stanley 5.55% µψ	240,000		249,600
	USB Realty 144A 2.506%
	(LIBOR03M +
	1.147%) #ψ●	500,000		451,875
Total Preferred Stock
	(cost $5,487,701)			5,708,500
		Number of
		contracts
Options Purchased – 0.01%
Call Swaptions – 0.00%
	2 yr IRS exercise rate 1.65%
	and receive a floating rate
	based on 3-month USD-ICE
	LIBOR expiration date
	11/15/18, notional amount
	$88,800,000 (MSC)	88,800,000		35,165
				35,165
Currency Call Options – 0.00%
	USD vs CNH strike price CNH
	6.70, expiration date
	1/19/18, notional amount
	$124,003 (BNP)	2,168,000		179
	USD vs KRW strike price KRW
	1,130, expiration date
	1/31/18, notional amount
	$129,157 (CITI)	2,393,000		1,691
	USD vs KRW strike price KRW
	1,140, expiration date
	1/22/18, notional amount
	$84,918 (BAML)	2,357,000		762
	USD vs MXN strike price MXN
	19.50, expiration date
	2/12/18, notional amount
	$745,963 (UBS)	1,201,000		30,940
	USD vs SGD strike price SGD
	1.37, expiration date
	1/19/18, notional amount
	$268,560 (BNP)	2,648,000		238
				33,810
Currency Put Options – 0.00%
	USD vs MXN strike price
	MXN 19.50, expiration
	date 1/17/18, notional
	amount $1,536,401 (BNP)	2,388,000		40,369
				40,369

46 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

		Number of		Value
		contracts		(US $)
Options Purchased (continued)
Futures Call Option – 0.00%
	US Treasury 10 yr notes strike
	price $113.50, expiration
	date 2/23/18, notional
	amount $101,242,000	892		$	0
					0
Put Swaptions – 0.01%
	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,
	notional amount
	$4,400,000 (MSC)	4,400,000			62,075
					62,075
Total Options Purchased
	(premium paid $1,117,542)				171,419
		Principal
		amount°
Short-Term Investments – 8.72%
Certificate of Deposit – 0.22%≠
	Barclays Bank 1.94% 9/4/18	4,450,000			4,450,527
					4,450,527
Discount Notes – 0.24%≠
	Federal Home Loan Bank
	1.194% 1/26/18	1,611,852			1,610,478
	1.236% 2/8/18	1,846,644			1,844,158
	1.247% 2/5/18	1,279,248			1,277,666
					4,732,302
Repurchase Agreements – 7.85%
	Bank of America Merrill Lynch
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$3,313,648 (collateralized
	by US government
	obligations 0.75%–3.00%
	10/31/18–5/15/47; market
	value $3,379,423)	3,313,159			3,313,159
	Bank of Montreal 1.20%,
	dated 12/29/17, to be
	repurchased on 1/2/18,
	repurchase price
	$8,284,001 (collateralized
	by US government
	obligations 1.00%–3.75%
	6/30/19–8/15/45; market
	value $8,448,558)	8,282,896			8,282,896
	BNP Paribas 1.33%, dated
	12/29/17, to be
	repurchased on 1/2/18,
	repurchase price
	$1,571,133 (collateralized
	by US government
	obligations 0.00%–2.00%
	12/31/21–6/30/44; market
	value $1,602,322)	1,570,901			1,570,901
	US Treasury Repurchase
	Agreements
	1.51% 1/3/18	71,400,000			71,400,000
	1.67% 1/2/18	71,500,000			71,500,000
					156,066,956
US Treasury Obligations – 0.41%≠
	US Cash Management Bill
	0.333% 1/2/18	5,881,684			5,881,684
	US Treasury Bill 0.883%
	1/11/18	2,365,873			2,365,179
					8,246,863
Total Short-Term Investments
	(cost $173,495,778)				173,496,648
Total Value of Securities Before
	Options Written – 116.27%
	(cost $2,292,782,645)			$	2,312,529,655
		Number of
		contracts
Options Written – (0.01%)
Call Swaptions – (0.01%)
	10 yr IRS pay a fixed rate
	2.00% and receive a
	floating rate based on
	3-month USD-ICE LIBOR
	expiration date 11/15/18,
	notional amount
	($19,100,000) (MSC)	(19,100,000	)		(106,521	)
					(106,521	)
Put Swaptions – 0.00%
	5 yr IRS pay a fixed rate
	2.30% and receive a
	floating rate based on
	3-month USD-ICE LIBOR
	expiration date 1/31/18,
	notional amount
	($9,800,000) (CITI)	(9,800,000	)		(14,719	)

(continues)      NQ-OPTFI [12/17] 2/18 (421423) 47

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

		Number of		Value
		contracts		(U.S. $)
Options Written (continued)
Put Swaptions (continued)
	5 yr IRS pay a fixed rate
	2.80% and receive a
	floating rate based on
	3-month USD-ICE LIBOR
	expiration date 8/20/18,
	notional amount
	($19,500,000) (MSC)	(19,500,000	)	$	(35,217	)
					(49,936	)
Total Options Written (premium
	received $957,293)				(156,457	)
Liabilities Net of Receivables
	and Other
	Assets – (16.26%)★				(323,461,226	)
Net Assets Applicable to
	210,611,735 Shares
	Outstanding – 100.00%			$	1,988,911,972

____________________

#	Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. At Dec. 31, 2017, the aggregate value of Rule 144A securities was $429,016,360,which represents 21.57% 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.
★	Of this amount, $2,861,855 represents cash collateral held at brokers for certain open derivatives, $151,859,695 receivable for securities sold and $496,655,488 payable for securities purchased as of Dec. 31, 2017.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 2 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
µ	Fixed to variable rate investment. The rate shown reflects the fixed rate in effect at Dec. 31, 2017. Rate will reset at a future date.
∑	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.
ψ	No contractual maturity date.
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 investment. Rates reset periodically. Rates shown reflect the rate in effect at Dec. 31, 2017. For securities based on a published reference rate and spread, the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
ϕ	Step coupon bond. Coupon increases or decreases periodically based on a predetermined schedule. Stated rate in effect at Dec. 31, 2017.
∞	Fully or partially pledged as collateral for futures and swap contracts.
^	Zero coupon security. The rate shown is the yield at the time of purchase.

48 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

The following foreign currency exchange contracts, futures contracts, and swap contracts were outstanding at Dec. 31, 2017:

Foreign Currency Exchange Contracts

	Contracts to						Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Appreciation		Depreciation
BAML	AUD	(1,845,000	)	USD	1,400,032		1/10/18	$	—	$	(39,537	)
BAML	AUD	(3,190,767	)	USD	2,444,590		1/12/18		—		(45,025	)
BAML	BRL	(8,900,000	)	USD	2,624,594		7/3/18		—		(4,411	)
BAML	CAD	(2,435,000	)	USD	1,894,941		1/10/18		—		(42,673	)
BAML	CAD	(2,544,121	)	USD	2,008,299		1/12/18		—		(16,199	)
BAML	CAD	(5,100,000	)	USD	4,013,438		1/22/18		—		(45,433	)
BAML	EUR	(433,415	)	USD	506,879		1/12/18		—		(13,605	)
BAML	EUR	(7,432,614	)	USD	8,740,063		1/16/18		—		(187,998	)
BAML	EUR	(7,740,169	)	USD	9,109,429		1/31/18		—		(196,761	)
BAML	JPY	(220,792,027	)	USD	1,953,483		1/12/18		—		(7,451	)
BAML	NZD	(4,123,058	)	USD	2,860,087		1/12/18		—		(61,388	)
BAML	SGD	(9,478,080	)	USD	6,968,100		3/14/18		—		(126,775	)
BNP	AUD	(1,381,816	)	USD	1,059,162		1/12/18		—		(19,008	)
BNP	EUR	(9,171,000	)	USD	10,933,115		1/10/18		—		(78,839	)
BNP	GBP	1,201,184		USD	(1,618,835	)	1/12/18		3,711		—
BNP	IDR	24,374,015,200		USD	(1,792,207	)	1/12/18		8,196		—
BNP	JPY	(158,900,000	)	USD	1,422,983		1/10/18		11,877		—
BNP	MXN	3,079,632		USD	(160,000	)	1/12/18		—		(3,812	)
BNP	MYR	(810,000	)	USD	189,053		1/23/18		—		(10,057	)
BNP	NOK	11,778,146		USD	(1,395,608	)	1/12/18		39,531		—
BNP	ZAR	(16,316,352	)	USD	1,215,733		1/12/18		—		(100,018	)
CITI	BRL	7,790,988		USD	(2,339,074	)	2/2/18		—		(176	)
CITI	BRL	(5,200,000	)	USD	1,569,669		4/3/18		18,255		—
CITI	BRL	(2,700,000	)	USD	803,236		7/3/18		5,673		—
CITI	COP	7,744,505,000		USD	(2,577,206	)	1/31/18		9,240		—
CITI	GBP	(12,300,000	)	USD	16,429,542		1/29/18		—		(195,493	)
CITI	INR	23,338,266		USD	(355,988	)	3/13/18		7,093		—
CITI	KRW	(2,339,122,800	)	USD	2,101,675		3/14/18		—		(91,955	)
CITI	MXN	(1,891,000	)	USD	98,412		1/24/18		2,747		—
CITI	TWD	(186,760,561	)	USD	6,238,869		3/14/18		—		(110,831	)
DB	BRL	7,950,420		USD	(2,395,615	)	1/12/18		—		(2,821	)
DB	EUR	(289,000	)	USD	343,366		1/10/18		—		(3,646	)
DB	EUR	(1,800,000	)	USD	2,135,588		3/9/18		—		(33,200	)
HSBC	EUR	158,194		USD	(184,834	)	1/12/18		5,140		—
HSBC	GBP	(415,587	)	USD	549,493		1/12/18		—		(11,877	)
JPMC	BRL	14,463,731		USD	(4,345,028	)	2/2/18		—		(2,935	)
JPMC	BRL	(5,500,000	)	USD	1,621,466		7/3/18		—		(3,200	)
JPMC	CAD	(2,100,000	)	USD	1,651,357		1/11/18		—		(19,708	)
JPMC	CAD	(2,000,000	)	USD	1,552,422		1/17/18		—		(39,190	)
JPMC	CAD	(2,400,000	)	USD	1,862,922		1/18/18		—		(47,038	)
JPMC	CAD	(4,500,000	)	USD	3,543,587		1/19/18		—		(37,633	)
JPMC	EUR	(316,000	)	USD	376,914		1/10/18		—		(2,518	)
JPMC	EUR	(14,600,000	)	USD	17,362,298		1/24/18		—		(184,275	)
JPMC	GBP	(12,814,000	)	USD	17,334,268		1/10/18		26,530		—
JPMC	GBP	(2,600,000	)	USD	3,482,468		1/29/18		—		(31,767	)
JPMC	KRW	(1,149,723,270	)	USD	1,026,810		1/12/18		—		(50,710	)
JPMC	PLN	(1,265,105	)	USD	348,589		1/12/18		—		(14,852	)
JPMC	SEK	813,406		USD	(97,682	)	1/12/18		1,562		—

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 49

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

	Contracts to					Settlement	Unrealized		Unrealized
Counterparty	Receive (Deliver)		In Exchange For			Date	Appreciation		Depreciation
TD	AUD	2,944,555	USD	(2,254,315	)	1/12/18	$	43,191	$	—
TD	JPY	322,149,201	USD	(2,848,914	)	1/12/18		12,212		—
Total Foreign Currency Exchange Contracts							$	194,958	$	(1,882,815	)

Futures Contracts

									Value/		Value/
		Notional			Notional			Expiration	Unrealized		Unrealized
Contracts to Buy (Sell)		Amount			Cost			Date	Appreciation		Depreciation
(905)	90 Day Euro	$	(221,396,938	)	$	(222,939,014	)	12/18/18	$	1,542,076	$	—
(1,285)	90 Day Euro		(313,989,750	)		(315,090,793	)	6/18/19		1,101,043		—
(143)	90 Day Euro		(35,061,813	)		(35,257,844	)	6/19/18		196,031		—
(39)	90 Day Euro		(9,551,100	)		(9,613,433	)	9/18/18		62,333		—
(97)	90 Day Euro		(23,684,975	)		(23,740,227	)	12/17/19		55,252		—
26	Bank Accept		5,053,659			5,059,189		3/19/19		—		(5,530	)
(3)	Euro Buxl		(589,822	)		(604,144	)	3/9/18		14,322		—
13	Euro-BOBL		2,052,859			2,059,191		3/9/18		—		(6,332	)
(40)	Euro-Bund		(7,759,670	)		(7,843,309	)	3/9/18		83,639		—
(108)	Euro-O.A.T		(20,108,814	)		(20,263,633	)	3/9/18		154,819		—
(78)	Long Gilt		(13,180,812	)		(13,093,870	)	3/28/18		—		(86,942	)
931	US Treasury 10 yr Notes		115,487,641			116,140,709		3/21/18		—		(653,068	)
2,281	US Treasury 5 yr Notes		264,970,227			265,974,291		3/30/18		—		(1,004,064	)
144	US Treasury Long Bonds		22,032,000			22,263,426		3/21/18		—		(231,426	)
(12)	US Treasury Ultra Bond		(2,011,875	)		(2,003,057	)	3/21/18		—		(8,818	)
Total Futures Contracts					$	(238,952,518	)		$	3,209,515	$	(1,996,180	)

Swap Contracts

CDS Contracts¹

Counterparty/						Upfront
Reference Obligation/						Payments
Termination Date/	Notional	Annual Protection				Paid			Unrealized		Unrealized
Payment Frequency	Amount2	Payments	Value			(Received)			Appreciation3		Depreciation3
Centrally Cleared/
Protection Purchased:
CDX.NA.HY.284 6/20/22-Quarterly	2,054,250	5.000%	$	(179,118	)	$	(122,025	)	$	—	$	(57,093	)
CDX.NA.HY.295 12/20/22-Quarterly	2,600,000	5.000%		(215,338	)		(197,720	)		—		(17,618	)
Protection Sold
Moody’s Ratings:
Citigroup 6.125% 5/15/18 Baa1 12/20/20-Quarterly	700,000	1.000%		14,979			10,885			4,094		—
				(379,477	)		(308,860	)		4,094		(74,711	)
Over-The-Counter/
Protection Purchased
Moody’s Ratings:
HSBC CDX.EM.275 6/20/22-Quarterly	2,172,800	1.000%		3,730			103,632			—		(99,902	)
Protection Sold
Moody’s Ratings:
BAML Republic of Colombia 10.375% 1/28/33 Baa2
6/21/22-Quarterly	250,000	1.000%		826			(3,400	)		4,226		—

50 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

Counterparty/								Upfront
Reference Obligation/								Payments
Termination Date/	Notional	Annual Protection						Paid			Unrealized		Unrealized
Payment Frequency	Amount2	Payments			Value			(Received)			Appreciation3		Depreciation3
Protection Sold
Moody’s Ratings (continued):
BAML Republic of Colombia LA 10.375% 1/28/33
Baa2 6/20/21-Quarterly	100,000		1.000	%	$	1,095		$	(2,270	)	$	3,365	$	—
BNP Republic of Colombia 10.375% 1/28/33 Baa2
6/20/21-Quarterly	200,000		1.000	%		2,189			(4,596	)		6,785		—
CITI Republic of Brazil 4.25% 1/7/25 Ba2 6/20/22-
Quarterly	100,000		1.000	%		(1,856	)		(5,655	)		3,799		—
CITI Republic of Colombia 10.375% 1/28/33 Baa2
12/20/22-Quarterly	200,000		1.000	%		(417	)		(2,447	)		2,030		—
DB CMBX.NA.AAA6 10/17/57-Monthly	14,200,000		0.500	%		61,656			(915,877	)		977,533		—
DB Republic of Colombia 10.375% 1/28/33 Baa2
6/20/21-Quarterly	200,000		1.000	%		2,189			(4,539	)		6,728		—
GSC Republic of Brazil 4.25% 1/7/25 Ba2 6/20/22-
Quarterly	500,000		1.000	%		(9,278	)		(29,025	)		19,747		—
GSC Republic of Colombia 10.375% 1/28/33 Baa2
6/20/21-Quarterly	3,100,000		1.000	%		33,930			(72,214	)		106,144		—
JPMC Mexico LA 5 yr CDS 5.950% 3/19/19 WR
12/20/19-Quarterly	7,100,000		1.000	%		71,680			26,630			45,050		—
JPMC Republic of Colombia 10.375% 1/28/33 Baa2
6/20/21-Quarterly	100,000		1.000	%		1,095			(2,298	)		3,393		—
MSC CMBX.NA.BBB.66 5/11/63-Monthly	4,205,000		3.000	%		(615,271	)		(476,992	)		—		(138,279	)
						(448,432	)		(1,389,051	)		1,178,800		(238,181	)
Total CDS Contracts					$	(827,909	)	$	(1,697,911	)	$	1,182,894	$	(312,892	)

Interest Rate Swap (IRS) Contracts⁷

		Fixed/Floating
Reference Obligation/Termination		Interest				Upfront
Date/		Rate				Payments
Payment Frequency		Paid				Paid			Unrealized		Unrealized
(Fixed Rate/Floating Rate)	Notional Amount2	(Received)8	Value			(Received)			Appreciation3		Depreciation3
Centrally Cleared:
1 yr OIS FEDL019 9/19/18-
(Maturity)	112,200,000	1.696%/(1.42%)	$	(5,111	)	$	—		$	—	$	(5,111	)
1 yr OIS FEDL019 9/19/18-
(Maturity)	93,500,000	1.675%/(1.42%)		706			—			706		—
1 yr OIS FEDL019 9/19/18-
(Maturity)	34,500,000	1.723%/(1.42%)		(3,942	)		—			—		(3,942	)
2 yr IRS 12/28/18-(Semiannually/
Quarterly)	7,200,000	1.686%/(1.35%)		(38,270	)		—			—		(38,270	)
2 yr IRS 12/20/19-(Semiannually/
Quarterly)	1,100,000	2.00%/(1.625%)		1,285			(6,822	)		8,107		—
2 yr IRS 6/28/21-(Semiannually/
Quarterly)	30,100,000	1.45%/(1.695%)		515,799			—			515,799		—
3 yr IRS 6/21/20-(Semiannually/
Quarterly)	32,700,000	1.25%/(1.642%)		687,351			549,452			137,899		—
4 yr IRS 12/16/19-(Semiannually/
Quarterly)	1,600,000	2.00%/(1.137%)		1,750			(3,219	)		4,969		—

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 51

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

			Fixed/Floating
Reference Obligation/Termination			Interest				Upfront
Date/			Rate				Payments
Payment Frequency			Paid				Paid			Unrealized		Unrealized
(Fixed Rate/Floating Rate)	Notional Amount2		(Received)8	Value			(Received)			Appreciation3		Depreciation3
Centrally Cleared (continued):
4 yr IRS 6/21/21-(Semiannually/
Quarterly)		16,500,000	1.25%/(1.642%)	$	520,625		$	402,282		$	118,343	$	—
5 yr IRS 4/6/21-(Semiannually/
Quarterly)		5,035,000	1.199%/(1.347%)		155,956			—			155,956		—
5 yr IRS 8/9/21-(Semiannually/
Quarterly)		6,220,000	1.19%/(1.403%)		216,747			—			216,747		—
5 yr IRS 4/27/22-(Semiannually/
Quarterly)		2,005,000	1.975%/(1.374%)		19,945			—			19,945		—
5 yr IRS 6/15/22-(Semiannually/
Quarterly)		1,400,000	2.027%/(1.642%)		11,682			—			11,682		—
5 yr IRS 6/21/22-(Semiannually/
Quarterly)		2,900,000	1.25%/(1.642%)		122,087			101,797			20,290		—
5 yr IRS 8/30/22-(Semiannually/
Quarterly)		3,035,000	1.798%/(1.479%)		57,592			—			57,592		—
5 yr IRS BP0006M10 3/21/23-
Semiannually	GBP	26,700,000	1.00%/(0.576%)		119,015			220,978			—		(101,963	)
5 yr MXIBTTIE11 9/6/21-(28 days)	MXN	26,200,000	(7.386)%/5.798%		(89,740	)		(45,278	)		—		(44,462	)
5 yr MXIBTTIE11 12/3/21-(28 days)	MXN	17,900,000	(7.392)%/7.199%		(20,996	)		(15,602	)		—		(5,394	)
7 yr IRS 12/16/22-(Semiannually/
Quarterly)		42,500,000	2.25%/(1.137%)		(23,284	)		275,848			—		(299,132	)
7 yr IRS 4/6/23-(Semiannually/
Quarterly)		750,000	1.416%/(1.347%)		31,661			—			31,661		—
7 yr IRS 10/31/24-(Semiannually/
Quarterly)		2,625,000	2.25%/(1.381%)		7,658			—			7,658		—
10 yr IRS 4/5/26-(Semiannually/
Quarterly)		1,490,000	1.687%/(1.343%)		76,837			—			76,837		—
10 yr IRS 6/21/27-(Semiannually/
Quarterly)		4,100,000	1.50%/(1.642%)		318,367			350,821			—		(32,454	)
20 yr MXIBTTIE11 11/28/36-(28
days)	MXN	14,000,000	(7.611)%/8.28%		8,104			73,425			—		(65,321	)
30 yr IRS 6/15/46-(Semiannually/
Quarterly)		16,600,000	2.25%/(1.588%)		137,070			(1,077,939	)		1,215,008		—
30 yr IRS 6/15/46-(Semiannually/
Quarterly)		500,000	2.50%/(1.588%)		7,754			(20,181	)		27,935		—
30 yr IRS 12/21/46-(Semiannually/
Quarterly)		1,770,000	2.767%/(1.642%)		(73,525	)		—			—		(73,525	)
30 yr IRS 12/21/46-(Semiannually/
Quarterly)		900,000	2.25%/(1.642%)		62,525			(69,790	)		132,315		—
30 yr IRS 1/27/47-(Semiannually/
Quarterly)		440,000	2.661%/(1.374%)		(11,616	)		—			—		(11,616	)
30 yr IRS 1/30/47-(Semiannually/
Quarterly)		705,000	2.686%/(1.377%)		(22,457	)		—			—		(22,457	)
FRA IRS 9/19/18-(Maturity)		93,500,000	(0.50)%/1.89%		(8,342	)		—			—		(8,342	)
FRA IRS 9/19/18-(Maturity)		112,200,000	(0.50)%/1.91%		(4,407	)		—			—		(4,407	)
FRA IRS 9/19/18-(Maturity)		34,500,000	(0.50)%/1.945%		1,661			—			1,661		—
Total IRS Contracts				$	2,780,487		$	735,772		$	2,761,110	$	(716,396	)

52 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

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

¹A 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.

²Notional amount shown is stated in US dollars unless noted that the swap is denominated in another currency.

³Unrealized appreciation (depreciation) does not include periodic interest payments on swap contracts accrued daily in the amount of $13,241.

⁴Markit’s North America High Yield CDX Index, or the CDX.NA.HY Index, is composed of 100 of the most liquid North American entities with high yield credit ratings that trade is in the CDS market.

⁵Markit’s Emerging markets CDX Index, or the CDX.EM Index is composed of 15 sovereign issuers from the following countries: Argentina, Brazil, Chile, China, Colombia, Indonesia, Malaysia, Mexico, Panama, Peru, Philippines, Russia, South Africa, Turkey, and Venezuela, which have S&P credit quality rating of CCC and above.

⁶Markit’s CMBX Index or the CMBX.NA Index is a synthetic tradable index referencing a basket of 25 commercial mortgage-backed securities in North America. Credit-quality rating are measured on a scale that generally ranges from AAA (highest) to BB (lowest). US Agency and US Agency mortgage-backed securities appear under US Government.

⁷An IRS agreement is an exchange of interest rates between counterparties. Periodic payments (receipt) on such contracts are accrued daily and recorded as unrealized appreciation (depreciation) on swap contracts. Upon periodic payment (receipt) or termination of the contract, such amounts are recorded as realized gains (losses) on swap contracts.

⁸Rate resets based on LIBOR03M.

⁹Rate resets based on FEDL01.

¹⁰Rate resets based on BP006M.

¹¹Rate resets based on MXIBTTIE.

Summary of abbreviations:
ABS – Asset-Backed Security
ARM – Adjustable Rate Mortgage
ARS – Argentine Peso
AUD – Australian Dollar
BADLARPP – Argentina Term Deposit Rate
BAML – Bank of America Merrill Lynch
BBSW3M – Bank Bill Swap 3 Months
BNP – BNP Paribas
BNYM – BNY Mellon
BOBL – Bundesobligationen (German Treasury Medium Term Bonds)
BP0003M – 3 Month Sterling LIBOR Interest Rate
BP0006M – 6 Month Sterling LIBOR Interest Rate
BRL – Brazilian Real
BUXL – inflationsindexierte Bundesanleihen (German Treasury Long Term Bonds)
CAD – Canadian Dollar
CDO – Collateralized Debt Obligation
CDS – Credit Default Swap
CDX.EM – Credit Default Swap Index Emerging Markets
CDX.NA.HY – Credit Default Swap Index North America High Yield
CITI – Citigroup Global Markets
CLO – Collateralized Loan Obligation
CMBX.NA – Commercial Mortgage-Backed Index North America
CNH – Chinese Offshore Renminbi
COF 11 – Cost of Funds for the 11th District of San Francisco
COP – Colombian Peso
CSFB – Credit Suisse First Boston
DB – Deutsche Bank
DIP – Debtor in Possession
EUR – European Monetary Unit
EUR003M – The Euro Interbank Offered Rate 3 Month
FEDL01 – Federal Funds Rate at Maturity
FHAVA – Federal Housing Administration and Veterans Administration
FRA – Forward Rate Agreement
FREMF – Freddie Mac Multifamily
GBP – British Pound Sterling
GNMA – Government National Mortgage Association
GSC – Goldman Sachs Capital
HSBC – Hong Kong Shanghai Bank
H15T1Y – US Treasury Yield Curve Rate T Note Constant Maturity 1 Year
ICE – Intercontinental Exchange
IDR – Indonesian Rupiah
INR – Indian Rupee

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 53

Schedule of investments

Optimum Fixed Income Fund (Unaudited)

Summary of abbreviations: (continued)
IRS – Interest Rate Swap
JPMBB – JPMorgan Barclays Bank
JPMC – JPMorgan Chase Bank
JPMDB – JPMorgan Deutsche Bank
JPY – Japanese Yen
KRW – South Korean Won
LB – Lehman Brothers
LIBOR – London Interbank Offered Rate
LIBOR01M – ICE LIBOR USD 1 Month
LIBOR03M – ICE LIBOR USD 3 Month
LIBOR06M – ICE LIBOR USD 6 Month
LIBOR12M – ICE LIBOR USD 12 Month
MASTR – Mortgage Asset Securitization Transactions, Inc.
MBIA – Municipal Bond Insurance Association Group
MSC – Morgan Stanley Capital
MXIBTIIE – Mexico Interbank 28 day
MXN – Mexican Peso
MYR – Malaysian Ringgit
NOK – Norwegian Krone
NZD – New Zealand Dollar
O.A.T. – Obligations Assimilables du Tresor (French Treasury Obligation)
OIS – Overnight Indexed Swaps
PLN – Polish Zloty
REMIC – Real Estate Mortgage Investment Conduit
S&P – Standard & Poor’s Financial Services LLC
S.F. – Single Family
SEK – Swedish Krona
SGD – Singapore Dollar
TBA – To be announced
TD – Toronto Dominion Bank
THB – Thailand Baht
TIEE – Banxico – Interbank Equilibrium Interest Rate Banco de Mexico
TRY – Turkish Lira
TWD – Taiwan Dollar
UBS – Union Bank of Switzerland
USBMMY03M – US Treasury 3 Months Bill Money Market Yield
USD – US Dollar
UYU – Uruguayan Peso
yr – Year
ZAR – South African Rand

See accompanying notes.

54 NQ-OPTFI [12/17] 2/18 (421423)

Notes

Optimum Fixed Income Fund
December 31, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US 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, March 31, 2017.

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. US government and agency securities are valued at the mean between the bid and ask prices, which approximates fair value. Other debt securities, credit default swap (CDS) contracts, interest rate swap 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 US government agency mortgage securities, pricing vendors utilize matrix pricing which considers prepayment speed, attributes of the collateral, yield or price of bonds of comparable quality, coupon, maturity, and type as well as broker/dealer-supplied prices. Swap prices are derived using daily swap curves and models that incorporate a number of market data factors, such as discounted cash flows, trades, and values of the underlying reference instruments. Foreign currency exchange contracts and foreign cross currency exchange contracts are valued at the mean between the bid and the ask prices, which approximates fair value. Interpolated values are derived when the settlement date of the contract is an interim date for which quotations are not available. Futures contracts and options on futures contracts are valued at the daily quoted settlement prices. Exchange-traded options are valued at the last reported sale price or, if no sales are reported, at the mean between the last reported bid and ask prices, which approximates fair value. 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 foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

US 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)

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.

(continues)     NQ-OPTFI [12/17] 2/18 (421423) 55

(Unaudited)

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

Securities	Level 1			Level 2			Level 3		Total
Assets:
Agency, Asset- &
Mortgage-Backed Securities1	$	—		$	749,055,320		$	476,298	$	749,531,618
Corporate Debt		—			824,700,791			—		824,700,791
Foreign Debt		—			153,445,773			—		153,445,773
Municipal Bonds		—			20,915,718			—		20,915,718
Loan Agreements1		—			70,416,521			3,275,644		73,692,165
Common Stock		—			—			—		—
Convertible Preferred Stock1		3,986,766			2,069,106			—		6,055,872
Preferred Stock		—			5,708,500			—		5,708,500
US Treasury Obligations		—			304,811,151			—		304,811,151
Short-Term Investments		—			173,496,648			—		173,496,648
Options Purchased		—			171,419			—		171,419
Total Value of Securities Before
Options Written	$	3,986,766		$	2,304,790,947		$	3,751,942	$	2,312,529,655
Liabilities:
Options Written	$	—		$	(156,457	)	$	—	$	(156,457	)
Derivatives2
Assets:
Foreign Currency Exchange
Contracts	$	—		$	194,958		$	—	$	194,958
Futures Contracts		3,209,515			—			—		3,209,515
Swap Contracts		—			3,944,004			—		3,944,004
Liabilities:
Foreign Currency Exchange
Contracts		—			(1,882,815	)		—		(1,882,815	)
Futures Contracts		(1,996,180	)		—			—		(1,996,180	)
Swap Contracts		—			(1,029,288	)		—		(1,029,288	)

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	—		99.94%	0.06%	100.00%
Loan Agreements	—		95.55%	4.45%	100.00%
Convertible Preferred Stock	65.83	%	34.17%	—	100.00%

²Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the year end.

56 NQ-OPTFI [12/17] 2/18 (421423)

(Unaudited)

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, 2017, 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 based on fair value 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 period. Management has determined not to provide additional disclosure on Level 3 investments since the Level 3 investments are not considered significant to the Fund’s net assets at the end of the period.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-OPTFI [12/17] 2/18 (421423) 57

Schedule of investments

Optimum International Fund
December 31, 2017 (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock – 98.87%Δ
Australia – 1.76%
	BHP Billiton ADR *	64,505	$	2,966,585
	Qantas Airways	1,582,213		6,203,934
	South32	895,818		2,428,158
				11,598,677
Austria – 2.58%
	Erste Group Bank *†	102,880		4,458,366
	Raiffeisen Bank
	International †	61,546		2,230,148
	Schoeller-Bleckmann Oilfield
	Equipment *†	43,595		4,446,134
	voestalpine *	97,762		5,836,687
				16,971,335
Bermuda – 0.81%
	Everest Re Group	23,929		5,294,531
				5,294,531
Brazil – 1.65%
	Banco Bradesco ADR	483,005		4,945,971
	JBS	369,900		1,093,943
	Magazine Luiza	199,600		4,827,081
				10,866,995
Canada – 3.94%
	Bank of Montreal	17,000		1,360,406
	Canadian Imperial Bank of
	Commerce	75,907		7,399,876
	Magna International Class A	90,268		5,115,905
	Power Corp. of Canada	41,474		1,068,030
	Pure Industrial Real Estate
	Trust	123,313		664,144
	Rogers Communications Class B	56,927		2,899,292
	Rogers Communications Class B	19,500		993,616
	Royal Bank of Canada	52,034		4,249,236
	Stars Group †	89,400		2,080,310
	Tourmaline Oil †	6,200		112,360
				25,943,175
China/Hong Kong – 7.66%
	Anhui Conch Cement	920,000		4,318,235
	ASM Pacific Technology	146,700		2,035,175
	BYD Class H *	473,500		4,113,532
	BYD Electronic International	267,500		580,233
	China Construction Bank	815,000		750,250
	China Life Insurance Class H	1,710,000		5,332,658
	CK Asset Holdings	472,500		4,118,863
	CK Hutchison Holdings	273,000		3,420,772
	CLP Holdings	889,500		9,102,379
	Hang Seng Bank	43,300		1,074,227
	HKT Trust & HKT	964,000		1,228,929
	Li & Fung	4,392,000		2,406,632
	Shanghai Fosun
	Pharmaceutical Group
	Class H	1,049,000		6,733,439
	Sun Hung Kai Properties	145,000		2,414,113
	Wharf Holdings	269,000		927,644
	Wharf Real Estate
	Investment †	269,000		1,790,384
				50,347,465
Colombia – 0.60%
	Bancolombia ADR	99,940		3,963,620
				3,963,620
Czech Republic – 0.39%
	Komercni banka	59,575		2,559,941
				2,559,941
Denmark – 1.05%
	H. Lundbeck	136,375		6,915,715
				6,915,715
France – 5.66%
	Aeroports de Paris	3,469		659,627
	Air France-KLM †	163,515		2,656,146
	BioMerieux	9,998		895,161
	Bouygues	17,533		909,747
	Derichebourg	87,294		952,977
	Eramet †	18,759		2,224,048
	Ipsen	44,679		5,317,757
	IPSOS	23,199		854,532
	LVMH Moet Hennessy Louis
	Vuitton	2,297		674,182
	Peugeot	46,622		946,951
	Publicis Groupe	73,416		4,976,670
	Safran	58,218		6,004,932
	Societe Generale	72,787		3,752,573
	Sodexo	42,616		5,713,043
	Thales	6,070		653,252
				37,191,598
Germany – 4.43%
	Continental	21,367		5,745,162
	Deutsche Lufthansa	315,133		11,572,856
	Merck	22,214		2,384,380
	Siltronic †	20,907		3,022,573
	Suedzucker	58,820		1,273,260

(continues)      NQ-OPTIE [12/17] 2/18 (421373) 1

Schedule of investments

Optimum International Fund (Unaudited)

		Number of	Value
		shares	(US $)
Common StockΔ (continued)
Germany (continued)
	TUI	82,466	$	1,692,824
	Vonovia	69,341		3,435,660
				29,126,715
India – 2.91%
	ICICI Bank ADR	620,656		6,038,983
	Rain Industries	376,346		2,176,594
	South Indian Bank	4,253,356		2,062,466
	SpiceJet †	393,285		897,106
	Tata Steel	72,979		835,728
	Yes Bank	1,445,790		7,123,073
				19,133,950
Indonesia – 1.92%
	Barito Pacific †	21,765,000		3,625,495
	Delta Dunia Makmur †	38,784,100		2,043,901
	Indofood Sukses Makmur	3,908,800		2,196,764
	Telekomunikasi Indonesia
	Persero	14,595,000		4,776,849
				12,643,009
Ireland – 1.90%
	ICON †	111,631		12,519,417
				12,519,417
Israel – 3.53%
	Bank Hapoalim	1,155,160		8,483,232
	Bank Leumi Le-Israel	1,262,147		7,597,116
	Check Point Software
	Technologies †	44,559		4,617,204
	Tower Semiconductor †	73,596		2,508,152
				23,205,704
Italy – 1.46%
	Gefran	63,514		756,357
	La Doria	45,778		900,207
	Prysmian	178,201		5,806,703
	Recordati	47,876		2,127,586
				9,590,853
Japan – 18.52%
	ANA Holdings	121,000		5,047,700
	Asahi Glass	131,800		5,696,981
	Astellas Pharma	291,100		3,697,923
	Benesse Holdings	26,400		928,854
	Daito Trust Construction	26,300		5,358,130
	Daiwa House Industry	222,200		8,520,790
	Denso	124,400		7,452,652
	Fujitsu	1,078,000		7,642,516
	Furukawa Electric	37,600		1,848,643
	Geo Holdings	54,900		1,061,762
	Hitachi	583,000		4,523,031
	Kansai Electric Power	167,200		2,044,862
	Kirin Holdings	277,600		6,995,914
	Konami Holdings	71,000		3,904,448
	Medipal Holdings	151,100		2,950,017
	Miraca Holdings	14,600		622,764
	Mixi	122,300		5,477,567
	Morinaga Milk Industry	19,400		878,101
	Nichiha	22,800		953,079
	Nippon Telegraph &
	Telephone	196,700		9,247,675
	NTT DOCOMO	26,800		633,659
	Rohto Pharmaceutical	136,000		3,617,051
	Secom	72,800		5,492,244
	Shikoku Electric Power	68,200		742,369
	Shinmaywa Industries	110,000		1,045,987
	Sumitomo Dainippon Pharma	387,500		5,736,232
	Suzuken	88,500		3,633,488
	Taisei	33,800		1,680,905
	T-Gaia	78,900		1,830,886
	Tokyo Electric Power
	Holdings †	1,815,100		7,163,608
	Toray Industries	573,200		5,395,137
				121,824,975
Mexico – 0.61%
	Grupo Financiero Banorte	734,200		4,030,119
				4,030,119
Netherlands – 5.37%
	ASR Nederland	20,503		844,044
	Core Laboratories *	52,796		5,783,802
	Heineken	56,338		5,873,083
	Koninklijke Ahold Delhaize	155,283		3,413,584
	Royal Dutch Shell ADR	14,497		967,095
	Royal Dutch Shell Class A	553,267		18,437,655
				35,319,263
New Zealand – 1.53%
	a2 Milk †	1,015,702		5,840,856
	Air New Zealand	265,927		601,195
	Spark New Zealand	509,211		1,309,987
	Xero Private Placement	104,850		2,340,677
				10,092,715
Norway – 2.75%
	DNB	399,151		7,388,850
	Norsk Hydro	691,318		5,240,752
	Statoil ADR *	254,814		5,458,116
				18,087,718

2 NQ-OPTIE [12/17] 2/18 (421373)

(Unaudited)

		Number of	Value
		shares	(US $)
Common StockΔ (continued)
Republic of Korea – 3.09%
	Hyundai Mobis †	16,694	$	4,101,184
	Samsung Electronics	5,502		13,072,264
	SK Hynix	44,781		3,180,630
				20,354,078
Singapore – 1.42%
	DBS Group Holdings	278,000		5,141,966
	United Industrial	1,053,000		2,606,026
	United Overseas Bank	80,000		1,577,041
				9,325,033
South Africa – 0.15%
	Investec	134,079		971,036
				971,036
Spain – 1.79%
	Amadeus IT Group	115,793		8,332,755
	Atlantica Yield	162,511		3,446,858
				11,779,613
Sweden – 0.96%
	Arjo Class B *†	124,650		355,726
	G5 Entertainment	49,155		1,902,762
	Getinge Class B	278,591		4,039,771
				6,298,259
Switzerland – 5.51%
	Allreal Holding †	7,743		1,309,504
	Bucher Industries Class REG	1,813		736,773
	Coca-Cola HBC †	24,130		788,415
	Credit Suisse Group ADR	302,984		5,408,264
	Ferrexpo	1,036,110		4,100,187
	Lonza Group †	2,840		765,966
	Nestle	20,574		1,768,876
	Novartis ADR	82,590		6,934,256
	Roche Holding	27,215		6,881,459
	STMicroelectronics	120,211		2,622,289
	Straumann Holding Class R	2,259		1,593,611
	Swiss Life Holding †	8,137		2,876,219
	Zehnder Group	11,237		460,689
				36,246,508
Taiwan – 2.48%
	Advanced Semiconductor
	Engineering	3,615,343		4,627,751
	Hon Hai Precision Industry	1,682,500		5,349,659
	Taiwan Semiconductor
	Manufacturing	825,000		6,317,087
				16,294,497
Thailand – 2.32%
	Bangkok Bank NVDR	119,400		740,068
	Indorama Ventures	848,000		1,383,411
	IRPC GDR	4,722,200		1,021,525
	Krung Thai Bank NVDR	3,976,500		2,337,485
	PTT Exploration & Production
	NVDR	911,700		2,794,009
	PTT Global Chemical	401,200		1,045,670
	PTT Global Chemical GDR	416,400		1,085,287
	PTT NVDR	238,000		3,207,344
	Thai Oil NVDR	276,600		878,432
	Thanachart Capital GDR	435,300		750,743
				15,243,974
Turkey – 0.48%
	Akbank Turk	1,212,999		3,147,974
				3,147,974
United Kingdom – 8.51%
	AstraZeneca ADR	132,089		4,583,488
	Barclays	2,070,195		5,666,892
	Debenhams	1,293,595		606,925
	Diageo	201,892		7,400,222
	Ferroglobe	132,723		2,150,113
	GlaxoSmithKline	124,069		2,197,162
	HSBC Holdings	590,670		6,100,482
	Indivior †	377,052		2,070,592
	Investec	112,822		812,347
	ITV	1,599,807		3,574,766
	Kingfisher	441,931		2,014,965
	Legal & General Group	380,148		1,399,546
	RELX	208,015		4,781,106
	Rio Tinto ADR *	92,672		4,905,129
	Shire	126,153		6,537,390
	Smith & Nephew	66,299		1,147,179
				55,948,304
United States – 1.13%
	Carnival	106,967		7,099,400
	Project Star =π†	142		244,812
	Project Star Series G =π†	47		99,051
				7,443,263
Total Common Stock
	(cost $537,738,902)			650,280,029
		Principal
		amount°
Short-Term Investments – 0.73%
Discount Notes – 0.08%≠
	Federal Home Loan Bank
	1.176% 1/26/18	250,578		250,365

(continues)     NQ-OPTIE [12/17] 2/18 (421373) 3

Schedule of investments

Optimum International Fund (Unaudited)

			Principal	Value
			amount°	(U.S. $)
Short-Term Investments (continued)
Discount Notes≠ (continued)
	Federal Home Loan Bank
		1.211% 2/5/18	198,872	$	198,626
		1.235% 2/8/18	75,073		74,972
					523,963
Repurchase Agreements – 0.54%
	Bank of America Merrill Lynch
		1.33%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price $888,990
		(collateralized by US
		government obligations
		0.75%–3.00%
		10/31/18–5/15/47; market
		value $906,636)	888,859		888,859
	Bank of Montreal
		1.20%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price
		$2,222,444 (collateralized
		by US government
		obligations 1.00%–3.75%
		6/30/19–8/15/45; market
		value $2,266,591)	2,222,147		2,222,147
	BNP Paribas
		1.33%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price $421,506
		(collateralized by US
		government obligations
		0.00%–2.00%
		12/31/21–6/30/44; market
		value $429,873)	421,444		421,444
					3,532,450
US Treasury Obligations – 0.11%
	US Cash Management Bill
		0.333% 1/2/18	510,682		510,682
	US Treasury Bill 0.883%
		1/11/18	221,772		221,707
					732,389
Total Short-Term
	Investments
	(cost $4,788,776)				4,788,802
Total Value of Securities
	Before Securities Lending
	Collateral – 99.60%
	(cost $542,527,678)				655,068,831
Securities Lending Collateral – 2.16%
Certificates of Deposit – 0.33% ≠
	Australia & New Zealand
		Banking Group (London)
		1.44% 1/2/18	62,000		62,000
	Bank of Nova Scotia (Toronto)
		1.32% 1/2/18	110,000		110,000
	Canadian Imperial Bank of
		Commerce (Cayman)
		1.33% 1/2/18	639,000		639,000
	National Australia Bank
		(Cayman) 1.30% 1/2/18	338,000		338,000
	Northern Trust Company
		(Cayman) 1.25% 1/2/18	639,000		639,000
	Royal Bank of Canada
		(Toronto) 1.35% 1/2/18	375,000		375,000
					2,163,000
Repurchase Agreements – 1.49%
	Bank of Montreal
		1.35%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price
		$3,206,552 (collateralized
		by US government
		obligations
		0.000%–2.625%
		2/15/18–9/9/49; market
		value $3,270,203)	3,206,071		3,206,071
	Credit Agricole
		1.38%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price
		$3,305,889 (collateralized
		by US government
		obligations
		0.000%–8.000%
		12/31/17–7/31/22; market
		value $3,371,490)	3,305,382		3,305,382
	JP Morgan Securities
		1.41%, dated 12/29/17, to
		be repurchased on 1/2/18,
		repurchase price
		$3,305,900 (collateralized
		by US government
		obligations
		0.125%–1.375%
		4/15/18–7/15/20; market
		value $3,371,697)	3,305,382		3,305,382
					9,816,835
Short-Term Floating Rate Notes – 0.34%
	Australia & New Zealand
		Banking Group
		1.55% 9/5/18	310,000		309,866

4 NQ-OPTIE [12/17] 2/18 (421373)

(Unaudited)

		Principal	Value
		amount°	(U.S. $)
Securities Lending Collateral (continued)
Short-Term Floating Rate Notes (continued)
	Australia & New Zealand
	Banking Group
	1.56% 9/7/18	267,000	$	266,863
	Bank of Nova Scotia
	(Houston)
	1.59% (LIBOR01M +
	0.20%) 7/6/18 ●	223,000		222,969
	1.67% (LIBOR03M +
	0.18%) 3/2/18 ●	305,000		305,091
	CommonWealth Bank
	Australia 1.90% 2/15/18 ●	276,000		276,155
	National Australia Bank
	1.94% 2/23/18	301,000		301,178
	Royal Bank of Canada (New
	York) 1.81% (LIBOR03M +
	0.32%) 3/16/18 ●	264,000		264,153
	Wells Fargo Bank 1.62%
	(LIBOR01M + 0.22%)
	10/5/18 ●	273,000		272,991
				2,219,266
Total Securities Lending
	Collateral
	(cost $14,198,835)			14,199,101
Total Value of
	Securities – 101.76%
	(cost $556,726,513)			669,267,932	■
Obligation to Return
	Securities Lending
	Collateral – (2.16%)			(14,184,697	)
Receivables and Other
	Assets Net of
	Liabilities – 0.40%			2,592,158
Net Assets Applicable to
	45,313,428 Shares
	Outstanding – 100.00%		$	657,675,393

____________________

*	Fully or partially on loan.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 2 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
■	Includes $15,487,368 of securities loaned.
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
Δ	Securities have been classified by country of origin.
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Dec. 31, 2017, the aggregate value of restricted securities was $343,863, which represented 0.05% of the Fund’s net assets. See the table below for additional details on restricted securities.
†	Non-income producing security.
●	Variable rate investment. Rates reset periodically. Rates shown reflect the rate in effect at Dec. 31, 2017. For securities based on a published reference rate and spread,the reference rate and spread are indicated in their description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

Restricted Securities

Investment	Date of Acquisition		Cost		Value
Project Star		5/7/14	$	999,482	$	244,812
Project Star Series G		10/29/14		396,443		99,051
Total			$	1,395,925	$	343,863

The following foreign currency exchange contracts were outstanding at Dec. 31, 2017:

Foreign Currency Exchange Contracts

	Contracts to						Settlement	Unrealized
Counterparty	Receive (Deliver)			In Exchange For			Date	Depreciation
BBH	SEK	(167,330	)	USD	20,281		1/2/18	$	(122	)
BNYM	BRL	50,778		USD	(15,397	)	1/2/18		(96	)
BNYM	BRL	143,466		USD	(43,493	)	1/3/18		(267	)
Total Foreign Currency Exchange Contracts								$	(485	)

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

(continues)     NQ-OPTIE [12/17] 2/18 (421373) 5

Schedule of investments

Optimum International Fund (Unaudited)

Summary of abbreviations:

ADR – American Depositary Receipt

BBH – Brown Brothers Harriman & Co.

BRL – Brazilian Real

BNYM – Bank of New York Mellon

GDR – Global Depository Receipt

ICE – Intercontinental Exchange

LIBOR – London Interbank Offered Rate

LIBOR01M – ICE LIBOR USD 1 Month

LIBOR03M – ICE LIBOR USD 3 Month

NVDR – Non-Voting Depositary Receipt

SEK – Swedish Krona

USD – US Dollar

See accompanying notes.

6 NQ-OPTIE [12/17] 2/18 (421373)

Notes

Optimum International Fund
December 31, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US 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, March 31, 2017.

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. US 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-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00p.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). The foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

US 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)

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.

(continues)     NQ-OPTIE [12/17] 2/18 (421373) 7

(Unaudited)

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

	Optimum International Fund
Securities	Level 1		Level 2			Level 3		Total
Assets:
Common Stock
Australia	$	2,966,585	$	8,632,092		$	—	$	11,598,677
Austria		6,676,282		10,295,053			—		16,971,335
Bermuda		5,294,531		—			—		5,294,531
Brazil		10,866,995		—			—		10,866,995
Canada		25,943,175		—			—		25,943,175
China/Hong Kong		18,855,131		31,492,334			—		50,347,465
Colombia		3,963,620		—			—		3,963,620
Czech Republic		2,559,941		—			—		2,559,941
Denmark		—		6,915,715			—		6,915,715
France		—		37,191,598			—		37,191,598
Germany		—		29,126,715			—		29,126,715
India		6,038,983		13,094,967			—		19,133,950
Indonesia		7,866,160		4,776,849			—		12,643,009
Ireland		12,519,417		—			—		12,519,417
Israel		7,125,356		16,080,348			—		23,205,704
Italy		756,357		8,834,496			—		9,590,853
Japan		878,101		120,946,874			—		121,824,975
Mexico		4,030,119		—			—		4,030,119
Netherlands		12,623,980		22,695,283			—		35,319,263
New Zealand		4,251,859		5,840,856			—		10,092,715
Norway		5,458,116		12,629,602			—		18,087,718
Republic of Korea		4,101,184		16,252,894			—		20,354,078
Singapore		2,606,026		6,719,007			—		9,325,033
South Africa		—		971,036			—		971,036
Spain		3,446,858		8,332,755			—		11,779,613
Sweden		4,395,497		1,902,762			—		6,298,259
Switzerland		19,738,088		16,508,420			—		36,246,508
Taiwan		—		16,294,497			—		16,294,497
Thailand		2,640,025		12,603,949			—		15,243,974
Turkey		—		3,147,974			—		3,147,974
United Kingdom		17,835,386		38,112,918			—		55,948,304
United States		7,099,400		—			343,863		7,443,263
Short-Term Investments		—		4,788,802			—		4,788,802
Securities Lending Collateral		—		14,199,101			—		14,199,101
Total Value of Securities	$	200,537,172	$	468,386,897		$343,863		$	669,267,932
Derivatives:1
Liabilities:
Foreign Currency Exchange Contracts		—		(485	)		—		(485	)

As a result of utilizing international fair value pricing at Dec. 31, 2017, a portion of the Fund’s common stock investments were categorized as Level 2.

¹Foreign currency exchange contracts are valued at the unrealized appreciation (depreciation) on the instrument at the period end.

8 NQ-OPTIE [12/17] 2/18 (421373)

(Unaudited)

During the period ended Dec. 31, 2017, 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 based on fair value 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 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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

(continues)     NQ-OPTIE [12/17] 2/18 (421373) 9

Schedule of investments

Optimum Large Cap Growth Fund
December 31, 2017 (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock – 98.53%✧
Consumer Discretionary – 16.19%
	Amazon.com †	83,179	$	97,275,345
	Aptiv	34,200		2,901,186
	Caesars Entertainment †	396,790		5,019,394
	Chipotle Mexican Grill †	25,500		7,370,265
	Comcast Class A	493,510		19,765,076
	Dollar General	38,000		3,534,380
	Dollarama	26,375		3,295,301
	Ferrari (Italy)	57,658		6,044,865
	Flipkart Limited =π†	1,281		105,988
	Flipkart Limited Series A =π†	437		36,157
	Flipkart Limited Series C =π†	771		63,792
	Flipkart Limited Series E =π†	1,433		118,564
	Flipkart Limited Series G =π†	6,017		676,640
	Flipkart Limited Series H =π†	5,840		780,010
	Home Depot	135,900		25,757,127
	Marriott International Class A	17,804		2,416,537
	MGM Resorts International	65,370		2,182,704
	Netflix †	41,400		7,947,144
	NIKE Class B	45,800		2,864,790
	Priceline Group †	19,150		33,277,721
	Restaurant Brands
	International (Canada)	77,552		4,767,897
	Tesla †	34,541		10,754,340
	Walt Disney	157,700		16,954,327
	Yum China Holdings	377,200		15,095,544
	Yum! Brands	82,600		6,740,986
				275,746,080
Consumer Staples – 4.96%
	Anheuser-Busch InBev ADR	131,200		14,636,672
	British American Tobacco
	(United Kingdom)	72,792		4,920,651
	Coca-Cola	340,500		15,622,140
	Costco Wholesale	73,040		13,594,205
	CVS Health	181,900		13,187,750
	Kraft Heinz	31,400		2,441,664
	McCormick Class N/V	80,200		8,173,182
	Philip Morris International	112,517		11,887,421
				84,463,685
Energy – 1.82%
	Pioneer Natural Resources	79,200		13,689,720
	Schlumberger	257,300		17,339,447
				31,029,167
Financials – 6.09%
	American Express	147,200		14,618,432
	BlackRock	40,800		20,959,368
	Charles Schwab	317,400		16,304,838
	Chubb (Switzerland)	47,600		6,955,788
	First Republic Bank	32,601		2,824,551
	Intercontinental Exchange	108,700		7,669,872
	JPMorgan Chase & Co.	87,900		9,400,026
	Morgan Stanley	217,300		11,401,731
	State Street	42,500		4,148,425
	TD Ameritrade Holding	184,723		9,444,887
	WeWork Companies =π†	881		38,374
				103,766,292
Healthcare – 16.75%
	Aetna	7,375		1,330,376
	Alexion Pharmaceuticals †	188,389		22,529,440
	Alnylam Pharmaceuticals †	29,136		3,701,729
	Anthem	41,900		9,427,919
	Becton Dickinson and Co.	67,613		14,473,239
	Biogen †	79,541		25,339,376
	Celgene †	251,690		26,266,368
	Centene †	37,805		3,813,768
	Cigna	44,285		8,993,841
	Danaher	41,900		3,889,158
	DENTSPLY SIRONA	207,400		13,653,142
	Humana	15,074		3,739,407
	Incyte †	47,800		4,527,138
	Intuitive Surgical †	33,000		12,043,020
	Johnson & Johnson	95,200		13,301,344
	Merck & Co.	40,300		2,267,681
	Regeneron Pharmaceuticals †	29,040		10,917,878
	Stryker	85,400		13,223,336
	Thermo Fisher Scientific	82,600		15,684,088
	UnitedHealth Group	198,700		43,805,402
	Vertex Pharmaceuticals †	86,848		13,015,041
	Zoetis	269,200		19,393,168
				285,335,859
Industrials – 9.02%
	Acuity Brands	45,355		7,982,480
	American Airlines Group	220,500		11,472,615
	Boeing	77,918		22,978,797
	Equifax	56,905		6,710,238
	Fortive	92,000		6,656,200
	Fortune Brands Home &
	Security	67,044		4,588,491
	Honeywell International	175,200		26,868,672
	Illinois Tool Works	39,700		6,623,945
	Rockwell Collins	61,140		8,291,807
	Roper Technologies	30,985		8,025,115
	TransUnion †	111,617		6,134,470
	United Continental Holdings †	58,343		3,932,318
	United Parcel Service Class B	131,700		15,692,055

(continues)     NQ-OPTLG [12/17] 2/18 (421386) 1

Schedule of investments

Optimum Large Cap Growth Fund (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock✧ (continued)
Industrials (continued)
	Wabtec	36,691	$	2,987,748
	WW Grainger	61,800		14,600,250
				153,545,201
Information Technology – 39.00%
	Adobe Systems †	124,200		21,764,808
	Akamai Technologies †	311,900		20,285,976
	Alibaba Group Holding ADR †	140,133		24,163,133
	Alphabet Class A †	39,600		41,714,640
	Alphabet Class C †	49,410		51,702,624
	Apple	417,621		70,674,002
	ASML Holding (Netherlands)	15,400		2,676,828
	Dropbox Class A =π†	61,727		722,823
	eBay †	203,300		7,672,542
	Electronic Arts †	74,200		7,795,452
	Facebook Class A †	329,904		58,214,860
	Fidelity National Information
	Services	67,300		6,332,257
	Fiserv †	52,594		6,896,651
	Intuit	75,099		11,849,120
	Mastercard Class A	112,000		16,952,320
	Microsoft	815,100		69,723,654
	Oracle	279,340		13,207,195
	Palo Alto Networks †	90,600		13,131,564
	PayPal Holdings †	406,752		29,945,082
	Red Hat †	189,100		22,710,910
	salesforce.com †	108,600		11,102,178
	ServiceNow †	54,574		7,115,904
	Splunk †	155,900		12,914,756
	Symantec	388,282		10,895,193
	Tencent Holdings (China)
	(Hong Kong Exchange)	211,200		10,931,280
	Texas Instruments	147,900		15,446,676
	Vantiv Class A †	114,600		8,428,830
	Visa Class A	439,400		50,100,388
	VMware Class A †	197,027		24,691,424
	Workday Class A †	64,468		6,558,974
	Xilinx	116,809		7,875,263
				664,197,307
Materials – 2.04%
	Ecolab	113,600		15,242,848
	Monsanto	78,390		9,154,384
	Praxair	66,530		10,290,860
				34,688,092
Real Estate – 1.51%
	American Tower	52,000		7,418,840
	Crown Castle International	151,521		16,820,346
	Equinix	3,355		1,520,553
				25,759,739
Telecommunication Services – 0.26%
	T-Mobile US †	70,400		4,471,104
				4,471,104
Utilities – 0.89%
	American Water Works	49,500		4,528,755
	NextEra Energy	41,200		6,435,028
	Sempra Energy	38,562		4,123,049
				15,086,832
Total Common Stock
	(cost $1,326,824,995)			1,678,089,358
Convertible Preferred Stock – 0.53%
	Airbnb Private Placement
	Series D =π†	23,130		2,707,368
	Series E =π†	13,611		1,593,168
	Magic Leap =π†	43,435		1,114,108
	Uber Technologies
	Series G =π†	34,197		1,120,073
	WeWork Companies
	Series E =π†	22,244		968,893
	Xiaoju Kuaizhi (China) =π†	32,416		1,568,464
Total Convertible Preferred
	Stock (cost $6,497,745)			9,072,074
		Principal
		Amount°
Convertible Bond – 0.12%
	Caesars Entertainment
	5.00% maturity date
	10/1/24	1,045,509		2,027,634
Total Convertible Bond (cost $1,917,955)				2,027,634
Short-Term Investments – 0.85%
Repurchase Agreements – 0.85%
	Bank of America Merrill Lynch
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$3,653,636 (collateralized
	by US government
	obligations
	0.75%–3.00% 10/31/
	18–5/15/47; market value
	$3,726,159)	3,653,096		3,653,096

2 NQ-OPTLG [12/17] 2/18 (421386)

(Unaudited)

		Principal	Value
		Amount°	(US $)
Short-Term Investments (continued)
Repurchase Agreements (continued)
	Bank of Montreal
	1.20%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$9,133,957 (collateralized
	by US government
	obligations 1.00%–3.75%
	6/30/19–8/15/45; market
	value $9,315,398)	9,132,739	$	9,132,739
	BNP Paribas
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$1,732,335 (collateralized
	by US government
	obligations 0.00%–2.00%
	12/31/21–6/30/44; market
	value $1,766,723)	1,732,079		1,732,079
				14,517,914
Total Short-Term
	Investments
	(cost $14,517,914)			14,517,914
Total Value of
	Securities – 100.03%
	(cost $1,349,758,609)			1,703,706,980
Liabilities Net of
	Receivables and Other
	Assets – (0.03%)			(461,686	)
Net Assets Applicable to
	96,372,134 Shares
	Outstanding – 100.00%		$	1,703,245,294

_________________________

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 2 in “Notes.”
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Dec. 31, 2017, the aggregate value of restricted securities was $11,614,422, which represented 0.53% of the Fund’s net assets. table below for additional details on restricted securities.
†	Non-income producing security.

Restricted securities

Investment	Date of Acquisition	Cost		Value
Airbnb Private
Placement
Series D	4/16/14	$	941,692	$	2,707,368
Airbnb Private
Placement
Series E	7/14/15		1,267,108		1,593,168
Dropbox Class A	11/7/14		1,179,060		722,823
Flipkart Limited	3/19/15		146,033		105,988
Flipkart Limited
Series A	3/19/15		49,818		36,157
Flipkart Limited
Series C	3/19/15		87,894		63,792
Flipkart Limited
Series E	3/19/15		163,361		118,564
Flipkart Limited
Series G	12/17/14		720,596		676,640
Flipkart Limited
Series H	4/17/15		830,682		780,010
Magic Leap	1/20/16		1,000,438		1,114,108
Uber
Technologies
Series G	12/3/15		1,667,863		1,120,073
WeWork
Companies	6/23/15		28,976		38,374
WeWork
Companies
Series E	6/23/15		731,596		968,893
Xiaoju Kuaizhi
(China)	10/19/15		889,048		1,568,464
Total		$	9,704,165	$	11,614,422

ADR – American Depositary Receipt

See accompanying notes.

(continues)     NQ-OPTLG [12/17] 2/18 (421386) 3

Notes

Optimum Large Cap Growth Fund
December 31, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US 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. US 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-US 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). The foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

US 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)

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.

4 NQ-OPTLG [12/17] 2/18 (421386)

(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stock
Consumer Discretionary	$	273,964,929	$	—	$	1,781,151	$	275,746,080
Consumer Staples		79,543,034		4,920,651		—		84,463,685
Energy		31,029,167		—		—		31,029,167
Financials		103,727,918		—		38,374		103,766,292
Healthcare		285,335,859		—		—		285,335,859
Industrials		153,545,201		—		—		153,545,201
Information Technology		652,543,204		10,931,280		722,823		664,197,307
Materials		34,688,092		—		—		34,688,092
Real Estate		25,759,739		—		—		25,759,739
Telecommunication Services		4,471,104		—		—		4,471,104
Utilities		15,086,832		—		—		15,086,832
Convertible Preferred Stock		—		—		9,072,074		9,072,074
Corporate Debt		—		2,027,634		—		2,027,634
Short-Term Investments		—		14,517,914		—		14,517,914
Total Value of Securities	$	1,659,695,079	$	32,397,479	$	11,614,422	$	1,703,706,980

As a result of utilizing international fair value pricing at Dec. 31, 2017, a portion of the Fund’s common stock investments were categorized as Level 2.

During the period ended Dec. 31, 2017, 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 based on fair value 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 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. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure on the Fund’s “Schedule of investments.”

NQ-OPTLG [12/17] 2/18 (421386) 5

Schedule of investments

Optimum Large Cap Value Fund
December 31, 2017 (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock – 98.39%✧
Consumer Discretionary – 6.15%
	Advance Auto Parts	8,712	$	868,499
	Aptiv	75,162		6,375,992
	BorgWarner	172,661		8,821,250
	CBS Class B	120,477		7,108,143
	Comcast Class A Special	579,292		23,200,645
	Delphi Technologies †	25,054		1,314,583
	Hanesbrands	159,426		3,333,598
	Harley-Davidson	23,393		1,190,236
	Hasbro	15,634		1,420,974
	Home Depot	44,605		8,453,986
	Interpublic Group of Cos	244,050		4,920,048
	Newell Brands	72,130		2,228,817
	NIKE Class B	26,039		1,628,739
	Omnicom Group	119,608		8,711,051
	PVH	47,591		6,529,961
	Time Warner	13,853		1,267,134
	Walt Disney	46,566		5,006,311
				92,379,967
Consumer Staples – 8.33%
	Altria Group	46,599		3,327,635
	Archer-Daniels-Midland	75,990		3,045,679
	Coty Class A	179,304		3,566,357
	CVS Health	44,043		3,193,117
	Danone (France)	42,815		3,587,508
	Diageo (United Kingdom)	243,114		8,911,189
	General Mills	176,008		10,435,514
	Hershey	54,955		6,237,942
	JM Smucker	23,618		2,934,300
	Nestle (Switzerland)	139,791		12,018,708
	PepsiCo	140,904		16,897,208
	Philip Morris International	217,658		22,995,568
	Procter & Gamble	147,645		13,565,623
	Reckitt Benckiser Group      (United Kingdom)	43,740		4,080,657
	Tyson Foods Class A	125,815		10,199,822
				124,996,827
Energy – 7.66%
	Chevron	197,231		24,691,349
	ConocoPhillips	215,183		11,811,395
	Energen †	108,500		6,246,345
	EOG Resources	189,879		20,489,843
	Exxon Mobil	248,529		20,786,966
	Halliburton	134,314		6,563,925
	Marathon Petroleum	93,367		6,160,355
	Occidental Petroleum	77,817		5,732,000
	Schlumberger	185,732		12,516,479
				114,998,657
Financials – 28.27%
	Allstate	120,279		12,594,414
	American Express	174,310		17,310,726
	Ameriprise Financial	49,819		8,442,826
	Aon (United Kingdom)	93,754		12,563,036
	Bank of America	937,992		27,689,524
	Bank of New York Mellon	156,667		8,438,085
	Berkshire Hathaway Class B †	26,110		5,175,524
	BlackRock	16,044		8,241,963
	Chubb (Switzerland)	197,875		28,915,474
	Citigroup	235,280		17,507,185
	Discover Financial Services	152,781		11,751,914
	E*TRADE Financial †	150,801		7,475,206
	Franklin Resources	63,081		2,733,300
	Goldman Sachs Group	73,759		18,790,843
	Huntington Bancshares	811,728		11,818,760
	Intercontinental Exchange	123,055		8,682,761
	JPMorgan Chase & Co.	634,707		67,875,566
	MetLife	178,895		9,044,931
	Moody’s	32,210		4,754,518
	Morgan Stanley	153,339		8,045,697
	Nasdaq	91,748		7,048,999
	PNC Financial Services Group	76,876		11,092,438
	Prudential Financial	39,786		4,574,594
	State Street	201,385		19,657,190
	SunTrust Banks	225,982		14,596,177
	T Rowe Price Group	33,609		3,526,592
	Travelers	107,854		14,629,317
	US Bancorp	307,523		16,477,082
	Wells Fargo & Co.	574,278		34,841,446
				424,296,088
Healthcare – 14.97%
	Abbott Laboratories	182,007		10,387,139
	AbbVie	100,122		9,682,799
	Allergan	40,668		6,652,471
	Amgen	34,268		5,959,205
	Biogen †	18,982		6,047,096
	Celgene †	58,535		6,108,713
	Cigna	24,323		4,939,758
	Danaher	173,932		16,144,368
	Eli Lilly & Co.	54,962		4,642,090
	Express Scripts Holding †	50,195		3,746,555
	Gilead Sciences	119,717		8,576,526
	Hill-Rom Holdings	52,865		4,455,991
	Johnson & Johnson	309,667		43,266,673
	McKesson	35,284		5,502,540
	Medtronic (Ireland)	288,254		23,276,511

(continues)     NQ-OPTLV [12/17] 2/18 (421404) 1

Schedule of investments

Optimum Large Cap Value Fund (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock✧ (continued)
Healthcare (continued)
	Merck & Co.	102,457	$	5,765,255
	Novartis (Switzerland)	20,063		1,688,352
	Pfizer	810,721		29,364,315
	Roche Holding (Switzerland)	5,705		1,442,540
	Thermo Fisher Scientific	86,167		16,361,390
	UnitedHealth Group	48,408		10,672,028
				224,682,315
Industrials – 13.49%
	3M	42,477		9,997,811
	Canadian National Railway      (Canada)	50,471		4,163,857
	Cummins	31,296		5,528,125
	Deere	36,435		5,702,442
	Delta Air Lines	169,736		9,505,216
	Eaton	91,103		7,198,048
	Equifax	33,190		3,913,765
	HD Supply Holdings †	35,975		1,440,079
	Honeywell International	143,952		22,076,479
	Illinois Tool Works	42,119		7,027,555
	Ingersoll-Rand	46,984		4,190,503
	Johnson Controls      International	353,008		13,453,135
	Lockheed Martin	15,017		4,821,208
	Northrop Grumman	77,295		23,722,608
	Parker-Hannifin	64,673		12,907,437
	Quanta Services †	204,011		7,978,870
	Raytheon	52,499		9,861,937
	Stanley Black & Decker	97,790		16,593,985
	Union Pacific	46,208		6,196,493
	United Parcel Service Class B	43,931		5,234,379
	United Technologies	67,573		8,620,288
	Waste Management	142,362		12,285,841
				202,420,061
Information Technology – 7.99%
	Accenture Class A (Ireland)	147,373		22,561,333
	Amdocs	27,109		1,775,097
	Analog Devices	21,161		1,883,964
	Cisco Systems	241,895		9,264,579
	Cognizant Technology      Solutions Class A	29,818		2,117,674
	DXC Technology	25,407		2,411,124
	eBay †	204,986		7,736,172
	Fidelity National Information      Services	79,568		7,486,553
	Fiserv †	39,778		5,216,089
	International Business      Machines	19,531		2,996,446
	Microsoft	110,446		9,447,551
	ON Semiconductor †	466,707		9,772,845
	Oracle	342,680		16,201,910
	QUALCOMM	162,614		10,410,548
	Texas Instruments	102,176		10,671,261
				119,953,146
Materials – 3.87%
	Crown Holdings †	57,782		3,250,237
	DowDuPont	201,538		14,353,536
	Monsanto	23,166		2,705,325
	Nucor	76,250		4,847,975
	PPG Industries	123,974		14,482,643
	Sherwin-Williams	15,823		6,488,063
	Westlake Chemical	79,108		8,427,375
	WestRock	57,001		3,603,033
				58,158,187
Real Estate – 1.68%
	Equity LifeStyle Properties	86,579		7,707,263
	Highwoods Properties	98,433		5,011,224
	Prologis	151,613		9,780,555
	Public Storage	13,094		2,736,646
				25,235,688
Telecommunication Services – 2.46%
	AT&T	512,010		19,906,949
	Verizon Communications	321,432		17,013,396
				36,920,345
Utilities – 3.52%
	American Electric Power	118,539		8,720,914
	DTE Energy	63,576		6,959,029
	Duke Energy	114,847		9,659,781
	Public Service Enterprise      Group	194,602		10,022,003
	Southern	63,426		3,050,156
	Xcel Energy	300,078		14,436,753
				52,848,636
Total Common Stock
	(cost $1,158,010,868)			1,476,889,917

2 NQ-OPTLV [12/17] 2/18 (421404)

(Unaudited)

		Principal	Value
		amount°	(US $)
Short-Term Investments – 1.30%
Discount Notes – 0.40%≠
	Federal Home Loan Bank
	1.176% 1/26/18	2,321,350	$	2,319,370
	1.211% 2/5/18	1,842,341		1,840,062
	1.235% 2/8/18	1,808,114		1,805,680
				5,965,112
Repurchase Agreements – 0.34%
	Bank of America Merrill Lynch
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$1,284,173 (collateralized
	by US government
	obligations
	0.75%–3.00% 10/31/
	18–5/15/47; market value
	$1,309,663)	1,283,983		1,283,983
	Bank of Montreal
	1.20%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$3,210,385 (collateralized
	by US government
	obligations 1.00%–3.75%
	6/30/19–8/15/45; market
	value $3,274,158)	3,209,957		3,209,957
	BNP Paribas
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price $608,878
	(collateralized by US
	government obligations
	0.00%–2.00%
	12/31/21–6/30/44;
	market value $620,964)	608,788		608,788
				5,102,728
US Treasury Obligations – 0.56%≠
	US Cash Management Bill
	0.333% 1/2/18	6,213,137		6,213,137
	US Treasury Bill
	0.883% 1/11/18	2,257,594		2,256,932
				8,470,069
Total Short-Term
	Investments
	(cost $19,537,605)			19,537,909
Total Value of
	Securities – 99.69%
	(cost $1,177,548,473)			1,496,427,826
Receivables and Other
	Assets Net of
	Liabilities – 0.31%			4,606,426
Net Assets Applicable to
	91,857,376 Shares
	Outstanding – 100.00%		$	1,501,034,252

____________________

✧	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 US dollars unless noted that the security is denominated in another currency.
†	Non-income producing security.

See accompanying notes.

NQ-OPTLV [12/17] 2/18 (421404) 3

Notes

Optimum Large Cap Value Fund
December 31, 2017 (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). The foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

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)

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.

4 NQ-OPTLV [12/17] 2/18 (421404)

(Unaudited)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

Securities	Level 1		Level 2		Total
Assets:
Common Stock
Consumer Discretionary	$	92,379,967	$	—	$	92,379,967
Consumer Staples		96,398,765		28,598,062		124,996,827
Energy		114,998,657		—		114,998,657
Financials		424,296,088		—		424,296,088
Healthcare		221,551,423		3,130,892		224,682,315
Industrials		202,420,061		—		202,420,061
Information Technology		119,953,146		—		119,953,146
Materials		58,158,187		—		58,158,187
Real Estate		25,235,688		—		25,235,688
Telecommunication Services		36,920,345		—		36,920,345
Utilities		52,848,636		—		52,848,636
Short-Term Investments		—		19,537,909		19,537,909
Total Value of Securities	$	1,445,160,963	$	51,266,863	$	1,496,427,826

During the period ended Dec. 31, 2017, 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. International fair value pricing was not utilized at Dec. 31, 2017. The Fund’s policy is to recognize transfers based on fair value 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, 2017, there were no Level 3 investments.

3 Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

NQ-OPTLV [12/17] 2/18 (421404) 5

Schedule of investments

Optimum Small-Mid Cap Growth Fund
December 31, 2017 (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock – 96.96%✧
Consumer Discretionary – 16.78%
	At Home Group †	53,771	$	1,634,101
	BorgWarner	62,330		3,184,440
	Burlington Stores †	21,983		2,704,568
	Chegg †	232,556		3,795,314
	Darden Restaurants	21,217		2,037,256
	Del Taco Restaurants †	63,545		770,165
	Dick’s Sporting Goods	28,049		806,128
	DR Horton	104,429		5,333,189
	Eldorado Resorts †	62,507		2,072,107
	Extended Stay America	120,872		2,296,568
	Floor & Decor Holdings
	Class A †	29,440		1,433,139
	Fox Factory Holding †	42,441		1,648,833
	G-III Apparel Group †	178,756		6,594,309
	Guess	187,739		3,169,034
	Houghton Mifflin Harcourt †	96,827		900,491
	IMAX (Canada) †	53,737		1,244,012
	International Game
	Technology	112,588		2,984,708
	Lions Gate Entertainment
	Class A †	27,861		941,980
	Lions Gate Entertainment
	Class B †	35,194		1,117,058
	Lululemon Athletica
	(Canada) †	25,079		1,970,959
	Lumber Liquidators
	Holdings †	41,254		1,294,963
	Media General CVR	49,291		0
	Melco Resorts &
	Entertainment ADR	133,011		3,862,639
	Mohawk Industries †	12,661		3,493,170
	Monro	27,890		1,588,335
	Norwegian Cruise Line
	Holdings †	95,443		5,082,340
	Party City Holdco †	117,598		1,640,492
	Polaris Industries	25,105		3,112,769
	Skechers U.S.A. Class A †	101,085		3,825,056
	Tractor Supply	15,273		1,141,657
	Vail Resorts	17,429		3,703,140
	Wynn Resorts	27,630		4,658,142
	Yum China Holdings (China)	75,947		3,039,399
	Zoe’s Kitchen †	66,957		1,119,521
				84,199,982
Consumer Staples – 1.67%
	Central Garden & Pet
	Class A †	70,678		2,665,267
	Inter Parfums	59,689		2,593,487
	Performance Food Group †	94,776		3,137,086
				8,395,840
Energy – 1.88%
	Diamondback Energy †	61,713		7,791,266
	GasLog (Monaco)	73,633		1,638,334
				9,429,600
Financials – 10.25%
	Argo Group International
	Holdings (Bermuda)	44,188		2,724,190
	Comerica	69,050		5,994,231
	E*TRADE Financial †	109,912		5,448,338
	East West Bancorp	59,743		3,634,167
	Essent Group †	67,228		2,919,040
	Evercore Class A	33,343		3,000,870
	Radian Group	152,291		3,138,717
	Santander Consumer USA
	Holdings	180,904		3,368,432
	ServisFirst Bancshares	41,154		1,707,891
	Signature Bank †	6,358		872,699
	Sterling Bancorp †	60,807		772,249
	Stifel Financial	45,539		2,712,303
	SVB Financial Group †	26,518		6,199,113
	Virtu Financial Class A	105,896		1,937,897
	Virtus Investment Partners	14,799		1,702,625
	Zions Bancorporation	104,138		5,293,334
				51,426,096
Healthcare – 14.56%
	Aerie Pharmaceuticals †	52,620		3,144,045
	Alnylam Pharmaceuticals †	11,790		1,497,919
	AMN Healthcare Services †	38,074		1,875,145
	AngioDynamics †	44,569		741,182
	athenahealth †	11,596		1,542,732
	AtriCure †	100,056		1,825,021
	Bioverativ †	27,771		1,497,412
	Bluebird Bio †	19,102		3,402,066
	Cerus †	234,499		792,607
	DexCom †	23,443		1,345,394
	Emergent BioSolutions †	29,727		1,381,414
	Epizyme †	40,485		508,087
	Esperion Therapeutics †	20,711		1,363,612
	Evolent Health Class A †	133,141		1,637,634
	Flexion Therapeutics †	53,767		1,346,326
	Foundation Medicine †	22,808		1,555,506
	Galapagos ADR †	9,600		900,096
	Glaukos †	50,530		1,296,095
	HealthEquity †	62,791		2,929,828
	ICON (Ireland) †	24,860		2,788,049

(continues)      NQ-OPTSG [12/17] 2/18 (421414) 1

Schedule of investments

Optimum Small-Mid Cap Growth Fund (Unaudited)

		Number of		Value
		shares		(US $)
Common Stock✧(continued)
Healthcare (continued)
	Inogen †	17,552	$	2,090,092
	Insulet †	29,469		2,033,361
	Intercept Pharmaceuticals †	9,768		570,647
	Intrexon †	40,231		463,461
	K2M Group Holdings †	72,718		1,308,924
	Medidata Solutions †	23,351		1,479,753
	Nektar Therapeutics †	32,946		1,967,535
	Neurocrine Biosciences †	26,497		2,055,902
	Nevro †	33,760		2,330,790
	Novocure (United Kingdom) †	70,066		1,415,333
	Optinose †	27,096		512,114
	Pacira Pharmaceuticals †	29,519		1,347,542
	Tabula Rasa HealthCare †	26,302		737,771
	Tactile Systems Technology †	49,003		1,420,107
	Teladoc †	181,022		6,308,617
	TESARO †	11,530		955,491
	Vocera Communications †	177,748		5,371,545
	WellCare Health Plans †	27,342		5,498,750
	Wright Medical Group
	(Netherlands) †	80,573		1,788,721
				73,026,626
Industrials – 15.92%
	AMETEK	85,490		6,195,460
	AO Smith	45,992		2,818,390
	Apogee Enterprises	14,023		641,272
	Brink’s	55,270		4,349,749
	Copart †	86,461		3,734,251
	Dycom Industries †	13,266		1,478,230
	EnPro Industries	28,739		2,687,384
	Gardner Denver Holdings †	80,638		2,736,047
	Genesee & Wyoming †	29,887		2,353,003
	Granite Construction	43,891		2,784,006
	Hub Group Class A †	32,256		1,545,062
	JELD-WEN Holding †	36,583		1,440,273
	John Bean Technologies	19,881		2,202,815
	KAR Auction Services	43,440		2,194,154
	Kennametal	38,172		1,847,906
	Knight-Swift Transportation
	Holdings	47,105		2,059,431
	Kratos Defense & Security
	Solutions †	136,463		1,445,143
	Masonite International †	22,484		1,667,189
	Middleby †	25,308		3,415,315
	NCI Building Systems †	83,875		1,618,787
	On Assignment †	94,710		6,087,012
	Owens Corning	30,418		2,796,631
	PGT Innovations †	92,895		1,565,281
	REV Group	67,222		2,186,732
	RPX	78,396		1,053,642
	Schneider National Class B	90,135		2,574,256
	SPX †	69,154		2,170,744
	Terex	56,565		2,727,564
	TransUnion †	50,002		2,748,110
	Wabash National	74,184		1,609,793
	WABCO Holdings †	35,763		5,131,991
				79,865,623
Information Technology – 29.08%
	2U †	118,897		7,670,045
	Acxiom †	99,252		2,735,385
	Atlassian (Australia) †	46,295		2,107,348
	Axcelis Technologies †	67,258		1,930,305
	Benefitfocus †	52,445		1,416,015
	Cadence Design Systems †	80,768		3,377,718
	Ciena †	104,790		2,193,255
	Cloudera †	97,115		1,604,340
	Cognex	48,644		2,975,067
	Coherent †	6,829		1,927,280
	Cornerstone OnDemand †	47,804		1,688,915
	CoStar Group †	10,589		3,144,404
	Cree †	42,087		1,563,111
	CyberArk Software (Israel) †	32,460		1,343,519
	Cypress Semiconductor	203,872		3,107,009
	First Solar †	28,773		1,942,753
	Five9 †	108,920		2,709,930
	FLIR Systems	65,080		3,034,030
	FormFactor †	159,393		2,494,500
	GrubHub †	57,292		4,113,566
	Hortonworks †	70,009		1,407,881
	IAC/InterActiveCorp †	22,764		2,783,582
	IPG Photonics †	17,446		3,735,712
	Microsemi †	58,905		3,042,443
	Mimecast †	204,778		5,870,985
	MKS Instruments	40,178		3,796,821
	Nanometrics †	49,711		1,238,798
	New Relic †	34,519		1,994,163
	Nuance Communications †	120,928		1,977,173
	Okta †	25,474		652,389
	OSI Systems †	22,673		1,459,688
	PTC †	56,030		3,404,943
	RealPage †	69,062		3,059,447
	RingCentral Class A †	73,402		3,552,657
	ServiceNow †	20,292		2,645,874
	Shopify Class A (Canada) †	35,215		3,556,715
	Silicon Motion Technology
	ADR	30,617		1,621,476
	Splunk †	24,455		2,025,852

2 NQ-OPTSG [12/17] 2/18 (421414)

(Unaudited)

		Number of	Value
		shares	(US $)
Common Stock✧(continued)
Information Technology (continued)
	Square Class A †	91,219	$	3,162,563
	SS&C Technologies Holdings	117,009		4,736,524
	Take-Two Interactive
	Software †	12,747		1,399,366
	Talend ADR †	36,691		1,375,179
	Tech Data †	24,327		2,383,316
	Teradyne	212,837		8,911,485
	Trimble †	97,970		3,981,501
	Ultimate Software Group †	8,239		1,797,997
	Universal Display	66,811		11,534,919
	Zebra Technologies †	34,826		3,614,939
	Zendesk †	61,623		2,085,322
				145,888,205
Materials – 6.23%
	Boise Cascade	71,088		2,836,411
	Carpenter Technology	38,335		1,954,702
	Celanese Class A	20,080		2,150,166
	Chemours	77,935		3,901,426
	FMC	83,104		7,866,625
	KMG Chemicals	21,997		1,453,562
	Olin	38,813		1,380,966
	Orion Engineered Carbons
	(Luxembourg)	61,730		1,580,288
	Steel Dynamics	122,233		5,271,909
	US Concrete †	34,007		2,844,686
				31,240,741
Real Estate – 0.59%
	QTS Realty Trust Class A	55,000		2,978,800
				2,978,800
Total Common Stock
	(cost $373,352,940)			486,451,513
Convertible Preferred Stock – 1.04%
	DocuSign
	Series B =π†	1,166		26,270
	Series B-1 =π†	349		7,863
	Series C =π†	4,474		100,799
	Series D =π†	838		18,880
	Series E =π†	21,664		488,090
	Draftkings
	Series D =π†	83,551		322,506
	Series D-1 =π†	100,509		387,963
	Honest=π†	15,249		702,064
	MarkLogic=π†	83,588		735,574
	Nutanixπ†	40,185		1,417,727
	Veracode Series 8=π†	30,584		140,075
	Zuora=π†	209,844		849,868
Total Convertible Preferred
	Stock (cost $4,098,729)			5,197,679
		Principal
		amount°
Short-Term Investments – 1.89%
Discount Notes – 0.52%≠
	Federal Home Loan Bank
	1.176% 1/26/18	995,482		994,633
	1.211% 2/5/18	790,065		789,088
	1.235% 2/8/18	834,346		833,223
				2,616,944
Repurchase Agreements – 0.49%
	Bank of America Merrill Lynch
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price $621,323
	(collateralized by US
	government obligations
	0.75%–3.00% 10/31/
	18–5/15/47; market value
	$633,656)	621,231		621,231
	Bank of Montreal
	1.20%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price
	$1,553,285 (collateralized
	by US government
	obligations 1.00%–3.75%
	6/30/19–8/15/45; market
	value $1,584,140)	1,553,078		1,553,078
	BNP Paribas
	1.33%, dated 12/29/17, to
	be repurchased on 1/2/18,
	repurchase price $294,594
	(collateralized by US
	government obligations
	0.00%–2.00%
	12/31/21–6/30/44; market
	value $300,442)	294,551		294,551
				2,468,860

(continues)     NQ-OPTSG [12/17] 2/18 (421414) 3

Schedule of investments

Optimum Small-Mid Cap Growth Fund (Unaudited)

		Principal	Value
		amount°	(US $)
Short-Term Investments (continued)
US Treasury Obligations – 0.88%≠
	US Cash Management Bill
	0.333% 1/2/18	3,303,721	$	3,303,721
	US Treasury Bill 0.883%
	1/11/18	1,092,295		1,091,975
				4,395,696
Total Short-Term
	Investments
	(cost $9,481,351)			9,481,500
Total Value of
	Securities – 99.89%
	(cost $386,933,020)			501,130,692
Receivables and Other
	Assets Net of
	Liabilities – 0.11%			553,570
Net Assets Applicable to
	31,798,667 Shares
	Outstanding – 100.00%		$	501,684,262

____________________

✧	Narrow industries are utilized for compliance purposes for diversification whereas broad sectors are used for financial reporting.
=	The value of this security was determined using significant unobservable inputs and is reported as a Level 3 security in the disclosure table located in Note 2 in “Notes.”
≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
π	Restricted security. These investments are in securities not registered under the Securities Act of 1933, as amended, and have certain restrictions on resale which may limit their liquidity. At Dec. 31, 2017, the aggregate value of restricted securities was $5,197,679, which represented 1.04% of the Fund’s net assets. See table below for additional details on restricted securities.
†	Non-income producing security.

Restricted Securities

Investment	Date of Acquisition		Cost		Value
DocuSign Series B		2/28/14	$	15,312	$	26,270
DocuSign Series B-1		2/28/14		4,583		7,863
DocuSign Series C		4/30/15		85,423		100,799
DocuSign Series D		2/28/14		11,005		18,880
DocuSign Series E		2/28/14		284,500		488,090
DraftKings Series D		7/16/15		160,994		170,179
DraftKings Series D		7/17/15		11,634		12,298
DraftKings Series D		8/11/15		132,472		140,029
DraftKings Series D-1		8/11/15		346,062		345,422
DraftKings Series D-1		8/18/15		42,620		42,541
Honest		8/3/15		697,718		702,064
MarkLogic		4/27/15		970,808		735,574
Nutanix		8/25/14		538,338		1,417,727
Veracode Series 8		6/14/17		—		140,075
Zuora		1/15/15		797,260		849,868
Total			$	4,098,729	$	5,197,679

Summary of Abbreviations:
ADR – American Depositary Receipt
CVR – Contingent Voting Rights

See accompanying notes.

4 NQ-OPTSG [12/17] 2/18 (421414)

Notes

Optimum Small-Mid Cap Growth Fund
December 31, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US 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, March 31, 2017.

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. US 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 (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-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm 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). The foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

US 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)

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.

(continues)     NQ-OPTSG [12/17] 2/18 (421414) 5

(Unaudited)

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

Securities	Level 1		Level 2		Level 3		Total
Assets:
Common Stock	$	486,451,513	$	—	$	—	$	486,451,513
Convertible Preferred Stock1		1,417,727		—		3,779,952		5,197,679
Short-Term Investments		—		9,481,500		—		9,481,500
Total Value of Securities	$	487,869,240	$	9,481,500	$	3,779,952	$	501,130,692

¹Security type is valued across multiple levels. Level 1 investments represent exchange-traded investments and Level 3 investments represent investments without observable inputs. The amounts attributed to Level 1 and Level 3 investments represent the following percentages of the total market value of this security type:

	Level 1	Level 3	Level 3	Total
Convertible Preferred Stock	27.28%	—	72.72%	100.00%

During the period ended Dec. 31, 2017, 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. International fair value pricing was not utilized at Dec. 31, 2017. The Fund’s policy is to recognize transfers between levels based on fair value 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
	Preferred
	Stock
Beginning balance March 31, 2017	$	4,584,960
Sales		(1,065,862	)
Net realized gain		501,100
Transfers into Level 3		693,782
Transfers out of Level 3		(1,134,120	)
Net change in unrealized
appreciation (depreciation)		200,092
Ending balance Dec. 31, 2017	$	3,779,952
Net change in unrealized appreciation
from investments still held at the
end of the period	$	96,174

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

6 NQ-OPTSG [12/17] 2/18 (421414)

Schedule of investments

Optimum Small-Mid Cap Value Fund
December 31, 2017 (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock – 98.71%
Consumer Discretionary – 10.70%
	AMC Networks Class A †	19,000	$	1,027,520
	American Eagle Outfitters	62,200		1,169,360
	Bed Bath & Beyond	23,600		518,964
	Bloomin’ Brands	72,500		1,547,150
	BorgWarner	30,000		1,532,700
	Brinker International	33,200		1,289,488
	Cable One	5,502		3,869,832
	Carriage Services	30,300		779,013
	Children’s Place	7,100		1,031,985
	Columbia Sportswear	31,900		2,292,972
	Cooper-Standard Holdings †	17,300		2,119,250
	Goodyear Tire & Rubber	70,000		2,261,700
	Hanesbrands	154,675		3,234,254
	Harley-Davidson	28,800		1,465,344
	Haverty Furniture	43,900		994,335
	Helen of Troy †	32,260		3,108,251
	KB Home	50,600		1,616,670
	Kohl’s	36,100		1,957,703
	Lear	11,700		2,066,922
	Marcus	30,500		834,175
	Michael Kors Holdings (United      Kingdom) †	15,000		944,250
	Murphy USA †	16,500		1,325,940
	Office Depot	174,900		619,146
	Penske Automotive Group	19,700		942,645
	PulteGroup	53,000		1,762,250
	Scripps Networks Interactive      Class A	12,800		1,092,864
	Shoe Carnival	31,500		842,625
	Sonic Automotive Class A	76,300		1,407,735
	Tenneco	26,400		1,545,456
	Unifi †	14,500		520,115
	Whirlpool	5,200		876,928
	Wyndham Worldwide	24,229		2,807,414
				49,404,956
Consumer Staples – 4.60%
	Bunge	20,500		1,375,140
	Dean Foods	87,300		1,009,188
	Edgewell Personal Care †	23,800		1,413,482
	Energizer Holdings	91,529		4,391,561
	Ingles Markets Class A	35,400		1,224,840
	Ingredion	9,300		1,300,140
	J&J Snack Foods	23,024		3,495,734
	Nomad Foods (United      Kingdom) †	127,900		2,162,789
	Pilgrim’s Pride †	59,400		1,844,964
	Sanderson Farms	17,400		2,414,772
	SUPERVALU †	17,800		384,480
	Universal	400		21,000
	Weis Markets	5,100		211,089
				21,249,179
Energy – 4.78%
	Andeavor	7,000		800,380
	Carrizo Oil & Gas †	48,200		1,025,696
	Centennial Resource      Development Class A †	108,303		2,144,399
	Diamond Offshore Drilling †	42,600		791,934
	Diamondback Energy †	39,542		4,992,177
	McDermott International †	140,000		921,200
	Murphy Oil	28,700		891,135
	Par Pacific Holdings †	51,000		983,280
	Parsley Energy Class A †	125,500		3,694,720
	PBF Energy	25,600		907,520
	RSP Permian †	120,300		4,893,804
				22,046,245
Financials – 23.60%
	Ally Financial	39,800		1,160,568
	American Financial Group	11,800		1,280,772
	Annaly Capital Management	139,300		1,656,277
	Apollo Commercial Real      Estate Finance	77,600		1,431,720
	Ares Capital	56,000		880,320
	Arthur J. Gallagher & Co.	73,000		4,619,440
	Assurant	14,900		1,502,516
	Assured Guaranty (Bermuda)	34,400		1,165,128
	Banco Latinoamericano de      Comercio Exterior      (Panama)	32,105		863,625
	Berkshire Hills Bancorp	44,099		1,614,023
	Blackstone Mortgage Trust	41,500		1,335,470
	Central Pacific Financial	34,200		1,020,186
	Chemical Financial	95,626		5,113,122
	CIT Group	61,800		3,042,414
	CNA Financial	60,200		3,193,610
	CNO Financial Group	127,400		3,145,506
	Customers Bancorp †	37,700		979,823
	Everest Re Group (Bermuda)	25,115		5,556,945
	First Busey	45,200		1,353,288
	Great Western Bancorp	52,600		2,093,480
	Hancock Holding	19,200		950,400
	Hanmi Financial	47,900		1,453,765
	HCI Group	17,300		517,270
	Heritage Insurance Holdings	32,300		582,046
	Home BancShares	221,750		5,155,687

(continues)     NQ-OPTSV [12/17] 2/18 (421223) 1

Schedule of investments

Optimum Small-Mid Cap Value Fund (Unaudited)

		Number of	Value
		shares	(US $)
Common Stock (continued)
Financials (continued)
	International Bancshares	26,600	$	1,056,020
	Kemper	55,200		3,803,280
	Lazard Class A	39,600		2,079,000
	Legg Mason	24,200		1,015,916
	MGIC Investment †	107,200		1,512,592
	New Mountain Finance	71,900		974,245
	Oaktree Specialty Lending	4,294		20,998
	Old National Bancorp	86,500		1,509,425
	Piper Jaffray	9,900		853,875
	Prospect Capital	160,841		1,084,068
	Radian Group	69,500		1,432,395
	Reinsurance Group of      America	21,200		3,305,716
	Renasant	70,450		2,880,701
	South State	28,250		2,461,988
	Starwood Property Trust	81,600		1,742,160
	TCF Financial	163,600		3,353,800
	TriCo Bancshares	45,200		1,711,272
	Universal Insurance Holdings	41,300		1,129,555
	Unum Group	75,700		4,155,173
	Validus Holdings (Bermuda)	19,500		914,940
	Washington Federal	43,100		1,476,175
	Western Alliance Bancorp †	96,800		5,480,816
	Wintrust Financial	66,200		5,452,894
	Zions Bancorporation	154,193		7,837,631
				108,912,036
Healthcare – 5.66%
	Centene †	16,400		1,654,432
	Cooper	11,735		2,556,822
	Integer Holdings †	24,100		1,091,730
	Lannett †	44,200		1,025,440
	LifePoint Health †	24,900		1,240,020
	Mallinckrodt †	41,000		924,960
	Owens & Minor	32,200		607,936
	PerkinElmer	56,700		4,145,904
	Premier Class A †	61,250		1,787,888
	Quest Diagnostics	11,600		1,142,484
	STERIS (United Kingdom)	34,410		3,009,843
	Sucampo Pharmaceuticals      Class A †	67,400		1,209,830
	Teleflex	17,935		4,462,587
	United Therapeutics †	8,600		1,272,370
				26,132,246
Industrials – 15.30%
	ACCO Brands †	146,000		1,781,200
	Aircastle	55,700		1,302,823
	Alaska Air Group	43,550		3,201,361
	Albany International	28,175		1,731,354
	Allison Transmission Holdings	30,800		1,326,556
	Briggs & Stratton	39,700		1,007,189
	Chicago Bridge & Iron      (Netherlands)	29,200		471,288
	Comfort Systems USA	56,488		2,465,701
	Crane	8,400		749,448
	Curtiss-Wright	37,580		4,579,123
	Deluxe	29,800		2,289,832
	Ennis	45,800		950,350
	GATX	20,400		1,268,064
	Gibraltar Industries †	65,900		2,174,700
	Hawaiian Holdings	37,700		1,502,345
	Herman Miller	46,400		1,858,320
	Hubbell	29,165		3,947,191
	Huntington Ingalls Industries	19,670		4,636,219
	Interface	42,370		1,065,605
	ITT	31,330		1,672,082
	JetBlue Airways †	69,200		1,545,928
	Middleby †	25,450		3,434,477
	Moog Class A †	19,600		1,702,260
	Oshkosh	24,800		2,254,072
	Owens Corning	22,400		2,059,456
	Pentair (United Kingdom)	42,855		3,026,420
	Pitney Bowes	45,300		506,454
	Regal Beloit	10,900		834,940
	Ryder System	31,700		2,668,189
	Spirit AeroSystems Holdings      Class A	51,200		4,467,200
	Timken	24,600		1,209,090
	Trinity Industries	50,400		1,887,984
	Wabash National	130,500		2,831,850
	Woodward	28,656		2,193,330
				70,602,401
Information Technology – 10.95%
	Akamai Technologies †	12,900		839,016
	Amdocs	30,850		2,020,058
	Arrow Electronics †	11,500		924,715
	Avnet	44,000		1,743,280
	Booz Allen Hamilton Holding	93,849		3,578,462
	Cirrus Logic †	27,400		1,420,964
	Coherent †	3,825		1,079,491
	Convergys	31,400		737,900
	CSG Systems International	18,200		797,524
	Flex †	139,500		2,509,605
	FLIR Systems	49,857		2,324,333
	Genpact	66,200		2,101,188
	j2 Global	21,090		1,582,383

2 NQ-OPTSV [12/17] 2/18 (421223)

(Unaudited)

		Number of	Value
		shares	(US $)
Common Stock (continued)
Information Technology (continued)
	Jabil	43,700	$	1,147,125
	Juniper Networks	80,500		2,294,250
	Littelfuse	18,500		3,659,670
	Methode Electronics	64,800		2,598,480
	MKS Instruments	23,650		2,234,925
	NCR †	67,500		2,294,325
	ON Semiconductor †	111,200		2,328,528
	OSI Systems †	55,751		3,589,249
	Plantronics	27,500		1,385,450
	Sanmina †	59,300		1,956,900
	Tech Data †	23,100		2,263,107
	Teradyne	28,900		1,210,043
	TTM Technologies †	60,000		940,200
	Western Union	51,400		977,114
				50,538,285
Materials – 7.98%
	Albemarle	32,907		4,208,476
	Cabot	26,400		1,625,976
	Celanese Class A	19,000		2,034,520
	Clearwater Paper †	25,400		1,153,160
	Domtar	45,500		2,253,160
	Eagle Materials	46,900		5,313,770
	Eastman Chemical	15,700		1,454,448
	KapStone Paper & Packaging	92,900		2,107,901
	Owens-Illinois †	45,000		997,650
	Packaging Corp. of America	10,300		1,241,665
	PolyOne	62,404		2,714,574
	Reliance Steel & Aluminum	21,500		1,844,485
	Schweitzer-Mauduit      International	32,700		1,483,272
	Sensient Technologies	26,125		1,911,044
	Stepan	26,600		2,100,602
	Summit Materials Class A †	67,106		2,109,813
	Trinseo	31,700		2,301,420
				36,855,936
Real Estate – 10.35%
	Alexandria Real Estate      Equities	38,042		4,967,905
	Brandywine Realty Trust	200,200		3,641,638
	CBL & Associates Properties	63,700		360,542
	City Office REIT (Canada)	41,300		537,313
	DDR	101,300		907,648
	Franklin Street Properties	86,312		926,991
	Getty Realty	44,591		1,211,092
	Government Properties      Income Trust	37,700		698,958
	Highwoods Properties	41,685		2,122,183
	Hospitality Properties Trust	104,300		3,113,355
	Hudson Pacific Properties	105,700		3,620,225
	Independence Realty Trust	57,800		583,202
	InfraREIT †	58,000		1,077,640
	LaSalle Hotel Properties	27,000		757,890
	Lexington Realty Trust	201,200		1,941,580
	Mack-Cali Realty	69,300		1,494,108
	Medical Properties Trust	157,100		2,164,838
	One Liberty Properties	51,900		1,345,248
	Physicians Realty Trust	141,250		2,541,087
	Piedmont Office Realty Trust	58,900		1,155,029
	Preferred Apartment      Communities	33,100		670,275
	Select Income REIT	88,800		2,231,544
	Senior Housing Properties      Trust	123,300		2,361,195
	STAG Industrial	149,495		4,085,698
	Summit Hotel Properties	63,000		959,490
	VEREIT	128,600		1,001,794
	Xenia Hotels & Resorts	60,500		1,306,195
				47,784,663
Telecommunication Services – 0.99%
	Iridium Communications †	96,600		1,139,880
	magicJack VocalTec (Israel) †	87,700		741,065
	Zayo Group Holdings †	72,825		2,679,960
				4,560,905
Utilities – 3.80%
	AES	97,300		1,053,759
	ALLETE	45,274		3,366,575
	Alliant Energy	102,632		4,373,150
	CenterPoint Energy	49,000		1,389,640
	IDACORP	45,275		4,136,324
	OGE Energy	98,000		3,225,180
				17,544,628
Total Common Stock
	(cost $362,247,619)			455,631,480
		Principal
		amount°
Short-Term Investments – 1.39%
Discount Notes – 0.25%≠
	Federal Home Loan Bank
	1.176% 1/26/18	426,017		425,652
	1.211% 2/5/18	338,109		337,691
	1.235% 2/8/18	376,757		376,250
				1,139,593

(continues)     NQ-OPTSV [12/17] 2/18 (421223) 3

Schedule of investments

Optimum Small-Mid Cap Value Fund (Unaudited)

		Principal	Value
		amount°	(US $)
Short-Term Investments (continued)
Repurchase Agreements – 0.76%
	Bank of America Merrill Lynch      1.33%, dated 12/29/17, to      be repurchased on 1/2/18,      repurchase price $889,551      (collateralized by US      government obligations      0.75%–3.00% 10/31/      18–5/15/47; market value      $907,208)	889,420	$	889,420
	Bank of Montreal      1.20%, dated 12/29/17, to      be repurchased on 1/2/18,      repurchase price      $2,223,846 (collateralized      by US government      obligations 1.00%–3.75%      6/30/19–8/15/45; market      value $2,268,021)	2,223,550		2,223,550
	BNP Paribas      1.33%, dated 12/29/17, to      be repurchased on 1/2/18,      repurchase price $421,772      (collateralized by US      government obligations      0.00%–2.00%      12/31/21–6/30/44; market      value $430,144)	421,710		421,710
				3,534,680
US Treasury Obligations – 0.38%≠
	US Cash Management Bill      0.333% 1/2/18	1,295,856		1,295,856
	US Treasury Bill      0.883% 1/11/18	443,544		443,414
				1,739,270
Total Short-Term
	Investments
	(cost $6,413,481)			6,413,543
Total Value of
	Securities – 100.10%
	(cost $368,661,100)			462,045,023
Liabilities Net of
	Receivables and Other
	Assets – (0.10%)			(480,461	)
Net Assets Applicable to
	31,331,556 Shares
	Outstanding – 100.00%		$	461,564,562

____________________

≠	The rate shown is the effective yield at the time of purchase.
°	Principal amount shown is stated in US dollars unless noted that the security is denominated in another currency.
†	Non-income producing security.

REIT – Real Estate Investment Trust

See accompanying notes.

4 NQ-OPTSV [12/17] 2/18 (421223)

Notes

Optimum Small-Mid Cap Value Fund
December 31, 2017 (Unaudited)

1. Significant Accounting Policies

The following accounting policies are in accordance with US generally accepted accounting principles (US 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, March 31, 2017.

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. US 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-US markets because, among other things, most foreign markets close well before the Fund values its securities, generally as of 4:00pm. 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). The foregoing valuation policies apply to restricted and unrestricted securities.

2. Investments

US 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)

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.

(continues)     NQ-OPTSV [12/17] 2/18 (421223) 5

(Unaudited)

2. Investments (continued)

The following table summarizes the valuation of the Fund’s investments by fair value hierarchy levels as of Dec. 31, 2017:

Securities	Level 1		Level 2		Total
Assets:
Common Stock	$	455,631,480	$	—	$	455,631,480
Short-Term Investments		—		6,413,543		6,413,543
Total Value of Securities	$	455,631,480	$	6,413,543	$	462,045,023

During the period ended Dec. 31, 2017, 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. International fair value pricing was not utilized at Dec 31, 2017. The Fund’s policy is to recognize transfers between levels based on fair value 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, 2017, there were no Level 3 investments.

3. Subsequent Events

Management has determined that no material events or transactions occurred subsequent to Dec. 31, 2017 that would require recognition or disclosure in the Fund’s “Schedule of investments.”

6 NQ-OPTSV [12/17] 2/18 (421223)

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: